Joe Berchtold: Yes, in terms of the venue build out, of course, that’s part of our long-term plan. I mean we lay out every year, generally at Liberty, the six or seven levers, and how it is we’re going to continue to drive strong AOI growth over time. When we did that last year, venues were, I mean, the largest component of that. So it’s absolutely part of our thesis and part of how it is we’re going to get to that continued strong growth rate. In terms of the performance, I mean it’s a standard return on invested capital. So we look at it on a cash-on-cash basis, cash out, cash back to the business.
Peter Supino: Thank you very much.
Operator: And the next question comes from the line of Jason Bazinet from Citibank. Please proceed with your question.
Jason Bazinet: I just had two questions related to disclosures actually. I know you guys have been building venues for decades, but when you talk about standing up a fourth business with our destination, are you hinting that you might disclose that as a second segment or not? And then my second disclosure question is, I noticed in the Q, there was something, I guess that FASB came out with in November about expense disclosures. I don’t know if the Q says you’re still sort of deliberating that? But any sort of color on what that FASB request is, and how you’re thinking about it would be great.
Joe Berchtold: In terms of venues of the business, at this point, we’re not thinking about them as separate segments. We still organizationally have concerts and venues under the same organizational structure. So it’d be premature to think about it in terms of the segments down the road, who knows. It’s just — we’re trying to get everybody internally also focused on this as an important area to be growing. So that’s why we use that term loosely. In terms of the — any FASB, generally, what we’re doing is any time there are new accounting regulations, we’re going to be studying them until the day that we need to implement them. So I don’t think anything here would be any different. We’re just going to always use the time we have to make a full assessment of what lead way we have, and how we do things and make the selection and prepare whatever revisions we need to be ready.
Jason Bazinet: Okay, thank you.
Operator: And the next question comes from the line of Benjamin Soff with Deutsche Bank. Please proceed with your question.
Benjamin Soff: Hey guys, thanks for taking the question. Just wanted to ask about concerts attendance. It looks like there was a bigger step up in North American attendance compared to international tenants this quarter. So can you unpack that a little bit and talk about how you think about growth in each region for the year? Thank you.
Joe Berchtold: Sure. I think that is largely a function or fully a function of the international stadiums we had, particularly Southern Hemisphere in Q1 of last year and just fewer stadiums as we’ve been talking about. So that meant that the primary growth in Q1 was in North America. Overall, this year kind of define the trend of where international is going, which is an increasing share because a lot of the growth will come out of our amphitheaters, I probably would expect disproportionate growth out of North America. Again, I think it’s out of character in the sense that if you look at all of the business where we’re adding capacity with our venues, where we’re adding ticketing clients, where our sponsorship is growing, we’ve got a heavy structural trend towards international growth and international being a larger portion, I think that just from a cyclicality standpoint this year, there may be a bit of aberration in that, but no change in terms of the overall trend.
Benjamin Soff: Okay, that’s helpful. Thank you.
Operator: And our final question comes from the line of David Joyce with Seaport Research Partners. Please proceed with your question.
David Joyce: Thank you. Two questions, please. First, when you look at the metric of country attendance versus the population, the U.S. over index is the rest of the world. What would be your path to growing that concert attendance per capita going forward? And then secondly, on ticketing, what are the plans from here for upgrading the ticketing platforms around the globe, and what — how much is in CapEx versus OpEx? Thanks.
Joe Berchtold: So in terms of driving the fan attendance, we’ve been talking in North America for past several years about a hyper-local focus and that has absolutely been helping us drive our penetration, if you want, on a per fan basis. That will continue, and our expectation is we’ll continue to build our fan base in North America. The other thing that’s just generally going on is, every year, you have the same artists who’ve been touring — back out touring on whatever cycle, and we’re adding in more hours. We added in K-pop. We added in Latin. Now we’re adding in Afrobeats. So we’re adding in more artists, which also draw more fans, and that will continue to help with the penetration. As we look at the international markets, it’s all a function of how penetrated are they in the major cities where we have a presence.
In a lot of markets, we think that there’s the opportunity for driving that through additional venues, ties into our international venue strategy that Michael was talking about earlier. In other markets that may be more penetrated like the U.K., you’re going to see more of a hyper local strategy, which is why we continue to focus on making sure we got a lot of activity going to Manchester, not just London. So every market is a bit different, but certainly a focus on how we continue to get more fan growth from the biggest to the largest. In terms of ticketing, I think we’ve talked a lot about the tremendous progress we think that we’ve made. We think we’ve got the leading enterprise software system in the world, and you continue to develop products for that.
A lot of that cost is in CapEx, but it’s been a pretty stable investment level over the past couple of years. We expect it to continue as we are delivering new products for both the enterprise customers in the marketplace, but nothing dramatic changed.
David Joyce: Understood, thank you.
Operator: Thank you. I would now like to turn the floor back over to Michael for any closing comments.
Michael Rapino: Thank you, everyone, and we’ll look forward to talking to you in the summer.
Operator: Ladies and gentlemen, that does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
