Live Nation Entertainment, Inc. (LYV) 2026 Q1 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 First Quarter 2026 Earnings Call.I would now like to turn the call over to Ms. Amy Yong. Thank you, Ms. Yong. You may begin.

各位下午好。我叫 Joe，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Live Nation 2026 年第一季財報電話會議。我現在想把電話交給 Amy Yong 女士。謝謝您，Yong 女士。您可以開始了。

Good afternoon and welcome to the Live Nation First Quarter 2026 Earnings Conference Call. Joining us today is our President and CEO, Michael Rapino, and our President and CFO, Joe Berchtold. 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. 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. 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.

各位下午好，歡迎參加 Live Nation 2026 年第一季財報電話會議。今天與會的有我們的總裁暨執行長 Michael Rapino，以及我們的總裁暨財務長 Joe Berchtold。我們提醒各位，今天下午的電話會議將包含若干前瞻性陳述，這些陳述受風險與不確定性影響，可能導致實際結果出現差異，其中包括與公司預期財務表現、業務前景、新發展及類似事項相關的陳述。關於可能影響實際結果的風險與不確定性之說明，請參閱 Live Nation 向 SEC 提交的文件，包括公司最近提交的 10-K、10-Q 與 8-K 表格中的風險因素與警示性陳述。本次電話會議中，Live Nation 也將提及部分非 GAAP 指標。依據 SEC 的 Regulation G，Live Nation 已在我們的財報新聞稿中提供這些指標的定義，並與最可比的 GAAP 指標進行完整調節。該調節表可在 Live Nation 官網的「財務資訊」區域中找到。

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

接下來，我們將開始回答各位的提問。接線員？

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. One moment, please, while we poll for questions. And the first question comes from the line of Brandon Ross with LightShed Partners. Please proceed.

謝謝。各位女士、先生，若您想提問，請在電話鍵盤上按下星號 1，確認音將提示您的線路已進入提問佇列。若您想將問題自佇列中移除，可按下星號 2。使用擴音設備的與會者，可能需要先拿起話筒再按星號鍵。請稍候，我們將開始收集問題。第一位提問者是 LightShed Partners 的 Brandon Ross。請發言。

Hey, guys. Thanks for taking the questions. First, you called out timing shifts in fan count due to venue mix in the release. Can you first explain why this year looks different than most, and then how that translates to AOI phasing throughout the year?

嗨，各位。謝謝讓我提問。首先，你們在新聞稿中提到，由於場館組合的關係，粉絲人次的時間點出現移轉。能否先說明為什麼今年看起來和以往多數年份不同，接著這會如何反映到全年 AOI 的分期/節奏上？

Yeah, Joe. Joe will take you through the timing.

好的，Brandon。Joe 會帶你說明時間點的部分。

Yeah. Sure. Yeah, yeah. Sure, Brandon. So really, what's going on with timing is because we have very strong growth globally in stadiums and strong growth in amphitheaters in the U.S., those tend to skew more towards Q3, just from a calendar standpoint. Most of the summer months are in Q3. So we were just trying to call out that as you think about the weighting of the different quarters this year, while we have strong growth across all of the pieces, that growth is really going to come in more strongly in Q3 than it would be in previous years. That will translate into stronger AOI for Q3 and then, on the margin, also shaping up to have a very strong Q4.

好的。當然。好的好的。當然，Brandon。關於時間點，主要是因為我們在全球體育場（stadium）有非常強勁的成長，而在美國的露天劇場（amphitheater）也有強勁成長；從行事曆角度來看，這些活動通常更偏向第三季，因為大多數夏季月份都落在第三季。因此，我們只是想提醒大家：在思考今年各季權重時，雖然我們各個業務板塊都有強勁成長，但這個成長相較以往年度會更集中地在第三季體現。這將轉化為第三季更強的 AOI，並且在邊際上也讓第四季看起來會非常強勁。

Ok. And then speaking of amphitheaters, I guess the big stumble last year was in amps, really, on the supply side. And it seems that you have made up for that this year. How sure are you that the demand is there on the amps to fill that supply? The leading indicators seem great, but amps are more of real-time purchase, and every time there's elevated gas prices, there is a little more worry about amphitheater performance. And there's also been some cancellations lately, as there are every year, but if you could address that too.

了解。接著談到露天劇場，我想去年最大的失誤其實是在 amps（露天劇場），主要是供給端的問題。而看起來你們今年已經補回來了。你們對於露天劇場的需求足以消化這些供給有多大把握？領先指標看起來很不錯，但露天劇場比較偏即時購票；而每次油價走高時，市場對露天劇場表現就會多一些擔憂。最近也有一些取消演出，雖然每年都會有；也請你們一併回應。

Yeah. Well, let's start with cancellations and work backwards, just because I know that – I saw some of those articles. This year would be no different than any other year. We always have a few cancellations. To give you perspective, we tend to have 1% to 2% cancellation rate historically, both at Ticketmaster across the industry and at Live Nation. We're tracking slightly below the industry, so we see no challenges at all in that. To give you, again, perspective, we have about 15,000 shows on sale, 100 will be canceled. That would be typical. So we see nothing about cancellations in '26 full calendar that would be extraordinary, always a tour, one or two that doesn't work out.

好的。我們先從取消演出談起，再往回說，因為我知道——我也看到一些相關報導。今年不會和其他年份有任何不同。我們每年都會有少數取消。給你一些背景：歷史上我們的取消率通常是 1% 到 2%，無論是在 Ticketmaster 的全產業層面，或是在 Live Nation 都差不多。我們目前的追蹤結果還略低於產業平均，因此我們完全看不到任何挑戰。再給你一個概念：我們大約有 15,000 場演出在售，可能會有 100 場取消，這是典型水準。所以我們看不到 2026 年完整年度在取消演出方面有任何異常；總會有一兩個巡演計畫最後不成行。

Amphitheaters, as you said, we're having a strong 2026, focused the team on the supply to make sure we have the show count. We definitely have that this year. And we know sitting in May, the demand side, we would know by this time of the year how we're filling up for the summer. It is not last minute; it's on sale. And as you see from the numbers in our releases, we're tracking ahead of last year on show count, on ticket sales, up over double-digits. So we see a strong year in amphitheaters. We think they're a great product. Demand will always be there. They tend to be lower priced than arenas and stadiums. It's a lower cost entry point to come in, so it's a volume game. And onsite, just started. We are days into the season, but we see positive numbers so far. So our premium sales are onsite, and our demand indicate we are going to have a strong 2026 in amps.

至於露天劇場，如你所說，我們 2026 年表現強勁；我們把團隊的重點放在供給端，確保演出場次數量。我們今年確實做到了。而且到了 5 月這個時間點，需求端的狀況——我們通常在一年中的這個時候就會知道夏季檔期的填充情況。這不是最後一刻才發生；票早就開賣了。正如你從我們新聞稿的數字所看到的，我們在演出場次與售票量上都領先去年，售票量成長達兩位數以上。因此我們認為露天劇場今年會很強。我們覺得這是很棒的產品；需求一直都會在。相較於室內體育館（arena）與體育場（stadium），露天劇場票價通常更低，是更低的入場門檻，因此更偏向以量取勝。另外，現場（onsite）才剛開始；我們才剛進入本季的前幾天，但目前看到的數字是正向的。因此，我們的高端/加值銷售（premium sales）是在現場發生，而各項需求指標顯示我們在露天劇場將迎來強勁的 2026 年。

Thank you.

謝謝。

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

下一個問題來自 Goldman Sachs 的 Stephen Laszczyk。請發言。

Hey, guys. Thanks for taking the questions. Michael, maybe just to broaden out the question around supply this year, in the release, you highlighted concert bookings pacing up across stadiums, arenas and amps. Would just be curious if you could maybe talk a little bit more about how touring activity is shaping up for this year, where in the slate you are seeing the strongest inflections year-over-year in supply, and then where might there still be opportunity to add event supply as we make our way into the summer concert season here over the next couple of months?

嗨，各位。謝謝讓我提問。Michael，我想把今年供給面的問題稍微拉大一點來問：在新聞稿中，你們提到體育場、室內體育館以及露天劇場的演唱會預訂節奏都在加快。我想請你多談一些今年巡演活動的走勢：在整體檔期中，你們看到供給端年對年增幅最明顯的轉折點在哪些地方？另外，隨著未來幾個月進入夏季演唱會旺季，在哪些領域可能仍有機會再增加活動供給？

Yes. I mean, if we step back, as we do in our investor day on supply, there are more bands on the road on a global basis, so the pie is growing. Our job is just to keep making sure we maintain our market share and grow with that expanding pie of supply. So we're seeing this global supply of artists continually grow. So that will just mean, ultimately, more bands on the road and they'll be filling all levels, from the club up to the stadium, which we're seeing this year. So most of the supply is coming from the growing market on a global basis on all levels of supply. We think that's going to happen for many years to come as this world has been flattened and bands from all over, from Latin America to K-Pop to Colombia to India, are now on the road and able to travel and tour in all of the different venues and festivals around the world. So strong supply across the globe right now. We're seeing our international business strong, maybe even stronger than America, in terms of growth. Latin America is on fire from small to big to festivals. So we're seeing a great global supply and demand, as we predicted in our investor day, coming to life this year.

是的。我的意思是，如果我們退一步看，就像我們在投資人日談供給時所說，全球範圍內上路巡演的樂團更多了，所以整個市場的「餅」在變大。我們的工作就是持續確保我們維持市占率，並隨著供給這個擴大的餅一起成長。因此我們看到全球藝人供給持續增加。最終這只會意味著有更多樂團在路上巡演，並且會填滿從俱樂部到體育場各個層級的場館——我們今年正看到這種情況。也就是說，大部分供給來自全球各層級市場的成長。我們認為這種趨勢在未來很多年都會持續，因為世界變得更扁平化，來自各地的樂團——從拉丁美洲到 K-Pop、從哥倫比亞到印度——現在都在巡演，並能在全球各種不同場館與音樂節中旅行與演出。因此目前全球供給非常強勁。我們看到國際業務表現強勁，就成長而言，甚至可能比美國更強。拉丁美洲從小型到大型、到音樂節都非常火熱。因此我們看到很棒的全球供給與需求，正如我們在投資人日所預測的，今年正在成真。

That’s great. Thanks for that. And then, Joe, maybe on regulatory, I think this is the first time we have connected since the settlement on the federal side and then the ruling on the state case. Would just be curious if you could provide us with an update on where we stand today in that process, where you feel like your views still differ from how the ruling has played out, and how investors should expect the process to play out from here?

太好了。謝謝你分享這些。接著，Joe，或許在監管方面，我想這是我們自聯邦層面的和解以及州案件裁決之後第一次連線。想請你更新一下目前這個流程我們處於什麼位置、你認為你們的觀點仍與裁決實際發展有哪些不同，以及投資人接下來應該如何預期流程會如何推進？

Yeah. I think there is a day in court on Thursday, where there’ll be a discussion on the process. So there's three key elements here. One is we have a few motions that we made as it related to some of the evidence and how that proceeds, so we need a ruling on that. Two is the judge determining the process for the review of the settlement with the Department of Justice. And then third is the remedies portion of the trial that just concluded. So we have views on how we think it should proceed, but the judge will decide that, and then that will define the timing and the exact pieces. So until then, we just have to wait a minute and see how he lays it out.

是的。我認為週四會有一次出庭，屆時會討論流程。所以這裡有三個關鍵要素。第一，我們提出了幾項動議，涉及部分證據以及後續如何進行，因此我們需要就此獲得裁定。第二，是法官決定對司法部和解案的審查流程。第三，是剛結束的審理中關於救濟（remedies）的部分。所以我們對於應該如何推進有我們的看法，但最終由法官決定，而這將界定時程與具體環節。因此在那之前，我們只能先等一下，看看他會如何安排。

Great. Thank you.

很好。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 J.P. Morgan 的 David Karnovsky。請發問。

Hey. Thank you. Joe, in the 10-Q, there's some detail on the venue securitization transaction. Wanted to see if you could walk through the structure at a high level? And then how does this kind of play into your Venue Nation plans over the long-term as far as buying or building locations?

嗨，謝謝。Joe，在 10-Q 裡有一些關於場館證券化交易（venue securitization transaction）的細節。想請你從高層次帶我們走一遍其結構？另外，從長期來看，這類交易如何融入你們的 Venue Nation 計畫，特別是在收購或興建場館方面？

Yeah, sure. This is a great vehicle that the team developed to think about how we fund the venue side of the business going forward. I've talked before about how, in my mind, there is a little bit of a PropCo/OpCo, two businesses that we have here, and there is an opportunity with the PropCo to effectively have a synthetic component of the balance sheet. We're still keeping it all under one roof for the flexibility and control, but effectively, thinking about it is as, you have a PropCo that you can have more leverage on, which is collateralized by all your venue holdings. And we have an initial raise that we did of just over €600 million, using some of the venues as collateral.

好的，當然可以。這是團隊打造的一個很棒的工具，用來思考未來我們如何為場館業務端提供資金。我之前談過，在我看來，我們這裡有點像 PropCo/OpCo，也就是兩個業務，而 PropCo 這邊有機會在資產負債表上有效地加入一個「合成」的組成部分。我們仍然把它全部放在同一個架構下，以保有彈性與控制權，但實際上可以這樣理解：你有一個 PropCo，可以承擔更高的槓桿，並以你所有的場館資產作為擔保。我們已完成一筆初始募資，金額略高於 6 億歐元，並以部分場館作為抵押品。

And then as we grow the venue portfolio, we can take the venues that we add and put those in as additional collateral, which lets this component of our balance sheet continue to grow as we build out the venue portfolio, that, obviously being kept separate then and not being used to securitize the more OpCo side of the business. So this is an innovative financing that we came up with, which we think works very well in giving us the first step to really enable our funding and continue to build out the venue side of the business.

接著，隨著我們擴大場館資產組合，我們可以把新增的場館納入作為額外抵押品，讓這個資產負債表組成部分隨著我們建置場館組合而持續成長；而且很明顯，這部分會被分開管理，不會用來證券化更偏 OpCo 的業務。因此，這是我們提出的一種創新融資方式，我們認為它非常有效，讓我們邁出第一步，真正強化資金來源，並持續擴張場館業務端。

Ok. And then maybe just sticking on Venue Nation. Early this year, you announced in Argentina, an agreement with Club Atlético for certain booking and naming rights as it relates to the stadium there. I am curious how replicable this model is, meaning partnerships with sports teams in Latin America or, really, even other regions where you are expanding venues, where maybe there are existing properties sitting there in need of capital or refresh, that you can enter as a partner?

了解。那再延伸談 Venue Nation。今年稍早你們宣布在阿根廷與 Club Atlético 達成協議，取得與該體育場相關的部分訂場與冠名權。我想了解這個模式有多可複製，也就是與拉丁美洲的運動隊伍合作，或甚至在你們擴張場館的其他地區合作；那裡可能已有既有資產但需要資本投入或翻新，你們可以以合作夥伴身分進入？

Yeah. We love that deal, and we absolutely think on a global basis it's something we can replicate. Lots of these stadiums around the world, these are not NFL-activity kind of venues, so they don't have as much activity going on. So we're a great partner to help make sure we can put some shows in there, bring some sponsorship expertise, and some capital, if we have to. We have a similar arrangement in Argentina with River Stadium [errata note: “River Stadium” should be “River Plate Stadium”]. So yes, we think on a global basis, we like building arenas, but we like, on the stadium side, partnering with them, and a little less capital intensive but locks up a lot of the revenue streams.

是的。我們很喜歡那筆交易，而且我們絕對認為在全球範圍內都可以複製。世界各地很多這類體育場，並不是那種像 NFL 一樣活動密度很高的場館，所以平時沒有那麼多活動。因此我們是很好的合作夥伴，可以協助確保我們能把一些演出帶進去，帶來贊助方面的專業能力，以及在需要時投入一些資本。我們在阿根廷也有一個類似安排，合作對象是 River Stadium [errata note: “River Stadium” should be “River Plate Stadium”]。所以是的，我們認為在全球範圍內，我們喜歡興建室內場館（arenas），但在體育場（stadium）這一端，我們更喜歡與對方合作；這樣資本密集度較低，但能鎖定許多收入來源。

Great. Thank you.

很好，謝謝。

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

下一個問題來自 Morgan Stanley 的 Cameron Mansson-Perrone。請發問。

Thanks. Two on the ticketing business, if I could. Michael, could you just update us on what you and Saumil are focused on from a product perspective with Ticketmaster? And then, in the past, you've talked about driving ancillaries at Ticketmaster. Do you see that as an increasingly important factor for that business going forward, given what seems like increased sensitivity around fees? And then one more.

謝謝。我有兩個關於票務業務的問題。Michael，你能否更新一下你和 Saumil 在 Ticketmaster 的產品面目前聚焦哪些重點？另外，過去你們談過在 Ticketmaster 推動附加收入（ancillaries）。鑑於外界對費用似乎更敏感，你是否認為這會成為未來該業務愈來愈重要的因素？我還有一個問題。

I'll start, then Joe will jump in.

我先開始，然後 Joe 再補充。

Yeah.

好。

I mean, listen, we're thrilled in general with our new hire. Saumil is just a real strong product engineer. Joe and I have ongoing dialogue with them on the product roadmap on a global basis, from how to inject AI into the consumer side and the B2B side. But I would say, our continual top priority is to make that on sale smooth, more transparent, and drive as much consumer confidence as we can in the process. So he's doing a lot of work on that right now, identifying and building out our Face Value Exchange program to be much more robust for artists to use, giving them more tools in general for the on sale. That's our biggest pain point. We’ve made great progress in the last few years. We’re the best in the business at it, but we will continue to make that a better and better process, with more tools for artists and fans. That's the front end. Joe will fill you in on kind of the wider perspective.

我的意思是，聽著，我們整體而言對新加入的夥伴非常興奮。Saumil 是一位非常強的產品工程人才。Joe 和我會持續與他就全球層面的產品路線圖保持對話，包括如何把 AI 注入消費者端與 B2B 端。但我會說，我們持續的首要優先事項，是讓開賣（on sale）流程更順暢、更透明，並在過程中盡可能提升消費者信心。所以他現在正在做很多相關工作，辨識並強化我們的 Face Value Exchange（原價轉售）計畫，讓藝人能更充分地使用，並且整體上提供更多開賣工具。這是我們最大的痛點。過去幾年我們已取得很大進展；我們在這方面是業界最好的，但我們會持續把流程做得更好，為藝人與粉絲提供更多工具。這是前端部分。Joe 會從更廣的角度補充。

Yeah. And I think, on the back end, the biggest unlock that Saumil has been bringing is how we think about a lot of the new markets we are going into. The strategies he has been developing for Latin America, for Asia, particularly for Japan, figuring out how we're not locked into some of our legacy constraints of great platforms, but built in a time before we needed the flexibility we need today. So in part, using some AI tools and just, I think, pretty innovative approaches, he's rapidly accelerating the pace at which we're moving into those markets with the ticketing solution, so that would be the big back-end piece.

是的。我認為在後端方面，Saumil 帶來的最大解鎖點，是我們如何思考正在進入的許多新市場。他為拉丁美洲、亞洲，特別是日本所制定的策略，重點在於如何避免被一些既有的歷史限制所綁住——那些平台很棒，但建置於我們還不需要今天這種彈性之前的年代。因此，一部分是運用一些 AI 工具，以及我認為相當創新的方法，他正在快速加速我們以票務解決方案進入那些市場的速度，這會是後端最大的部分。

And then, absolutely, we're continuing to be very focused on how we use the platform to continue to drive additional economics from the scale of what we're doing. We know that the venue clients that we have that are really keeping the bulk of the service fee will continue to keep the bulk of the service fee, and we need to continue to find ways that we can build value off the platform and keep our fair share of that.

另外，沒錯，我們也持續非常專注於如何運用平台，從我們所做業務的規模中持續創造額外的經濟效益。我們知道，我們的場館客戶中，那些實際保留大部分服務費的，未來仍會保留大部分服務費；而我們需要持續找到方法，能在平台上建立價值，並取得我們合理應得的那一份。

Thanks. That's helpful and interesting. My follow up was on headwinds you call out in terms of the mid-single-digit headwind at the ticketing segment this year. I was wondering if you could remind me, or us, what exactly is incorporated or captured in that, or contemplated? And then any guidance or expectation with regard to how you see the legal expenses that are running through ticketing, whether we should expect that run rate through the remainder of the year, or any color or expectation there would be helpful? Thanks.

謝謝，這很有幫助也很有意思。我的追問是關於你們提到的逆風，也就是今年票務部門面臨中個位數百分比（mid-single-digit）的逆風。我想請你提醒我（或提醒大家），這裡面到底包含或反映了哪些因素、或你們原先假設了哪些情境？另外，關於計入票務部門的法律費用，你們是否能提供任何指引或預期：我們是否應該預期今年剩餘期間會維持這樣的費用水準？任何補充說明都會很有幫助。謝謝。

Yeah. Yeah, those mid-single-digit headwinds are really talking about steps that we've taken in the secondary, that we announced earlier. Some pretty dramatic steps that limit the broker inventory being put on the Ticketmaster system, that we said would be a step down, a structural step down, that would have that level of impact. That's a one-time thing, so as we grow to offset that this year and still have, hopefully, some growth or expect to have some growth on Ticketmaster for the year, and then that weight we comp and is no longer an issue as we move forward into the future.

對。對，那些中等個位數的逆風，主要是在講我們在二級市場採取的措施，我們之前也已公告過。那是一些相當重大的措施，用來限制經紀商庫存被放到 Ticketmaster 系統上；我們說過那會是一個下滑、一個結構性的下滑，並會帶來那樣程度的影響。那是一次性的，所以當我們今年成長來抵消它，並且仍然希望、也預期 Ticketmaster 全年會有一些成長；之後當我們把這個影響納入比較基期後，往後就不再是問題了。

As it’s related to some of the one-time expenses, I don't think we will continue to have this level of elevated expenses. We will continue to have some expenses on the legal side. Those will be related to the FTC and some other activities, but I think they should get moderated over the next few quarters from where they're at today.

至於一些一次性費用，我不認為我們會持續維持這種偏高的費用水準。我們仍會在法律面有一些費用；那些會與 FTC 以及其他一些活動相關，但我認為在接下來幾個季度，這些費用應該會從目前的水準逐步趨於緩和。

Got it. That’s great. Thanks.

了解。很好。謝謝。

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

下一個問題來自 Wolfe Research 的 Peter Supino。請繼續。

Hi. I think two for Joe, if I may. One on the velocity of new venue openings. In the last three years ending in 2025, your CapEx rose from $400 million a year to $600 million, to $1 billion last year. It would be equal or higher this year, and so I'm wondering about the dollar value of venues opening in 2026 and 2027. Are we right to assume that 2027 ought to be a bigger opening year, in terms of dollar value and revenue, than '26 was? And then a longer-term question about your cash flow. I'm wondering if the business were not expanding capacity, what you think Live Nation could generate in terms of EBITDA, free cash flow as a percentage of EBITDA? What do you think the free cash flow margin of this business is at steady state? Thanks.

嗨。如果可以的話，我有兩個問題想問 Joe。第一個是關於新場館開幕的速度。在截至 2025 年的過去三年裡，你們的資本支出（CapEx）從每年 4 億美元提高到 6 億美元，去年則到 10 億美元。今年應該相當或更高，所以我想問 2026 與 2027 年開幕場館的美元價值規模大概是多少？我們是否可以合理假設，就美元價值與營收而言，2027 應該會是比 2026 更大的開幕年？第二個是較長期的現金流問題。我想問，如果公司不再擴張產能，你認為 Live Nation 在 EBITDA 方面可以產生多少、以及自由現金流占 EBITDA 的比例會是多少？你認為這個業務在穩態下的自由現金流利潤率會是多少？謝謝。

Wow. Algebra test in real time. I'm not sure I'm going to try to give you exact numbers. I think that, yeah, if we stopped investing this $1 billion and stopped buying venues, we're going to be able to throw off a lot of cash. If you take the two pieces, the Ticketmaster business today is an extremely high cash flow conversion business. We've been using a lot of that cash to drive growth on the venue side, but it would be throwing off a tremendous amount of cash. And then on the concert side, again, we give you the maintenance capital. Maintenance capital is really only a couple of hundred million dollars, so you would be throwing off pretty healthy cash on the concert side as well.

哇，這是即時的代數考題。我不確定我會不會試著給你精確數字。我想，是的，如果我們停止投入這 10 億美元、也停止收購場館，我們將能釋放出大量現金流。如果把兩個部分拆開看，Ticketmaster 目前是一個現金流轉換率極高的業務。我們一直把其中不少現金用來推動場館端的成長，但它本身會產生非常可觀的現金。再來是演唱會業務，同樣地，我們也提供你們維持性資本支出（maintenance capital）的數字；維持性資本支出其實只有幾億美元，所以演唱會端也會產生相當健康的現金流。

Now, that said, we still see a long runway of opportunities for venues. We do expect to see acceleration in their opening. And again, I'm not going to give you the exact '27 versus '28 timing on the venues that we have under construction, but these are all multiyear construction projects. So the ones that we started last year, and this year will take a few years, and we're opening a couple great amps this year. We're opening a number of other theaters and other venues, and we expect that to accelerate as we get out into '27 and '28.

不過話說回來，我們仍然看到場館有很長的機會跑道。我們確實預期開幕速度會加快。同樣地，我不會給你我們在建場館在 2027 對 2028 的精確時點，但這些都是跨年度的建設專案。所以我們去年開始的、以及今年開始的，都需要幾年時間；而我們今年會開出幾個很棒的露天劇場（amps）。我們也會開出一些其他劇院與其他場館，並且預期當我們走到 2027、2028 年時，開幕會進一步加速。

The next question comes from the line of Batya Levi with UBS. Please proceed.

下一個問題來自 UBS 的 Batya Levi。請繼續。

Great. Thank you. A follow up on the ticketing side. Adjusting for that legal spend, it looks like margins were up nicely year-over-year. Can you talk about where the outperformance came from? Are you seeing benefit of these AI tools already flowing through? And same, maybe, on the concert side. Can you talk a bit about the outperformance despite tough comps that you had in LatAm? And any regions that you would call out for the rest of the year? Thanks.

很好，謝謝。關於售票端的追問。若把法律支出調整掉，看起來利潤率年對年提升得不錯。你能談談超預期表現主要來自哪裡嗎？你們是否已經看到這些 AI 工具的效益開始反映出來？另外，演唱會端也一樣，能否談談在拉丁美洲有較艱難比較基期的情況下，仍能超預期的原因？以及今年剩餘時間，有沒有特別想點名的區域？謝謝。

I'll start with the ticketing side. I mean, we're giving you the volume here. The ticketing sales are up nicely, so we continue to grow the business, notwithstanding some of the headwinds on the secondary side because of the actions we've taken there. So a lot of the growth on the Ticketmaster side is coming from additional concert tickets that are being sold. And yeah, the business, operationally and its fundamentals, continue to be in good shape. We're adding more clients globally. We're selling more tickets. The underlying business is all working very well and setting us up nicely as we go into the latter part of this year and into next year.

我先從售票端開始。我是說，我們在這裡給了你們量的數據。售票量成長得不錯，所以即便因為我們在二級市場採取的行動而有一些逆風，我們仍持續成長這個業務。因此，Ticketmaster 端的很多成長來自於售出的演唱會門票增加。是的，從營運面與基本面來看，這個業務仍維持良好狀態。我們在全球新增更多客戶、賣出更多票；底層業務運作得非常順，讓我們在今年下半年以及明年都能有很好的布局。

On the concert side, again, a lot of bouncing around quarter-to-quarter. This was a very good quarter in Latin America, which drove both concerts and sponsorship performance, some festivals there that we had, that did well. Going forward, we see both North America and international markets performing very strongly this year. Michael talked earlier, stadiums are up globally, up in the U.S. despite a very strong year last year, up strongly in international markets. Amphitheaters and arenas are up nicely in the U.S., so that should drive solid growth throughout North America. You have Latin America, you got Europe, you got parts of Asia, so we're seeing very strong global demand for concerts, which is then translating into the sponsorship and ticketing businesses.

至於演唱會端，同樣地，季度之間會有不少波動。這一季拉丁美洲表現非常好，帶動了演唱會與贊助的表現；我們在那裡有一些音樂節，表現也很不錯。往前看，我們看到北美與國際市場今年都會非常強勁。Michael 先前提到，體育場（stadiums）在全球都在成長，在美國即便去年已經很強，今年仍在成長；國際市場也強勁成長。美國的露天劇場與室內體育館（arenas）也有不錯的成長，因此應能帶動北美整體穩健成長。你有拉丁美洲、有歐洲、也有亞洲部分地區，所以我們看到全球對演唱會的需求非常強，進而轉化為贊助與售票業務的表現。

Got it. Thank you.

了解。謝謝。

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

下一個問題來自 Bernstein Research 的 Ian Moore。請繼續。

Hi. Thanks. The secondary ticketing business is clearly undergoing a number of changes, right, in order to further mitigate scalping and bot activity. In the past, you've sized secondary as a low double-digit percent of fee-bearing GTV. But given the sustainability of primary ticketing growth, where do you see secondary share of fee-bearing GTV going as those changes play out? Is it high-singles or mid-singles? Thanks.

嗨，謝謝。二級售票業務顯然正在經歷多項變革，對吧，以進一步降低黃牛與機器人活動。過去你們曾把二級市場規模描述為：在收取手續費的總交易額（fee-bearing GTV）中占低雙位數百分比。但考量到一次市場（primary）售票成長的可持續性，隨著這些變革推進，你們認為二級市場在收取手續費的 GTV 中的占比會走向哪裡？會是高個位數還是中個位數？謝謝。

Yeah. I think it's probably a gradual decline. I don't think there's anything that is, notwithstanding some of the changes we're making this year, there will be a structural drop. I think over time, primary will win. Content will control its tickets, and it will be a slow decline. We've long said we consider this to be a feature, not a standalone product. It's part of, while secondary is being offered, we want to make sure fans can come to our site for a safe exchange and get a ticket they know they're going to have delivered. But it's there because it's part of the ecosystem, and we don't have that as a strategy to grow it. So if we're successful, it will decline into the single digits over the next several years.

對。我認為大概會是逐步下滑。我不覺得會有什麼事情——儘管我們今年做了一些改變——會造成結構性的大幅下跌。我認為隨著時間推進，一級市場會勝出。內容方會掌控其門票，而這會是一個緩慢的下滑。我們長期以來都說，我們把這視為一個功能，而不是一個獨立產品。它是整體的一部分；在提供二級市場的同時，我們希望確保粉絲可以到我們的網站進行安全的轉讓交易，並拿到他們確信會被交付的門票。但它之所以存在，是因為它是生態系的一部分，而我們並沒有把成長它當作策略。所以如果我們做得成功，未來幾年它會下降到個位數占比。

Thank you.

謝謝。

The next question comes from the line of Kutgun Maral with Evercore ISI. Please proceed.

下一個問題來自 Evercore ISI 的 Kutgun Maral。請繼續。

Thanks for taking the questions. First, I know Live Nation is really a supply-driven business, but I did want to follow up on the demand side, just given investor focus. So maybe underneath the surface, are you seeing any differences by, maybe, geography, income cohort, venue types, or price points? And given the broader macro and geopolitical volatility, including the disruption in the Middle East, is there anything you are seeing in either the U.S. or international markets that could affect demand, routing, or fan behavior as we move throughout the year?

謝謝讓我提問。首先，我知道 Live Nation 基本上是一個供給驅動的業務，但考量投資人對需求面的關注，我確實想追問一下需求端。所以也許在表面之下，你們是否看到按地理區域、收入族群、場館類型或票價區間等方面有任何差異？另外，鑑於更廣泛的總體與地緣政治波動，包括中東的干擾，今年接下來你們在美國或國際市場是否看到任何可能影響需求、巡演路線安排（routing）或粉絲行為的跡象？

And maybe second, I want to ask about premium hospitality within Venue Nation. The release called out the ongoing rollout of the Vinyl Room, for example, with onsite spending at the Hollywood Palladium already over $100 per fan, which is highly encouraging. How applicable is that playbook across the broad venue portfolio? And as you scale these types of premium hospitality concepts globally, how meaningful can they become as a driver of per fan monetization and Venue Nation AOI over the next few years? Thank you.

另外第二點，我想請教 Venue Nation 內的高端款待（premium hospitality）。新聞稿提到例如 Vinyl Room 的持續推廣，在 Hollywood Palladium 的現場消費已經超過每位粉絲 100 美元，這非常令人鼓舞。這套作法在更廣泛的場館組合中有多適用？以及當你們在全球擴張這類高端款待概念時，未來幾年它們作為提升每位粉絲變現能力與 Venue Nation AOI 的驅動因素，可能會有多大的意義？謝謝。

All right. I'll hit a few of those. I'll start with the Middle East because you brought up. It doesn't affect our business today. The Middle East is a very, very, very small touring market overall, so it would have no material effect to our business. We expect that over the long term, it will be a touring region but does not affect routing today. We had no tours; no shows planned in that market right now. On the demand side, we have this ongoing reports we get. We understand fan demographics, all of that, that come to our shows. It's very broad, as you can imagine. Concerts kind of appeal from 12 to the 90 years old, depending on the artist and where they're playing, so we see no slowdown in any genre, no demographic. We see, across the board, whether it's a club show, whether it's an amphitheater in Indianapolis or an expensive stadium show in New York, we've seen no demand pullback anywhere. Same thing in the rest of the world, Argentina to Milan to Singapore, still don't see any pullback. Consumers still consider that live show very, very important in their social calendar for the year. Whether they're going to one, two, or three shows a year, it's paramount that they get to that show. So we've seen no pullback. Broad, strong demand across the board on all genres and at all theater sizes.

好，我來回答其中幾點。我先從你提到的中東開始。它目前不影響我們的業務。中東整體而言是一個非常、非常、非常小的巡演市場，所以對我們的業務不會有任何重大影響。我們預期長期來看它會成為一個巡演區域，但目前不影響路線安排。我們現在在那個市場沒有任何巡演；也沒有規劃任何演出。在需求端，我們持續收到一些報告。我們了解來看演出的粉絲人口結構等等，正如你可以想像的，非常廣泛。演唱會的受眾大概從 12 歲到 90 歲都有，取決於藝人以及演出地點，所以我們在任何曲風、任何族群都沒有看到放緩。我們看到的是全面性的情況：不論是俱樂部演出、印第安納波利斯的露天劇場，或是紐約昂貴的體育場演出，我們都沒有看到任何地方的需求回落。世界其他地區也是一樣，從阿根廷到米蘭到新加坡，仍然沒有看到任何回落。消費者仍然把現場演出視為一年社交行程中非常、非常重要的一部分。不論他們一年去一場、兩場或三場，能去到那場演出都是最重要的。所以我們沒有看到回落。各曲風、各種劇場規模的需求都很廣泛且強勁。

On the premium, and we've talked about this at length, in many investor presentations, but yes, we think, in general, the music business, and the venues, and the festivals can do a better job of providing a better service and a better product. Historically, the concert has been about 99% GA and 1% premium. We now see that people will pay for a better experience. So I was in a building meeting this morning. We're looking at two new arenas we're building, and our goal there is to have up to 30% of that house in a premium capacity, so we can have a better experience where fans want to come for the night and upgrade and sit in a better suite or sit in a box or have a better hospitality.

至於高端（premium），我們在許多投資人簡報中已經長篇討論過。是的，我們認為整體音樂產業、場館以及音樂節，在提供更好的服務與更好的產品方面，普遍還可以做得更好。過去演唱會大概是 99% 一般入場（GA）與 1% 高端。現在我們看到人們願意為更好的體驗付費。今天早上我在一個場館會議上，我們正在看兩座正在興建的新場館，我們的目標是讓最多 30% 的座位以高端形式提供，讓粉絲能有更好的體驗：他們想要來度過一整晚、願意升級，坐更好的包廂或貴賓席，或享受更好的款待服務。

So a lot of the CapEx we spend at our amphitheaters is doing that. We've outfitted three this summer, Indianapolis and Dallas, where we took the existing business, added upscale premium offerings, like a Vinyl Room that we've scaled or similar clubs, The Back Lot [errata note: “The Back Lot” should be “The Backyard”]. And we're taking those amphitheaters from 1%, 2%, 5% premium, up to 25% premium. So long haul to get there; easier when you are building them from scratch, but yes, we believe that there's tons of opportunity in premium and a better experience. It's not even about just being premium, it's just, consumers will pay for a shorter line, better parking, better hospitality, so we're looking at that, much like sports arenas have done over the last 10, 15 years.

所以我們在露天劇場投入的許多資本支出（CapEx）就是在做這件事。今年夏天我們已在三個場館完成配置，包括印第安納波利斯和達拉斯：我們在既有業務上新增更高端的 premium 方案，例如我們已擴張規模的 Vinyl Room 或類似的俱樂部、The Back Lot [errata note: “The Back Lot” should be “The Backyard”]。我們正把這些露天劇場的高端占比從 1%、2%、5% 提升到 25%。要達到那裡需要一段長期努力；從零開始新建會更容易，但沒錯，我們相信高端與更好體驗有大量機會。這甚至不只是「高端」而已，而是消費者願意為更短的排隊時間、更好的停車、更好的款待服務付費，所以我們正在朝這個方向推進，就像體育場館在過去 10 到 15 年所做的那樣。

Very helpful. Thank you.

非常有幫助。謝謝。

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

下一個問題來自 Citi 的 Jason Bazinet。請繼續。

I remember, I think it was back in November when you guys gave the Venue Nation fan count of five million and it sort of disappointed folks. And I think in the release today, you took that number up. And I didn't know if that was just sort of M&A is happening a bit more rapidly or building is happening more rapidly, and if we should sort of take the 2029/2030 numbers up, or it's more just a function of front-loading the Venue Nation fan count relative to what you said in November? Thanks.

我記得大概是去年 11 月，你們提到 Venue Nation 的粉絲人數是 500 萬，這似乎讓一些人失望。我想今天的新聞稿把這個數字上調了。我不確定這只是因為併購（M&A）進行得更快，或是建設進度更快；以及我們是否應該把 2029/2030 的數字上調，還是這更像是相較於你們 11 月所說的，把 Venue Nation 的粉絲人數成長提前（front-loading）了？謝謝。

I think what we said is, is we're expecting to grow the Venue Nation fan count this year by double-digits, right?

我想我們說的是，我們預期今年 Venue Nation 的粉絲人數會以雙位數成長，對吧？

Yep. Yep. I think, previously, it was five million on 65 base.

對。對。我想之前是以 6,500 萬為基礎，增加 500 萬。

Right. Yeah, yeah. So 60 – yeah, so that's exactly where I was going, so 65 million, so that tells you it is going to be somewhat more. It's probably pretty evenly distributed between just increased performance at our existing venues that we're operating and what we've been adding. So we feel good about this year. I don't think we're ready quite yet to start contemplating exactly what we're going to add to that in '27, '28, and '29, but we think this year is a great demonstration of the power of what we're doing with the venue strategy.

對。是的、是的。所以 60 – 對，所以這正是我要說的：6,500 萬，這告訴你會多一些。這大概相當平均地來自兩部分：一是我們正在營運的既有場館表現提升；二是我們新增的場館。我們對今年的表現感到樂觀。我認為我們還沒準備好開始精確思考在 '27、'28、'29 會再增加多少，但我們認為今年很好地展示了我們場館策略所做事情的力量。

I agree. Thank you.

我同意。謝謝。

Thank you. Ladies and gentlemen, this concludes the question-and-answer session, and I would like to turn the call back to Michael Rapino for closing remarks.

謝謝。各位女士、先生，問答環節到此結束。我想把電話交回給 Michael Rapino 作結語。

Thank you, everyone, for your support. We're looking forward to a great summer, and we’ll talk to you in August.

謝謝各位的支持。我們期待一個很棒的夏天，我們 8 月再聊。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線，並感謝您的參與。