The Home Depot Announces Second Quarter Results; Updates Fiscal Year 2017 Guidance

August 15, 2017

ATLANTA, Aug. 15, 2017 /PRNewswire-HISPANIC PR WIRE/ — The Home Depot®, the world’s largest home improvement retailer, today reported sales of $28.1 billion for the second quarter of fiscal 2017, a 6.2 percent increase from the second quarter of fiscal 2016. Comparable store sales for the second quarter of fiscal 2017 were positive 6.3 percent, and comp sales for U.S. stores were positive 6.6 percent.

Net earnings for the second quarter of fiscal 2017 were $2.7 billion, or $2.25 per diluted share, compared with net earnings of $2.4 billion, or $1.97 per diluted share, in the same period of fiscal 2016. For the second quarter of fiscal 2017, diluted earnings per share increased 14.2 percent from the same period in the prior year.

“We were pleased with our results this quarter as our customers rewarded us with the highest quarterly sales in company history,” said Craig Menear, chairman, CEO and president. “We also achieved the highest quarterly net earnings in company history. These results were made possible by our hard working associates and the outstanding values brought forth by our supplier partners.”

Updated Fiscal 2017 Guidance

Based on its year-to-date performance, the Company updated its fiscal 2017 sales growth guidance and now expects sales will be up approximately 5.3 percent and comp sales will be up approximately 5.5 percent. The Company also raised its diluted earnings-per-share growth guidance for the year and now expects diluted earnings-per-share growth of approximately 13.0 percent from fiscal 2016 to $7.29. The Company’s diluted earnings-per-share growth guidance includes the impact of $7 billion of share repurchases for fiscal 2017.

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations.

At the end of the second quarter, the Company operated a total of 2,282 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs more than 400,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.

Certain statements contained herein constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services; net sales growth; comparable store sales; effects of competition; state of the economy; state of the residential construction, housing and home improvement markets; state of the credit markets, including mortgages, home equity loans and consumer credit; demand for credit offerings; inventory and in-stock positions; implementation of store, interconnected retail, supply chain and technology initiatives; management of relationships with our suppliers and vendors; the impact and expected outcome of investigations, inquiries, claims and litigation, including those related to the 2014 data breach; issues related to the payment methods we accept; continuation of share repurchase programs; net earnings performance; earnings per share; dividend targets; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; stock-based compensation expense; commodity price inflation and deflation; the ability to issue debt on terms and at rates acceptable to us; the effect of accounting charges; the effect of adopting certain accounting standards; store openings and closures; guidance for fiscal 2017 and beyond; financial outlook; and the integration of acquired companies into our organization and the ability to recognize the anticipated synergies and benefits of those acquisitions. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control or are currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include but are not limited to those described in Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 29, 2017 and in our subsequent Quarterly Reports on Form 10-Q.

Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the Securities and Exchange Commission.

THE HOME DEPOT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND SIX MONTHS ENDED JULY 30, 2017 AND JULY 31, 2016
(Unaudited)

	Three Months Ended						Six Months Ended
*amounts in millions, except per share data*	July 30, 2017		July 31, 2016		% Increase (Decrease)		July 30, 2017		July 31, 2016		% Increase (Decrease)
NET SALES	$	28,108	$	26,472	6.2	%	$	51,995	$	49,234	5.6	%
Cost of Sales	18,647		17,545		6.3		34,380		32,516		5.7
GROSS PROFIT	9,461		8,927		6.0		17,615		16,718		5.4

Operating Expenses:
Selling, General and Administrative	4,549		4,388		3.7		8,910		8,669		2.8
Depreciation and Amortization	449		436		3.0		893		869		2.8
Total Operating Expenses	4,998		4,824		3.6		9,803		9,538		2.8

OPERATING INCOME	4,463		4,103		8.8		7,812		7,180		8.8

Interest and Other (Income) Expense:
Interest and Investment Income	(16)		(8)		100.0		(29)		(15)		93.3
Interest Expense	265		236		12.3		519		480		8.1
Interest and Other, net	249		228		9.2		490		465		5.4

EARNINGS BEFORE PROVISION FOR INCOME TAXES	4,214		3,875		8.7		7,322		6,715		9.0
Provision for Income Taxes	1,542		1,434		7.5		2,636		2,471		6.7
NET EARNINGS	$	2,672	$	2,441	9.5	%	$	4,686	$	4,244	10.4	%

Basic Weighted Average Common Shares	1,183		1,235		(4.2)	%	1,191		1,242		(4.1)	%
BASIC EARNINGS PER SHARE	$	2.26	$	1.98	14.1		$	3.93	$	3.42	14.9

Diluted Weighted Average Common Shares	1,189		1,240		(4.1)	%	1,197		1,247		(4.0)	%
DILUTED EARNINGS PER SHARE	$	2.25	$	1.97	14.2		$	3.91	$	3.40	15.0

	Three Months Ended						Six Months Ended
SELECTED SALES DATA⁽¹⁾	July 30, 2017		July 31, 2016		% Increase (Decrease)		July 30, 2017		July 31, 2016		% Increase (Decrease)
Number of Customer Transactions	441.8		430.0		2.8	%	822.6		804.8		2.2	%
Average Ticket (actual)	$	63.05	$	60.87	3.6		$	62.74	$	60.48	3.7
Sales per Square Foot (actual)	$	464.38	$	438.61	5.9		$	429.17	$	407.64	5.3

—————
(1) Selected Sales Data does not include results for Interline Brands, Inc., which was acquired in the third quarter of fiscal 2015.

THE HOME DEPOT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JULY 30, 2017, JULY 31, 2016 AND JANUARY 29, 2017
(Unaudited)

*amounts in millions*	July 30, 2017		July 31, 2016		January 29, 2017
ASSETS
Cash and Cash Equivalents	$	4,830	$	4,018	$	2,538
Receivables, net	2,187		1,995		2,029
Merchandise Inventories	12,868		12,323		12,549
Other Current Assets	626		605		608
Total Current Assets	20,511		18,941		17,724
Net Property and Equipment	22,035		21,975		21,914
Goodwill	2,235		2,106		2,093
Other Assets	1,178		1,225		1,235
TOTAL ASSETS	$	45,959	$	44,247	$	42,966

LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-Term Debt	$	—	$	—	$	710
Accounts Payable	8,541		8,273		7,000
Accrued Salaries and Related Expenses	1,503		1,453		1,484
Current Installments of Long-Term Debt	545		43		542
Other Current Liabilities	5,234		4,756		4,397
Total Current Liabilities	15,823		14,525		14,133
Long-Term Debt, excluding current installments	24,422		20,900		22,349
Other Liabilities	2,160		2,165		2,151
Total Liabilities	42,405		37,590		38,633
Total Stockholders’ Equity	3,554		6,657		4,333
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	45,959	$	44,247	$	42,966

THE HOME DEPOT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JULY 30, 2017 AND JULY 31, 2016
(Unaudited)

	Six Months Ended
*amounts in millions*	July 30, 2017		July 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Earnings	$	4,686	$	4,244
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization	1,015		978
Stock-Based Compensation Expense	148		133
Changes in Working Capital and Other, net of the effects of acquisitions	2,013		1,522
Net Cash Provided by Operating Activities	7,862		6,877
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures	(846)		(697)
Payments for Business Acquired, net	(268)		—
Proceeds from Sales of Property and Equipment	23		23
Net Cash Used in Investing Activities	(1,091)		(674)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of Short-Term Debt, net	(710)		(350)
Proceeds from Long-Term Debt, net of discounts	1,994		2,989
Repayments of Long-Term Debt	(21)		(3,023)
Repurchases of Common Stock	(3,921)		(2,441)
Proceeds from Sales of Common Stock	137		121
Cash Dividends Paid to Stockholders	(2,130)		(1,718)
Other Financing Activities	2		1
Net Cash Used in Financing Activities	(4,649)		(4,421)
Change in Cash and Cash Equivalents	2,122		1,782
Effect of Exchange Rate Changes on Cash and Cash Equivalents	170		20
Cash and Cash Equivalents at Beginning of Period	2,538		2,216
Cash and Cash Equivalents at End of Period	$	4,830	$	4,018

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SOURCE The Home Depot

Contact Lens Health Week Promotes Healthy Contact Lens Wear and Care

August 14, 2017

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SAN FRANCISCO and ORLANDO, Florida, Aug. 14, 2017 /PRNewswire-HISPANIC PR WIRE/ — The American Academy of Ophthalmology and the American Academy of Optometry have joined the Centers for Disease Control and Prevention (CDC) and its other partners to promote Contact Lens Health Week, August 21-25. This year’s campaign theme is “Healthy Habits Mean Healthy Eyes.” These organizations are encouraging youth to start healthy habits early to help ensure a lifetime of healthy vision.

Contact lenses provide safe and effective vision correction for an estimated 40 million Americans. However, contact lens wearers risk infection if they fail to wear, clean, disinfect, and store their contact lenses as directed. Even non-sight threatening infections or inflammation can be painful and disrupt day-to-day life. Good hygiene, proper contact lens care, and regular follow-up care with your eye care professional are all essential to keeping your eyes healthy.

Eye care providers encourage patients to follow these guidelines for healthy contact lens wear¹:

Wash your hands with soap and water. Dry them well with a clean cloth before touching your contact lenses every time.
Don’t sleep in your contact lenses, unless prescribed by your eye doctor.
Keep water away from your contact lenses. Avoid showering in contact lenses, and remove them before using a hot tub or swimming.
Don’t “top off” solution. Use only fresh contact lens disinfecting solution – never mix fresh solution with old or used solution.
Replace your contact lens case at least once every three months. Rub and rinse your contact lens case with contact lens solution (never water) and empty and dry with a clean tissue paper. Store upside down with the caps off after each use.
Give your eyes a rest. The cornea, the transparent tissue covering each eye, gets deprived of oxygen from being covered up all day by a contact lens. Starved for air, the cornea starts growing new blood vessels to compensate for the lack of oxygen. Over-wearing contact lenses can lead to problems such as eye inflammation and lipid deposits in the cornea, which can affect vision. Over-wearing can also increase the risk of infection.
Sterilize the night before planned wear, if you wear contact lenses sporadically. Disinfecting solutions lose their efficacy over time, leading to microbial overgrowth in the case and on the lens.
Decorative lenses must be prescribed and fitted by an eye care professional. Colored contact lenses and Halloween-inspired designs are not costume jewelry. They require a prescription, just like regular contact lenses. Follow the same hygiene rules as regular contact lenses. Never use lenses that have not been approved by the FDA.

“Visit your eye care professional yearly or as often as he/she recommends,” said Thomas Steinemann, M.D., clinical spokesperson for the American Academy of Ophthalmology. “Ask him or her about how to care for your contact lenses, and remove your contact lenses immediately and call your doctor promptly if you have eye pain, discomfort, redness or blurred vision.”

“While we focus on Contact Lens Health Week, it is important to remember that both patients and prescribers alike should maintain a year-round vigilance regarding eye health. Nothing improves the safety of contact lens wear like the continual reinforcement of and compliance with proper lens wear, proper lens care, and proper patient follow up,” says Clarke D. Newman, OD, FAAO, Chair of the American Academy of Optometry’s Section on Cornea, Contact Lenses and Refractive Technologies.

The CDC is hosting a Twitter Chat on Tuesday, August 22, 2017. The twitter handle, @CDCgov will co-host an hour-long chat with @NBCNewsHealth from 12-1pm (ET), using the hashtag #HealthyContactsChat.

For more information on Contact Lens Health Week and other resources about healthy contact lens wear and care throughout the year, visit www.cdc.gov/contactlenses.

About the American Academy of Ophthalmology

The American Academy of Ophthalmology is the world’s largest association of eye physicians and surgeons. A global community of 32,000 medical doctors, we protect sight and empower lives by setting the standards for ophthalmic education and advocating for our patients and the public. We innovate to advance our profession and to ensure the delivery of the highest-quality eye care. For more information, visit aao.org.

About the American Academy of Optometry

The American Academy of Optometry enhances excellence in optometric practice by fostering research and disseminating knowledge in vision science through its journal, Optometry and Vision Science, and the continuing education presented at its annual meeting. Fellows of the Academy are committed to the premise that learning is a lifelong obligation of a professional, as is the commitment to expand the profession’s knowledge base through ongoing fellowship and exchange. For more information, visit www.aaopt.org.

¹https://www.cdc.gov/contactlenses/protect-your-eyes.html

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SOURCE American Academy of Ophthalmology

Grocery Outlet Raises $1 Million For Local Food Banks

August 14, 2017

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EMERYVILLE, California, Aug. 14, 2017 /PRNewswire-HISPANIC PR WIRE/ — Grocery Outlet Bargain Market’s 7^th Annual Independence from Hunger® (IFH) campaign has raised more than $1 million to provide over 500,000 meals to families in need. Throughout the month of July, Grocery Outlet customers, employees and store independent owner-operators across six states contributed food and monetary donations to help address critical food insecurity needs in their local communities.

More than 42.2 million Americans live without reliable access to affordable, nutritious food¹. In 2011 Grocery Outlet launched its first IFH campaign to help local food banks address high demand during the summer months. Deepening its commitment to helping address food insecurity in the communities it serves, Grocery Outlet set out this year to double the $524,414 raised in 2016’s IFH campaign. Grocery Outlet’s customers, employees and independent store operators stepped up to meet this bold fundraising challenge and raised $1,075,583. Local food banks will receive 100% of the proceeds as no administration or collateral fees will be deducted from the funds.

“Helping tackle food insecurity is one of our core values and we’re proud of the positive impact that the Independence from Hunger® campaign is making across our communities,” said Grocery Outlet Inc. Co-CEO Eric Lindberg. “We are thankful of our customers, employees and store operators for their compassion and generosity in helping us reach our goal of $1 million raised.”

Grocery Outlet customers contributed to the campaign through purchases of specially-marked “high-need” food items, monetary donations at the register and online through GroceryOutlet.com/Donate. As a thank you to customers, Grocery Outlet offered a “Give $5, Get $5” coupon for $5 off a future purchase of $25 or more to those who donated $5 or more in a single transaction in-store or online.

“Part of what makes Grocery Outlet such a success are the strong relationships each of our stores has in their community – we look at initiatives like IFH as a way for us to give back and to help our neighbors in need,” said Grocery Outlet Inc. Co-CEO MacGregor Read. “We look forward to working with our customers, employees and store independent owner-operators to raise even more for our neighbors through IFH.”

For more information on the Independence from Hunger® campaign and Grocery Outlet, visit GroceryOutlet.com.

About Grocery Outlet

Based in Emeryville, California, Grocery Outlet offers big savings on brand name merchandise, with prices 40% to 70% less than traditional grocery stores. The fastest growing, “extreme-value” grocer in the U.S., Grocery Outlet has more than 280 locations in California, Idaho, Nevada, Oregon, Pennsylvania and Washington. Grocery Outlet carries refrigerated and frozen foods, fresh produce, fresh meat, organics, dry groceries, beer and wine, health and beauty care, over-the-counter drugs, household products, toys and gifts. A third-generation family-led company founded in 1946, Grocery Outlet’s mission has always been to provide customers a fun place to find extreme values on name brands they trust. Most stores are independently owned/operated by locally based families. For more information, please visit www.GroceryOutlet.com.

¹USDA, Household Food Security in the United States in 2015.

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SOURCE Grocery Outlet

(Español) La persecución de “El Chapo” continúa con el retorno de la serie original a la cadena Univision domingo, 17 de septiembre

August 14, 2017

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Sorry, this entry is only available in Español.

Blue Diamond Resorts to Take over Management of Antigua’s Jolly Beach Resort & Spa

August 14, 2017

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TORONTO, Aug. 14, 2017 /PRNewswire-HISPANIC PR WIRE/ — Blue Diamond Resorts, the Caribbean’s fastest-growing hotel company, is proud to announce that it will be taking over the management and operation of Antigua’s largest all-inclusive resort, the 464-room Jolly Beach Resort & Spa, beginning September 1, 2017.

“We look forward to bringing our operations to the beautiful Island of Antigua, and to applying our management experience to this popular resort” said Jordi Pelfort, Managing Director of Blue Diamond Resorts.

Known to be one of Antigua’s best all-inclusive resorts for its value, Jolly Beach Resort & Spa is set on powdery Jolly Beach, and is enveloped by 40 acres of lush tropical garden and greenery. The resort offers guests a selection of accommodations in six categories, each featuring a private balcony with stunning views to enjoy the gentle Caribbean Sea breeze. Optional amenities including mini-fridge service, in-room coffee maker, Wi-Fi, and in-room safe are available at an additional charge. For dining, guests can choose between four a la carte restaurants offering delicious dishes from Italian classics and authentic Indian to grilled catch-of-the-day options and jerk chicken, or opt for Hemispheres, the resort’s spacious buffet.

Every afternoon at Jolly Beach Resort & Spa, guests gather to meet one another in the Courtyard for a unique spread of scones, pastries and a gourmet selection of teas. Those who prefer to stay active on their all-inclusive vacation are sure to enjoy the basketball, tennis and beach volleyball courts, or the Jolly Sports Program for daily tennis and dance lessons. Friendly competition takes place by the water with the Family Beach Olympics and kayak races, or guests can enjoy quiet time with authentic Antiguan arts & crafts, or a visit to the Palms Wellness Center.

For more information on this new resort experience from Blue Diamond Resorts, visit our website www.bluediamondresorts.com

About Blue Diamond Resorts

Since inception in 2011, Blue Diamond Resorts has risen to become the Caribbean’s fastest growing resort company of 35 properties exceeding 14,000 rooms in seven countries. Taking an innovative approach to differentiating brands under each market’s demands, Blue Diamond Resorts’ ever-expanding portfolio is more impressive than ever. Award-winning Royalton Luxury Resorts offer signature All-In Luxury® amenities including All-In Connectivity™, modern Sports Event Guarantee™, and in-suite wellness elements such as the exclusive handcrafted DreamBed™. Royalton Luxury Resorts’ adults-only sub-brands include Hideaway at Royalton, an adults-only experience, plus the stylish All Exclusive™ CHIC by Royalton, a social vacation experience. In Jamaica, Grand Lido Negril has been revived to provide those over 21 an upscale and au naturel vacation along an exclusive shore for the ultimate in privacy. Memories Resorts & Spa is an experience for families or adults featuring on-site splash parks, themed characters Toopy & Binoo™, and an innovative teen’s lounge. Starfish Resorts are solely found in Cuba and offer amazing value for customers with convenient locations, comfortable accommodations. In September 2017 Blue Diamond Resorts will manage Jolly Beach Resorts & Spa, Antigua’s largest all-inclusive resort with 454 rooms, on a world-famous beach that shares its name.

For additional information, please contact:

Natalie Walsh
Corporate Manager Public Relations
Blue Diamond Resorts
+1-647-545-6926
[email protected]

SOURCE Blue Diamond Resorts

Acura to Unveil Redesigned 2018 RLX and new ARX-05 Prototype Race Car at Monterey Automotive Week

August 14, 2017

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– 2018 RLX Sport Hybrid with Acura Precision Concept-inspired styling to make world premiere

– Highly-anticipated Acura ARX-05 Daytona Prototype international (DPi) to be revealed at The Quail, A Motorsports Gathering, with appearances at the Rolex Monterey Motorsports Reunion and Pebble Beach Concours d’Elegance concept lawn to follow

TORRANCE, California, Aug. 14, 2017 /PRNewswire-HISPANIC PR WIRE/ — Acura will hold two global vehicle debuts during Monterey Automotive Week, August 15-20, showcasing Acura Precision Crafted Performance in both production and racing vehicles. Bringing the brand’s premium, performance DNA to both the street and the racetrack with the redesigned 2018 RLX Sport Hybrid luxury sport sedan and the highly-anticipated Acura ARX-05 DPi prototype race car.

“We chose Monterey Automotive Week to launch Acura’s newest vehicles because the week’s events epitomize the celebration of the automobile,” said Jon Ikeda, vice president & general manager for the Acura Division. “The Acura brand continues to gain momentum with a singular focus on our Precision Crafted Performance DNA, which is brought to life in captivating products like the RLX and the ARX-05 prototype.”

2018 Acura RLX
The 2018 Acura RLX will make its global debut during the prestigious Monterey Automotive Week, August 15-19 on the Monterey peninsula. The new RLX incorporates design cues, such as the signature diamond pentagon grille from the Acura Precision Concept, that were reflected to other recently redesigned Acura models – the 2018 TLX sport sedan and 2017 MDX sport-utility vehicle. In addition to the diamond pentagon grille, the 2018 RLX redesign is highlighted by a more sculpted hood, new wheel designs, newly designed LED taillights, dual exhaust finishers and gloss black rear diffusor.

The 377-horsepower¹ Acura RLX Sport Hybrid is the most sophisticated and best performing Acura sedan ever. Sharing NSX supercar technology, RLX is available with Sport Hybrid Super-Handling All Wheel Drive™ (Sport Hybrid SH-AWD™), delivering a powerful and precise driving experience unmatched in the segment. The new 2018 Acura RLX will go on sale in November.

Acura ARX-05
The ARX-05 marks Acura’s anticipated return to prototype racing. Along with legendary partner Team Penske, Acura will campaign two ARX-05 race cars in the IMSA WeatherTech SportsCar Championship, beginning with the Rolex 24 at Daytona in January 2018.

The Acura ARX-05 [Acura Racing eXperimental, generation 5] is the latest in a successful line of endurance prototypes fielded by Acura beginning more than 25 years ago (1991). The prototype race car was styled by the Acura Design Studio in Los Angeles, Calif., and the multi-year program will be administered by Honda Performance Development, the racing arm for both Acura Motorsports and Honda Racing in North America.

Carmel-By-The Sea Concours on the Avenue
Acura will kick-off the week’s activities as the exclusive automotive sponsor of the Carmel-By-The Sea Concours on the Avenue on Tuesday, August 15. In its fifth year of participation in the event, Acura will showcase its lineup of performance luxury vehicles in Carmel’s historic Devendorf Park, led by the public debut of the 2018 Acura RLX Sport Hybrid. Other vehicles on display will include the 2017 NSX supercar, Road and Track magazine’s 2017 Performance Car of the Year, its racing counterpart, the NSX GT3 (shown in exposed carbon for the first time in the U.S.), along with the 2017 MDX Sport Hybrid SUV, and the redesigned 2018 TLX A-Spec sport sedan.

The Quail, A Motorsports Gathering
Acura will once again be the premier automotive sponsor for The Quail, A Motorsports Gathering, taking place on Friday, August 18 and will unveil the Acura ARX-05 prototype race car during a press conference at 11:15 a.m. featuring Art St. Cyr, president of Honda Performance Development and Roger Penske of Team Penske.

The Quail, A Motorsports Gathering is one of the week’s most esteemed events and in addition to the unveiling of the ARX-05 prototype, Acura will feature the 2017 NSX, NSX GT3 race car, as well as the 2017 MDX Sport Hybrid and new 2018 Acura RLX Sport Hybrid. Guests of the event will have the opportunity to experience Acura’s Precision Crafted Performance first hand behind the wheel of the 2017 NSX, via a ride-and-drive being held at The Quail Lodge & Golf Club.

Acura will also participate in The Quail, A Motorsports Gathering Rally event, August 14-16, with two 2017 Acura NSX supercars in an exclusive charity benefit featuring 30 of the world’s top car collectors.

Rolex Monterey Motorsports Reunion
At this year’s Rolex Monterey Motorsports Reunion, August 17-20, Acura will showcase the brand’s racing heritage with a display of historic race cars in the Acura garage; as well as the new Acura ARX-05 prototype race car on Saturday August 19.

Pebble Beach Concours d’Elegance
Finally, at the pinnacle Monterey Automotive Week event, the Acura ARX-05 prototype race car will be featured on the prestigious Pebble Beach Concours d’Elegance concept lawn. In addition, Dave Marek, Acura global creative director, will serve as a guest judge at this year’s program.

About Acura
Acura is a leading automotive luxury nameplate that delivers Precision Crafted Performance, an original approach to technology and design that creates a new driving experience. The Acura lineup features six distinctive models – the RLX premium luxury sedan, the TLX performance luxury sedan, the ILX sport sedan, the 5-passenger RDX luxury crossover SUV, the seven-passenger Acura MDX, America’s all-time best-selling three-row luxury SUV and the next-generation, electrified NSX supercar as the pinnacle expression of Acura Precision Crafted Performance.

For More Information
Consumer information is available at www.acura.com. To join the Acura community on Facebook, visit facebook.com/Acura. Additional media information including pricing, features and high-resolution photography is available at acuranews.com/channels/acura-automobiles.

¹ Combined system horsepower as measured by the peak, concurrent output of the three electric motors and gasoline engine.

Acura ARX-05 Daytona Prototype international (DPi) Race Car

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Video – https://www.youtube.com/watch?v=Qm_W76xBmjQ
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SOURCE Acura

Goya Foods Donated 10,000 Pounds Of Food To Catholic Charities In Recognition Of The Dominican Day Parade In New York

August 14, 2017

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JERSEY CITY, N.J., Aug. 14, 2017 /PRNewswire-HISPANIC PR WIRE/ — Goya Foods, the largest Hispanic-owned food company in the United States, donates 10,000 pounds of food to Catholic Charities of New York in recognition of the Dominican Day Parade in New York City on Wednesday, August 9, 2017 at Washington Heights Ecumenical Food Pantry located at 4111 Broadway, New York, NY 10033.

“What better way to celebrate the Dominican Day Parade than by helping others and giving back to our community,” said Rafael Toro, Director of Public Relations of Goya Foods. “To Goya, it’s not just about donating food or money, but about making a difference in the lives of our consumers and their families.”

The food will go directly to Catholic Charities’ food pantries, where it will be distributed to hundreds of families in need. “We are grateful for the ongoing generosity of Goya and their support in our mission to providing meals to all hungry New Yorkers in need,” said Executive Director, Monsignor Kevin Sullivan. “In celebrating Dominican Week, we highlight one of the many communities our agencies are proud to serve.”

The donation is part of the Goya Gives campaign, a national initiative committed to supporting local communities through social causes. Goya has donated millions of pounds of food to organizations worldwide and continues to support over 250 organizations, events and cultural institutions. “We are proud to partner with Goya in the spirit of our Dominican culture, which embraces community and service,” said Maria Khury, Chair, Board of Directors of the Dominican Day Parade. “Catholic Charities fights hunger, among many other causes, and it is our distinct honor that Goya is making this significant donation in recognition of our mission.”

Goya’s annual food donations also serve to encourage consumers to participate in the message and act of helping those in need. Consumers can share the #GoyaGives message with friends and family through Facebook, Instagram and Twitter @goyafoods and @CathCharitiesNY ‏

For more information about Goya Foods and the #GoyaGives campaign, please visit www.goya.com.

About GOYA: Founded in 1936, Goya Foods, Inc. is America’s largest Hispanic-owned food company, and has established itself as the leader in Latin American food and condiments. Goya manufactures, packages, and distributes over 2,500 high-quality food products from Spain, the Caribbean, Mexico, Central and South America. Goya products have their roots in the culinary traditions of Hispanic communities around the world; Goya’s combination of authentic ingredients, robust seasonings and convenient preparation make Goya products ideal for every taste and every table. For more information on Goya Foods, please visit www.goya.com

About Catholic Charities of the Archdiocese of New York: Currently celebrating their 100th year, Catholic Charities is a federation of approximately 90 agencies and programs located throughout the 10 counties of the Archdiocese of New York, helping to solve the problems of New Yorkers in need – non-Catholics and Catholics alike – with services that protect and nurture children, strengthen families and resolve crises, assist the hungry and homeless, support the physically and emotionally challenged, and integrate immigrants and refugees.

In 2017, Catholic Charities is marking a 100-year legacy of service and launching the next century of providing help and creating hope for New Yorkers in need. Catholic Charities is recommitting to providing basic human services that are efficient, effective, accountable and caring – and to being a valued partner in building the fabric of a caring New York. Follow us on Twitter and Facebook. For more information on how to donate or volunteer, please visit our website at catholiccharitiesny.org.

About the Dominican Day Parade in New York: Since reconstituted in 2015, the Dominican Day Parade Organization has been a 501(c)(3) nonprofit whose mission is to celebrate the cultural heritage of people who trace their ancestry to the Dominican Republic either by birth or descent. The organization promotes and supports the contributions of people of Dominican ancestry. We acknowledge the heritage and contributions of the Dominican community throughout the world.

We celebrate the richness of the Dominican culture, folklore and popular traditions for generations to come, as highlighted when we celebrate several community outreach programs and cultural events leading up to our annual benefit gala culminating in the celebration of our parade the 2^nd Sunday of the month of August appropriately on the Avenue of the Americas. Follow us on #DRPARADEUSA and Facebook Dominican parade. For more information on how to donate, participate or volunteer, please visit our website at dominicanparade.org

PRESS RELEASE
Press Contacts:
Natalie Maniscalco
[email protected]
845.659.6506

Video – http://origin-qps.onstreammedia.com/origin/multivu_archive/PRNA/ENR/GOYAv4.mp4

Logo – http://photos.prnewswire.com/prnh/20140904/143145

SOURCE Goya Foods

Acura’s Kox and Wilkins Prevail for NSX GT3 Victory in Utah

August 14, 2017

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Driving their #93 RealTime Racing Acura NSX GT3, Peter Kox and Mark Wilkins won Saturday's Pirelli World Challenge race at Utah Motorsports Campus.

TOOELE, Utah, Aug. 12, 2017 /PRNewswire-HISPANIC PR WIRE/ — Peter Kox and Mark Wilkins combined to score the first win for the new Acura NSX GT3 in Pirelli World Challenge Competition in a hard-fought SprintX opening round of a doubleheader race weekend at Utah Motorsports Campus.

Starting from the pole, Kox led the opening segment of the hour-long contest, but the #93 RealTime Racing Acura slipped to second behind the Ferrari of Daniel Mancinelli and Niccolo Schiro during the mid-race round of pit stops. But a quick half-spin by Schiro saw Wilkins move the Acura back into the lead as the race hit the 40-minute mark.

Wilkins and Schiro continued to battle through the closing laps, but the Ferrari was never able to complete a pass, and Wilkins took his Acura to the checkers by 0.228-seconds.

“This feels wonderful. It was quite [close] at the end, but the Acura performed really well,” Kox said at the finish. “I had a good start, and I just concentrated on my own race and tried to conserve the car as well as I could for Mark [Wilkins], so he had a good car to finish it off. We lost some time in the pit stop, but luckily it fell back into our hands, Mark withstood the pressure and we have a fantastic result.”

Wilkins recounted the closing laps. “I just thought ‘one corner at a time and get the most out of the car’. We did that today. Peter did a great job in qualifying and he put us in a position to get this win and did a great job in his drive and handed over a clean car at the front. I was looking forward to the white flag [indicating the start of the final lap]. I knew I could just plug away and not make any mistakes. I think we capitalized on that. I was a bit nervous, to be honest. I just wanted to stay out of trouble and do the best job I could. It’s great to get the first victory in World Challenge for the NSX GT3. It feels fantastic. Thanks to Peter [Cunningham, team owner] and RealTime for the opportunity.”

The win is the first for the new NSX GT3 in the Pirelli World Challenge, and the third for Acura in its inaugural year of international GT3 competition. In addition to today’s victory, Michael Shank Racing has scored two endurance-race wins in the IMSA WeatherTech SportsCar Championship with drivers Andy Lally and Katherine Legge.

In the second #43 RealTime Racing NSX GT3, Ryan Eversley started fourth and soon began a long battle with the Porsche of Pat Long, eventually gaining third place. However, a delay during the driver change at the single pit stop resulted in co-driver Tom Dyer resuming in fifth. While he was able to regain much of the ground lost during the long pit stop, Dyer was unable to improve his position in the closing laps and finished fifth.

“One of the belts got trapped behind me in the seat. It was unfortunate,” Dyer said of the long pit stop. “We were fighting a little bit of understeer, and it kept growing. I was concerned about the left front tire, too. It was feeling a little odd, but everything made it to the finish.”

“The RealTime guys brought two really good race cars. We were fast in every session and we knew we’d be strong,” Eversley said. “The biggest thing about today is the Acura NSX GT3 has now won in the IMSA series and in World Challenge. Hopefully, people will want to buy these cars and race them next year. We’re all really happy at RealTime to get the win, and we’ll try it again tomorrow.”

“After our first official on track session [here] one year ago, it came full circle today. The NSX GT3 has now shown it can race for the win in both endurance and sprint racing,” said NSX GT3 Project Leader Lee Niffenegger of Honda Performance Development. “Huge congratulations to everyone at RealTime Racing and our Acura Motorsports engineers for all the hard work to get to this point. Peter had a great lap in qualifying to secure the first World Challenge pole for the NSX GT3, and held P1 throughout his stint. Mark then delivered a cool and calm performance to hold off the charging Ferrari to take our first World Challenge win. The first one is always the hardest, and now we can try for more as the season continues.”

The RealTime Racing Acura NSX GT3 team will have only a short time to savor today’s victory, as the second round of the weekend doubleheader takes place tomorrow at Utah Motorsports Campus in Tooele, Utah.

The Acura NSX GT3 racecar utilizes the production NSX’s lightweight multi-material body with aluminum-intensive space frame, and is powered by a 3.5-liter, 75-degree, twin-turbocharged DOHC V-6 engine. The engine uses the same design specifications as the production 2017 Acura NSX, including the block, heads, valve train, crankshaft, pistons and dry-sump lubrication system. The engine is paired with a 6-speed, sequential-shift racing gearbox, delivering power to the rear wheels. The Acura NSX is produced at the Performance Manufacturing Center in Ohio.

Video recaps from this weekend’s Acura Pirelli World Challenge racing activities at the Utah Motorsports Campus are being posted on the “Honda Racing/HPD” YouTube channel. Produced by the Carolinas Production Group, the video packages can be found in the 2017 HPD Trackside Video Playlist at: https://www.youtube.com/HondaRacingHPDTV.

Pirelli World Challenge
Circuit: Utah Motorsports Campus (3.02-mile road course), Lexington, Ohio
Weather: Partly cloudy, hot, 91 degrees F Saturday

Round 8 Results Saturday:

Pos	Drivers	Team	Car	Status
1	Peter Kox/Mark Wilkins	RealTime Racing	Acura NSX GT3	32 laps
2	Daniel Mancinelli/Niccolo Schiro	TR3 Racing	Ferrari 488 GT3	+0.228 seconds
3	Patrick Long/Jorg Bergmeister	Wright Motorsports	Porsche 911 GT3R
4	Johnny O’Connell/Ricky Taylor	Cadillac Racing	Cadillac ATS V-R
5	Ryan Eversley/Tom Dyer	RealTime Racing	Acura NSX GT3
6	Alvo Parente/Ben Barnicoat	K-PAX Racing	McLaren 650S GT3

Photo – http://mma.prnewswire.com/media/544531/Acura_Motorsports_Racing.jpg
Logo – http://mma.prnewswire.com/media/458749/acura_logo.jpg

SOURCE Acura Motorsports

505 Southwestern® Announces “Clash Of The Hatch” Food Truck Contest With Celebrity Chef Eric Greenspan

August 13, 2017

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LOS ANGELES, Aug. 11, 2017 /PRNewswire-HISPANIC PR WIRE/ — Flagship Food Group and 505 Southwestern^® are excited to announce the launch of a unique campaign, the “Clash of the Hatch,” a food truck challenge curated by 505 Southwestern^® and chef Eric Greenspan.

For Event Details and More Information, please click: http://505clashofthehatch.com/#aboutus.

Celebrating the Hatch Valley green chile harvest season, the “Clash of the Hatch” will bring together 10 of LA’s most popular food trucks to compete to make the best dish possible featuring 505 Southwestern^® Hatch Valley Flame Roasted Green Chile. The 10 finalists chosen to compete are Locol, Border Grill, Baby’s Badass Burgers, Grilled Cheese Truck, South Philly Experience, Vchos Pupusas, Chubbee Monkee, India Jones, Dogtown Dogs and Wise Barbecue Co.

Each truck is challenged to develop an innovative menu item that matches the truck’s food genre and style. Trucks are encouraged to drive awareness and sales of their item through social media and creative marketing. The truck with the winning item will be invited to the Flagship global research and development center in Burbank, California, to develop a version of their menu item as a consumer retail food product. 505 Southwestern^® will work to distribute this product into retail channels, and the winner will receive 1% of the net revenue, subject to a minimum of $20,000 and up to a maximum of $100,000.

Votes from fans matter. Fans can follow the trucks to taste the dishes and weigh in on who they think deserves to win. Other categories used to decide the winner are most innovative entrée item, social media participation, and the highest number of 505 Southwestern^® units sold.

“Our ‘Clash of the Hatch’ event is about engaging with LA’s best food truck operators to create awareness of our wonderful Hatch Valley Green Chile, how it can be used to make almost any dish taste great, and to just have some fun in a creative environment,” said Rob Holland, Chief Executive Officer of Flagship Food Group.

“Anyone who knows me, my restaurants, or my TV shows, knows that I am passionate about great restaurants and operators. Food trucks represent the epitome of real time innovation and passionate entrepreneurs- exactly the kind of people I, Flagship, and 505 Southwestern^® love engaging with,” said chef Eric Greenspan. “I think this is an exciting event, and I can’t wait to see what these food trucks create.”

“Clash of the Hatch” officially launches on August 15, 2017 with the winner being announced in January 2018. For more information and updates please visit www.505clashofthehatch.com and follow on Facebook @505chile, Twitter @505southwestern and Instagram @505southwestern.

For Media Inquiries, Contact:
Kory D. Webber
Marketing Manager
[email protected]
+1.720.420.6395

Logo: http://mma.prnewswire.com/media/484203/Flagship_Food_Group_Logo.jpg
Logo: http://mma.prnewswire.com/media/484161/Flagship_Food_Group_505_Logo.jpg

SOURCE Flagship Food Group

Live Nation Entertainment Reports Second Quarter 2017 Financial Results

August 12, 2017

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LOS ANGELES, Aug. 9, 2017 /PRNewswire-HISPANIC PR WIRE/ —

Highlights (year-over-year):

Revenue Up 29% for the Quarter to $2.8 Billion
Operating Income Up 53% for the Quarter to $113 Million
Adjusted Operating Income Up 22% for the Quarter to $221 Million
Net Cash Provided by Operating Activities Increased for the Quarter to $43 Million
Free Cash Flow — Adjusted Up 42% for the Quarter to $154 Million
Event-Related Deferred Revenue Up 31% to $1.5 Billion as of June 30
Concert Tickets Sold for 2017 Shows are Over 68 Million, Up 22% through July
Sponsorship & Advertising Contracted Net Revenue Up Double Digits through July
Ticketmaster Fee-Bearing GTV at Constant Currency Up 13% through June

Live Nation Entertainment (NYSE: LYV) today released financial results for the three and six months ended June 30, 2017.

Live Nation continued growing its businesses in the second quarter, with revenue up 29%, operating income up 53% and adjusted operating income, or AOI, up 22%, while net cash provided by operating activities increased to $43 million, and free cash flow – adjusted increased to $154 million, up 42%. All three segments grew as we continued demonstrating the strength of our business model. Our concerts business is our flywheel, selling over 68 million tickets to shows this year through July, 12 million more tickets than at this point last year.

This demonstrates that we have built the industry’s most scalable and unparalleled live platform, bringing over 550 million fans in 40 countries to live events each year. With key metrics in each of concerts, sponsorship and ticketing pacing double digits ahead of last year, we are confident that 2017 will be another record year of results for Live Nation.

Concerts Delivered Record Attendance

Starting with the concerts business, in the second quarter we promoted over 7 thousand shows for 24 million fans, an increase of 5.5 million fans from the second quarter last year. As a result, for the quarter we grew revenue by 34%, operating income increased to $38 million, and AOI grew by 51% to $88 million.

We extended our position as the leading promoter in the world as we delivered growth across all markets and venue types. We increased attendance in North America and internationally by over 2 million fans each; and arenas, amphitheaters, stadiums, festivals and theaters all increased attendance by double digits. As we attract more fans to concerts, we continue to focus on maximizing the revenue and profitability of each show. This starts with attracting more fans to each show, and during the quarter we increased our average show attendance by 11%, with every venue type delivering higher attendance per show.

Additionally, our food and beverage initiatives at our amphitheaters continue to improve the onsite experience, driving increased spend per fan with programs ranging from increasing the number of points of sale to improved product offerings to optimized pricing. As a result, we continue to expect to increase ancillary spend by approximately $2 per fan again this summer.

Given the strong performance of our shows to date and the pipeline of shows for the rest of the year, I expect us to grow our fan base to 80 million this year. And with these additional fans I am confident that we will deliver strong growth in our concerts results, providing the flywheel to grow our sponsorship and ticketing businesses.

Sponsorship & Advertising Delivered Continued Growth

In the sponsorship & advertising business, we again delivered strong growth this quarter, with revenue up 31%, operating income up 19%, and AOI up 21%. Live Nation’s ongoing success in growing its high-margin sponsorship & advertising business is based on its unique scale and breadth in the live experience space. No other advertising platform can match our 80 million onsite engaged fans, over 550 million direct connections with fans attending events each year and over 2 billion touch points across our digital reach. From festivals to branded content to exclusive access to tickets and events, the combined Live Nation concerts and Ticketmaster platforms deliver an audience unmatched in music.

Our growth continues to be strongly driven by our strategic brand relationships, with over 50 sponsors that each spend more than $1 million with us each year, across our onsite and online platforms to reach that highly sought after millennial customer. This group accounts for over 75% of our total sponsorship, and through the second quarter their committed spend has grown by 25% to over $250 million.

Festival sponsorship continues to provide the most attractive onsite platform; in the second quarter we grew revenue in this category by 32% year-on-year, and for the full year we are tracking toward mid-teens growth across our 95 festivals with over 8 million fans.

Based on this strong start to the year, and now with over 90% of our planned sponsorship for the year under contract, I currently expect double-digit operating income and AOI growth in the low teens for this business for the full year.

Ticketmaster Marketplace Growing

Ticketmaster continues to demonstrate that it is the best marketplace for venues, teams and artists to sell tickets to fans globally, with gross transaction value, or GTV, growth on fee-bearing tickets up 8% for the quarter, at constant currency. Year-to-date, fee-bearing GTV is up 13%, and the past three quarters have been the highest transacted GTV quarters in the company’s history. As a result, Ticketmaster’s revenue for the quarter was up 9%. Year-to-date, revenue was up 15%, operating income was up 20%, and AOI was up 13%, with quarterly timing impacted by the shift in concert onsales to the first quarter as we discussed last quarter.

Our success at Ticketmaster starts with providing fans with the best solution to their ticketing needs. Building on our integration of primary and secondary tickets, we have now expanded our listings to also include secondary tickets to shows for which Ticketmaster is not the primary ticketer, all purchased through the same checkout flow. This has now increased the number of events we have listed by 35%, further leveraging the 120 million fans visiting our online sites per month.

And as we expand our inventory, we continue improving the customer purchase process, helping us increase conversion by high single digits on desktop and double digits on mobile sites. As we increase conversion on mobile sites, we also continue to see a strong shift in purchase behavior to mobile, with these sites and our apps accounting for 31% of our sales in the quarter, up 27% year-on-year.

Along with the focus on fan experience, we are also providing venues, teams and artists with the additional tools and services to more effectively price and distribute their tickets. One of the services we uniquely provide is the range of distribution partners that can sell incremental tickets for our clients. For the quarter, these off-platform sales are up 11%, and year-to-date they are up 21% to almost 7 million tickets.

On the new product road map, we are seeing great success with our Verified Fan product, which enables artists to prioritize the distribution of tickets to actual fans utilizing our proprietary Ticketmaster scoring algorithm of fan behavior. Since launching the product earlier this year, we have worked with 50 artists in the United States and Europe to sell over 1 million tickets to true fans, with a dramatic reduction in these tickets then being sold on secondary sites.

Overall, our Ticketmaster results are validating our dual strategy of delivering an effective marketplace for fans to buy tickets while providing a great software solution to venues, teams and artists looking to maximize the value of their events. By continuing to do so effectively, I expect us to again deliver high-single-digit growth in ticketing operating income and AOI this year.

Summary

2017 is on track to be another year of growth and record results for the company. Our key indicators for our businesses — concert tickets sold for shows this year, contracted sponsorship, and fee-bearing ticketing GTV — are all pacing double digits ahead of last year and as a result we expect each of our businesses to deliver record revenue, operating income and AOI this year.

Michael Rapino
President and Chief Executive Officer
Live Nation Entertainment, Inc.

The company will webcast a teleconference today at 5:00 p.m. Eastern Time to discuss its financial performance. Interested parties should visit the Events & Webcasts section of the company’s website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be available under the Reports section at the same link. A replay of the webcast will also be available on the Live Nation website.

Notice Regarding Financial Statements

The company has provided certain unaudited financial statements at the end of this press release for reference. These unaudited financial statements should be read in conjunction with the full unaudited financial statements, and the notes thereto, set forth in the company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission today and available on the SEC’s website at sec.gov.

About Live Nation Entertainment

Live Nation Entertainment, Inc. (NYSE: LYV) is the world’s leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. For additional information, visit investors.livenationentertainment.com.

FINANCIAL HIGHLIGHTS – 2nd QUARTER (unaudited; $ in millions)

	Q2 2017 Reported		Q2 2016 Reported		Growth	Q2 2017 Constant Currency		Growth at Constant Currency
Revenue
Concerts	$	2,249.9	$	1,681.8	34%	$	2,279.7	36%
Sponsorship & Advertising	124.6		95.2		31%	126.1		32%
Ticketing	484.6		443.3		9%	490.0		11%
Other and Eliminations	(40.4)		(41.0)		1%	(40.4)		1%
	$	2,818.7	$	2,179.3	29%	$	2,855.4	31%

Operating Income (Loss)
Concerts	$	37.5	$	2.8	*	$	36.8	*
Sponsorship & Advertising	70.4		59.1		19%	71.6		21%
Ticketing	43.7		46.8		(6%)	42.8		(9%)
Other and Eliminations	(5.2)		(4.2)		(24%)	(5.2)		(24%)
Corporate	(33.0)		(30.4)		(9%)	(33.0)		(9%)
	$	113.4	$	74.1	53%	$	113.0	52%

Adjusted Operating Income (Loss)
Concerts	$	88.4	$	58.4	51%	$	88.6	52%
Sponsorship & Advertising	77.1		63.8		21%	78.3		23%
Ticketing	89.1		87.5		2%	89.0		2%
Other and Eliminations	(6.0)		(3.7)		(62%)	(6.0)		(62%)
Corporate	(27.2)		(25.1)		(8%)	(27.2)		(8%)
	$	221.4	$	180.9	22%	$	222.7	23%

* percentages are not meaningful

FINANCIAL HIGHLIGHTS – 6 MONTHS (unaudited; $ in millions)

	6 Months 2017 Reported		6 Months 2016 Reported		Growth	6 Months 2017 Constant Currency		Growth at Constant Currency
Revenue
Concerts	$	3,113.1	$	2,436.7	28%	$	3,156.8	30%
Sponsorship & Advertising	188.6		152.8		23%	191.0		25%
Ticketing	978.3		849.1		15%	989.2		16%
Other and Eliminations	(48.1)		(51.7)		7%	(48.2)		7%
	$	4,231.9	$	3,386.9	25%	$	4,288.8	27%

Operating Income (Loss)
Concerts	$	(38.3)	$	(63.8)	40%	$	(41.1)	36%
Sponsorship & Advertising	96.8		84.4		15%	98.6		17%
Ticketing	98.3		82.1		20%	96.3		17%
Other and Eliminations	(5.0)		(5.9)		15%	(5.0)		15%
Corporate	(59.7)		(55.9)		(7%)	(59.7)		(7%)
	$	92.1	$	40.9	*	$	89.1	*

Adjusted Operating Income (Loss)
Concerts	$	66.3	$	41.4	60%	$	65.7	59%
Sponsorship & Advertising	110.4		94.4		17%	112.2		19%
Ticketing	192.4		169.6		13%	191.8		13%
Other and Eliminations	(6.5)		(5.9)		(10%)	(6.5)		(10%)
Corporate	(49.1)		(45.1)		(9%)	(49.1)		(9%)
	$	313.5	$	254.4	23%	$	314.1	23%

* percentages are not meaningful

As of June 30, 2017, total cash and cash equivalents were $2.2 billion, which includes $704 million in ticketing client cash and $464 million in free cash.
Event-related deferred revenue was $1.5 billion as of June 30, 2017, compared to $1.2 billion as of the same date in 2016.
For the quarter ended June 30, 2017, net cash provided by operating activities was $804 million and free cash flow — adjusted was $154 million.
We currently expect capital expenditures for the full year to be approximately $220 million, with approximately 50% to be revenue generating capital expenditures.
We currently expect the amortization of nonrecoupable ticketing contract advances for the full year 2017 to be approximately in line with the total amount in 2016.

KEY OPERATING METRICS

	Q2 2017	Q2 2016	6 Months 2017	6 Months 2016
	(in thousands except estimated events)
Concerts ⁽¹⁾
Estimated events:
North America	5,185	4,437	8,934	7,885
International	2,535	2,196	4,742	4,593
Total estimated events	7,720	6,633	13,676	12,478
Estimated fans:
North America	15,287	12,216	21,055	17,056
International	9,306	6,837	14,400	10,915
Total estimated fans	24,593	19,053	35,455	27,971
Ticketing ⁽²⁾
Number of fee-bearing tickets sold	47,497	43,459	97,099	87,982
Number of non-fee-bearing tickets sold	54,539	60,608	132,974	137,090
Total tickets sold	102,036	104,067	230,073	225,072


(1)	Events generally represent a single performance by an artist. Fans generally represent the number of people who attend an event. Festivals are counted as one event in the quarter in which the festival begins, but the number of fans is based on the days the fans were present at the festival and thus can be reported across multiple quarters. Events and fan attendance metrics are estimated each quarter.
(2)	The number of fee-bearing tickets sold includes primary and secondary tickets that are sold using our Ticketmaster systems or that we issue through affiliates. This metric includes primary tickets sold during the year regardless of event timing, except for our own events where our concert promoters control ticketing and which are reported as the events occur. The non-fee-bearing tickets sold reported above includes primary tickets sold using our Ticketmaster systems, through season seat packages and our venue clients’ box offices, along with tickets sold on our ‘do it yourself’ platform.

Reconciliation of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited)

Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities

($ in millions)	Q2 2017		Q2 2016
Net cash provided by operating activities	$	42.9	$	(6.4)
Less: Changes in operating assets and liabilities (working capital)	148.5		145.4
Free cash flow from earnings	$	191.4	$	139.0
Less: Maintenance capital expenditures	(31.2)		(24.2)
Distributions to noncontrolling interests	(6.3)		(6.7)
Free cash flow — adjusted	$	153.9	$	108.1

Net cash used in investing activities	$	(96.9)	$	(133.7)

Net cash used in financing activities	$	(19.1)	$	(15.8)

($ in millions)	6 Months 2017		6 Months 2016
Net cash provided by operating activities	$	803.6	$	511.0
Less: Changes in operating assets and liabilities (working capital)	(549.0)		(318.6)
Free cash flow from earnings	$	254.6	$	192.4
Less: Maintenance capital expenditures	(55.7)		(37.6)
Distributions to noncontrolling interests	(18.5)		(22.2)
Free cash flow — adjusted	$	180.4	$	132.6

Net cash used in investing activities	$	(171.9)	$	(219.4)

Net cash used in financing activities	$	(24.2)	$	(69.1)

Reconciliation of Free Cash to Cash and Cash Equivalents

($ in millions)	June 30, 2017
Cash and cash equivalents	$	2,216.8
Client cash	(704.3)
Deferred revenue — event-related	(1,512.0)
Accrued artist fees	(59.7)
Collections on behalf of others	(40.6)
Prepaid expenses — event-related	564.1
Free cash	$	464.3

Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations:

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements regarding anticipated record results for the company in 2017; expectations regarding strong growth in the company’s concerts results, mid-teens growth in sponsorship revenue across the company’s festivals, double-digit operating income and adjusted operating income growth in the low teens for the company’s sponsorship & advertising business, and high-single-digit growth in ticketing operating income and adjusted operating income; expected increase in ancillary spend at the company’s amphitheaters this summer; and anticipated growth in the company’s fan base in 2017. Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the company’s plans, the risk that the company’s markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events.

Live Nation refers you to the documents it files from time to time with the U.S. Securities and Exchange Commission, or SEC, specifically the section titled “Item 1A. Risk Factors” of the company’s most recent Annual Report filed on Form 10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in the company’s projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date on which they are made. All subsequent written and oral forward-looking statements by or concerning Live Nation are expressly qualified in their entirety by the cautionary statements above. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided herein.

Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that we define as operating income (loss) before acquisition expenses (including transaction costs, changes in the fair value of acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), depreciation and amortization (including goodwill impairment), loss (gain) on disposal of operating assets and certain stock-based compensation expense. We use AOI to evaluate the performance of our operating segments. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income, thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.

Constant Currency is a non-GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior period’s currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.

Free Cash Flow — Adjusted, or FCF, is a non-GAAP financial measure that the company defines as net cash provided by (used in) operating activities less changes in operating assets and liabilities, less maintenance capital expenditures, less distributions to noncontrolling interest partners. The company uses FCF among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than maintenance capital expenditures. The company believes that information about FCF provides investors with an important perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures. FCF is not calculated or presented in accordance with GAAP. A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of the company’s ability to fund its cash needs. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, FCF as presented herein may not be comparable to similarly titled measures of other companies.

Free Cash is a non-GAAP financial measure that the company defines as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaids. The company uses free cash as a proxy for how much cash it has available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures. Free cash is not calculated or presented in accordance with GAAP. A limitation of the use of free cash as a performance measure is that it does not necessarily represent funds available from operations and it is not necessarily a measure of our ability to fund our cash needs. Accordingly, free cash should be considered in addition to, and not as a substitute for, cash and cash equivalents and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash as presented herein may not be comparable to similarly titled measures of other companies.

Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited)

*Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss)*

*($ in millions)*	Operating income (loss)		Stock-based compensation expense		Loss (gain) on disposal of operating assets		Depreciation and amortization		Acquisition expenses		Adjusted operating income (loss) reported		Foreign exchange impact		Adjusted operating income (loss) constant currency

	Three Months Ended June 30, 2017

Concerts	$	37.5	$	2.0	$	0.1	$	46.1	$	2.7	$	88.4	$	0.2	$	88.6
Sponsorship & Advertising	70.4		0.3		—		6.4		—		77.1		1.2		78.3
Ticketing	43.7		1.1		—		43.2		1.1		89.1		(0.1)		89.0
Other and Eliminations	(5.2)		—		—		(0.8)		—		(6.0)		—		(6.0)
Corporate	(33.0)		4.8		—		1.0		—		(27.2)		—		(27.2)
Total Live Nation	$	113.4	$	8.2	$	0.1	$	95.9	$	3.8	$	221.4	$	0.1	$	222.7

	Three Months Ended June 30, 2016

Concerts	$	2.8	$	2.9	$	(0.4)	$	49.9	$	3.2	$	58.4	$	—	$	58.4
Sponsorship & Advertising	59.1		0.3		—		4.4		—		63.8		—		63.8
Ticketing	46.8		0.6		—		39.9		0.2		87.5		—		87.5
Other and Eliminations	(4.2)		—		—		0.3		0.2		(3.7)		—		(3.7)
Corporate	(30.4)		4.4		0.1		0.9		(0.1)		(25.1)		—		(25.1)
Total Live Nation	$	74.1	$	8.2	$	(0.3)	$	95.4	$	3.5	$	180.9	$	—	$	180.9

	Six Months Ended June 30, 2017

Concerts	$	(38.3)	$	4.7	$	(0.6)	$	92.6	$	7.9	$	66.3	$	(0.6)	$	65.7
Sponsorship & Advertising	96.8		0.7		—		12.9		—		110.4		1.8		112.2
Ticketing	98.3		2.0		—		90.6		1.5		192.4		(0.6)		191.8
Other and Eliminations	(5.0)		—		—		(1.5)		—		(6.5)		—		(6.5)
Corporate	(59.7)		8.7		—		1.9		—		(49.1)		—		(49.1)
Total Live Nation	$	92.1	$	16.1	$	(0.6)	$	196.5	$	9.4	$	313.5	$	0.6	$	314.1

	Six Months Ended June 30, 2016

Concerts	$	(63.8)	$	5.9	$	(0.4)	$	93.8	$	5.9	$	41.4	$	—	$	41.4
Sponsorship & Advertising	84.4		0.7		—		9.3		—		94.4		—		94.4
Ticketing	82.1		1.6		—		85.7		0.2		169.6		—		169.6
Other and Eliminations	(5.9)		—		—		(0.2)		0.2		(5.9)		—		(5.9)
Corporate	(55.9)		8.9		0.1		1.8		—		(45.1)		—		(45.1)
Total Live Nation	$	40.9	$	17.1	$	(0.3)	$	190.4	$	6.3	$	254.4	$	—	$	254.4

LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED BALANCE SHEETS (unaudited)

	June 30, 2017		December 31, 2016
	(in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	2,216,812	$	1,526,591
Accounts receivable, less allowance of $32,871 and $29,634, respectively	865,107		568,936
Prepaid expenses	850,340		528,250
Other current assets	52,019		49,774
Total current assets	3,984,278		2,673,551
Property, plant and equipment
Land, buildings and improvements	887,145		838,545
Computer equipment and capitalized software	566,650		524,571
Furniture and other equipment	281,417		256,765
Construction in progress	138,231		125,430
	1,873,443		1,745,311
Less accumulated depreciation	1,056,070		993,775
	817,373		751,536
Intangible assets
Definite-lived intangible assets, net	798,097		812,031
Indefinite-lived intangible assets	368,913		368,766
Goodwill	1,754,974		1,747,088
Other long-term assets	527,791		411,294
Total assets	$	8,251,426	$	6,764,266
LIABILITIES AND EQUITY
Current liabilities
Accounts payable, client accounts	$	858,089	$	726,475
Accounts payable	123,940		55,030
Accrued expenses	1,000,778		781,494
Deferred revenue	1,737,491		804,973
Current portion of long-term debt, net	66,430		53,317
Other current liabilities	49,929		39,055
Total current liabilities	3,836,657		2,460,344
Long-term debt, net	2,249,157		2,259,736
Deferred income taxes	205,770		197,811
Other long-term liabilities	155,788		149,791
Commitments and contingent liabilities
Redeemable noncontrolling interests	346,831		347,068
Stockholders’ equity
Common stock	2,054		2,034
Additional paid-in capital	2,392,556		2,381,011
Accumulated deficit	(1,024,972)		(1,073,457)
Cost of shares held in treasury	(6,865)		(6,865)
Accumulated other comprehensive loss	(136,134)		(176,707)
Total Live Nation stockholders’ equity	1,226,639		1,126,016
Noncontrolling interests	230,584		223,500
Total equity	1,457,223		1,349,516
Total liabilities and equity	$	8,251,426	$	6,764,266

LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(in thousands except share and per share data)
Revenue	$	2,818,693	$	2,179,258	$	4,231,874	$	3,386,974
Operating expenses:
Direct operating expenses	2,142,874		1,605,688		3,068,374		2,389,891
Selling, general and administrative expenses	434,385		374,826		817,693		712,040
Depreciation and amortization	95,870		95,424		196,465		190,379
Loss (gain) on disposal of operating assets	115		(279)		(544)		(254)
Corporate expenses	32,016		29,440		57,819		54,049
Operating income	113,433		74,159		92,067		40,869
Interest expense	27,927		25,284		53,937		50,716
Interest income	(1,031)		(650)		(1,976)		(1,206)
Equity in losses (earnings) of nonconsolidated affiliates	(536)		305		(2,876)		(287)
Other expense (income), net	(3,466)		7,353		(6,308)		(1,194)
Income (loss) before income taxes	90,539		41,867		49,290		(7,160)
Income tax expense	9,984		5,406		16,505		12,333
Net income (loss)	80,555		36,461		32,785		(19,493)
Net loss attributable to noncontrolling interests	(923)		(1,280)		(15,700)		(12,716)
Net income (loss) attributable to common stockholders of Live Nation	$	81,478	$	37,741	$	48,485	$	(6,777)

Basic net income (loss) per common share available to common stockholders of Live Nation	$	0.31	$	0.13	$	0.08	$	(0.16)
Diluted net income (loss) per common share available to common stockholders of Live Nation	$	0.29	$	0.13	$	0.08	$	(0.16)

Weighted average common shares outstanding:
Basic	204,688,374		201,896,009		204,212,281		201,796,075
Diluted	213,879,152		208,601,733		213,119,962		201,796,075



Reconciliation to net income (loss) available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation	$	81,478	$	37,741	$	48,485	$	(6,777)
Accretion of redeemable noncontrolling interests	(18,837)		(11,292)		(31,414)		(24,628)
Basic and diluted net income (loss) available to common stockholders of Live Nation	$	62,641	$	26,449	$	17,071	$	(31,405)

LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Six Months Ended June 30,
	2017		2016
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	32,785	$	(19,493)
Reconciling items:
Depreciation	71,713		67,482
Amortization	124,752		122,897
Deferred income tax benefit	(7,943)		(2,708)
Amortization of debt issuance costs, discounts and premium, net	6,332		5,199
Non-cash compensation expense	16,101		17,144
Other, net	10,889		1,845
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable	(282,075)		(171,670)
Increase in prepaid expenses and other assets	(407,601)		(407,450)
Increase in accounts payable, accrued expenses and other liabilities	377,770		186,888
Increase in deferred revenue	860,916		710,841
Net cash provided by operating activities	803,639		510,975
CASH FLOWS FROM INVESTING ACTIVITIES
Investments made in nonconsolidated affiliates	(18,209)		(13,508)
Purchases of property, plant and equipment	(128,607)		(78,880)
Cash paid for acquisitions, net of cash acquired	(16,619)		(122,318)
Other, net	(8,505)		(4,704)
Net cash used in investing activities	(171,940)		(219,410)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs	55,549		4,821
Payments on long-term debt	(74,207)		(18,640)
Distributions to noncontrolling interests	(18,523)		(22,211)
Purchases and sales of noncontrolling interests, net	(8,106)		(16,559)
Proceeds from exercise of stock options	32,629		743
Payments for deferred and contingent consideration	(14,149)		(3,732)
Other, net	2,642		(13,516)
Net cash used in financing activities	(24,165)		(69,094)
Effect of exchange rate changes on cash and cash equivalents	82,687		(13,497)
Net increase in cash and cash equivalents	690,221		208,974
Cash and cash equivalents at beginning of period	1,526,591		1,303,125
Cash and cash equivalents at end of period	$	2,216,812	$	1,512,099

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SOURCE Live Nation Entertainment