The EDM promoter lowered its 2015 guidance to account for start-up costs of the inaugural Las Vegas event.
SFX Extertainment, the EDM-focused concert promoter, grew revenue 56.6 percent to $52.2 million in the first quarter. Operating loss improved to $29.8 million from $35.6 million and net loss improved to $41.5 million from $56 million.
Year-to-year comparisons aren't straightforward for a growing company like SFX, however. Because any one period includes acquisitions made less than 12 months earlier, pro forma financials are needed for like-to-like comparisons. Pro forma revenue increased 14.6 percent, while pro forma earnings before interest, taxes, depreciation and amortization (EBITDA) improved 17.6 percent to -$13.2 million.
While the first quarter is typically a slow for live music events, SFX's earnings call still provided a few notable items.