Live Nation Entertainment Inc (LYV) 2022 Q1 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 First 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.

今天是個好日子。我的名字是 Hector，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 2022 年第一季財報電話會議。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 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.

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、新進展和類似事項。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 the 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 of 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, and thank you for joining us. Momentum has picked up for all of our businesses over the course of the first quarter. And as a result, we have delivered financial performance to greatly surpass our previous expectations with AOI of $209 million. Artists are back on the road and fan demand has never been stronger. A reflection that live events remain a clear priority for consumers as our social lives restart.

下午好，感謝您加入我們。第一季我們所有業務的勢頭都在增強。結果，我們的財務表現大大超出了我們先前的預期，AOI 達到 2.09 億美元。藝術家們重新上路，粉絲的需求也變得前所未有的強烈。這反映出，隨著我們的社交生活重新開始，現場活動仍然是消費者的優先事項。

Ticket buying serves as a leading indicator to our overall business. Ticketmaster's strong first quarter performance drove the company's overall profitability and shows how well our concert and sponsorship businesses are positioned to deliver record results this year. Despite some markets taking longer to reopen, the quarter was our second highest ever for transacted GTV, excluding refunds, trailing only Q4 2021, with March being our highest transacted GTV month ever.

門票購買是我們整體業務的領先指標。 Ticketmaster 第一季的強勁業績推動了公司的整體獲利能力，並表明我們的音樂會和贊助業務今年將取得創紀錄的業績。儘管一些市場需要更長的時間才能重新開放，但本季的GTV 交易量（不包括退款）是我們有史以來第二高的，僅落後於2021 年第四季度，其中3 月份是我們有史以來GTV 交易量最高的月份。

In primary ticketing, we're now benefiting from the 17 million new fee-bearing tickets we gained in 2021, which helped us drive transacted GTV for the quarter up 33% relative to 2019. This quarter was also added 7 million new additional tickets through new contracts with venues as well as content creators, setting us up for ongoing growth this year and into 2023.

在主要票務方面，我們現在受益於 2021 年獲得的 1700 萬張新收費門票，這幫助我們推動本季度的 GTV 交易量較 2019 年增長 33%。本季度還透過與場館和內容創作者簽訂的新合約，為我們今年和2023 年的持續成長奠定了基礎。

Our secondary ticketing GTV growth was even higher, up 106% relative to 2019, driven largely by average retail ticket price up 20% relative to 2019 as tremendous fan demand pushed up the market pricing. Ticketmaster gaining additional market share by effectively leveraging its team and league partnerships across NFL, NBA and other sporting events. And the market continued growing at double-digit pace, demonstrating high demand for live events as well as how much runway there is for continued pricing efficiently.

我們的二級票務 GTV 成長甚至更高，較 2019 年成長 106%，這主要是由於龐大的粉絲需求推高了市場定價，平均零售票價較 2019 年上漲了 20%。 Ticketmaster 透過有效利用其在 NFL、NBA 和其他體育賽事中的球隊和聯盟合作夥伴關係獲得了額外的市場份額。該市場繼續以兩位數的速度成長，顯示對現場活動的高需求以及持續有效定價的空間。

Fan demand and signing of new contracts accelerated even faster than expected this quarter, reinforcing that Ticketmaster is the enterprise platform for choice of teams, artists and content creators and continuing to be the most effective fan marketplace.

本季粉絲需求和新合約簽署的成長速度甚至比預期還要快，這強化了 Ticketmaster 作為選擇團隊、藝術家和內容創作者的企業平台，並繼續成為最有效的粉絲市場。

Our sponsorship activity fully returned to Q1, delivering financial results that well exceeded 2019. We're seeing growth across a number of dimensions, expansion of existing relationships, new categories expanding our breadth of partners and new ad units being created both on-site and online. The number of strategic sponsors that generated over $1 million of revenue per year has risen by almost 30% since 2019, with their committed spend up 70% and accounting for 80% of our total sponsorship revenue.

我們的贊助活動全面恢復到第一季度，財務表現遠遠超過2019 年。我們看到了多個方面的成長、現有關係的擴展、擴大合作夥伴範圍的新類別以及在現場和現場創建的新廣告單元。線上的。自 2019 年以來，每年產生超過 100 萬美元收入的策略贊助商數量增加了近 30%，他們的承諾支出增加了 70%，占我們贊助總收入的 80%。

About 60% of this growth has come from 3 categories of particular priority over the past 2 years, technology, telecom and purchase path integration, which has collectively more than doubled their sponsorship since 2019.

其中約 60% 的成長來自過去 2 年特別優先的 3 個類別，即技術、電信和購買路徑整合，自 2019 年以來，這些類別的贊助量總計增加了一倍多。

Much of our focus with brand partners is how we collectively elevate the fan experience. We've had great success with this in recent years. And so far this year, through our partnership with Verizon, we started powering our venues with cutting edge 5G connectivity and are launching an initiative with Snap to give artists augmented reality capabilities at shows and festivals. At this point, sponsorship sales are up double digits relative to 2019, and we have a solid 90% of our planned sponsored for the year, positioning us for continued strong financial performance.

我們與品牌合作夥伴的主要關注點是如何共同提升粉絲體驗。近年來我們在這方面取得了巨大成功。今年到目前為止，透過與 Verizon 的合作，我們開始為我們的場館提供先進的 5G 連接，並與 Snap 發起一項計劃，為藝術家在演出和節日中提供擴增實境功能。目前，贊助銷售額較 2019 年增長了兩位數，並且我們已完成今年計劃贊助的 90%，這使我們能夠保持持續強勁的財務業績。

The concert division, all leading indicators point to double-digit growth with fan attendance at our concerts relative to 2019. Approximately 11 million fans attended our shows in the first quarter compared to 15 million in 2019. This was expected as we planned for limited concert activity in the early months of the year to allow for markets to open. But more importantly, we continue to build our flywheel with over 70 million tickets now sold for shows in 2022, up 36% compared to 2019.

演唱會部門的所有領先指標均顯示，與2019 年相比，我們演唱會的粉絲出席人數實現了兩位數增長。第一季大約有1100 萬粉絲觀看了我們的演出，而2019 年為1500 萬。這是預料之中的，因為我們計劃舉辦有限的音樂會年初幾個月的活動，以便市場開放。但更重要的是，我們繼續打造飛輪，2022 年演出門票現已售出超過 7,000 萬張，比 2019 年成長 36%。

A committed show count is up 44% through the end of April relative to '19, setting us up for continued ticket sales over the year. We continue to see that fans are showing up for the concerts they have tickets for, with attendance rates in the U.S. across all venue types of 2019 levels with no-shows generally in the low, mid-single digits.

與 19 年相比，截至 4 月底，承諾演出數量增加了 44%，為我們全年持續售票奠定了基礎。我們繼續看到，粉絲們正在前往觀看他們持有門票的音樂會，2019 年美國所有場館類型的上座率和缺席人數普遍處於中低個位數。

The industry continues to embrace market-based pricing, particularly on the best tickets, shifting $500 million to artists for shows this year, resulting from a double-digit increase in ticket pricing and reducing the price arbitrage in the secondary market. At the same time, in the U.S., the average entry level price to get in and enjoy the show remains under $35, approachable for almost all fans.

該行業繼續採用基於市場的定價，特別是在最好的門票上，今年將 5 億美元轉移給藝術家參加演出，這是由於門票價格出現兩位數增長並減少了二級市場的價格套利。與此同時，在美國，觀看演出的平均入門價格仍然低於 35 美元，幾乎對所有粉絲來說都是平易近人的。

Early reads on consumer spending on our shows across the U.S. and U.K. also indicate fans continue their spending when they get to the show. We had 2 million fans attend shows at our theaters and clubs in the first quarter, with average per fan revenue up 30% relative to 2019. And we've had 4 festivals over the past few months, totaling over 300,000 fans with average per fan revenue up 30% also.

關於我們在美國和英國的節目中的消費者支出的早期數據也表明，粉絲在觀看節目時會繼續消費。第一季度，我們有 200 萬粉絲在劇院和俱樂部觀看演出，人均收入比 2019 年增長了 30%。過去幾個月我們舉辦了 4 個節日，粉絲人均數量超過 30 萬收入也增長了30%。

Looking ahead to the summer and the rest of the year, we remain optimistic that we are just getting going as all leading indicators reinforce record activity levels and financial results. Ticket sales were at record levels in Q1, with momentum building over February and March. We sold almost 20 million more tickets to our concerts this year from this point in time in 2019, with large number of tours still to go on sale.

展望夏季和今年剩餘時間，我們仍然樂觀地認為我們才剛開始，因為所有領先指標都強化了創紀錄的活動水準和財務表現。第一季的門票銷售量創下歷史新高，二月和三月的勢頭不斷增強。與 2019 年這個時間點相比，我們今年的演唱會門票增加了近 2000 萬張，還有大量巡演仍在銷售中。

And concert fans are showing no sign of slowing down. They are paying for the best tickets, attending the shows and spending more onsite as they create live memories. We are continuing to build Venue Nation, our platform of operated venues, with a pipeline of 20 venues, including the recently opened Moody's Center in Austin, in addition to adding 38 more festivals this year. Sponsors are looking to spend more this year on live entertainment than ever. And Live Nation's scale and global platform is making us the partner of choice.

音樂會的粉絲們絲毫沒有放緩的跡象。他們花錢購買最好的門票、觀看演出並在現場花費更多，因為他們創造了現場回憶。我們正在繼續建造 Venue Nation，這是我們的營運場館平台，目前正在建造 20 個場館，其中包括最近開業的奧斯汀穆迪中心，此外今年還新增了 38 個節日。贊助商希望今年在現場娛樂方面的支出比以往任何時候都多。 Live Nation 的規模和全球平台使我們成為首選合作夥伴。

While the U.S. and U.K. have driven much of our activity over the past year, the rest of the world is now rapidly opening up. OCESA's financial performance for the quarter exceeded its 2019 results. And both Latin America and Western Europe are expected to have record attendance for our concerts this year. I continue to expect this just to be the start of our run. The global addressable markets for concerts, ticketing and sponsorship all provide a long runway for continued growth. We have over 60 tours already under discussion for 2023, our earliest indicators of next year and great positioning for ongoing growth.

儘管美國和英國在過去一年推動了我們的大部分活動，但世界其他地區現在正在迅速開放。 OCESA 本季的財務表現超過了 2019 年的業績。預計拉丁美洲和西歐今年音樂會的出席人數將創下歷史新高。我仍然希望這只是我們跑步的開始。全球音樂會、票務和贊助市場都為持續成長提供了廣闊的前景。我們已經在討論 2023 年的 60 多個巡演，這是我們明年最早的指標，也是持續成長的良好定位。

With that, I'll turn it over to Joe.

有了這個，我會把它交給喬。

Thanks, Michael, and good afternoon, everyone. Given the unique situation in 2020 and 2021, Q1 of 2019 is the best comparison for us in terms of understanding our operations and key performance indicators. So while I will provide some commentary around our results relative to Q1 of 2021, most of our focus will be relative to 2019.

謝謝邁克爾，大家下午好。鑑於2020年和2021年的獨特情況，2019年第一季是我們了解我們的營運和關鍵績效指標的最佳比較。因此，雖然我將圍繞 2021 年第一季的結果提供一些評論，但我們的大部分關注點將是相對於 2019 年的。

Overall, our AOI of $209 million for the quarter was $361 million, better than 2021, led by an improvement of $269 million in ticketing, $66 million in sponsorship and $26 million in concerts. This was our highest Q1 AOI ever, exceeding Q1 of 2019 by $94 million, which had been our previous record first quarter.

總體而言，本季 AOI 為 2.09 億美元，比 2021 年好 3.61 億美元，其中票務收入增加了 2.69 億美元，贊助費用增加了 6,600 萬美元，音樂會費用增加了 2,600 萬美元。這是我們有史以來最高的第一季 AOI，比 2019 年第一季增加了 9,400 萬美元，這是我們之前第一季的記錄。

Let me give a bit more color on each division, then I will give you more on 2022 leading indicators. First, ticketing was again the star of the quarter, delivering $206 million in AOI, making it the second best quarter ever for ticketing and more than doubling the Q1 2019 AOI results of $100 million. The first quarter of 2021 was heavily impacted by the pandemic, resulting in an AOI loss of $63 million.

讓我對每個部門進行更多介紹，然後我將向您提供有關 2022 年領先指標的更多資訊。首先，票務業務再次成為本季的明星，帶來了 2.06 億美元的 AOI，成為票務業務有史以來第二好的季度，是 2019 年第一季 AOI 業績 1 億美元的兩倍多。 2021 年第一季受疫情影響嚴重，導致 AOI 損失 6,300 萬美元。

Ticketing was successful across the board. Let me give a few key statistics for the quarter. Our growth came from both primary and secondary ticketing with transacted GTV, excluding refunds, up 33% and 106%, respectively. Transacted ticket volume, excluding refunds, was 63 million tickets, our fourth highest quarter ever and 7 million tickets higher than Q1 of 2019. Transacted ticketing GTV, excluding refunds, was $6.3 billion, our second highest quarter ever after Q4 of 2021 and 39% higher than Q1 2019. This was driven by concerts and sporting events, whose GTV were up 49% and 73%, respectively, relative to Q1 2019.

票務全面成功。讓我提供本季度的一些關鍵統計數據。我們的成長來自主要和次要票務交易 GTV（不包括退款）分別成長 33% 和 106%。門票交易量（不包括退款）為6300 萬張門票，是我們有史以來第四高的季度，比2019 年第一季增加了700 萬張門票。交易門票GTV（不包括退款）為63 億美元，是繼2021 年第四季之後第二高的季度，成長了39%高於2019 年第一季。這是由音樂會和體育賽事推動的，其GTV 相對於2019 年第一季分別成長了49% 和73%。

A continued shift toward more market-based pricing helped grow GTV levels with average primary ticket prices up double digits for the first quarter relative to Q1 2019. And in resale, our average price increased 18%, while our overall resale GTV doubled compared to the first quarter of 2019, indicating that demand for the top seats across all live events continues to outpace efforts by sports teams, artists and others to capture more of the full value from their events.

持續轉向更市場化的定價有助於提高GTV 水平，第一季的平均主要票價較2019 年第一季上漲了兩位數。在轉售方面，我們的平均價格上漲了18%，而我們的整體轉售 GTV 與2019 年第一季相比翻了一番。2019 年第一季度，這表明對所有現場活動中頂級座位的需求繼續超過運動隊、藝術家和其他人從活動中獲取更多全部價值的努力。

As the first effectively normal Q1 since 2019, we are seeing that digital tickets have now become the norm across live events with the NFL and NBA leading the way with 96% of fans using digital tickets to enter games, up from 53% in Q1 of 2019. More broadly, 72% of our tickets globally were digital in Q1 of 2022 relative to 33% in Q1 2019. With this level of digital adoption, we can now accelerate our efforts to foster our direct fan relationships this year and into 2023.

作為2019 年以來第一個有效正常的第一季度，我們看到數位門票現已成為現場賽事的常態，其中NFL 和NBA 領先，96% 的球迷使用數位門票進入比賽，高於2019 年第一季度的53%。2019 年。更廣泛地說，2022 年第一季我們的全球門票中有72% 是數位化的，而2019 年第一季這一比例為33%。憑藉這種數位化採用水平，我們現在可以在今年和2023 年加快努力培養直接粉絲關係。

Next, sponsorship continued to ramp up with the reopening of venues and expanded online opportunities. As a result, 2022 Q1 sponsorship and advertising AOI of $70 million grew by 75% relative to 2019 Q1 AOI of $40 million. This strength comes across both on-site and online, each delivering record Q1 AOI. The growth versus 2019 was driven by expansion of our online business, new festivals that launched in the quarter and the addition of OCESA's brand partners.

接下來，隨著場館的重新開放和線上機會的擴大，贊助繼續增加。因此，2022 年第一季贊助和廣告 AOI 為 7,000 萬美元，較 2019 年第一季 4,000 萬美元的 AOI 成長了 75%。這種優勢在現場和線上都反映出來，每個季度都創造了創紀錄的第一季 AOI。與 2019 年相比，成長的推動因素包括我們線上業務的擴張、本季推出的新節日以及 OCESA 品牌合作夥伴的增加。

Finally, in concerts, our AOI was a loss of $49 million, which compares to a loss of $74 million in Q1 of 2021 and positive AOI of $5 million in Q1 of 2019. As we indicated on the last call, we plan for fewer arena tours in Q1 this year, which typically drives our first quarter performance, resulting in concert seasonality that will be even more Q2 and Q3 driven this year than has historically been the case. In the quarter, we had nearly 11 million fans attend 6,600 events, continuing to be led by the U.S. and the U.K., which accounted for almost 80% of these fans. In comparison, Q1 of 2019 had 15 million fans and 8,200 shows when all of our markets and all venue types were fully open.

最後，在音樂會方面，我們的AOI 虧損4,900 萬美元，而2021 年第一季虧損7,400 萬美元，2019 年第一季虧損500 萬美元。正如我們在上次電話會議中表示的那樣，我們計劃減少演出場地今年第一季的巡迴演出通常會推動我們第一季的業績，導致今年第二季和第三季的演唱會季節性將比歷史上的情況更加受到推動。本季度，我們有近 1,100 萬粉絲參加了 6,600 場活動，其中美國和英國繼續領先，幾乎佔了這些粉絲的 80%。相比之下，2019 年第一季度，當我們所有市場和所有場館類型完全開放時，擁有 1500 萬粉絲和 8,200 場演出。

For ticket sales through late April for shows playing off this year, our average ticket price was up double digits relative to the first quarter of 2019, again, mainly driven by demand for the best seats. At the same time, our average entry price remains less than $35 overall and less than $30 for amphitheater and club shows.

就今年 4 月下旬的演出門票銷售而言，我們的平均票價相對 2019 年第一季度再次上漲了兩位數，這主要是受到對最佳座位的需求的推動。同時，我們的平均入場價格總體仍低於 35 美元，露天劇場和俱樂部表演的平均入場價格低於 30 美元。

Michael mentioned that no-show rates were back to pre-COVID levels. So I wanted to give a few more specifics to hopefully set the record straight. Looking at the full year through mid-April for the U.S., our no-show rates were the same or better than the same period for 2019. For arenas, they are 1% better. For amphitheaters, they were 4% better. For theaters and clubs, they were on par. And all up, we are 2% better. We haven't had enough volume on other outdoor events to have meaningful metrics yet. But generally, those venues had strong reopenings last summer and so we don't expect any issues there.

麥可提到，缺席率回到了新冠疫情之前的水平。所以我想提供更多細節，希望能澄清事實。綜觀美國截至 4 月中旬的全年情況，我們的缺席率與 2019 年同期相同或更高。對於競技場而言，缺席率高出 1%。對於露天劇場，則高出 4%。對於劇院和俱樂部來說，它們是不相上下的。總而言之，我們進步了 2%。我們還沒有足夠的其他戶外活動來獲得有意義的指標。但總的來說，這些場館去年夏天重新開放的勢頭強勁，因此我們預計不會有任何問題。

In general, the U.S. was ahead of the rest of the world, but the U.K. is now fully back to pre-pandemic no-show rates as well. And we have not seen any evidence in any markets of any long-term impact on our shows.

總體而言，美國領先世界其他國家，但英國現在也完全恢復到疫情大流行前的缺席率。我們還沒有在任何市場看到任何對我們的節目產生長期影響的證據。

Michael gave you the top line on our first quarter average revenue per fan growth, up 30% for both theaters and clubs and festivals. For theaters and clubs, key drivers include on-site concessions and upsells. And for festivals, the growth was heavily driven by on-site concessions and increased VIP purchases, all indicators of continued strong fan spending as they look to make the most of going to the show.

Michael 向您介紹了我們第一季每位粉絲的平均收入成長情況，劇院、俱樂部和節日的收入均成長了 30%。對於劇院和俱樂部來說，主要驅動因素包括現場優惠和追加銷售。對於節日而言，成長主要是由現場優惠和 VIP 購買增加推動的，所有這些都表明粉絲支出持續強勁，因為他們希望充分利用觀看演出的機會。

Finally, COVID continues to have less and less impact on our concert schedule. And by March in the U.S., we canceled only around 1% of our planned concerts. As we look to the remainder of 2022, looking at our leading indicators through the end of April, first, confirmed show bookings are up over 40% overall and up double digits for each amphitheaters, arenas, stadiums and festivals. Second, ticketing has sold 130 million fee-bearing tickets for events this year, up 26% from this point in 2019. Of these, 88 million tickets are for concert events which is 40% higher than 2019.

最後，新冠疫情對我們音樂會行程的影響越來越小。到 3 月份，我們在美國僅取消了約 1% 的計劃音樂會。展望 2022 年剩餘時間，從截至 4 月底的領先指標來看，首先，確認的演出預訂量總體增長超過 40%，每個露天劇場、競技場、體育場和節日的預訂量都增長了兩位數。其次，票務今年已售出1.3億張活動收費門票，較2019年增加26%。其中，8,800萬張音樂會門票，比2019年增加40%。

Related to this, we have $3.5 billion in event-related deferred revenue, almost twice the level of Q1 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 we'll do so over the course of this year as events happen.

與此相關的是，我們有 35 億美元的活動相關遞延收入，幾乎是 2019 年第一季水準的兩倍。這些大部分是 Ticketmaster 出售的 Live Nation 音樂會門票，但收入和 AOI 尚未流轉，隨著事件的發生，我們將在今年內這樣做。

On the sponsorship side, commitments are up double digits from this point in 2019. And overall, we have more than 90% of our planned sponsorship net revenue for 2022 set. On the cost side, we're obviously tracking closely cost increases associated both with labor and in general with supply chain challenges and inflation. These costs tend to hit us primarily in the venues we operate; amphitheaters, theaters and clubs and festivals.

在贊助方面，2019 年的承諾量較此時增加了兩位數。總體而言，我們已完成 2022 年計畫贊助淨收入的 90% 以上。在成本方面，我們顯然正在密切追蹤與勞動力以及供應鏈挑戰和通貨膨脹相關的成本增加。這些成本往往主要發生在我們經營的場所；露天劇場、劇院、俱樂部和節慶。

For amphitheaters and theaters and clubs, labor is the largest factor given we have our venues in place. Across this entire fan base, we expect our variable cost per fan excluding talent to increase by $2 to $2.50 relative to 2019. This remains well below our average revenue per fan growth. And so we still expect to grow average per fan profitability across our operated venues this year.

對於露天劇場、劇院和俱樂部來說，考慮到我們有場地，勞動力是最大的因素。在整個粉絲群中，我們預計每位粉絲（不包括人才）的可變成本相對 2019 年將增加 2 美元至 2.50 美元。這仍然遠低於我們每位粉絲的平均收入成長。因此，我們仍然預計今年我們運營的場館的平均每位球迷盈利能力將有所增長。

Festivals have a broader range of costs given the wider set of equipment and services involved in building these events. Current projections are the variable cost per fan, excluding talent, will be up 7% this year, which is well below our expected increase in ticket revenue per fan. Helping offset all these costs is the $200 million cost reduction exercise that we executed last year, which remains well in place.

鑑於舉辦這些活動所涉及的設備和服務範圍更廣，節慶的成本範圍也更廣。目前的預測是，不包括人才在內的每位粉絲的可變成本今年將增長 7%，這遠低於我們對每位粉絲門票收入增長的預期。我們去年執行的 2 億美元成本削減計劃有助於抵消所有這些成本，目前該計劃仍然有效。

A few other points on 2022. We now expect OCESA will deliver full year results in line with 2019 levels as Mexico is fully active, with most of their AOI flowing through our sponsorship and ticketing divisions. In light of the OCESA acquisition, we want to provide more guidance on a few line items below AOI, which impact our earnings per share calculation.

關於 2022 年的其他幾點。我們現在預計 OCESA 將提供與 2019 年水準一致的全年業績，因為墨西哥完全活躍，其大部分 AOI 流經我們的贊助和票務部門。鑑於 OCESA 收購，我們希望對 AOI 以下的幾個項目提供更多指導，這會影響我們的每股盈餘計算。

First, on depreciation and amortization, we expect the combination of these accounts to be roughly in line with 2019. The addition of OCESA is offset by the impacts of our reduced investment in CapEx and M&A over the past 2 years. With the acquisition of OCESA and anticipated strong performance of our festivals, many of which are joint ventures, we expect noncontrolling interest expense will be roughly double 2019 levels. We are projecting accretion to be about $150 million this year. Again, the increase compared to 2019 is largely attributable to the OCESA acquisition.

首先，在折舊和攤提方面，我們預計這些帳戶的組合將與 2019 年大致一致。OCESA 的增加被我們過去 2 年資本支出和併購投資減少的影響所抵消。隨著 OCESA 的收購以及我們電影節（其中許多是合資企業）的預期強勁表現，我們預計非控制權益費用將約為 2019 年水準的兩倍。我們預計今年的增量約為 1.5 億美元。同樣，與 2019 年相比的成長主要歸功於 OCESA 的收購。

As a result of the additional financing opportunities over the past 2 years, our interest expense is now roughly $70 million per quarter. Finally, in comparison to 2019, we expect income tax expense will grow in line with our AOI growth. 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 of this spent on revenue-generating projects.

由於過去兩年出現了額外的融資機會，我們現在每季的利息支出約為 7,000 萬美元。最後，與 2019 年相比，我們預計所得稅費用將隨著 AOI 的成長而成長。預計今年我們將面臨成長機會，我們繼續預計 2022 年資本支出約為 3.75 億美元，其中 2/3 用於創收項目。

We generated $89 million of adjusted free cash flow this quarter and expect free cash flow conversion from AOI to be back in the 50s for the full year. We ended Q1 with $1.9 billion of available liquidity between free cash and untapped revolver capacity, giving us sufficient flexibility to invest in growth. We are comfortable with our leverage with over 85% of our debt at a fixed rate and our average cost of debt is roughly 4.3%, positioning us well in this interest rate environment.

本季我們產生了 8,900 萬美元的調整後自由現金流，預計 AOI 全年的自由現金流轉換將回到 50 多歲。第一季結束時，我們在自由現金和未開發的左輪手槍容量之間擁有 19 億美元的可用流動性，這使我們有足夠的靈活性來投資成長。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) Your first question comes from the line of David Karnovsky with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的大衛·卡諾夫斯基（David Karnovsky）。

Michael, you've given a lot of great leading indicators for '22. So I apologize to jump ahead, but you did mention the release 60 tours in discussion for '23. And I was hoping you could put some context around that, how elevated would that number be kind of relative to what you might normally be looking at this early on? And is the way to kind of think through how much of that is sort of backlog continue to work through from the pandemic versus sort of just you organically increasing your footprint?

邁克爾，您為 22 年提供了許多出色的領先指標。所以我很抱歉跳到前面，但你確實在討論 23 年時提到了發行 60 場巡演。我希望你能對此提供一些背景信息，相對於你通常早期看到的數字，這個數字會高出多少？是否有一種方法可以思考，有多少積壓工作是從大流行中繼續解決的，而不是只是有機地增加你的足跡？

Yes. The '23 is really not backlog. The '22 is the year where we would have flushed out any rescheduled tours from 2019, '21 whenever. 2023 is kind of, if you want to call, almost back to business. And yes, it's a very vibrant pipe. I think we said at the Investor Day, if you want to kind of scale back and look at the next 5 years, you can kind of look at what we did going into '19, where we looked at the industry growing at almost 10% a year on a compounded basis. We think the industry is going to be doing that again. It's back to full growth, high-quality growth sector industry, and we think we tend to outperform the industry. So we look at '23 will be a, if you want to call it, a record year coming off of '22, and we think we're in for multiple record years of growth.

是的。 '23確實沒有積壓。 '22 是我們會取消 2019 年、'21 任何時候重新安排的巡演的一年。 2023 年，如果你想打電話的話，差不多就回到正題了。是的，這是一個非常有活力的管道。我想我們在投資者日說過，如果你想縮減規模並展望未來 5 年，你可以看看我們在 19 年所做的事情，當時我們看到該行業增長了近 10%一年，以復利計算。我們認為該行業將再次這樣做。現在又回到了全面成長、高品質成長的產業，我們認為我們的表現往往會跑贏整個產業。因此，我們認為 23 年將是（如果你想這麼稱呼的話）繼 22 年之後創紀錄的一年，我們認為我們將迎來多個創紀錄的增長年。

Okay. Great. And then just on Ticketmaster. I was wondering if you could just walk through some of the drivers and the strong secondary growth you're seeing. In particular, you mentioned share gains, whereas in the past, I think we tended to think of market share for you and your competitors is generally stable. Maybe you could just speak to some of the initiatives you're taking at the leader team level to kind of drive that higher? And then just as a follow-on, is there any update you can provide on the NFL relationship just given that's now extended to 2026?

好的。偉大的。然後就在 Ticketmaster 上。我想知道您是否可以簡單介紹一下您所看到的一些驅動因素和強勁的二次成長。特別是，您提到了份額收益，而在過去，我認為我們傾向於認為您和您的競爭對手的市場份額總體上是穩定的。也許您可以談談您在領導團隊層面採取的一些舉措，以推動更高水準？接下來，鑑於 NFL 關係現已延長至 2026 年，您是否可以提供任何最新消息？

David, this is Joe. I'll take it. I think the questions are related. Start with the NFL. We entered the partnership with the NFL 4 years ago, I guess. And that relationship was really technology driven, and it was a mutual strategy of figuring out how do we shift the industry to digital ticketing. How do we understand identity-enabled relationships with the fans, for the leagues, for the teams as well as for Ticketmaster. And that's proven to be very successful.

大衛，這是喬。我要買它。我認為這些問題是相關的。從 NFL 開始。我想我們四年前就與 NFL 建立了合作夥伴關係。這種關係確實是技術驅動的，這是一個共同的策略，旨在弄清楚我們如何將行業轉向數位票務。我們如何理解與球迷、聯賽、球隊以及 Ticketmaster 之間基於身分的關係。事實證明這是非常成功的。

And obviously coming out of COVID, not surprisingly, the NFL said, what's the next technology agenda? We worked with them on deploying NFTs, and they said, this is all great, better to talk now about linking back up for the next 5 years, so we know we can work together and figure out what's the next technology unlock? How do we continue to use technology is -- really, it's the core of the relationship or the starting point of the relationship with the fans. So that's what led to the renewal. We're excited about it. We think the NFL has been a great partner and will continue to be.

顯然，從新冠疫情走出來，毫不奇怪，NFL 表示，下一個技術議程是什麼？我們與他們合作部署 NFT，他們說，這一切都很棒，現在最好談談未來 5 年的連結備份，這樣我們就知道我們可以共同努力，找出下一個解鎖的技術是什麼？我們如何繼續使用科技——實際上，這是與粉絲關係的核心或起點。這就是導致更新的原因。我們對此感到興奮。我們認為 NFL 一直是並將繼續是一個很好的合作夥伴。

So naturally, as you do that, we continue Ticketmaster to get smarter and smarter about the fan as well. That lets us continue to use our alignment and our mutual interest with the teams and the league in terms of driving Ticketmaster share in the secondary. So we're taking all the data we have, all the information. We're working with them on all of their assets to help acquire customers, to use all the season ticketholder inventory to continue to drive our share and provide a great marketplace, a great experience for fans to be buying those tickets.

因此，很自然地，當您這樣做時，我們也會繼續讓 Ticketmaster 對粉絲變得越來越聰明。這讓我們能夠繼續利用我們與球隊和聯盟的聯盟和共同利益來推動 Ticketmaster 在二級市場的份額。所以我們正在利用我們擁有的所有數據、所有資訊。我們正在與他們合作，利用他們的所有資產來幫助獲取客戶，利用所有季票持有者庫存來繼續提高我們的份額，並提供一個偉大的市場，為球迷購買這些門票提供良好的體驗。

So a combination of all of those has led to increasing share, which as Michael talked about, part of how we've doubled secondary in the first quarter relative to 2019.

因此，所有這些因素的結合導致了份額的增加，正如邁克爾所說，這也是我們在第一季相對 2019 年第二季度實現翻倍的部分原因。

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）。

Just to start, I think there's been a fair amount of concern on the macro front. You touched on it a little bit at the end of your prepared remarks. But I was curious if you're seeing any signs of consumers changing their spending habits, whether that's on the initial ticket purchase or once they get to the venue against what's turning out to be a pretty difficult inflationary environment? Any data points from the last few weeks, I think, would be helpful there.

首先，我認為宏觀方面存在相當多的擔憂。您在準備好的發言結束時稍微談到了這一點。但我很好奇，你是否看到消費者改變消費習慣的任何跡象，無論是在最初購買門票時，還是在他們到達會場以對抗相當困難的通貨膨脹環境時？我認為過去幾週的任何數據點都會有所幫助。

Yes. I think -- this is Joe. I think all of the data points that we're seeing continue to be very strong. Look at our concert ticket sales. As we look at March and April, each of those months, the ticket sales were up 20% plus relative to 2019. So through March and April, I think we've seen some of these pressures, gas prices and so on for a few months now, so not just a few weeks. But -- so we've seen no impact at all on the concert ticket sales. We talked about the pricing, seeing no impact on the take rate of those tickets and the on-site spending, the APFs, again, seeing those up substantially relative to 2019. So no impact there.

是的。我想——這就是喬。我認為我們看到的所有數據點仍然非常強勁。看看我們的演唱會門票銷售情況。當我們觀察 3 月和 4 月時，每個月的門票銷售量都比 2019 年增長了 20% 以上。因此，在 3 月和 4 月，我認為我們已經看到了一些壓力、汽油價格等。現在是幾個月，而不是幾週。但是——所以我們沒有看到音樂會門票銷售受到任何影響。我們討論了定價，發現這些門票的接受率和現場支出、APF 沒有受到影響，再次看到它們相對於 2019 年大幅上漲。所以沒有影響。

So from all the different angles that we've looked at it, we have not seen any pullback in consumer behavior. I think that this continues to be part of people want to get out, have a social life, to spend on experiences, taking money away from spending on goods. And a lot of what we do is we spoke to the $35 overall average entry price for a ticket or $30 for clubs and amphitheaters, it continues to be a very affordable night-out for those that need to be most conscious of that.

因此，從我們觀察到的各個不同角度來看，我們沒有看到消費者行為有任何回呼。我認為這仍然是人們想要出去、享受社交生活、花在體驗上、從購買商品上省錢的一部分。我們所做的很多事情是我們討論了門票的總體平均入場價格為35 美元，或者俱樂部和露天劇場的門票價格為30 美元，對於那些最需要意識到這一點的人來說，這仍然是一個非常實惠的夜晚。

That's helpful. And then I think in the press release, you mentioned some opportunity to create new ad units on the sponsorship side, both on-site and online. I was wondering if you could talk a little bit more about this opportunity and the new inventory, how much of it you expect to create over time and whether that might help bring in new ad categories?

這很有幫助。然後我認為在新聞稿中，您提到了一些在贊助方面創建新廣告單元的機會，包括現場和線上。我想知道您是否可以多談談這個機會和新庫存，您預計隨著時間的推移會創建多少庫存，以及這是否有助於引入新的廣告類別？

Well, it is creating new ad categories, right? We talked about that in the technology space, in the fintech space throughout the whole purchase path integration. All of that is creating new categories, and that's what's driving even this year a lot of the growth in the sponsorship business. Michael talked very explicitly about what you're seeing on-site. Two great examples of how technology is being used to enhance a live experience with Verizon putting in the infrastructure with the 5G connectivity.

嗯，它正在創建新的廣告類別，對吧？我們在科技領域、金融科技領域討論了整個購買路徑的整合。所有這些都在創造新的類別，而這正是今年贊助業務大量成長的動力。邁克爾非常明確地談論了您在現場看到的情況。這是兩個很好的例子，說明 Verizon 如何利用技術來增強現場體驗，並透過 5G 連接建立基礎設施。

And with Snap as a great product development, product design organization coming up with some ways to use their products and augmented reality to enhance the on-site experience. So really on the on-site piece, this is all about how do you make a better and better fan experience. And we've got great brands, partners that we work with that are looking to do more and more to make that possible.

隨著 Snap 作為一項偉大的產品開發，產品設計組織想出了一些方法來使用他們的產品和擴增實境來增強現場體驗。因此，實際上在現場，這就是如何創造越來越好的粉絲體驗。我們擁有優秀的品牌和合作夥伴，他們正在尋求越來越多的努力來實現這一目標。

And then as we continue to work on the Ticketmaster marketplace, tie that in with the increased data that we have from the digital ticketing that we were just talking about, how do we create more tailored ad units and make more opportunities for more sponsors to connect with those fans as well.

然後，當我們繼續在Ticketmaster 市場上開展工作時，將其與我們剛才討論的數位票務中獲得的更多數據結合起來，我們如何創建更量身定制的廣告單元，並為更多贊助商提供更多聯繫機會以及那些粉絲。

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 build on the macro concerns that the last analyst kind of laid out. And insofar as inflation and gas prices are concerned, I think the results speak for themselves. But investor pushback has now moved to the possibility of recession and how that would affect you given how deeply consumer discretionary you are. How do you think about your positioning at this point if a recession scenario played out? Your company and the industry looks very different than it did in 2010 when we last saw that kind of macro pressure. Can you kind of compare and contrast? And I know you're booking those acts for next year kind of far in advance, how much flexibility is there in those contracts?

只是想以上一位分析師提出的宏觀擔憂為基礎。就通貨膨脹和汽油價格而言，我認為結果不言自明。但投資者的阻力現在轉向了經濟衰退的可能性，以及考慮到你對非必需消費品的依賴程度，這將如何影響你。如果經濟衰退的情況發生，您如何看待目前的定位？你們的公司和產業看起來與 2010 年我們上次看到這種宏觀壓力時有很大不同。您能進行比較和對比嗎？我知道你們提前很久就預訂了明年的演出，這些合約有多大的彈性？

Sure, Brandon. This is Joe, I'll -- well, go ahead.

當然，布蘭登。這是喬，我會——好吧，繼續吧。

I'll start and then Joe can jump in. I mean, what we always think is one of the great advantages of our business is the pricing is variable, right? So there is no set cost of goods. The cost of goods is determined by the artist, if they go on the road, and they're variable. So that makes our product something that can move around on pricing, whether it's taking advantage of the front row pricing that's underpriced or moving the total ticket price down in the back end of the house or reducing the overall price of the ticket to meet the market and the demand.

我先開始，然後喬可以介入。我的意思是，我們一直認為我們業務的最大優勢之一是定價是可變的，對嗎？因此，沒有固定的商品成本。商品的成本由藝術家決定，如果它們上路的話，它們是可變的。因此，這使得我們的產品可以在定價上進行調整，無論是利用前排定價過低的優勢，還是降低後排的總票價，或者降低門票總價以滿足市場需求和需求。

So historically, this is an industry that's been fairly recession-proof. It's still, as we've seen, this is still one of the top 3 entertainment choices for consumer, but the most affordable. So you may not in a recession, take that trip. You may not have a large purchase of a dishwasher, but you will still go down to the amphitheater or the club or the theater and have a great venture and a night out for the value.

從歷史上看，這是一個相當能抵禦經濟衰退的行業。正如我們所看到的，它仍然是消費者的三大娛樂選擇之一，但也是最實惠的。所以你可能不會陷入經濟衰退，那就去旅行吧。您可能沒有大量購買洗碗機，但您仍然會去露天劇場、俱樂部或劇院，享受一次偉大的冒險和物超所值的夜晚。

So we have always seen historically over time, the consumer still looks at the concert as a high-value item that even during a recession, if there was a pullback, this is something they still can afford to do, and it's actually a great alternative to a higher price maybe travel package. So, one, we think it is still a much -- a very affordable option for consumers and pricing will continue to be something that we can adjust if we see any pullback, artists are always have one mode of the same as ours, fill the house, get everyone in the house. So right up into the hour of the show, we always look at variable and dynamic pricing options to say how do we get the house full. Joe?

因此，從歷史上看，隨著時間的推移，消費者仍然將音樂會視為高價值項目，即使在經濟衰退期間，如果出現經濟衰退，他們仍然可以負擔得起，這實際上是一個很好的選擇更高的價格也許是旅行套餐。因此，我們認為這對消費者來說仍然是一個非常實惠的選擇，如果我們看到任何回調，定價將繼續是我們可以調整的東西，藝術家總是有一種與我們相同的模式，填補房子，讓所有人都進屋。因此，在演出開始前，我們總是會考慮可變和動態的定價選項，以了解如何讓觀眾滿座。喬？

Yes. And just to build on that. First is we now have a level of information that is very -- we didn't have even 10 years ago and almost no industry has called to set the secondary market. So to Michael's point on pricing flexibility, we have the benefit of knowing real-time what is market pricing. And so on one level, you can make that $1 billion plus of price arbitrage that exists on our tickets. That's the first wall of defense in any recessionary environment as that pricing comes out first before our pricing is even impacted, and we have a great read on what is the supply-demand dynamic to be adjusting as we go along.

是的。並以此為基礎。首先，我們現在擁有的資訊水準是 10 年前所沒有的，幾乎沒有產業要求設立二級市場。因此，對於邁克爾關於定價靈活性的觀點，我們有一個好處，即即時了解市場定價是什麼。因此，在某種程度上，您可以透過我們門票上的價格套利賺取 10 億美元以上的利潤。這是任何衰退環境中的第一道防線，因為在我們的定價受到影響之前，定價就會首先出現，而且我們對隨著我們的發展而調整的供需動態有很好的了解。

And then along with that, again, you have again the macros of the shift of spend from goods to experiences, which is continuing. You have the wealth buildup and the biggest gains in terms of the income with the lower quartile, so you've got good revenue there. Still, you've got affordable entry prices that we've talked about on the tickets. So we continue to think that as long as we stay focused on what is the value perceived by the fan, stay aligned with that. We'll be able to bring the acts out and sell the tickets.

與此同時，支出從商品轉向體驗的宏觀趨勢再次出現，這種情況仍在繼續。下四分位的人擁有財富累積和最大的收入收益，因此你在那裡獲得了良好的收入。儘管如此，您仍然可以獲得我們在門票上討論過的實惠入場價格。因此，我們仍然認為，只要我們繼續專注於粉絲所感知的價值，就可以與之保持一致。我們將能夠演出並出售門票。

Great. And then for the first time that I can remember, at least you called out the per caps at theaters, clubs and festivals. It's not something you usually talk about. That's usually the amphitheater opportunity. Can you kind of help us understand where you stand relative to the amphitheater opportunity on per caps at those other owned and operated venue types and how much upside there could be for investors in that area?

偉大的。然後，在我的記憶中，至少你第一次在劇院、俱樂部和節日上喊出了每人上限。這不是你平常會談論的話題。這通常是圓形劇場的機會。您能否幫助我們了解您相對於其他擁有和經營的場館類型的露天劇場機會的地位以及該領域的投資者可以有多少上升空間？

Yes. We called out the theaters and clubs and the festivals this quarter because we knew that all you guys were going to want some data on what's going on with the fans on-site. It'd be in the first quarter, we don't really have amphitheater data yet. So we were trying to use what data we could have on our other buildings, theaters and clubs and festivals and then also to tie that back to any questions on costs.

是的。本季我們召集了劇院、俱樂部和節日，因為我們知道你們所有人都想要一些有關現場粉絲狀況的數據。那是在第一季度，我們還沒有真正的圓形劇場數據。因此，我們試圖利用我們可以獲得的其他建築、劇院、俱樂部和節日的數據，然後將其與任何有關成本的問題聯繫起來。

So that was the purpose of doing that was to give everybody comfort that we had, still a very strong on-site consumer behavior. We don't have the data on amphitheaters yet for the summer. But again, taking that as the median indicator, we feel good about it, and we think there's a long runway. We talked in February about how we still think that there is 30%, 40%, 50% increase in our on-site spend as we do a better job on some of the VIP and premium offers and do a better job of how it is we're marketing and selling upsell opportunities on-site.

因此，這樣做的目的是讓每個人都感到舒適，這仍然是一種非常強烈的現場消費者行為。我們還沒有夏季露天劇場的數據。但同樣，將此作為中位數指標，我們對此感覺良好，並且我們認為還有很長的路要走。我們在 2 月談到，我們仍然認為我們的現場支出會增加 30%、40%、50%，因為我們在一些 VIP 和高級優惠方面做得更好，並且在情況方面做得更好我們正在現場行銷和銷售追加銷售機會。

Your next question comes from Stephen Glagola with Cowen.

您的下一個問題來自考恩的史蒂芬·格拉戈拉。

Yes. Joe, on Latin America expansion, can we just unpack sort of the assessed guidance of delivering full year results in line with 2019 a bit more? I have, from my calculation, is about like $500 million in revenue and $85 million in EBITDA, is that correct? Is that sort of the baseline? And then typically, you guys have been able to organically grow on your M&A 70%, 80% plus in the first couple of years after consolidating that asset. Is that a similar type of growth that we should expect as analysts in our model?

是的。 Joe，關於拉丁美洲的擴張，我們能否解開一些評估指南，以實現與 2019 年更加一致的全年業績？根據我的計算，我的收入約為 5 億美元，EBITDA 約為 8500 萬美元，對嗎？這是底線嗎？通常情況下，在整合資產後的頭幾年裡，你們的併購有機成長了 70%、80% 以上。這是否是我們模型中分析師應該預期的類似成長類型？

So I guess let me break it into a couple of pieces there. So this year, we expect both Mexico and Latin America broadly to do well. I think that it would be a very strong Latin America year relative to '19 even without OCESA, having OCESA only makes it all that much stronger. Your numbers aren't terribly far off. You have to kind of triangulate, but they're within the general ballpark of what our numbers would be for '19 and therefore, for '22.

所以我想讓我把它分成幾個部分。因此，今年，我們預計墨西哥和拉丁美洲都會表現良好。我認為，即使沒有 OCESA，相對於 19 年，拉丁美洲也將是非常強勁的一年，擁有 OCESA 只會讓它變得更強大。你的數字相差不遠。你必須進行某種三角測量，但它們在我們 19 年以及 22 年的數據的大致範圍內。

I don't think we're ready to start declaring the specifics of what OCESA is going to be in '23 or '24 yet. Give us a little time to get there with them. And we'll keep you updated on it. But we do see Mexico and Latin America more broadly, certainly is one of our great growth drivers over the next few years.

我認為我們還沒有準備好開始宣布 OCESA 在 23 或 24 年的具體內容。請給我們一點時間和他們一起到達那裡。我們會及時向您通報最新情況。但我們確實更廣泛地看到墨西哥和拉丁美洲肯定是我們未來幾年的巨大成長動力之一。

Okay. And then...

好的。進而...

Both Concerts and Ticketmaster, just to remind you, it's a huge upside in Mexico in ticketing and that we're only a 30% owner of Mexico. And now that we own it, we've already had the team down there. We're upgrading. They're still living on a green screen with not much feature functionality. So big upside, secondary, et cetera, to add in Mexico and throughout Europe. So big growth opportunity, both in concerts and sponsorship and ticketing.

Concerts 和 Ticketmaster，只是想提醒您一下，墨西哥的票務市場有巨大的優勢，而我們只持有墨西哥 30% 的股份。現在我們擁有了它，我們已經在那裡擁有了團隊。我們正在升級。他們仍然生活在綠幕上，沒有太多的功能。在墨西哥和整個歐洲，還有如此巨大的上升空間、次要的等等。在音樂會、贊助和票務方面都有如此巨大的成長機會。

Okay. And just one more on modeling questions for the rest of this year and guidance. So you have these 2, obviously, the big Rock in Rio festival is scheduled this year that had an outsized impact, I believe, on the sponsorship segment in 2019. Just how should we be thinking about that impact on the P&L this year? And then also, this is the fourth consecutive quarter now with ticketing AOI margins above 40%. Is this -- I believe this is probably just driven because most of the business in the U.S. and U.K. right now, but is that something we can expect throughout the remainder of the year? Or do you expect that to moderate closer to the mid-30s as the year progresses?

好的。還有一個關於今年剩餘時間的建模問題和指導。所以，很明顯，今年定於裡約舉行的大型搖滾音樂節，我相信這對 2019 年的贊助領域產生了巨大的影響。我們應該如何考慮對今年損益表的影響？此外，這已是票務 AOI 利潤率連續第四個季度超過 40%。我相信這可能只是由目前美國和英國的大部分業務推動的，但這是我們在今年剩餘時間裡可以期待的事情嗎？或者您預計隨著時間的推移，這種情況會在 30 多歲左右放緩嗎？

In terms of Rock in Rio, I think we've got out again this year. So I think it would be consistent with '19 in that regard. And in terms of Ticketmaster, you're right, it's continuing to do great. The margins are flowing through. It is benefiting from the U.S. weighting, if you will, right now. But with the costs taken out, we think it -- this year will probably be a high 30s margin when all is said and done and you get some rebalancing with some of the international, which is a lower margin business.

就裡約搖滾而言，我想我們今年又出局了。所以我認為在這方面它與 19 年是一致的。就 Ticketmaster 而言，你是對的，它繼續表現出色。邊緣正在流動。如果你願意的話，它現在正受益於美國的權重。但考慮到成本，我們認為，今年的利潤率可能會達到 30 多美元，當一切塵埃落定之後，你會與一些利潤率較低的國際業務進行一些再平衡。

Your next question comes from David Katz with Jefferies.

您的下一個問題來自 Jefferies 的 David Katz。

There was some earlier discussion around broad-based consumer trends. If I would call it your investor event, there was a fair amount of talk about utilizing the premium end of pricing in platinum and other kinds of high end. Can you maybe unpack the price ranges on things? And Joe, I know some of your comments were addressed more toward the average or even the value customer. Are you seeing any change at all, positive or negative, at the high end?

早期有一些關於廣泛的消費趨勢的討論。如果我將其稱為您的投資者活動，那麼有相當多的討論是關於利用鉑金和其他高端定價的高端。你能解開一些東西的價格範圍嗎？喬，我知道您的一些評論更多是針對普通甚至有價值的客戶。您是否看到高端市場有任何變化，無論是積極的還是消極的？

The overall double-digit increase is driven by the high end. Across our major stadiums, arenas, amphitheaters, I think we've probably about doubled the number of tickets to go into what we call the platinum or market-based pricing. So more than anything else is probably more of the tickets are getting market priced or closer to market price. And then depending on the artists and the show, yes, it's also flexing upward from where it would have been historically as we try to get closer to the true market price.

整體兩位數的成長是由高端市場推動的。在我們的主要體育場館、競技場、露天劇場，我認為我們可能已經將門票數量增加了一倍左右，以進入我們所說的白金定價或基於市場的定價。因此，最重要的是，更多的門票可能會以市場價格或更接近市場價格。然後，根據藝術家和演出的不同，是的，當我們試圖接近真實的市場價格時，它也會從歷史上的水平向上彎曲。

Even as doing this, you can tell by our commentary about the size growth of the secondary, we've helped move $500 million to the artist this year, but I think the secondary has grown more on our ticket. So it's not that we're out there capturing every penny even while getting these increases this year, but we're continuing to try to move in that direction.

即使這樣做，你也可以從我們對中學規模增長的評論中看出，今年我們已經幫助藝術家轉移了 5 億美元，但我認為中學在我們的門票上增長了更多。因此，即使今年實現了這些成長，我們並不是想要賺到每一分錢，而是我們將繼續努力朝這個方向前進。

Understood. And if I may follow up in a different direction. It's the first time probably in 2.5 years that we would even raise it. But how are you thinking about sort of leverage and cap structure and how much cash versus how much debt? Is that -- I see a pattern going back a number of years. But any change in how you might think about that going forward?

明白了。如果我可以朝不同的方向跟進。這可能是 2.5 年來我們第一次提出這個問題。但您如何考慮槓桿率和上限結構以及多少現金與多少債務？我看到了一種可以追溯到很多年前的模式。但您對未來的看法是否會改變？

Well, I think one of the things that gives us a lot of comfort is that over 85% of our debt is fixed rate. So we're sitting at 4.3% in a pretty fixed debt structure, with short-term increases having fairly limited impact on us. So I think we're feeling fine about our -- about our total debt level. Our total coverage based on our AOI, I think, continues to be very robust, and we don't have any concerns about being able to grow in from an AOI standpoint into our debt.

嗯，我認為讓我們感到非常安慰的事情之一是我們超過 85% 的債務是固定利率的。因此，我們的債務結構處於相當固定的 4.3%，短期成長對我們的影響相當有限。所以我認為我們對我們的總債務水平感覺良好。我認為，我們基於 AOI 的總覆蓋範圍仍然非常強勁，而且從 AOI 的角度來看，我們對債務的成長沒有任何擔憂。

Your next question comes from Ben Swinburne with Morgan Stanley.

您的下一個問題來自摩根士丹利的本‧斯威伯恩 (Ben Swinburne)。

I have 2 questions. First, just on back on Ticketmaster. I think you guys talked about or had in there will be 7 million new fee-bearing tickets won in the quarter, 14 million last year. I mean, it's really strong in terms of adding new business. Can you talk a little bit about any context to what kind of business you're adding, U.S. versus international venue type? And what's driving that?

我有 2 個問題。首先，回到 Ticketmaster。我想你們談到或說過，本季將贏得 700 萬張新的付費門票，去年為 1400 萬張。我的意思是，它在增加新業務方面確實很強大。您能否談談您要新增的業務類型（美國與國際場地類型）的背景？是什麼推動了這一點？

And whether you're seeing any increased competitive behavior, we sort of hear about competition on the primary side, including on price, but it doesn't seem like it's affecting Ticketmaster share gains at all. So just be interested in some more color around the success there and whether this pace can keep up?

無論您是否看到任何競爭行為的增加，我們都聽說過主要方面的競爭，包括價格方面的競爭，但它似乎根本沒有影響 Ticketmaster 的份額收益。因此，只需對那裡的成功的更多色彩感興趣，以及這種步伐是否能跟上？

I think the 7 million story is the same as the 17 million story. When you're at this scale, it's everything. It's -- international has been very strong, which has been driven by the dramatic improvements in the international product that we've had as we move to a single integrated platform. And that has further differentiated us particularly internationally relative to where we've been. At the same time, we've had continued success in the U.S. and many of the discussions are product-driven.

我認為700萬的故事和1700萬的故事是一樣的。當你達到這個規模時，一切就都解決了。國際化一直非常強勁，這是由我們轉向單一整合平台時國際產品的巨大改進所推動的。這進一步使我們在國際上脫穎而出，尤其是與我們過去的情況相比。同時，我們在美國不斷取得成功，許多討論都是產品驅動的。

The confidence that working with Ticketmaster, you're only going to have the best enterprise products in the best marketplace today, but the level of investment that we're making and the scale of the dollars being spent to build new product is unparalleled in its commitment to continuing to enhance for the teams and the artists and the fans, what their experience is going to be.

相信與 Ticketmaster 合作，您只會在當今最好的市場中擁有最好的企業產品，但我們為構建新產品而進行的投資水平和花費的資金規模是無與倫比的。致力於繼續增強團隊、藝術家和粉絲的體驗。

You always have price pressure. You have price pressure -- price competition and everything. That's -- there's no new news there. That's what you always have. It's always your job as a company to figure out how do I continue to create my product so that it's differentiated, so that reduces the price? And then how do I continue to get more efficient and make money, in other ways off my flywheel so that overall, my aggregate economics continue to improve. Nothing new there.

你總是面臨價格壓力。你面臨著價格壓力——價格競爭等等。那是——沒有新消息。這就是你一直擁有的。作為一家公司，你的工作始終是弄清楚如何繼續創造我的產品，使其與眾不同，從而降低價格？然後我如何繼續提高效率並以其他方式賺錢，從而使我的總體經濟狀況繼續改善。那裡沒有什麼新鮮事。

Got it. And then just on -- back on the macro. I know everyone's concerned given some of the other earnings results we've seen this quarter. Your sponsorship business, Joe, I think that's -- it's largely sort of longer-term contracts. I think you might have some kind of display advertising in there? We've heard from some of the big digital ad players, their businesses have softened here in the second quarter.

知道了。然後回到宏觀。考慮到本季度我們看到的其他一些獲利結果，我知道每個人都很擔心。喬，你的贊助業務，我認為這主要是一種長期合約。我想你們那裡可能有某種展示廣告？我們從一些大型數位廣告公司那裡聽說，他們的業務在第二季度出現了疲軟。

Can you just remind us sort of how long duration that business is for you guys? And if you're seeing any signs of softening and any part of your sponsorship business just given what we've heard from other companies?

您能提醒我們一下，你們的業務持續時間有多長嗎？考慮到我們從其他公司聽到的情況，您是否發現任何軟化跡像以及您的贊助業務的任何部分？

We're not seeing any signs of softening. Michael gave you some of the numbers on these -- on the large relationships that we have, a million dollar-plus relationships that have been our focus on growing a number of those relationships, the breadth of assets that we provide to them, and just how much of our sponsorship base they represent. So they're coming at it from multiyear, multi-asset saying we want to be present at the festival, at the amphitheater. We also are going to have an online presence. It's a much higher level of integration than just a simple ad buy would be with some of the other players out there. So we're not seeing that impact at all.

我們沒有看到任何軟化的跡象。麥可給了你一些關於這些的數字——我們擁有的大型關係，價值超過一百萬美元的關係，我們一直致力於發展這些關係的數量，我們向他們提供的資產的廣度，以及他們代表了我們贊助基礎的多寡。因此，他們從多年的、多元資產的角度出發，說我們希望參加這個節慶、露天劇場。我們也將在網路上進行展示。與其他一些播放器相比，這種整合程度比簡單的廣告購買要高得多。所以我們根本沒有看到這種影響。

And Ben, just to jump in also, I know you brought it up too, also our no-show rates. I know that's always been some rumor out there. But as we stated in our release, we're seeing no challenges at all. People are showing up to the shows. We are showing similar to 2018, '19, your regular low-digit no-show rate of people that still make it to the show. But back to normal, people come to those shows, no issues at all in terms of showing up.

Ben，我也想插話一下，我知道您也提過，還有我們的缺席率。我知道外面一直有一些謠言。但正如我們在新聞稿中所說，我們沒有看到任何挑戰。人們正在觀賞演出。我們顯示的情況與 2018 年、19 年類似，仍參加展會的人員的常規缺席率較低。但恢復正常後，人們會來看這些演出，在出現方面沒有任何問題。

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。

You mentioned 20 new venues in the pipeline and 38 new festivals. I guess starting on the festival side, is something like coming from OCESA? How many of these are maybe first time? And were you able to pick up a large number here of festivals that struggled during COVID? And then on the venue side, how should we think about the timing of those opening up and maybe the size in terms of overall fan capacity that could add?

您提到了 20 個正在籌備中的新場館和 38 個新節日。我想從音樂節方面開始，是不是來自 OCESA？其中有多少可能是第一次？您是否能夠在這裡找到大量在新冠疫情期間陷入困境的節日？然後在場館方面，我們應該如何考慮開放的時間，以及可能增加的整體球迷容量的規模？

On the festival side, we have a few great festival companies in Europe and America and part of the success of Live Nation has been about organic growth, continuing to grow the business, finding new market shares, new global entry points and festivals being a big part of regenerating our business. So we're always looking to add every year and let our festival companies launch new ideas. And this year, we've had some great success.

在音樂節方面，我們在歐洲和美國有一些很棒的音樂節公司，Live Nation 的成功部分在於有機成長、持續發展業務、尋找新的市場份額、新的全球切入點以及音樂節成為一個重要的組成部分。重振我們業務的一部分。因此，我們一直希望每年都能增加內容，讓我們的節日公司推出新的想法。今年，我們取得了一些巨大的成功。

One of our young companies, C3 has been in business, a strong festival promoter. We launched a "When We Were Young" festival out of Vegas. We hoped to sell 40,000 tickets. We sold over 160,000 tickets in Vegas. So huge success in a brand-new festival. So we love those stories. We encourage all of our festival entrepreneurs to take swings every year.

作為我們年輕的公司之一，C3 已經開始營業，是一個強大的節日推廣者。我們在維加斯舉辦了「當我們年輕的時候」音樂節。我們希望賣出 40,000 張門票。我們在維加斯售出超過 16 萬張門票。一個全新的節日取得了巨大的成功。所以我們喜歡這些故事。我們鼓勵所有節日企業家每年採取行動。

We usually have a 50% success rate. Some of those go on to be great brands. Some you fail fast to move on. So 38 was an indicator. I'll let you know. We have a large 100-plus portfolio of festivals around the world, like amphitheaters and venues, that are our high-margin business because of sponsorship, food and beverage. And not only do we look to acquire and bolt-on when we can, but we are a big machine of organically creating new festivals, that's the majority of our growth in this year. We're back to full speed on letting our entrepreneurs go swing and create some new revenue for us.

我們通常有 50% 的成功率。其中一些後來成為偉大的品牌。有些你很快就無法繼續前進。所以38是一個指標。我會告訴你。我們在世界各地擁有 100 多個節日組合，例如露天劇場和場館，由於贊助、食品和飲料，這些是我們的高利潤業務。我們不僅希望盡可能地收購和補充，而且我們是一個有機地創造新節日的大型機器，這是我們今年成長的大部分。我們將全速讓我們的企業家發揮作用，為我們創造一些新的收入。

Great. Yes.

偉大的。是的。

Joe can jump in. It's a similar story. We're just starting -- continuing, I mean, venues would be one that we didn't really slow down during COVID because they have a longer lead time. So if you look at our Venue Nation division that we highlighted in the Investor Day, and kind of our continued focus around our 300-plus venues that we operate around the world. I think we said we have probably 75 in the pipe, and we annually open up probably about 20 new festivals around the world.

喬可以插話。這是一個類似的故事。我們才剛開始——繼續，我的意思是，在新冠疫情期間，我們並沒有真正放慢場地的速度，因為它們的準備時間更長。因此，如果你看看我們在投資者日強調的 Venue Nation 部門，以及我們持續關注的我們在全球運營的 300 多個場館。我想我們說過我們可能有 75 個正在籌備中，而且我們每年在世界各地開設大約 20 個新的節日。

So we're on plan, continuing to move on that aggressive front to continue to expand on a global basis; club, theater, and amphitheater. We just opened a beautiful arena in Austin last week to record sales, record results, proud of that one and more to come. So continued opening and phasing throughout the year as we've been doing historically.

因此，我們正在按計劃繼續積極進取，並繼續在全球擴張；俱樂部、劇院和露天劇場。上週我們剛在奧斯汀開設了一個美麗的競技場，創下了銷售記錄，創下了業績記錄，我們為此感到自豪。因此，正如我們歷史上所做的那樣，全年繼續開放和分階段進行。

Great. And then it sounds like 72% of tickets were digital in Q1 versus 33% in '19. I know most of the attendance this quarter though came from the U.S. and U.K., which I assume led the digital rollout. So I guess, how should we think about digital penetration moving forward? And maybe can you talk about bigger picture, if you're starting to act on that data that you're collecting?

偉大的。聽起來第一季 72% 的門票是數位化的，而 19 年這一數字為 33%。我知道本季的大部分出席者來自美國和英國，我認為這兩個國家引領了數位化的推出。所以我想，我們該如何思考未來的數位化滲透？如果您開始根據您收集的數據採取行動，也許您可以談論更大的前景嗎？

Yes, you're right. It's helped a little bit. I still think we end the year probably around 80% globally. A lot of this has to do with not just the infrastructure on our end, but rolling out the access control, new systems that have to get deployed for each of these venues and doing that on a global basis, just with some of the supply chain in terms of getting those pieces in place. It will take a little bit of time. But we're making great progress, and we're already acting on the data.

你是對的。有點幫助了。我仍然認為，到今年年底，全球的產能利用率可能會達到 80% 左右。這在很大程度上不僅與我們這邊的基礎設施有關，還與推出訪問控制、必須為每個場館部署的新系統有關，並在全球範圍內進行，僅涉及一些供應鏈就如何將這些部分落實到位而言。這需要一點時間。但我們正在取得巨大進展，並且我們已經根據數據採取行動。

I just saw some of the information yesterday looking at how we're using it for more effectively targeting the marketing. So when your e-mail from Live Nation on what concerts, it's much more tailored to you than it was in 2019. As a result, the click-through rates and the buy rates are up substantially.

我昨天剛看到一些訊息，了解我們如何使用它來更有效地進行行銷。因此，當您從 Live Nation 發送有關音樂會的電子郵件時，它比 2019 年更適合您。因此，點擊率和購買率大幅上升。

And then as we get into the summer and we have people going to our operated amphitheaters, our operated festivals, we expect that we'll be able to use that digital connection to more effectively market upsell, connect sponsors with fans. So we'll see all of that activity beginning in much more earnest in this year.

然後，當我們進入夏季時，人們會去我們經營的露天劇場、我們經營的節日，我們希望能夠利用這種數位連接來更有效地進行市場追加銷售，將贊助商與粉絲聯繫起來。因此，我們將看到今年所有這些活動更加認真地開始。

Your next question comes from Matthew Harrigan with Benchmark.

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

Two conceptual questions. Firstly, the NFTs, it feels like it's a nice digital memorabilia complement and experience versus something that someone buys at Sotheby's and it's right in your wheelhouse. What innovation are you seeing with the NBA this season, in NFL? And is there a way to really personalize it even more and have more variety?

兩個概念性問題。首先，NFT 感覺像是一種很好的數位紀念品補充和體驗，而不是在蘇富比購買的東西，而且它就在你的駕駛室裡。您在本賽季的 NBA 和 NFL 中看到了哪些創新？有沒有一種方法可以真正使其更加個性化並具有更多多樣性？

And then secondly, at your Investor Day, you talked a lot about hyperslicing. Does that also have some accessibility to Mexico with OCESA and even some of the European markets? I know you talked about that, really keeping the U.S. around 40% of the TAM. But some of those other larger markets, it seemed like you could apply that concept with local acts over a period of time.

其次，在投資者日，您談論了很多關於超級切片的問題。是否也可以透過 OCESA 進入墨西哥甚至一些歐洲市場？我知道您談到這一點，確實讓美國佔 TAM 的 40% 左右。但在其他一些較大的市場中，似乎你可以在一段時間內將這個概念應用到當地的行為。

Yes. On the NFT, I think we're deep into discussions in product development and testing, like all of the leagues are doing. We have a dual lens, if you want to call it. On Ticketmaster side, we are working in tandem with the NFL and NBA on minting all of the tickets. We did all the Super Bowl tickets through Ticketmaster that were NFT souvenirs. We're doing it for the teams. We've been working with Mark Cuban and others.

是的。關於 NFT，我認為我們正在深入討論產品開發和測試，就像所有聯盟正在做的那樣。如果你想稱呼它的話，我們有雙鏡頭。在 Ticketmaster 方面，我們正在與 NFL 和 NBA 合作製作所有門票。我們透過 Ticketmaster 購買了所有超級盃門票，這些門票都是 NFT 紀念品。我們這樣做是為了團隊。我們一直在與馬克·庫班和其他人合作。

So on the Ticketmaster side, we're getting to see all of the best versions of what some sports teams and brands are doing with NFTs. On the concert side, we've worked on our Artist Management division with our artists. We've seen some of the versions that they're looking at, whether it's in the Metaverse, whether it's a Fortnite or whether it's a song on an NFT. So we're looking and learning on that side. And on the Live Nation side, the NFT is really just an extension of what someone mentioned earlier, the digital ticket.

因此，在 Ticketmaster 方面，我們將看到一些運動隊伍和品牌使用 NFT 所做的所有最佳版本。在音樂會方面，我們與我們的藝術家一起在藝術家管理部門工作。我們已經看到了他們正在關注的一些版本，無論是在 Metaverse 中，無論是 Fortnite 還是 NFT 上的歌曲。所以我們正在這方面尋找和學習。而在 Live Nation 方面，NFT 其實只是前面提到的數位門票的延伸。

I mean, the most important thing for us overall is to have identity tied to the ticket. So moving from a PDF ticket where we knew nobody, it had no contract, it had no rights, it had no carry-on value, moving to a blockchain digital NFT ticket in general. That just opens up the doors to first have an identity tied to the ticket, so we can have a better conversation with you.

我的意思是，對我們來說，最重要的事情就是將身份與門票聯繫起來。因此，從我們不認識任何人、沒有合約、沒有權利、沒有隨身攜帶價值的 PDF 票證，轉向一般的區塊鏈數位 NFT 票證。這只是為首先將身份與票證綁定打開了大門，這樣我們就可以與您進行更好的對話。

And we think NFT, to that ticket, we can create a community of value and look at ways to add value to you on an ongoing basis if you've opened up and been part of the live ticket stub NFT to date. So we're -- we think it's a great opportunity to add more value to the relationship with that purchaser and we're going to keep experimenting ideas on that front.

我們認為 NFT，對於這張票，我們可以創建一個價值社區，並尋找持續為您增值的方法，如果您迄今為止已經開放並成為實時票存根 NFT 的一部分。因此，我們認為這是一個為與購買者的關係增加更多價值的絕佳機會，我們將繼續在這方面試驗想法。

The second question, I didn't quite even -- I didn't hear it well enough. Joe can jump in on you.

第二個問題，我甚至沒有聽清楚。喬可以加入你。

I'm sorry. On the hyperslicing...

對不起。關於超切片...

Yes. No, I got it. I got it. Yes. So on the hyper local strategy that we've been talking about absolutely applies throughout Europe, throughout Mexico, Latin America, all of the markets. We're going into each country. We're establishing a beachhead, getting to some scale, leveraging that scale to then say, what are each of the specific markets that we can go to and expand the operation. So that's a core part.

是的。不，我明白了。我得到了它。是的。因此，我們一直在談論的超本地化策略絕對適用於整個歐洲、整個墨西哥、拉丁美洲以及所有市場。我們將進入每個國家。我們正在建立灘頭陣地，達到一定規模，利用該規模來確定我們可以進入並擴大業務的每個特定市場。所以這是核心部分。

Somebody was talking earlier, how we -- when we make the acquisition, we grow it substantially. Will -- with Germany, when we grew and they were operating in 2 cities and then selling off the concert in all the other cities, but there are 10, 12 cities in Germany where you could easily have the population to route your tour through. So that became the focus and that's how we grew that business. So we'll be following that playbook globally. It is a large part of when you look at the TAM and why the TAM is so large, it's because all of that demand exists through so many different markets, not just the ones where we're historically bringing shows to.

早些時候有人談到，當我們進行收購時，我們如何大幅成長它。威爾——在德國，當我們成長時，他們在兩個城市運營，然後在所有其他城市出售音樂會，但德國有 10、12 個城市，你可以輕鬆地讓人口來安排你的巡迴演出。所以這成為了焦點，這就是我們發展業務的方式。因此，我們將在全球範圍內遵循該劇本。當您查看 TAM 以及 TAM 如此之大的原因時，這在很大程度上是因為所有需求都存在於如此多的不同市場，而不僅僅是我們歷史上向其提供節目的市場。

Your final question comes from Barton Crockett with Rosenblatt Securities.

您的最後一個問題來自羅森布拉特證券公司的巴頓克羅克特。

Okay. Great. I wanted to ask a little bit about this 60 tour marker booked already for 2023, which is -- sounds compelling, but it'd be great to have a little bit more context. And I was wondering if this might kind of get at it. Can you give us a sense of at this time of 2019, how many tours, if any, did you have already booked for 2021 that might be one way to look at it? And secondarily, if you've got 60 tours already booked for 2023, how many do you have booked right now for 2022?

好的。偉大的。我想詢問一些有關 2023 年已預訂的 60 個旅遊標記的信息，這聽起來很引人注目，但如果能了解更多背景信息就太好了。我想知道這是否能解決問題。您能給我們介紹一下 2019 年的這個時候，您已經預訂了 2021 年的多少次旅行（如果有的話）嗎？這可能是看待這種情況的一種方式？其次，如果您已經預訂了 2023 年的 60 個旅行團，那麼您現在預訂了 2022 年的多少個旅行團？

I think I can give you generalities to make you feel good that '23 is going to look good. I mean that's obviously what you're trying to get at. So I think if you look at '20, to your point, how many did we have booked or how many would we be reviewing for a historic year at this time period. We would be about double where historic market would be, if you want to use that as a basic line. So 60 would be a fabulous number to be talking about this time of year for a next year activity. So that kind of gives you kind of a robust feeling of what '23 will look to be.

我想我可以給你概括性的介紹，讓你感覺 23 會看起來不錯。我的意思是，這顯然就是你想要達到的目的。所以我認為，如果你看看 20 年，就你的觀點而言，我們已經預訂了多少，或者我們會在這個時期回顧歷史性的一年。如果你想用歷史市場作為基本線，我們的價格大約是歷史市場的兩倍。因此，在每年的這個時候談論明年的活動，60 將是一個令人難以置信的數字。所以這會讓你對 23 歲的樣子有一種強烈的感覺。

Okay. And switch gears a little bit. On the recession question. Back in the last kind of the great recession; '08, '09, '10, were concerts in your experience at Live Nation more a lagging indicator or a leading indicator? I would guess lagging? And so if there is a recession impact, you might be the last to feel it, but I was wondering if you had any thoughts about that?

好的。並稍微切換一下。關於經濟衰退問題。回到最後一種大衰退； '08、'09、'10，您在 Live Nation 的經歷中的音樂會更多的是落後指標還是領先指標？我猜會滯後嗎？因此，如果出現經濟衰退的影響，您可能是最後一個感受到的，但我想知道您對此有什麼想法嗎？

Yes. It was a lagging indicator. It didn't hit until 2010. We had it for one summer. And I think we had a lot less data on the market then than we have now. I talked about the secondary market and how that provides such great transparency today into the specific supply-demand dynamics, the pricing, not just in the front of the house, but through the whole building. We didn't have that back then. So we were making a lot of decisions a lot more blindly.

是的。這是一個落後指標。直到2010年它才出現。我們度過了一個夏天。我認為當時市場上的數據比現在少很多。我談到了二級市場，以及二級市場如何為具體的供需動態、定價提供如此大的透明度，不僅在房子的前面，而且在整個建築中。那時我們沒有那個。所以我們做出的很多決定更加盲目。

So we have better information. We're set up to be much more nimble in terms of how we respond to that information. And again, that was the 1 year out of not just the last recession. But if you look over the past 30 years at a handful of different recessions. It was the 1 year when there was any decline in our business.

所以我們有更好的資訊。我們對這些資訊的反應方式將會更加靈活。再說一次，那一年不只是上次經濟衰退的一年。但如果你回顧一下過去 30 年的幾次不同的衰退。那是我們業務下滑的一年。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I'd like to turn the call back to Mr. Joe Berchtold and 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 Joe Berchtold 先生和 Michael Rapino 先生致閉幕詞。

All right, everybody. Thank you. Have a great summer. We'll talk soon.

好吧，大家。謝謝。有一個愉快的暑假。我們很快就會談。

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。