LYV - Earnings call transcript Q4 2019 | Live Nation Entertainment, Inc.

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Operator

Good day, everyone, and – my name is Pillari, and I will be your conference facilitator for today. At this time, I would like to welcome everyone to Live Nation Entertainment’s Fourth Quarter and Full-Year 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.

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.

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

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

Michael Rapino

Good delivered afternoon, our AOI to with fourth quarter call. In and and conference and welcome consecutive growth, full-year XXXX, its of X% XX%. XXXX Live year up Nation revenue up ninth

million business, concerts of in of with growth was concerts, globally, all core of Starting our XX business and flywheel fan effectiveness driving our the the ticketing, demonstrating divisions, AOI up our count model. sponsorship our to X million

concerts live shows and festivals, In find share fans continue segment, to the way to best over the increased other top grown annually, club experience, U.S., favorite a celebrate on tailwinds In strong the live five to our globally. X% artists from their past experience with structural consumer and the to arenas entertainment Concerts entertainment years for to choice fans. has demand the providing spending drive

international of demand festivals, to our up With count arenas, AOI was clubs XXXX, This contributed X%. concerts North portfolio, fan and we in dynamics, X% growth with in across revenue & these delivered growth growth. XX%, of in theaters America, broad-based while our

by across $X to Nation past all strength we over countries, the well footprint of enabled types artists we XX,XXX the genres of invested the attendance largest our over portfolio music. and have with, club in were building with global value supporter promote shows billion Live & XX far consistent financial of double and diversified up highlighting theaters growth festivals, the of several markets, digits, the Globally, of artists in work that a And our years.

are prices house up face tickets ticket Average at year the shows while XXXX, since of are arena in of at want across the Platinum for onsale. X,XXX artists digits sales double seats best XX% sold the the up value and for our shows, as more amphitheater dynamically-priced

Even a with concerts increases, deal to remain fans live these for experiences. relative great other

was average Our XXXX, amphitheaters relative concert a game one a $XXX our $XX game. $XX to ticket any for an of for at over NFL NBA in

with lines, improved and $XX spending clubs, grew as our fans across at as improved head, result theaters offerings. VIP the amphitheaters, & at all hospitality venues. we the grew The also better experience per fan per our At festivals, for Once show, spending our well. to a $X.XX operated hospitality of our offering, grew focus our on-site product reduced average over spending by friction shorter

added new We venues clubs. six festivals XXXX, new in & new XX including theaters and XX

of gotten have money for accelerates part our we several we over flywheel. better opens to at where us the per As operate buildings, make on-site the on-site more opportunity years, past more which more up fan, this monetization hospitality

by arena strong same through XXXX and stadium The confirmed concerts. and is shows, strength growth, and XX% for have tickets America XX% shows, amphitheater business types concert count of up our show X,XXX arena, pipeline North a All sold with from continuing of stadium up last XX million, to the year. venue led mid-February time

the revenue globally, sponsorship double growth year, AOI driver in grew by high-margin clubs. broad growth theaters & in a digits business, by Venue we our In across XX% was up sponsorship XXXX. and with amphitheaters, key XX% festivals,

a had Festivals year. particularly strong

this segment over marquee sponsorship to in our Rio XX%. of festivals, in Rock of addition the up was With portfolio

fans, spending approximately and a segment, revenue in with reach top this our up XX from been our of million driver Our also collectively key group strategic have sponsors the sponsorship to XX% sponsors year. $XXX

In success demonstrated working as the Live concertgoers. particular research, XXXX, leveraging with of their Vans by Power base and the of space importance to brand Clinique, our with lifestyle we partnership brands, products in our broadened we including Revlon,

reinforces continued XX being million our to of year sponsorship during in and over of of Brazil, fans With confident segment this for in will live year revenue XX% budgeted brands are our off for despite power and the platform we we Rio priority this of growth net All sponsorship in experience. the fans the Rock deliver committed, year. reach XXXX the an

built primary acquisition ticketing position customer growth XXXX, in secondary further came notably sporting across events. Most XX%. and leadership secondary our ticketing through its other ticketing the Ticketmaster volume, both and costs by reduced NFL of in growing from AOI and

particularly our in business we our promote We markets in tickets yet growth countries, led tremendous global internationally, concerts tickets ticketing sales. concerts international services international ticketing a a basis, operation. in XXXX, strong provide where fee-bearing by XX continued growth XX in have now GTV, substantial and on for drove the and with Our delivered million don’t and XXX opportunity ticket

international markets markets. Ticketmaster’s highlights our our and now Singapore across expansion and recent this the Taiwan leading growing leveraging out build our flywheel ticketing more to we presence of concerts to Asia, into countries entry position opportunity, in continue markets seven both these as in these

providing than as over whom fans, secure XXX in for major fan their deployed including Ticketmaster tickets top half information venues XXX entry. Live was the events the buildings, digital see and North relationships. of XXXX, by was digital sports Presence key In to end of differentiating and teams over Nation used million XX,XXX which in of over priority operating our XX% more we for deploying ticketing maximize XXXX artists our and venues, and in Presence, with tools product, America,

accelerating, digital American and fans venues, Ticketmaster these point, cover and in are the Live of We Ticketmaster fans X,XXX North end ticketing. attending by At over of making we events and Nation in over with deployment will XXX have we to XX% by XXXX far year, at further that XXX% our in the sports major in global of leader buildings, see all Presence planning buildings. the venues million

getting Artist-driven one initiatives, with their ticketing such into as strategy how At effectively. demonstration hands more entire serving of their is tickets of the enabling Jam’s fans, of ticketing is the digital Pearl fourth being tour greatest we content scale $X over global in GTV. to time, selling the our fee-bearing fee-bearing million continue with quarter and quarter GTV ever, second-highest tickets delivering same marketplace, our ticketing XX fee-bearing over billion SafeTix,

both and lead continues digital the ticketing. Ticketmaster industry, to operationally ticketing in

ticketing ability Ticketmaster’s Looking extend I’m ticket as in add globally, events digital that XXXX, more more at confident we our position leadership platform. expand and customers, to

business for building high-margin and another ticketing sponsorship in businesses. XXXX was Nation, year growth Live and In our summary, strong venue, driving global our concerts

double-digit and show our so deliver of very XXXX, to at sets our year flywheel across count activity strong Looking venue types backdrop against far a fan all of global up markets artist and another growth this growth. year high

to the details. to over through With this, turn you I take Joe will additional call

Joe Berchtold

Michael. Thanks,

segments, business Looking at our concerts. first,

Michael XX demand As X% strong highlighting grew fundamentals indicated, underlying global our attendance the million fan and the with business. demonstrating fans, this to our strength growth portfolio of

seven globally. Festivals the clubs, a including festivals Theaters with Rock also festivals, globally deliver Geographically, clubs had to with nearly in million strong international fans. Rio XX% XX% growth & strong XX fan growth stadiums, led & helping year with new had a driving XX% year, year for growth fan and growth growth. fan in theaters

fan for consistent by decade from the the is attendance that more million up significant creating our key out XXXX, demonstrates our resilient scale growth core in closing fan base, over doubling at XX of and than Our milestone the flywheel, time.

shows, was our fourth our attendance advertising show AOI the XXXX, more lower, shows heavily would concerts increased flywheel and up, advertising an have AOI associated build count were and at to expenses specifically sale in up digits. more an XXXX increase venues. higher with Without in projected to related fixed while quarter, for the driven than from by operate been Looking on continuing expense double expense putting XXXX this year

XXXX, In of delivered growth. both of double-digit AOI festival again in the helping the year. Rio Rock addition and sponsorship. to growth, on XX% for over XX% sponsorship International up international growth, with Moving drill drive this we

AOI XX%, the growth up was XX% was of helped with quarter, by For Rock Rio revenue second the fourth and weekend in Brazil. up

demonstrating business, Rio Our the of pipeline our having parts to growing not continue shape, all flywheel in driving year. good and despite Brazil expect is the this in Rock we of for AOI, strength concerts, and sponsorship XXXX our

Ticketmaster. up while year. reflecting geographic quarter, the quarter, stronger Finally, fourth fee-bearing timing America Global GTV XXXX fee-bearing relative to the versus record both GTV stadiums of XXXX’s for X%, was shift the down for an previously was projected. even expectations our in quarter, quarter, matching was was the North was was concerts than and XXXX down volume the shift flat This X%. flat pipeline while reflecting GTV in last international

XX%, a up data benefit a was last in costs for the GTV, competing the from customer reduced fourth For drove increase third-party Ticketmaster These AOI the then quarter, acquisition costs year’s to X% improvement quarter. against to our factors margin related same due and bridge. secondary

we XXXX, sales. expect a The on GTV, give so concert points. QX, and A had will context of drive slate stadium lot the some lately, will we I wanted more the press of have most strong when to including at Ticketmaster’s strong coronavirus us. arena Looking our for few has

XX,XXX cancellations relates levels China given fans. with XX and in it Asia our minimal, as to China, been activity approximately show totaling First, generally, shows have shows

the limited region. with Asia XX Looking over the in shows next and our three fans is XXX,XXX months, activity

it this of expect for Collectively, as over accounts fans we our the approximately Italy, our three we this next year. than fans. relates booked one have X% less shows of to with shows Second, million-plus XXX XX attend XXX,XXX to months, half

have outside Thus we of is year, pullback end diversified next that is while the our broadly, from this XX% expect one few breakout further or specifically we be expected of geographically. buying June the over of we our with there fan through strengths no our affected the highly year. overall, ticket areas that latter and far, weighted demand attendance are months, of attendance More of will in the our part seen areas of this towards

And to the we sometime OCESA acquisition to their expect on progress make close we in the acquisition, this working with the point, Finally, regulators on second in Mexico the continue quarter. review. at

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

Kathy Willard

and Joe, everyone. good Thanks, afternoon,

Rock XX% deferred to XX%; was fans revenue revenue fourth our last sponsorship XX% AOI it by XX% more revenue billion growth, $X.X increased primary of days the in was of ticket up volume; in revenue by XX%, and compared up secondary result higher ticketing quarter due was the as the year; for $X.X December improved benefited are: highlights venues. increased future and of XXXX in to Brazil; driver operating key shows, from the of of up up Rio grew and four to concerts higher related Our billion, advertising was growth headcount declined shows AOI rent, second $XX and AOI of in revenue Rock to XX, as driven $X.X million, and lower weekend as a for for resale as concerts billion; was shows; X% XX%, sponsorship ticketing; to to we from increased Rio expense primarily volume XXXX cost additional and related

As for year XXXX shows future we so at we’ve end before, year, show-related recognized of the advertising higher increases the our shows expenses. for sales our of and volume noted the on

by loss Operating in a year, non-controlling the the loss loss as was in was loss net of compared million, interest, million mainly Net year to the of prior of $XX million, $XXX quarter expense. the the for and a interest higher driven million to a taxes for AOI. $XXX $XX quarter higher result compared prior

revenue a million, to the partners. of was up X% timing increase up X% XX% adjusted full-year XX%, $XXX free representing NCI over XXXX. over AOI of to For million, AOI distributions was last was flow cash due billion, $XXX $XX.X XXXX, and year,

Revenue a clubs and up & growth programs of and also concerts, venue arenas, number high strategic across festivals and revenue from XX% our globally. by related X%, international America on-site we was attendance stadiums by in saw was primarily Sponsorship Rock which demand sponsorship as spend. strong North with growth growth and was Rio, driven sponsors driven growth, our theaters for

was revenue fan number theaters and In fan shows to AOI AOI contributed festivals grew lower base growth. from clubs by costs. segments grew higher festivals, contributor our our our and grow AOI of with XX%. and up clubs. Concerts largest XX%. improved along on-site operating our and X%, All arenas, theaters Sponsorship as AOI we spend our & at across amphitheaters, ticketing, of &

XX% over up increase Operating $XXX income the AOI. million, by was year, driven last in

non-controlling $XX for $X.XX, Our full-year of interests. after due in Net the net to million to million, $XX was share $XX was income improved our loss per operating accretion XXXX, compared redeemable in results. million

XXXX, AOI. we on both a For saw X% FX revenue impact and

balance our to Turning sheet.

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

$XXX million prior last Net sales Free was and $XXX $XXX million, cash compared to was compared payables adjusted to of due million, million provided by timing operating year. activities last versus the cash ticket year, the to year. $XXX flow

Our total $XXX of on were revenue-generating was million, capital which items. expenditures XX% spent

XXXX, as $X.X Our December with October, of after weighted total net average was X.X%. debt billion, a of refinancing our cost in

will the Our current in expect occur last year. In QX, our while for in some come the year, expectations AOI quieter Festival Rock for not concerts, Rio XXXX with in activity of having the less Brazil, sponsorship, seasonally in bit to include: a we most than and we XXXX. biennial growth in QX, QX expect growth

strong higher the this drive in too It early to us particularly for year concerts to activity, for QX. currently XXXX. impact expect GTV ticketing, In on-sale in slate predict FX in with growth is we

future We the developed. guidance provide will in year as calls

All a constant currently of is our currency guidance XXXX. in to

first We approximately currently accretion across expect expenditures expect the our done be XXXX, distributed for of about to quarters. million total non-controlling driven in and $XX be fairly with to remaining the the largely increase with $XXX And by million, rest expenditures. revenue-generating the half approximately we evenly interests capital quarter

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

Operator

from [Operator first our you. Instructions] Ross take Thank Partners. LightShed with We’ll question Brandon

Brandon Ross

you that. especially to the gave the question. the the potential really want guys, room over think as and good for Hi risk Thanks period. show And with Italy I summer cancellations, the Asia. broader investors elephant may the some bat for corona. But taking on there well thanks us off are right Mike in color downside address understand if

To would understand can is show outright. impact the guys extent what the buy us tours you financial I that help know you an canceled, many be? individual

if artists, tours? year. that are cancelled? by regions shows corona, pay $X are have affected you And flexibility billion there like you reroute think, left the holding per then I if bag to Are the you do are

gave pushing think corona activity you indicators you really out of up that without covers finally, to obviously, is big most leading a there impact, And year I to be it. corona. would shaping strong anticipate If that for XXXX, major XXXX?

Joe Berchtold

Brandon, this Michael is and I’ll Sure, started jump Joe. can get in.

about the latter terms not generally is point, in that I artists the right think see talked being is not their the just talked to the part earn just is shows, in of what context it’s living. of how they doing about first being put they thing anything about do your touring as timing, being fundamental discussed, is talked the we’ve long and

specific hit They��re or very look Absolutely, flexibility be and planned. to to at there when go It’s hotspot, certainly was So back don’t when? talking exactly not touring. it’s reroute later, as come to have is that talking So need as there, opposed them we’re area artists. previously we to I all timing. saying about be they want where as can just any

generally artist. we occurs. majeure some have the clauses. we for In to limited, we the where don’t think show going wouldn’t again, or pretty when pay to canceled, reroute force were But, either show we be There’s reason artist to If have a ability that some pay to be reschedule. the that’s general,

Michael Rapino

and a the cancel little color Brandon, And the cost. on

then If play. if Milan, an We There’s in show, the artist. cancel So pay And the replace until show don’t artist. don’t incurred. we pay next a month artist artist no artist there an cost. we they cost when will no the pay be says, that we

you. have the I afternoon you Saturday ones are gets where when ones and manage. are easier when you people sunk it a always have the That’s the some mean, challenges there. sitting on festival ones affect more costs, – the the canceled XX,XXX when that actually So these to some marketing may

When venue, you aren’t the anytime you in isn’t cost actually cancel in incurred the there’s the paid people have cost. a yet, two show, month, the artist haven’t advance, no the at you month,

economic reschedule a reroute no So us easiest for this cost – is to to challenge the and is us. show

the not good they said, won’t this XXXX, to the moving tour business. away, and net a is on to off quarter. or will Joe it’s As The have going whether demand, quarter news different a supply go the we in artist show is the fall, just lose jump

other because tickets on went that on we’re a the really real And business buying to with, had is be impressed we last that a the just Australia resilience demand still global The part fan up. seems talk basis. about in is, the a always as the sellout we concert The consumer of strong. festival of night,

be there. will demand supply So

we assume will But as up and be a we going we’re and here take show will show happen. revenue and hotspot cautiously fan canceled this The flow We’re the show up. will flare the and the long-term, confident, watch to will markets a will there.

– as mentioned, macro of most XXXX, our business start till I a On June of doesn’t on onwards. middle a the micro think Joe

be the have and all months we’re relief assume, But right some now, hope of cautious handled the we’re doing artist. bring cancellations, thing business for as we summer arenas And usual. the the clubs, in the we’ll us there I right can summer. here our in it some business and at few but markets, some that this months, So looking next we’ll heart optimistic being and happens

with the great demand of along We’re industry. playing this

Brandon Ross

Thank you for color. Great. the

Operator

Morgan Next, we’ll move to Stanley Ben Swinburne with

Benjamin Swinburne

gave into could you relative help to growth quite you if think XXXX? But – you because for us wondering put good comments, financially growth XX% shows. which those for press XX% guidance in specific the leading you delivered gave the XXXX, XXXX, don’t even in you seem I numbers just your the afternoon. on if sold help and think they wanted Hey, confirmed about two I opening ask your in context, just ticket understand. could to robust, up release indicators particularly I

understand then, And macro-related asking but more you secondly, virus apologize stuff, sure for and I’m why.

you think two remind we you. help so show of sort Just of, or us sizable how us we see much side, specific? as sponsorship the either can versus impact can On postponed well? business anything sponsorship should are is one just Thank if annual multi-year about that that shows relationships if

Michael Rapino

then global and in always annual our of do I’ll now most – sponsorship with talk sponsorship we I’ll our about reports partners. our strategic –

longer-term. the over markets. multiple most – They’re of they’re very multiple that So contracts years, – three events, over matter one mostly most not are our to are ones

beautiful have different one is don’t don’t business, which have is is the risk that’s of makes XX,XXX part million we which a So one over one dispersed bit across $XX us venues and genres, shows parts our across event, globe, the the the dispersed we It’s show, really adverse. event. big weekend, that

over we to sponsor canceled, to would see If point, no We’ll all. show show next get risk years, sponsorship back the shows, our the net for So we’ve up for the going a the at long-term we’re of delivered long in kind same a as as Again, that the later. then, going deliver all first the show. pullback sponsorship of sponsor. make growth, no see we’ll that the two the commitment, tickets at amount

Benjamin Swinburne

Thanks, Mike.

Michael Rapino

you can Yes. We’ll how yes, and is Business the a on even headed strong, he XXXX. will for give – we’re record talk about that. will – model what Joe

Joe Berchtold

Sure, Ben.

generally with makes to the to couple in you specific OCESA year the just of February, do reasons. for harder it’s timing the And looks you on we don’t overall said, uncertainty you like. secondly, on tried guidance We that it try early. give a give a what full-year As it close, the bit haven’t to

in show fans. absolutely confidence the XX% up up the lot But are count. on The a on on taking of XX% the far so terms based of we being

we’re both to not I where I end strong indicators. are good going growth think this leading we’ll those projections exactly They’re up. have But that pretty think, year. they’re of of indicators

Benjamin Swinburne

Thank you.

Operator

to Khoa Jefferies. Next move on we’ll Ngo with

Khoa Ngo

up any anything Thanks that afternoon, is as On all. government? held the you Good to Mexican with question. can specifics taking still provide Hi. OCESA, why there being it’s the for

your transaction pretty big And competitors there with on just is closed high. was the a broader question seems more in level, that multiple second mid-February then and one a of

so can attractive And that the the like think enterprise, about enterprise? if in value segment, concerts you we – embedded just pretty multiple Thank embedded the value think how your apply in talk about Ticketing Can multiple. it get the at a seems pretty broader you broadly the just you we and sponsorship if of you. for

Michael Rapino

take one me let the So on first OCESA.

we through thought I think, be we were business that gone months OCESA very process. ago, and they one the a familiar entity same with the would was several started of that, because it reviews when that this by some the just government fairly quick things

in got As with it a a different ended put department. team different up, this transaction

bit So of the to a start little in the we had more basics at industry. terms

shortcut much it us as we a to we taking longer. that So bit recent nothing great discussions point weren’t to this on at concern, as thought. able give most based There’s just

you In Ticketmaster of a up terms the all at view the different It’s market, business is simply that transaction, great them. our to look, value building on in focus of and specifically, we pieces. guys our throughout

We’re building the expect our shareholders up down be value will that. for for doing and successful and in flywheel long-term it we this

Khoa Ngo

much. very Thanks

Operator

to [Operator Doug next Instructions] We’ll Arthur with Huber move Research.

Douglas Arthur

concern festival to obviously? kind is could business the spread a would in back wondering any for Europe I’m in As going be most my second. beyond – a there I was if of the so ways you off. mean, cover of that XXXX you it’s on wider Joe, Just said, Italy, if summer,

years I business part five package. think a the ago, and But your is Europe of festival in – big

you, there I component, less festivals you the or of if down slow think, outright on some in or attendance of given these wondering just growth over kind could business sort of some size other was of continent? of even – the large size But sort that of a it’s I’m less frame markets. big if for today cancellations the the as

Joe Berchtold

Yes.

our festival roughly of fan total percent single probably portion total I fan base. half our in think of festival our that be a largest double-digit base. our I think would of would business be low And that

and continents. change time-wise XXX very diversified across festivals. multiple It’s diversified we’re over geographically, So

were So expect if assume and there be you into I terms fan not it’s to count. impact broad August, situation geographically. be and July in we a of still, to our that would as get a located

Douglas Arthur

little count on the I quarter. small America event asked Okay. like North in your fourth And quarter massive high in recent clubs question of looks in of quarters. one was detail the relative year-over-year that then continuation question theaters? But and this to just just Is before. kind very and this growth it

Joe Berchtold

That’s I in Yes, think volume and number theaters theaters & growth clubs. – attendance we of there. called out the on clubs specifically the portion & the in that my

So of that most in it is drove what QX.

Douglas Arthur

And no acquisitions then, America? there, there’s in in North right,

Michael Rapino

Not a substance.

Douglas Arthur

Maybe….

Michael Rapino

released Maybe scale. an club acquisition of Philadelphia. not in a Yes,

Douglas Arthur

Okay. you. All right. Thank

Operator

to on move we’ll with Glagola next, Cowen. And Stephen

Stephen Glagola

Hey, good afternoon.

per the facing? both Thanks. Asia, the in into economics States of may million you ticketing? opportunity recent in a $XX light promoter company’s countries, Europe from in to from Singapore. discuss in a just markets AOI Investor those may guys structurally American/Asian Nation ticketing you Can expansion both markets How markets of be with any presence. the Day and Latin Taiwan challenges and presentation in Ticketmaster’s want those November, consisted entering These Asia markets Live ask of level that and differ As highlighted the United new Latin you primarily incremental just high and ticketing America

Michael Rapino

You’re well prepared.

Asia in our business is nothing right of X.XX% less or We’re – than now.

not strong us currently. it’s So a for business

look – the to we that global – left South Latin America a and we at of said Africa Asia. on from world we in opportunity lot look have a would international on I all have to liberty across think I basis,

are great we shows. that low where market markets those in – all to and us going for be some put are think India cetera We have markets et and are share long-term to starting

we and – ground were get over time. the to happy more we’ve Taiwan, a helped ground in businesses the flags flag small in in So got and Singapore little

in bottom to Asian still think from overall to as don’t emerging line. upside, very business those we years new. a markets business, to well date five hope are America. not But Latin contribute now, is of actually three And our the but to much big as Lots contributor the we

Stephen Glagola

All you. right. Thank

Operator

call conclude or this I’ll our additional does comments. time, for session. final our to That over any back question-and-answer turn At the speakers

Michael Rapino

Thank you.

Operator

everyone. your That We for you you, today’s call. Thank participation. do does all conference thank conclude

Live Nation Entertainment (LYV) 27 Feb 202019 Q4 Earnings call transcript