Live Nation Entertainment, Inc. (LYV) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 5, 2022 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, everyone. My name is Hector and I will be your conference operator on today's call. At this time, I would like to welcome everyone to Live Nation Entertainment's First Quarter 2022 Earnings Conference Call. Today's conference is being recorded. Following managements prepared remarks will open the call for Q&A. Instructions will be given at that time.

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 risk and uncertainties that can 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 risk 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 of Live Nation's website @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. Momentum has picked up for all of our businesses over the course of the first quarter. And as a result, we have delivered financial performance that greatly surpassed our previous expectations with AOI of $209 million. Artists are back on the road and fan demand has never been stronger. The reflection of live events remain a clear priority for consumers as our social lives restart.

Ticket buying serves as a leading indicator to our overall business. Ticketmaster's strong first quarter performance drove the company's overall profitability and shows how well our concert and sponsorship businesses are positioned to deliver record results this year. Despite some markets taking longer to reopen, the quarter was our second highest ever we transacted GTV, excluding refunds, trailing only Q4 2021 with March being our highest transacted GTV month ever.