Live Nation Entertainment (LYV) FY2021 results: revenue $6.3 billion, up 236.8% on the year

Live Nation Entertainment, Inc. (LYV) reported revenue of $6.3 billion for fiscal 2021, the year ended 31 December 2021, up 236.8% on the year before. Net income was -$651 million, and diluted earnings per share $-3.09. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$6.3 billion

+236.8% on the year

FY2014FY2021

Operating margin

-6.7%

-88.8% a year earlier

FY2014FY2021

Net income

-$651 million

FY2014FY2021

Diluted EPS

-$3.09

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	6,268	1,861	11,548	+236.8%
Selling, general and administrative	1,755	1,524	2,145	+15.1%
Operating income	-418	-1,653	325
Operating margin	-6.7%	-88.8%	2.8%
Interest expense	282	227	158	+24.5%
Pre-tax income	-611	-1,857	185
Income tax	-2.5	-28.9	66.9
Effective tax rate	n/a	n/a	36.1%
Net income	-651	-1,725	69.9
Net margin	-10.4%	-92.7%	0.6%
Diluted EPS	-$3.09	-$8.12	-$0.02

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	1,781	-1,083	470
Capital expenditure	153	214	324	-28.5%
Free cash flow	1,628	-1,297	146
Free cash flow margin	26.0%	-69.7%	1.3%
Cash from investing	-567	-224	-691
Cash from financing	1,171	1,350	329	-13.2%
Depreciation and amortisation	416	485	444	-14.2%
Share-based compensation	209	117	48.8	+79.1%
Diluted shares, weighted	217m	212m	n/a	+2.3%
Shares outstanding at period end	225m	218m	214m	+3.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	-583	-472	1,146
Non-controlling interest	394	338	318	+16.6%
Redeemable equity	552	272	449	+102.6%
Debt	5,731	4,909	3,309	+16.8%
Operating lease liabilities	1,606	1,446	1,374	+11.1%
Other liabilities	6,702	4,096	4,379	+63.6%
Total liabilities and equity	14,402	10,589	10,976	+36.0%
Fixed assets	1,092	1,101	1,118	-0.9%
Goodwill	2,591	2,129	1,998	+21.7%
Intangible assets	1,026	856	870	+20.0%
Cash and equivalents	4,885	2,538	2,470	+92.5%
Receivables	1,067	487	995	+119.1%
Inventory	33.8	22.0	16.1	+53.8%
Other assets	3,708	3,457	3,508	+7.3%
Total assets	14,402	10,589	10,976	+36.0%

10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.