Live Nation Entertainment (LYV) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 4, 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 Second Quarter 2022 Earnings Conference Call. Today's conference is being recorded. Following management's prepared remarks, we 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 risks 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 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. Thank you for joining us. The second quarter confirmed that live entertainment industry is back globally and bigger than ever. Live Nation led this return and continues to deliver the best global network to support artists as they play shows for the fans around the world.

Every key operating metric is at an all-time high as we promoted more concerts, had more fans attend shows, they spent more money, sold more tickets and enable brands to connect with fans at a scale we have never seen before. As a result, relative to 2019, with over a 40% increase in revenue to $4.4 billion and a 50% increase in AOI to $480 million. With most of the world fully reopened, it's clear that concerts remain a high priority for fans. Consumers are seeking out and spending more on experiences. And the growing demand for live music and events is driving our business to record levels, far outpacing any macro issues or cost increases.