LYV - Earnings call transcript Q4 2021 | Live Nation Entertainment, Inc.

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Operator

Good day, everyone. My name is Diego, 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 Fourth Quarter and Full Year 2021 Earnings Conference Call. Today’s conference is being recorded.

Following management’s prepared remarks, we will open the call for Q&A. at given be will that time. Instructions

filings Live measures G, that Regulation begin, contains release measures you the factors the or uncertainties and to the actual information refer their that measures be on Live of we to other of statistical accordance a statements in Nation’s Nation most full statements Form are recent Please call. and this Nation The these ahead, related is Live at differ, Michael call. and and Company’s Company’s also can will with this Live results contain supplement found investors. which go the and Chief conference business statements Please Nation also remind definitions to to website President supplement, including that reconciliation on reconciliation GAAP and Rapino, Live prospects, provided description risk SEC uncertainties risks to financial Live financial to In SEC financial comparable to or discussed has me to on asked results. Entertainment. and subject cause section sir. livenationentertainment.com. of website under matters. this It including turn pleasure Nation now similar information forward-looking to my be earnings actual the to has the release website over that Officer Executive certain XX-Q, Before some in cautionary included most a the X-K could anticipated non-GAAP on XX-K, afternoon’s filings, performance, Nation refer could for the will impact and call developments, new risks

Michael Rapino

great reinforced two us. around see and world. you scale the to and the been artists thank it’s have only Good joining The fans and at of live music, reconnecting power afternoon, past for years

business by had record summer more, room to Fans XXXX, clubs. higher the saw by more best and of to The there’s in the shows, to of during festivals, ramp fans for events. concerts, across market but and brands did of of year, XXXX, over XXXX. price up, ticket of so other of million the concerts UK final attend year ticket the in in XX,XXX were strength XX the second U.S. we midst a course fans of we in and the pipeline the XXXX. markets. XX in sales started the had for fans pandemic, events: concerts U.S. over five returning the Over saw end Restarting of year, commitments live million for mainly In year, advertising the our and we period of the indicates UK, months front in spending tickets, desire the our outdoor to half and we the continued on-site back, ongoing continue secondary as house XXXX theaters average fans. to growth also with the increases, and seek of relative year the per up the platinum amphitheaters, to the than the rapid stadiums, the with XX% each fan and same the revenue grow. nearly Fans amphitheaters, connect Through we and festivals, came digits demand our of shows pricing. And levels, double driven particularly put

and half Bacardi, such from and AOI Coinbase, partners, relationships XXXX, came interest advertising as Cinch. record level. which result, of including with same in was a as roughly adding mix and of was was second sponsorship as a As well as Heineken the OX, brands it expanding new XXXX for a the Hulu long-term This

pace ever Ticket for benefit months businesses while pipeline. metric top of a sales to first benefit with our strong for we operations, our ticket our the also December continued November dual set being our the quarter Our business three record events globally to fourth establishing improve and reorganize ticketing nimble from GTV, XXXX, records lower and year time, half sales for and business XXXX At of second and six-month October, every the in a excluding And our and also same cost across were period. of refunds. the more at had the ticketing being company. a quarter

the our and us growth indicator up not sales, another in us seeing of broader our sets for scale growth beyond, leading into gives Looking year XXXX ticket path OCESA, Mexico that XXXX, to years. we is XXXX up acquisition have accelerate every market. Helping in establishes a in to Latin XXXX this immediate a will we over record with reinforcing are strength for confidence surprisingly, which that several relative American the year next the and

at demand. XXXX. tickets recent And and any continue now We we shows operate, eliminating as we shows, for Eilish. Dua show fans Looking on February, resilience our approximately also over XX million have shows, large up lingering XXX rapidly at over the with half enables years, and no-show in next Along XXXX, few portfolio partners. the XXXX, XX to providing data of additional spending have more past artists our venues growth, the rates XX% the venue starting us and already in are widely through more grow the U.S. to selling XXX,XXX Billie building fan tours Bad sold we our net drive mid-February, coming year, added positions of base on-site levels, globally, sales concerts us indicators, are to venue came from fan in XXXX through which while to our count the assets OCESA this venues amphitheater, show acquisition. over fan Bunny, of brand Lipa portfolio back at most we our count our XX% including questions tickets month and eight additional leading the Building are and this arena indicates for up the to Ticket festivals. with across XXXX through we relative year, stadium, for to

Our with year planned the The start similarly XXXX XX% XXXX, that so set for our division. the the financial our believe is efficient take our through multi-year artists for this the mid-February to what been details have deliver you two-year and sponsorship wait is committed. concert will with for on more more expect and over. industry. our fans business I overall record activity for period let Taking cost I Never relative the pipeline for and tailwinds just advertising to to strong pipeline this up strong I structure, will Joe be With XXXX, of strongest of double it performance results. strong, through is a combining and digits each revenue

Joe Berchtold

Thanks, afternoon, Michael, good and everyone.

our over improvement our overview what Overall, better an concerts of specifics of for Given the lies we experienced beyond. in unique give million $XXX and some for year, a annual and we $XXX I’ll better also $X.X but was the ahead results, indicator million XXXX AOI is $XXX the last billion led seasonality by ticketing, that year fourth quarter on of million million provide sponsorship. $XXX in an of than XXXX, in believe as

results million, in fourth sponsorship. quarter, a quarterly delivered performance ticketing by strong $XXX of AOI led AOI the For record we in and

QX deferred $X.X year XXXX indicators one revenue. the in we lucky. revenue sheet, level free almost of giving how $X.X leading ended of in XXXX, twice event-related and cash billion is is billion several with the for balance us the This On deferred strong

then give indicators. color each me give on and on the more Let leading you bit a division I more will XXXX

for discussed quarter, was in million in we had up of attend year spending. per in XX in increases and relative the XX% XX% consistent ticket almost fans. U.S. the fan XXXX in pricing America. we pricing QX by with events which and these overall fans First, QX, accounted The for continuing spending UK, X,XXX average Concert to XX% continued of be led through concerts, North fan ticket to the strength the

quarter’s $XX As our many average at in year, increases major pricing Similarly, last with from types: commentary XX% platinum the showed and strong amphitheaters, in demand at as VIP more in spending offers. stadiums fan line and for put up festivals XXXX. ended market-based amphitheaters tickets we up venue

driven from across spending was this and it ticket add-ons, VIP by by purchases. promotions, average While Board beverage, was increased largely and fan higher helped food the parking. fewer His

festivals, fan a also as per of largely double VIP For in spending result our digits, sale. rose beverage average higher major food and

was last operating per per up covered venue, contribution per noted as quarter, our up revenue lower fan operating cost costs margin than also overall, we to any fewer fan as more from digits pricing spending another double were increases. labor But due along costs. incremental Finally, shows scale on-site with

followed the the quarter. sponsorship, to fourth year Next into the and concerts of largely over activity course returned

AOI large online, about XXXX a strength million were of on-site the AOI advertising higher of increasing As the over XXXX result, a both XX% sponsorship levels, record business festivals across QX $XXX standout XXXX. two-thirds of by QX. versus was our of delivered in per performer, XXXX same as XX% sponsorship while fan and was in parts million festivals revenue comes AOI. QX Again, This and $XXX

QX Finally, across the was this higher $XXX AOI, ticketing XX% best was clearly of Ticketing was million Board. surpassed quarter previous success and delivering over QX. than its by XXXX, was of the year of XX% star quarter, which previous our the which best QX

excluding higher by XX key ticket up were XX%. XX%, Let XXXX, statistics quarter. respectively. were and refunds, driven GTV approximately levels, was me each few in in for prices ticket ticketing coming help events, fourth GTV, to drive billion, This a ticketing, app and XX% sporting than with give than relative event, refunds, higher was XX% QX up GTV whose quarter average XXXX. XX% $X.X QX even the Transacted Transacted QX excluding for the you volume, concerts pricing, the tickets, million and increases sporting Price XXXX. concerts

And XXXX, net until online at tickets finally, up as other we new we XXXX, Our primary GTV, XX%, added costs we with both the fixed that of coming our the to marketplace on ongoing fee-bearing most in and drive return. also ticketing, fully saw transacted ticket clients refunds, help this sales reduced cost QX lower excluding into with in both respectively. ticketing year. added results operating XX and and line held XX% QX costs new costs back being secondary structurally substantially management million inventory growth came And from from

notably our seen to As their Most we benefit look full events year and live contribution Mexico flow first starting return. division. will sponsorship ticketing XXXX, results through to will as OCESA

leading through XX% our were amphitheaters, each at digits venue show mid-February and festivals. double stadiums overall for arenas, indicators and large X, bookings up confirmed Looking

XXXX. we Second, XX for in up year, from XX% million point this tickets sold have this concerts

While the best pricing, early show the have much to demand to early of tickets. it’s inelasticity on continue indicators too data for ticket

at looking Looking to at average in in up And XXXX, markets grow platinum XXXX, as average pricing of highest secondary year place versus top has faster Ticketmaster, demand signaling than in our XX top point events ticketing our that this this their five even taken XX% ever primary XX concert secondary increased continue allocation is tours demand tickets. over substantially. have

On plans, costs. cost very standpoint, labor side, of XX% be continue obviously, this the to additional structure, instead OCESA. we give the our digits QX this limited international a tours outdoor sponsorship And had maintain are XXXX QX fully the come the A as us historically full suggests of increases with this be sponsorship double have seasonality a year, XXXX more even most we the leading year versus opportunities committed. open. we we approximately year, than activity. XXXX appears In indicators in expect But fixed from at start projects. correctly, to and to this XXXX perimeter going on anticipation account continue we’re than QX-driven QX levels, point year plan spent businesses, of for And ahead few QX commitments them And including arena record within certainly of activity with cost but somewhat new OCESA, $XXX expenditures to with points, already adding we capital on overall, those revenue track into million, this markets at that plan to including we activities will to of takes arena-driven to we time QX usual. more and XXXX. planned our net prior will up other be this with from starting for of two-thirds lower as It revenue-generating and fan of XXXX. concert with be this growth lower the the

billion growth. capacity, of free $X.X revolver In addition, giving we XXXX ended with sufficient liquidity cash between available us to flexibility invest untapped and in

call basis. balance an We questions. With for that, ongoing open current to are leverage, we’ll on let comfortable me with and the continue reevaluate Operator? our our sheet

Operator

Thank Our David session. conducting question you. comes be with your question. this And ladies and Please time, first we Instructions] state gentlemen, Karnovsky JPMorgan. question-and-answer from will at [Operator our

David Karnovsky

you. thank Hey,

increase you’re in wondering could earlier. side, goers, commentary forward be great? buying you the of your more more I’m in Some understand seeing first-time venue seeing than goers additional would wrote ticket increase shows buying to the XX% demand on data, own supply. customer versus XX% any large you sold given more Are average of what concert they were concert provide

Joe Berchtold

Joe. is this Yeah,

We’re buy seeing them certainly earlier.

the We’re these seeing pent-up pent-up in exists the demand benefit numbers and out from supply marketplace. that the

I data through given whether I to have concerts year that probably we before to they’re it’s multiple see going, to early we’re call that going think more just really can determination. getting going think, play likely, and make to more too the we’re

David Karnovsky

maybe in when be to to you the a months on the or in we asset how any told you first could deal terms then hear provide now, of think market XXXX? view the an just interested should how the you structure how cost would assessment Mexico for ramp-up? revenue update looks Okay. And And synergies few on you executed update relative their then about

Joe Berchtold

top we think we’ve of time very the excited laying lot We’ve by continue line assessment. I with do out. We as their Yeah, a exactly spent been team. opportunities be are to think

share more now, build we And the Mexico, LatinX, business into hot but natural through then part was great with market in to terrain bring our just terrain and are First, their strength because a of Latin the of which bring our in opportunity opportunities of U.S. second, the have those right to red more not our activities. Mexico

that excited first top about the going going we’re They’re into we with and then So line business. getting get get opportunity. ramp-up QX, as festivals, touring they’ll

look we economics expect their year, We year. their – expect – solid them them, Again, their flow to ticketing structured, a through have and them a you their the very year. to way but at sponsorship have they’re this good very really if divisions,

David Karnovsky

And the lot a side, maybe anything of be sort as I out their mean, exists of kind during wasn’t of expenses we that if I cost thinking AOI business sure than commentary should taking it of on see the you is pandemic structure indicated to the pre-pandemic? well. on different

Joe Berchtold

I probably it’s cost with premature structure change think to your assumptions them.

focus concert the we – it’s machine that finely As then and as we we’ll the get get line further is expected, would follow I tuned business driving we if top right, top integrate that expect Ticketmaster, more but the with will line. the and costs. first that do great,

with – start to because you going year. pick catch not can’t We’re can’t cost you it this up

Michael Rapino

And [indiscernible], CEO also, very we a this professional. know well. company Michael in. the stepping And is Alex it’s

businessman third to without get world of the being kind and operator. the You all don’t be promoter largest round good an in

So machine. of and we’ve COVID, the incredible we bureaucracy? started we good myself think and think decide elevate in able like efficient, I’m do How business? to him said, the excel the together, How runs savings, of hold But team about, hospitality excited we now already some us, cost some do and he our regardless business? do an business? cost his how what’s we to upgrade savings sure more already can he some to some where’s but we on the introduce more ticket How to dig do rust we’re merger. as secondary? and some streamline gear the another So Joe there’s I sponsorship And So we software? we bring process well-run And business. yes, through we and of – run was how like expect the can would

David Karnovsky

Great. Thanks.

Operator

you. Thank

Steven comes state Please Laszczyk Sachs. question. your next Our question with Goldman from

Stephen Laszczyk

I a goes how from at timeline international late and all wanted about if I to concerts if plan, will out you And maybe you. compare changed curious I year. in COVID laid across do to to you your the then But update Michael, business given international was wave? us you more latest XXXX? – that ask resume could Great, last XXXX little footprint? expect give on all, bit XXXX you your scale that when at an thank expect to know a global according

Michael Rapino

preface You know, I and will here.

tomorrow. We Investor our Day have

more So we’re dig topics all of much these detail. into to going probably in

Pacific the shorter South business, the just think XX going much opportunity to of dig it more a some looks China, March if us have levers. of business start in I like our Japan. see we we of – and But international, globe. So Coldplay we all little markets, a the Rica tomorrow, Australia across we’re in some would have slower most everything little up of Europe, Costa fast America, across most Lollapalooza to expect And is Rim April New a festivals full America are to the tonight, a Latin down summer/spring you’ll of only happen. Europe and is our the in business all slower International, America. Zealand real in been We happen. these into and been opening March believe has only in will our of summer big South scheduled for say

looks to So little around be like Pacific might XX% Rim it the open, of of world the XX% will have some bit business delays.

Stephen Laszczyk

what Got Thanks one on And looks in that. in advertising. from give XXXX later sponsorship earlier us you in like? then inventory Is it. idea and remaining Could the for it the maybe the us tours up of inventory year, an then relationships advertising beyond? on in formats? multi-year about for you know the and how XXXX shaping some of anything be are Is there your tell nature. year? What types can funnel and And I sponsorship just can

Joe Berchtold

to how break come we how into know, expand terms down has lot in categories, as our we up categories sponsorship existing what what and and them and with is pieces. take you new ability inventory, remaining create of we for of Yeah, ideas inventory in the a team our

lot The and on year speaking constrained. don’t feel So year. next think areas, we still fintech steer of inventory is often into generally team a we a can others variety and working deliver that this

Michael deals said, you are multi-year. get still But as think noted, there’s in these business. we’ll of a we also As more great a that that into And runway tomorrow. lot

as keep the So to year beyond. new baseline we next opportunity have year, and establish that this growing from a we just

Stephen Laszczyk

Great, thank you.

Operator

with comes ahead. go LightShed question Brandon Ross from Please next Our Partners.

Brandon Ross

Yeah. guys. Thank you,

Can remarks. inelasticity the the said XX% So and ticket unlocking tailwinds you percentage XXXX, you there. you you from part took where specifically? artists impact are obviously pricing doing your tickets I is using see in XX are you Platinum prepared over major much frame think, a you And tours when big word in of top was you’re we over further definitely do What time? platinum for having notice of what up, how use it? Platinum

Joe Berchtold

Well, I prize to of perspective, it, just how right unrealized tomorrow. size look I to at from Brandon, call pricing mean, the tickets, unrealized are the there secondary now. underpriced Well you it. be you’ll I you again, much have opportunity, think, look if the if think at a just you want

is I penetration low great So get to a we tool huge adopting now, price, global right higher very have across business, would ticket a but a still Platinum say still. upside

Brandon Ross

impactful And Scott rates et and to of to structure cost Can cetera. Okay. forward? COVID up, year comment been this how you the lot you be incident, Travis insurance especially about because have going then going and a there expect your that on reports of

Joe Berchtold

everybody think going don’t the material insurance Joe. up. business sees, costs overall. this yes, is else We We it’s see what Yeah, which is to

inflation relates it as position good a more in broadly. we’re think to I

I If insurance the inputs, pressures price at of labor. it’s to while you very your outputs, a versus on have your some that inputs whether position inflation good price you ability or we’re look in think, on

about, the double as a outside, much the as same We ability drove talked per question, logic led have, amps, at digits. we summer the greater your pricing use of first CM we level up last which had us still on for fan

we’re watching overall movie make out every ones our cost just keep pricing else’s, we’re is we AOI. to figuring are everybody we’re to understand So how and sure we which where,

Brandon Ross

Perfect. Thank you.

Operator

go next Our ahead. Jefferies. Please from Katz question David with comes

David Katz

Thanks everyone. my taking Evening, for question.

One Can and Just wanted could you Joe, you that you back and on those talked said they includes what is elaborate things about some are increases. that, is, lower – I think, to et costs the of bit and cost labor those are go cost more where cetera? elaborate I just and it structure two on. interesting to hope magnitude, you a from labor in kinds

Joe Berchtold

business. going of we levels built seen And I’ve are Sure. wages employees come structural our be that about those we as was savings, back case. cost to you’ve and in COVID. from the past in the And We talked some like we demanding knew we higher every built savings. cost cost the as – that

just your it So year I to than I clear well, than be get as adjustment this cost rather you want those guys, going we cost to your savings, that trying were to every different does structural some having anybody living else. how going was delivering for us into quarter expected there for labor of make we’re reconcile impact no savings? increases through,

David Katz

market I that what’s second that I And secondary wanted curious, you than there going the well? is the to on what as of think and order ticket driving I’m Understood. magnitude issue primary. touch is faster mentioned

Joe Berchtold

live of desire yeah, Well, asked as point about. for get tickets, the to It’s general inelasticity fans events. what overall back to for demand the plus the it’s best the Brandon same

for So and tickets on paying if to missed best concert, out, ticket in. they’re on secondary, those or a takes event, sporting buying the they get didn’t it they buy whatever for they’re it the

bring the So back the dollars as pricing we such strive on be to dollar it their artists, content so every performance. think that primary deserve to the we for to the

We’re platinum other through tools. that and doing through

grow As continues that, secondary to rapidly. we do

secondary not shrinking We’re yet.

and secondary to opportunity do the out to about have we talking we while move was I go. looking continue earlier, and far figuring how primary pricing So at as

David Katz

you. thank Okay,

Operator

from your question with Glagola state Our Cowen. next Stephen Please comes question.

Stephen Glagola

the back XXXX rates that noted rates to levels. industry that There’s the Hi, seen promoted concerts. some XX% concerts Live U.S. has thanks Nation recently no-show And you reports been been the are question. and your remarks no-show in at in for prepared

are Thanks. And divergence can you can levels are a to there it? is if seeing internationally? and is what what no-show those want if how trending and reconcile like between you’re industry seeing, maybe pinpoint the Just you what rates ask

Joe Berchtold

give on I let reporting don’t there, experience been our So is different by by that. any think collective I lot Because as a for reporting opposed you that a to think me than the Thanks anecdote some question. And industry out facts there’s of total. facts. is, as

think – occasion, you number for XX%. of aberrations of people I’ll number to the you the a it But macro for that weeks concert the give at a of all, give in people I on that at that thus a versus first running XXXX. you have the for reasons. XXXX, variety far, feel, past XX% just number bought you is arenas tickets, if ran look showed in XXXX, at up of six in That over

different of XXXX. So the total not the from materially for XX%

at For in the shows, running number tend in that to and higher XX% was you our theaters It’s clubs, XXXX. XXXX. smaller XX% slightly rate. have And a no-show

or of people get that you all number level. about attendance if all shows think I shows all that the were had. It’s of have when difference past recognize forget in that than that different So of will they for were few what show or a almost accounts originally probable naturally taken place rescheduled, conflict first the and rescheduled, months the have there that a over

So at we that is reporting all don’t accurate. think

Stephen Glagola

Joe. color, the can you And just Appreciate provide…

Michael Rapino

again, account people shows. weren’t normal I they a saying into to up XX% XX%, dramatize, think Just were I show color don’t that on but articles, taking X%, those showing, as year, had that X% reading they that of they weren’t remember

you’re So starting already that level. at

in levels same The showing are the not at what data at So shown. of has history X% we’re are current people our X%. to if basically you to look rates and says, up up showing kind XXXX back always that

Stephen Glagola

as you can was a you know Thanks, drove in I that then of wider think you was and on think QX advertising cadence for And some that? but little comments And that bit, on be loss quarter QX you Michael. AOI any just a have far know there. – could which how it’s the But maybe as we similar guys and flowed losses have XXXX just think should concerts, expectations. that through can little that, margin dollars I provide I away, just the I concerts? about well

Joe Berchtold

if XXXX, think It’s you versus you loss. QX generally I quarter. QX at a lower – mean, a I look activity is

prepaid You advertising have, noted, as running through. you

versus our have you’re QX XXXX, cost If back It’s you carrying your still surprising, off. that your you look not the all XXXX advertising in plus lower end at fan fixed volume. base against

Stephen Glagola

Thanks, right, the Investor forward Day Joe, and looking All to Tomorrow.

Joe Berchtold

Thanks.

Operator

with Our next from Morgan comes Ben Stanley. go Please ahead. question Swinburne

Ben Swinburne

Thanks. I questions. couple of had afternoon. Good a

particularly business the about yet. if also as Michael, market in couple primary the the the you times leading, strategy I is also secondary Joe mentioned, in about growing it, or change seeing of accurately see maybe noticed haven’t Ticketmaster focused prepared noticed was think think than you market would in you’re First, know on what the going you Ticketmaster as wondering you And mentioned I I whether primary a I secondary, don’t faster described thinking in but of your – in remarks. clear and the that as leader – shrink seen just I just we’re you I’m anything secondary, there’s market. I given secondary you we could that forward, talk secondary if for I

as maybe wondering if the robust? is So me seem at quite all, those think guys growth you parts you of the are But about like does the two answer. business, I’m pivoting it because tells secondary of that’s ticketing just

Michael Rapino

a again, into here, I price we secondary this of the the out would because slides, believe tomorrow, but think in don’t business, to our great how content Yeah, get equation right? sides two have we’ll – I I figure will is Ultimately, it long-term. better.

talked goal we we’re to side, artists concert capture analysis secondary the to waking platinum artist sales, increase why for in show. gross and better it’s of the on That’s increase up the to about isn’t day, VIP the the for and our So dollars. every more the

So over more capturing it. artist X, we’ve every is XX that the seen year, – of last years, the and

some more take then waking And seeing efficient that if to artist to time be the time. comfortable Now of where over bundle. is artists outside happening now, prices be that but want up manager, it yet. you more are your it’s charging market wouldn’t lots you market to X, years see an going captured for affected, you from mean secondary XX doesn’t tickets an the artist for your of it’s those It’s

to So bucket mostly for our is to primary into secondary the how the out job of that all figure artist. get

most really our secondary is it’s we, the make they But in business. reality then not the fires sports is, flywheel. dollars So the and an of yet. that And market obviously, efficient

talk we the fast ticket we as said, it, it up we never for about clients. we – ramped sports business when we We integrated took secondary, then of in and all side our growing, it, over. this So we when built and you were

So And the NFL, grow others. secondary that of of of the NBA business have last the the dollars we’re NHL, few sports the we the years, in business been to fairly most are. over official and well able the where

and/or and secondary though, for are be capture the teams So more to that looking dollars at where the the for NFL business are directly. The team getting again, NBA, all a more to the sports business continues league. the ways

of that that is outside to their marketplace. it’s we’re more So part fan somebody or be vertical to a to of business and of at of we’re we trade think long-term then make part content we a that solution tickets, that of dollars wants sell lots now want if sure marketplace captures our But going content. in the think right We transition, it. also

Ben Swinburne

directionally on wanted talked just and Got if NSGs the at stats element makes heard it. the XX% and forward timing We wondering That And about some a least you numbers go leading guys sense. I’m there’s indicators bookings, call, this. back to and similar the XX%. to then to

those sooner be happening growth sort to if extrapolating activity we That are forecast? should And any year about pandemic? Or hangover we sense? filling I’m and of up caveat think of with concerts going sale the translating the makes just a on calendar Just are pandemic or into into sort want those us give there’s wondering you’d sooner. to seeing full the so dealing still because rates? some we’re sooner

Joe Berchtold

a think as got shows year, But moved you a don’t some timing up. put to see said, certainly benefit have a sale at that look shows it we a indicator that timing that a all I you’ve that But this we you’ve in unquestionably, wide of and advantage every of from and on caveat. general open Yeah, got we well market continue earlier. of

So we normalize relative high some, it’s growth strong XXXX. be very or to plateau think still it’ll but a looking to

Ben Swinburne

makes Yep, guys. Thanks, sense.

Joe Berchtold

Thank you.

Operator

Sundby next William go question. with question with Ryan comes Our Please ahead Blair. from your

Ryan Sundby

Thanks guys. the questions. Hey, Yeah. for

We five fan follow-up there Just comparison of months. pretty XX% or, terms there should festivals through or a the got wanted U.S. any show Are apples-to-apples the the in over around? growth issues of maybe think that and set to moved last we on UK base mix count in comparison.

Ryan Sundby

last last just activity was outdoor so the over year. fair, Yeah, to the five that months be of

So stadiums, amphitheaters and benefits. was festivals, definitely there some

a got You fourth the moved from that season the we in the few quarter and May like festivals into year. later pushed amphitheater Electric Daisy

much strong as to every sort a anything year site, take very arithmetically very was fan to a of to a events. sort setting strong – as up to try XXXX venue, of return that every return wouldn’t every event. very from XXXX outdoor be of fan I So

Ryan Sundby

That’s indulgent permanently, we’re here of data spinning it’s in think revenue guess, can that more kind double that at of a number? helpful. now call there. time but some something the you’ve that is had it. to look some terms you kind seeing you early last up know, to you digits fan do this of just year, And quarter, think of I or hold on that Got this kind I make the Is average then, to

Joe Berchtold

think spending of math that higher last real some overall acceptance think fan greater gave there of the in think some demand continues. is much fan pricing changed versus but higher some spending out what what and wouldn’t is there greater we fans is the for end span at have hospitality that and mix there’s shows incremental issues, We it time money what We fan was and higher number largely We that real. was is that terms specific more luxuries. some

Ryan Sundby

to Okay. Thanks. That’s hear. good

Operator

Thank you.

Bazinet comes question Please Jason question. go next Citi. from ahead Our your with with

Jason Bazinet

get look sort saw of those of sort and been years, of that in If all it think you averages. do you just guys higher you robust numbers there we think and a versus on? COVID, investors price And lot that shift settling crazy the periods. one do into COVID and like pay out money I’m to two was that leading of extrapolating period parsing make of a at run a strength out down sort of something spend dynamic during when and premium taking locked mistake during everything to merch that you was go and really think it long sort future a I seat sort how permanent up the or wondering, guys we’re going on indicators, sort go of the consumers is for to and of beverage Or the and very you’re behavior? food there’s all this putting we’ve going sort up Like

Joe Berchtold

we with, Well, have thing first don’t Jason, the I got stick. think start you is hockey to a

drawing has industry is to and looking spending same chart pricing experience, macro This on was the COVID And And been We’re of we to the luxuries, bumpy of future have goods the off investors think, I that and tailwinds, in global, a forever. their growth of on near company a stick the the to long-term GDP on to the marketplace their to for on drive increased going their bring everything look is global share, thought said, increased the zero, that concerts, is grow Michael continue demand drive sudden everybody to this between all not was to that latent continue able business, supply with of all years the the a with at start stick. XXXX. and couple s predictor the business. an best most hockey exists saying on been When ticket of is the ability our concerts, a from very time. a at to over increase to that most the shifting you hockey along chart been we’ve market since a to had basis, macro today, of of ability go past. this to And business like floating desire took demand

Jason Bazinet

record anything give things per observations, disagree we’re with you and If parks in you don’t regional a said. theaters movie I can I and of just don’t seeing of sort that caps tailwinds. inside same sort theme like have that

Joe Berchtold

past but of to going do Is you businesses year those reversion to tell normalization? we growth $XX. the they a had that mean $XX you delivering give I the past of to is to all is went there growth? – the they to do You some over Jason, bumps tell from mean, every there were debates, six years? they frame you the that or But hockey stick, $XX five it they a for in as for can down $XX a how So $XX debate to years, number they years, Is consistently continued? back a those collapse rate the have $XX. somehow road, to world don’t as could

a and we’ve to give credit we’ve strategy consistently and sustained that executed got on growth. I the considerable set us a very you for think delivered period,

much. aberrations. mean because XXXX exist some up years, didn’t Sure. couple that there’s doesn’t yes, that of XXXX and they’re as So of But catch a

Jason Bazinet

mean, what learn have, just XXXX not be like just from… I I counsel year, XXXX these and robust it taking build But don’t we elevated curious away about tomorrow. we’ll I those numbers but seems comp, to as really you maybe mean have about if think this off I’d just we aberrations, to more this numbers

Joe Berchtold

our five I point, of either year in me to of So at of that list tours a right earlier, have have XXXX a list front are XX from Normally, for a we’d now, confirmed this or pipeline. in some XX.

and pent-up is confidence is demand, very good run. multi-year we a a lot supply, that have pent-up because So XXXX lot of expect a a it’s there of there yes, look lot beyond of we and

Jason Bazinet

Awesome. Thank you.

Operator

you. for you. our All also gentlemen, now today. And conference. Thank a and evening. that great that And concludes Have was disconnect. may ladies parties last question Thank today’s

Live Nation Entertainment (LYV) 24 Feb 222021 Q4 Earnings call transcript