Live Nation Entertainment

Free Cash Flow Adjusted , or FCF, is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less changes in operating assets and liabilities, less maintenance capital expenditures, less distributions to noncontrolling interest partners.

SEC original ↗Live Nation Entertainment — Earnings release (8-K exhibit)EX-99Aug 7, 2025

We use FCF among other measures, to evaluate the ability of operations to generate cash that is available for purposes other than maintenance capital expenditures.

SEC original ↗Live Nation Entertainment — Earnings release (8-K exhibit)EX-99Aug 7, 2025

We believe that information about FCF provides investors with an important perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures.

SEC original ↗Live Nation Entertainment — Earnings release (8-K exhibit)EX-99Aug 7, 2025

We use free cash as a proxy for how much cash we have available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures.

SEC original ↗Live Nation Entertainment — Earnings release (8-K exhibit)EX-99Aug 7, 2025

In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion.

SEC original ↗Live Nation Entertainment — 10-Q Quarterly report10-QJul 30, 2026

We prospectively adopted this guidance on January 1, 2026 and are applying the amendments to any settlements of convertible debt instruments.

SEC original ↗Live Nation Entertainment — 10-Q Quarterly report10-QJul 30, 2026

htm EX-99.1 PRESS RELEASE Document Exhibit 99.1 LIVE NATION ENTERTAINMENT REPORTS SECOND QUARTER 2025 RESULTS Global expansion continues to drive touring growth, with fan attendance hitting new highs and ticket buying strong at every price point from VIP to the back row.

SEC original ↗Live Nation Entertainment — Earnings release (8-K exhibit)EX-99Aug 7, 2025

To meet this momentum, we re expanding our global venue portfolio and investing in the artists who make it all possible.

SEC original ↗Live Nation Entertainment — Earnings release (8-K exhibit)EX-99Aug 7, 2025

We re continuing to deliver record revenue and concert ticket sales, and with investment focused on high-growth markets and fan experiences, we re positioned to grow operating income and AOI by double-digits this year and for years to come.

SEC original ↗Live Nation Entertainment — Earnings release (8-K exhibit)EX-99Aug 7, 2025

Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the company's plans, the risk that the company's markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events.

SEC original ↗Live Nation Entertainment — Earnings release (8-K exhibit)EX-99Aug 7, 2025

These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, including, in some cases, estimated redemption rates for the settlement offered, assuming a combination of litigation and settlement strategies.

SEC original ↗Live Nation Entertainment — 10-Q Quarterly report10-QJul 30, 2026

Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the company's plans, the risk that the company's markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events.

SEC original ↗Live Nation Entertainment — Earnings release (8-K exhibit)EX-99Aug 7, 2025

Legal Proceedings 41 Item 1A.

SEC original ↗Live Nation Entertainment — 10-Q Quarterly report10-QJul 30, 2026

17 Table of Contents NOTE 6 COMMITMENTS AND CONTINGENT LIABILITIES Litigation Governmental Investigations and Litigation Department of Justice Complaint In May 2024, the United States Department of Justice, Antitrust Division, together with the attorneys general of twenty-nine states plus the District of Columbia, filed a civil antitrust complaint (the Complaint ) against Live Nation Entertainment, Inc.

SEC original ↗Live Nation Entertainment — 10-Q Quarterly report10-QJul 30, 2026

Early in the trial, the Company entered into a binding term sheet with the United States settling the lawsuit ( the Settlement ).

SEC original ↗Live Nation Entertainment — 10-Q Quarterly report10-QJul 30, 2026

After the verdict, the Court ordered the parties to meet and confer to propose a schedule for subsequent phases of the litigation, including post-trial motions and a remedies phase in which the Litigating States will propose and the Court will assess equitable remedies the plaintiffs have sought, including among others those enumerated above, as well as civil penalties under certain state laws.

SEC original ↗Live Nation Entertainment — 10-Q Quarterly report10-QJul 30, 2026

Accordingly, the continued defense and ultimate resolution of this matter could involve significant monetary costs or penalties and involve potential remedies or compliance requirements imposed by the Court which could adversely affect the Company s ability to operate our business or have a materially adverse impact on the Company s financial results.

SEC original ↗Live Nation Entertainment — 10-Q Quarterly report10-QJul 30, 2026