Venu Holding Corp (VENU) 2026 Q1 法說會逐字稿

Good morning and welcome to Venu Holding Corporation's first quarter fiscal 2026 financial results and business update.

早安，歡迎參加 Venu Holding Corporation 2026 會計年度第一季財務結果與業務更新說明會。

This morning, Venu Holding Corporation issued a press release summarizing the company’s 2026 first quarter performance. Following the filing of its quarterly report on Form 10-Q for the period ending March 31, 2026. (Operator Instructions)

今天上午，Venu Holding Corporation 發布新聞稿，摘要說明公司 2026 年第一季表現，並已就截至 2026 年 3 月 31 日止期間提交 Form 10-Q 季度報告。（接線員指示）

At this time, I would like to turn the call over to Heather Atkinson, Chief Financial Officer of Venu Holding Corporation. Heather, please go ahead.

此刻，我想把電話會議交給 Venu Holding Corporation 財務長 Heather Atkinson。Heather，請開始。

Thank you, and good morning, everyone. Welcome to Venu Holding Corporation’s first quarter fiscal 2026 earnings call and business update. On the call today, we have our Founder, Chairman, and CEO, JW Roth; President, Will Hodgson; Chief Operating Officer, Vic Sutter; and President of Growth & Strategy, Terri Liebler.

謝謝，各位早安。歡迎參加 Venu Holding Corporation 2026 會計年度第一季財報電話會議與業務更新。今天與會者包括：創辦人、董事長兼執行長 JW Roth；總裁 Will Hodgson；營運長 Vic Sutter；以及成長與策略總裁 Terri Liebler。

Following the Safe Harbor statement, JW will open with highlights from across the business. Will, Vic, and Terri will each provide updates from their areas. I will then walk through our financial results. After that, we will open the line for questions.

在安全港聲明之後，JW 將先分享全公司業務重點。Will、Vic 與 Terri 將分別就各自負責領域提供更新。我接著會說明財務結果。之後我們將開放提問。

Before we begin, I want to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Venu cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated, including risks described in the company’s report on Form 10-Q for the quarter ended March 31, 2026, and our other SEC filings, all of which can be reviewed at venu.live or sec.gov. Any forward-looking statements made on this call speak only as of today, May 15, 2026. Venu does not intend to update any forward-looking statements except as required by federal securities laws.

在開始之前，我想提醒各位，關於未來預期、計畫與展望的各項發言，依 1995 年《私人證券訴訟改革法》之安全港條款，均構成前瞻性陳述。Venu 提醒，這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與所示內容有重大差異，包括公司截至 2026 年 3 月 31 日止季度的 Form 10-Q 報告，以及我們向 SEC 提交的其他文件中所述風險；上述文件可於 venu.live 或 sec.gov 查閱。本次電話會議中所作任何前瞻性陳述僅以今日（2026 年 5 月 15 日）為準。除非聯邦證券法規要求，Venu 無意更新任何前瞻性陳述。

With that, I would like to turn the call over to our Founder, Chairman, and CEO, JW Roth.

接下來，我想把電話會議交給我們的創辦人、董事長兼執行長 JW Roth。

Thank you, Heather, and thanks a million to everybody that’s joining us today. We had a busy start to fiscal year 2026 as we continued to execute on our strategy to bring a new asset class to live entertainment. Our venues are designed as multi-seasonal, multi-configurational spaces with unparalleled omni-content capabilities, intentionally built to maximize utilization and deliver the elevated immersive experience today’s concertgoer expects.

謝謝你，Heather，也非常感謝今天加入我們的每一位。2026 會計年度一開始我們就相當忙碌，持續執行我們的策略，為現場娛樂帶來一個新的資產類別。我們的場館被設計為可跨多季節、可多種配置的空間，具備無與倫比的全通路內容（omni-content）能力，並以最大化使用率、提供當今演唱會觀眾所期待的升級沉浸式體驗為目標而刻意打造。

As I’ve mentioned before, the average amphitheater in the United States is approximately 40 years old and falls well short of modern premium standards. Beyond filling this market gap, we’ve developed a capital-efficient model for financing venue construction. We build these premium live entertainment venues through three avenues: public-private partnerships with municipalities, pre-sale of fractional ownerships in the venues, and the sale leaseback transactions.

如我先前提過，美國的平均露天圓形劇場（amphitheater）約有 40 年歷史，遠遠達不到現代高端標準。除了填補這個市場缺口之外，我們也建立了一套資本效率高的場館建設融資模式。我們透過三種途徑打造這些高端現場娛樂場館：與地方政府的公私合作夥伴關係、場館分割所有權的預售，以及售後回租（sale leaseback）交易。

Roughly 40% of the project construction comes from municipalities in the form of real estate, tax incentives, and cash. Another 40% comes through the pre-sale of fractional ownership, and 20% from the sale leaseback of the contributed real estate, which typically generates a development profit. We believe this model aligns all parties around the long-term success of every venue we build.

約 40% 的專案建設資金來自地方政府，形式包括不動產、稅務優惠與現金；另有 40% 來自分割所有權的預售；20% 則來自對所貢獻不動產進行售後回租，通常可產生開發利潤。我們相信，這個模式能讓所有參與方在我們所建造的每一座場館的長期成功上目標一致。

The first pillar of our development model involves partnerships with forward-looking municipalities that recognize the economic value our venues bring to their local markets. Through these partnerships, we negotiate incentive packages that contribute meaningfully to the funding of each venue’s development. We believe there is one aspect of this model which is not fully reflected in our financials.

我們開發模式的第一支柱，是與具前瞻性的地方政府合作；這些政府認同我們的場館能為其在地市場帶來的經濟價值。透過這些合作關係，我們協商激勵方案，對每座場館的開發資金提供實質挹注。我們認為，這個模式有一個面向尚未在我們的財務報表中充分反映。

Under standard GAAP accounting rules, any real estate contributed by a municipality sits at basis or zero on our balance sheet. So while we reported total assets of $461 million today, that number does not include any value for the real estate the municipalities contribute to us. In addition, earlier this year, we received an independent appraisal that valued our real estate portfolio at $1.24 billion on an as-completed basis. In 24 months, we doubled our total assets, and today we are having ongoing discussions with more than 45 municipalities about bringing a Venu concept to their city.

依一般公認會計原則（GAAP）的標準會計規則，地方政府所貢獻的不動產在我們的資產負債表上以成本基礎或零入帳。因此，雖然我們今天報告的總資產為 4.61 億美元，但該數字並未包含地方政府貢獻給我們的不動產價值。此外，今年稍早我們取得一份獨立估價報告，按完工基礎（as-completed basis）評估我們的不動產投資組合價值為 12.4 億美元。在 24 個月內，我們的總資產翻倍；而目前我們也正與超過 45 個地方政府持續洽談，討論將 Venu 概念引進其城市。

The second avenue of our model is the pre-sale of Luxe FireSuites in the venues we are developing. This allows investors to grow alongside us while providing a sustainable source of funding for our new venues. Since launch, our pre-sales have generated over $260 million in sales. And as we have grown, we’ve expanded our range of offerings to meet demand and give investors at all levels the opportunity to participate.

我們模式的第二個途徑，是在我們正在開發的場館中預售 Luxe FireSuites。這讓投資人能與我們一同成長，同時為新場館提供可持續的資金來源。自推出以來，我們的預售已創造超過 2.6 億美元的銷售額。隨著我們成長，我們也擴大產品範圍以滿足需求，並讓不同層級的投資人都有機會參與。

Last month, we launched our $300 million triple net inventory with Troy Aikman, a shareholder, a FireSuite owner, and a partner. Since then, we have seen a significant increase in investor leads. And earlier this week, we launched our FireSuite Income Offering, opening the door to investors seeking a lower entry point into the fractional ownership of our FireSuites.

上個月，我們與股東、FireSuite 業主及合作夥伴 Troy Aikman 一同推出 3 億美元的三重淨租（triple net）庫存。自那之後，我們看到投資人線索顯著增加。本週稍早，我們也推出 FireSuite 收益型方案（FireSuite Income Offering），為希望以較低門檻參與 FireSuites 分割所有權的投資人打開大門。

The final avenue of our model is the sale leaseback of contributed real estate, which typically generates a development profit while allowing us to retain operational control of the venue. This component rounds out the capital stack for developing a venue and reinforces the long-term economics of every project that we build. As it relates to capital, we are currently in a capital-intensive phase as we build what we expect to be the foundation of our platform and entertainment model. In March, we closed out a $86.25 million capital raise in the middle of one of the most volatile market stretches in recent history, demonstrating that investors believe in our vision. As we move closer to our Venu opening dates, we expect that conviction to continue to build.

我們模式的最後一個途徑，是對所貢獻的不動產進行售後回租，通常可在保留場館營運控制權的同時，產生開發利潤。此一組成完善了場館開發的資本結構（capital stack），並強化我們所建每個專案的長期經濟效益。就資本而言，我們目前正處於資本密集階段，因為我們正在打造我們平台與娛樂模式的基礎。3 月，我們在近年最動盪的市場期間之一完成 8,625 萬美元的募資，顯示投資人相信我們的願景。隨著我們逐步接近 Venu 的開幕日期，我們預期這份信心將持續累積。

In summary, Venu is building a new asset class of live entertainment venues to fill a clear gap in the market, and we’re doing so in a capital-efficient way. We’re excited. We can’t wait to see what comes next.

總結來說，Venu 正在打造一個新的現場娛樂場館資產類別，以填補市場上明確的缺口，而且我們以資本效率高的方式來做到這一點。我們非常振奮，也迫不及待想看看接下來會發生什麼。

All right, now, well, I’m going to turn this over to Will, Vic, and Terri to talk more about what this past quarter has delivered and what we expect on the horizon. Will?

好，接下來我會把時間交給 Will、Vic 與 Terri，請他們更深入談談本季的成果，以及我們對未來的展望。Will？

Thanks, JW. Good afternoon, everyone. I want to give you a real picture of what the booking and talent side of the business looks like right now because there’s a lot of exciting momentum. Let me start with Ford Amphitheater.

謝謝，JW。各位午安。我想讓大家更真實地了解目前業務在訂演與藝人端的狀況，因為動能非常令人振奮。我先從 Ford Amphitheater 談起。

The 2026 season is underway, and booking is still very much active. The calendar continues to build with a number of shows yet to be announced. We continue to expect Ford’s 2026 season to look a lot like prior seasons by the time we’re done. The conversations we are having with promoters and agents reflect the reputation this venue has earned. Ford is a destination, and we’re looking forward to a great season.

2026 年演出季已經展開，訂演仍然非常活躍。行事曆持續擴充，仍有多場演出尚待公布。我們仍預期 Ford 的 2026 年演出季在最終完成時，將與過往演出季非常相似。我們與主辦方及經紀人的對話，也反映出這座場館所建立的口碑。Ford 是一個目的地，我們期待迎來一個精彩的演出季。

On the new venue side, Broken Arrow is taking shape, and we are deep in discussions with artists and promoters about what the inaugural season looks like. While it’s too early to share specifics, I’m pleased to say we are seeing a significant amount of interest in the Venu, and we look forward to sharing more when the time is right.

在新場館方面，Broken Arrow 正逐步成形，我們正與藝人及主辦方深入討論首季開幕演出季的樣貌。雖然現在分享細節仍為時過早，但我很高興地表示，我們看到市場對 Venu 有相當高的興趣，也期待在適當時機與大家分享更多資訊。

McKinney is not far behind. We are already laying the groundwork for booking conversations in that market. Situated just north of Dallas, McKinney represents a significant opportunity given the region’s strong demand for live entertainment. We, along with our operating and booking partner, Live Nation, are actively building relationships today that will allow us to drive meaningful programming from day one.

McKinney 也緊追在後。我們已經在為該市場的訂演洽談打下基礎。McKinney 位於達拉斯以北，鑑於該地區對現場娛樂的強勁需求，代表著一個重大機會。我們與我們的營運與訂演合作夥伴 Live Nation，正積極建立關係，讓我們能從第一天起就推動具實質意義的節目內容。

At the club level, Phil Long Music Hall in Colorado Springs and The Hall at Bourbon Brothers in Gainesville, Georgia delivered a consistent quarter of programming, and we continue to refine our approach at both locations. We are focused on finding the right content mix that maximizes both the guest experience and the commercial opportunity.

在俱樂部層級方面，科羅拉多泉市的 Phil Long Music Hall 與喬治亞州蓋恩斯維爾的 The Hall at Bourbon Brothers 在本季提供了穩定的節目安排，我們也持續在兩個場館精進我們的方法。我們專注於找到合適的內容組合，以同時最大化賓客體驗與商業機會。

To summarize, talent conversations are strong, our markets are progressing well, and we’re entering in to the busy season with strong momentum. As we move into Q2, we’re focused on executing against our plan and delivering on the opportunities in front of us.

總結來說，藝人洽談進展強勁，我們的市場推進順利，我們正以強勁動能進入旺季。隨著進入第二季，我們將專注於依計畫執行，並把握眼前的機會、交出成果。

With that, I’ll turn it over to you, Vic.

接下來，我把時間交給你，Vic。

Thank you, Will. Good morning, everyone. As JW mentioned earlier, our goal with these venues is to build a new asset class in live entertainment. Our venues are designed to be multi-seasonal, multi-configuration venues featuring immersive experiences and integrated technology, creating experiences that fans cannot find anywhere else. We’re implementing some of the most advanced venue technology available and building these capabilities into new venues from the ground up.

謝謝你，Will。各位早安。如同 JW 先前提到的，我們對這些場館的目標，是在現場娛樂領域打造一個新的資產類別。我們的場館被設計為可跨多季節、具多種配置的場館，結合沉浸式體驗與整合式科技，創造粉絲在其他地方找不到的體驗。我們正在導入目前最先進的場館科技之一，並從零開始把這些能力建置到新場館中。

And I’m excited about what’s ahead. And we'll have more to share on the technology partnerships powering this in the months ahead. With that vision in mind, let me turn to the progress we’re making on the ground.

我也對接下來的發展感到非常興奮。在未來幾個月，我們會分享更多關於支撐這一切的科技合作夥伴。有了這個願景，接著我來談談我們在第一線的進展。

In McKinney, the trusses for the canopy of roof structure are underway and construction is progressing as planned. Broken Arrow is approaching an exciting stage of construction as the FireSuites have been delivered to site and installation will begin soon.

在 McKinney，屋頂棚架結構的桁架正在施工中，工程按計畫推進。Broken Arrow 的建設也即將進入令人振奮的階段，因為 FireSuites 已運抵工地，安裝將很快開始。

In El Paso, we’re advancing through our infrastructure development plan, and in Houston, we expect to close out the entitlement phase in the coming weeks. We look forward to sharing more as these projects advance.

在 El Paso，我們正依基礎設施開發計畫持續推進；在休士頓，我們預期在未來幾週完成核准（entitlement）階段。隨著這些專案進展，我們也期待分享更多資訊。

Outside of active developments, this past week we announced expansion plans in Chattanooga, Tennessee, and active conversations beginning in northern Colorado. We’ll have more to share how those plans take shape in the months ahead.

除了正在進行的開發案之外，我們在本週宣布了田納西州查塔努加（Chattanooga）的擴張計畫，並在科羅拉多州北部展開積極洽談。未來幾個月，隨著這些計畫逐步成形，我們會分享更多內容。

Turning to our operating venues in Q1, the opening of Roth’s Sea & Steak in November 2025 added a meaningful new revenue stream for our portfolio, and the early performance has been exceptional. The team is executing at a high level. Our hospitality scores reflect that performance, and the property establishing itself as a premier dining destination in Colorado Springs independent of the concert season. Private events at Roth’s are tracking ahead of expectations, and we’re heading into a strong summer. We are proud of what that team has built.

回到我們第一季的營運場館，Roth’s Sea & Steak 預計於 2025 年 11 月開幕，為我們的投資組合新增了一條具實質意義的營收來源，而早期表現非常出色。團隊執行力很強。我們的餐旅服務評分也反映了這樣的表現，且該物業正逐步在科羅拉多泉市建立其作為頂級餐飲目的地的地位，並不依賴演唱會季節。Roth’s 的私人活動預訂進度超出預期，我們正邁向一個強勁的夏季。我們為這個團隊所打造的成果感到自豪。

At our Bourbon Brothers Smokehouse & Tavern locations, we experienced some headwinds in the first quarter. Colorado Springs saw softer traffic, and our Gainesville location was impacted by early winter storms that led to full and partial closures during the quarter. That said, we do not view this as a structural trend. The teams are focused. The menus are being refined to align with evolving customer preferences, and we’re actively working on programming and private event strategies designed to drive traffic and revenue at both locations.

在我們的 Bourbon Brothers Smokehouse & Tavern 據點方面，第一季遇到了一些逆風。科羅拉多泉市的來客量較疲弱，而蓋恩斯維爾據點則受到初冬風暴影響，導致本季期間出現全館或部分停業。不過，我們不認為這是結構性趨勢。團隊專注投入，菜單也正在調整，以符合不斷變化的顧客偏好；同時我們也正積極推動節目安排與私人活動策略，以帶動兩個據點的來客量與營收。

Every decision we’re making operationally right now is made with scale in mind. We’re looking forward to a great busy season ahead.

我們目前在營運上的每一項決策，都是以可規模化為前提。我們期待接下來會有一個很棒的旺季。

With that, I will hand it over to Terri.

接下來，我把時間交給 Terri。

Thank you, Vic. Good afternoon, everyone. The growth and strategy team’s role is to make sure Venu is always moving toward the next opportunity, the next partnership, and the next revenue stream. Q1 has given us a lot to talk about. Let me start with the new partnerships because the caliber of who is choosing to align with Venu continues to set the tone.

謝謝你，Vic。各位午安。成長與策略團隊的角色，是確保 Venu 始終朝向下一個機會、下一個合作夥伴關係，以及下一個營收來源前進。第一季帶來了很多可分享的內容。我先從新合作夥伴談起，因為選擇與 Venu 對齊的夥伴層級與品質，持續為我們定下基調。

In the first quarter, we locked in PepsiCo as our official beverage partner across the Sunset Amphitheater portfolio, and Aramark Sports and Entertainment expanded to five of our venues and made an additional equity investment in the company. These are long-term partners who are deepening their commitment because they have clear visibility into where we’re headed, and that tells a story.

在第一季，我們確定 PepsiCo 成為 Sunset Amphitheater 投資組合的官方飲料合作夥伴；同時 Aramark Sports and Entertainment 擴展至我們五個場館，並對公司追加股權投資。這些都是長期合作夥伴，他們之所以加深承諾，是因為他們清楚看見我們的前進方向，而這本身就說明了一切。

Naming rights represents a category of partnership that can be genuinely transformative for a venue network of our scale. For shareholders, these deals deliver long-term contracted revenue that goes directly to the bottom line. No additional capital required, no operational complexity, just premium brands paying for the right to be associated with the platform we’re building.

冠名權是一種合作夥伴類別，對於我們這種規模的場館網路而言，確實可能帶來變革性影響。對股東而言，這類交易提供長期合約性收入，直接反映在最終盈餘上。不需要額外資本、不增加營運複雜度，只是頂級品牌為了與我們正在打造的平台建立連結而付費。

At scale, this becomes a significant and recurring revenue stream. We have been deep in conversations on this front, and I’m more excited by the direction of those discussions than any point to date. Stay tuned for several exciting announcements in the period ahead.

當規模擴大後，這將成為一項重要且可重複的經常性收入來源。我們在這方面已深入洽談，而我對這些討論的走向感到比以往任何時候都更興奮。接下來一段時間，敬請期待幾項令人振奮的公告。

With that, I will turn it back over to Heather for the financial update.

接下來，我把時間交回給 Heather 進行財務更新。

Thank you so much, Terri. Now to dig into the quarterly figures a bit more. Our total assets increased to $461 million as of March 31, 2026, up $91 million or 25% from $370 million at December 31, 2025. As JW mentioned, it is worth noting that several of our municipality developments sit at zero cost basis on our balance sheet rather than mark-to-market value as they are contributed assets. And as-completed basis appraisal of $1.24 billion reflects a more complete picture of what this portfolio will be worth once completed.

非常謝謝你，Terri。接著我們更深入看看季度數字。截至 2026 年 3 月 31 日，我們的總資產增加至 4.61 億美元，較 2025 年 12 月 31 日的 3.70 億美元增加 9,100 萬美元，增幅 25%。如同 JW 提到的，值得注意的是，我們有數個市政開發案在資產負債表上以零成本基礎入帳，而非以市價（mark-to-market）計量，因為它們屬於受贈資產。而完工基礎（as-completed basis）的估值為 12.4 億美元，更完整反映了該投資組合在完工後的價值。

Property and equipment increased to $382 million as of March 31, 2026, up $76 million or 25% from $306 million at December 31, 2025. The company completed a capital raise of its common stock during the three months ended March 31, 2026, which resulted in gross proceeds of $86.25 million, which generated net proceeds to the company of $80.1 million.

截至 2026 年 3 月 31 日，不動產及設備增加至 3.82 億美元，較 2025 年 12 月 31 日的 3.06 億美元增加 7,600 萬美元，增幅 25%。公司在截至 2026 年 3 月 31 日止三個月內完成普通股增資，募集總額為 8,625 萬美元，為公司帶來淨募資額 8,010 萬美元。

Our Luxe FireSuite and Aikman Club sales reached over $260 million in sales since launching the program. Demand for the product and our newly launched triple net model prompted the recent launch of a $300 million triple net portfolio available to real estate investors across the nation, with Troy Aikman as the company spokesperson. Our Luxe FireSuite sales through the company’s triple net model accounted for approximately 47% of total Luxe FireSuite sales for the quarter ended March 31, 2026.

自推出該計畫以來，我們的 Luxe FireSuite 與 Aikman Club 銷售額已超過 2.60 億美元。對產品的需求以及我們新推出的三重淨租賃（triple net）模式，促使我們近期推出一個 3.00 億美元的三重淨租賃投資組合，提供全美不動產投資人參與，並由 Troy Aikman 擔任公司代言人。透過公司三重淨租賃模式的 Luxe FireSuite 銷售，約占截至 2026 年 3 月 31 日止季度 Luxe FireSuite 總銷售額的 47%。

Venu’s total revenue was $3.9 million for the three months ended March 31, 2026, compared to $3.5 million for the three months ended March 31, 2025, an increase of 11% quarter over quarter. These highlights represent that our balance sheet is strong, the assets are real, and the model is working.

Venu 在截至 2026 年 3 月 31 日止三個月的總營收為 390 萬美元，相較截至 2025 年 3 月 31 日止三個月的 350 萬美元，年增 11%。這些重點顯示，我們的資產負債表穩健、資產是真實的，而商業模式正在奏效。

With that, I will turn it back to JW.

接下來，我把時間交回給 JW。

Thanks, Heather, and thanks to Will, Vic, and Terri. Here’s what I want every investor on this call to take away today. We have built something that institutions recognize: that world-class partners keep choosing, and that retail investors are finding new ways to access. The model is working exactly the way we designed it. The pipeline is as strong as it’s ever been, and we’re just getting started.

謝謝你，Heather，也謝謝 Will、Vic 與 Terri。以下是我希望今天每一位參與本次電話會議的投資人帶走的重點：我們打造的，是機構投資人所認可的事物——世界級夥伴持續選擇加入，而散戶投資人也正在找到新的方式來參與。這個模式正如我們設計般運作。案源管線比以往任何時候都更強勁，而我們才剛剛開始。

Let’s open it up for questions.

讓我們開放提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛。

Maybe to start off, JW, could you talk a little bit more about the new class of venues you’re set to build out here over the next couple of years. Maybe talk a little bit about what differentiates these venues from the legacy amphitheaters and venues most of us know today.

也許先從這裡開始，JW，你能否再多談一點你們接下來幾年準備在這裡打造的新一類場館？也請談談這些場館與我們大多數人今天所熟悉的傳統露天圓形劇場與場館相比，有哪些差異化之處。

Then maybe within that, the types of live entertainment you see yourself leaning into at these new venues, and ultimately what that could mean for the business model. What that could mean for utilization as these new venues ramp up?

另外在此之中，你們在這些新場館會更偏向導入哪些類型的現場娛樂內容？最終這對商業模式可能意味著什麼？以及在這些新場館逐步爬坡之際，對使用率可能意味著什麼？

First, Stephen, thanks a million for taking the time to join us today. The venues that we’re building, they’re just purpose-built. They’re state-of-the-art amps. They’re designed to fill a clear gap that is missing in the market.

首先，Stephen，非常感謝你今天撥冗參與。我們正在建造的場館，都是量身打造（purpose-built）的。它們是最先進的露天劇場（amps）。它們的設計是為了填補市場上明顯存在、但目前缺失的一個空白。

You think of the Amphitheater segment, and I got to tell you, I hate the word. I am working diligently to get rid of the word amphitheater because it drives me crazy because what we’re building is really a whole brand-new asset class. We’re combining some of the things from traditional venues, but we’re also changing in a massive way. Our new amps, if you want to call them that, are designed around real estate ownership, premium hospitality, immersive technology.

你想到露天圓形劇場這個細分領域，我得說，我很討厭這個詞。我正非常努力地想把「amphitheater（露天圓形劇場）」這個詞去掉，因為它讓我抓狂；因為我們正在打造的其實是一個全新的資產類別。我們結合了傳統場館的一些元素，但也在非常大的程度上做出改變。我們的新露天劇場（如果你要這麼稱呼它們）是圍繞不動產持有、頂級款待（premium hospitality）、沉浸式科技來設計的。

These are not yesterday’s sheds. These are really a new and exciting a venue. They’re multi-seasonal.

這些不是昨天那種老舊的棚式場地。這真的是一種全新且令人興奮的場館。它們是多季節營運的。

Think of the amps today. They run in the summertime, right, and then they close. Not these. These venues are multi-seasonal. They will run year-round.

想想今天的露天劇場，它們通常只在夏季運作，對吧，然後就關閉。但我們的不一樣。這些場館是多季節營運的，將全年運作。

So instead of producing 30 shows that a typical amphitheater produces, these venues will produce up to 100 shows annually. They’re multi-configurational, which also changes a lot of the utilization of these venues. In other words, they scale up and down in size, and they do it in such a way that they always look full. I’m going to have Vic get more into that here in a second.

因此，相較於典型露天圓形劇場一年製作約30場演出，這些場館每年可製作多達100場演出。它們也具備多配置（multi-configurational）能力，這也大幅改變了場館的使用率。換句話說，它們可以在規模上向上或向下調整，而且調整方式能讓場館看起來總是滿座。我等一下會請Vic更深入談這一點。

Honestly, at the end of the day, what you’re looking at here is not your traditional amphitheater. This is, in every way, a brand-spanking new asset class. Vic, talk a little bit about the utilization.

老實說，歸根結底，你在這裡看到的不是傳統的露天圓形劇場。這在各方面都是一個全新的資產類別。Vic，談談使用率吧。

Yeah, happy to. Thanks, JW, and Stephen, thanks for making the time today. So yeah, with the multi-seasonal, we have multi-configurational design, but we also have the immersive technology, and that’s all built in all the future venues.

好的，很樂意。謝謝你，JW，也謝謝Stephen今天撥空。所以是的，除了多季節營運之外，我們有多配置設計，同時也有沉浸式科技，而這些都會內建在未來所有場館中。

So we’re unlocking a much broader range of programming than, for example, you would see in a traditional amphitheater. That means that we’ll be able to host concerts, family shows, special events, corporate activations, and also our own immersive content and maybe other partners who are creating content, currently in the space. So -- and this is all within the same venue. So as a result, we believe that these venues can host a minimum of 80 events per year, right, depending on market.

因此，我們能解鎖比傳統露天圓形劇場更廣泛的節目內容。這意味著我們能舉辦演唱會、親子／家庭秀、特別活動、企業行銷啟動（corporate activations），以及我們自有的沉浸式內容，甚至也可能引入目前在這個領域創作內容的其他合作夥伴。也就是說——這些都在同一個場館內完成。因此，我們相信這些場館每年至少可承接80場活動，當然會依市場而定。

But for context, right, you look at the industry, the average of the amphitheaters around, you know, 30 to 35 shows annually. So we're really intentionally building these to do meaningfully more when you look at that delta. And we believe that the model has the potential to drive better economics because we have traditional spaces that the amphitheater uses, we don’t really look at the same way, right? We have a step change in utilization.

但作為對照，你看看產業，平均一座露天圓形劇場一年大約30到35場演出。所以我們是有意識地把這些場館打造得能做出顯著更多的量，從這個差距（delta）就看得出來。我們也相信這個模式有潛力帶來更好的經濟效益，因為我們擁有一些傳統露天劇場會使用、但我們看待方式不同的傳統空間，對吧？我們在使用率上有一個躍升式的提升。

We are driven by immersive technology. We’re combined with different premium hospitality offerings like FireSuites and our VIP clubs. And this is really where we get the multi-configurational, omni-content, multi-seasonal piece of this business, and this is really what makes a unique asset class within live entertainment that no one’s really seen before. I hope that answers some of your questions, Stephen.

我們以沉浸式科技為驅動，並結合不同的頂級款待產品，例如FireSuites以及我們的VIP俱樂部。這就是我們在這個業務中實現多配置、全內容（omni-content）、多季節營運的關鍵，而這也正是它成為現場娛樂領域一個前所未見的獨特資產類別的原因。希望這回答了你的一些問題，Stephen。

Yeah, thanks for that. And maybe a second one just for Terri on partnerships. It sounds like there’s some really nice momentum building ahead of the Venu’s opening. I was just curious if you could elaborate a little bit more on what you’re seeing on that front. How we should be thinking about some of the sizing of that opportunity today. And then as this business scales over the longer term, how do you see the sponsorship portfolio growing as the venue footprint scales over time? Thank you.

是的，謝謝。那第二個問題想請教Terri，關於合作夥伴。聽起來在Venu開幕之前，已經有很不錯的動能在累積。我想請你再多談談你們在這方面看到的情況。我們今天應該如何看待這個機會的規模？以及隨著這項業務在更長期擴張，當場館版圖隨時間擴大時，你如何看待贊助組合（sponsorship portfolio）的成長？謝謝。

Yeah. Thanks for the question, Stephen. Yeah, we're really pleased with the momentum we’re seeing on the partnership side. I think what’s notable is that the momentum is building well ahead of the venues actually opening. So that really speaks to the strength of the Venu brand and, of course, the appeal of the entertainment platform we’re creating.

好的，謝謝你的問題，Stephen。是的，我們對合作夥伴端所看到的動能感到非常滿意。我認為值得注意的是，這股動能在場館實際開幕之前就已經在加速累積。這確實反映了Venu品牌的強度，當然也反映了我們正在打造的娛樂平台的吸引力。

Today, partnership opportunities span across specifically key inventory assets and also a number of categories. This includes, of course, naming rights, premium hospitality spaces like the Aikman Clubs, and category-exclusive partners. So for example, Pepsi and EIGHT Beer.

目前，合作夥伴機會涵蓋特定的關鍵庫存資產（inventory assets）以及多個品類。這當然包括冠名權、像Aikman Clubs這類的頂級款待空間，以及品類獨家合作夥伴。例如Pepsi與EIGHT Beer。

We’re also seeing really strong inbound interest from both regional and national brands who want to align with this concept that you just heard JW and Vic talk about. In fact, very proud and really excited to share that we secured more than $100 million already to date in negotiated and contractual partnership revenue. We think that that is obviously a very, very strong proof point of the demand that we’re seeing, again, well ahead of these venues opening.

我們也看到來自區域性與全國性品牌的強勁主動洽詢（inbound interest），他們希望與你剛剛聽到JW與Vic所談的這個概念結盟。事實上，我們非常自豪也很興奮地分享：截至目前，我們已經取得超過1億美元的已談妥與具合約約束力的合作夥伴收入。我們認為這顯然是非常、非常強而有力的需求佐證，而且再次強調，這是在場館開幕之前就已經達成。

Longer term, as the venues start to open and, of course, the footprint scales, which by the way, in my experience means, this means we can expect partnership opportunity to, of course, scale with it. This is both in terms of the number of partners and then, of course, the depth of those relationships. And each new venue -- each of those new venues effectively expands our addressable partner base, and that creates new local, new regional, and, of course, new national revenue opportunities.

長期來看，隨著場館開始開幕，當然也隨著版圖擴張——順帶一提，以我的經驗，這意味著我們可以預期合作夥伴機會也會隨之擴大。這不僅體現在合作夥伴的數量上，也體現在關係的深度上。而每一座新場館——每一座新場館都會有效擴大我們可觸及的合作夥伴基礎，並創造新的在地、新的區域性，以及當然新的全國性收入機會。

We also see real potential to layer in priority venue and platform-level partnerships, which by the way, we’ve already started to do, as that footprint grows as well. So we really believe that will drive an even greater value proposition over time. So I think in summary, kind of overall, we view this revenue as high margin, recurring, and, of course, scalable. It’s a revenue stream that compounds as we bring those additional venues online.

我們也看到很大的潛力，可以在版圖成長的同時，疊加優先場館層級與平台層級的合作夥伴關係——順帶一提，我們其實已經開始這麼做了。因此我們確實相信，這將隨時間推進帶來更高的價值主張。總結來說，我們將這項收入視為高毛利、可重複（recurring），且當然可擴張的收入來源。當我們讓更多場館上線時，這是一條會複利成長的收入流。

Marty Calvert, Morgan Stanley.

Marty Calvert，摩根士丹利。

Good morning, JW and team. Great quarter. My question is twofold. First of all, a great announcement about Chattanooga. Can you explain more about the development that could go on around Chattanooga? I’m a whiskey man, so I would love to see a -- naming of a Jack Daniel’s amphitheater in Chattanooga.

早安，JW和團隊。本季表現很棒。我有兩個問題。首先，關於Chattanooga的重大公告。你能否再多說一些在Chattanooga周邊可能進行的開發？我本人喜歡威士忌，所以我很想看到——在Chattanooga有一座以Jack Daniel’s冠名的露天劇場。

Yeah, that’s awesome. I am too. We’ve been working on that thing for a while and -- well, first, Marty Calvert, just thanks for jumping on here. I appreciate. You’re a great shareholder, a great supporter, and I appreciate you joining us today.

是的，那太棒了。我也是。我們已經在那件事上努力了一段時間——嗯，首先，Marty Calvert，謝謝你加入這裡。我很感激。你是一位很棒的股東、很棒的支持者，也謝謝你今天加入我們。

I’m actually going to kick this over to Bob. Bob, will you jump in here and walk Marty through not only what we’re doing in Chattanooga, but let’s expand on that question a little bit and talk about just all of the sort of new markets that you and Ryan are working on.

我其實要把這個交給 Bob。Bob，你能不能加入一下，帶 Marty 了解我們不只是在 Chattanooga 做什麼，也把這個問題再延伸一點，談談你和 Ryan 正在推進的各種新市場？

Yeah, you bet. Thanks, JW, thanks for the question, Marty. Both Chattanooga and Northern Colorado are great examples of how our pipeline is really starting to produce momentum. Starting with Chattanooga, it's going to be located right down on the Tennessee River in a project called The Bend. This is a premium mixed-use development that is adjacent to the amphitheater itself, well actually be right on the river, adjacent to a 300-slip marina.

好的，當然可以。謝謝你，JW，也謝謝你的問題，Marty。Chattanooga 和北科羅拉多都是很好的例子，顯示我們的案源管線正開始真正產生動能。先從 Chattanooga 說起，它將位於田納西河畔、一個名為 The Bend 的專案中。這是一個高端的複合式開發案，緊鄰露天劇場本體——更準確地說，會就在河邊，旁邊還有一座可停泊 300 艘船位的碼頭。

And really Chattanooga's an ideal market for Venu. It's a million person, it's MSA, it's a growing region, it's very vibrant from its entertainment perspective. From a routing perspective, it's critical. Sitting between Nashville, Atlanta, and Knoxville, it makes it very attractive for stops by artists.

而且 Chattanooga 對 Venu 來說確實是理想市場。它的都會統計區（MSA）人口約一百萬，區域正在成長，從娛樂角度來看非常有活力。從巡演路線規劃的角度，它也很關鍵。它位於 Nashville、Atlanta 與 Knoxville 之間，讓藝人把這裡納入巡演停靠點變得非常有吸引力。

Conversations are going well and some pieces that still are coming together on that. We are doing a -- opening up the opportunities here because this is an opportunity where we work with a private developer, and we're also working with the city on the incentives. And so that partnership is seeming to be very fruitful.

目前的洽談進展良好，但仍有一些環節正在整合中。我們正在——把機會打開，因為這是一個我們與民間開發商合作的機會，同時也在與市政府就激勵措施進行合作。因此，這樣的夥伴關係看起來非常有成果。

Turning to Northern Colorado, this is another strategic market for us, and one that, given the roots in the region, is going to be important to us. The Northern Colorado project is meaningful to us because location to community, and it's an area of nearly, again, a million people that has historically been underserved as it relates to live entertainment.

再談北科羅拉多，這對我們而言是另一個策略性市場，而且考量到我們在該地區的根基，對我們會很重要。北科羅拉多專案之所以對我們有意義，是因為它與社區的連結；而且那裡同樣接近一百萬人口，過去在現場娛樂方面長期供給不足。

So we're seeing strong support from the local market and municipal leaders. We are actively engaged in conversations with everyone adjacent to I-25 there, and have a couple of conversations that are advancing very quickly. So more broadly, the projects reflect the type of opportunity that we're coming across through our pipeline. Well-located markets, really strong interest from municipal partners.

因此我們看到當地市場與市政領導層的強力支持。我們正積極與 I-25 沿線周邊的各方進行對話，其中有幾個洽談進展非常迅速。更廣泛來看，這些專案反映了我們在案源管線中遇到的機會類型：位置優越的市場，以及來自市政合作夥伴的強烈興趣。

I mean, we hosted one last night, again, that we can't mention quite yet, but is very promising in the region where we're operating with Oklahoma and Texas. So our pipeline of conversations currently sits at well over 45 municipalities, has a lot of momentum, and overall we're very pleased. And again, super excited about what's going on in Chattanooga, and moving forward, to identifying the location where we'll put our northern Colorado facility as well.

我的意思是，我們昨晚又接待了一場——目前還不能提名稱——但在我們營運的 Oklahoma 與 Texas 所在區域中非常有前景。所以我們目前的洽談管線已經涵蓋超過 45 個市政單位，動能很強，整體而言我們非常滿意。再次強調，我們對 Chattanooga 的進展感到非常興奮；接下來也會持續推進，找出我們北科羅拉多場館將落腳的地點。

Your next question comes from the line of Jamie Gronowski.

下一個問題來自 Jamie Gronowski。

Dub, terrific quarterly update, thank you. Thanks for ongoing clarity on the financial metrics. As you head into the busy season at the gorgeous Ford Amphitheater in Colorado Springs, can you walk us through what are you really most excited about? There's so much good going on, there's gotta be one or two things that are just getting you jumpy as you start each and every day regarding that area.

Dub，本季的更新非常精彩，謝謝你。也謝謝你持續清楚說明財務指標。當你們即將進入科羅拉多泉（Colorado Springs）那座美麗的 Ford Amphitheater 的旺季時，你能帶我們了解一下你最興奮的是什麼嗎？好事太多了，肯定有一兩件事，會讓你每天一開始就特別雀躍、特別期待那個區域的進展。

First, Jamie, thanks a million for taking the time to do this and to be a part of this. You’re a great shareholder and I appreciate you. Honestly, the Ford has just been a home run. It’s -- it started off as sort of a proof of concept, and we -- there a lot of tuition has been paid as a result of building the Ford because we’ve learned is we’ve learned how elevated works, right?

首先，Jamie，真的非常感謝你撥空參與並成為其中一員。你是一位很棒的股東，我很感激你。老實說，Ford 真的就是一個全壘打。它——一開始有點像是概念驗證，而我們——因為建造 Ford 付出了不少「學費」，因為我們學到的是——我們學到什麼叫做「升級（elevated）」的體驗，對吧？

So when we started this, the whole sort of premise and genesis of our business was to create venues that catered to the demand of today’s fan. When you look across the space and you see what the NFL has done, you see what Major League Baseball has done, you see what so many different stadiums and venues have done, what they’ve really done is they’ve catered to the demand of today’s fan, and music has just failed in that area.

所以當我們開始做這件事時，我們整個商業模式的前提與起點，就是打造能迎合當今樂迷需求的場館。你看看整個產業，NFL 做了什麼、MLB 做了什麼，還有那麼多不同的球場與場館做了什麼——他們真正做的，是迎合當今球迷的需求；而音樂產業在這方面一直做得不夠好。

With the exception of a few standouts like the Sphere, most outdoor music venues of the past have failed there. So we really have concentrated on defining what elevated means. The Ford has been a great example of that. We opened last night and had a great show, and really what I was looking for this morning from Vic is Vic, tell me about how we did in the clubs. Tell me about what our per caps were.

除了像 Sphere 這樣少數突出的例子之外，過去大多數戶外音樂場館在這方面都做得不理想。所以我們真的把重點放在定義「升級（elevated）」到底代表什麼。Ford 就是一個很好的例子。我們昨晚開幕，演出非常成功；而我今天早上最想從 Vic 那裡了解的是：Vic，告訴我我們在俱樂部區（clubs）的表現如何。告訴我我們的人均消費（per caps）是多少。

You know, whole idea is trying to break that $35 number, right? And we did. We crushed it last night, and elevated worked. And we’re going to see that continue to grow.

你知道，整個想法就是要突破那個 35 美元的數字，對吧？而我們做到了。昨晚我們大幅超越，表現非常亮眼，「升級」策略奏效了。而且我們會看到它持續成長。

When you look at what we’re building in these other markets, you’re not only seeing the elevated and the premium side grow, but you’re also seeing the other demands of the fan, like Rideshare. Last night I watched Rideshare work at the Ford. Cuts down on traffic, cuts down on congestion. But what it also does is it allows us to provide services that then increase dwell time, right?

當你看我們在其他市場正在建造的內容時，你不只會看到升級與高端（premium）端的成長，你也會看到樂迷的其他需求，例如共乘（Rideshare）。昨晚我看到 Ford 的共乘運作得很好：減少車流、減少壅塞。但它同時也讓我們能提供服務，進而拉長停留時間（dwell time），對吧？

W -- I looked in the clubs when we were done last night with the show, and people stayed, which is the whole idea behind driving our business. So the summer lineup is fantastic. We’ve still got probably 10 or 12 shows to announce, to finish out what the Ford season is going to look like.

W——昨晚演出結束後我去俱樂部區看，人們留下來了，這正是推動我們業務的核心想法。所以夏季演出陣容非常棒。我們大概還有 10 到 12 場演出要公布，才能把 Ford 這一季的內容完整補齊。

But in every way that the Ford Amphitheater is not only a genesis of our business, but it’s really a good testing path for us. And so again, appreciate the question and we’re very excited about where the Ford is this year.

但無論從哪個角度看，Ford Amphitheater 不僅是我們業務的起點（genesis），也真的是一條很好的測試路徑。因此，再次謝謝你的提問，我們對 Ford 今年的表現非常期待。

We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.

我們已到問答環節結束。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。