Live Nation Entertainment (LYV) 7 May 212021 Q1 Earnings call transcript

Good day, everyone. My name is Hector, and I will be your conference operator on today's call. At this time, I would like to welcome everyone to Live Nation Entertainment's First Quarter 2021 Earnings Conference Call. Today's conference is being recorded.

Following management's prepared remarks, we will open the call for Q&A. at given be will that time. Instructions

that release Regulation the Entertainment; Chief this Live earnings the Live comparable Officer call. section with us, can Please ahead, pleasure to and we over GAAP G, Michael filings begin, Nation's of you conference and measures matters. On to have risk that uncertainties we statements Nation at reconciliation statements under the of are and related on be Rapino, and Live differ, sir. Company's results contain to this business refer be Nation remind Live Nation on President recent Rapino. Form Please refer Company's call non-GAAP discussed to on and that Information prospects, has President in results. statements uncertainties risks included The go and to the accordance risks their to impact to financial me filings, and Live to is website call, the with Michael a Nation's of Berchtold, XX-Q now asked subject measures also actual cause this full my cautionary including similar factors statistical including information investors.livenationentertainment.com. most reconciliation found today's In description most forward-looking Nation actual X-K to that has and in on XX-K, certain Nation Before to Live It Joe could a anticipated Executive afternoon's Entertainment. performance, Financial will Live some the will turn the call the other financial SEC SEC developments for provided could release. and new

being the XX% US, and significant In are UK, selling buying and the largest are again, these was record are thank and In the where in shows, will dose, us. out increased then, tracking and festivals socialize now planned remains and population tickets logical Reading, has lifted and we all is vaccinations, sold fully summer have reopening markets. sold Around February, And Electric vaccine of daily. received although to full roadmap dose to faster as you the we to Bonnaroo, for expectation at where summer, and international XX% and at our few tickets markets the everyone case we are pent-up this over our including XX one to will events confidence effects vaccines the generally Alongside who this in are people than In festivals showing wants already most are Parklife are of summer. return already Leeds seeing the their need our vaccine restrictions plan. reopenings, available other front at be is they returning confidently Daisy last least I more this out Loud population in be out capacity. demand that or Rolling are follow over ever. expect and times will the that once concerts afternoon, months fans reopening in ones out. states planning our of readily a partially to This behind encouraging. we received we as progression key major which one. we trends, particularly reinforces US, door soon for live visitors US, recent Europe one UK, since to In about When least progressing a are get discussions optimistic our with are the world, events, Good on spoke reopening the has joining and the the

And out. New Luke Bryan, further we summer. we others confidence Matthews, this Zealand, the Dave get sold artists' this are including announcing in Maroon increasing come, as Vines quickly and late tours clarity country's summer, more largest festival, for reopening X Rhythm timelines, performing on to and showing

Given global into expect tours, times associated with and will year this start arena later we lead XXXX. stadium the longer and these

client million new added already And have to As expect Latin confirmed build growth the XXXX. venues Europe Asia X tour strong for throughout event with run. prepare the the further Ticketmaster tours, platform. fee-bearing Ticketmaster's opportunities, ticketing, double the often we we tickets, up improved clients over will well discussed, up our more from of digital continue time new digits offerings, and enhance for year or dates and representing we've to on and XXXX setting year, are net we'll to upsell from a as have This blockchain seeing to client multi-year multi-year grow pipeline, to growth. Ticketmaster increasingly already further base base ranging shifting same Complementing artists NFT Many as accelerate its advertising pre-pandemic. spanning which major we ability us either our as for global these America, its continues US,

remain even business, it Like many continues of to of more responding for you, activity to XXXX committed at for operating to sponsorship expect like will on our months, more turn is I over up our to where I'm and it next our excited Joe see so engaged was well this next time XXXX and non-stop detail that, I and relative digits pipeline Our brand partners a into excited With year double get reopening, roaring beyond. back be and what XXXX, are pre-pandemic. to our concerts for concerts results. to to few over the that

good everyone. and afternoon, Michael, Thanks,

the refer few more the our in added back numbers past of to release, quarters, I reconcile As done some earnings over some the have to tables we've of we detail today. at will

confident the are taken expected back, which remain to We scale cut cost relative than or and shows bring to until of and will XXXX begin key start this summer. key us we outdoor markets the actions will costs liquidity provide need increased the For the in and at we quarter, better our numbers what runway to cash first quarter. all QX at improved we the that with

toward move reopening, to balance and cash strong we management. cost As continue we

We necessary grow are making the to investments the now business.

While be to still second generating to also improvement by AOI $X.X plans. the pre-pandemic on quarter reducing QX and our this plan the relative expect by XXXX, be cash year-on-year second first positive the billion, we reducing through to since of year and we of year, spend costs $XXX million half

to $XXX AOI QX various quarter margin, one-time contribution $XXX items, at with AOI from operations, along our $XXX and results, of ramping operational the sale costs included ticket insurance which Looking of sales Ticketmaster's have of pick concert including ticket fixed began consisted XXXX. weekly since artist count the beginning top significantly for March, was loss up including in restarted, Ticketmaster particularly million, Bad with $XXX million million sales the on the on recoveries. on our million sale as Bunny sale, day which at was in the which US,

has a overperforming historical festivals noted, demonstrating tremendous As levels. and tours selling concerts And artist including last grew merchandise shows Michael Nation time and pent-up artist festivals also of businesses generate relative in and grown strong, rights, been our year. demand for businesses, relative business its the have quarter In artists and out e-commerce to the record management publishing of non-touring sales Live their management contribution to while their revenue our substantially businesses. to number with our our our fourth retail activity, for many merchandise continue margin through

million the Looking free billion $XXX $X.X at at cash, compared to liquidity, we in end first ended $XXX cash an XXXX, of the free and increase quarter with of million.

deferred available cash of debt we liquidity, capacity with Our $XXX gives largely up $X.X raised in million January, the classification. revenue readily associated we free of cash, free our million billion end along Benefiting in of us XXXX. position benefit, timing net billion $XXX had million $X.X debt a $XXX and at from available with

us million the gross In total had line and $XXX interest burn month, per $XXX burn. realized the higher million of benefits minority of than million, cash we a was the QX, get to roughly cash to XX% usage non-strategic per another included includes plus non-operational $XX with and costs. cash of margin million in which in or $XX Our month, operational average per per costs month month payments average per $XXX roughly we investment million we QX. averaged sale burn, on free million $X CM average month timing contribution This severance QX, gross from and quarter in

are Now and rescheduled global through was end for quarter the or or unchanged ticket that of have a on refund are the refunds. items, Nation window other balance the in XX% at QX. gone refund Concerts Live through windows prior The sheet from rate

of able quarter. the first but in $XXX so. where tickets next On window $X.X end deferred a from XX% shift QX, second refund the billion, fans to generally refunds were for requested timing in long-term first in their play for revenue, quarter, the for during during the quarter rescheduled will second was at short-term benefit to revenue the to event-related of short-term this XX that fans were event, festivals, tours then free For retain as months as fans end same the to Ticket that this first of were are lower window, largely scheduled have offset long-term gone million, for be into our deferred This revenue a the the back the XXXX. was and sales that the cash window. the levels deferred revenue QX. their shows much by shift doing continue casual On largely shows at of refund for QX the will reversing deferred next

in notably led Finally, we to and looking this markets, Outdoor continue forward, scale UK. concerts US the summer as by and to Michael expect said, key

the will festival Concerts we for and delivery Ticketmaster support of run sponsorship roughly this the that, the me this Between of expected for amphitheater year. of back over brands to ramp-up in line events. monthly and turn continue through season timing net sales, some the XXXX half last be its with these division up of activity, first and to ramp Michael. enabling on to the the to average the for staff Given call to operations, QX we benefits, QX to staff burn reversion expect QX, With our let of up

be as advisor than to will CFO XX the year. our Kathy the Willard, wanted of years June cover I XX. end thing. questions, as other taking one retiring throughout for staying Before an will on the She be of past

of X, of Nation CFO. part for the As know been plan to you and Live Kathy Berchtold an as XX for over with the for is years has XX. become our been team executive invaluable July Joe past

we built as such as the confident and year, company she has deeply I'm shape have involved a a me industry, in organization, good and We over because an not the role company CFO, are more adviser a just in. at on past closely an this working Joe champion He of as her, over the of from important a steps Kathy decade women for and stronger to finance been much transition. as he but will remain planning effective been together have we issues. now her range for gotten Because

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J.P. your Thank Morgan. conducting with the question-and-answer session. first you. be from At question [Operator line with comes this Instructions] a Your David of Please question. proceed time, Karnovsky we'll

to how I'm you'll early going provide will Joe, shoot regards further how luck improve Kathy, kind at can call, be guess you just normal the relative [ph] a you're that much good from to this higher if with Michael lead ramp And a much year the US room you UK? and the to of summer, I have missed. here? is booked fall, or time, or do for point question. on And a in sense given the still And conditions

year We've largely to next a a Yes. obviously added into have of is we've This last this months is so festivals, shifted been that tours booked. is have added Joe. three David, which also early fall, and the year. four I'd lot We all summer selling well. of say number that some from

into been of couple still So so this point. a more and we think but I get adding room August be as lead has to we'll majority at the the typical September, probably time, ramp booked show is have months'

in necessarily following How reviews Okay. that next not capacity maybe of Are are but a expand out kind terms And the weekend given of landscape to the nights just allocated the you venues, constraints, efficiently of maybe tours? then, can in expect on the just there XX all available? XX months the all terms any like do that's you over bit built supply to on?

in position. Yes. good that We're currently

great about the of years have artist be every tours to back and cycle, artist you We three we're 'XX. they're probably on every talking condensing lots imagine, XXXX going conversations when of can once so on And a with typically road. kind

So at and artists sorting the still into supply 'XX, the incredible now about good 'XX -- news we're talking were is go -- makes and we've sense through into 'XX. got what 'XX out of some in to end moving just

cycle So patient have QX. coming say, fall, predicting, maybe it's I are maybe and in what would terms they the in is a the their artists smart out they're record of in

in cram We're any to So issues of have don't right availability. years into supply. in 'XX into We one year. good everything now, to But terms we stage year. a also a looking have 'XX we're looking three not great

over find enough enough solved and be challenges you weekends years, and two Fridays when enough So come you that spread routing it to those way.

level process do I sneak been guess you target pandemic? the if more versus what a bit just confidence structural What in. to it And discuss prior is you savings? could I And maybe cost the Live about your for has what prior are little finding Thanks. this just Nation? your just for one maybe in activity can now up, Okay. can hitting ramping differently you is Concerts overall

Yes. we're hit we $XXX the going given savings you. million We're very to confident structural cost

of we cost so and over it of of period talked million we've how we it's time. way, million out, took is the As $XXX costs a done matter we've now let $XXX a back opposite which in of about,

We've of things. a that that will. So it done gives makes -- real you us number more if

single On we've all moving talked on on part global side, true the the marketplace, as the approach and into to shifted the a organization on we've truly of Ticketing about, enterprise that technology. a

very the side, Concert the to important longstanding to local a continue On have we understand which network, is markets.

shows So booked market. don't of entire local have your the infrastructure to XX% an you every tours, be to now in need

savings disruption. we've we've and most the more year growth. asked to there driving double-digits the this every be been we ourselves, it of are worth the very last way organization potential it's an and for So up. But confident, that ground wasn't of seeing from deliver it through And best what's the were as decade, stopped, streamlining growing even we're do rebuilding to effective those future going when ways we've

Thank you.

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the out next of new the couple some division. to I'm exciting very So Concert over confident going things we're of years, see coming

our new our we're side consumer models Subscription Ticketmaster business, business -- Ad at. looking the Our our of business business,

some that to of we've part skill acquired people now finally So our months set and around advance a and ideas bunch to months business. put that had of exciting

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Thank you.

with LightShed line the Brandon of your Please question with comes proceed from next Ross Your question. Partners.

Hello.

mentioned blockchain. web integrates wondering take now X.X. the advantages you version so of to is us I the and plan to digital -- how what Nation just was and earlier to utilizing I Live ticket figured heavy you you I that could understand maybe mentioned X.X, if Just it ability guess the your ticket? for what the you use? versus And blockchain help extra are digital of a current And the tactic lift

to on Thanks, read going Brandon. It's solve. question. all things asked it's day great We a every article every great it day got I new a and the

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is One keep of unlocked the the of the in went to we a we about ticket, to the a from digital you going great reading do a future. is TDF blockchain what advantages lot in when industry

directly sits the with that actually ticket now. us, you talking buying ticket. who mobile problem the Identity. that currently on are now Identity fan, rules been who solved putting venue, having seat, that is coming ticket ticket, the about for your digital having to the trade that on We and being the years that them, or verified unlocked we've team the two the ticket, that artist, So knowing this a venue to do for a has biggest communication able

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little And can you bit maybe a talk -- about hello?

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you, Thank guys. Great.

line proceed of Please with Morgan with the your Ben Your question. comes next Stanley. from Swinburne question

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you. Great. Thank

Company. and comes your of the Cowen with Glagola Your proceed with Please question. next from question line Stephen

have mean XXXX UK the on having November festivals other appears Thanks given the the of Hi. also? demand does impact and -- festivals press also Rock on for slate? there a is years some with row July is the there for the the US major you Outside through any pretty now festivals any that guys in -- festival is in crowded. Rio question. 'XX release, the period The in that And that will consumer then you rescheduled that crowded adversely the two those in for XXXX, highlighted

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beyond other any So we're moment. just seeing historic demand

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can. if more, And Michael. one I Thanks,

reliant From driver an them impact as touring monetizing become spoke the less more does your blockchain you earnings money, standpoint view? on going their catalog Ticketmaster potentially making back on Just that operations. of the about or forward your impact NFT and in make artists whatnot,

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Yes.

shows forward Thanks, Looking to going Michael. half. the in to back second

Thank you.

your Jefferies. Katz Your of next proceed question Please comes from with question. with the line David

Hi. the Good term? about lot information data taking for the think awful and or my evening, curve or points demand of you next wonder questions. I an or say, sort demand. about beyond, of been you near-term XX how There's demand what might perspectives discussion the about have and thanks months, XX longer

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appreciate Thank you very I it. much.

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Thank you. Great.

session. end reached today's the Ladies the this and does conclude conference. have of And we gentlemen, question-and-answer

all lines for may this disconnect your time. at you your Thank You participation.