LYV - Earnings call transcript Q2 2019 | Live Nation Entertainment, Inc.

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Operator

Good day, everyone. My name is Karenna, and I will be your conference facilitator for today. At this time, I would like to welcome everyone to the Live Nation Entertainment Second Quarter 2019 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.

X-K Nation's included including recent could in Forms XX-Q Live and risk filings impact to of XX-K, statements description cautionary the and the refer actual SEC uncertainties the filings, factors on risks results. Please and a that for Company's most

on reconciliation measures and be release, to Nation's financial G, Nation has or Live Live call measures provided also their in the be accordance to The earnings In a investors.livenationentertainment.com. the Live to other refer statistical information section call. will discussed can reconciliation most Nation GAAP release. comparable website with non-GAAP full at on some this SEC this on Financial found in Regulation Information

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

Michael Rapino

afternoon, to Good double-digit results, AOI XX%. for We quarter. to businesses XXXX delivered quarter, conference the AOI XX%, contributed growth quarter Each and call. second with them for delivering revenue all up of the our up welcome strong growth our of with and these

demonstrating clubs. outside matched to and with year, stadiums global a half demand music top benefit the XXX as our ticket continue live concerts We artists of concerts revenue from is consumer to this, artists XX% up the growing a from our event, the The global strong of within largest year, from tailwind ticket is for in demand. the that And continue is for strong supply XX% experience-based of to for revenue the economy first the the up for local the today. see we strong touring live

over building that and in most model unparalleled the to in live brings the created year. a industry, million business each countries XX have fans events scalable platform XXX We

sponsorship that metrics well key ticketing concerts, AOI deliver the our I growth. confident company XXXX in am ahead again last double-digit of all year, pacing will and With

XX This last over nearly fans tickets shows year, have track business, point mid-July have on this attend X.X concerts us through our million with up concerts year. tickets X% puts we million sold XX,XXX same this year. Starting million the XXX to or for from

quarter, second up had our from ever. fans and respectively, and year, last largest shows, attend X% far X%, XX,XXX by second the In million we quarter XX

result, a grew As AOI XX% quarter XX%. for revenue by the a we and

strong As discussed, first half, particularly arenas, we theaters. by business our growth million our and from been growing greatest fan through have has with fans stadiums international our X.X the base coming the

of ever. in this, Through to such to shows, capture to artists continue and as through we their have million in and start seen Ticketmaster we and amphitheaters global arenas over have since pricing $XXX is Globally, no work the value strong artists enable them sell-through value to optimized incremental from rates tools with as Platinum, XXXX. reduction stadiums, across the we demand, delivered

Further, to spend of improving at providing fan earlier, offerings. our by spending arrive time and increase average fan per food reasons the for venues beverage we to continue the line and quality less them in experience, enhancing

to amphitheaters grow $X.XX result, a by revenue at year. our fan ancillary this As per

Overall, we share, our us opportunity see organically see both grow for via acquisitions. continue tremendous to to targeted global and market

again a me this confidence of in growth year. our acquisition gives promoters, in we this deliver base concerts top our one OCESA AOI All Our global million. the of mission just double-digit business XXX of announced continues global of building that Mexico, will fan

in AOI quarter at we with music grew XXX Our to fans the connect X%. platform sponsorship scale. nearly unique and brand business providing second to existing of leverages fans, by attract a new XX% by with continuing By expand ones, directly brands our relationships partners our opportunity revenue and million

multiple Google. this span and group grown utilize as whom from growth has number double-digits partnerships, to assets the sponsors the our a such these and continue large strategic of and Adobe, over all XX% accounts of year This of range Hyundai years. have sponsorship, total we for of come as companies Much our added

the also by is up these result, mid-July. sponsors spend through committed a double-digits strategic As

to in to an provide attractive Globally, again, interest opportunity partners. messages. in year, per thanks up fan Rio particular Lollapalooza, is are festivals Rock and brand receptive they be engage growing festivals are particular when at portfolio to for And revenue EDC, fans double-digits a including to sponsors this brand for in once festival marquee sponsorship of our which to track part time on of

committed growth to in in full net brands, double-digit revenue teens the and Given we’ll the year, platform deliver the year. the expect for mid-to-high of for growth I attractiveness our AOI sponsorship the

the Ticketmaster quarter continues making artists growth demonstrate in venues, ticketing second fans, GTV with global at it ever. constant best XX% and GTV is teams, currency quarter, of it highest for that marketplace to our a fee-bearing

As quarter a up result, up AOI Ticketmaster’s for revenue XX% X%. was and the

as platform service teams OX clients major Chase U.S., world, with content’s others such artists, with most that venues, Center is the ticketing Prague, XXX and ticket in efficient technology of Ticketmaster the in in that and and marketplace further attracts leading as an the validates converts effective worldwide in Canada, addition buyers. Evenko sports choice The to

to buildings ahead major over Live is over including sports Presence Our at venues industry-leading and with digital year, installed amphitheaters. Nation schedule, XXX expected ticketing be of this of XX% rollout now

sales of have fans is now marketplace have consumer a digital, continued we and purchase same ticket improving Because time, the manage from across mobile account mobile we we tickets. that, the to for the place their shift and XX% XX% global last conversion process, are as are focused the buying, both with mobile increased year on up desktop. been the seen second At of and ticket to date. And to our quarter easiest for buy ticket increasingly ensuring

into this As future. be efficient and expect in for the and its Ticketmaster continues result and alike, effective year we growing to to solution and content fans ticketing an continue GTV AOI

with fans revenue. Each company in In double-digit growth on of summary, XXXX to more for to along the is and million nearly businesses sponsors gains starting with our more monetize of success, to we put track XXX to on the the is then AOI fans. our contributing strong as value more to sell concerts deliver platform shows, at shows for from deliver further our the continuing concert, fans, tickets

that, I With over performance details will turn quarter. through you call more Joe of this to take the to our

Joe Berchtold

was our quarter growth growth, we stadiums our Driving fans. quarter and into Getting second first ever, each second Concerts first over Michael. concerts XX%. fan and attendance across Nation saw that had up AOI the its Thanks, business venue a theaters million up Concerts. of half Live segments, was of up revenue XX% the highest with year arenas, most for and the types in

of mentioned, XX% of Michael all pricing $XXX pricing, since at of of as in providing globally. XXXX across house amphitheaters artist million by incremental optimize to our And revenue the front and of increase shows, arenas over driven start we continue an largely

a of already this nearly and Bookings million the year, shows an X% sold year. we year full tickets mid-July, now for have of full million expect increase we through over XX for XXX fans

with of up arena point be year. booked this very robust compared through over X% pipeline shows continues XXXX last shows to to mid-July, and Our amphitheater

strong, in and particularly Our driven international post-Malone are in Australia looking BLACKPINK Metallica in and Asia. arenas Europe, such by stadiums as acts

XX of per to amphitheaters very be we over up spend mid-July fans expect through continue XXX X.X festival attendance festivals hosts the for we over plus are fan last million driving year, growth And to driving While full and million tickets our this this year. double-digits substantial not fan. ancillary year, successful in year growth are our after continue this

part expect Southern first Observatory from up benefiting our California our our added attendance in and venues in footprint investments of in such over the and Orleans be to year as New portfolio expand to We theater for the with the the new year. venues the half Fillmore to XX%

we're single attendance in into year With based the we and operating will in full mid double-digit AOI deliver growth fan that growth on good visibility improvements, continued full for again digit the year. concerts confident global

Sponsorship and Advertising Turning business. to our

in fairly second between growth and evenly AOI X%. the revenue quarter, markets. America Sponsorship split our from was North the XX% sponsorship was Our came side Most up of up international while

of addition Apparel, categories expanded our also beauty strategic such part such fashion, companies as As have mentioned, of successfully we Asics. the categories breadth Pantene including sponsorship Michael and as American growth non-traditional in retail, sponsors the of and with that the

investments Instagram-worthy has are this and net the Additionally full decks spending in increased And in have confident installations we viewing revenue this growth unique VIP Collectively, sponsor sponsor in AOI high mid for our the we new growth within progress, venues, including XX% deliver drawn and existing teens year-to-date ones. sponsors will experiences year. to committed based led sponsorship from on year. to for

Ticketmaster. Finally

up up was the For revenue Ticketmaster AOI second X%. XX% quarter and

full flat the forward fee bearing global and constant at XX% year, our quarter GTV the now making was last growth full growth QX Looking the for of with is for up quarter currency, total year. QX second into in GTV up from for

The bearing the fee up primary increasing by GTV fee XX% growth bearing was of our increase And was quarter. global in predominantly GTV. a XX% main driven the GTV driver over for international

accounting XX% theaters benefiting arena in to from heavily the festivals continues activity Concerts our quarter, and primary for drive our activity. over growth of growth GTV

growth to flat results half was expect half the full for lower lower our single overall by second year. the for with activity. our digit offset first in volume in mid Based the deliver sports, we GTV AOI concerts quarter on Secondary second and Ticketmaster activity international and increased pipeline,

In quarter the across demonstrating businesses. summary, of QX an dynamics all our continued strong demand and is outstanding supply

concert at to last confident single and growth QX and XXXX of impacted in another as shifts we driving all million XX results. continue we And third across timing quarter, be businesses, up of by top mid remain will QX year in AOI line comping we our some QX, to into Looking high year record expect that the digits. be growth AOI

turn I Kathy on to results. call financial go more the will our now through to over

Kathy Willard

good And afternoon, Joe. everyone. Thanks,

and to quarter highlights our revenue to for up million operating $X.X XX% $XXX million. AOI financial key billion, to Our increased was increased $XXX the XX% of XX% second income XXXX,

to up revenue, festival All theater or segments with the driven $XXX concerts million activity. primarily and with XX%, and of by stadium, arenas along in increase contributed global our international

fees. X% from strategic Europe was to America festivals primary and North revenue ticket up ticketing sponsors in and growth and X% Sponsorship to due increased higher due both

by second quarter. ticketing and Our up of all AOI growth increased segments XX%, sponsorship from the the by was was again XX% quarter drivers for with XX% the discussed growth grew Concerts delivering for each double-digit XX% above. three growth by driven

by in the the year. last increase $XX the second operating quarter $XXX as quarter net income for year, for to driven million by XX% last drove Our over million the AOI also in which income increased compared to increase

$XX non-controlling quarter a million, $X.XX. of of share with the per redeemable For interest earnings accretion was diluted

balance our to sheet. Turning

net in concert cash June in related million. free million of had $XXX of ticketing XXth cash, $XXX we leaving client event including of billion As billion, and cash cash total $X.X $X.X

months cash by event the Net cash working for million $XXX operating due last compared timing adjusted the to first months the related activities capital. of Free provided flow partners million six was and $XXX to interest $XXX for at increase, six in year million, the of distributions last of the first maintenance for the our timing line the non-controlling half was AOI with expenditures year. driven to year by capital

June billion XXth, $X.X was revenue total of our As deferred related XXXX. consistent shows future with to

capital expenditures item. first total spent six XX% were for Our on million generating months $XXX the revenue with

debt average cost debt total X.X%. and was weighted XXth $X.X as Our was our of billion June of

fairly XXXX, of remaining remainder $XX evenly million of the with that redeemable For expect the full year to will non-controlling be quarters. the between split remainder for interest the accretion we continue

QX a negatively current third them X% AOI FX rates in In and X% the we quarter. on to impact on percent, X% both we based about impacted expect and by to of be revenue had negative

more cash to we XXXX with will We XX. be as a on million, expect be in mid that total approximately flow for of XXXX adjusted the revenue the expect full our CapEx. capital percentage than free generating for expenditures $XXX And half year AOI currently

Thank Operator, we joining today. for you call questions. for now us the open will

Operator

take Thank ahead. with first you. our Please [Operator Instructions] question We'll JPMorgan. go from Karnovsky David

David Karnovsky

Hi.

time the on side any for I as regulatory number a did partnered line Columbia? then a on, but and just them of OCESA in you on years, now how know accelerate acquisition Mexico this with the around promotion approvals in of And expect you both detail what and the ticketing can America? Latin Just follow for you've provide

Joe Berchtold

order. those Joe. This in Sure. I’ll reverse answer is

on regulatory QX with exact don't later the we know the I think expectations timing. year in our approval

of you. building Mexico. So our then Thank further point. probably how way expectations in a this us how to part talk we at Michael I'll that's OCESA into we're it and going about in not accelerate But and year as a help grow let

Michael Rapino

ongoing concert, our strategy. It's Yes, the still excited consistent there. We A the we're of think business and big lot both festival, venue acquisition. a global bolt-ons about fragmented side. with there's out

happens a chunkier top others. them five to This are of business. than Some global be

helps are this think overall global our That on tour is for us we looking obviously our helps sponsorship, So solutions. - business. ticketing business. and more our It helps our a smart more as business brands global touring and

obviously it lays to our big continue to American business. Latin we from Aside can foundation how a build

an be the when box fall. drivers excited all the of close core and on checks growth in we'll it's So we our

David Karnovsky

Okay. consolidated We that in the Rock confirm City. this reports the Rio potentially majority Rock may saw your some you take case be whether included Nation in and festival press Live is in if year? will Can this results ownership

Kathy Willard

Yes.

this and for we is year's all we be did we based Rock give to included in festival. able on result - guidance consolidate Rio will Our give that will

David Karnovsky

you. Thank Okay.

Operator

David [Operator Instructions] ahead. Please ISI. with go next Joyce from We'll Evercore question take our

David Joyce

Thank you.

the more please and yet? in that don't activities now. the ticketing can opportunities they've there plans about you. sizing the and Rio, your their But cities. If I for Thank any taken that have OCESA other in of on to you in also Do you the some - what have you you in right could XXXX color talk are think provide Rock past

Joe Berchtold

that's I'll second of XXXX probably the on in the the world. one it ranks of year, festival And Rio brand Rock the that It year. selling in festivals every work a over biggest every happens the magic created. the in part top sales world, and ticket happen actually is -- and it doesn't probably as backwards, is

well and acquisitions it's bolt-on instant own kind And for mentioned don't office Ticketmaster a global our complete start our to itself makes great or business. to division our have we in think It do basis. from building In launch into the of concert Brazil, sponsorship to we - we'll brand it ultimately there. as a we in try So us services big on as to synergy. out our obviously to will there then entry some an with we that look you ticketing support look all case this Brazil give

you see OCESA, in usually today public we of of talk Those to about the this close the we these not because them so numbers. we much case, don't on details going give until size and this a be the we out we're lot did deal figure an other from actually could out in when go probably all will the math a close as X-K the and it company, so side. OCESA

ticketing, touring. excited. like They’re with we're festivals sponsorship But strong vertical and ourselves business venues,

then So we're have them part to for - and platform. excited been our of as our partner they've years and

David Joyce

very Great. much. Thank you

Operator

Arthur And take next Huber ahead. moving Research. go with question we’ll from Doug on, our Please

Doug Arthur

quarter, North It were in just Joe, quarter, in - the on thanks. a going looking attendance into anything be noise? the in actually just mean, is America read we fact you this was to second I Should so the not that of concert you digging big obviously shows. amps the segment in for that into about growth highlighted growth the Or source this international. of Yes, year? smaller kind events are quarter-to-quarter metrics of up, but like the talked lot the the down, your looks third

Joe Berchtold

I at of quarter-to-quarter bouncing wouldn't around. a and all. it read anything It's combination geographic into

tends activity going international the about stadiums So a lot are very that's year. to stadium in where and this on bulk the we've strong talked have

shift is per you have are, not as attendance give to to going some the whenever have same going So that's you that's fire there. they on theaters And show.

that all over at last anything of read growth it. wouldn't I million Amps X.X incredible into again, fans. year So

element years with a see in tends around It multiple growth move same growth don't different the year in driving to the multiple geography the you pieces from. row. - your come same the usually So

Michael Rapino

a But over to give years you us year. five amps some they've perspective, been at if at look growing continually great

We growing. expect an keep to XXXX growth. them exceptional was

the to the that If year year. continue great and would next out grow. will And year be you've leveled growth after think this we a business

always Nation of is diversify the we've platform. global But one also venue ourself said and great -- realities on of we've Live been a we

little than U.S., are arenas be to So a hotter than the sometimes stadiums year. be that amps stadiums bigger than international bigger might or happens

may fire. less always other other shows to And or we've that's XX happened segment before. one than diversified be maybe But the how the the ourselves country year where on

our goal So the been goal - diverse business. but our that's growth cycles having global the global ride that you always of way, continually. net overall a And you

Doug Arthur

end the into third - at versus side that first despite festivals And this on quarter the this move would you the highlighted at two ago. year second festival one the mean, least year or quarter of major I

still you're the like third pretty bullish for through outlook quarter? festival balance Sounds this the on

Joe Berchtold

this extremely over portfolio fans type XX why is of and a question perform said for our million as at with have festivals great festivals, said, we're we to what part we The No Along large year well. Michael reason we'll portfolios. why every continues in year. this have it's venue the

aggregate success have So see are. that of the type when we we can growing the we

Doug Arthur

Okay, great. Thank you.

Operator

Drew question And our Please we'll take from go next with ahead. Goldman Borst Sachs.

Drew Borst

Thanks of I those incremental the for part you this still connecting platform using promotions down your you're that's per to as about did the fan is amps something wanted two I question and is wondering or the I an presence the opportunities onsite seeing that that additional this the is the guys to at of out of I'm amps, the Have to your out promotions one increase at guidance, guess growth? these use concessions questions. things, line? reason the rolled come fan noticed I year, you're I expect ask for is, that you X. rolling guess you from up think taking the $X.XX spending into presence amps.

Joe Berchtold

this Yes. is Drew Joe.

we May the XX speak of two it place, plans gave shift of shows at the a beginning to the ramp on from the that really in all, of X you First was based when had hadn't to yet. in

third we're our giving shows, third you on results comfortable plus of of based we've more that had our been. Now number shows have what through the specific guidance first

and to As Presence, opportunity. part this great it's the absolutely it we're on go built will for promotions us of fully a relates getting as forward year not cap per more spending rolled opportunity that, a That’s but of engage it the and agree, is be Presence XXX% be out to next year. and fans that'll site

Drew Borst

could I If or Okay. ask more. two one

disclosures On made the about City. festival Rio guys you you of the X-K acquisition the financials in in made when Rock Rock some

I think I like order looked the XXXX had $XX the It all million. when they did festival the time was right. to $XX of math last somewhere on the in EBITDA million the

Could - grows But about you obviously of now I hope are correctly? you is that guys it that - just involved. sort am I sound about might sort broadly thinking mean, confirm that right. that that of it

Kathy Willard

numbers those Yes, reasonable. are

Drew Borst

Okay.

Kathy Willard

sponsorship it’s And a well. as business

Drew Borst

for probably lastly, just you then Kathy. And Great.

like you're Just on CapEx? months full know about I year expectations about through up just sort talk for at CapEx, XX%. you're the it of six XXX you looks the - Can

Kathy Willard

full to million we this half point of that's and on at said be expect Yes, we $XXX over around that generating year revenue items.

rollout it's amphitheaters including growing that’s things like So at just… EPS increased benefits Presence the and that

Joe Berchtold

the we've talked theaters some about been building. We of that

the that capital a use think We are good revenue growth at out that's generating the keep So right XX% of business. think again, a the that now. we is great running to we it's spend think opportunities It's there and building thing. CapEx capturing

Drew Borst

acquisition sort we're Is right? XXX Televisa like maybe about for but On about one. last order from really finally, in XX% - you're disclosures the also for $XXX looks made another buying cash stake, just XX% them, it CIE. their is that how it like of outlay sorry, about million about to this some you're then paying it's talking much OCESA, And to XXX somewhere

Michael Rapino

so Like should… nice. That's we

Joe Berchtold

I coming laid get mean, - order. K think numbers rather give have be out fairly better that short so I that'll shortly than to numbers the the now all out, in loose better

Drew Borst

Thank thank. Appreciate it. you. well Very

Operator

question with next Tinker John from our take we'll ahead. go Gabelli. And Please

John Tinker

think in revenue that noticed effective Hi. volume How that StubHub eBay that up box? keep was you quarter. very growing X%. have up, X%, was mean, been I they Congratulations on up still a at given was the I good the you disintermediating do numbers

Joe Berchtold

Is he going next? to question ask me X Formula

John Tinker

that that option we I XX% – are Live formula… Formula value thought You actually Nation on should of was an X,

Joe Berchtold

take That We're was it. going note, into in the I'll a get not StubHub. to competitor good

years. our You've in. business long think has term, a global its opportunity. it's a think secondary It's that is of been term following long tough their We global business own. don't ticketing business a We a on numbers - over businesses piece great think overall a the itself we we're it's the in

global position. We our client like like right like mix we our our and So now product base. we

they sure So I'm what do. not

John Tinker

to [ph] years. of bought I XX% [ph] BLA take option of noticed four it Event Front’s that certain control in

rest So of of had of look or world the you're would you continents? the how took rank terms looking countries you a the sort priorities the in at at

Joe Berchtold

-- XX countries. We wouldn't rank in them. its We we're think

So, think I nowhere Event near that. is not -

So are global we a business.

on invest look that city to as by in to and at are going more Tokyo. are there we're There we basis. great well a New grow as in So in, opportunity Singapore opportunities York

diverse a on fill venue, global whether as basis we cities markets still a where to have or being think and a of that or are kind list promoter a bolt-on. festival our portfolio we and So, we're a hit it's want underdeveloped we we as of in

it to our to So world can us build that where see makes where drive business. shopping the overall continue sense local market we you'll around

John Tinker

Okay, thanks. Congratulations on the quarter again.

Joe Berchtold

Thank you.

Operator

Please next from Instructions] go Stephens. Kyle We’ll ahead. question our [Operator Evans with take

Kyle Evans

kind Platinum If being taking I adoption. quarter? where inning for was market secondary impact flat end up you think future pricing we're dynamically your of Thanks and of How for solution, the my you like priced? own GTV much a we seeing out house think the great any on do into questions. look in looks the what are in could

Joe Berchtold

give can I'll some go mean, you background. macro. Joe then start just I I'll Yes,

is is - can decision. think think - sports than obviously in controlled, the make I because leagues more music, we're I a very global in which the different they're meaning

how inning price show sports the maximize in how seventh they do the pricing. the terms they it of sixth is content, or think their combination or in with right do of So I

music think ways second, event? best the that the price in a the subscriptions, the a can engage. versus third all inning price our do a, I middle at do aisle beginning the we Saturday, seat end How Thursday artist we different show is an and on. versus the How

a So on higher successful - overall super and been seat. the Platinum great to a business. I think early been good sale is to that's there's days a tool tell that is for very way still the your price a And on a artist get I think that in

If fine We much on at be. still artists still brand being his still I think find to to say capture huge pricing line secondary, looking that how message there's between will you at more. many his left keep be what and what for look strategy there's a would is needs innings opportunity traded to the

the say I back. And less it's but always than more, sometimes when remind price I capture want it's people, capture to it more, it's

the they're by dynamic holistic it's every on stage on. that right that's time strategy are holistic and the house sell on that on up day perspective a how getting So smarter the pricing you do a performers

Kyle Evans

and The total seats, to points time, over think where shows go of do can kind you of that where seen roughly? been the two one I've have

Michael Rapino

use grow but make of absolutely that we shows. further pricing of a may we're in you that Clearly, than intelligence a see Yes even that house number bit obviously so also I pricing to of and most quickly we're all appropriately the full the for pricing continue some if XX% cases of through inventory, their think other not to first across be to technology that seeing the sure tickets. the themselves the room and higher

to that - to that applying may from taking be price learning, ones house. there not benefit be overall The dynamic, you and continues other machine it but intelligence artificial additional how the

Kyle Evans

XXX you smaller forward? before. Last about the going to continue business top performance that artists of don't I way expect that recall Great. the the broke Is apart and trend you talking you a artists and one, the

Michael Rapino

saying Joe House consumers XX Blues the question deep always to a the and we've to the stadium. we've and love that going of I going Troubadour mean, this superstar be years I – as get sure. for for that business, is been Yes, next asked been and much as the who's it

So talk it year. we club Asia. it. even about Very just about the a investors shows to or talk few want XXXX do acknowledge We

remind And shows, live is an So fan. that we continually we're just to show wanted and at for theatres, incredible seeing club the more shows. levels going small all experience more to a

You things ideas, residencies, Broadway, out going look year new at at like this Springsteen there theaters on price. smaller Madonna higher doing a new

you're So unique smaller that's at look unique art and see will to opportunity ways, think more more artists just sizes consumer going in for venues, I to and us. venues, traditional a keep venues, the to huge bringing their location

Kyle Evans

Thank you. Great.

Operator

like over I'd session. for question-and-answer turn call remarks. closing today's concludes the to This back to presenters today's or any additional

Michael Rapino

you Thank summer. great all. a Have right. All

Operator

conference. concludes Once today's you Thank participation. your for again, that

Live Nation Entertainment (LYV) 25 Jul 192019 Q2 Earnings call transcript