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    Cameron Mansson-Perrone

    Research Analyst at Morgan Stanley

    Cameron Mansson-Perrone is an Analyst-Equity at Morgan Stanley & Co. LLC, specializing in research coverage within the finance, commercial services, and consumer services sectors. He analyzes and issues recommendations for companies including Live Nation Entertainment, Sirius XM, and Vivid Seats, with a track record of active coverage and regularly updated price targets, such as his recent overweight rating and $185 target on Live Nation. Having begun his career in 2011 at Planful and Andersen Tax LLC as Senior Valuation Associate, Mansson-Perrone has been with Morgan Stanley since April 2015, leveraging his Stanford University undergraduate degree for deep equity research. He maintains professional credentials through FINRA registration and relevant securities licenses.

    Cameron Mansson-Perrone's questions to Madison Square Garden Entertainment (MSGE) leadership

    Cameron Mansson-Perrone's questions to Madison Square Garden Entertainment (MSGE) leadership • Q4 2025

    Question

    Cameron Mansson-Perrone from Morgan Stanley asked for an update on forward booking trends and visibility for fiscal 2026, as well as a specific outlook for the special and other non-concert events calendar.

    Answer

    David Collins, EVP & CFO, confirmed that the company expects to increase total events in fiscal 2026, with concert bookings pacing ahead of the prior year. He noted they are 80% to their bookings goal at The Garden. While special events face a tough comparison due to the prior year's SNL 50th anniversary, overall growth will be driven by concerts, family shows (like the return of Cirque du Soleil), and marquee sports.

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    Cameron Mansson-Perrone's questions to Madison Square Garden Entertainment (MSGE) leadership • Q2 2025

    Question

    Cameron Mansson-Perrone asked for the company's latest expectations on the Penn Station renovation and its view on the potential loss of the Garden's property tax exemption.

    Answer

    Executive Ari Danes addressed the tax exemption, emphasizing the Garden's economic importance, the prevalence of subsidies for other major NY sports venues, and the fact that any repeal requires state legislative action. On Penn Station, Interim CFO Lee Weinberg stated that MSGE is committed to improving the area and is in close collaboration with stakeholders, but had no further updates.

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    Cameron Mansson-Perrone's questions to Madison Square Garden Entertainment (MSGE) leadership • Q1 2025

    Question

    Cameron Mansson-Perrone asked for elaboration on the reported lower per-cap spending at concerts and whether this trend is indicative of weakening consumer health.

    Answer

    Michael Grau, EVP and CFO, clarified that the year-over-year decline in per caps was not due to consumer weakness but was a direct result of a difficult comparison against the prior year, which featured high-spending acts like Phish and Dave Chappelle. He noted that Q1 per caps were actually up versus the full-year fiscal '24 average and that sell-through rates and Christmas Spectacular demand remain very strong.

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    Cameron Mansson-Perrone's questions to Live Nation Entertainment (LYV) leadership

    Cameron Mansson-Perrone's questions to Live Nation Entertainment (LYV) leadership • Q2 2025

    Question

    Cameron Mansson-Perrone inquired about the strategy behind festival naming rights within the sponsorship business and asked for an update on cash savings from the revised OCESA put option and the company's capital allocation priorities.

    Answer

    President & CEO Michael Rapino clarified that there is no new specific strategy for festival naming rights, as festivals have always been a key asset for sponsorship. President & CFO Joe Berchtold stated that capital will continue to be deployed into high-return venue investments and projected the OCESA deal would reduce NCI by about $50 million in 2026, freeing up cash for reinvestment.

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    Cameron Mansson-Perrone's questions to Live Nation Entertainment (LYV) leadership • Q2 2025

    Question

    Cameron Mansson-Perrone inquired about the sponsorship strategy, particularly around festival naming rights. She also asked for an update on cash savings from the OCESA put option change and the company's capital allocation priorities.

    Answer

    President and CEO Michael Rapino clarified that there is no new strategy and that festivals and venues have always been key assets for sponsorship. President and CFO Joe Berchtold stated that capital deployment remains focused on venues and projected the OCESA transaction would reduce NCI by about $50 million on a P&L basis in 2026, freeing up cash for reinvestment.

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    Cameron Mansson-Perrone's questions to Live Nation Entertainment (LYV) leadership • Q1 2025

    Question

    Cameron Mansson-Perrone asked about the drivers of improved AOI per fan in the Concerts segment and whether the venue mix between stadiums and arenas would stabilize in the future.

    Answer

    President and CFO Joe Berchtold attributed the per-fan growth to the scale of activity relative to the cost structure. President and CEO Michael Rapino noted that venue mix will likely continue to fluctuate due to factors like the World Cup or Olympics impacting stadium availability, but that overall global demand for stadium shows remains very strong.

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    Cameron Mansson-Perrone's questions to Live Nation Entertainment (LYV) leadership • Q4 2024

    Question

    Cameron Mansson-Perrone asked whether the drivers for sustained double-digit AOI growth are expected to evolve and sought justification for the significant increase in the 2025 CapEx outlook to $900 million, including the ROI and timing of returns.

    Answer

    President and CEO Michael Rapino emphasized consistency in strategy, citing global expansion into untapped markets as the key long-term driver. President and CFO Joe Berchtold linked the increased CapEx directly to this growth, stating the company sees attractive, high-ROI opportunities in global venues, especially international arenas. He noted that while project timelines vary, this spending is fundamental to expanding the fan base and delivering future AOI growth.

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    Cameron Mansson-Perrone's questions to Live Nation Entertainment (LYV) leadership • Q3 2024

    Question

    Cameron Mansson-Perrone questioned the drivers behind the CapEx increase, the new venue pipeline, and the timing of a new amphitheater project. He also asked if the growth in high-value sponsorship partners comes from new or existing relationships.

    Answer

    President and CEO Michael Rapino clarified that sponsorship growth is primarily from expanding relationships with the existing customer base. President and CFO Joe Berchtold explained the CapEx increase was a bookkeeping change from formalizing a venue partnership, with most capital coming from the partner. He also noted 14 new or refurbished venues are expected by the end of 2025.

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    Cameron Mansson-Perrone's questions to Vivid Seats (SEAT) leadership

    Cameron Mansson-Perrone's questions to Vivid Seats (SEAT) leadership • Q2 2025

    Question

    Cameron Mansson-Perrone of Morgan Stanley questioned how the shift in Google search activity towards AI Overviews might impact Vivid Seats' SEO and performance marketing channels. He also sought specificity on whether the $25 million in cost savings represents in-period savings or an annualized exit rate.

    Answer

    CEO Stan Chia acknowledged the evolution of consumer discovery, noting the company is paying close attention and partnering with Google to adapt its platform for AI-driven search. CFO Lawrence Fey clarified that the $25 million is a full-year annualized figure to be fully actioned by year-end, meaning it will layer in over the coming months and be fully realized in 2026 results.

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    Cameron Mansson-Perrone's questions to Vivid Seats (SEAT) leadership • Q1 2025

    Question

    Cameron Mansson-Perrone requested an update on international expansion efforts and asked for more color on how Vivid Seats' participation in performance marketing has evolved compared to previous years.

    Answer

    CEO Stan Chia reported that early signs from international expansion are positive, with the current focus on building scale across supply, demand, and infrastructure. He noted that while performance marketing remains a proportionally large channel, the company is actively investing in diversifying its marketing mix and building platform features like Game Center to drive long-term customer stickiness.

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    Cameron Mansson-Perrone's questions to Vivid Seats (SEAT) leadership • Q4 2024

    Question

    Cameron Mansson-Perrone requested color on the wide 2025 guidance range, asking for factors framing the top and bottom ends, and sought to understand the potential financial opportunity from monetizing the SkyBox Drive tool.

    Answer

    CFO Larry Fey attributed the wide guidance to uncertainties in competitive intensity and the consumer outlook, providing flexibility to respond. For SkyBox Drive, Fey estimated a total addressable market of roughly $10 million in annual revenue if all current SkyBox users adopted the tool, noting that since costs are largely already in the P&L, new revenue would have a strong contribution margin.

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    Cameron Mansson-Perrone's questions to Vivid Seats (SEAT) leadership • Q3 2024

    Question

    Cameron Mansson-Perrone asked for color on which channels were most affected by industry headwinds and for commentary on the implications of recent Oasis tour ticket cancellations in the U.K.

    Answer

    CFO Lawrence Fey clarified that headwinds were category-specific (softness in concerts vs. strength in sports) rather than seller-type specific. He also highlighted the performance marketing channel as being tougher due to competitor aggressiveness. CEO Stanley Chia noted the Oasis issue was U.K.-specific and reiterated Vivid Seats' commitment to consumer confidence through its buyer guarantee and customer service.

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    Cameron Mansson-Perrone's questions to SIRIUS XM HOLDINGS (SIRI) leadership

    Cameron Mansson-Perrone's questions to SIRIUS XM HOLDINGS (SIRI) leadership • Q2 2025

    Question

    Cameron Mansson-Perrone from Morgan Stanley inquired about the broader applications of AI, including voice creation for advertising, and asked about the company's evolving capital allocation strategy, particularly the balance between deleveraging and share repurchases.

    Answer

    CEO Jennifer Witz discussed using AI in customer service (Sierra) and for ad creation through a deal with Narrative to scale campaigns using approved talent voices. EVP & COO Wayne Thorsen added that AI is also used in search, marketing targeting, and content tagging. CFO Tom Barry reiterated that the capital allocation priorities are unchanged: reinvesting in the business, maintaining the dividend, deleveraging, and then share buybacks. He noted the recent buyback was opportunistic but the overall deleveraging focus remains.

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    Cameron Mansson-Perrone's questions to SIRIUS XM HOLDINGS (SIRI) leadership • Q1 2025

    Question

    Cameron Mansson-Perrone asked if the positive churn result from the recent price hike changes the company's 'every other year' pricing cadence, and inquired about any tariff risk to non-satellite CapEx.

    Answer

    CEO Jennifer Witz stated the goal remains an 'every other year' cadence, but they will continue to evaluate and may raise prices on specific packages more frequently. She stressed the importance of offering a broad range of price points. CFO Thomas Barry addressed CapEx, confirming that satellite infrastructure is U.S.-sourced and non-satellite components have very limited tariff exposure, having been stress-tested by the team.

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    Cameron Mansson-Perrone's questions to SIRIUS XM HOLDINGS (SIRI) leadership • Q4 2024

    Question

    Cameron Mansson-Perrone asked for more detail on the 2025 self-pay net add outlook and questioned why the 2025 adjusted EBITDA guidance implies a larger decline than what was seen in 2024, given planned cost savings and pricing actions.

    Answer

    CEO Jennifer Witz clarified that while the underlying subscriber business is expected to perform slightly better year-over-year, onetime impacts in the first half from initiatives like 'click to cancel' will result in a net decline. CFO Thomas Barry explained the EBITDA forecast is primarily driven by the projected revenue decline, which is only partially offset by cost savings initiatives and some cost increases like higher subscriber acquisition costs (SAC).

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    Cameron Mansson-Perrone's questions to SIRIUS XM HOLDINGS (SIRI) leadership • Q3 2024

    Question

    Cameron Mansson-Perrone asked if the 'every other year' cadence for price increases is still expected for 2025 and inquired about the drivers of sales and marketing efficiency, given the improvement in net adds.

    Answer

    CEO Jennifer Witz confirmed that the company remains on an 'every other year' trajectory for rate increases and is considering a price action for early next year, supported by recent value-adds to packages. CFO Tom Barry addressed sales and marketing, stating that analysis of campaign effectiveness is yielding efficiencies. He anticipates further improvements as the new tech platform provides more data for targeted and effective spending.

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    Cameron Mansson-Perrone's questions to Eventbrite (EB) leadership

    Cameron Mansson-Perrone's questions to Eventbrite (EB) leadership • Q1 2025

    Question

    Cameron Mansson-Perrone asked about Eventbrite's strategy regarding app-based monthly active users (MAUs), the drivers behind the sustained 30% growth in Eventbrite Ads, and whether the Q1 stock-based compensation (SBC) is a good run rate for the rest of 2025.

    Answer

    CEO Julia Hartz explained that the app is a strategic focus because app users are 3x more likely to buy tickets and are more retentive. She noted that Ads growth is driven by its native integration, performance-based model, and expanding high-intent placements. CFO Anand Gandhi confirmed that the Q1 SBC is a reasonable run rate for the year, possibly representing the high end of quarterly SBC.

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    Cameron Mansson-Perrone's questions to Eventbrite (EB) leadership • Q4 2024

    Question

    Cameron Mansson-Perrone inquired about how free ticket growth translates into revenue, whether it's a leading indicator for paid volume, and the progress in winning back frequent creators. He also asked about capital allocation priorities.

    Answer

    CEO Julia Hartz confirmed that the strong rebound in free tickets is a clear leading indicator for paid volume recovery, as it rebuilds event supply and drives a virtuous cycle of consumer engagement. She noted frequent creators are returning, supported by new features like timed entry. CFO Anand Gandhi described capital allocation as a balanced approach, prioritizing both managing debt maturities and executing the authorized share buyback program, given the shares' attractive price.

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    Cameron Mansson-Perrone's questions to Eventbrite (EB) leadership • Q3 2024

    Question

    Cameron Mansson-Perrone asked for more detail on the paid creators who left the platform after the organizer fee transition, where they went, and which win-back initiatives have been most effective.

    Answer

    Co-Founder and CEO Julia Hartz explained that churned creators primarily moved to homegrown solutions or smaller competitors, not major rivals, making Eventbrite confident in its win-back efforts. She highlighted that the strategy involves marketing campaigns promoting the new free tier and showcasing recent platform enhancements like TikTok integration and 24/7 premium support. Hartz noted early success, with 0.75 million tickets sold by won-back customers since early September.

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