Live Nation Entertainment Inc (LYV) 2022 Q2 法說會逐字稿

Good day, everyone. My name is Hector, and I will be your conference operator on today's call. At this time, I would like to welcome everyone to Live Nation Entertainment's Second Quarter 2022 Earnings Conference Call. Today's conference is being recorded. Following management's prepared remarks, we will open the call for Q&A. Instructions will be given at that time.

大家好。我叫赫克托，我將擔任今天電話會議的會議接線生。現在，我歡迎大家參加 Live Nation Entertainment 的 2022 年第二季財報電話會議。今天的會議正在錄製中。在管理階層準備好發言後，我們將開始問答環節。屆時將給予指示。

Before we begin, Live Nation has asked me to remind you that this afternoon's call will contain certain forward-looking statements that are subject to risks and uncertainties that can cause actual results to differ, including statements related to the company's anticipated financial performance, business prospects, new developments and similar matters. Please refer to Live Nation's SEC filings, including the risk factors and cautionary statements included in the company's most recent filings on Forms 10-K, 10-Q and 8-K for a description of risks and uncertainties that could impact the actual results.

在我們開始之前，Live Nation 請我提醒您，今天下午的電話會議將包含某些前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果有所不同，包括與公司預期財務業績、業務前景相關的陳述、新進展及類似事項。請參閱Live Nation 向SEC 提交的文件，包括該公司最新提交的10-K、10-Q 和8-K 表格中包含的風險因素和警示聲明，以了解可能影響實際結果的風險和不確定性的描述。

Live Nation will also refer to some non-GAAP measures on this call. In accordance with the SEC Regulation G, Live Nation has provided definitions of these measures and a full reconciliation to the most comparable GAAP measures in their earnings release or website supplement, which also contains other financial or statistical information to be discussed on this call. The release, reconciliation and website supplement can be found under the Financial Information section on Live Nation's website at investors.livenationentertainment.com.

Live Nation 也將在本次電話會議上提及一些非 GAAP 衡量標準。根據 SEC G 條例，Live Nation 在其收益發布或網站補充中提供了這些措施的定義以及與最具可比性的 GAAP 措施的全面協調，其中還包含本次電話會議將討論的其他財務或統計信息。發布、對帳和網站補充可在 Live Nation 網站 Investors.livenationentertainment.com 的財務資訊部分找到。

It is now my pleasure to turn the conference over to Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. Please go ahead, sir.

現在我很高興將會議交給 Live Nation Entertainment 總裁兼執行長 Michael Rapino。請繼續，先生。

Good afternoon. Thank you for joining us. The second quarter confirmed that live entertainment industry is back globally and bigger than ever. Live Nation led this return and continues to deliver the best global network to support artists as they play shows for the fans around the world.

午安.感謝您加入我們。第二季證實現場娛樂產業在全球捲土重來，規模比以往任何時候都大。 Live Nation 引領了這次回歸，並繼續提供最好的全球網絡來支持藝術家為世界各地的粉絲表演節目。

Every key operating metric is at an all-time high as we promoted more concerts, had more fans attend shows, they spent more money, sold more tickets and enabled brands to connect with fans at a scale we have never seen before. As a result, relative to 2019, with over 40% increase in revenue to $4.4 billion and a 50% increase in AOI to $480 million. With most of the world fully reopened, it's clear that concerts remain a high priority for fans. Consumers are seeking out and spending more on experiences. And the growing demand for live music and events is driving our business to record levels, far outpacing any macro issues or cost increases.

隨著我們宣傳更多的音樂會，讓更多的粉絲參加演出，他們花更多的錢，售出更多的門票，並使品牌能夠以我們從未見過的規模與粉絲建立聯繫，每個關鍵營運指標都處於歷史最高水準。因此，與 2019 年相比，營收成長了 40% 以上，達到 44 億美元，AOI 成長了 50%，達到 4.8 億美元。隨著世界大部分地區完全重新開放，音樂會顯然仍然是歌迷的首要任務。消費者正在尋求並在體驗上花費更多。對現場音樂和活動不斷增長的需求正在推動我們的業務達到創紀錄的水平，遠遠超過任何宏觀問題或成本的成長。

Momentum across our business has remained strong in recent months and weeks, and demand combined with the substantial concert pipeline gives us confidence in our ongoing growth this year and into 2023.

近幾個月和幾週，我們的業務勢頭依然強勁，需求加上大量的音樂會管道讓我們對今年和 2023 年的持續成長充滿信心。

During the second quarter, we promoted over 12,000 concerts for 33.5 million fans, each up over 20% relative to the second quarter of 2019. Of the over 6 million additional fans this quarter, 5 million of that growth came from international markets, driven by the addition of OCESA and the reopening of most global markets with particularly strong focus and demand through Europe and Latin America.

第二季度，我們為3,350 萬粉絲舉辦了12,000 多場音樂會，每場都比2019 年第二季度增長了20% 以上。 ，這主要得益於OCESA 的加入以及大多數全球市場的重新開放，尤其是歐洲和拉丁美洲的關注和需求尤其強烈。

Growth was broad-based with double-digit attendance increased at venues of all types, demonstrating strong demand for events at all sizes from large-scale stadiums and festivals to intimate clubs and theaters. Even as show count and attendance grew, fans demonstrated their willingness to pay more for the best seats with the average price of a ticket for our concerts this year up 10% globally relative to 2019, which remains less than U.S. inflation level over the period. At the same time, our average entry price for concerts remain affordable at $33, up only 5% from 2019.

成長基礎廣泛，各類場館的入場人數均呈兩位數增長，這表明對從大型體育場和節日到私密俱樂部和劇院的各種規模活動的強勁需求。即使演出數量和出席人數不斷增加，粉絲們也表現出了願意為最佳座位支付更多費用的意願，今年我們音樂會的全球平均票價較2019 年上漲了10%，仍然低於美國同期的通脹水準。同時，我們的音樂會平均入場費仍為 33 美元，較 2019 年僅上漲 5%。

With market-based pricing being widely adopted by most tours, we expect to shift over $500 million from the secondary market to artists this year, continuing to support those who created the concert and ensuring they are benefiting from it.

隨著大多數巡迴廣泛採用基於市場的定價，我們預計今年將超過 5 億美元從二級市場轉移給藝術家，繼續支持音樂會的創作者並確保他們從中受益。

On the venue side of our concert business, we continue to build our portfolio of operated venues with an active pipeline of almost 30 new venues across the globe. We are seeing the benefit of operating more venues as the number of fans who attended shows in our owned and operated venues during the quarter was up 13% to over 14 million fans, and we expect that figure to reach over 50 million fans for the full year.

在我們音樂會業務的場館方面，我們繼續建立我們的營運場館組合，在全球範圍內擁有近 30 個新場館的活躍儲備。我們看到了經營更多場館的好處，因為本季度在我們自有和經營的場館觀看演出的粉絲數量增長了13%，達到超過1,400 萬粉絲，我們預計這一數字將在整個季度達到超過5,000 萬粉絲。

And fans are spending more on site, with average per fan revenue up 20% at each of our amphitheaters, festivals, theaters and clubs relative to 2019, with the average per fan revenue at our amphitheaters this year at $38.50, up 30% relative to 2019.

粉絲在現場的支出也越來越多，與2019 年相比，我們每個露天劇場、節日、劇院和俱樂部的每位粉絲平均收入增長了20%，今年我們露天劇場的每位粉絲平均收入為38.50 美元，比2019 年增長了30% 2019.

Our ticket business also demonstrated strong growth in the quarter, transacted fee-bearing ticket volume up 48% to 77 million tickets and transacted GTV up 76% to $7.3 billion, both relative to 2019. This is our highest fee-bearing GTV quarter ever, with April, May and June accounting for 3 of our top 5 all-time fee-bearing months. 75% of this growth came from concerts, another indicator of the high demand for live music.

我們的門票業務在本季度也表現出強勁增長，與2019 年相比，收費門票交易量增長了48％，達到7700 萬張門票，GTV 交易量增長了76％，達到73 億美元。有史以來收費GTV 最高的季度，其中 4 月、5 月和 6 月占我們歷史上前 5 個付費月份中的 3 個。其中 75% 的成長來自音樂會，這是現場音樂需求旺盛的另一個指標。

Along with the volume increase, transacted ticket prices globally was up approximately 15% for the first half of the year relative to 2019 as both concerts and sporting events saw similar low double-digit price increases during the period. Even with strong primary ticketing sales and increased pricing, demand for live events on our secondary ticketing marketplace remain high. And as a result, our GTV more than doubled for the quarter relative to 2019.

隨著交易量的增加，今年上半年全球門票交易價格較 2019 年上漲了約 15%，因為音樂會和體育賽事在此期間都出現了類似的兩位數低價上漲。即使主要票務銷售強勁且價格上漲，我們的二級票務市場對現場活動的需求仍然很高。因此，本季我們的 GTV 比 2019 年成長了一倍以上。

We are continuing to see the benefits of our technology investments at Ticketmaster, including our global leadership in digital ticketing. Between new capabilities and the sales effectiveness of our ticketing marketplace, we consistently deliver high ticket sales for our event organizers. As a result, we continue to win business from new and existing clients. And to the first half of this year, we had a 12.8 million net new fee-bearing tickets to our marketplace, led again this year by our international markets, which accounted for 60% of this new growth.

我們將繼續看到我們在 Ticketmaster 的技術投資帶來的好處，包括我們在數位票務領域的全球領先地位。在票務市場的新功能和銷售效率之間，我們始終如一地為活動組織者提供高額門票銷售。因此，我們繼續贏得新舊客戶的業務。到今年上半年，我們的市場新增淨付費票券數量為 1,280 萬張，今年國際市場再次領先，佔新成長的 60%。

Sponsorship has also benefited from the concert flywheel this quarter, driving 74% growth in revenue relative to 2019 as we further enabled more brands to connect with an increasing number of fans on a global basis. Festival sponsorship has performed particularly well during the first half of the year, more than doubling from 2019, led by 9 new festivals in our Mexico and Latin American businesses that accounted for roughly half this increase, along with broad growth in sponsorship levels across most of the North American festivals. And we continue adding more clients in technology, telecom and purchase path integration, including Google, AWS and Hulu, with these categories collectively more than doubling their sponsorship since 2019.

本季的音樂會飛輪也受惠於贊助，推動營收較 2019 年成長 74%，因為我們進一步讓更多品牌能夠與全球越來越多的粉絲建立聯繫。節日贊助在今年上半年表現尤其出色，較 2019 年增加了一倍多，其中墨西哥和拉丁美洲業務新增 9 個節日，約佔增量的一半，同時大多數地區的贊助水平也大幅增長。的節日。我們繼續在科技、電信和購買路徑整合領域增加更多客戶，包括Google、AWS 和 Hulu，自 2019 年以來，這些類別的贊助總數增加了一倍多。

As we look forward to the second half of 2022 and into 2023, we have sold over 100 million tickets for our concerts this year, more than we sold for the entire year 2019. Fan demand remained strong and continued growth in ticket buying and on-site spending. And given the long-term nature of most of our sponsorship partnerships, our planned sponsorship for the year is now fully committed.

展望 2022 年下半年和 2023 年，我們今年的演唱會門票銷量已超過 1 億張，超過 2019 年全年的銷量。鑑於我們大多數贊助合作夥伴關係的長期性質，我們今年計劃的贊助現已完全承諾。

As we prepare for 2023, everywhere globally is open for concerts. And we are actively routing all of our markets with the largest artist pipeline we have ever seen at this point of the year. And for the 2023 tours we have put on sale so far, all signs continue pointing to strong fan demand.

在我們為 2023 年做準備時，全球各地都開放舉辦音樂會。我們正積極開拓所有市場，擁有今年以來規模最大的藝術家管道。對於我們迄今為止已發售的 2023 年巡演，所有跡象繼續表明粉絲需求強勁。

With that, I will let Joe take you through more details of our results.

接下來，我將讓喬帶您了解我們結果的更多細節。

Thanks, Michael, and good afternoon, everyone. As with last quarter, 2019 is the best comparison for us in terms of understanding our operations and key performance indicators, so most of our focus will be relative to Q2 of 2019.

謝謝邁克爾，大家下午好。與上季一樣，2019 年是我們了解我們的營運和關鍵績效指標的最佳比較，因此我們的大部分關注點將與 2019 年第二季相關。

For the company, our reported revenue of $4.4 billion for the quarter was $1.3 billion better than Q2 2019 or an increase of 40%. On a constant currency basis, our revenue was $4.6 billion for the quarter, so there was roughly a 4% impact due to the strengthening of the U.S. dollar. And our reported AOI of $480 million for the quarter was $160 million better than 2019, up 50% and led by an improvement of over $100 million in ticketing and $80 million in sponsorship.

對於該公司來說，我們報告的本季營收為 44 億美元，比 2019 年第二季增加了 13 億美元，成長了 40%。以固定匯率計算，我們本季的營收為 46 億美元，因此美元走強造成了約 4% 的影響。我們報告的本季度 AOI 為 4.8 億美元，比 2019 年增加了 1.6 億美元，成長了 50%，其中票務收入和贊助收入分別增加了超過 1 億美元和 8,000 萬美元。

On a constant currency basis, our Q2 AOI was $502 million. The FX impact of negative $23 million or 4% was largely driven by the devaluation of the euro and the pound. This was not only our highest Q2 AOI ever, but it was also our highest quarterly AOI ever, beating our prior record quarter, which was Q3 of 2019 by 12%, notable given that Q3 is traditionally our highest AOI quarter each year. And we converted almost 80% of this AOI to adjusted free cash flow of $379 million.

以固定匯率計算，我們第二季的 AOI 為 5.02 億美元。外匯影響為負 2,300 萬美元或 4%，主要是由歐元和英鎊貶值造成的。這不僅是我們有史以來最高的第二季AOI，也是我們有史以來最高的季度AOI，比我們之前創紀錄的季度（即2019 年第三季）高出12%，值得注意的是，第三季度傳統上是我們每年最高的AOI 季度。我們將 AOI 的近 80% 轉換為 3.79 億美元的調整後自由現金流。

Let me give a bit more color on each division, and then I'll give you more on full year leading indicators.

讓我對每個部門進行更多介紹，然後我將向您提供有關全年領先指標的更多資訊。

First, in concerts, our AOI was $123 million for the quarter, which compares to $133 million in Q2 of 2019. It was one of concerts' strongest second quarters ever despite limited activity in our Asia Pacific region and operating cost increases. Additionally, while OCESA had a very strong return to activity, its AOI largely flows through sponsorship and ticketing, while their concerts division absorbs most of its costs. In the quarter, we had over 33 million fans attend 12,500 events, growing nearly 25% compared to Q2 of 2019 when we had 27 million fans attend 10,000 shows. And we continue to see growth in our on-site spend with no signs of change.

首先，在音樂會方面，我們本季的AOI 為1.23 億美元，而2019 年第二季為1.33 億美元。第二季之一。此外，雖然 OCESA 的活動恢復非常強勁，但其 AOI 主要透過贊助和票務流動，而他們的音樂會部門則承擔了大部分成本。本季度，我們有超過 3300 萬粉絲觀看了 12,500 場活動，與 2019 年第二季度相比增長了近 25%，當時我們有 2700 萬粉絲觀看了 10,000 場演出。我們的現場支出持續成長，沒有任何變化的跡象。

Here's what we're seeing so far this year by venue type across our owned or operated buildings. In our amphitheaters, ancillary per fan revenue has risen to $38.5, an increase of $9 per fan over 2019 levels or 30% growth. At our theaters and clubs in the U.S., ancillary per fan revenue has increased by over 25%, driven by higher concession sales and increased purchases of premium packages, Fast Lane entry and night of show upsells. In our theaters and clubs in the U.K., ancillary per fan revenue has risen by 20% compared to 2019, largely as a result of increased food and beverage consumption, pricing optimization as well as the shift to cashless payment. Finally, at our major festivals, increased spending on concessions, campaign and VIP experiences has driven ancillary per fan revenue up by over 30%.

以下是我們今年迄今為止在我們擁有或經營的建築中按場館類型看到的情況。在我們的露天劇場，每位粉絲的輔助收入已升至 38.5 美元，比 2019 年的水平增加了 9 美元，即增長了 30%。在我們位於美國的劇院和俱樂部，由於特許銷售增加、高級套餐購買量增加、快速通道門票和演出之夜追加銷售的推動，每位粉絲的輔助收入增長了 25% 以上。在我們位於英國的劇院和俱樂部，每位粉絲的輔助收入與 2019 年相比增長了 20%，這主要是由於食品和飲料消費的增加、定價優化以及向無現金支付的轉變。最後，在我們的主要節日中，優惠、活動和 VIP 體驗支出的增加推動了每位粉絲的輔助收入增加了 30% 以上。

The consistent theme here is that as we continue elevating our hospitality operations and create more premium options, fans are eager to enhance their experience. At this point, we still have a lot more room to grow these higher-quality experience offerings throughout our owned or operated portfolio, which includes over 400 venues and festivals globally at this point.

這裡的一致主題是，隨著我們繼續提升我們的酒店營運並創造更多品質選擇，粉絲們渴望增強他們的體驗。目前，我們仍然有很大的空間來在我們擁有或經營的產品組合中發展這些更高品質的體驗產品，目前包括全球 400 多個場館和節日。

Next, ticketing had another very successful quarter, delivering $231 million of AOI, making it the most profitable quarter ever for ticketing, beating the record set just last year in the fourth quarter and nearly doubling the Q2 2019 AOI results of $124 million. Our growth came from both primary and secondary ticketing, with transacted ticketing GTV up 69% and 141%, respectively. Transacted ticket volume, excluding refunds, was 77 million tickets, our highest quarter ever, besting our former record of 65 million tickets in Q4 2021 by 18% and 25 million tickets or 48% higher than Q2 of 2019. Transacted ticketing GTV, excluding refunds, was $7.3 billion, our highest quarter ever, besting our former record of $6.6 billion of Q4 of 2021 by 11% and $3.1 billion and 76% higher than Q2 of 2019.

接下來，票務業務又迎來了一個非常成功的季度，實現了2.31 億美元的AOI，成為票務業務有史以來利潤最高的季度，打破了去年第四季度創下的紀錄，幾乎是2019 年第二季度AOI 業績（1.24 億美元）的兩倍。我們的成長來自於初級和二級票務，交易票務 GTV 分別成長了 69% 和 141%。門票交易量（不包括退款）為7700 萬張門票，這是我們有史以來最高的季度，比2021 年第四季度6500 萬張門票的先前紀錄高出18%，比2019 年第二季度增加2500萬張門票，即48%。年第二季高出31 億美元，高出76%。

International markets are now largely back and contributing to this growth with transacted ticketing GTV up 67% relative to Q2 2019. As Michael mentioned, approximately 75% of our growth came from concerts, which was due to both higher fan attendance at our concerts and also timing with a number of on sales expected to happen in Q3 getting moved up into Q2.

國際市場現在已基本回歸，並為這一增長做出了貢獻，交易票務GTV 較2019 年第二季度增長了67%。音樂會的粉絲人數增加以及預計第三季發生的一些銷售將提前到第二季。

Even as more of the ticket value is captured for content organizers, our secondary marketplaces continue to grow rapidly with 4 of our 5 best resale days ever in Q2 and 12 of our top 20 resale days in 2022. We continue to believe that the secondary market is a leading indicator for primary pricing opportunities over the next few years as well as a buffer against any demand fluctuations.

儘管內容組織者獲得了更多的門票價值，但我們的二級市場仍在快速增長，有史以來5 個最佳轉售日中有4 個是在第二季度，2022 年前20 個轉售日中有12 個是這樣。

Finally, sponsorship had its biggest quarter ever with AOI of $178 million, 80% higher than our Q2 2019 AOI of $98 million. With the U.S., the U.K. and now mainland Europe all fully open, we had high growth in both on-site and online sponsorship with each delivering record Q2 AOI. The growth in our large multiyear multi-asset sponsor speaks to our value of connecting live music fans with global brands. We are nearing in on 100 such major sponsors that, in total, generate well over $0.5 billion in revenue and represents nearly 75% of our growth relative to 2019.

最後，贊助業務創下有史以來最大的季度 AOI 達 1.78 億美元，比 2019 年第二季的 AOI 9,800 萬美元高出 80%。隨著美國、英國和歐洲大陸全面開放，我們的現場贊助和線上贊助都實現了高速成長，第二季 AOI 均創歷史新高。我們大型多年多資產贊助商的成長證明了我們將現場音樂粉絲與全球品牌聯繫起來的價值。我們即將有 100 個這樣的主要贊助商，這些贊助商的收入總額遠超過 5 億美元，占我們 2019 年成長的近 75%。

As we look to the remainder of 2022, starting with our leading indicators through late July, all relative to 2019. First, confirmed show bookings are up over 30%, driven by double-digit increases in every market and across all venue types. Our concert ticket sales through the end of July are over 100 million tickets for events this year, up 38% and higher than our full year 2019 fan count. As a result, we expect a very strong Q3 for concerts with more shows and higher attendance, including fan growth at our owned or operated venues where we are continuing to see strong APF increases. Also, similar to last year, we are extending the amphitheater later in the year, adding over 1 million fans in Q4 this year relative to 2019.

展望2022 年剩餘時間，從截至7 月下旬的領先指標開始，所有這些指標都與2019 年相關。增長了30% 以上。截至 7 月底，我們今年的演唱會門票銷量超過 1 億張，成長了 38%，高於 2019 年全年的粉絲數量。因此，我們預計第三季的音樂會將會非常強勁，演出更多，出席人數也更高，包括我們自有或經營的場館的粉絲增長，我們將繼續看到 APF 的強勁增長。此外，與去年類似，我們將在今年稍後擴建露天劇場，與 2019 年相比，今年第四季將增加超過 100 萬粉絲。

Michael also gave the numbers around much of our Q2 fan growth being driven by international markets, which is a great indicator of the broadly global health of our fan base. But I don't want anyone to over extrapolate this to the U.S. market as we expect North America will drive much of our fan growth in Q3.

邁克爾還提供了第二季度粉絲成長的大部分數據是由國際市場推動的，這是我們粉絲群在全球範圍內廣泛健康狀況的一個很好的指標。但我不希望任何人過度推斷美國市場，因為我們預計北美將在第三季推動我們的粉絲成長。

Second, ticketing has sold 183 million primary fee-bearing tickets for events this year, up 30%. Of these, 122 million tickets are for concert events, which is 42% higher than 2019. Related to this, we have $3.2 billion in event-related deferred revenue, double our level in Q2 of 2019. These are largely tickets that have been sold by Ticketmaster for Live Nation concerts but the revenue and AOI hasn't flowed through yet and will do so over the course of the next year as the events occur. We remain on course for a strong Q3 in ticketing as our deferred revenue is recognized but also impacted by the shifts of some of the on sales that moved into Q2.

其次，票務今年已售出1.83億張活動主要收費票，成長30%。其中，1.22 億張門票用於音樂會活動，比2019 年增長了42%。門票大部分是已售出的門票由 Ticketmaster 為 Live Nation 音樂會提供，但收入和 AOI 尚未到位，並將在明年活動發生時到位。我們仍將在第三季保持強勁的票務收入，因為我們的遞延收入得到了確認，但也受到進入第二季的一些銷售變化的影響。

On the sponsorship side, we expect to see continued growth driven by our strong Q3 festival lineup with some of this activity also involving on-site activation support. On the cost side, increases continue to impact this primarily in the venues we operate, amphitheaters, theaters and clubs and festivals. But in all cases, we are delivering increased profitability per fan due to increased ticket and ancillary revenue.

在贊助方面，我們預計在我們強大的第三季節日陣容的推動下將持續成長，其中一些活動還涉及現場活化支援。在成本方面，成長持續影響著我們經營的場館、露天劇場、劇院、俱樂部和節慶。但在所有情況下，由於門票和輔助收入的增加，我們為每位粉絲帶來了更高的利潤。

A few other points on 2022. Given our presence in the U.K. and mainland Europe, we've experienced FX headwinds and through the end of June, our AOI has been adversely impacted by $23 million. This was almost entirely in the second quarter as the U.S. dollar strengthened significantly against the euro and the British pound. Based on current rates, we expect our AOI to continue having a 3% to 4% hit in the second half.

關於 2022 年的其他幾點。這幾乎完全發生在第二季度，因為美元兌歐元和英鎊大幅走強。根據目前的利率，我們預計下半年我們的 AOI 將繼續成長 3% 至 4%。

We provided detailed guidance on line items that impact our EPS calculation last quarter, and there's just one update that I wanted to make here, which is, as noted, we expect the headwinds with FX rates to continue through the remainder of the year, which at current forward rates result in approximately $15 million quarterly below-the-line expense due to currency exchange losses on the revaluation of our foreign balance sheet balances to U.S. dollars.

我們對上個季度影響每股收益計算的項目提供了詳細的指導，我只想在這裡進行一個更新，即，如上所述，我們預計匯率的不利因素將在今年剩餘時間內持續存在，這按當前遠期匯率計算，由於我們的外國資產負債表餘額重估為美元而產生的貨幣兌換損失，導致每季產生約1500 萬美元的線下費用。

In anticipation of the growth opportunities ahead of us this year, we continue to expect 2022 capital expenditures to be approximately $375 million, with 2/3 allocated to revenue-generating projects. We expect free cash flow conversion from AOI to be back in the mid-50s for the full year. And we ended Q2 with $2.5 billion of available liquidity between free cash and untapped revolver capacity, giving us sufficient flexibility to continue investing in growth. We are comfortable with our leverage with over 85% of our debt at a fixed rate and our average cost of debt of roughly 4.3%, positioning us well in this interest rate environment.

預計今年我們將面臨成長機會，我們繼續預期 2022 年資本支出約為 3.75 億美元，其中 2/3 分配給創收項目。我們預計 AOI 全年的自由現金流轉換將回到 50 多歲左右。在第二季結束時，我們在自由現金和未開發的左輪手槍容量之間擁有 25 億美元的可用流動性，這使我們有足夠的靈活性來繼續投資於成長。我們對槓桿率感到滿意，超過 85% 的債務採用固定利率，平均債務成本約為 4.3%，這使我們在這種利率環境中處於有利地位。

With that, let me open the call for questions. Operator?

接下來，讓我開始提問。操作員？

(Operator Instructions) Our first question comes from David Karnovsky with JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的 David Karnovsky。

Michael, I wanted to get your thoughts on pricing in VIP tickets. We've seen artist and various VIP inventory even amid some fan pushback and negative press, which looks to me to be a break from prior years. So do you think the industry has collectively gotten to a place where artists are now kind of comfortable reclaiming the secondary market economics? And then how much more room is there to kind of drive this process?

邁克爾，我想了解您對 VIP 門票定價的想法。即使在一些粉絲的抵制和負面新聞的影響下，我們也看到了藝術家和各種 VIP 庫存，在我看來，這與前幾年有所不同。那麼你認為這個產業已經集體達到了藝術家們現在可以輕鬆地收回二級市場經濟的地步嗎？那麼還有多少空間來推動這個過程呢？

Yes. Thank you. I think we've been saying for a few years that over time, we believe that, that secondary 10 billion, 12 billion, depending on what number you see globally, has to start getting captured by the artist at some level. It's just too transparent the more they see all of the online pricing while they work so hard to put that show on. So I do think right now artists looking at us saying, I'd like to catch some of it in the front end. I don't want to be sold out at 10:01 at $200 to have someone else make $2,000. Fans not getting a deal anyway. They're spending $2,000 from somebody else. So I do think they're looking and saying, at the front of the house, can we capture some demand?

是的。謝謝。我想我們幾年來一直在說，隨著時間的推移，我們相信，次要的 100 億、120 億，取決於你在全球看到的數字，必須開始在某種程度上被藝術家捕捉到。當他們努力展示該節目時，他們看到的所有在線定價越多，這就太透明了。所以我確實認為現在藝術家們看著我們說，我想在前端捕捉一些東西。我不想在 10:01 以 200 美元的價格被賣完，而讓其他人賺到 2,000 美元。無論如何，球迷們都沒有達成交易。他們從別人那裡花了 2,000 美元。所以我確實認為他們在房子前面看著並說，我們可以抓住一些需求嗎？

Now the advantage is the artist has one objective as we do, as does the venue, to fill every seat. So you're never looking for the gross, you're looking to make sure that every seat is filled for the best experience. We want that. We just want that.

現在的優勢是藝術家和我們一樣有一個目標，就像場地一樣，填滿每個座位。因此，您永遠不會追求粗俗，而是確保每個座位都坐滿，以獲得最佳體驗。我們想要那個。我們只是想要那個。

So I do think the new dynamic pricing, the better we have become, these tools to the artists, they're looking at the holistic picture. Maybe I can charge a bit more in the front row. I'm going to charge less in the back row because net I'm going to sell through the back end of the house that maybe is always spot in our business. Now if you can still get the same gross, but you can lower the ticket price in the back part of the house, that's a win for everyone.

所以我確實認為新的動態定價，我們變得更好，這些工具對藝術家來說，他們正在關注整體情況。也許我可以在前排多收費一點。我將在後排收取更少的費用，因為我將通過房子的後端進行淨銷售，這可能總是在我們的業務中出現。現在，如果你仍然可以獲得相同的總收入，但你可以降低房子後面的票價，那對每個人來說都是勝利。

So we're right now -- Joe has the exact math. We looked at it yesterday. It's still a small percentage of the total gross is price platinum and/or dynamic, 1%, 2% kind of numbers. And really nonexistent outside of America. We just introduced it in Europe.

所以我們現在——喬有精確的數學計算。我們昨天看了。鉑金價格和/或動態的 1%、2% 之類的數字仍然只佔總總額的一小部分。在美國之外確實不存在。我們剛剛在歐洲推出了它。

So the answer is yes, there's a long runway where the artists will look at the small -- again, even as much noise as you heard about the Springsteen sale, less than 1% of the tickets were priced a little higher to capture the second business versus 99% of the house. So to the artist, I think they'll look at us -- the platinum, the premium, the dynamic, how do I better price my product, fill the house, lower the price on the back, capture more of the front? And we think that's got many years of runway for us to expand on a global basis.

所以答案是肯定的，有一條很長的跑道，藝術家們會在那裡關注小事——再說一次，即使你聽到斯普林斯汀拍賣會的噪音那麼多，只有不到1% 的門票價格稍微高一點，以捕捉第二次拍賣的機會。所以對於藝術家來說，我想他們會關注我們——白金、溢價、活力，我如何更好地為我的產品定價，填滿房子，降低背面的價格，捕捉更多正面的東西？我們認為，我們有很多年的時間可以在全球擴張。

Okay. Great. And then I just wanted to ask on concerts AOI in the quarter. I think it was roughly flat versus '19, and that's with the increase in fans and the per caps. Just wondering if you could speak to the impact of things like cost inflation, mix. I know you said APAC wasn't fully open and then maybe timing as well. I think Q2 '19, if I remember correctly, had some pull forward from Q3 in that year.

好的。偉大的。然後我只是想問一下本季的音樂會 AOI。我認為與 19 年相比大致持平，這是隨著粉絲數量和人均上限的增加而變化的。只是想知道您是否可以談談成本通膨等因素的影響。我知道您說過亞太地區尚未完全開放，也許還有時間安排。如果我沒記錯的話，我認為 19 年第二季比當年的第三季有一些拉動。

This is Joe. Yes, I'll take that. I think we laid out a handful of factors that we think were some combination of timing and one-offs that impacted this quarter. Asia Pacific is not fully open, yet we've got the organization up and running to prepare for it being open. Just the structure of OCESA's P&L is they really drive their economics through ticketing and sponsorship, whereas most of their cost structure is in the concert side. We talked about some operating cost increases for our operated venues still driving per fan profitability increases, but you have some costs there.

這是喬。是的，我會接受的。我認為我們列出了一些因素，我們認為這些因素是影響本季的時機和一次性因素的組合。亞太地區尚未完全開放，但我們已經建立並運作了該組織，為其開放做好準備。 OCESA 損益表的結構是，他們確實透過票務和贊助來推動經濟成長，而他們的大部分成本結構都在音樂會方面。我們談到了我們運營的場館的一些運營成本的增加仍然推動了每位球迷盈利能力的增加，但那裡有一些成本。

And then it's just -- I wouldn't overread 1 quarter. I gave you in mind, for instance, that a lot of this was in international markets that we had our growth, less growth in this quarter in North America. But then we have a lot of growth in Q3 in North America. As I look at the numbers overall, North America, if you look at our 100 million tickets, North America has 30% growth. So as that flows through in Q3, you'd expect to see some of that flipping around. I just don't want to read too much into it.

然後就是──我不會過度閱讀第一季。例如，我給你的印像是，我們在國際市場上取得了成長，而本季在北美的成長較少。但北美第三季出現了很大的成長。當我看一下北美的總體數字時，如果你看看我們的 1 億張門票，北美成長了 30%。因此，隨著第三季的發展，您預計會看到其中一些情況發生逆轉。我只是不想讀太多。

Your next question comes from Brandon Ross with LightShed Partners.

您的下一個問題來自 LightShed Partners 的 Brandon Ross。

Just wanted to drill down a little more on David's question about platinum ticketing. And I was wondering, Michael, if you could just -- because I think a lot of investors and fans are not really educated on how platinum ticketing works, can you talk about who sets the prices and kind of the cadence of ticket releases? And how you think about the -- when tickets are going to be released kind of this move from fast ticketing where everything was available at the on sale to maybe trickling out tickets more over time? And then how you think about the balance of dollars and maximizing profits for the artists with this idea of fandom and fairness and what your role in that is?

只是想進一步深入了解大衛關於白金票務的問題。我想知道，邁克爾，你是否可以——因為我認為很多投資者和粉絲並沒有真正了解白金票務的運作方式，你能談談誰設定了價格以及門票發行的節奏嗎？您如何看待門票何時發售？然後，您如何考慮金錢平衡和藝術家的利潤最大化，以及粉絲和公平的想法，以及您在其中的角色是什麼？

All right. That's a lot. I'll try to take some pieces. We work for the artist. We're a B2B business. The artist is the one that decides when they tour or how they tour, where they tour. Our job is to provide all the tools, platform and services to help them succeed in that tour from a -- to a year. Now the artist, as you said, is -- they're genius brand managers. They have to balance the needs of their fans, supply, demand and pricing. And some brands, like the Rolling Stones, have been very good at always saying expensive experience and we're that proud and kind of able to deliver that brand position.

好的。就這麼多了。我會嘗試拿一些碎片。我們為藝術家工作。我們是一家 B2B 企業。藝術家是決定他們何時巡迴、如何巡迴、巡迴地點的人。我們的工作是提供所有工具、平台和服務，幫助他們在一年到一年的旅程中取得成功。現在，正如你所說，藝術家是——他們是天才的品牌經理。他們必須平衡粉絲的需求、供應、需求和定價。有些品牌，像是滾石樂隊，一直非常擅長總是說昂貴的體驗，我們很自豪並且能夠提供這種品牌地位。

But I think artists are always trying to find a fine line on how do I make the show accessible, how do I make sure all my fans can show, how do I price it fairly versus how much money can I make. So I think they see that. I think, today, while the technology is advancing and they're starting to look at more technology and more pricing data, I think they can now -- good shows and realize that some ways they keep price 1, 2% of the house higher and achieve some of those economics versus the scalper while still pricing 98% of the house at a very favorable brand position. So we can achieve both.

但我認為藝術家總是試圖找到一個很好的界限，如何讓演出變得容易接受，如何確保所有粉絲都能演出，如何公平地定價以及我能賺多少錢。所以我認為他們看到了這一點。我認為，今天，雖然技術在進步，他們開始關注更多的技術和更多的定價數據，但我認為他們現在可以——很好的展示，並意識到他們通過某些方式將房屋的價格保持在較高的1%、2% 水平與黃牛相比，實現了一些經濟效益，同時仍以非常有利的品牌地位定價 98% 的房子。所以我們可以兩者兼得。

This is an industry that, for 30 years, we would do a tour. They would set 3 ticket prices, 140, 79 and 39, and that was to be the 3 prices in every city for every night for the market, as you know. That's not the way it's going to operate forward, a different price on a Friday in New York than Indianapolis on a Tuesday.

這是一個我們30年來都會巡視的行業。他們會設定 3 個票價，140、79 和 39，這就是每個城市每晚市場的 3 個價格，如你所知。這不是未來的運作方式，紐約週五的價格與週二印第安納波利斯的價格不同。

So dynamic smart pricing, now that we're able to provide that level of sophistication, the bands are much more sophisticated. And they're now able to have tools to figure out how do I price it better and see some better economics, get some of the leakage of secondary, but still maintain an overall ticket price, leaving dollars on the table, but still finding that balance between the consumer demand, the brand and the slippage of the economics to secondary they've been losing.

如此動態的智慧定價，既然我們能夠提供這種複雜程度，那麼樂團就更加複雜了。他們現在能夠擁有工具來弄清楚如何更好地定價並看到一些更好的經濟效益，獲得一​​些二次洩漏，但仍然保持總體票價，將美元留在桌面上，但仍然發現消費者需求、品牌和經濟之間的平衡已經滑向第二位，他們一直在失去這種平衡。

Sorry, Brandon. Sorry, Brandon. Sorry, just one comment I have to respond to. Your commentary about trickling out tickets, that's not a practice. That's not something that is the norm or something that we do. I think the speed of ticketing has to do with just what's the pace at which some of them sell out with the theory being for some artists, if they price a lot of tickets at market price, they may not all sell out in the first hour. So it has nothing to do. Ticketmaster takes all the tickets it gets, puts them directly on sale. It does nothing to try to limit supply or anything in that manner. So I just want to make sure we're crystal clear on that.

對不起，布蘭登。對不起，布蘭登。抱歉，我只需要回覆一則評論。你關於發放門票的評論，這不是一種做法。這不是常態，也不是我們所做的事情。我認為售票速度與某些藝術家的門票售罄速度有關，對於某些藝術家來說，如果他們以市場價格定價大量門票，他們可能不會在第一個小時內全部售罄。所以這沒有什麼關係。 Ticketmaster 將收到的所有門票直接出售。它並沒有試圖限制供應或以這種方式進行任何事情。所以我只是想確保我們對此非常清楚。

Yes. No, I wasn't (inaudible).That would be your decision anyway.

是的。不，我沒有（聽不清楚）。

Yes. But I think we're just addressing because the marketplace. The consumer obviously gets a little -- times when at 10:00, there's lots of secondary tickets, right? So historically, the Bruce fan would have been sold out at 10 and had to go to a secondary to buy that good seat. So today, we're sorting through that process where we can provide information to the fans. But our job at Ticketmaster is to put every sale -- ticket on sale, provide none into the secondary market and provide all the data to the artist so that he can adjust up and down and as the market adjusts.

是的。但我認為我們只是針對市場。消費者顯然會得到一點——在 10:00 的時候，有很多二次門票，對吧？所以從歷史上看，布魯斯粉絲在 10 點就已經被搶購一空，不得不去二級市場購買那個好座位。所以今天，我們正在整理這個流程，以便我們可以向粉絲提供資訊。但我們在 Ticketmaster 的工作是對每一次銷售——門票進行銷售，不向二級市場提供任何數據，並向藝術家提供所有數據，以便他可以根據市場的調整進行上下調整。

Got it. And then talking about dynamic pricing. If there was to be some kind of downturn in the next year or so that actually affected the live entertainment business, do you see kind of the same tools as flexibility to respond to market conditions in bringing ticket prices down as much as you bring them up in this demand environment?

知道了。然後談論動態定價。如果明年左右出現某種實際影響現場娛樂業務的低迷，您是否會看到與靈活應對市場狀況相同的工具，以降低門票價格和提高門票價格在這種需求環境下？

Sure. Controls can be used -- go ahead, Michael.

當然。可以使用控制——繼續吧，麥可。

No. I said it before in our last call, I mean, we looked at the last recession, there was a single-digit back in some ticket sales, but we were, years ago, not even in the same -- indication on pricing nor did we have the tool. So yes, we look at data pricing now, dynamic pricing, look at all market data algorithms to figure out what is the price point that we'll sell through.

不。定價指示我們也沒有這個工具。所以，是的，我們現在研究數據定價，動態定價，研究所有市場數據演算法，以確定我們將銷售的價格點是多少。

And we do believe that because of the upside right now in the premium secondary side of our business, that if we had to pull back ticket sales and dropped prices by 5% or 10% to match supply/demand of inflation, we have so much flexibility in pricing to get that done and still sell through the house and lower price if that was needed for a band to sell-through tickets.

我們確實相信，由於我們業務的優質二級市場現在有上行空間，如果我們必須減少門票銷售並將價格降低 5% 或 10% 以匹配通膨的供需關係，我們就有這麼多定價的靈活性可以實現這一目標，並且仍然可以透過房屋銷售，如果樂團需要透過銷售門票可以降低價格。

An artist, again, their #1 goal is to sell every ticket. So they're always going to be in a variable -- of how do I price it -- what do I got to reduce our end of house, front end of the house? What do we need to do to sell-through on a Tuesday night in Indianapolis? Let's adjust pricing.

再次強調，身為藝術家，他們的首要目標是賣出每張票。所以它們總是處於一個變數中——我該如何定價——我該如何減少我們的房屋末端、房屋前端？我們需要做什麼才能在印第安納波利斯週二晚上實現銷售？我們來調整定價吧。

The other part of the buffer, Brandon, is just the secondary market itself and how big it is, its continued growth, right? I gave you the numbers. The secondary market for us grew 140% this quarter. So that tells you that even if some pricing is going up on the primary side, the secondary is growing up -- going up even faster, both in terms of volume and price points. So our first line of defense is keeping our eye on secondary and using that buffer if there is any variations in demand.

布蘭登，緩衝的另一部分只是二級市場本身，它有多大，它的持續成長，對吧？我給了你數字。本季我們的二級市場成長了 140%。因此，這告訴您，即使初級產品的價格上漲，次級產品的價格也在上漲——無論是在數量還是價格方面，上漲得更快。因此，我們的第一道防線是密切注意次要防線，並在需求發生任何變化時使用該緩衝區。

Got it. And then finally, if you could just double-click a little on the 30 additional venues that you're talking about adding. Are those -- what venue types are those? And how impactful do you see that to be in the future?

知道了。最後，您是否可以雙擊您要新增的 30 個其他場地。那些是──那些是什麼類型的場地？您認為這對未來有多大影響？

Well, I think in our investor conference, we wanted to kind of highlight -- I think it's always been an under -- strong business, but we've put more focus on it from an operational design development. We've got over those 300 venues. We manage -- we've been adding 20 to 30 a year over the last few years. As you know, Boston has been an incredible success in -- which will provide more return. And those 30 that we have in the pipe now, another 75 behind of those on a global basis are everything from clubs to arenas, depending on where the hole in the market may exist.

嗯，我認為在我們的投資者會議上，我們想強調 - 我認為它一直是一個實力不足的業務，但我們從營運設計開發中更加關注它。我們擁有超過 300 個場地。我們設法管理——在過去幾年裡，我們每年增加 20 到 30 個。如您所知，波士頓在這方面取得了令人難以置信的成功——這將帶來更多回報。我們現在正在準備的這 30 個項目，比全球範圍內的其他 75 個項目包括了從俱樂部到競技場的各種項目，具體取決於市場漏洞可能存在的位置。

And we see great platform there. And as we've said before, when we show in an operated venue that we have the sponsorship and the ticketing and the food and beverage and all the revenue streams, that's our highest return for us.

我們在那裡看到了很棒的平台。正如我們之前所說，當我們在營運的場館中展示我們擁有贊助、票務、食品和飲料以及所有收入來源時，這就是我們的最高回報。

Your next question comes from Stephen Laszczyk with Goldman Sachs.

您的下一個問題來自高盛的史蒂芬·拉斯奇克（Stephen Laszczyk）。

On fan growth for the year, maybe for Joe. I think you mentioned in your prepared remarks, not extrapolating international growth or contribution on the U.S. markets this year. Can you maybe unpack that for us a little bit and maybe touch on what portion of fan growth you expect will come from acquisitions versus organic growth in markets like the U.S. or the U.K. this year?

關於今年粉絲的成長，也許是對喬而言。我認為您在準備好的發言中提到，沒有推斷今年的國際成長或對美國市場的貢獻。您能否為我們稍微解釋一下，並談談您預計今年粉絲成長的哪一部分將來自收購，而不是來自美國或英國等市場的有機成長？

Sure. I'll use, as the basis, the 100-or-so million tickets that we sold through July because I think that just -- that gives the numbers and the facts. And as I indicated, within that, the U.S. is up about just over 30% and international was up 40-odd percent. So you have strong organic growth across both North America and international. Our primary acquisition, of course, would be OCESA, and that would be somewhat less than half of the international growth. So the international growth, even absent acquisitions would be in the mid- to high 20s. So again, this is not an acquisition dependent growth. This is organic plus acquisition.

當然。我將使用我們在 7 月售出的大約 100 百萬張門票作為基礎，因為我認為這給出了數字和事實。正如我所指出的，其中美國上漲了 30% 多一點，國際上漲了 40% 以上。因此，您在北美和國際上都實現了強勁的有機成長。當然，我們的主要收購將是 OCESA，這將略低於國際成長的一半。因此，即使沒有收購，國際成長也將在 20 多歲左右。再說一次，這不是收購依賴的成長。這是有機加收購。

Great. That's helpful. And then maybe one for Michael. I was curious if you're seeing any unique trends develop in terms of fan behavior this year. For example, maybe we're seeing more first-time concert goers come out this year or fans set to attend events with greater frequency. I'd be curious if you've seen any of those data points or think that any of these trends that you're seeing, open portions of the market up going forward that maybe you haven't seen come into the industry before?

偉大的。這很有幫助。然後也許是邁克爾的一個。我很好奇你是否看到今年粉絲行為出現了任何獨特的趨勢。例如，也許我們今年會看到更多第一次參加音樂會的人出現，或者粉絲將更頻繁地參加活動。我很好奇您是否看到過這些數據點，或者認為您所看到的任何趨勢，以及您以前從未見過的市場開放部分進入了該行業？

Yes. I'll take this. Michael is having some audio problems here. I think that what we're seeing is a very broad-based, high priority of going to concerts against fans that are interested in going to concerts. So it's a bit of all of the above, where certainly we have people who haven't gone to concerts in a long time going. We have concerts that will go to one, now going to two. We have concerts -- we have people that are going to many. So it's not -- I don't think you could pull it apart as one factor. I think you're seeing a broad-based high demand return to shows and when they're there, a broad-based spending pattern on site.

是的。我要這個。邁克爾在這裡遇到了一些音頻問題。我認為我們所看到的是，對於有興趣參加音樂會的歌迷來說，參加音樂會是一種基礎廣泛、高度優先的做法。所以這就是上述所有情況的一部分，當然我們有些人已經很久沒有去過音樂會了。我們的音樂會原本是一場，現在是兩場。我們有音樂會——我們有很多人會去聽。所以這不是——我認為你不能把它當作一個因素來分解。我認為你會看到對演出的廣泛高需求回歸，當他們在那裡時，現場的消費模式也會變得廣泛。

Your next question comes from the line of Stephen Glagola with Cowen.

你的下一個問題來自史蒂芬·格拉戈拉（Stephen Glagola）和考恩（Cowen）的對話。

Concert ticket prices, I want to go back to that being up 10% year-over-year versus 2019. Joe, can you just break out how much of this increase is being driven by market pricing versus price ticketing increases at the on sale?

音樂會門票價格，我想回顧一下，與 2019 年相比，同比上漲了 10%。

Yes. As Michael said, the dynamically priced tickets represent a very small percentage of the overall tickets. So it's not going to be felt by most people. I would -- I don't have the exact numbers. I would guess that it's -- less than half of the impact is from that, and then there is a general increase. I can probably use the fact that the entry price of $33 is up about 5% from 2019 as a proxy for what's going on with the overall ticket pricing. And then maybe the remainder is driven by the more front-of-house activity.

是的。正如邁克爾所說，動態定價的門票只佔總門票的很小一部分。所以大多數人是感受不到的。我會——我沒有確切的數字。我猜想，不到一半的影響是來自於此，然後是普遍增加。我或許可以用 33 美元的門票價格比 2019 年上漲約 5% 的事實來作為整體門票價格變化的代表。然後，其餘部分可能是由更多的前台活動所驅動的。

And again, as those numbers are -- because there's a lot of attention on how much the overall ticket prices are up, if you look at the U.S. market, the U.S. is up between 12% and 13% in terms of inflation over the past 3 years as a comparative.

再說一次，正如這些數字一樣——因為人們非常關注整體票價上漲了多少，如果你看看美國市場，你會發現美國過去的通貨膨脹率在 12% 到 13% 之間3年作為對比。

Your next question comes from David Katz with Jefferies.

您的下一個問題來自 Jefferies 的 David Katz。

I wanted to just get a little more color, if we can, about international markets and international landscapes. And if we obviously are seeing a lot of strong demand, is it relatively even if we look at international markets relative to the U.S.? Or are there any -- is that stronger or weaker, et cetera?

如果可以的話，我想對國際市場和國際景觀有更多的了解。如果我們顯然看到了許多強勁的需求，那麼即使我們相對於美國來看國際市場，這是否也是相對的？或者有沒有──是更強還是更弱，等等？

Yes, we're seeing no difference right now in demand across the globe. You can look at, I guess, Springsteen just went on sale last week, global stadiums across Europe everywhere, sold out just as fast in Europe as it did here, similar to Post Malone, Kendrick. So the tours that are selling here are selling just as fast in our international markets. Latin America, Mexico, continue to see completely record demand in all those markets. We're also still seeing walk-up strong at our festivals and on-site as of last weekend, right? So that's kind of current data. There's still spending money. They're still buying tickets at high demand. So we have no pullback yet in Europe or any international market.

是的，我們目前發現全球範圍內的需求沒有任何差異。你可以看看，我猜，史汀斯汀上週剛開始銷售，歐洲各地的全球體育場館，在歐洲的銷售速度和這裡一樣快，類似波斯特馬龍、肯德里克。因此，在這裡銷售的旅遊產品在我們的國際市場上銷售得同樣快。拉丁美洲、墨西哥的所有這些市場的需求繼續創下歷史新高。截至上週末，我們在節日和現場仍然看到了強勁的步行人數，對吧？這就是當前的數據。花錢還是有的他們的購票需求仍然很高。因此，我們在歐洲或任何國際市場上還沒有回調。

Great. And am I permitted to follow up? Or would you prefer I went back in the queue?

偉大的。我可以跟進嗎？或者您希望我回到隊列中？

Go ahead.

前進。

Okay. With respect to digital initiatives around ticketing, if you could just talk about kind of -- it's obviously exciting and productive, sort of what inning you'd say we're in and any observation, surprising or otherwise, so far?

好的。關於票務方面的數位化舉措，如果你能談談——這顯然是令人興奮和富有成效的，你會說我們處於什麼階段，以及到目前為止有什麼觀察結果，令人驚訝或其他嗎？

Yes, we're still in early innings. This is the first summer that we're really deploying at scale the data and the technology so that we can reach out to fans. Once they bought the ticket, do upsells. First people who are going to shows at our venues, connecting them with sponsors. Seeing some very good increases in our upsell levels as we talk about some of our average per fan spending, and the increase on premiums at our amphitheaters, for instance. More premium parking, more premium entry, VIP clubs. It's certainly enhanced by our ability to reach -- have a platform that can reach out and sell to those fans effectively, and you're not depending on them just figuring it out night of. So we're very happy with the early progress we're making.

是的，我們還處於早期階段。這是我們真正大規模部署資料和技術的第一個夏天，以便我們能夠接觸到粉絲。一旦他們買了票，就進行追加銷售。第一批將在我們的場館演出的人，將他們與贊助商聯繫起來。例如，當我們談論每個粉絲的平均支出以及露天劇場保費的增加時，我們的追加銷售水準出現了一些非常好的成長。更高級的停車位、更高級的入口、VIP 俱樂部。這肯定是透過我們的接觸能力得到增強的——擁有一個可以有效地接觸並銷售給這些粉絲的平台，而你並不依賴他們只是在晚上弄清楚這一點。因此，我們對所取得的早期進展感到非常滿意。

Your next question comes from Ryan Sundby with William Blair.

你的下一個問題來自瑞安·桑德比和威廉·布萊爾。

With Asia Pac still limited this quarter, I was wondering if you could talk a little bit more about, one, how quickly that ramps from here? And then maybe two, a little more on the long-term opportunity there [volume] to reach acquisitions in Thailand and the Philippines. I think plans in place to bring Lollapalooza to India next year. Any color on how that kind of comes together and how large (inaudible), that would be great.

由於本季亞太地區仍然受到限制，我想知道您是否可以多談談，第一，從這裡開始增長的速度有多快？然後可能是兩個，更多關於在泰國和菲律賓進行收購的長期機會（數量）。我認為明年將 Lollapalooza 帶到印度的計劃已經到位。任何關於如何組合在一起以及有多大（聽不清楚）的顏色，那就太好了。

Yes. Most of that, I think it was Asia reference. We're currently in 40 countries, hundred offices in 40 countries, varying degree of market share from the U.S. to Cape Town or South Africa. So we've got a global platform, and that was always our first priority. So we can say that any artist, we can put you on the road in any market, market it, sponsorship, make it happen. Then when we get kind of our flag in the ground, we start to maybe launch or build festivals, operate venues, build up our ticketing, sponsorship and the model and the flywheel start to work.

是的。我認為其中大部分是亞洲參考。目前，我們在 40 個國家設有數百個辦事處，從美國到開普敦或南非，我們的市場份額各不相同。因此，我們擁有一個全球平台，這始終是我們的首要任務。所以我們可以說，任何藝術家，我們都可以讓你走上任何市場的道路，行銷它，贊助它，讓它發生。然後，當我們的旗幟落地時，我們可能會開始發起或建立節日，經營場館，建立票務、贊助和模型，飛輪開始工作。

You can kind of look at our business across the globe, different markets, we're in varying degrees of that growth. Latin America, we were very, very undeveloped in all markets. Obviously, now with OCESA, we've got that flywheel in Mexico. We bought festivals in Latin America with Rock in Rio and then bringing Lolla, bought a couple of promoters. We're going to get some venues going. So the flywheel is starting to work in Brazil and Colombia and Argentina, but we're kind of go from 0 market share to big opportunity there. So that will continue to be a big focus for us.

你可以看看我們在全球、不同市場的業務，我們的成長程度不同。拉丁美洲，我們在所有市場上都非常非常不發達。顯然，現在透過 OCESA，我們在墨西哥擁有了飛輪。我們在裡約熱內盧與 Rock 一起購買了拉丁美洲的音樂節，然後又帶來了 Lolla，也買了幾個贊助商。我們將啟動一些場館。因此，飛輪開始在巴西、哥倫比亞和阿根廷發揮作用，但我們在那裡的市場份額從零變成了巨大的機會。因此，這將繼續成為我們的重點。

Western Europe, there's still some markets we're undeveloped in. Whether it be Portugal or Spain, certain markets, we don't have the full flywheel and you'll see us continually add a festival or a promoter or a venue to those markets.

西歐，還有一些市場我們尚未開發。

Asia, we have a good platform. We have people on the ground. We've got a really strong business in Australia and New Zealand. But as we moved up to Pacific Rim, we've been slowly building the flywheel in all those markets. Japan is probably the one market that's the best and biggest in that market. We've got to do more work on that. But we look at Asia as really undeveloped territory, low market share, huge opportunity over the next while.

亞洲，我們有一個很好的平台。我們有人在現場。我們在澳洲和紐西蘭的業務非常強勁。但隨著我們向環太平洋地區邁進，我們一直在慢慢地在所有這些市場中打造飛輪。日本可能是該市場中最好和最大的一個市場。我們必須在這方面做更多的工作。但我們認為亞洲確實是一個未開發的地區，市佔率較低，未來一段時間內有巨大的機會。

We, like everyone else in the world, we look at Asia, we look at Latin America, and we're looking to the Middle East and Eastern Europe as areas where we have no real market share. But that consumer now on TikTok knows that Drake dropped a video last night, whether they live in Singapore, India, Cape Town. So we've got a global product, and we've got lots of opportunity to keep growing.

我們和世界上其他人一樣，我們著​​眼於亞洲，我們著眼於拉丁美洲，我們也著眼於中東和東歐，因為我們沒有真正的市場份額。但現在 TikTok 上的消費者知道 Drake 昨晚發布了一段視頻，無論他們住在新加坡、印度還是開普敦。因此，我們擁有全球產品，我們有許多持續成長的機會。

Your next question comes from Matthew Harrigan with Benchmark.

您的下一個問題來自 Benchmark 的 Matthew Harrigan。

Recognizing that you can't alter the weather or nature and there's an amphitheater season and all that, you're really inducing a lot of serial correlation, I think, activity among concertgoers. I mean people are going back. And even when people, I think, go to movie theaters, you get people -- there's a hit movie and there tends to be a lot of repeat behavior. Do you think that all the initiatives you're undertaking are going to alter the seasonality in your business somewhat and maybe make Q4 a lot more active even on a relative basis than it's historically been? Because it feels like there are a lot of things pushing in that direction if you take out concerns with weather and all that.

認識到你無法改變天氣或自然，而且有一個露天劇場的季節等等，我認為你確實在音樂會觀眾中引發了很多序列相關性的活動。我的意思是人們正在回去。我認為，即使人們去電影院，也會看到人們——那裡有一部熱門電影，而且往往會有很多重複的行為。您是否認為您正在採取的所有舉措都會在一定程度上改變您業務的季節性，甚至可能使第四季度比歷史上的相對基礎更加活躍？因為如果你排除對天氣之類的擔憂，感覺就像有很多事情在朝這個方向推動。

Yes. This is Joe. I gave you some numbers that in our amphitheaters, we do expect to have about 1 million more fans attending shows than we had in 2019. So we're certainly seeing an extension of the amphitheater outdoor season, particularly through the more southern states. Theaters and clubs have always been very active in Q4. Arenas tend not to be quite as big just because it gets -- the routing gets interrupted by more of the holidays. So we'll see a bit. I don't think it will dramatically change.

是的。這是喬。我給了你們一些數字，在我們的露天劇場中，我們預計觀看演出的粉絲數量將比 2019 年增加約 100 萬。劇院和俱樂部在第四季度一直非常活躍。競技場往往不會那麼大，只是因為它的路線會被更多的假期打斷。所以我們會看到一點。我不認為它會發生巨大的變化。

But it will be why we look at our business as global. In the U.S., the arenas, NBA, NHL and NFL clog up the venues in the fall into the winter. But that's why we take a lot of these artists now and say let's go tour in Asia , the Pacific Rim and Latin America. Let's get off-site middle of America and go to those markets as those open up. So there is a big 12-month-a-year business on a global basis. This industry is focused too much on the U.S., western Europe summer business. But you are right, as the business expands in a lot of those markets, you have a 12-month strong market where you can put a sell-out show in other markets while you're waiting for a summer business here.

但這就是我們將我們的業務視為全球業務的原因。在美國，NBA、NHL 和 NFL 的球場在秋季和冬季都會擠滿場地。但這就是為什麼我們現在帶很多這樣的藝術家去亞洲、環太平洋地區和拉丁美洲巡迴演出。讓我們離開美國中部，在這些市場開放時前往那裡。因此，全球範圍內存在著一年 12 個月的大業務。這個行業過於關注美國、西歐的夏季業務。但你是對的，隨著業務在許多市場的擴張，你將擁有一個持續 12 個月的強勁市場，在你等待夏季業務的同時，你可以在其他市場舉辦一場售罄的演出。

Your next question comes from Paul Golding with Macquarie Capital.

您的下一個問題來自麥格理資本的保羅戈爾丁。

Michael and Joe, congrats on the quarter. I just wanted to ask, given the strong demand that we're seeing across the board here and what I presume is some overflow in terms of demand that is unable to get a seat, where does streaming fit into the medium-term strategy now? I know it was more of a focal point, of course, during the pandemic, but just seeing the opportunity for sponsorship or advertising through that, how much incremental focus will there be on that going forward or sort of walking back from that a bit? Just help us think about monetization there or investment if it's still a strategic point for you.

麥可和喬，恭喜這個季度。我只是想問，考慮到我們在這裡看到的強勁需求，而且我認為需求方面有些溢出而無法獲得席位，串流媒體現在在中期戰略中處於什麼位置？我知道，當然，在大流行期間，這更多是一個焦點，但只要看到透過它進行贊助或廣告的機會，未來會有多少增量關注點，或者稍微有點後退？如果這對您來說仍然是一個戰略點，請幫助我們考慮那裡的貨幣化或投資。

I think we were clearing things up a bit. We were not spooked by this thesis that might have been there for a moment that live is being duplicated in digital. We've always said that this is magic 2 hours you have to physically experience and that's (inaudible). But we love this industry and think it's a very unique space. It can't be duplicatable.

我想我們已經把事情弄清楚了一些。我們並沒有被這篇論文嚇到，它可能已經存在了一段時間，即生活正在數位化複製。我們總是說這是神奇的 2 小時，你必須親身體驗，就是這樣（聽不清楚）。但我們熱愛這個行業，並認為這是一個非常獨特的空間。它是不可複製的。

But we've always said that we have all these shows and the most accessible, especially in dedicated fans, that you can expand that show and there's an audience that wants to watch their favorite artist. This weekend, we had an incredible broadcast on Hulu for [a few days], high-quality filming and broadcasting live of the Lollapalooza festival. It looked fabulous.

但我們總是說，我們擁有所有這些節目，而且是最容易接近的節目，尤其是在忠實的粉絲中，您可以擴展該節目，並且有觀眾想要觀看他們最喜歡的藝術家。這個週末，我們在 Hulu 上進行了為期幾天的令人難以置信的直播，對 Lollapalooza 音樂節進行了高品質的拍攝和現場直播。看起來棒極了。

So we've always thought the screen is an extension. It's great for our sponsorship business, where we have 900 sponsors looking always to be part of the show, both on and off. So we love (inaudible). We love the opportunity. We're doing thousands of shows. And we think it's an ancillary business that helps our overall sponsorship business as well as our committed festival business.

所以我們一直認為螢幕是延伸。這對我們的贊助業務來說非常有利，我們有 900 名贊助商希望始終成為展會的一部分，無論是在展會期間還是在展會期間。所以我們愛（聽不清楚）。我們喜歡這個機會。我們正在舉辦數千場演出。我們認為這是一項輔助業務，有助於我們的整體贊助業務以及我們致力於的節日業務。

Our business is so big now. I wouldn't say it's a material piece on its own. We never thought it would be. But it's another service we provide to both the artist, festival and sponsor, and it's something you have to be in.

現在我們的生意已經這麼大了。我不會說它本身就是一件物質作品。我們從沒想過會是這樣。但這是我們為藝術家、節慶和贊助商提供的另一項服務，也是你必須參與的。

Ladies and gentlemen, we have reached the end of the question-and-answer session, and I'd like to turn the call back to Michael Rapino for closing remarks.

女士們、先生們，問答環節已經結束，我想將電話轉回給邁克爾·拉皮諾（Michael Rapino）做總結發言。

Thank you, everybody. Have a great summer, and we'll talk in the fall.

謝謝大家。祝你夏天愉快，秋天我們再聊。

This concludes today's conference. You may disconnect your lines at this time. Thank you all for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝大家的參與。