Live Nation Entertainment (LYV) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 4, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, everyone. My name is John, and I will be your conference operator on today's call. At this time, I would like to welcome everyone to Live Nation Entertainment's First Quarter 2023 Earnings Conference Call. Today's conference is being recorded.

Before we begin, Live Nation has asked me to remind you that this afternoon's call will contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ, including statements related to the company's anticipated financial performance, business prospects, new developments and similar matters. Please refer to Live Nation's SEC filings, including the risk factors and cautionary statements included in the company's most recent filings on Forms 10-K, 10-Q and 8-K for a description of risks and uncertainties that could impact the actual results.

Live Nation will also refer to some non-GAAP measures on this call. In accordance with the SEC Regulation G, Live Nation has provided definitions of these measures and a full reconciliation to the most comparable GAAP measures in their earnings release or website supplement which also contains other financial or statistical information to be discussed on this call.

The release reconciliation and website supplement can be found under the Financial Information section on Live Nation's website at investors.livenationentertainment.com.

It is now my pleasure to turn the conference over to Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. Please go ahead, sir.

Michael Rapino - President and CEO

Good afternoon, and thank you for joining us. 2023 is off to a tremendous start. For the first time in 3 years, all of our markets are fully open. In the common theme, we are seeing around the world that live experiences are a high priority for fans.

In Q1, we delivered record results across all divisions as well as record support for artists. Ticket sales to attendance and on-site spend, every sign points to incredible demand for live events. In the first quarter, were 19 million fans attended our shows across 45 countries and we sold over 145 million tickets with record levels of activity across all markets. We delivered revenue of $3.1 billion and AOI of $320 million, up 73% and 53%, respectively, relative to Q1 last year. In general, all my comments will be relative to Q1 last year.