Live Nation Entertainment Reports Third Quarter 2012 Financial Results

    Live Nation Entertainment Reports Third Quarter 2012 Financial Results

- Third Quarter Revenue and EPS Improved Over Prior Year -

- Attendance and Ticket Sales Increase for the Third Quarter Year-Over-Year -

PR Newswire

LOS ANGELES, Nov. 5, 2012

LOS ANGELES, Nov. 5, 2012 /PRNewswire/ -- Live Nation Entertainment (NYSE:
LYV) released financial results for the three and nine months ended September
30, 2012 today.

"The company has continued to execute on plan delivering increased revenue,
net income and free cash flow in the third quarter of 2012," stated Michael
Rapino, President and Chief Executive Officer of Live Nation Entertainment.
"For the quarter, global concert attendance is up 2 percent and ticket sales
for Ticketmaster increased 3 percent. We expect to have continued growth in
ticket sales in the fourth quarter, as compared to last year, for both
Concerts and Ticketmaster. As a result, we currently anticipate growth across
Concerts, Ticketing and Sponsorship & Advertising for the fourth quarter and
full year."

The company will webcast a teleconference today, November 5, 2012 at 5:00 p.m.
Eastern Time. The live webcast will be accessible via the Investor Relations
section of the company's website at www.livenation.com/investors. Please visit
the website approximately ten minutes prior to the start time to ensure a
connection. Additional statistical and financial information to be provided on
the call, if any, will be posted supplementally under that same link. For
those who are not available to listen to the live broadcast, a replay will be
archived on the Live Nation website.

FINANCIAL HIGHLIGHTS – 3rd QUARTER and NINE MONTHS

(Unaudited; $ in millions)
                                                   9 months  9 months
                      Q3 2012   Q3 2011   Growth                       Growth
                                                   2012      2011
Revenue
Concerts              $ 1,429.9 $ 1,280.3 11.7%    $ 2,954.6 $ 2,811.8 5.1%
Ticketing             346.0     333.5     3.7%     1001.5    966.7     3.6%
Artist Nation         127.9     121.4     5.4%     298.6     293.9     1.6%
Sponsorship &         95.8      86.4      10.9%    193.2     182.5     5.9%
Advertising
Other & Eliminations  (36.5)    (31.6)    (15.5%)  (66.1)    (56.6)    (16.8%)
                      $ 1,963.1 $ 1,790.0 9.7%     $ 4,381.8 $ 4,198.3 4.4%
Adjusted Operating
Income (Loss)
Concerts              $ 49.1    $ 83.7    (41.3%)  $ 60.4    $ 62.2    (2.9%)
Ticketing             82.1      54.3      51.2%    226.0     213.6     5.8%
Artist Nation         21.1      20.0      5.5%     33.0      35.0      (5.7%)
Sponsorship &         74.1      66.0      12.3%    137.8     128.6     7.2%
Advertising
Other & Eliminations  (0.7)     (0.6)     (16.7%)  (1.1)     (0.4)     **
Corporate             (23.3)    (19.8)    (17.7%)  (59.5)    (51.8)    (14.9%)
                      $ 202.4   $ 203.6   (0.6%)   $ 396.6   $ 387.2   2.4%
Operating Income
(Loss)
Concerts              $ 19.1    $ 48.4    (60.5%)  $ (43.0)  $ (24.3)  (77.0%)
Ticketing             36.6      13.7      **       100.4     97.3      3.2%
Artist Nation ^(1)    7.5       8.8       (14.8%)  (4.7)     (29.4)    84.0%
Sponsorship &         73.6      65.8      11.9%    137.0     127.9     7.1%
Advertising
Other & Eliminations  (0.2)     (0.6)     66.7%    -         (0.3)     **
Corporate             (32.1)    (31.3)    (2.6%)   (85.0)    $ (86.2)  1.4%
                      $ 104.5   $ 104.8   (0.3%)   $ 104.7   $ 85.0    23.2%

** percentages are not meaningful
    Artist Nation's operating loss for the nine months ended September 30,
(1) 2011 was driven by $24.4 million of stock-based compensation expense due
    to the acquisition of the remaining equity of Front Line Management
    Group, Inc. in February 2011.

For the three months ending September 30, 2012, revenue was $1,963.1 million,
up 10% compared to prior year revenue of $1,790.0 million. On a constant
currency basis, revenue for the quarter was up 13%, excluding a $50.5 million
impact of changes in foreign exchange rates in the quarter. For the first nine
months of 2012, revenue was $4,381.8 million, up 4% compared to prior year
revenue of $4,198.3 million. On a constant currency basis, revenue for the
first nine months was up 7%, excluding a $101.6 million impact of changes in
foreign exchange rates in the period.

As of September 30, 2012, total cash and cash equivalents were $783.7 million,
which includes $394.3 million in ticketing client cash and $300.0 million in
free cash. Event-related deferred revenue was $272.8 million as of September
30, 2012, compared to $212.6 million as of the same date in 2011. Free cash
flow was $151.6 million for the third quarter of 2012 as compared to $152.2
million in the third quarter of last year, and $274.3 million for the nine
months of 2012 versus $223.5 million for the same period in 2011.

About Live Nation Entertainment:
Live Nation Entertainment is the world's leading live entertainment and
ecommerce company, comprised of four market leaders: Ticketmaster.com, Live
Nation Concerts, Front Line Management Group and Live Nation Network.
Ticketmaster.com is the global event ticketing leader and one of the world's
top five ecommerce sites, with almost 27 million monthly unique visitors. Live
Nation Concerts produces over 22,000 shows annually for more than 2,300
artists globally. Front Line is the world's top artist management company,
representing over 250 artists. These businesses power Live Nation Network, the
leading provider of entertainment marketing solutions, enabling nearly 800
advertisers to tap into the 200 million consumers Live Nation delivers
annually through its live event and digital platforms. For additional
information, visit www.livenation.com/investors.

Follow us @twitter.com/LiveNationInc



LIVE NATION ENTERTAINMENT, INC.



KEY OPERATING METRICS
                                3 Months Ended Sept 30  9 Months Ended Sept 30
                                2012        2011        2012        2011
Concerts ^(1)
 Estimated Events:
   North America                3,955       4,105       11,152      11,332
   International                1,227       1,136       4,536       4,248
                Total estimated 5,182       5,241       15,688      15,580
                events
 Estimated Attendance
 (rounded):
   North America                11,542,000  12,253,000  25,150,000  25,097,000
   International                4,271,000   3,304,000   11,677,000  10,449,000
                Total estimated 15,813,000  15,557,000  36,827,000  35,546,000
                attendance
 Ancillary net revenue per
 attendee ^(2):
   North America amphitheaters                          $18.55      $18.03
   International festivals ^(5)                         $15.71      $16.80
Ticketing ^(3)
 Number of tickets sold (in
 thousands):
   Concerts                     19,421      18,302      54,832      53,090
   Sports                       6,709       6,427       23,249      20,765
   Arts and theater             4,493       5,374       13,683      14,938
   Family                       3,676       3,008       11,277      9,771
   Other ^(4)                   1,771       1,784       5,221       4,388
                                36,070      34,895      108,262     102,952
 Gross value of tickets sold    $2,092,102  $2,004,099  $6,503,452  $6,154,589
 (in thousands)
Sponsorship & Advertising
 Sponsorship revenue (in        $81,511     $72,679     $155,479    $147,102
 thousands)
 Online advertising revenue (in $14,294     $13,709     $37,732     $35,351
 thousands)

    Events generally represent a single performance by an artist. Attendance
    generally represents the number of fans who were present at an event.
(1) Festivals are counted as one event in the quarter in which the festival
    begins but attendance is split over the days of the festival and can be
    split between quarters. Events and attendance metrics are estimated each
    quarter.
(2) Amounts are reported as of the latest period shown.
    The number and gross value of tickets sold includes primary tickets only
    and excludes tickets sold for the 2012 Olympics. These metrics include
(3) tickets sold during the period regardless of event timing except for our
    promoted concerts in our owned and/or operated buildings and in certain
    European territories where these tickets are recognized as the concerts
    occur.
(4) Other category includes tickets for comedy shows, facility tours,
    donations, lectures, seminars and cinema.
    On a constant currency basis, international festivals ancillary net
(5) revenue per attendee is $17.26 for the 9 months ended September 30, 2012,
    an increase of 3% over the same period in 2011.





LIVE NATION ENTERTAINMENT, INC.



CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)
                            Three Months Ended        Nine Months Ended
                            September 30,             September 30,
                            2012         2011         2012         2011
                            (in thousands except share and per share data)
Revenue                     $ 1,963,146  $ 1,790,025  $ 4,381,820  $ 4,198,316
Operating expenses:
Direct operating expenses   1,457,423    1,286,304    3,103,006    2,971,579
Selling, general and        283,846      282,462      832,924      822,226
administrative expenses
Depreciation and            84,684       83,341       258,656      237,749
amortization
Loss (gain) on sale of      (60)         231          (255)        866
operating assets
Corporate expenses          30,842       27,385       81,474       73,011
Acquisition transaction     1,896        5,493        1,335        7,864
expenses
Operating income            104,515      104,809      104,680      85,021
Interest expense            35,535       30,388       94,733       90,462
Interest income             (994)        (1,023)      (2,825)      (2,848)
Equity in earnings of       (3,117)      (2,777)      (8,799)      (5,549)
nonconsolidated affiliates
Other (income) expense,     (7,035)      6,461        (3,393)      7,207
net
Income (loss) before        80,126       71,760       24,964       (4,251)
income taxes
Income tax expense          11,950       8,739        21,456       (29,544)
(benefit)
Net income                  68,176       63,021       3,508        25,293
Net income attributable to  10,228       11,309       7,018        8,784
noncontrolling interests
Net income (loss)
attributable to common
stockholders of Live
Nation Entertainment, Inc.  $ 57,948     $ 51,712     $ (3,510)    $ 16,509
Basic net income (loss)
per common share
attributable to common      $ 0.31       $ 0.28       $ (0.02)     $ 0.09
stockholders of Live
Nation Entertainment, Inc.
Diluted net income (loss)
per common share
attributable to common      $ 0.31       $ 0.27       $ (0.02)     $ 0.09
stockholders of Live
Nation Entertainment, Inc.
Weighted average common
shares outstanding:
Basic                       187,153,788  186,127,846  186,857,527  181,115,853
Diluted                     189,754,343  188,531,130  186,857,527  183,306,799





LIVE NATION ENTERTAINMENT, INC.



CONSOLIDATED BALANCE SHEETS

(UNAUDITED)
                                                   September 30,  December 31,
                                                   2012           2011
                                                   (in thousands)
ASSETS
Current assets
Cash and cash equivalents                          $ 783,671      $ 844,253
Accounts receivable, less allowance of $13,947 and 583,322        389,346
$16,986, respectively
Prepaid expenses                                   444,451        316,491
Other current assets                               30,924         26,700
Total current assets                               1,842,368      1,576,790
Property, plant and equipment
Land, buildings and improvements                   848,340        851,812
Computer equipment and capitalized software        319,497        261,475
Furniture and other equipment                      194,544        172,250
Construction in progress                           52,244         60,652
                                                   1,414,625      1,346,189
Less accumulated depreciation                      696,720        626,053
                                                   717,905        720,136
Intangible assets
Definite-lived intangible assets, net              834,690        873,712
Indefinite-lived intangible assets                 377,286        377,160
Goodwill                                           1,338,599      1,257,644
Investments in nonconsolidated affiliates          57,725         55,796
Other long-term assets                             263,675        216,106
Total assets                                       $ 5,432,248    $ 5,077,344
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable, client accounts                  $ 549,301      $ 473,956
Accounts payable                                   127,356        87,627
Accrued expenses                                   658,061        579,566
Deferred revenue                                   326,730        273,536
Current portion of long-term debt                  60,070         52,632
Other current liabilities                          16,462         25,236
Total current liabilities                          1,737,980      1,492,553
Long-term debt, net                                1,685,968      1,652,629
Long-term deferred income taxes                    190,681        186,298
Other long-term liabilities                        106,262        120,693
Commitments and contingent liabilities
Redeemable noncontrolling interests                48,136         8,277
Stockholders' equity
Common stock                                       1,873          1,868
Additional paid-in capital                         2,265,020      2,243,587
Accumulated deficit                                (748,701)      (745,191)
Cost of shares held in treasury                    (214)          (2,787)
Accumulated other comprehensive loss               (16,436)       (36,374)
Total Live Nation Entertainment, Inc.              1,501,542      1,461,103
stockholders' equity
Noncontrolling interests                           161,679        155,791
Total stockholders' equity                         1,663,221      1,616,894
Total liabilities and stockholders' equity         $ 5,432,248    $ 5,077,344





LIVE NATION ENTERTAINMENT, INC



CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)
                                                          Nine Months Ended
                                                          September 30,
                                                          2012       2011
                                                          (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                $ 3,508    $ 25,293
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Depreciation                                              90,789     94,184
Amortization                                              167,867    143,565
Deferred income tax benefit                               (11,183)   (40,679)
Amortization of debt issuance costs and discount/premium, 11,415     9,707
net
Non-cash gain on extinguishment of debt                   (460)      -
Non-cash compensation expense                             27,595     40,556
Changes in fair value of contingent consideration         (2,449)    (8,828)
Loss (gain) on sale of operating assets                   (255)      866
Equity in earnings of nonconsolidated affiliates          (8,799)    (5,549)
Other, net                                                2,085      4,091
Changes in operating assets and liabilities, net of
effects of acquisitions and dispositions:
Increase in accounts receivable                           (186,313)  (164,392)
Decrease (increase) in prepaid expenses                   (159,473)  25,704
Increase in other assets                                  (37,712)   (56,645)
Increase (decrease) in accounts payable, accrued expenses 138,270    (27,682)
and other liabilities
Increase (decrease) in deferred revenue                   54,154     (67,732)
Net cash provided by (used in) operating activities       89,039     (27,541)
CASH FLOWS FROM INVESTING ACTIVITIES
Distributions from nonconsolidated affiliates             6,744      8,804
Investments made in nonconsolidated affiliates            (3,212)    (6,437)
Purchases of property, plant and equipment                (92,372)   (69,573)
Proceeds from disposal of operating assets, net of cash   7,788      7,361
divested
Cash paid for acquisitions, net of cash acquired          (71,256)   (25,499)
Purchases of intangible assets                            (14,553)   (118)
Other, net                                                (943)      (1,933)
Net cash used in investing activities                     (167,804)  (87,395)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs       481,286    (596)
Payments on long-term debt                                (457,487)  (22,699)
Contributions from noncontrolling interests               130        -
Distributions to noncontrolling interests, net            (9,202)    (14,249)
Purchases and sales of noncontrolling interests, net      (259)      (47, 559)
Proceeds from exercise of stock options                   926        3,210
Proceeds from sale of common stock                        -          76,492
Payments for deferred and contingent consideration        (10,585)   (13,807)
Net cash provided by (used in) financing activities       4,809      (19,208)
Effect of exchange rate changes on cash and cash          13,374     23,959
equivalents
Net decrease in cash and cash equivalents                 (60,582)   (110,185)
Cash and cash equivalents at beginning of period          844,253    892,758
Cash and cash equivalents at end of period                $ 783,671  $ 782,573

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 growth in ticket sales for Concerts and
Ticketmaster in the fourth quarter of 2012 as compared to the same period in
2011 and expected growth across Concerts, Ticketing and Sponsorship &
Advertising for the fourth quarter and full year 2012. 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 the 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 below.

Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that
the company defines as operating income (loss) before acquisition expenses
(including transaction costs, changes in the fair value of accrued
acquisition-related contingent consideration arrangements, merger bonuses,
payments under the Azoff Trust note and acquisition-related severance),
depreciation and amortization (including goodwill impairments), loss (gain) on
sale of operating assets and non-cash and certain stock-based compensation
expense (including expense associated with grants of certain stock-based
awards which are classified as liabilities). The company uses AOI to evaluate
the performance of its operating segments. The company believes that
information about AOI assists investors by allowing them to evaluate changes
in the operating results of the portfolio of the 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 the company's
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.

Free Cash Flow is a non-GAAP financial measure that the company defines as
Adjusted Operating Income (Loss) 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 to investments in
nonconsolidated affiliates. 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 for cash collected
on behalf of others for ticket sales, 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 finance venue
and other 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.

Constant currency is a non-GAAP financial measure. For the purpose of
determining our constant currency results, we calculate the effect of changes
in currency exchange rates 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.





Reconciliations of Non-GAAP Measures to Their Most Directly Comparable GAAP
Measures (Unaudited)
Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss)
              Adjusted  Non-cash and Loss      Depreciation
($ in         operating stock-based  (gain) on and          Acquisition Operating
millions)     income    compensation sale of                expenses    income
              (loss)    expense      operating amortization             (loss)
                                     assets
              Three months ended September 30, 2012
Concerts      $ 49.1    $ 1.5        $ -       $ 27.5       $ 1.0       $ 19.1
Ticketing     82.1      1.7          -         43.3         0.5         36.6
Artist        21.1      0.4          -         13.2         -           7.5
Nation
Sponsorship
&             74.1      0.2          -         0.3          -           73.6
Advertising
Other &       (0.7)     -            (0.1)     (0.4)        -           (0.2)
Eliminations
          (23.3)    5.9          -         0.8          2.1         (32.1)
Corporate
Total Live    $ 202.4   $ 9.7        $ (0.1)   $ 84.7       $ 3.6       $ 104.5
Nation
              Three months ended September 30, 2011
Concerts      $ 83.7    $ 1.4        $ -       $ 33.1       $ 0.8       $ 48.4
Ticketing     54.3      1.4          -         39.0         0.2         13.7
Artist        20.0      0.2          -         10.7         0.3         8.8
Nation
Sponsorship
&             66.0      0.2          -         -            -           65.8
Advertising
Other &       (0.6)     -            0.2       (0.2)        -           (0.6)
Eliminations
          (19.8)    5.1          -         0.7          5.7         (31.3)
Corporate
Total Live    $ 203.6   $ 8.3        $ 0.2     $ 83.3       $ 7.0       $ 104.8
Nation
              Nine months ended September 30, 2012
Concerts      $ 60.4    $ 4.2        $ (0.5)   $ 100.1      $ (0.4)     $ (43.0)
Ticketing     226.0     4.7          (0.2)     121.3        (0.2)       100.4
Artist        33.0      1.0          -         36.3         0.4         (4.7)
Nation
Sponsorship
&             137.8     0.5          -         0.3          -           137.0
Advertising
Other &       (1.1)     -            0.4       (1.5)        -           -
Eliminations
          (59.5)    17.2         -         2.2          6.1         (85.0)
Corporate
Total Live    $ 396.6   $ 27.6       $ (0.3)   $ 258.7      $ 5.9       $ 104.7
Nation
              Nine months ended September 30, 2011
Concerts      $ 62.2    $ 4.3        $ (0.7)   $ 87.9       $ (5.0)     $ (24.3)
Ticketing     213.6     4.0          (0.1)     111.4        1.0         97.3
Artist        35.0      27.8         1.3       37.2         (1.9)       (29.4)
Nation
Sponsorship
&             128.6     0.5          -         0.2          -           127.9
Advertising
Other &       (0.4)     -            0.4       (0.5)        -           (0.3)
Eliminations
          (51.8)    14.6         -         1.5          18.3        (86.2)
Corporate
Total Live    $ 387.2   $ 51.2       $ 0.9     $ 237.7      $ 12.4      $ 85.0
Nation







Reconciliation of Adjusted Operating Income (Loss) to Free Cash Flow
($ in millions)                                              Q3 2012  Q3 2011
Adjusted operating income                                    $ 202.4  $ 203.6
Less: Cash interest expense — net                           (36.1)   (26.1)
Cash taxes                                                   (3.9)    (11.1)
Maintenance capital expenditures                             (15.5)   (12.7)
Distributions to noncontrolling interests                    (1.0)    (2.3)
Distributions from (contributions to) investments in         5.7      0.8
nonconsolidated affiliates
Free cash flow                                               $ 151.6  $ 152.2
Revenue generating capital expenditures                      (13.9)   (11.8)
Net                                                          $ 137.7  $ 140.4
                                                            9 months 9 months

($ in millions)                                              2012     2011
Adjusted operating income                                    $ 396.6  $ 387.2
Less: Cash interest expense — net                            (85.0)   (77.9)
Cash taxes                                                   10.6     (34.3)
Maintenance capital expenditures                             (42.2)   (41.6)
Distributions to noncontrolling interests                    (9.2)    (12.3)
Distributions from (contributions to) investments in         3.5      2.4
nonconsolidated affiliates
Free cash flow                                               $ 274.3  $ 223.5
Revenue generating capital expenditures                      (46.0)   (27.6)
Net                                                          $ 228.3  $ 195.9





Reconciliation of Cash and Cash Equivalents to Free Cash
                                               September 30,
($ in millions)
                                               2012
Cash and cash equivalents                      $ 783.7
Client cash                                    (394.3)
Deferred revenue â€" event related             (272.8)
Accrued artist fees                            (23.9)
Collections on behalf of others                (52.6)
Prepaids related to artist settlements/events  259.9
 Free cash                                  $ 300.0







Detail of Revenue as Reported and at Constant Currency
                          Reported  Constant  Reported  Reported Constant
                                    Currency                     Currency
                          Q3 2012   Q3 2012   Q3 2011   Growth   Growth
                          ($ in millions)
Revenue
Concerts                  $ 1,429.9 $ 1,471.7 $ 1,280.3 11.7%    14.9%
Ticketing                 346.0     351.6     333.5     3.7%     5.4%
Artist Nation             127.9     128.2     121.4     5.4%     5.6%
Sponsorship & Advertising 95.8      98.6      86.4      10.9%    14.1%
Other & Eliminations      (36.5)    (36.5)    (31.6)    (15.5%)  (15.5%)
                          $ 1,963.1 $ 2,013.6 $ 1,790.0 9.7%     12.5%
                          Reported  Constant  Reported  Reported Constant
                                    Currency                     Currency
                          9 Months  9 Months  9 Months  Growth   Growth
                          2012      2012      2011
                          ($ in millions)
Revenue
Concerts                  $ 2,954.6 $ 3,035.5 $ 2,811.8 5.1%     8.0%
Ticketing                 1,001.5   1,016.7   966.7     3.6%     5.2%
Artist Nation             298.6     299.2     293.9     1.6%     1.8%
Sponsorship & Advertising 193.2     198.1     182.5     5.9%     8.5%
Other & Eliminations      (66.1)    (66.1)    (56.6)    (16.8%)  (16.8%)
                          $ 4,381.8 $ 4,483.4 $ 4,198.3 4.4%     6.8%





SOURCE Live Nation Entertainment

Website: http://www.livenation.com/investors
Contact: Investors, Maili Bergman, +1-310-867-7000, IR@livenation.com, or
Media, Jacqueline Peterson, +1-310-360-3051, jacquelinepeterson@livenation.com
 
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