AOI Growth Guidance Q: Why guide double-digit AOI growth earlier than usual? A: Our show pipeline is up double digits, driven by arenas and amphitheaters, giving us visibility and confidence to deliver double-digit growth this year.

CapEx Allocation and Returns Q: Can you provide details on CapEx plans and investments? A: We're projecting about $540 million in CapEx, with two-thirds for revenue generation and one-third for maintenance. Approximately $300 million is for new venues or major renovations, including a major revamp of For Soul stadium in Mexico City with returns in the 20% range.

Amphitheater Growth Potential Q: How will you drive growth in amphitheater business? A: By investing in venue upgrades like VIP clubs and premium experiences, we believe we can double the amphitheater business over time. Utilization is currently around 35%, so there's room to add more shows.

Platinum Ticketing Expansion Q: How will Platinum ticketing contribute to growth? A: We're in the first inning internationally and about the fifth inning in the U.S. with Platinum (dynamic pricing). By expanding globally and pricing smarter, we expect significant growth, as secondary tickets are still almost twice the price of primary tickets.

Sponsorship Growth Drivers Q: How do you see sponsorship growth relative to concerts? A: With over $1 billion in sponsorship revenue and approaching 150 million fans, our scale attracts brands seeking broad reach. While concerts have historically grown faster, sponsorship remains a strong double-digit growth business.

Consumer Demand Indicators Q: What are current indicators of consumer demand? A: Ticket sales are robust, with recent on-sales for Usher, Justin Timberlake, Jennifer Lopez, and others selling quickly. We're seeing no slowdown in consumer demand across all price points, and on-site spending remains strong.

All-in Pricing Adoption Q: Will all-in pricing expand beyond your venues? A: Consumers appreciate all-in pricing, and we anticipate others will adopt it over time. We expect this trend to continue and potentially become legislated, benefiting consumers across venues.

CapEx Spending Strategy Q: Why not increase CapEx given high returns? A: We aim to deliver our growth plan with current CapEx levels, adjusting as opportunities arise. The market accepts gradual increases as we demonstrate returns, so we're steadily building our pipeline.

Mix Shift to Amphitheaters Q: How will shift to amphitheaters impact margins? A: The shift to more amphitheaters, which have higher AOI per fan, will improve margins, especially in Q2 and Q3. Despite lower revenue per fan compared to stadiums, we anticipate better overall profitability.

Venue Pipeline Expansion Q: Can you update on the venue pipeline and deals? A: We're seeing opportunities to acquire or develop venues globally and are winning key projects. We expect to scale our venue portfolio much higher over the next five years due to increased focus and capabilities.

Shift to Global Booking Q: Where are we in the shift to global booking? A: Artists are increasingly seeking global partners to support their worldwide touring needs. We see this shift continuing over the next five years as artists become global brands and look for coordinated support.

DOJ Investigation Update Q: Any update on the DOJ investigation timing? A: We continue to answer any questions they have, but there's no specific updates. We are 100% cooperating, and the timing is controlled by the DOJ.

Sponsorship Contributions Q: How will Mastercard replacing Amex and Rock in Rio impact sponsorship? A: Demand in the sponsorship business is strong, with notable tailwinds from Mastercard replacing Amex and the inclusion of Rock in Rio. Our pipeline is up year-over-year, and we expect continued double-digit growth.

Real-Time Consumer Demand Q: What are you seeing in real-time consumer trends? A: Ticket sales for recent tours are strong, with high demand across all price points. On-site spending, including merchandise, is robust, indicating healthy consumer engagement.

Amphitheater Business Upside Q: What drives future growth in amphitheater business? A: By enhancing on-site experiences and monetizing our existing scale, we can significantly grow the amphitheater business. Investments in hospitality, VIP clubs, and premium services can potentially double AOI.

Adoption of All-in Pricing Q: Does all-in pricing lead to higher conversion? A: Yes, consumers are responding positively to all-in pricing, leading to higher conversion rates. We believe this approach benefits consumers and expect wider industry adoption.

Capital Allocation Post-COVID Q: Why maintain consistent CapEx percentage post-COVID? A: After rebuilding our cash reserves post-COVID, we're focused on delivering our growth plan within current CapEx levels. We'll adjust spending based on opportunities, but can achieve our objectives without significant increases.

Market Acceptance of CapEx Strategy Q: How does market view your CapEx spending? A: The market prefers gradual increases in CapEx as we demonstrate returns. We're steadily building our pipeline and earning the right to invest more by showcasing successful projects.

Amphitheater Utilization Rate Q: What is your current amphitheater utilization rate? A: Our utilization rate is about 35%, indicating significant room to add more shows and drive growth in the amphitheater segment.

Shift to Dynamic Pricing Q: How is dynamic pricing affecting ticket sales? A: Dynamic pricing through Platinum is helping us price smarter, capturing more value and reducing scalper margins. Artists are increasingly supportive, and we see ongoing growth opportunities.