Live Nation Entertainment Inc (LYV) 2025 Q3 法說會逐字稿

Good afternoon. My name is Joe and I will be your conference operator today. At this time, I would like to welcome everyone to Live Nation's Third Quarter 2025 earnings call. I would now like to turn the call over to Ms. Amy Yong. Thank you, Ms. Yong. You may begin.

午安.我叫喬，今天將由我擔任你們的會議接線生。此時此刻，我謹代表 Live Nation 歡迎各位參加 2025 年第三季財報電話會議。現在我將把電話交給楊艾米女士。謝謝您，永女士。你可以開始了。

Good afternoon and welcome to the Live Nation Third Quarter 2025 earnings conference call. Joining us today is our President and CEO, Michael Rapino and our President and CFO, Joe Berchtold.

下午好，歡迎參加 Live Nation 2025 年第三季財報電話會議。今天與我們一同出席的有我們的總裁兼首席執行官邁克爾·拉皮諾和我們的總裁兼首席財務官喬·伯克托爾德。

We would like to remind you that this afternoon's call will contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ, including statements related to the company's anticipated financial performance, business prospects, new developments, and similar matters.

我們想提醒各位，今天下午的電話會議將包含一些前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與預期結果有所不同，其中包括與公司預期財務業績、業務前景、新發展及類似事項相關的陳述。

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.

請查閱 Live Nation 向美國證券交易委員會提交的文件，包括該公司最近提交的 10-K、10-Q 和 8-K 表格中包含的風險因素和警示性聲明，以了解可能影響實際結果的風險和不確定性。

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 our earnings release. The release reconciliation can be found under the Financial Information section on Live Nation's website.

Live Nation 也將在本次電話會議上提及一些非 GAAP 指標。根據美國證券交易委員會 G 條例，Live Nation 已在獲利報告中提供了這些指標的定義以及與最可比較的 GAAP 指標的完整調節表。發行結算單可在 Live Nation 網站的「財務資訊」部分找到。

With that, we will now take your questions. Operator?

接下來，我們將回答各位的問題。操作員？

Thank you. Ladies and gentlemen, if you would like to ask a question, please press star-one on your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star-two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

謝謝。女士們、先生們，如果您想提問，請按電話鍵盤上的星號鍵1，確認音表示您的線路已進入提問隊列。如果您想從佇列中移除您的問題，可以按星號+2。對於使用揚聲器裝置的參與者，可能需要在按下星形鍵之前拿起聽筒。

And the first question comes from the line of Brandon Ross with LightShed Partners. Please proceed.

第一個問題來自 LightShed Partners 的 Brandon Ross。請繼續。

Hey, guys. Thanks for taking the questions. First, going into 2025, it seemed like it was one where the sun, the moon, the stars were all going to align with stadiums and arenas and amphitheaters all coming together. It's turned out it seems to be a great stadium year but there's definitely been underperformance in the other venue sizes.

嘿，夥計們。謝謝您回答問題。首先，展望 2025 年，似乎太陽、月亮、星星都會排列成一條直線，體育場、競技場和露天劇場都會匯聚一堂。事實證明，今年似乎是體育場館大放異彩的一年，但其他規模的場館的表現確實不盡人意。

Can you explain what happened with amps and arenas this year? And what can give us confidence that they will rebound strongly in 2026? And I have a follow-up.

你能解釋一下今年音箱和體育館方面發生了什麼事嗎？是什麼能讓我們確信它們將在 2026 年強勁反彈？我還有一個後續問題。

Thanks, Brandon. I'll take it.

謝謝你，布蘭登。我要買它。

Just to be clear, we had an incredible quarter, incredible year, so far. We had revenue up 11%, operating up 24%, AOI 14%. These are numbers you pray for every quarter. So we've had an incredible year.

需要說明的是，到目前為止，我們這個季度、今年都取得了令人難以置信的成績。我們的收入成長了 11%，營業額成長了 24%，AOI 成長了 14%。這些都是你每季都祈禱能達到的數字。我們度過了精彩的一年。

One of the things we've always said about Live Nation is the great strength you have in investing in us is we are a global diversified business, both geographically and venue type. Sometimes Europe overdelivers and America underdelivers. Sometimes the amps are having a record year. Sometimes the stadiums are having a record year. That's always been the pattern here.

我們一直以來都認為，投資 Live Nation 的最大優勢在於，我們是一家全球多元化企業，無論從地理或場館類型來看都是如此。有時歐洲的表現超乎預期，而美國的表現則令人失望。有時候，擴大機的銷售量會創下歷史新高。有時候，體育場館會迎來創紀錄的一年。這裡一直都是這樣。

What's great is, at the end of the day, we're going to deliver our AOI, [double-digit] (corrected by the company after the call) growth. Had an incredible growth internationally: Mexico, Latin America, a lot of our European businesses and stadiums, up 60%. Again, we would hope we have this problem every year where stadiums are dominating the business. It just continues to show the strength of the consumer and the buyer.

最棒的是，最終我們將實現 AOI 目標，即兩位數成長（電話會議後公司更正）。國際市場實現了驚人的成長：墨西哥、拉丁美洲、我們在歐洲的許多業務和體育場館，成長了 60%。我們當然希望每年都能出現體育場館在業界佔據主導地位的問題。這再次展現了消費者和買家的力量。

This year, we had a few less amphitheater shows. We're looking towards '26. It looks like it's going to be a great pipeline. It looks like amphitheaters, arenas, and stadiums are going to have a very strong year next year, on both international and American basis. Probably be sitting here in a year from now telling you one of those markets overdelivered. That's the strength of our diversified platform.

今年，我們的露天劇場演出數量減少了一些。我們展望2026年。看起來這將會是一條很棒的輸油管。看來明年露天劇場、競技場和體育場無論在國際上或美國都將迎來非常強勁的一年。一年後，我可能就會坐在這裡告訴你，其中一個市場表現超出了預期。這就是我們多元化平台的優勢所在。

So we don't think there's anything structural. We think there is a lot of content out there. A lot of artists decided not to play arenas and amphitheaters and go for stadiums. We support that on a global basis. That helped deliver our global revenue growth of over 11%.

所以我們認為不存在任何結構性問題。我們認為市面上有很多內容。許多藝術家決定不去體育館和露天劇場演出，而是選擇在大型體育場演出。我們在全球範圍內支持這一點。這幫助我們實現了全球收入成長超過 11%。

We think, next year, we'll have the same great combination on a global basis and deliver what we've been delivering for many years. Record attendance, record revenue, and record AOI will be in the books again for next year, with the combination of international amps and arenas.

我們認為，明年我們將在全球範圍內保持同樣強大的實力，並繼續提供我們多年來一直在提供的服務。明年，國際音樂廳和體育館的結合將再次創造觀眾人數、收入和人均消費額的新紀錄。

Great. And then, on the Ticketmaster side, following the FTC suit, it seems like you've really begun to crack down a lot on ticket scalpers. Can you remind us of the actions that you've taken, so far? What impact you expect each to have on both LYV financials and the broader ticketing industry?

偉大的。然後，在 Ticketmaster 這邊，在聯邦貿易委員會提起訴訟之後，你們似乎真的開始嚴厲打擊黃牛票販子了。您能否提醒我們一下您迄今為止採取了哪些行動？您預計這兩項措施將對 LYV 的財務狀況以及更廣泛的票務產業產生哪些影響？

It seems like most of the work that you're doing, most of the changes you're making, are concerts only, as opposed to both concerts and sports. Any color on why that's the case?

看起來你所做的大部分工作，你所做的大部分改變，都只與音樂會有關，而不是同時涉及音樂會和體育賽事。能否解釋一下原因？

Sure, Brandon. I'll get going and Michael can jump in. First, again, as always, just to set the context: secondary is a low single-digit percentage of our revenue. It's a feature to us, as we've long talked. We focus on primary and helping content get the tickets priced and sold how they want.

當然可以，布蘭登。我先走了，麥可可以接著做。首先，像往常一樣，為了交代背景：二級市場在我們收入中所佔的比例很低，只有個位數百分比。正如我們之前多次討論的那樣，這對我們來說是一個特色。我們專注於基礎內容，幫助客戶以他們想要的方式定價和銷售門票。

First, just to answer sports versus concerts, it's very different. sports, the teams and leagues use secondary as a distribution platform for disaggregation of season tickets. So the second area I would think about is being – it's really heavily a liquidity market in sports.

首先，就體育賽事和演唱會而言，兩者截然不同。在體育賽事中，球隊和聯賽會使用二級市場作為分銷平台，將賽季套票分開出售。所以我想考慮的第二個面向是…運動市場確實是一個非常注重流動性的市場。

In concerts, because they're all sold one-off, there is no liquidity market. It's all a price arbitrage market. So as we look at it, it's a matter of how much are the scalpers taking? How much arbitrage are they getting? The actions that we're taking, I think, are heavily driven by the fact when we look hard at it, it's just too much.

演唱會門票都是一次性售出的，所以不存在流動性市場。這完全是一個價格套利市場。所以從長遠來看，問題在於黃牛黨從中牟利了多少？他們能獲得多少套利機會？我認為，我們採取這些行動的主要原因在於，當我們仔細審視這個問題時，會發現它實在太過分了。

So the pieces, first, even though it gets press is less important is TradeDesk. It's a tool that brokers use to manage their tickets and simultaneously place them on multiple marketplaces. It started because of sports. It's often confused that somehow, it's a tool that the brokers can use to get tickets in some advantaged form, relative to fans. It's not this. It's never been this.

所以，首先，儘管 TradeDesk 獲得了媒體關注，但它的重要性卻相對較低。這是經紀人用來管理票務並同時發佈到多個交易平台的工具。這一切都始於運動。人們常常誤以為，票販子可以利用這種工具，以某種相對於粉絲的優勢方式獲得門票。不是這樣的。以前從來不是這樣的。

But just to eliminate the noise, we're shutting it down. We don't expect it to have any financial impact on us or on the market. We expect most of these folks will either do it manually or go to one or the other multitude of platforms that offer this service.

但為了消除噪音，我們把它關掉了。我們預計這不會對我們或市場造成任何財務影響。我們預計這些人中的大多數要么會手動操作，要么會使用提供這項服務的眾多平台之一。

More impactful to the industry is the identity verification tools we've started to deploy. So now, when our system identifies high-risk accounts based on 100 different signals, we can require a validation that the account holder is a person and their government ID matches the account. This is a key tool we've used in canceling over a million accounts over the past month.

對產業影響更大的是我們已經開始部署的身份驗證工具。現在，當我們的系統根據 100 個不同的訊號識別出高風險帳戶時，我們可以要求驗證帳戶持有人是否為個人，以及他們的政府身分證件是否與帳戶相符。這是我們在過去一個月用來取消超過一百萬個帳戶的關鍵工具。

On a recent high demand on sale, they got some press. We used it after the fact, looking at the signals and putting fans through to determine whether they were real fans, or it was bot purchased.

由於最近銷售需求旺盛，他們獲得了一些媒體關注。事後我們利用了它，查看信號並讓粉絲參與進來，以確定他們是真正的粉絲，還是機器人購買的。

So that's been helpful. We're optimistic that in the short term, this can help rain in some of the excessive abuse that's developed. But, frankly, we're also realistic that without legislative and enforcement changes, the scalpers will continue to invest in new tools to fool our systems and mask the fact that they’re bots.

這很有幫助。我們樂觀地認為，短期內，這有助於遏制一些已經形成的過度濫用行為。但坦白說，我們也清楚，如果沒有立法和執法方面的改變，黃牛黨將繼續投資新的工具來欺騙我們的系統，並掩蓋他們是機器人的事實。

So it's hard to fully translate into financial impacts. But I think given the low percentage of revenue that secondary accounts for, what we've seen so far in terms of the activity and the volume, we don't have any reason to think it would be more than low to mid-single-digit impact to Ticketmaster's AOI next year.

因此很難完全轉化為財務影響。但我認為，考慮到二級市場收入佔比很低，就目前我們看到的活躍度和交易量而言，我們沒有任何理由認為它對 Ticketmaster 明年的營業收入的影響會超過個位數百分比。

But, even more importantly, we don't see this fundamentally impacting our growth strategy, given our focus on the primary side. So as we lay out our multi-year strategy tomorrow, this is not going to have an impact on that strategy or on the numbers that we would show you, in terms of where we think we can get to.

但更重要的是，鑑於我們專注於主要業務，我們認為這不會從根本上影響我們的成長策略。因此，當我們明天公佈多年戰略時，這不會對該戰略或我們將要向你們展示的數字產生影響，也不會影響我們認為我們能夠達到的目標。

Great, thank you very much.

太好了，非常感謝。

The next question comes from the line of Stephen Laszczyk with Goldman Sachs. Please proceed.

下一個問題來自高盛的 Stephen Laszczyk。請繼續。

Hey, guys. Thanks for taking the questions. Joe, maybe on the Concert segment for the quarter, I was wondering if you could help us break down some of the puts-and-takes to concert segment AOI growth in 3Q. I think there's a number of factors that investors are trying to better understand.

嘿，夥計們。謝謝您回答問題。Joe，關於本季的演唱會板塊，我想請你幫我們分析一下第三季演唱會板塊AOI成長的一些優點和缺點。我認為投資者正在努力更好地了解許多因素。

You have growth in Venue Nation attendance and the profitability that might be coming on, as you layer on some new capacity there. You have more stadium activity, as you called out earlier and then, some pressure on amp and arena attendance. I think any color to help us better understand the sizing of some of these drivers would be helpful, as we look into next year. I would appreciate any of that. And then, I have a follow-up.

隨著 Venue Nation 新增一些容量，其觀眾人數和獲利能力可能會有所增長。正如你之前提到的，體育場館活動更多了，因此，演唱會和體育館的上座率也面臨一些壓力。我認為，在展望明年時，任何有助於我們更好地了解這些驅動單元尺寸的顏色都會有所幫助。我非常感激。然後，我還有一個後續問題。

Sure. I'll give you the detail on the quarter. Overall, for the concert segment, we grew AOI by about $40 million, with roughly a million or just over a million fans. So pretty good per fan incremental profitability.

當然。我會把季度的詳細情況告訴你。總體而言，在演唱會領域，我們的 AOI 成長了約 4000 萬美元，粉絲數量約為 100 萬或略超過 100 萬。所以，每個粉絲的增量獲利相當不錯。

It's 120 more stadium shows that really drove the growth, which was pretty well balanced between the U.S. and international. It was also heavily driven by stadiums that we operate. So Estadio GNP reopening and building back up the Rogers Stadium in Toronto. So it was a lot of fans that we operate at, which is what drove some of the high profitability per fan.

真正推動成長的是新增的 120 場體育場演出，而美國和國際市場的演出數量也相當均衡。這在很大程度上也受到了我們運營的體育場的影響。所以，GNP體育場重新開放，多倫多的羅傑斯體育場也正在重建。所以，我們擁有大量的粉絲，這也是我們每個粉絲獲利能力較高的原因之一。

We had about 250 fewer amp shows, as Michael alluded to. Just from a cyclical standpoint, fewer shows. Arenas are about flat, but we did grow our activity in our operated arenas, with the new Portugal arena coming online and some of our other European arenas. So a big shift to stadiums. Overall, in some of the large venues, outside of the amps, we had more activity in our operated venues that helped in the context of the fewer amp shows.

正如邁克爾所暗示的那樣，我們的演出場次減少了大約 250 場。僅從週期性角度來看，演出數量減少了。競技場整體狀況比較平穩，但我們在自營競技場的業務有所成長，新的葡萄牙競技場投入使用，以及我們在歐洲的其他一些競技場也投入使用。所以，體育場館的使用率大幅下降。總體而言，在一些大型場館中，除了音箱之外，我們經營的場館活動更多，這有助於彌補音​​箱演出減少的情況。

Great, thanks for that. And then, maybe, secondly, just as a follow-up on regulatory and some of the commitments you made on the FTC side, just would love any other color you could provide about where we stand in your dialogue with the FTC? And then, maybe, related to that, where we stand in the DOJ's process? To what extent you feel like, maybe, some of the more recent dialogue you've had – maybe perhaps, both agencies – created a framework or common ground with these agencies or lawmakers? Thank you.

太好了，謝謝。其次，作為對監管以及您在聯邦貿易委員會方面所作承諾的後續跟進，我很想了解您能否提供更多關於您與聯邦貿易委員會對話進展情況的信息？那麼，或許與此相關的是，我們在司法部的流程中處於什麼階段？您在多大程度上覺得，或許，您最近的一些對話——或許，這兩個機構——與這些機構或立法者——建立了一個框架或共同基礎？謝謝。

Sure. I'll start with the FTC. I think the government shut down pretty much immediately after it came out. So no real action there.

當然。我先從聯邦貿易委員會說起。我認為政府在消息公佈後幾乎立即就關門大吉了。所以並沒有什麼實際行動。

What I would say, and we've said this before when this happened, we feel very good about our case with the FTC. We think it's an extremely expansionist view of the BOTS Act. The fact that they would file this suit when we do more to stop bots and to counter a lot of this activity than the rest of the industry combined, we find to be very far afield. From a legal standpoint, we don't believe that they have a strong case.

我想說的是，而且我們之前在類似情況下也說過，我們對在聯邦貿易委員會的案件感到非常有信心。我們認為這是對《機器人法案》的一種極度擴張主義的解讀。鑑於我們在阻止機器人和打擊此類活動方面所做的工作比業內其他所有公司加起來都多，他們提起訴訟的事實，我們認為非常不合情理。從法律角度來看，我們認為他們的理由並不充分。

A lot of the changes that we just talked about are friendly things that have been in motion for a while. Obviously, you don't roll out identity verification in two weeks. That's a tool we've been building. We're just ready to deploy it. So we have done so.

我們剛才談到的許多變化都是已經醞釀了一段時間的友善變化。顯然，身份驗證不可能在兩週內全面推出。那是我們一直在開發的一款工具。我們已做好部署準備。我們已經這樣做了。

On the DOJ, that case is advanced procedurally. Generally speaking, discovery is complete. Everybody is exchanged expert reports. We're in the middle of some of the expert depositions. All that's left as a few straggler depositions. So that process continues. The judge reaffirmed the March 6th date for the trial. So we'll continue on that process for now.

在司法部，該案件已按程序推進。總的來說，發現工作已經完成。大家都在交換專家報告。我們正在進行一些專家取證工作。只剩下一些零星的證詞了。所以這個過程仍在繼續。法官重申了3月6日的審判日期。所以，我們暫時會繼續進行這個過程。

But the other development that I think is of real note is we think the remedies' decision in the Google Search case is very much validated our view that the claims in our case can't lead to a breakup of Live Nation and Ticketmaster, even if the DOJ prevails on one claim or another. So we expected that but certainly welcome news in that side.

但我認為另一個值得注意的進展是，我們認為谷歌搜尋案的補救措施決定非常證實了我們的觀點，即即使司法部在其中一項或多項訴訟請求中勝訴，我們案件中的訴訟請求也不可能導致 Live Nation 和 Ticketmaster 的分崩離析。所以，我們預料到了這一點，但這無疑是個好消息。

Great, thank you, Joe.

太好了，謝謝你，喬。

The next questions comes from the line of Cameron Mansson-Perrone with Morgan Stanley. Please proceed.

接下來的問題來自摩根士丹利的卡梅倫·曼森-佩羅內。請繼續。

Thank you for taking the questions. First, on the ticketing side of the business, you've talked about the competitiveness in the ticketing industry in the past, particularly in the U.S. I was wondering if you could just describe how that landscape has been evolving and how you've been responding to that level of competitiveness? Particularly, whether it raises your appetite or the attractiveness of capturing international growth within that segment of your business?

感謝您回答這些問題。首先，關於票務業務方面，您過去曾談到票務業的競爭，尤其是在美國。我想知道您能否描述一下這種競爭格局是如何演變的，以及您是如何應對這種競爭的？具體而言，這是否會提高您對在該業務領域內實現國際成長的渴望或吸引力？

Yeah. Cameron, I don't think we think of it as an either/or. We look at it as a global business or a global platform. We're global in concerts. We're global in ticketing. We’re underdeveloped in international markets in Ticketmaster, particularly if you look at Latin America, if you look at Asia, even parts of Europe. So there's a heavy focus on building out our presence in those markets.

是的。卡梅倫，我不認為我們會把它看作是非此即彼的選擇。我們將其視為一家全球性企業或一個全球平台。我們的演唱會遍及全球。我們的票務業務遍及全球。Ticketmaster 在國際市場上的發展還不夠成熟，尤其是在拉丁美洲、亞洲，甚至歐洲部分地區。因此，我們非常重視拓展在這些市場的業務。

We think we have the best ticketing platform and enterprise tools out there. That's clearly been helping us win a lot of business, as we've given you those numbers over the past several years in international markets.

我們認為我們擁有市面上最好的票務平台和企業工具。顯然，這幫助我們贏得了許多業務，就像我們在過去幾年國際市場上所取得的數字一樣。

North America is competitive but that's fine. Most businesses in life are competitive. I think we continue to win a lot because we can compete effectively on all dimensions. We've continued to add clients and tickets in North America, as well. We'll continue to fight that fight. But we certainly see international over the next several years as a great growth opportunity.

北美競爭激烈，但沒關係。生活中大多數行業都存在競爭。我認為我們之所以能持續取得勝利，是因為我們可以在各方面都有效地參與競爭。我們在北美地區的客戶和工單數量也持續成長。我們將繼續為此奮鬥。但我們確實認為，未來幾年國際市場將是一個巨大的成長機會。

Got it. And then, on the numbers in the release around deferred revenue, some pretty healthy growth, both in event-related deferred revs and ticketing revs. Any color you can provide in terms of how we should think about that as indicative of 4Q activity, relative to indicative of 2026 activity?

知道了。此外，在公佈的有關遞延收入的數據中，無論是活動相關的遞延收入還是門票收入，都實現了相當健康的成長。您能否提供一些顏色方面的信息，以便我們更好地理解這如何反映第四季度的業務活動，以及它與 2026 年業務活動的相關性？

Yeah. I think most of that will be getting into next year at this point, given the size of those numbers and the fact that Q4 is cyclically one of the smaller quarters. It goes hand-in-hand with the other things we've given you on the strength of the pipeline for '26, in terms of large venues and the fact that our ticket sales for shows next year are up double-digits. Ticketmaster, you'll continue to see some growth in the deferred, also, as we're adding more venues and the tickets for those venues get deferred.

是的。考慮到這些數字的規模以及第四季度通常是周期性較小的季度之一，我認為大部分工作都將推遲到明年完成。就 2026 年的演出安排而言，這與我們之前向您介紹的其他事項相輔相成，例如大型場館的建設，以及明年演出門票銷售額實現兩位數增長的事實。Ticketmaster，您還會看到延期售票數量繼續增長，因為我們增加了更多場館，而這些場館的門票將被延期出售。

Got it, helpful. Thanks.

明白了，很有幫助。謝謝。

The next question comes from the line of David Karnovsky with J.P. Morgan. Please proceed.

下一個問題來自大衛·卡諾夫斯基與J.P.摩根的對話。請繼續。

I wanted to see if you could refresh on the venue pipeline that will impact in 2026 in terms of the buildings opening in the second half of this year and those planned for the coming year. When we look at your fan count growth at Venue Nation, I think you had previously guided us to around 7 million fans. Any reason to think you wouldn't be able to sustain that pace comparable to that next year?

我想請您介紹一下2026年將產生影響的場館建設項目，包括今年下半年開放的場館和計劃在明年開放的場館。當我們查看 Venue Nation 的粉絲數量增長時，我認為您之前曾帶領我們達到約 700 萬粉絲。有什麼理由認為你明年無法維持這樣的速度嗎？

(multiple speakers) I was going to jump in. The good news, David, is we're going to take this through our investor day tomorrow and get into more detail on the venue stuff. So that's probably the best place for it. But, no, we continue to see the same pipeline of growth, as we've outlined previously. We've made great progress this year in getting these buildings either started or opened up this year. Tomorrow, we'll take you to the longer-term vision of it.

（多人發言）我正要插話。好消息是，David，我們明天會在投資者日上詳細討論場地相關事宜。所以那裡可能是放置它的最佳地點。但是，不，我們仍然看到同樣的成長勢頭，正如我們之前概述的那樣。今年我們在這些建築的開工或落成啟用方面取得了巨大進展。明天，我們將帶您了解它的長期願景。

Okay. And then, just on the stadium outlook. I just wanted to see if you could check in on the pipeline for next year. I know there had been some hope expressed in September that you could get to a comparable year in the U.S. with the growth internationally, despite the FIFA factor. Just want to get an update there.

好的。然後，就體育場的景色而言。我只是想問您能否幫忙了解一下明年的管道狀況。我知道9月有人表達過希望，認為儘管有國際足總的因素，但隨著國際成長，美國今年的經濟成長也能達到類似的水準。只是想了解那邊的最新狀況。

Yeah. I would say that the World Cup FIFA, some of those fears that everyone had earlier haven't seem to come to life. We are looking right now at this time of the year, which is early still but good for stadiums to have a very strong year, next year. International, which already had a spectacular year, looks very strong on a global basis. So we look at next year being a very, very strong stadium year again.

是的。我認為，世界盃國際足總的一些早期擔憂似乎並沒有成為現實。我們現在關注的是一年中的這個時候，雖然還為時過早，但對於體育場來說，明年將是充滿希望的一年。國際市場今年已經取得了輝煌的成績，在全球範圍內表現依然強勁。因此，我們預計明年又將是一個非常非常強勁的體育場建設年。

Going to Brandon's concern, add a few extra shows in amphitheaters and arenas and you're back to your annual higher double-digit fan growth that we've been able to do for the last 15 years or so. So we see that consistency will continue onward for the next few years.

回到布蘭登的擔憂，在露天劇場和體育館增加幾場演出，就能恢復到我們過去 15 年左右一直保持的每年兩位數以上的粉絲增長率。因此，我們預計未來幾年這種穩定性將繼續保持下去。

The next question comes from the line of Robert Fishman with MoffettNathanson. Please proceed.

下一個問題來自 Robert Fishman 與 MoffettNathanson 的對話。請繼續。

Hi, good afternoon. I have two for either Michael or Joe. Maybe just following up on where you just went.

您好，下午好。我有兩個問題想問麥可或喬。也許只是想接著你剛才說的繼續討論。

The earnings release calls out the international fan count is on track to surpass the U.S. for the first time. So I'm just wondering if you can shed some additional light on where you see that mix shift going with international fan growth over time? How much of that factors into your confidence of delivering another year of double-digit AOI growth in 2016? I'll start there.

財報顯示，國際粉絲數預計將首次超過美國粉絲數。所以我想知道，隨著時間的推移，您能否進一步闡述您認為這種構成變化會如何發展，尤其是在國際粉絲數量增長的情況下？您在多大程度上相信 2016 年 AOI 能再次達到兩位數成長？我就從這裡開始。

I'm not sure I got the question right, but I think if you're asking about international, we believe this will be a continued global, international business. Most of our growth, both in Ticketmaster, sponsorship, venues, concerts will continue to be on a global basis, given there's so many markets that were not very high in market share or haven't entered yet. So that mix will continue to grow and continue to be an international story for many years to come.

我不確定我是否理解了你的問題，但如果你問的是國際業務，我們相信這將是一項持續的全球性國際業務。鑑於還有很多市場市場份額不高或尚未進入，我們在 Ticketmaster、贊助、場地、音樂會等方面的成長將繼續在全球範圍內進行。因此，這種融合趨勢將會持續發展，並在未來許多年裡繼續成為一個國際話題。

Got it. And then, just secondly, can you discuss your recent hire of a new global president for Ticketmaster and maybe how you expect that to help in the AI transformation of your overall business or at least with Ticketmaster?

知道了。其次，您能否談談您最近為 Ticketmaster 聘請的新任全球總裁，以及您認為這將如何幫助您的整體業務或至少在 Ticketmaster 上實現人工智慧轉型？

Yeah. I think we thought it was time. Mark has done an incredible job, grown the business dramatically. Our focus under Mark, based out of London originally, was to really focus Ticketmaster to be a much more international business, get it away from being just solely U.S.-focused and think about a global platform.

是的。我想我們當時覺得時機到了。馬克做得非常出色，公司業務實現了顯著成長。在最初以倫敦為基地的馬克領導下，我們的重點是真正將 Ticketmaster 打造成更國際化的企業，擺脫僅僅專注於美國的局面，並考慮建立全球平台。

We had many different technologies at time. Carlos and Mark have done a fabulous job standardizing our global business launching in many markets. Mark will continue as Chairman. That will be his focus, to keep running hard on international.

當時我們擁有許多不同的技術。卡洛斯和馬克在標準化我們在全球多個市場推出的業務方面做得非常出色。馬克將繼續擔任董事長。他將專注於繼續努力爭取國際賽事的勝利。

But we absolutely wanted to find somebody that had a very strong technical background, engineering, AI-based, that could look at the platform overall and not just how do we make the enterprise marketplace better but, of course, how do we make sure we are leading the charge on AI, from an agent perspective, at the front door, to all the places that we're adding on the enterprise level.

但我們絕對想找到一位擁有非常強大的技術背景、工程和人工智慧方面的人才，能夠從整體上審視平台，不僅要考慮如何改進企業市場，當然還要確保我們在人工智慧領域處於領先地位，從代理的角度，從前端到我們在企業級層面添加的所有地方。

Alright, thank you very much.

好的，非常感謝。

The next questions comes from the line of Peter Supino with Wolfe Research. Please proceed.

接下來的問題來自 Wolfe Research 的 Peter Supino。請繼續。

Hi, this is Logan Angress, on for Peter. Just a quick question for me.

大家好，我是 Logan Angress，替 Peter 主持節目。我有個問題想問一下。

Your release reiterates your expectations for long-term AOI compounding but doesn't discuss 2026 specifically. I'm curious, given all the strong leading indicators that you've called out, is it fair to assume that you can continue to grow AOI double-digits next year? Or are there mitigating factors that we should keep in mind?

您的聲明重申了您對長期 AOI 複利成長的預期，但沒有具體討論 2026 年的情況。鑑於您提到的所有強勁的領先指標，我很好奇，是否可以合理地假設明年 AOI 能夠繼續保持兩位數的成長？或者，還有哪些緩解因素是我們需要考慮的？

Hey, this is Joe. I think what I would say is no mitigating factors. We've just never, sitting in November before the year has started, made that call. I think that's traditionally a conversation that we have in February. I think what we try to give you now, which is what we're looking at, is the leading indicators that have to do with our show pipeline, tickets sold, our sponsorship committed, our deferred revenue, a lot of factors that are pointing extremely positively.

嗨，我是喬。我認為沒有任何可以減輕罪責的因素。我們從來沒有在11月，也就是新年開始之前，就已經做出這樣的決定。我認為這通常是我們在二月討論的話題。我認為我們現在努力向你們展示的，也是我們正在關注的，是與我們的演出計劃、售票情況、贊助承諾、遞延收入等相關的領先指標，這些因素都指向非常積極的方向。

But I think we all view, we'll get to – and nothing, no mitigating, no concerns. But we generally want to wait and get to February and have the full data set to make that call.

但我認為我們都認為，我們會達到「失去」的程度，然後什麼都沒有，沒有緩解措施，沒有擔憂。但我們通常希望等到二月份，收集到完整的資料集後再做出決定。

But your point is what we've been saying for year after year, the last few years, is we think this business, on a global basis, has incredible growth ahead of it that would mirror the history we've been able to deliver.

但你的觀點正是我們過去幾年一直在強調的，那就是我們認為，從全球範圍來看，這項業務未來將迎來令人難以置信的成長，這將重現我們過去的成就。

The next question comes from the line of Peter Henderson with Bank of America. Please proceed.

下一個問題來自美國銀行的彼得‧亨德森。請繼續。

I'll just ask one on Sponsorship. How much upside (technical difficulty)

我問一個關於贊助的問題。上漲空間有多大？（技術難題）

The next question comes from the line of Jason Bazinet with Citi. Please proceed.

下一個問題來自花旗銀行的 Jason Bazinet。請繼續。

I know you guys have long held that your business is not particularly economically sensitive. But there seems to be growing press reports about maybe the low-end consumer running out of gas. I just wonder, underneath the hood, are you seeing any signs of maybe bimodal behavior with the high-end consumer spending more, but you are seeing a little bit of pressure at the low end to offset some of the strength at the high end? Or is that not what you're observing?

我知道你們一直認為你們的業務對經濟狀況並不特別敏感。但越來越多的媒體報導，低端消費者可能面臨燃料短缺的問題。我只是想知道，從根本上看，您是否發現高端消費者支出增加，但低端市場面臨一些壓力，以抵消高端市場的部分成長勢頭，從而呈現出雙峰行為的跡象？或者，你觀察到的並非如此？

No. We have not seen any of that. Our business is very diverse. It's powered from clubs to arenas to festivals to stadiums; small town to big, on a global basis. So we see it all.

不。我們沒有看到任何此類情況。我們的業務非常多元化。從俱樂部到體育館，從音樂節到體育場；從小城鎮到大城市，在全球範圍內，它都發揮著重要作用。所以我們什麼都看到了。

We need all levels of consumers consuming to make the show sellout. We're already on sale for next year for many shows and festivals of certain sizes. They are selling as fast as ever.

我們需要各個層次的消費者都參與進來，才能讓演出爆滿。我們已經開始為明年一些規模較大的演出和節日進行售票了。它們依然熱銷。

So the appetite, the consumption, going to that show still seems to be the number one priority for them. We saw no pullback anywhere yet.

所以，去看表演似乎還是他們的頭等大事。目前我們還沒有看到任何回調跡象。

Thank you.

謝謝。

The next question comes from the line of Eric Handler with ROTH Capital. Please proceed.

下一個問題來自 ROTH Capital 的 Eric Handler。請繼續。

Good afternoon, thanks for the question. Just wondering if you could talk about corporate appetite for Sponsorships now, in terms of what they're willing to do and how much they're willing to spend?

下午好，謝謝你的提問。我想了解您目前對贊助的興趣，包括他們願意做哪些事情以及願意投入多少資金？

Yeah. Again, our Sponsorship numbers, you saw the 14%. They've been growing for double-digits for years. As we grow our business, we provide more inventory. The more arenas, the more international. The more cities we add, the more inventory our team has to sell.

是的。再說一遍，我們的贊助數據，你們看到了，是 14%。多年來，它們的成長率一直保持在兩位數。隨著業務的成長，我們提供的庫存也更多。場館越多，國際化程度越高。我們新增的城市越多，我們團隊可供銷售的庫存就越多。

So we think that that live show, continually, right now, to a marketer is a really good return on investment. They may not have all the other media channels solved while they're figuring out where to put their dollars, but if you want to absolutely touch consumers on a live location like sports or music, these two places are where marketers tend to be spending more money today.

所以我們認為，對於行銷人員來說，持續不斷的現場演出是一項非常好的投資回報。在他們還在考慮如何分配資金的時候，可能還沒有解決所有其他媒體管道的問題，但是如果你想在體育或音樂等現場環境中真正觸達消費者，那麼這兩個領域就是營銷人員如今往往會投入更多資金的地方。

So we're matching that with them. We have the best inventory in the world. We see continued growth for a long time in sponsorship and brands that want to be part of that exciting two hours of magic.

所以我們正在與他們進行匹配。我們擁有世界上最好的庫存。我們預計贊助和品牌數量將在很長一段時間內持續增長，這些品牌都希望參與這場激動人心的兩個小時的魔幻盛宴中來。

Thank you.

謝謝。

The next question comes from the line of Ian Moore with Bernstein Research. Please proceed.

下一個問題來自伯恩斯坦研究公司的伊恩·摩爾。請繼續。

Hi, thanks, guys. I just wanted to zoom in a little bit, hone in on food and beverage spend. I was just wondering if you could stratify the growth that you're seeing a little bit across different venue types and then, front-of-the-house, back-of-the-house, VIP, if possible.

嗨，謝謝大家。我只是想稍微放大一下，並專注於餐飲支出。我只是想問一下，您能否將您觀察到的增長情況按不同的場地類型進行分層，然後按前台、後台、VIP 等進行分層，如果可能的話。

Yeah. We've had a strong year again with food and beverage. On our amphitheaters, our festivals, owned and operated clubs, we delivered on our growth targets this year, again. Continue to be better at diversifying our portfolio, increasing our hospitality, increasing our offerings across all platforms.

是的。今年我們在食品和飲料方面再次取得了強勁的業績。今年，我們在露天劇場、節慶慶典、自有俱樂部等方面再次實現了成長目標。持續努力實現投資組合多元化，提升服務水平，增加在所有平台上的產品供應。

So had a strong year. We continue to see year-over-year growth onsite, food and beverage, VIP, hospitality, premium, all of the ancillary revenues. When they come to that show, they still want to find that place to have fun and spend some dollars to enjoy it.

所以今年過得很順利。我們持續看到現場消費、餐飲、VIP消費、酒店服務、高端消費以及所有輔助收入實現同比增長。他們來看表演的時候，仍然想找到一個可以玩樂的地方，並且願意花錢享受一番。

Thank you. There are no further questions at this time. I'd like to hand the call back to Michael Rapino for closing remarks.

謝謝。目前沒有其他問題了。我謹將電話交還給麥可‧拉皮諾，請他作總結發言。

Thank you, everyone, for your participation. We'll talk to you tomorrow afternoon at our investor day. Look forward to it. Thank you.

感謝大家的參與。我們將在明天下午的投資者日活動上與您見面。敬請期待。謝謝。

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

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。