Brandon Ross: Yeah. And then, finally not to overstay my welcome here, but one thing I noticed, I’ve been, I think, covering your stock for many years now. And I’ve never seen you give the double-digit AOI expectation in Q4. It’s always Q1 where you give that guidance. What gave you the confidence to give that type of guidance at this stage versus the usual Q1?
Joe Berchtold: I’ll start. I think, first of all, our show pipeline is up double digits, very strong for — driven by the arenas and amphitheaters as we’ve talked about. Michael gave all the reasons why we’re highly confident in our ability to execute at our amphitheaters now. So, the volume of fans that we’re confident in having and our ability to drive the profitability off of those fans gives us the visibility and confidence that we’re going to deliver double-digit growth this year.
Brandon Ross: Great. Thank you, guys.
Operator: And the next question comes from the line of David Karnovsky with JPMorgan. Please proceed with your question.
David Karnovsky: Hey, thank you. I guess first, Joe, wanted to see if you could provide some additional detail on the CapEx guide. Where are you deploying the growth capital, and what’s driving the incremental spend, including for maintenance versus ’23? And I know you’ve discussed potentially buying venues abroad. So, I don’t know if you could say anything on the pipeline for deals and how that could potentially look relative to past years? And then just secondly, in November, you had described a DOJ investigation as in mid stages. So, I wanted to see if you had any update here in terms of timing or where things stand overall with the probe. Thanks.
Joe Berchtold: Sure, let me start with the CapEx. As we noted, we’re projecting right now about $540 million CapEx, two-thirds rev gen, one-third maintenance. If you look at the rev gen, about $300 million of that is either new venues or major renovations of existing buildings. And about half of that, about $150 million, is our top-four projects, would include major revamp of Foro Sol, which is the top international stadium in the world down in Mexico City. Michael talked about Jones Beach. Those projects would collectively have a return in the 20%s. So, we’re definitely seeing some chunkiness now in some projects that cost tens of millions of dollars, happen to have several — four of them line up this year that drives a lot of that.
The other rev gen would be a combination of tactical things in existing venues, a new VIP club, a new viewing deck, rock boxes, some new bar designs that are extremely high returns, generally 40%s, 50%s-plus, sort of tactical improvements and some things at Ticketmaster heavily tied in with the sponsorship group and the creation of new ad units. And then maintenance is a combination mainly of venues, some Ticketmaster. I think that’s continuing to rise at a rate lower than our revenue, lower than our ticket sales. So, we’re watching that pretty closely and making sure we have that limited. In terms of the…
Michael Rapino: I think the venue pipeline…
Joe Berchtold: Yeah.
Michael Rapino: I’ll just say, venue pipeline, I think we’ve been talking about it since our Investor Day. We’re really happy about the Venue Nation team, our global development team. These were skills, really going into COVID, we didn’t have in-house at any level. We’re kind of best-in-class at this point. We’ve really scaled over the last three, four years, got incredible global teams working around the band. And we’re just seeing, as we hope when we’re walking into those RFPs that we weren’t invited to, we’re walking in and holding our own and winning right now some of the — some key venues around the world that we’ll be continuing to announce. So, we see it scaling over the next five years much, much higher than it was in the past just because we hadn’t focused that much on international arenas before, and we see a great path forward on these.
Joe Berchtold: And then finally on DOJ. I don’t think we’ve got a lot to report. We continue to answer any questions they have. They control the timing, and we’ll watch it play out, but we don’t have any specific updates.
David Karnovsky: Thank you.
Michael Rapino: We’re 100% cooperative.
Operator: And the next question comes from the line of Cameron Mansson-Perrone with Morgan Stanley. Please proceed with your question.
Cameron Mansson-Perrone: Thanks. Two, if I can. Michael, you’ve spoken in the past about kind of the current big shift in the promotion business being a move from kind of national booking and towards increasingly global booking. I’d love to hear just an update on where you think we are in that shift today? And then I thought it was interesting in the release that you’re seeing all-in pricing lead to higher conversion. Is that something that you think can lead to adoption of third-party venues, or do you think that stays at your operated venue portfolio for now? Thanks, guys.
Michael Rapino: I’ll answer. I mean, all-in pricing, I’ll start. Yeah, we’re actually surprised and thrilled because we were always skeptical, if we would be the one led path, there was any conversion that would hurt us. But I think consumers are loving the idea, they can see upfront. Ultimately they’re shopping multiple tabs anyway. So, they’re probably figuring out the true costs are the same. So yeah, we think it’s a great test. I would say most of all the congressional, senate, all the stuff Joe and I are talking to everybody about, this just seems to be the common torch that everyone’s running with. So, I would assume this ends up being legislated somewhere over time, and I would assume others are going to start jumping on the all-in wagon as a good step forward for consumers, so we can worry about the other issues around scalping, et cetera.
