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Live Nation's (LYV) Q4 Earnings Lag, Revenues Surpass Estimates
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Live Nation Entertainment, Inc. (LYV - Free Report) reported mixed fourth-quarter 2023 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. Revenues surpassed the consensus estimate for the seventh straight quarter.
Following the results, the company’s shares increased 3.8% in the after-hour trading session on Feb 22.
The company has been benefiting from the pent-up demand for live events and robust ticket sales. It continues to benefit from the robust performance of Ticketmaster and an increase in fan spending. In 2023, 145 million fans attended more than 50,000 events.
The industry is expanding its concert offerings and building more venues. LYV anticipates continued growth, aiming for double-digit increases in operating income and adjusted operating income (AOI) in 2024. LYV expects profitability to compound by double digits in the coming years.
Earnings & Revenues
In the fourth quarter of 2023, the company reported an adjusted loss per share of $1.22, wider than the Zacks Consensus Estimate of a loss of $1.13. In the prior-year quarter, the company reported an adjusted loss per share of $1.09.
Live Nation Entertainment, Inc. Price, Consensus and EPS Surprise
Revenues amounted to $5.84 billion, beating the Zacks Consensus Estimate of $4.72 billion by 23.7%. The top line increased 36% year over year from $4.29 billion.
Segmental Discussion
Concerts: The segment’s revenues totaled $4.87 billion, up 44% year over year. Our model predicted the metric to climb 8% year over year. Adjusted operating loss was $184.4 million, in line with the year-ago figures. Total estimated events rose to 15,823, up from the prior-year’s figure of 13,156 events. Our model predicted the total events for the reporting quarter to be 13,466.
Ticketing: Segmental revenues amounted to $739.8 million, up 14% from the prior-year quarter. Our model estimated the metric to jump 22.7% year over year. Adjusted operating income was $236 million, up from $227.7 million reported in the prior-year quarter. In the quarter, the total estimated tickets sold rose to 169,447,000 from 164,106,000 reported in the prior-year quarter.
Sponsorship & Advertising: Revenues from this segment totaled $255.4 million, up 4% from the year-ago quarter’s figure. We estimated the metric to fall 4.1% year over year. Adjusted operating income was $126.2 million, up 7% year over year.
Other Financial Information
Cash and cash equivalents as of Dec 31, 2023, totaled $6.23 billion compared with $5.61 billion as of Dec 31, 2022. As of Dec 31, 2023, goodwill was $2.69 billion compared with $2.53 billion at the end of 2022. Net long-term debt increased to $5.46 billion from $5.28 billion as of Dec 31, 2022.
In 2023, net cash provided by operating activities was $1.37 billion compared with $1.83 billion reported in the year-ago period.
Marriott Vacations Worldwide Corporation (VAC - Free Report) reported fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate after missing in the preceding quarter. The top line increased on a year-over-year basis, but the bottom line declined.
Following a challenging year, the company concluded the year positively, with contract sales increasing 4% in the reported quarter from the previous year’s levels. Volumes Per Guest (or VPG) remained consistent with the prior year, adjusting for the estimated impact of the Maui wildfires.
Choice Hotels International, Inc. (CHH - Free Report) delivered mixed fourth-quarter 2023 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. The top line fell year over year, while the bottom line increased from the prior-year quarter’s figure.
In 2023, the company reported an uptick in growth, exceeding its full-year adjusted EBITDA and adjusted EPS guidance. The upside was propelled by the effective strategy of incorporating hotels with higher royalties per unit.
Caesars Entertainment, Inc. (CZR - Free Report) reported fourth-quarter 2023 results, wherein both earnings and revenues missed their respective Zacks Consensus Estimate. The company's earnings missed the consensus mark after beating in each of the preceding five quarters.
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Live Nation's (LYV) Q4 Earnings Lag, Revenues Surpass Estimates
Live Nation Entertainment, Inc. (LYV - Free Report) reported mixed fourth-quarter 2023 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. Revenues surpassed the consensus estimate for the seventh straight quarter.
Following the results, the company’s shares increased 3.8% in the after-hour trading session on Feb 22.
The company has been benefiting from the pent-up demand for live events and robust ticket sales. It continues to benefit from the robust performance of Ticketmaster and an increase in fan spending. In 2023, 145 million fans attended more than 50,000 events.
The industry is expanding its concert offerings and building more venues. LYV anticipates continued growth, aiming for double-digit increases in operating income and adjusted operating income (AOI) in 2024. LYV expects profitability to compound by double digits in the coming years.
Earnings & Revenues
In the fourth quarter of 2023, the company reported an adjusted loss per share of $1.22, wider than the Zacks Consensus Estimate of a loss of $1.13. In the prior-year quarter, the company reported an adjusted loss per share of $1.09.
Live Nation Entertainment, Inc. Price, Consensus and EPS Surprise
Live Nation Entertainment, Inc. price-consensus-eps-surprise-chart | Live Nation Entertainment, Inc. Quote
Revenues amounted to $5.84 billion, beating the Zacks Consensus Estimate of $4.72 billion by 23.7%. The top line increased 36% year over year from $4.29 billion.
Segmental Discussion
Concerts: The segment’s revenues totaled $4.87 billion, up 44% year over year. Our model predicted the metric to climb 8% year over year. Adjusted operating loss was $184.4 million, in line with the year-ago figures. Total estimated events rose to 15,823, up from the prior-year’s figure of 13,156 events. Our model predicted the total events for the reporting quarter to be 13,466.
Ticketing: Segmental revenues amounted to $739.8 million, up 14% from the prior-year quarter. Our model estimated the metric to jump 22.7% year over year. Adjusted operating income was $236 million, up from $227.7 million reported in the prior-year quarter. In the quarter, the total estimated tickets sold rose to 169,447,000 from 164,106,000 reported in the prior-year quarter.
Sponsorship & Advertising: Revenues from this segment totaled $255.4 million, up 4% from the year-ago quarter’s figure. We estimated the metric to fall 4.1% year over year. Adjusted operating income was $126.2 million, up 7% year over year.
Other Financial Information
Cash and cash equivalents as of Dec 31, 2023, totaled $6.23 billion compared with $5.61 billion as of Dec 31, 2022. As of Dec 31, 2023, goodwill was $2.69 billion compared with $2.53 billion at the end of 2022. Net long-term debt increased to $5.46 billion from $5.28 billion as of Dec 31, 2022.
In 2023, net cash provided by operating activities was $1.37 billion compared with $1.83 billion reported in the year-ago period.
Zacks Rank & Recent Consumer Discretionary Releases
Live Nation currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Marriott Vacations Worldwide Corporation (VAC - Free Report) reported fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate after missing in the preceding quarter. The top line increased on a year-over-year basis, but the bottom line declined.
Following a challenging year, the company concluded the year positively, with contract sales increasing 4% in the reported quarter from the previous year’s levels. Volumes Per Guest (or VPG) remained consistent with the prior year, adjusting for the estimated impact of the Maui wildfires.
Choice Hotels International, Inc. (CHH - Free Report) delivered mixed fourth-quarter 2023 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. The top line fell year over year, while the bottom line increased from the prior-year quarter’s figure.
In 2023, the company reported an uptick in growth, exceeding its full-year adjusted EBITDA and adjusted EPS guidance. The upside was propelled by the effective strategy of incorporating hotels with higher royalties per unit.
Caesars Entertainment, Inc. (CZR - Free Report) reported fourth-quarter 2023 results, wherein both earnings and revenues missed their respective Zacks Consensus Estimate. The company's earnings missed the consensus mark after beating in each of the preceding five quarters.