(Español) Tenga cuidado con los tratamientos que se venden ilegalmente para la diabetes
EY and USG Corporation Recognized for Exemplary Corporate Diversity and Inclusion Practices
CHICAGO, Nov. 10, 2016 /PRNewswire-HISPANIC PR WIRE/ — Chicago United will honor James S. Metcalf, former chairman, president and chief executive officer, USG Corporation, and Kelly Grier, vice chair, Central Region managing partner, EY, as its 2016 Bridge Awards recipients on November 17, 2016. The awards are given to companies that demonstrate and model a holistic approach to advancing corporate diversity and inclusion. The executives will accept the awards at Chicago United’s 2016 Bridge Awards Dinner to be presented by Hyatt Hotels Corporation and held at the Hyatt Regency Chicago.
Chicago United will recognize Metcalf for his intentional efforts to create a more diverse workforce and board of directors at USG. The Bridge Award represents the first national award that honors a chief executive who is an advocate for multiracial diversity in corporate governance and executive level management. The award brings visibility to those who are leading change and inspiring others to follow.
EY will be honored as the Bridge Advocate Award recipient for actively recognizing the importance of diversity to our country’s economy and global competitiveness and for their invaluable contributions in the development of Chicago United’s 2012, 2014, and 2016 Inside Inclusion Featuring the Corporate Diversity Profile publications. The biennial report revealed trends and growth in the racial composition of executive ranks and senior leadership positions of the top 50 Chicago-headquartered companies, providing clear and measurable insights for organizations to use as they drive diversity as a business imperative.
“Through our Bridge Awards, Chicago United proudly salutes corporate leaders who get results through diverse and inclusive business practices,” said Gloria Castillo, president and CEO of Chicago United. “USG and EY are examples of companies that have had impact beyond their employee population by leveraging diversity and inclusion in the building and professional services consultancy industries. We’re very pleased to honor two executives who are outstanding leaders in these areas.”
To learn more about the Chicago United Bridge Awards Dinner, or to purchase tickets, please visit www.chicago-united.org or call 312.977.3060.
About Chicago United
Chicago United is a corporate membership and advocacy organization whose mission is to achieve parity in economic opportunity for people of color by advancing multiracial leadership in corporate governance, executive level management, and business diversity. Founded in 1968, the organization is focused on transforming the Chicago region into the most inclusive business ecosystem in the nation by engaging the top publicly and privately held corporations in leading talent management and inclusive diversity practices. Chicago United’s signature programs include its Business Leaders of Color publication which showcases a diverse pool of corporate director candidates and the Five Forward Initiative™, designed to invigorate job creation in communities of color by increasing the scale of large MBEs in the Chicago region.
Johnnie Walker Announces Keep Walking America Campaign, Celebrating Cultural Progress And Diversity In America
NEW YORK, Nov. 10, 2016 /PRNewswire-HISPANIC PR WIRE/ — “This Land Is Your Land,” the iconic song and rallying cry for American unification penned by Woodie Guthrie, is at the heart of Johnnie Walker’s new Keep Walking America campaign. For nearly 200 years, Johnnie Walker has inspired the world with stories of personal progress and Keep Walking America is another powerful collection of stories reflecting the countless achievements, unwavering optimism and tireless progression of the great people who call America home.
Experience the interactive Multimedia News Release here:
http://www.multivu.com/players/English/7975051-johnnie-walker-keep-walking-america-celebrating-diversity
The new 360 marketing campaign, which premiered nationally on November 7th with a :60 TV spot created by Anomaly and directed by Chris Sargent of Anonymous Content, celebrates the cultural progress and diversity that represents the fabric of America today. The lyrics of “This Land Is Your Land,” read in both English and Spanish, serve as the campaign’s anthem. The meaning behind the lyrics powerfully communicate the core message that America has always been and should always remain an inclusive nation, built on values that celebrate and reward people from all colors and creeds. The film was shot over two weeks and features real storylines of progress from Los Angeles, Santa Fe, Montana, New Orleans, Baltimore, New York and Washington DC.
The message of Keep Walking America is supported by a variety of initiatives on a national and global level, each calling for a united, more open-minded society that can be a catalyst for progress and positive change. The brand recently traveled to Brownsville, Texas, a U.S.-Mexico border town, with celebrated actor, director and activist Wilmer Valderrama, to spotlight the rich community of cross-cultural Americans living in proximity to the border and to hear their personal stories of progress. This initiative mirrors recent global work from Colombia, which shared a message of unification during the ongoing peace treaty negotiations, and the brand’s Ode to Lesvos storyline, a deeply moving film series that sheds light on a community in Greece that has shown heroism and humanity during the Syrian refugee crisis.
Stephanie Jacoby, Vice President of Johnnie Walker North America stated, “We are extremely honored to continue taking a pioneering role in culture by championing and celebrating progress. Keep Walking America brings to life stories of cultural progress and diversity, and we hope this campaign inspires people to come together for a better future.”
This spirit of possibility and commitment to progress will inform all Johnnie Walker brand activity, including cocktail strategy and how we engage with the bar community and those who enjoy our whisky. Flavors of America, a new cocktail program, highlights the stories and cross-cultural backgrounds of the American bartending community. The program will feature modern cocktail recipes inspired by the holidays, traditions and authentic cultural flavors that have influenced the diverse group of bartenders involved in the program. When celebrating life milestones and achievements, Johnnie Walker reminds you to always drink in moderation and secure a designated driver.
Johnnie Walker is proud to launch this new campaign and will continue to champion powerful stories of personal progress around the world. Please visit www.KeepWalkingAmerica.com to view the new work.
About Johnnie Walker
Johnnie Walker is the world’s number-one selling Scotch whisky brand, representing the idea of personal progress for the many people who enjoy it in more than 180 countries worldwide. John Walker pioneered blending when he founded the business in 1820 and never looked back, growing it from a grocer’s own Scotch whisky into a stylish, global icon. It’s that same forward-looking perspective that drives the brand, and its consumers, today. The U.S. range of award-winning whiskies includes Johnnie Walker Red Label, Johnnie Walker Black Label, Johnnie Walker Double Black, Johnnie Walker Gold Label Reserve, Johnnie Walker Platinum Label and Johnnie Walker Blue Label.
For more information visit www.johnniewalker.com or follow us on Facebook and Twitter @JohnnieWalkerUS. #KeepWalkingAmerica
About Diageo
Diageo is a global leader in beverage alcohol with an outstanding collection of brands including Johnnie Walker, Crown Royal, Bulleit and Buchanan’s whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.
Diageo is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE) and our products are sold in more than 180 countries around the world. For more information about Diageo, our people, our brands, and performance, visit us at www.diageo.com. Visit Diageo’s global responsible drinking resource, www.DRINKiQ.com, for information, initiatives, and ways to share best practice.
Follow us on Twitter for news and information about Diageo North America: @Diageo_NA.
Celebrating life, every day, everywhere
FPL’s nine ways to save energy and money this holiday season
JUNO BEACH, Florida, Nov. 10, 2016 /PRNewswire-HISPANIC PR WIRE/ — Decorative lighting and stuffed ovens can certainly brighten your home during the holidays, but these traditions can lead to an increase in energy usage. While Florida Power & Light Company’s (FPL) typical residential bills are already among the lowest in the state and 30 percent below the national average, FPL is always looking for ways to help customers save even more money.
“As we approach the holiday season, it’s a good idea to understand how much your decorations and festive gatherings may impact your energy usage and bill,” said Tiffany Spence, FPL energy expert. “Knowing the ways customers can be energy efficient can help keep their energy bills low while still enjoying the holiday season.”
Here are some easy ways to save this holiday season:
Decorating the home
1. Use LED lights – LED holiday light strands consume 70 percent less energy than incandescent ones. According to the U.S. Department of Energy, it only costs $0.27 to light a six-foot tree for 12 hours a day for 40 days with LEDs compared to $10 for incandescent lights.
2. Limit the use of inflatables – Inflatable decorations in the yard can cost anywhere from $2 – $9 each per month. Consider supplementing your holiday displays with ornaments such as wreaths, ribbons and other decorations that don’t consume energy.
3. Use automatic timers – Don’t leave your lights on and decorations inflated all night; set them to timers so they turn off when you’re asleep.
4. Use extension cords – Instead of using light strings to add length to your holiday displays, utilize extension cords when decorating.
Cooking Tips
5. Choose glass or ceramic pans for the oven – These pans heat faster than metal ones and allow you to set the temperature 25 degrees lower than a recipe suggests for the same cooking time.
6. Stop peeking – Ovens lose a lot of heat when opened and require significant energy to heat back up to the appropriate temperature. Instead, when you have to sneak-a-peek, turn the oven light on and look through the interior window.
7. Use your slow cooker – Smaller appliances such as slow cookers, microwaves and toaster ovens can be much more energy-efficient for side dishes or small meals.
Shopping guide
8. Select energy-efficient electronics – When it comes to buying gifts for your loved ones, opt for a laptop over a desktop computer. Laptops require 50 to 80 percent less energy than a desktop.
9. Let the star be your guide – Look for the ENERGY STAR® logo when purchasing larger electronics or appliances as gifts. These models can reduce energy usage up to 40 percent.
For more ways to save energy year-round, take a free Online Home Energy Survey at FPL.com/OHES.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL’s typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL’s service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune’s 2016 list of “World’s Most Admired Companies.” NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world’s largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Logo – http://photos.prnewswire.com/prnh/20120301/FL62738LOGO
One-Millionth Mazda MX-5 Miata to End North American Tour at Los Angeles Auto Show
IRVINE, California, Nov. 10, 2016 /PRNewswire-HISPANIC PR WIRE/ — The one-millionth Mazda MX-5 Miata has traveled throughout much of the world this year, already reaching fans all over the U.S. and Canada. Mazda North American Operations (MNAO) is proud to announce that it will be making one last tour stop at the Los Angeles Auto Show from November 18-27.
“We have been fortunate to have the one-millionth MX-5 on our shores since August, giving enthusiasts from the U.S. and around the world the opportunity to be a part of both Mazda history and a milestone for the automotive industry,” said Robert Davis, senior VP, U.S. Operations, MNAO. “This MX-5 shows just how far we’ve come—from a little company with big ideas to a torchbearer for defying convention and keeping the thrill of driving alive for everyone.”
Following MX-5 being awarded as the only vehicle ever named World Car of the Year and World Car Design of the Year concurrently, excitement further swelled when Mazda Motor Corporation announced that the one-millionth MX-5 had been produced on April 22, 2016. That car traveled throughout Japan and Europe during the spring and summer and reached the U.S. in August, where it embarked on the “Millionth Miata Celebration Tour.”
Its first North American stop was in Monterey, California, at the Rolex Monterey Motorsports Reunion. It was then shipped to the East Coast, starting in Boston, and headed to the Midwest and through the South and through the Gulf region to end its U.S. tour at Mazda Raceway Laguna Seca for Miatas at Mazda Raceway.
Following Miatas at Mazda Raceway, the MX-5 traveled to Mazda Canada’s headquarters in Richmond Hill, Ontario, where it gathered another 350 signatures from owners, enthusiasts and employees.
In all, more than 4,000 people in North America have autographed the one-millionth MX-5. Mazda executives, engineers and employees have signed in its trunk and underneath its hood. Many engineers have signed parts they helped develop on the fourth-generation roadster, such as suspension arms and on the engine.
For its last hurrah in the U.S., the one-millionth MX-5—a 1.5-liter, right-hand-drive, Japanese-spec model—will be placed in the Ride & Drive area outside the Los Angeles Convention Center, where those who register to test-drive Mazda vehicles on public days will have the opportunity to sign the car. Signing will take place during normal auto show hours until all signature spots are filled but the 1,920 spots allocated for its final tour stops in Australia and New Zealand.
Following its visit to New Zealand next February, the one-millionth MX-5 will stay on permanent exhibit in the Mazda Museum in Hiroshima, Japan.
By the Numbers:
|
North American tour stops (total) |
20 |
|
Farthest distance driven by a fan to sign car |
1,400 miles (Calgary, AB, to Monterey, CA) |
|
Number of spaces on car |
13,050 |
|
Number of spaces filled in North America |
Approximately 4,000 to date |
|
State with most tour stops |
California (4) |
|
Largest MX-5 markets in the U.S. |
|
|
Farthest countries traveled from to attend Miatas at Mazda Raceway |
|
|
Total North American tour distance traveled (including to L.A. Auto Show) |
14,607 miles |
|
Earliest known VIN in existence |
No. 14 (white racecar in MNAO Heritage Collection) |
|
Number of smiles produced as a result of driving an MX-5 |
Too many to count |
Mazda North American Operations is headquartered in Irvine, Calif., and oversees the sales, marketing, parts and customer service support of Mazda vehicles in the United States and Mexico through nearly 700 dealers. Operations in Mexico are managed by Mazda Motor de Mexico in Mexico City. For more information on Mazda vehicles, including photography and B-roll, please visit the online Mazda media center at www.mazdausamedia.com.
Note: Signees must register for Mazda Ride & Drive or may sign if they are minors accompanied by registrant. Spaces subject to availability. MNAO may limit signature times based on weather conditions and availability. Please see L.A. Auto Show website for show hours. Ride & drive hours may vary from standard auto show hours.
Photo – http://photos.prnewswire.com/prnh/20161108/437347
Logo – http://photos.prnewswire.com/prnh/20131205/MM28870LOGO
Lexus Announces the Launch of New Music Series and Live Music Showcase “VIDALEXUS Presenta: RPM – Reengineering Popular Music” with Latin Pop Sensation Raquel Sofía
LOS ANGELES, Nov. 10, 2016 /PRNewswire-HISPANIC PR WIRE/ — VidaLexus RPM is an original weekly web series that takes audiences on a musical journey, exploring different Latin music genres and reengineering their sound with the help of Latin pop sensation Raquel Sofía.
Photo – http://photos.prnewswire.com/prnh/20161109/437718
The series follows Raquel as she travels to four U.S. cities – Miami, New York, Chicago, and Los Angeles – to learn more about the types of Latin music that have had a strong a cultural presence in each region. Along the way, she enlists the help of expert local musicians to reimagine each city’s genre by combining classical elements with her unique contemporary sound.
Throughout her travels, Raquel collaborates with some of the best producers and musicians, including: Mr. Pauer; DJ Le Spam from Spam All Stars; Tony Smurfio from Afrobeta; Ulises Lozano from Kinky; and Marcelo Tijerina from Mexican Dubwiser.
The journey begins November 7 in Miami with Son Cubano, followed by a stop in New York to explore Salsa. Latin Jazz is the focus of the third stop in Chicago, and the series culminates in Los Angeles with a look at regional Mexican music. In 2016 Vida Lexus RPM hits the road with stops in Chicago on November 30. And in 2017, in Los Angeles, featuring Raquel Sofía performing songs that were recorded during filming. Four songs will be released by Sony Music Latin in an exclusive EP on Spotify and feature original music videos published exclusively on VidaLexus.com.
Join the conversation using the #vidalexusRPM hashtag, following @RaquelSofia and @Lexus on Twitter and Instagram and visiting www.VidaLexus.com/RPM for extras and additional content.
Created and produced by Lexus, RPM is part of an ongoing effort to engage the Latino community and celebrate the diversity of current and future drivers; Lexus continues to promote creativity while highlighting the rich, cultural heritage of this community.
RPM will be released on ImpreMedia’s network of websites, including LaOpinion.com, LaRaza.com, LaPrensa.com, and ElDiarioNY.com.
About Lexus –
Lexus launched in 1989 with two luxury sedans and a commitment to pursue perfection. Since that time, Lexus has expanded its line-up to meet the needs of global luxury customers. Lexus is now going beyond its reputation for high quality vehicles with the integration of innovative technology, emotional exterior and interior designs, and engaging driving dynamics and performance. With five models incorporating Lexus Hybrid Drive, Lexus is the luxury hybrid leader. Lexus also offers seven F SPORT models and two F performance models. In the United States, Lexus vehicles are sold through 236 dealers who are committed to exemplary customer service.
MBA Selects Patty Arvielo to Speak at 3rd Annual Summit on Diversity and Inclusion
TUSTIN, Calif., Nov. 9, 2016 /PRNewswire-HISPANIC PR WIRE/ — New American Funding, a national mortgage banker, announced today that its President and Co-Founder, Patty Arvielo has been selected to speak as a panelist at the Mortgage Bankers Association’s (MBA) Summit on Diversity and Inclusion. Arvielo will be part of an executive panel on “Leading by Example,” which will be an interactive discussion with CEOs and leaders who champion diversity and inclusion within their organizations.
Arvielo, along with other panel executives, will share how they’ve prioritized diversity and inclusion within their company, the measures they took to implement it, and how attendees can improve their programs. “I’m very excited for the opportunity to share my experience on how to shift the paradigm of the mortgage industry,” said Arvielo. “Diversity and Inclusion is not only my passion but a personal commitment. I look forward to providing the audience with practical and tangible goals that will lead to a more diverse and inclusive industry.”
Arvielo not only manages operations and sales for New American Funding’s headquarters, branches, and 2300 employees, but she works hard to foster a diverse culture within the company by having a team comprised of 57% women, with many holding C-level positions. Arvielo also impacts the community through diversity initiatives such as Latino Focus Committee, which she created as an avenue to empower Hispanic consumers pursuing homeownership.
As a long-time diversity advocate, Arvielo is a member of the Corporate Board of Governors for the National Association of Hispanic Real Estate Professionals, the affordable lending panels for Freddie Mac and Fannie Mae, and MBA’s Consumer Affairs Advisory Council and Diversity and Inclusion Committee. Recently, New American Funding received an honorable mention at MBA’s first-ever Diversity and Inclusion Residential Leadership Awards.
Arvielo will speak Thursday, November 17 at the summit, which will be in Washington, DC.
About New American Funding
New American Funding is a Fannie Mae, Freddie Mac and Ginnie Mae Direct Seller/Servicer, FHA Direct Endorsement and VA Automatic mortgage lender. The company is licensed in multiple states across the nation, has over 122 branch locations and offers a variety of purchase home loan and refinance loan options, including: Conventional, FHA, Cash Out, Fixed Rate and Adjustable Rate Mortgages, VA, HARP 2.0, Jumbo, and Reverse Mortgages.
RELATED LINKS
http://www.newamericanfunding.com
https://www.facebook.com/newamericanfunding
https://twitter.com/newamericanteam
Photo – http://photos.prnewswire.com/prnh/20161109/437519
Live Nation Entertainment Reports Third Quarter 2016 Financial Results
LOS ANGELES, Nov. 7, 2016 /PRNewswire-HISPANIC PR WIRE/ — Live Nation Entertainment (NYSE: LYV) today released financial results for the three and nine months ended September 30, 2016.
Live Nation had a record third quarter and 2016 is on track to deliver another year of record results across revenue, adjusted operating income, or AOI, and free cash flow. For the quarter, revenue was up 21%, operating income was up 25%, AOI was up 14%, and free cash flow was up 21%. Our core divisions – concerts, ticketing and advertising – each delivered their strongest quarterly operating income and AOI results ever.
Our concerts business is our flywheel, attracting 28 million fans to shows globally in the quarter, which then drove record results in our ticketing, advertising and on-site businesses. Our performance demonstrates how Live Nation has created an unparalleled live platform, bringing fans in 40 countries to those unrivaled two-hour events each year.
Our concert and ticketing sales continue to pace well ahead of last year, and this, combined with initiatives to drive increased profits from our flywheel business model, gives us confidence that 2016 will be another year of record results for Live Nation overall and for each of our core divisions.
Concerts Global Platform Growth
Our concerts flywheel starts with attracting more fans to more shows, and in the third quarter we had 16% more fans attend over 6,000 shows, growing revenue by 25%, operating income by 94%, and AOI by 39% year-on-year. Through September, we have grown our fan base by 16% to 56 million, on our way to what we expect to be a record-setting 70 million fans attending Live Nation concerts in 2016.
As we have discussed, increasing on-site monetization has been a major focus, and for the first nine months we have increased average fan spending at our festivals and amphitheaters by 10% at constant currency, while growing attendance 13% at these events, thereby increasing total on-site spending by $70 million at constant currency. This high-margin spend has been a key driver of our growing concerts profitability thus far in 2016.
We are also benefiting from our ticket pricing initiatives, notably increasing the pricing on the most attractive tickets. As a result, our average ticket price grew by 7% through September, which enabled us to increase what we pay artists by $450 million on shows this year. By paying artists more, while continuing to build our profitability as well, we further differentiate our concert business and are able to build global market share to drive our flywheel. At the same time, we continue to attract artists to our management business that provides a strong global pipeline of shows and supports our strategic growth initiatives.
Sponsorship & Advertising Delivered Continued Growth
In our high-margin sponsorship and advertising business, we have continued our growth this year, with revenue up 11%, operating income up 4%, and AOI up 7% for the first nine months. During the same period without the impact of foreign exchange movements, our operating growth has continued at double digits with revenue up 13%, operating income up 6%, and AOI up 10%. The core of our sponsorship and advertising business is the ability to reach those 70 million fans attending Live Nation shows this year, now at a scale greater than the NFL, NBA and NHL combined. With over 27 million of these fans in the hard to reach 18-34 year-old demographic, we provide a unique platform for brands looking to drive engagement and activation. From this base of live fans, we leverage our database of nearly 300 million fans to help brands more effectively target potential customers.
We have then further built our ad platform by streaming live concerts and creating related content around our shows and festivals. So far this year, we have generated 3 billion views across Live Nation sites and platform partners including Snapchat, Facebook and YouTube, growing our ad units and providing brands with a complementary way to reach potential customers.
Our platform is proving particularly attractive to those global brands looking to engage potential customers at scale, and through the third quarter, the 50-plus brands that spend over $1 million a year with us have increased their collective spend by 19% to over $225 million, and now account for over 75% of our sponsorship revenue. As a result, our contracted net revenue for the year is up 12% through October, with over 95% of planned sponsorship now under contract for the year. Given this, we are confident we will again deliver double-digit AOI growth in our sponsorship and advertising business in 2016 at constant currency.
Ticketmaster Marketplace Continues to Grow
Ticketmaster continues building its position as the global ticket marketplace leader, with 14% growth through September in global gross transaction value, or GTV, to $19 billion at constant currency, on our way to over $27 billion anticipated for the year. Ticketmaster provides 480 million tickets to fans across 28 countries, making it by far the largest such marketplace. This has driven a 12% increase in ticketing revenue through the third quarter, a 13% increase in operating income, and a 9% increase in AOI.
Our success in ticketing comes from our ongoing investment in new products, which then supports increased conversion and continued client growth. This in turn reinforces Ticketmaster as the most effective partner for content to sell tickets to their events. Investments in delivering an efficient mobile purchase process continue to improve the fan experience, and app installs for the first nine months are up 44% to nearly 30 million, while mobile ticket sales are up 38% to now account for 27% of all ticket purchases. Similarly, our integrated secondary and primary ticket offering continues to benefit fans, allowing them to see all their options in one location, driving secondary GTV up 33% at constant currency, to over $1 billion through September 30. These product improvements have been key in delivering our 7% growth in global fee-bearing tickets through the first three quarters this year, which translates into over 8 million more fans attending sporting events, concerts and the theater.
With this success in selling tickets, Ticketmaster continues to attract new clients worldwide. In the third quarter, we added 170 clients to our base of over 12,000, setting us up for our seventh consecutive year of growth in ticket inventory.
Going forward, we see attractive growth potential in ticketing, as we continue creating targeted products to deliver on the needs of all fans, increasing conversion at our sites and expanding our reach with APIs into third-party distribution platforms.
Summary
We now have good visibility into our full year 2016 performance, and are confident we will deliver another year of record revenue, AOI and free cash flow. We continue to rapidly grow our concert fan base, which is demonstrating the effectiveness of our flywheel, driving anticipated double-digit growth in sponsorship AOI and ticketing GTV. As we look forward, we see tremendous opportunities to continue global consolidation of our concerts and ticketing businesses, with further growth in advertising and ticketing from the concerts flywheel.
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.
About Live Nation Entertainment:
Live Nation Entertainment, Inc. (NYSE: LYV), or Live Nation, is the world’s leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, Live Nation Media & Sponsorship and Artist Nation Management. For additional information, visit investors.livenationentertainment.com.
|
FINANCIAL HIGHLIGHTS – 3RD QUARTER |
|||||||||||||||||
|
(unaudited; $ in millions) |
|||||||||||||||||
|
Q3 2016 |
Q3 2015 |
Growth |
Q3 2016 |
Growth |
|||||||||||||
|
Revenue |
|||||||||||||||||
|
Concerts |
$ |
2,497.1 |
$ |
1,991.9 |
25 |
% |
$ |
2,534.3 |
27 |
% |
|||||||
|
Sponsorship & Advertising |
136.1 |
126.6 |
8 |
% |
138.8 |
10 |
% |
||||||||||
|
Ticketing |
456.4 |
426.2 |
7 |
% |
460.3 |
8 |
% |
||||||||||
|
Artist Nation |
150.8 |
136.7 |
10 |
% |
152.4 |
12 |
% |
||||||||||
|
Other & Eliminations |
(70.0) |
(58.5) |
(20) |
% |
(70.0) |
(20) |
% |
||||||||||
|
$ |
3,170.4 |
$ |
2,622.9 |
21 |
% |
$ |
3,215.8 |
23 |
% |
||||||||
|
Operating Income (Loss) |
|||||||||||||||||
|
Concerts |
$ |
86.5 |
$ |
44.6 |
94 |
% |
$ |
84.7 |
90 |
% |
|||||||
|
Sponsorship & Advertising |
95.5 |
92.9 |
3 |
% |
98.7 |
6 |
% |
||||||||||
|
Ticketing |
53.3 |
49.0 |
9 |
% |
51.7 |
6 |
% |
||||||||||
|
Artist Nation |
(8.4) |
(2.0) |
* |
(8.7) |
* |
||||||||||||
|
Other & Eliminations |
(3.2) |
0.4 |
* |
(3.2) |
* |
||||||||||||
|
Corporate |
(32.4) |
(31.4) |
(3) |
% |
(32.4) |
(3) |
% |
||||||||||
|
$ |
191.3 |
$ |
153.5 |
25 |
% |
$ |
190.8 |
24 |
% |
||||||||
|
Adjusted Operating Income (Loss) |
|||||||||||||||||
|
Concerts |
$ |
119.5 |
$ |
85.8 |
39 |
% |
$ |
118.6 |
38 |
% |
|||||||
|
Sponsorship & Advertising |
100.2 |
95.8 |
5 |
% |
103.3 |
8 |
% |
||||||||||
|
Ticketing |
101.7 |
97.1 |
5 |
% |
100.9 |
4 |
% |
||||||||||
|
Artist Nation |
11.4 |
12.9 |
(11) |
% |
11.5 |
(11) |
% |
||||||||||
|
Other & Eliminations |
(2.8) |
(0.2) |
* |
(2.8) |
* |
||||||||||||
|
Corporate |
(27.2) |
(25.8) |
(5) |
% |
(27.2) |
(5) |
% |
||||||||||
|
$ |
302.8 |
$ |
265.6 |
14 |
% |
$ |
304.3 |
15 |
% |
||||||||
|
* percentages are not meaningful |
|||||||||||||||||
|
FINANCIAL HIGHLIGHTS – 9 MONTHS |
|||||||||||||||||
|
(unaudited; $ in millions) |
|||||||||||||||||
|
9 Months |
9 Months |
Growth |
9 Months |
Growth |
|||||||||||||
|
Revenue |
|||||||||||||||||
|
Concerts |
$ |
4,776.0 |
$ |
3,883.5 |
23 |
% |
$ |
4,843.9 |
25 |
% |
|||||||
|
Sponsorship & Advertising |
288.9 |
259.7 |
11 |
% |
294.1 |
13 |
% |
||||||||||
|
Ticketing |
1,305.6 |
1,162.0 |
12 |
% |
1,319.8 |
14 |
% |
||||||||||
|
Artist Nation |
312.6 |
302.5 |
3 |
% |
316.1 |
5 |
% |
||||||||||
|
Other & Eliminations |
(125.7) |
(98.7) |
(27) |
% |
(125.7) |
(27) |
% |
||||||||||
|
$ |
6,557.4 |
$ |
5,509.0 |
19 |
% |
$ |
6,648.2 |
21 |
% |
||||||||
|
Operating Income (Loss) |
|||||||||||||||||
|
Concerts |
$ |
56.1 |
$ |
(3.7) |
* |
$ |
53.7 |
* |
|||||||||
|
Sponsorship & Advertising |
179.9 |
173.5 |
4 |
% |
184.4 |
6 |
% |
||||||||||
|
Ticketing |
135.4 |
119.8 |
13 |
% |
133.8 |
12 |
% |
||||||||||
|
Artist Nation |
(41.8) |
(34.4) |
(22) |
% |
(42.1) |
(22) |
% |
||||||||||
|
Other & Eliminations |
(9.1) |
(0.4) |
* |
(9.1) |
* |
||||||||||||
|
Corporate |
(88.3) |
(83.0) |
(6) |
% |
(88.3) |
(6) |
% |
||||||||||
|
$ |
232.2 |
$ |
171.8 |
35 |
% |
$ |
232.4 |
35 |
% |
||||||||
|
Adjusted Operating Income (Loss) |
|||||||||||||||||
|
Concerts |
$ |
166.4 |
$ |
111.5 |
49 |
% |
$ |
165.8 |
49 |
% |
|||||||
|
Sponsorship & Advertising |
194.7 |
181.5 |
7 |
% |
199.1 |
10 |
% |
||||||||||
|
Ticketing |
271.3 |
248.7 |
9 |
% |
271.7 |
9 |
% |
||||||||||
|
Artist Nation |
6.0 |
4.9 |
22 |
% |
6.3 |
29 |
% |
||||||||||
|
Other & Eliminations |
(8.9) |
(1.8) |
* |
(8.9) |
* |
||||||||||||
|
Corporate |
(72.3) |
(67.8) |
(7) |
% |
(72.3) |
(7) |
% |
||||||||||
|
$ |
557.2 |
$ |
477.0 |
17 |
% |
$ |
561.7 |
18 |
% |
||||||||
|
* percentages are not meaningful |
As of September 30, 2016, total cash and cash equivalents were $1.0 billion, which includes $547 million in ticketing client cash and $179 million in free cash. Event-related deferred revenue was $417 million as of September 30, 2016, compared to $441 million as of the same date in 2015. We currently expect capital expenditures for the year to be between approximately $180 million and $185 million, with approximately 50% to be revenue generating capital expenditures. In addition, we expect the amortization of nonrecoupable ticketing contract advances for 2016 full year to be in line with the total amount in 2015.
|
KEY OPERATING METRICS |
|||||||||||
|
Three Months Ended |
Nine Months Ended |
||||||||||
|
September 30, |
September 30, |
||||||||||
|
2016 |
2015 |
2016 |
2015 |
||||||||
|
(in thousands except estimated events) |
|||||||||||
|
Concerts (1) |
|||||||||||
|
Estimated events: |
|||||||||||
|
North America |
4,955 |
4,438 |
12,848 |
12,257 |
|||||||
|
International |
1,207 |
1,467 |
5,800 |
5,135 |
|||||||
|
Total estimated events |
6,162 |
5,905 |
18,648 |
17,392 |
|||||||
|
Estimated fans (rounded): |
|||||||||||
|
North America |
22,161 |
18,674 |
39,296 |
34,896 |
|||||||
|
International |
5,808 |
5,533 |
16,724 |
13,425 |
|||||||
|
Total estimated fans |
27,969 |
24,207 |
56,020 |
48,321 |
|||||||
|
Ticketing (2) |
|||||||||||
|
Number of tickets sold |
42,579 |
41,473 |
123,489 |
116,206 |
|||||||
|
(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 tickets sold includes primary tickets only. This metric includes tickets sold during the period regardless of event timing except for our own events where our concert promoters control ticketing which are reported as the events occur. The total number of tickets sold reported above for the three months ended September 30, 2016 and 2015 excludes approximately 68 million and 69 million, respectively, and for the nine months ended September 30, 2016 and 2015 excludes approximately 205 million and 202 million, respectively, of tickets sold using our Ticketmaster systems, through season seat packages and our venue clients’ box offices, for which we do not receive a fee. |
|
Reconciliation of Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited) |
|||||||
|
Reconciliation of Adjusted Operating Income (Loss) to Free Cash Flow |
|||||||
|
($ in millions) |
Q3 2016 |
Q3 2015 |
|||||
|
Adjusted operating income |
$ |
302.8 |
$ |
265.6 |
|||
|
Less: Cash interest expense — net |
(24.1) |
(25.4) |
|||||
|
Cash taxes |
(7.1) |
(11.7) |
|||||
|
Maintenance capital expenditures |
(20.8) |
(14.2) |
|||||
|
Distributions to noncontrolling interests — net |
(3.1) |
(4.4) |
|||||
|
Distributions from (contributions to) investments in nonconsolidated affiliates |
2.9 |
(2.6) |
|||||
|
Free cash flow |
$ |
250.6 |
$ |
207.3 |
|||
|
Revenue generating capital expenditures |
(22.6) |
(16.7) |
|||||
|
Net |
$ |
228.0 |
$ |
190.6 |
|||
|
($ in millions) |
9 Months 2016 |
9 Months 2015 |
|||||
|
Adjusted operating income |
$ |
557.2 |
$ |
477.0 |
|||
|
Less: Cash interest expense — net |
(68.0) |
(67.8) |
|||||
|
Cash taxes |
(27.3) |
(29.5) |
|||||
|
Maintenance capital expenditures |
(58.4) |
(44.4) |
|||||
|
Distributions to noncontrolling interests — net |
(25.3) |
(13.8) |
|||||
|
Distributions from (contributions to) investments in nonconsolidated affiliates |
(5.0) |
3.3 |
|||||
|
Free cash flow |
$ |
373.2 |
$ |
324.8 |
|||
|
Revenue generating capital expenditures |
(62.2) |
(50.1) |
|||||
|
Net |
$ |
311.0 |
$ |
274.7 |
|||
|
Reconciliation of Cash and Cash Equivalents to Free Cash |
||||
|
($ in millions) |
September 30, |
|||
|
Cash and cash equivalents |
$ |
1,039.7 |
||
|
Client cash |
(547.4) |
|||
|
Deferred revenue — event-related |
(416.5) |
|||
|
Accrued artist fees |
(100.7) |
|||
|
Collections on behalf of others |
(29.3) |
|||
|
Prepaid expenses — event-related |
233.4 |
|||
|
Free cash |
$ |
179.2 |
||
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 expected record results for the company in 2016 across revenue, adjusted operating income and free cash flow; anticipated record results in 2016 for each of the company’s core businesses, including anticipated double-digit adjusted operating income growth in the company’s sponsorship and advertising business at constant currency; expected growth in attendance at the company’s concerts in 2016 to 70 million fans; expected growth potential in ticketing, including anticipated growth in Ticketmaster’s global gross transaction value to an expected $27 billion for the year and expected growth in Ticketmaster’s ticket inventory for the seventh consecutive year; and anticipated opportunities to continue global consolidation of the company’s concerts and ticketing businesses, with expected further growth in advertising and ticketing from the company’s concerts flywheel. 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, 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 fluctuation.
Free Cash Flow is a non-GAAP financial measure that the company defines as AOI less maintenance capital expenditures, less net cash interest expense, less cash taxes, less net distributions to noncontrolling interest partners, plus distributions from investments in nonconsolidated affiliates net of contributions. The company uses free cash flow, 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 free cash flow provides investors with an important perspective on the cash available to service debt and make acquisitions. Free cash flow is not calculated or presented in accordance with GAAP. A limitation of the use of free cash flow 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, free cash flow should be considered in addition to, and not as a substitute for, operating income (loss) and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash flow 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 Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited) |
|||||||||||||||||||||||||||||||
|
Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss) |
|||||||||||||||||||||||||||||||
|
($ in millions) |
Adjusted |
Foreign |
Adjusted |
Non-cash and |
Loss (gain) |
Depreciation amortization |
Acquisition |
Operating |
|||||||||||||||||||||||
|
Three Months Ended September 30, 2016 |
|||||||||||||||||||||||||||||||
|
Concerts |
$ |
118.6 |
$ |
(0.9) |
$ |
119.5 |
$ |
1.8 |
$ |
0.2 |
$ |
33.9 |
$ |
(2.9) |
$ |
86.5 |
|||||||||||||||
|
Sponsorship & Advertising |
103.3 |
3.1 |
100.2 |
0.3 |
— |
4.4 |
— |
95.5 |
|||||||||||||||||||||||
|
Ticketing |
100.9 |
(0.8) |
101.7 |
0.7 |
— |
47.2 |
0.5 |
53.3 |
|||||||||||||||||||||||
|
Artist Nation |
11.5 |
0.1 |
11.4 |
0.9 |
0.1 |
18.1 |
0.7 |
(8.4) |
|||||||||||||||||||||||
|
Other and Eliminations |
(2.8) |
— |
(2.8) |
— |
— |
0.4 |
— |
(3.2) |
|||||||||||||||||||||||
|
Corporate |
(27.2) |
— |
(27.2) |
4.4 |
— |
0.8 |
— |
(32.4) |
|||||||||||||||||||||||
|
Total Live Nation |
$ |
304.3 |
$ |
1.5 |
$ |
302.8 |
$ |
8.1 |
$ |
0.3 |
$ |
104.8 |
$ |
(1.7) |
$ |
191.3 |
|||||||||||||||
|
Three Months Ended September 30, 2015 |
|||||||||||||||||||||||||||||||
|
Concerts |
$ |
85.8 |
$ |
— |
$ |
85.8 |
$ |
1.6 |
$ |
0.3 |
$ |
36.1 |
$ |
3.2 |
$ |
44.6 |
|||||||||||||||
|
Sponsorship & Advertising |
95.8 |
— |
95.8 |
0.4 |
— |
2.5 |
— |
92.9 |
|||||||||||||||||||||||
|
Ticketing |
97.1 |
— |
97.1 |
0.7 |
0.2 |
46.5 |
0.7 |
49.0 |
|||||||||||||||||||||||
|
Artist Nation |
12.9 |
— |
12.9 |
1.2 |
0.1 |
13.3 |
0.3 |
(2.0) |
|||||||||||||||||||||||
|
Other and Eliminations |
(0.2) |
— |
(0.2) |
— |
— |
(0.6) |
— |
0.4 |
|||||||||||||||||||||||
|
Corporate |
(25.8) |
— |
(25.8) |
4.1 |
— |
1.3 |
0.2 |
(31.4) |
|||||||||||||||||||||||
|
Total Live Nation |
$ |
265.6 |
$ |
— |
$ |
265.6 |
$ |
8.0 |
$ |
0.6 |
$ |
99.1 |
$ |
4.4 |
$ |
153.5 |
|||||||||||||||
|
Nine Months Ended September 30, 2016 |
|||||||||||||||||||||||||||||||
|
Concerts |
$ |
165.8 |
$ |
(0.6) |
$ |
166.4 |
$ |
5.5 |
$ |
(0.1) |
$ |
101.1 |
$ |
3.8 |
$ |
56.1 |
|||||||||||||||
|
Sponsorship & Advertising |
199.1 |
4.4 |
194.7 |
1.0 |
— |
13.8 |
— |
179.9 |
|||||||||||||||||||||||
|
Ticketing |
271.7 |
0.4 |
271.3 |
2.3 |
— |
132.8 |
0.8 |
135.4 |
|||||||||||||||||||||||
|
Artist Nation |
6.3 |
0.3 |
6.0 |
3.1 |
— |
44.9 |
(0.2) |
(41.8) |
|||||||||||||||||||||||
|
Other and Eliminations |
(8.9) |
— |
(8.9) |
— |
— |
0.1 |
0.1 |
(9.1) |
|||||||||||||||||||||||
|
Corporate |
(72.3) |
— |
(72.3) |
13.3 |
0.1 |
2.5 |
0.1 |
(88.3) |
|||||||||||||||||||||||
|
Total Live Nation |
$ |
561.7 |
$ |
4.5 |
$ |
557.2 |
$ |
25.2 |
$ |
— |
$ |
295.2 |
$ |
4.6 |
$ |
232.2 |
|||||||||||||||
|
Nine Months Ended September 30, 2015 |
|||||||||||||||||||||||||||||||
|
Concerts |
$ |
111.5 |
$ |
— |
$ |
111.5 |
$ |
5.5 |
$ |
0.4 |
$ |
105.3 |
$ |
4.0 |
$ |
(3.7) |
|||||||||||||||
|
Sponsorship & Advertising |
181.5 |
— |
181.5 |
1.2 |
— |
6.8 |
— |
173.5 |
|||||||||||||||||||||||
|
Ticketing |
248.7 |
— |
248.7 |
2.2 |
— |
125.4 |
1.3 |
119.8 |
|||||||||||||||||||||||
|
Artist Nation |
4.9 |
— |
4.9 |
3.8 |
0.2 |
33.9 |
1.4 |
(34.4) |
|||||||||||||||||||||||
|
Other and Eliminations |
(1.8) |
— |
(1.8) |
— |
— |
(1.4) |
— |
(0.4) |
|||||||||||||||||||||||
|
Corporate |
(67.8) |
— |
(67.8) |
12.9 |
— |
2.2 |
0.1 |
(83.0) |
|||||||||||||||||||||||
|
Total Live Nation |
$ |
477.0 |
$ |
— |
$ |
477.0 |
$ |
25.6 |
$ |
0.6 |
$ |
272.2 |
$ |
6.8 |
$ |
171.8 |
|||||||||||||||
|
LIVE NATION ENTERTAINMENT, INC. |
|||||||
|
CONSOLIDATED BALANCE SHEETS |
|||||||
|
(unaudited) |
|||||||
|
September 30, |
December 31, |
||||||
|
(in thousands) |
|||||||
|
ASSETS |
|||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
$ |
1,039,706 |
$ |
1,303,125 |
|||
|
Accounts receivable, less allowance of $26,620 and $17,168, respectively |
785,418 |
452,600 |
|||||
|
Prepaid expenses |
533,283 |
496,226 |
|||||
|
Other current assets |
48,798 |
36,364 |
|||||
|
Total current assets |
2,407,205 |
2,288,315 |
|||||
|
Property, plant and equipment |
|||||||
|
Land, buildings and improvements |
827,960 |
840,032 |
|||||
|
Computer equipment and capitalized software |
520,100 |
505,233 |
|||||
|
Furniture and other equipment |
251,419 |
233,271 |
|||||
|
Construction in progress |
95,398 |
47,684 |
|||||
|
1,694,877 |
1,626,220 |
||||||
|
Less accumulated depreciation |
974,287 |
894,938 |
|||||
|
720,590 |
731,282 |
||||||
|
Intangible assets |
|||||||
|
Definite-lived intangible assets, net |
759,210 |
777,763 |
|||||
|
Indefinite-lived intangible assets |
368,906 |
369,317 |
|||||
|
Goodwill |
1,671,629 |
1,604,315 |
|||||
|
Other long-term assets |
489,489 |
385,249 |
|||||
|
Total assets |
$ |
6,417,029 |
$ |
6,156,241 |
|||
|
LIABILITIES AND EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Accounts payable, client accounts |
$ |
709,236 |
$ |
662,941 |
|||
|
Accounts payable |
66,347 |
58,607 |
|||||
|
Accrued expenses |
905,729 |
686,664 |
|||||
|
Deferred revenue |
518,678 |
618,640 |
|||||
|
Current portion of long-term debt, net |
46,693 |
42,352 |
|||||
|
Other current liabilities |
34,314 |
32,002 |
|||||
|
Total current liabilities |
2,280,997 |
2,101,206 |
|||||
|
Long-term debt, net |
1,984,511 |
2,002,662 |
|||||
|
Deferred income taxes |
198,660 |
199,472 |
|||||
|
Other long-term liabilities |
125,040 |
142,267 |
|||||
|
Commitments and contingent liabilities |
|||||||
|
Redeemable noncontrolling interests |
308,773 |
263,715 |
|||||
|
Stockholders’ equity |
|||||||
|
Common stock |
2,027 |
2,020 |
|||||
|
Additional paid-in capital |
2,401,969 |
2,428,566 |
|||||
|
Accumulated deficit |
(972,100) |
(1,075,111) |
|||||
|
Cost of shares held in treasury |
(6,865) |
(6,865) |
|||||
|
Accumulated other comprehensive loss |
(144,273) |
(111,657) |
|||||
|
Total Live Nation stockholders’ equity |
1,280,758 |
1,236,953 |
|||||
|
Noncontrolling interests |
238,290 |
209,966 |
|||||
|
Total equity |
1,519,048 |
1,446,919 |
|||||
|
Total liabilities and equity |
$ |
6,417,029 |
$ |
6,156,241 |
|||
|
LIVE NATION ENTERTAINMENT, INC. |
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
(unaudited) |
|||||||||||||||
|
Three Months Ended |
Nine Months Ended |
||||||||||||||
|
2016 |
2015 |
2016 |
2015 |
||||||||||||
|
(in thousands except share and per share data) |
|||||||||||||||
|
Revenue |
$ |
3,170,416 |
$ |
2,622,917 |
$ |
6,557,390 |
$ |
5,509,006 |
|||||||
|
Operating expenses: |
|||||||||||||||
|
Direct operating expenses |
2,428,003 |
1,974,322 |
4,817,894 |
3,974,710 |
|||||||||||
|
Selling, general and administrative expenses |
414,412 |
365,220 |
1,126,452 |
1,008,922 |
|||||||||||
|
Depreciation and amortization |
104,862 |
99,054 |
295,241 |
272,166 |
|||||||||||
|
Loss (gain) on disposal of operating assets |
253 |
625 |
(1) |
588 |
|||||||||||
|
Corporate expenses |
31,600 |
30,186 |
85,649 |
80,800 |
|||||||||||
|
Operating income |
191,286 |
153,510 |
232,155 |
171,820 |
|||||||||||
|
Interest expense |
25,249 |
25,844 |
75,965 |
76,857 |
|||||||||||
|
Interest income |
(625) |
(460) |
(1,831) |
(2,419) |
|||||||||||
|
Equity in losses (earnings) of nonconsolidated affiliates |
17,471 |
2,040 |
17,184 |
(573) |
|||||||||||
|
Other expense, net |
2,606 |
8,127 |
1,412 |
20,655 |
|||||||||||
|
Income before income taxes |
146,585 |
117,959 |
139,425 |
77,300 |
|||||||||||
|
Income tax expense |
13,824 |
13,577 |
26,157 |
19,232 |
|||||||||||
|
Net income |
132,761 |
104,382 |
113,268 |
58,068 |
|||||||||||
|
Net income attributable to noncontrolling interests |
21,682 |
15,333 |
8,966 |
12,242 |
|||||||||||
|
Net income attributable to common stockholders of Live Nation |
$ |
111,079 |
$ |
89,049 |
$ |
104,302 |
$ |
45,826 |
|||||||
|
Basic net income per common share available to common stockholders of Live Nation |
$ |
0.51 |
$ |
0.39 |
$ |
0.35 |
$ |
0.14 |
|||||||
|
Diluted net income per common share available to common stockholders of Live Nation |
$ |
0.49 |
$ |
0.38 |
$ |
0.34 |
$ |
0.14 |
|||||||
|
Weighted average common shares outstanding: |
|||||||||||||||
|
Basic |
202,118,412 |
201,392,591 |
201,904,305 |
200,776,477 |
|||||||||||
|
Diluted |
217,690,217 |
208,738,780 |
208,855,401 |
208,493,651 |
|||||||||||
|
Reconciliation to net income available to common stockholders of Live Nation: |
|||||||||||||||
|
Net income attributable to common stockholders of Live Nation |
$ |
111,079 |
$ |
89,049 |
$ |
104,302 |
$ |
45,826 |
|||||||
|
Accretion of redeemable noncontrolling interests |
(8,576) |
(10,118) |
(33,204) |
(17,111) |
|||||||||||
|
Net income available to common stockholders of Live Nation—basic |
102,503 |
78,931 |
71,098 |
28,715 |
|||||||||||
|
Convertible debt interest, net of tax |
3,274 |
— |
— |
— |
|||||||||||
|
Net income available to common stockholders of Live Nation—diluted |
$ |
105,777 |
$ |
78,931 |
$ |
71,098 |
$ |
28,715 |
|||||||
|
LIVE NATION ENTERTAINMENT, INC. |
|||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
(unaudited) |
|||||||
|
Nine Months Ended September 30, |
|||||||
|
2016 |
2015 |
||||||
|
(in thousands) |
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||
|
Net income |
$ |
113,268 |
$ |
58,068 |
|||
|
Reconciling items: |
|||||||
|
Depreciation |
104,100 |
97,845 |
|||||
|
Amortization |
191,141 |
174,321 |
|||||
|
Deferred income tax benefit |
(14,096) |
(7,181) |
|||||
|
Amortization of debt issuance costs, discounts and premium, net |
7,823 |
7,974 |
|||||
|
Non-cash compensation expense |
25,237 |
25,594 |
|||||
|
Equity in losses (earnings) of nonconsolidated affiliates, net of distributions |
25,742 |
6,040 |
|||||
|
Provision for uncollectible receivables and advances |
12,743 |
7,339 |
|||||
|
Other, net |
(6,094) |
(12,091) |
|||||
|
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |
|||||||
|
Increase in accounts receivable |
(345,343) |
(232,106) |
|||||
|
Increase in prepaid expenses and other assets |
(173,683) |
(215,009) |
|||||
|
Increase in accounts payable, accrued expenses and other liabilities |
295,025 |
120,812 |
|||||
|
Decrease in deferred revenue |
(116,347) |
(46,530) |
|||||
|
Net cash provided by (used in) operating activities |
119,516 |
(14,924) |
|||||
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||
|
Advances and collections of notes receivable, net |
(7,971) |
(22,827) |
|||||
|
Investments made in nonconsolidated affiliates |
(18,628) |
(17,130) |
|||||
|
Purchases of property, plant and equipment |
(119,740) |
(97,506) |
|||||
|
Cash paid for acquisitions, net of cash acquired |
(113,065) |
(87,371) |
|||||
|
Other, net |
(770) |
(2,290) |
|||||
|
Net cash used in investing activities |
(260,174) |
(227,124) |
|||||
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||
|
Payments on long-term debt |
(28,795) |
(22,910) |
|||||
|
Distributions to noncontrolling interests |
(25,279) |
(13,834) |
|||||
|
Purchases and sales of noncontrolling interests, net |
(32,266) |
(9,491) |
|||||
|
Proceeds from exercise of stock options |
5,676 |
14,685 |
|||||
|
Payments for deferred and contingent consideration |
(21,809) |
(4,450) |
|||||
|
Other, net |
(7,227) |
2,552 |
|||||
|
Net cash used in financing activities |
(109,700) |
(33,448) |
|||||
|
Effect of exchange rate changes on cash and cash equivalents |
(13,061) |
(45,150) |
|||||
|
Net decrease in cash and cash equivalents |
(263,419) |
(320,646) |
|||||
|
Cash and cash equivalents at beginning of period |
1,303,125 |
1,382,029 |
|||||
|
Cash and cash equivalents at end of period |
$ |
1,039,706 |
$ |
1,061,383 |
|||