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Live Nation Entertainment, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $7,651,087,000 from $8,154,563,000 in the same quarter the previous year. The decrease is attributed to reduced stadium show volume.
Operating income for the quarter was $639,525,000, down from $653,658,000 in the previous year, with the decline primarily due to reduced performance in the Ticketing segment.
Net income for the quarter was $515,683,000, compared to $581,412,000 in the previous year. Net income attributable to common stockholders was $451,805,000, down from $521,480,000 in the previous year.
Cash provided by operating activities was $680,052,000, while cash used in investing and financing activities was $642,798,000 and $692,460,000, respectively.
Live Nation had a working capital of $9,775,154,000 as of September 30, 2024. The company continues to manage its liquidity needs through cash flows from operations and borrowings under its credit facility.
The filing details various legal proceedings, including the Astroworld litigation and a Department of Justice antitrust complaint against Live Nation and Ticketmaster (LYV-0.30%).
Live Nation amended its senior secured credit facility, adding a venue expansion revolving credit facility of $400 million, resulting in a total available borrowing capacity of $1.7 billion.
The company continues to focus on expanding its global platforms to connect artists and fans, with capital expenditures expected to be approximately $700 million for the year ending December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Live Nation Entertainment Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.