Live Nation Entertainment (LYV) saw its loss narrow to $32.99 million, or $0.22 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $44.52 million, or $0.29 a share. Revenue during the quarter grew 17.01 percent to $1,413.18 million from $1,207.72 million in the previous year period. Gross margin for the quarter contracted 56 basis points over the previous year period to 34.51 percent. Operating margin for the quarter stood at negative 1.51 percent as compared to a negative 2.76 percent for the previous year period.
Operating loss for the quarter was $21.37 million, compared with an operating loss of $33.29 million in the previous year period.
However, the adjusted operating income for the quarter stood at $92 million compared to $73.40 million in the prior year period. At the same time, adjusted operating margin improved 43 basis points in the quarter to 6.51 percent from 6.08 percent in the last year period.
Operating cash flow improves significantly
Live Nation Entertainment has generated cash of $760.70 million from operating activities during the quarter, up 47.02 percent or $243.30 million, when compared with the last year period. The company has spent $75.03 million cash to meet investing activities during the quarter as against cash outgo of $85.74 million in the last year period.
The company has spent $5.07 million cash to carry out financing activities during the quarter as against cash outgo of $53.29 million in the last year period.
Cash and cash equivalents stood at $2,227.56 million as on Mar. 31, 2017, up 31.09 percent or $528.27 million from $1,699.28 million on Mar. 31, 2016.
Working capital increases sharply
Live Nation Entertainment has recorded an increase in the working capital over the last year. It stood at $62.12 million as at Mar. 31, 2017, up 55.23 percent or $22.10 million from $40.02 million on Mar. 31, 2016. Current ratio was at 1.02 as on Mar. 31, 2017, up from 1.01 on Mar. 31, 2016.
Days sales outstanding went down to 33 days for the quarter compared with 35 days for the same period last year.
At the same time, days payable outstanding went down to 80 days for the quarter from 93 for the same period last year.
Debt moves up
Live Nation Entertainment has witnessed an increase in total debt over the last one year. It stood at $2,318.76 million as on Mar. 31, 2017, up 13.84 percent or $281.92 million from $2,036.84 million on Mar. 31, 2016. Total debt was 29.64 percent of total assets as on Mar. 31, 2017, compared with 29.40 percent on Mar. 31, 2016. Debt to equity ratio was at 1.73 as on Mar. 31, 2017, up from 1.45 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
