Q4 2024 VENU Holding Corp Earnings Call

March 31, 2025

Good afternoon, and welcome to the venue holding Corporation's 2024 year end financial results and business update.

Earlier today venue trading under the sticker symbols venue issued a press release summarizing the company's 2024 year end performance. Following the filing of its annual reports on Form 10-K for the period ending December 31st 2024.

This conference call is being recorded and will be made available online along with further earning press release that venue adult life.

Speaker Change: Accordingly, the Companys retention policies all participants on today's call are in listen only mode. Following our prepared remarks, we will open the line for a Q&A session. At this time I'd like to turn the call over to Heather Atkinson, Chief Financial Officer of any holding Corporation Heather. Please go ahead.

Heather Atkinson: Thank you all for joining Venu Holding Corporation Year-End 2024 Earnings Call and Business Update. On the call today, we have our senior leadership team, myself, Founder, Chairman, and CEO J.W. Roth, President Will Hodgson, and Chief Marketing Officer Terri Liebler. Following the safe harbor statement, J.W. will provide a year in review and share highlights from across the business. We will then offer an update on our current and upcoming expansion plans. Finally, I'll provide a summary of our full year financial results for 2024. After that, as our operator mentioned, we'll open the call for questions. We'd like to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

Speaker Change: Thank you all for joining venue holding corporation's year end 2024 earnings call and business update on the call today, we have our senior leadership team myself founder Chairman and CEO J W. Iraq, President will Hudson, Chief Marketing Officer, Terry Leibler.

Speaker Change: Following the Safe Harbor statement GW will provide a year in review and share highlights from across the business. We will then offer an update on our current and upcoming expansion plans. Finally, I'll provide a summary of our full year financial results for 2024 after that as our operator mentioned, we'll open the call.

Speaker Change: For question.

Speaker Change: We'd like to remind everyone that various remarks about future expectations plans and prospects constitute forward looking statements for purposes of Safe Harbor provisions under the private Securities Litigation Reform Act of 1995 venue.

Heather Atkinson: Venu cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated, including risks described in the company's annual report on Form 10-K for the year ended December 31, 2024, and our other filings with the SEC, all of which can be reviewed on the company's website at Venu.live, spelled V-E-N-U dot L-I-V-E, or on the SEC's website at sec.gov. Any forward-looking statements made on this conference call speak only as of today's date, Monday, March 31, 2025, and Venu does not intend to update any of these forward-looking statements to reflect events or circumstances that would occur after today's date, except as may be required by federal securities laws. With that said, I'd like to turn the call over to our Founder, Chairman, and CEO, J.W. Roth.

Speaker Change: And then your cautions that these forward looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated including risks described in the company's annual form report on Form 10-K for the year ended December 31, 2024, and our other filings with the SEC.

Speaker Change: All of which can be reviewed on the company's website and then you don't lives about V E N U L. I V E or on the Sec's website at SEC Gov.

Speaker Change: Any forward looking statements made on this conference call speak only as of today's date Monday March 31, 2025, and then you does not intend to update any of these forward looking statements to reflect events or circumstances that would occur. After today's date, except as may be required by the federal security laws with that said I'd like to.

Speaker Change: Turn the call over to our founder Chairman and CEO J W. Iraq.

J.W. Roth: Thank you very much, Heather, and good afternoon, everyone. We appreciate you joining us today as I read our prepared remarks. For those just getting to know us, our company is completely reimagining what live entertainment can be. Here at Venu, we are a leading developer, owner, and operator of luxury music venues from open-air amphitheaters to intimate music halls, all designed with one goal in mind, artist-centric, fan-focused, experience-driven ambiance. We're known for pushing the boundaries on ambiance, offering elevated amenities like our Luxe Fire Suites and custom-built owners clubs, premium Aikman clubs. Our next-level entertainment campuses include premium restaurants and event spaces with amphitheaters ranging from 9,500 to 20,000 seats. Before we get started into what's next, let's talk about this past year.

Speaker Change: Thank you very much and good afternoon, everyone. We appreciate you joining us today as I read our prepared remarks for those just getting to know US our company has completely re imagining what live entertainment can be here at venue, we are a leading developer owner and operator of luxury music venues from old.

Speaker Change: There are no theatres to intimate music calls all designed with one goal in mind artist centric fan focused experience driven ambiance, we're known for pushing the boundaries on ambiance offering elevated amenities like our Lux fire suites and custom built owners club's premium aikman.

Speaker Change: Clubs, our next level entertainment campuses include premium restaurants, and event spaces with ample theaters ranging from 90 520000 seats before we get started into what's next let's talk about this past year in July of 2024, we announced a $105 million Ultra watch.

J.W. Roth: In July 2024, we announced $105 million ultra-luxury amphitheater in El Paso, Texas, made possible through a landmark public-private partnership, marking a major milestone in our expansion across the Southwest. Just one month later, in August 2024, we celebrated the grand opening of the 8,000-seat Ford Amphitheater in Colorado Springs. Despite launching partway through the season, the venue welcomed more than 112,000 guests from over 5,500 zip codes nationwide and was nominated for Pollstar Magazine's 2024 Best New Concert Venue of the Year. Ford Amphitheater is booked and operated through a strategic partnership with Anschutz Entertainment Group, specifically AEG Presents Rocky Mountains. It has been an exceptional collaboration, and we are thrilled to continue this journey together through the years ahead.

Speaker Change: To recap a theater in El Paso, Texas made possible through a landmark public private partnership marking a major milestone in our expansion across the southwest just one month later in August of 2024, we celebrated the Grand opening of the 8000 seat Ford amphitheater in Colorado Springs Dispatch.

Speaker Change: Watching partway through the season the venue welcomed more than 112000 guests from over 5500 ZIP codes nationwide Ed was nominated for Pole Star magazines 'twenty 'twenty four best New concert venue of the year.

Speaker Change: Ford Apple Theater is booked and operated through a strategic partnership with an shoots Entertainment group, specifically AEG presents Rocky Mountains. It has been an exceptional collaboration and we are thrilled to continue this journey together through the years ahead throughout 'twenty 'twenty four we also established significant partnerships and spa.

J.W. Roth: Throughout 2024, we also established significant partnerships and sponsorships with Colorado Ford dealers, Anheuser-Busch, Kaiser Permanente, Boingo, NFL Hall of Fame quarterback Troy Aikman, Coca-Cola, Jack Daniel's, and EIGHT Elite Light Lager, further elevating our brand and fan experience. In October 2024, we officially broke ground on our new amphitheater in Broken Arrow, Oklahoma, and began construction phases for five additional venues in Texas and Oklahoma. Pushing the momentum on our expansion plans, our established operating campuses included Colorado Springs, Colorado, northern Atlanta in Gainesville, Tulsa Market in Broken Arrow, Oklahoma City Market, located in Yukon, Oklahoma, and the Dallas-Fort Worth Market, located in McKinney, Texas, El Paso, Texas, and five additional markets that are currently in the pre-construction stage.

Speaker Change: Answer ships with Colorado Ford dealers, Anheuser Busch Kaiser Permanente Boingo NFL Hall of Fame quarterback Troy Aikman, Coca Cola, Jack Daniels and eight elite beer further elevating our brand and fan experience in October of 'twenty 'twenty four we officially broke ground on our new App a theater.

Broken Arrow, Oklahoma and began construction phases for five additional venues in Texas, and Oklahoma, pushing pneumatic or pushing the momentum on our expansion plans are established operating campuses included Colorado Springs, Colorado, Northern Atlanta in Gainesville, Tulsa market in broken Arrow, Oklahoma, Oklahoma.

Speaker Change: City market located in Yukon, Oklahoma, and the Dallas Fort worth market located in Mckinney, Texas, El Paso, Texas and five additional markets that are currently in the Preconstruction stage. According to our projections, we are tracking to welcome $3 7 million guests in 2026, and our reach to more.

J.W. Roth: According to our projections, we are tracking to welcome 3.7 million guests in 2026 and to reach 4 million guests annually across all of our entities by early 2027. The following month, in November 2024, we successfully completed our initial public offering, listing on the NYSE American and raising approximately $12.3 million in net proceeds. To support this momentum, we made a key addition to our leadership team late in 2024. We welcomed Will Hodgson, our President, bringing with him more than 17 years of experience at Live Nation, most recently serving as the head of House of Blues. Shortly after, Terri Liebler joined us as Chief Marketing Officer. With three decades of experience in sports and entertainment, including the last 22 years at Live Nation, Terri brings unparalleled experience to our growing team.

Speaker Change: 4 million guests annually across all of our entities by early 2027. The following month in November of 2024, we successfully completed our initial public offering listing on the NYSE American and raising approximately $12 $3 million in net proceeds to support this momentum.

Speaker Change: We made a key additions to our leadership team late in 2024, we welcomed will harden, our president bringing with him more than 17 years of experience at live nation. Most recently, serving as the head of house of Blues. Shortly after Terry LIBOR joined US as Chief marketing officer with three decades of experience in sports.

Speaker Change: And entertainment, including the last 22 years at live nation, Terry brings unparalleled experience to our growing team that same month, we launched the venue Arts and cultural foundation reinforcing our long term commitment to supporting local talent and enriching community vibrancy through the arts closing out 2002.

J.W. Roth: That same month, we launched the Venu Arts and Culture Foundation, reinforcing our long-term commitment to supporting local talent and enriching community vibrancy through the arts. Closing out 2024, Fire Suite sales ended at an impressive $77.7 million. This trend has continued into the new year. We finished January at $10.4 million in sales, February at $11.2 million in sales, well on our way to our ambitious $200 million goal in Fire Suite sales this year as we open new markets. Now, looking into the new year. Early in the new year, we officially closed on a 46-acre property in McKinney, Texas, the future home of our $300 million multi-seasonal Sunset Amphitheater. With a planned full capacity of 20,000, it will be the largest venue in our collection to date.

Speaker Change: For fire suite sales ended at an impressive 77 $7 million. This trend has continued into the new year. We finished January at $10 4 million in sales February 11, 2 million in sales well on our way to our ambitious $200 million goal and virus suite sales.

Speaker Change: This year as we opened new markets now looking into the new year early in the new year, we officially closed on a 46 acre property in Mckinney, Texas, the future home of our $300 million multi seasonal sunsetting of a theater with a planned full capacity of 20000, it will be the largest venue on oracle.

Speaker Change: <unk> to date locate ignore just north of Dallas Mckinney is one of the fastest growing cities in America, making it an ideal location for this ultra Lux development. A few weeks later when you took over wall Street and rang the opening Bell on the New York Stock Exchange, we introduced a groundbreaking multi.

J.W. Roth: Located just north of Dallas, McKinney is one of the fastest-growing cities in America, making it an ideal location for this ultra-luxe development. A few weeks later, Venu took over Wall Street and rang the opening bell on the New York Stock Exchange. We introduced a groundbreaking multi-configuration model across our new amphitheaters, transforming them from seasonal venues into year-round destinations. By integrating climate-controlled environments, adaptable staging, and premium guest accommodations, this innovative design is built to maximize revenue, expand margins, and drive long-term shareholder value. As mentioned earlier, we have been breaking our own records when it comes to our Luxe Fire Suite sales. With a very strong start to the year, we're on track to reach our sales goals of $200 million in 2025. As we spent time in the market, we recognized an opportunity to broaden sales pipelines through financing.

Speaker Change: <unk> model across our new app of theaters transforming them from seasonal venues into gear around destinations by integrating climate control environment adaptable staging and premium guest accommodations. This innovative design is built to maximize revenue expand margins and drive long term shareholder.

Speaker Change: <unk> as mentioned earlier, we have been breaking our own records when it comes to our Lux fire suite sales with very strong start to year and we're on track to reach our sales goals of $200 million in 2025.

Speaker Change: As we spent time in the market, we recognized an opportunity to broaden sales pipelines through financing last month, we announced our new fractional ownership financing program designed to accelerate the expansion of our popular investment opportunity Lux fire suites. Its been a massive hit the program is already.

J.W. Roth: Last month, we announced our new fractional ownership financing program designed to accelerate the expansion of our popular investment opportunity, Luxe Fire Suites. It's been a massive hit. The program is already seeing results of this launch, which will be announced fully in the next coming days. We added to our portfolio of offerings and launched the VENU Income Fund, which is designed for RIAs and broker-dealers to provide the potential for consistent monthly income to its income-seeking investors through pooled ownership of Venu's Luxe Fire Suites, located both in McKinney, Texas, and Broken Arrow, Oklahoma.

Speaker Change: Seeing results of this launch which will be announced fully in the next coming days, we added to our portfolio of offerings and launched the venue income fund.

Speaker Change: Which is designed for <unk> and broker dealers to provide the potential for consistent monthly income to its income seeking investors through pooled ownership of venues Lux buyer suites located both in Mckinney, Texas and broken Arrow, Oklahoma Finally in 2024 and into 2025, we were fortunate to have our.

J.W. Roth: Finally, in 2024 and into 2025, we were fortunate to have our story featured in a number of respected media outlets, including The Wall Street Journal, Bloomberg, CNBC's Small Market Stocks, Big Money, TMZ with Troy Aikman, the Schwab Network, VenuesNow, Pollstar, the New York Post, and Cheddar, just to name a few. Now we get to what's on the horizon. As we approach Q2 and look ahead to the rest of this year, our momentum continues to build. We're gearing up for a full season of unforgettable shows at the Ford Amphitheater here in Colorado Springs. It's shaping up to be nothing short of spectacular. This year, we will also unveil our new $41 million premium event center on the perimeter of the Ford Amphitheater. This state-of-the-art facility will feature elevated owners clubs and our year-round restaurant and bars.

Speaker Change: Story featured in a number of respected media outlets, including the Wall Street Journal, Bloomberg and CNBC small market stocks big money, TMZ, where Troy Aikman. The swab network venues now Pollstar, The New York Post and shatter just to name a few.

Speaker Change: Now we get to what's on the horizon.

Speaker Change: As we approach the second quarter and look ahead to the rest of this year. Our momentum continues to build we're gearing up for a full season of unforgettable shows that the Ford amphitheater here in Colorado Springs, it's shaping up to be nothing short of spectacular. This year, we will also unveil our new $41 million prime.

Speaker Change: Liam event center on the perimeter of the Ford Amphitheater. This state of the art facility will feature elevated owners clubs and our year round restaurant and bars Rossi food and Chophouse, all paired with breathtaking views of the stage and surrounding landscape, including the United States Air Force Academy. Meanwhile, we are broke ground in.

J.W. Roth: Roth's Seafood & Chophouse, all paired with breathtaking views of the stage and surrounding landscape, including the United States Air Force Academy. Meanwhile, we have broke ground in McKinney and continue to make major progress on our construction in Broken Arrow, Yukon, and El Paso. All incredible season of growth across the board. We anticipate a development profit this year as a result of the sale leaseback of the Ford Amphitheater grounds in Colorado Springs. As we know, it's taken upfront investment to get where we are. That being said, we expect to turn the corner to operational profitability in 2026, driven in part by the opening of four major venues in our portfolio: McKinney, Texas, El Paso, Texas, Broken Arrow, Oklahoma, and the Sunset Hospitality Collection at the Ford Amphitheater.

Speaker Change: Mckinney and continue to make major progress.

Speaker Change: On our constructions are on our construction in broken Arrow, Yukon and El Paso, all incredible season of growth across the board, we anticipate a development profit. This year as a result of the sale leaseback of the Ford amphitheater the ground in Colorado Springs, as we know it's taken upfront investment to get where we are that being said.

Speaker Change: We expect to turn the corner to operational profitability in 2026, driven in part by the opening of four major venues in our portfolio Mckinney, Texas, El Paso, Texas Broken Arrow, Oklahoma and the Sunset Hospitality collection at the Ford amphitheater those entities in 2026 along.

J.W. Roth: Those entities in 2026, along with our other campuses, will drive our first year of overall operational profitability. Here's the deal. We're all in this building together, and we're building a game changer. Our team is laser-focused on three things, developing the most premium live entertainment venues on Earth, building a profitable, scalable business, and enhancing shareholder value at every turn. We achieve this by staying true to our vision and continually optimizing our strategy. Every step forward is about pushing boundaries, bringing fans closer to the music, creating unforgettable moments for artists, and delivering unmatched value for our shareholders. The best is truly yet to come. With that said, I'd like to turn it over to our CFO, Heather Atkinson.

Speaker Change: Our other campuses will drive our first year of overall operational profitability Here's the deal. We're all in this building together and we're building a game changer. Our team is laser focused on three things developing the most premium live entertainment venues on Earth building a profit.

Speaker Change: <unk> scalable business and enhancing shareholder value at every turn we achieved this by staying true to our vision and continually operate offer optimizing our strategy every step forward is about pushing boundaries, bringing fans closer to the music, creating unforgettable moments for artists and <unk>.

Speaker Change: <unk> unmatched value for our shareholders. The best is truly yet to come so with that said I'd like to turn it over to our CFO Heather Atkinson.

Heather Atkinson: Thank you, J.W. As J.W. mentioned earlier, the fractional ownership of our Fire Suite sales reached $77.7 million in 2024, representing a 250% increase over 2023's total of $22.2 million. Also, our total assets increased 114% to $178.4 million as of 31 December 2024, up from $83.2 million at 31 December 2023. Also, our property and equipment increased 138% to $137.2 million as of 31 December 2024, up from $57.7 million at 31 December 2023. Our total annual revenue rose 42% to $17.8 million in fiscal 2024 compared to $12.6 million in fiscal 2023.

Heather Atkinson: Thank you J W.

Speaker Change: GW mentioned earlier.

Speaker Change: The fractional ownership ever fires to meet sales reached $77.7 million in 2024, representing a 250% increase over 2023 total at $22.2 million.

Speaker Change: And also our total assets increased 114% to $178 $4 million at December 31, 2024 up from $83 2 million at December 31, 2023.

Speaker Change: Although our property and equipment increased 138% to $137 2 million as of December 31, 2024 up from $57 7 million at December 31, 2023, our total annual revenue Rose 42 point, 42% to $17 8 million.

Speaker Change: In fiscal 'twenty, four compared to $12 6 million in fiscal 'twenty three.

Heather Atkinson: Our restaurant operations continued steady growth of $1.3 million and 14% in fiscal 2024 compared to fiscal 2023. Event center operations grew $2.2 million and 74%, respectively, in fiscal 2024 compared to fiscal 2023. Both operations were successful due to growth at the Colorado Springs campus, along with the Georgia campus being fully operational during the full year of 2024 compared to opening mid-year 2023. Amphitheater operations generated net profit to Venu due to the opening and initial success of Ford Amphitheater, defined as profit after Venu split with AEG Presents Rocky Mountains, the operator of the amphitheater, with the receipts from our naming right agreements, which are outside of Venu AEG's partnership agreement, combined for $1,659,291 or 9% of our total revenue for fiscal 2024.

Speaker Change: Our restaurant operations continued steady growth up $1 3 million and 14% in fiscal 'twenty four it compared to fiscal 'twenty three.

Speaker Change: <unk> Centre operations grew 2.2 million and 74% respectively in fiscal 'twenty four compared to fiscal 'twenty three both operations were successful due to growth at the Colorado Springs campus, along with the Georgia campus being fully operational during the full year of 24 compared to opening midyear 2023.

Speaker Change: And the theater operations generated a net profit of India due to the opening and initial success in Florida and the theater.

Speaker Change: Defined as profit. After then you split with AEG presents Rocky mountain, the operator of the amphitheater with receipts from our naming rights agreements, which are outside of venue Ags partnership agreement combined for 1 million $659291 or 9% of our total revenue for fiscal 'twenty for them.

Heather Atkinson: Over the limited 2024 season of 20 shows at the Ford Amphitheater, this location generated gross receipts of $15.2 million. Those gross receipts, which are inclusive of ticket sales, concessions, ticketing fees, premium upgrades, as well as other receipts, are subject to the split with AEG. The Ford Amphitheater, booked and operated in partnership with AEG Presents Rocky Mountains, sold over 97,000 tickets at an average of $156 per ticket in its 20 shows of 2024. Thank you, J.W., and thank you all for joining the call today. With that, I'd like to now turn the call back over to J.W.

Speaker Change: Over the limited 2024 season of 20 shows that the Ford amphitheater dislocation generated gross receipts F $15.2 million does gross receipts, which are inclusive of ticket sales concession ticketing fees premium upgrades as well as other receipts are subject to the split with AEG.

Speaker Change: Empathy eater booked and operated in partnership with AEG presents Rocky Mountains.

Speaker Change: With over 97000 tickets and an average of $156 per ticket and it's 20 shows a 2020 for them.

Speaker Change: Thank you J W and thank you all for joining the call today with that I'd like to now turn the call back over to J W.

J.W. Roth: Heather, thank you. With that, we're gonna open up the line to our Q&A.

Heather Atkinson: Heather Thank you.

Speaker Change: With that we're going to open up the line to Q&A.

Operator: Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you're called upon to ask your question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. Just a moment while we compile the roster. Your first question comes from the line of Martin Calvert of Morgan Stanley. Your line is open.

Speaker Change: Thank you the floor is now open for questions. If you have dialed in and we'd like to ask a question. Please press star one on your telephone keypad to raise your hand and joined the queue.

Speaker Change: If we'd like to withdraw your question simply press Star one again.

Speaker Change: If you are called upon to ask you a question in or listening via loud speaker on your device. Please pickup your handset and ensure that your phone is not on mute when asking a question.

Speaker Change: Most of it will be compiled the roster.

Speaker Change: Yeah.

Speaker Change: Your first question comes from the line of Martin Calvert of Morgan Stanley. Your line is open.

Martin Calvert: Thank you. J.W. and team, amazing Q1. Wow. That's really, really impressive. The numbers just jumped off the page. I saw recently you entered into an agreement with Connect Partnership Group. How is the process going with sponsorships and strategic partners in this competitive landscape?

Marty Calvert: Thank you. J.W. and team, amazing Q1. Wow. That's really, really impressive. The numbers just jumped off the page. I saw recently you entered into an agreement with Connect Partnership Group. How is the process going with sponsorships and strategic partners in this competitive landscape?

Martin Calvert: Thank you J W and team Amazing first quarter Wow, that's a really really impressive numbers just jumped off the page I saw recently entered into an agreement with connect partnership group how is the process going with sponsorships and strategic partners in this competitive landscape.

J.W. Roth: First, Marty.

Speaker Change: First Marty Marty.

Terri Liebler: Hi, Marty.

J.W. Roth: It's great to have you.

Terri Liebler: Sorry, go ahead.

Martin Calvert: Great Alright.

J.W. Roth: Teri's gonna jump in and answer that question, but I just wanted to thank you for joining the call.

Speaker Change: Terry is going to jump in and answer that question, but I just wanted to thank you for joining the call.

Martin Calvert: Oh, absolutely, J.W.

Marty Calvert: Oh, absolutely, J.W.

Speaker Change: Absolutely GW.

Terri Liebler: Thanks, J.W., and thanks Marty for the question. This is Teri Liebler, Chief Marketing Officer. We've had-

Terri Liebler: Thanks, J.W., and thanks Marty for the question. This is Terri Liebler, Chief Marketing Officer.

Speaker Change: Thanks, J W and thanks, Marty for the question and this is Cary Leibler Chief marketing Officer.

Martin Calvert: Hey, Terri

Marty Calvert: Hey, Terri

Speaker Change: We monitor significant interests in venues sponsorship offerings for a lot of reasons actually one of the primary reason being this premium elevated and guests fan experience that we're introducing into the music industry and the sports industry has had tremendous success introducing pre.

Terri Liebler: significant interest in Venu's sponsorship offerings for a lot of reasons. Actually, one of the primary reasons being this premium elevated and guest fan experience that we're introducing into the music industry. The sports industry has had tremendous success introducing premium and elevated experiences that brands can own and draw from. But in live music, especially in an outdoor setting, that's really trailed behind. As a result, brands are expressing increased enthusiasm about the new value proposition that we are introducing, and it's a very exciting time to join Venu in what we're doing if you are a brand.

Terri Liebler: We've had significant interest in Venu's sponsorship offerings for a lot of reasons. Actually, one of the primary reasons being this premium elevated and guest fan experience that we're introducing into the music industry. The sports industry has had tremendous success introducing premium and elevated experiences that brands can own and draw from. But in live music, especially in an outdoor setting, that's really trailed behind. As a result, brands are expressing increased enthusiasm about the new value proposition that we are introducing, and it's a very exciting time to join Venu in what we're doing if you are a brand.

Speaker Change: Liam and elevated experiences that brands can own and dropped from but in live music, especially in an outdoor seating that's really trailed behind so as a result brands are expressing increased enthusiasm about the new value proposition that we are introducing.

Speaker Change: And it's a very exciting time to join our venue and what we're doing if you are a brand.

Martin Calvert: Oh, that's great. It looks like you've already got a lot of brands on board, but obviously with the new opportunities at the new venues, I'm sure that you're looking to take advantage of that.

Marty Calvert: Oh, that's great. It looks like you've already got a lot of brands on board, but obviously with the new opportunities at the new venues, I'm sure that you're looking to take advantage of that.

Speaker Change: Oh, that's great that it looks like you've already got a lot of brands on board, but obviously with the new opportunities at the new venues I'm sure that I'm sure that there you're looking to take advantage of that.

Terri Liebler: 100%. We are fielding lots of interest. Thanks again, Marty.

Speaker Change: 100%, we are fielding lots of interest thanks again Jerry.

Martin Calvert: Thanks, Terri.

Marty Calvert: Thanks, Terri.

Operator: Your next question comes from the line of Greg Gibas of Northland Securities. Your line is open.

Speaker Change: Your next question comes from the line of Greg give us.

Speaker Change: And Securities Your line is open.

Greg Gibas: Hey, good afternoon, J.W. and Heather. Congrats on the strong results and momentum that you're seeing. Apologies for my voice here, a little under the weather, but you know, wanted to just ask about your funding. You mentioned approximately 40% coming from new markets, you know, with fractional ownerships now that you're pre-selling now. You also recently mentioned that you can now finance fractional ownership. How does that work exactly?

Greg: Hey, good afternoon, GW and Heather Congrats on the phone result, and momentum that Youre seeing apologies for my voice here, a little under the weather but.

Speaker Change: Wanted to just ask about your funding you mentioned approximately 40% coming from new markets.

Greg: Yeah.

Greg: With fractional ownership.

Greg: Now you also recently you mentioned that you can now finance fractional ownership.

Speaker Change: How does that work exactly.

J.W. Roth: First, Greg, thanks for joining the call. At the end of the day, fractional ownership is changing. It's a game changer for our industry. You know, 40% or so of our financing comes from municipal relationships and public-private partnerships that we put together. Still, these amphitheaters are extremely expensive to build. In order to make them pencil, fractional ownership becomes a big part of what we do. 40% of our financing comes from fractional ownerships. Up until a few months ago, the millions and millions of dollars that have flown in to our projects have come from fully cash-paid investors and fractional buyers. A couple months ago, we were able to add financing.

Greg: First Greg Thanks for joining the call.

Speaker Change: At the end of the day Frac.

Speaker Change: Fractional ownership is changing it's a game changer for our for our industry, you know, 40% or so of our financing comes from municipal relationships and public private partnerships that we've put together.

Speaker Change: But still these these are these apple theatres are extremely expensive to build and so in order to make them pencil fractional ownership becomes a big part of what we do and so 40% of our of our financing comes from fractional ownership and up until a few months ago, the millions and millions of dollars that have flown in.

Speaker Change: To our to our projects have come from fully cash paid investors.

Speaker Change: And fractional buyers, but a couple of months ago, we were able to add <unk>.

Speaker Change: Nancy and as a result of that we have seen a doubling in our in our sales banks have now stepped up and are financing fractional ownership much like a bank would finance a mortgage on a condominium.

J.W. Roth: As a result of that, we have seen a doubling in our sales. Banks have now stepped up and are financing fractional ownership, much like a bank would finance a mortgage on a condominium. It's been a complete game changer for it. The other piece of that too, Greg, that's interesting is we've expanded the pool of potential buyers. Buyers of our Luxe Fire Suites used to be just like it's your typical guy like me, that just loves going to shows, buys a Fire Pit Suite for him, his family, and his friends, or corporations that buy them for to use with their customers and whatever. Now that pool with financing has completely changed, and it's expanded into triple net buyers.

Speaker Change: And it's been a complete game changer for the other piece of that too Greg. That's interesting is we've expanded the pool of potential buyers.

Buyers of our a fire pit suites used to be just like you said your typical guy like me that just loves going to shows buys a buys a fire pit suite for him and his family and his friends or corporations that buy them for to use with their customers and whatever but now that pool with financing has completely changed and its.

Speaker Change: Banded into triple net buyer so now we're seeing.

J.W. Roth: Now we're seeing a good percentage of our buyers on a weekly basis being triple net investors that are buying these for purely investment purposes.

Speaker Change: A good percentage of our of our buyers on a weekly basis being triple net investor investors that are buying these four.

Speaker Change: Purely investment purposes.

Greg Gibas: Got it. Thanks for the color, J.W. I'll pass it on.

Speaker Change: Got it thanks for the color.

J.W. Roth: You bet.

Greg Gibas: Yeah. Good one.

Speaker Change: Uh huh.

Speaker Change: No.

Operator: Your next question comes from the line of Raymond Oliver of Bear Creek Capital. Your line is open.

Speaker Change: Your next question comes from the line of re Oliver of Bear Creek Capital. Your line is open.

Raymond Oliver: Hey, J.W. Great job with you and the team. Really love seeing these numbers. You mentioned earlier that some of your construction plans in certain new projects to include multi-season configurations allowing for year-round revenue streams. Could you expand on what that looks like in practice and how it's shaping your overall business model?

Speaker Change: Hey, J W. A great job with you and the team really love seeing these numbers.

Oliver: You mentioned earlier that some of your construction plans and certain new product projects to include multi season configurations, allowing for year end revenue streams could you expand on what that looks like in practice and how it's shaping your overall business model.

J.W. Roth: Yeah. First, Ray, thanks for joining the call, and I appreciate you as a shareholder. You know, when we first sat down and started the process of developing what state-of-the-art amphitheaters look like, you know, you start with all of the things that are sort of driving the fan experience, right? Then at the end of the day, you are trying to figure out what we can do to expand the season. We started to look at and work with our architects to build a multi-seasonal configuration, which now is part of all of our new amphitheaters.

Oliver: So when we first ray thanks for joining the call and I appreciate you as a shareholder.

Oliver: When we first sat down and started the process of developing what state of the art amps look like.

Oliver: You start with all of the things that are sort of driving the fan experience right.

Oliver: Then at the end of the day you were trying to figure out what can what can we do to expand.

Oliver: The season, and so we started to look at and work with our architects to build a multi seasonal configuration, which which now is part of all of our new app of theaters.

J.W. Roth: What that has done is it has just created a game-changing model for us in which we now have a 5,000 and 6,000 configuration that's year-round built into our 12,000 and 20,000 seat amps. This is something that you will. I can't even explain what the ambiance will be like. I say this all the time to our team. Can you imagine going to an outdoor concert in the dead of winter when it's 40 degrees outside, and you're going to an outdoor amphitheater, and you're gonna watch that show, and you're gonna enjoy that show at 65 to 70 degrees? That's ambiance like you just won't experience anyplace else. I can't tell you how excited I am to open this first one in Broken Arrow with this multi-seasonal approach.

Oliver: And what that has done is it it's just created a game changing model for us in which we now have a five and 6000 configuration that's year round built into our 12 and 20000 seat.

Oliver: Amps and so this is a this is it's something that you will I can't even explain what the ambiance will be like I say this all the time to our team can you imagine going to a to an outdoor concert in the dead of winter when it's 40 degrees outside and Youre going to an outdoor amphitheater and.

Oliver: Youre going to watch that show and Youre going to enjoy that show at 65% to 70 degrees. That's ambiance like you just wont experience any place else.

Oliver: I can't tell you how excited I am to open this first one in broken Arrow.

Oliver: With this multi seasonal approach it's a it is an industry changing venue.

J.W. Roth: It is an industry-changing venue. Thanks, J.W.

Oliver: Thanks J W.

Operator: Again, if you have a question, please press star one on your telephone keypad. Your next question comes from the line of Stephen Hemedes. Oh, my apologies. Your next question comes from the line of Jon Lutz of IHIT Industries LLC. Your line is open.

Speaker Change: And again, if you have a question. Please press star one on your telephone keypad.

Speaker Change: Your next question comes from the line of Steven <unk>, Oh My apologies.

Jon Lutz: Question comes from line of Jon Lutz of hit Industries LLC. Your line is open.

Jon Lutz: Thank you, J.W. I just want to let you know I went to a couple concerts at the Ford Amphitheater this last summer, and I got to tell you, it's quite the experience. You've done a really spectacular job on that theater, and I'm thinking that's going to transform into all your projects. Well done there.

Jon Lutz: Thank you J W and I just wanted to let you know I went through a couple of concerts at the Ford Amphitheater. This last summer and I got to tell you. It's.

Jon Lutz: It's quite the experience you've got a really spectacular job.

Jon Lutz: On that theater, and I'm thinking that's gonna transfer.

Jon Lutz: For me to all your all your projects so well done there.

J.W. Roth: I appreciate it, John.

Jon Lutz: I appreciate it.

Jon Lutz: You bet. My question is, what kind of fan experience innovations are you going to be implementing to drive repeat attendance? What's going to bring people back again and again, just aside from the spectacular nature of the venue?

Speaker Change: You bet. My question is what kind of fan experience innovations.

Speaker Change: Are you going to be implementing to drive repeat attendance whats going to bring people back again and again.

Speaker Change: Aside from the spectacular nature of the venue.

J.W. Roth: Yeah. That's a good question. I mean, right now we are focused on building world-class venues, and sort of the core to our offering are the suite, right? Building that and then building around that is multi-seasonal configurations. What we talk about here at Venu on a daily basis is how do we increase dwell time? How do we increase the amount of time that somebody experiences Venu in one of our amps? Really what we're trying to do now is increase dwell time by opening our clubs, the Aikman Club, our owners club in Colorado Springs, Roth's Seafood & Chophouse, Brohan's Rooftop Bars. All of those adds that are coming this season will be focused on driving dwell time and ultimately driving ambiance and experience for the concertgoer.

Speaker Change: So that's a good question I mean right now we are focused on building world class venues and sort of the core to our offering or the or the fire suites right. So building that and then building around that is multi seasonal configurations.

Speaker Change: And what we talk about here at at a venue on a daily basis is how do we increase dwell time how.

Speaker Change: How do we increase the amount of time that somebody experiences venue in one of our one of our apps and so really what we're trying to do now is increase dwell time by opening our clubs. The Aikman club, our owner's club in Colorado Springs, the seafood and Chophouse Bro hands rooftop bars all of those.

Speaker Change: <unk> adds that are coming this season.

Speaker Change: We'll be focused on driving dwell time, and ultimately driving ambiance and experience for the contract or Theres not another place on planet Earth, where you can go and see a concert like you do at the Ford amphitheater and Theres not another place on Earth, where you can come.

J.W. Roth: There's not another place on planet Earth where you can go and see a concert like you do at the Ford Amphitheater. There's not another place on Earth where you can come to an outdoor amphitheater like the Ford Amphitheater and enjoy dwell time that's an hour and a half to an hour and a half after the show and before the show, and enjoy that kind of ambiance.

Speaker Change: Two an outdoor amphitheater like the Ford amphitheater and enjoy dwell time, that's an hour and a half to an hour and a half after the show and before the show.

Speaker Change: And enjoy that kind of audience.

Jon Lutz: Excellent. Thanks.

Speaker Change: Excellent.

J.W. Roth: You're welcome. Thanks again for your participation. You're a great shareholder.

Welcome and thanks again for your participation here great shareholder.

Operator: Your next question comes from the line of Stephen Hemedes of T.R. Winston & Company. Your line is open.

Speaker Change: Your next question comes from the line of Steven Committees of TR Winston <unk> Company. Your line is open.

Stephen Hemedes: Hi, everyone. Congratulations on your 2024 achievements. Thanks for taking my questions. To start, expanding on questions and answers from earlier, I was wondering if you could help us think about your expected revenue mix. Do you have a long-term vision for diversifying your recurring top line beyond mainly ticketing sales and concessions? Perhaps as a follow-up to that, are there opportunities visible to expand non-music event utilization of your various campuses? Thanks.

Speaker Change: Hi, everyone. Congratulations on your 2024 achievements thanks for taking my questions.

Speaker Change: Chart.

Speaker Change: Expanding on questions and answers from earlier I was wondering if you could help us think about your expected revenue mix do you have a long term vision for diversifying your reoccurring topline beyond mainly ticketing sales in concessions and perhaps as a follow up to that are there opportunities visible to expand non music.

Speaker Change: Utilization of your various campuses. Thanks.

J.W. Roth: Yeah. Steven, thanks for joining. I'll take the first one. I'm going to pass the second one on to Will. But again, I'm going to reiterate the importance of building multi-seasonal and multi-configuration amps. When we're looking at trying to diversify the revenue, I'm actually more interested in concentrating on what we're really good at and extracting more revenue out of key metrics. Dwell time is important. Multi-seasonal configurations are important because what we're doing there is we're adding content. We're also adding time for existing content. Those are all sort of where our focus is.

Speaker Change: Yes, it's Steven Thanks for joining I'll take the first one I'm going to pass the second one onto to will but again I'm going to reiterate the importance of building a multi seasonal and multi configuration.

Speaker Change: Amps and so when we're looking at trying to diversify the revenue I'm I'm actually more interested in in concentrating on what we're really good at and extracting more revenue out of key.

Speaker Change: Key metrics, so dwell time is important.

Speaker Change: And multi seasonal configurations are important because what we're doing there is we're adding content. We're also adding time for existing content and so those are all.

Speaker Change: Sort of where our where our focus is not.

J.W. Roth: Not to get too far out in the weeds and too far out in the future, but we've got a really interesting tech team here at Venu, and we are working diligently on what will ultimately be a subscription model to a soft ticket. That's just a little hint of what is coming over the next year or so. And that is what's coming in terms of diversifying revenue. But thanks a million for joining us today, and thanks for your question. Will, I'm going to have you jump in and answer the second part.

Speaker Change: Not to get too far out in the weeds and too far out in the future, but we've got a really interesting tech team here at at venue and we are working diligently on what will ultimately be a subscription model to a soft ticket. That's just a little hint of what is coming over the next year or so.

Speaker Change: And that is what's coming in terms of diversifying diversifying.

Will Hudson: Revenue, but thanks a million for joining us today and thanks for your question well I'm Gonna have you jump in and answer the second part Yeah, Hi will Hudson here President of venue. Thanks, Stephen for the question.

Will Hodgson: Yeah. Hi, Will Hodgson here, president of Venu. Thanks, Steven, for the question. As J.W. said, right, diversifying what we do extends beyond what happens just in the venue. There's certainly a market for non-touring entertainment on our stages that can be in the form of a rental with a third-party promoter, day-long festivals that engage the community. The way these amphitheaters were designed and constructed lend ourselves to producing really great private events for larger companies as well as, like I said, community activations like a food market, movie nights, certainly graduations with local schools. All those things can help us contribute more content on available days.

As J W said, diversifying what we do.

Will Hudson: Extends beyond what happens just in the venue.

Speaker Change: There is certainly a market for non Turing.

Speaker Change: Entertainment on our stages that can be in the form of a rental with a third party promoter.

Speaker Change: Daylong festivals that engage the community.

Speaker Change: The way these amphitheaters were designed and constructed.

Speaker Change: Lend ourselves to.

Speaker Change: Producing really great private events for larger companies.

Speaker Change: As well as like I said community Activations like a food.

Speaker Change: Food market.

Speaker Change: Moving nights, certainly graduations with local schools all of those things can help us contribute.

Speaker Change: More content on available days I will say too that there is a focus for us definitely do.

Will Hodgson: I will say, too, that there's a focus for us definitely to, as J.W. said, increase dwell time, and that can happen with pre-event activations with local bands, same with post-show activations in our various VIP clubs. Certainly a primary focus for us as we continue to expand our content providers and what we can put on in a successful way at these unbelievable amphitheaters.

Speaker Change: W said increase dwell time and that can happen with pre event activations with local bands.

Speaker Change: Same with post post show Activations in our various VIP clubs so <unk>.

Speaker Change: Certainly a primary focus for us as we continue to expand our content providers and what we can put on.

Speaker Change: In a successful way and at these.

Speaker Change: <unk> theaters.

Stephen Hemedes: I appreciate that color from both of you. Thank you. It's very helpful.

Speaker Change: I appreciate that color from both of you. Thank you that's very helpful.

Operator: Your next question comes from the line of Michael Bixby of Choice One Rx. Your line is open.

Speaker Change: Your next question comes from the line of Michael <unk> of choice one RF. Your line is open.

Michael Bixby: Gentlemen, ladies and gentlemen, fantastic presentation. Enjoyed seeing where this is going. Been following it for some time. While I see that you're currently deep in the development stage and laser-focused on growth, can you provide some clarity on your path to profitability and when you anticipate reaching a break even or at least generating some consistent positive operating income?

Speaker Change: Gentlemen, ladies and gentlemen, fantastic presentation.

Speaker Change: Just seeing where this is not only with all of them for some time.

Speaker Change: While I see that you are currently deep in the development stage and laser focused on growth can you provide some clarity on your path to profitability and when you anticipate reaching a breakeven or at least generating some consistent positive operating income.

J.W. Roth: MG, I thank you for joining. That's a really good question. Profitability is gonna come in two different forms at two different times. This year in 2025, we are going to realize a development profit, a significant development profit, as a result of the sale of our ground underneath the Ford Amphitheater and the lease back here in Colorado Springs. That will provide a significant profit this year. In 2026, we expect our first operational profit as we open all three new amps that will then operate in conjunction with the Ford Amphitheater here in Colorado Springs, as well as the Sunset Hospitality Collection and event centers here in Colorado Springs that will be opening here in the next 60 to 90 days.

Speaker Change: <unk> I think.

Speaker Change: Thank you for joining and Thats a really good question so <unk>.

Speaker Change: Profitability is going to come in two different forms at two different times.

Speaker Change: This year in 2025, we are going to realize a development profit a significant development profit as a result of the <unk>.

Speaker Change: All of our of our ground underneath of Ford amphitheater and the lease back here in Colorado Springs that will provide a significant profit this year in 2026.

Speaker Change: We expect our first.

Speaker Change: Operational profit as we opened all three new apps.

Speaker Change: That will then operate in conjunction with the Ford amphitheater here in Colorado Springs, as well as the Sunset hospitality collection and event centers.

Speaker Change: Karen Keller Springs that will open that will be opening here in the next 60 to 90 90 days.

J.W. Roth: You know, over the next 48 to 60 months, we're gonna build $3 to 3.5 billion worth of new venues, and we're gonna build those with zero occupancy costs. At the end of the day, we are building a machine here that is building what will be an unbelievable business and in terms of generating profitability. Again, 2025 for development profit, 2026 for a sizable operational profit. Then over the course of the next 48 to 60 months, we'll open $3 to 3.5 billion worth of these that will be game changing in every sense.

Speaker Change: Over that I had been held back you know this.

Speaker Change: Over the next 48% to 60 months, we're going to build three to three $5 billion worth of new venues and we're going to build those with zero.

Speaker Change: Occupancy costs. So at the end of the day, we were building a machine here that is building.

Speaker Change: What will be an unbelievable.

Speaker Change: Business and in terms of generating profitability. So again 2025 for development profit 2026 for a for a.

Speaker Change: Feasible operational profit and then over the course of the next 48% to 60 months, we'll open three to $3 $5 billion worth of these that.

Speaker Change: That will be game changing in every sense.

Michael Bixby: Outstanding.

Speaker Change: Outstanding.

Operator: Your next question comes from the line of Stephen Laszczyk of Goldman Sachs. Your line is open.

Speaker Change: Your next question comes from the line of Steven Lesage tick of Goldman Sachs. Your line is open.

Stephen Laszczyk: Hey, guys. Thanks for taking the questions. Maybe two, if I could. J.W., curious if you could talk a little bit more, just about your latest thinking on the potential opportunity for Venu footprint expansion beyond the next maybe 3 to 5 venues that you have in the pipeline. Curious East Coast, West Coast to where you see the most opportunity. And then maybe for Will on just touring supply in 2025, if you could talk a little bit about your outlook for amphitheater tours this year. 2024 is a record amp year in North America. Curious if you expect to see that momentum continue or if there could be a bit of a mix shift just back to stadiums as they come back online this year in 2025. Thank you.

Speaker Change: Hey, guys. Thanks for taking the questions maybe two if I could GW curious if you could talk a little bit more.

Just about your latest thinking on the potential opportunity for venue footprint expansion beyond the next maybe three to five venues that you have in the pipeline curious east coast West Coast, where you see the most opportunity.

Speaker Change: Then maybe for will just torreon supply in 2025, if you could talk a little bit about your outlook for amphitheater.

Speaker Change: Tours. This year 24 is a record happier North America curious if you're expected to see that momentum continue or if there could be a bit of a mix shift.

Speaker Change: Just back to stadiums as they come back online.

Speaker Change: This year in 2025.

Speaker Change: Thank you.

J.W. Roth: Steven, thanks for joining the call. Appreciate the question. You know, as we think about expansion, we have a very robust and aggressive forward-looking team, both internally and through Ryan & Company in Dallas, out meeting with and talking with municipalities. Currently, we are in talks, as we've reported, with seven different municipalities that we will be announcing later this next quarter and early into Q4 about the expansion plans for 2026, with builds coming in 2027. There's really three key pieces to expansion, right? First, we're always looking for and developing municipalities along the routes that we feel would be best for us and for our content partners. There's that first piece.

Speaker Change: Stephen Thanks for joining the call I. Appreciate the question. So as we think about expansion, we have a very robust and aggressive forward looking team.

Speaker Change: Both internally and through Ryan <unk> company in Dallas out meeting with and talking with municipalities.

Speaker Change: Currently we are in we are in talks with we reported was seven different municipalities that will be we will be announcing later this next quarter and early into the fourth quarter.

Speaker Change: Out the.

Speaker Change: Expansion plans for 2026 with builds coming in 2027.

Speaker Change: There's really three key pieces to two expansion right first we're always looking for and developing municipalities along the routes that we feel would be best for us and for our content partners. So theres first that first piece the second is.

J.W. Roth: The second is those municipalities have to be sort of geared toward and have an appetite toward a public-private partnership. 99% of the time, that is driven by their focus on economic impact in their community. That's the second piece. Then the third piece is those municipalities have to have a demographic that would be most likely to embrace Fire Suite ownership, fractional ownership, and ticket buying, right? You're looking for those three specific things as you expand. Right now we've got seven more coming that will be added to our five. Then, in early stage for 2027, 2028, and opening in 2029, we have 12 more. Expansion is aggressive around here.

Speaker Change: Those municipalities have to be.

Speaker Change: Sort of geared toward.

Speaker Change: And have an appetite toward.

Speaker Change: A public private partnership and 99% of the time that is driven by their.

Speaker Change: Focus on economic impact in their communities. So that's the second piece and then the third piece is those municipalities have to have a demographic that would be most likely to embrace fire suite ownership fractional.

Speaker Change: Ownership and ticket buying right. So youre looking for for specific those those three specific things as you expand so right now we've got seven more coming that will be added to our two or five and then.

Speaker Change: In early early.

Speaker Change: Stage for 2027, 28, and and opening in 29.

Speaker Change: We have 12 more so expansion is aggressive around here.

J.W. Roth: With our sort of ability to finance these the way we are, we're very optimistic that we're gonna hit our goal of 20 units in the next 60 months or so.

Speaker Change: And with our with our sort of ability to finance. These the way. We are we are a we're very optimistic.

Speaker Change: Domestic that we're going to hit our goal of of 20 units in the next 60 months or so.

Will Hodgson: Stephen Hemedes, I'll attack that second question. Thanks again for the question. Thanks for hopping on. You know, as you know, as J.W. Roth mentions often, the supply of new artists couldn't be greater. Obviously, each of those artists carries a different level of ticket demand. So it's really important, I think, that we understand the multi-configuration setup that we've got with these amphitheaters as well as the multi-seasonal. When I say that, they're designed with the intent that we can scale these buildings down to a 5,000, 6,000 cap, and still operate efficiently with strong profitability in mind. That just opens us up to a larger supply of artists that can play our buildings. Not all of them need to sell 13,000 tickets.

Steven Committees: Steven I'll attack that second question and thanks again for the question. Thanks for hopping on.

Steven Committees: You know as you know and as J W mentioned is often the supply of new artists could couldnt be greater obviously each of those artist carries a different level of ticket demand.

Steven Committees: So it's really important I think that we understand the multi configuration setup that we've got with these amphitheaters as well as the multi seasonal and when I say that they are designed with the intent that we can scale. This.

Steven Committees: Buildings down to a 5006 thousand cap.

Steven Committees: Still operate.

Steven Committees: Additionally.

Steven Committees: With strong profitability in mind.

Steven Committees: And that just opens us up to a larger supply of artists that can play our buildings not all of them need to sell 13000 tickets.

Will Hodgson: We have built a model that will allow us to promote and contract those artist performances at various levels, and still be extremely profitable. We've again increased our ability to attract a larger supply of artists that will help navigate any shift in supply at various capacity levels, ticket demand levels.

Steven Committees: And we have built a model.

Steven Committees: Allow us to promote and contract those artists performances at various levels.

Steven Committees: Extremely profitable.

Steven Committees: We've.

Steven Committees: Again increased our ability to attract a larger supply of artists.

Steven Committees: Should help will help.

Steven Committees: Navigate any shift in supply at various.

Steven Committees: Capacity levels ticket demand levels.

Stephen Laszczyk: That's great. Thank you both.

Speaker Change: That's great. Thank you both.

J.W. Roth: Thank you, Stephen.

Thank you Steven.

Speaker Change: With no further questions in the queue that does conclude our conference call for today. Thank.

Operator: With no further questions in the queue, that does conclude our conference call for today. Thank you so much for your participation. You may now disconnect.

Speaker Change: Thank you so much for your participation you may now disconnect.

Speaker Change: [music].

Q4 2024 VENU Holding Corp Earnings Call

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