Q3 2025 VENU Holding Corp Earnings Call

November 14, 2025

Ticker symbols than you issued a press release summarizing the company's third quarter 2025 performance. Following the filing of its quarterly report on Form 10-Q for the period ending September 32025.

Operator: Earlier today, Venu trading under the ticker symbol VENU issued a press release summarizing the company's Q3 2025 performance following the filing of its quarterly report on Form 10-Q for the period ending 30 September 2025. This conference call is being recorded and will be available online along with the earnings press release at venu.live in accordance with the company's retention policies. All participants on today's call are in listen-only mode. Following our prepared remarks, we will open the line for the Q&A session. At this time, I'd like to turn the call over to Heather Atkinson, Chief Financial Officer of Venu Holding Corporation. Heather, please go ahead.

Terry Lee Blur: Earlier today, Venue Holding Corporation, under the ticker symbol VENUE, issued a press release summarizing the company's third-quarter 2025 performance following the filing of its quarterly report on Form 10Q for the period ending 30 September 2025. This conference call is being recorded and will be available online along with the earnings press release at venue.live, in accordance with the company's retention policies. All participants on today's call are in listen-only mode. Following our prepared remarks, we will open the line for the Q&A session. At this time, I'd like to turn the call over to Heather Atkinson, Chief Financial Officer of Venue Holding Corporation. Heather, please go ahead.

This conference call is being recorded and will be available online along with the earnings press release at venue Dot live in accordance with the company's retention policies.

All participants on today's call are in listen only mode.

Following our prepared remarks, we will open the line for the Q&A session.

At this time I'd like to turn the call over to Heather Atkinson, Chief Financial Officer of venue holding Corporation Heather. Please go ahead.

Thank you all for joining venue holding Corporation's November 14th 2025 third quarter 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 Hudson.

Heather Atkinson: Thank you all for joining Venue Holding Corporation's 14 November 2025, third-quarter earnings call and business update. On the call today, we have our senior leadership team: myself, Founder, Chairman, and CEO JW Roth, President Will Hodgens, President Tom Ashley, and President Terry Lee Blur. Following the safe harbor statement, we will begin with a review from across the business and key highlights from the quarter. I will then present a summary of our quarterly financial results. After that, we will provide some operational insights. Finally, 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.

Heather Atkinson: Thank you all for joining VENU Holding Corporation's 14 November 2025 Q3 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, President Tom Ashley, and President Terri Liebler. Following the safe harbor statement, we will begin with a review from across the business and key highlights from the quarter. I will present a summary of our quarterly financial results. After that, we will provide some operational insights. Finally, as our operator mentioned, we will open the call for questions. We would 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.

President, Tom Ashley and President Terry Lee Blur following the Safe Harbor statement, we will begin with the review review from across the business and key highlights from the quarter. I will then present, a summary of ever quarterly financial results. After that we will provide some operational insights finally, as our operator mentioned.

Well 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 provision under the private Securities Litigation Reform Act of 1995, then your cautions that these forward looking statements are subject to risks and.

Heather Atkinson: Venue 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 quarterly report on Form 10Q for the quarter ending 30 September 2025, and our other filings from the SEC, all of which can be reviewed on the company's website at venue.live, spelled venue.live, 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, Friday, 14 November 2025, and Venue 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, I'd like to turn the call over to our founder, chairman, and CEO, JW Roth.

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 quarterly report on Form 10-Q for the quarter ended 30 September 2025, and our other filings from 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, Friday, 14 November 2025, 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, I'd like to turn the call over to our Founder, Chairman, and CEO, J.W. Roth.

Certainties that may cause our actual results to differ materially from those indicated including risks described in the company's quarterly report on Form 10-Q for the quarter ended September 32025, and our other filings from the SEC all of which can be reviewed on the company's website. At then you don't live spelled.

E N U L. A 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 Friday November 14th 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.

Federal Securities laws with that I'd like to turn the call over to our founder Chairman and CEO J W. Ross.

Thank you and good afternoon, everyone. I appreciate you joining us today I'm going to begin by walking you through key updates from the quarter.

J.W. Roth: Heather, thank you, and good afternoon, everyone. I appreciate you joining us today. I'm gonna begin by walking you through key updates from the quarter. The Q3 was another milestone for VENU. Our mission remains clear: to build world-class, artist-centric, fan-focused, and experience-driven destinations that redefine live entertainment. This quarter demonstrated once again that our disruptive model continues to deliver measurable performance and meaningful value. As I've said many times before, every decision that we make is tied directly to long-term profitability and disciplined national expansion. Our work remains guided by four clear strategic priorities. Number one, expanding markets nationwide and advancing our current developments. Our municipal development pipeline has increased to 48 municipalities exploring projects with VENU.

JW Roth: Heather, thank you, and good afternoon, everyone. I appreciate you joining us today. I am going to begin by walking you through key updates from the quarter. The third quarter was another milestone for Venue. Our mission remains clear: to build world-class, artist-centric, fan-focused, and experience-driven destinations that redefine live entertainment. This quarter demonstrated once again that our disruptive model continues to deliver measurable performance and meaningful value. As I have said many times before, every decision that we make is tied directly to long-term profitability and disciplined national expansion. Our work remains guided by four clear strategic priorities. Number one, expanding markets nationwide and advancing our current developments. Our municipal development pipeline has increased to 48 municipalities exploring projects with Venue.

The third quarter was another milestone for venue our mission remains clear to build world class artist centric fan focused and experienced driven destinations that redefine live entertainment. This quarter demonstrated once again that our disruptive model continues to deliver measurable performance.

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As I've said many times before every decision that we make is tied directly to long term profitability and disciplined at national expansion. Our work remains guided by four clear strategic priorities number one.

Spanning markets nationwide and advancing our current developments.

Our municipal development pipeline has increased to 48 municipalities exploring projects with venue through our partnership with Ryan and the leadership of Tom Ashley Our President of real estate and development, we remain on track to deliver two new public private partnerships every quarter.

JW Roth: Through our partnership with Ryan Companies and the leadership of Tom Ashley, our President of Real Estate and Development, we remain on track to deliver two new public-private partnerships every quarter, each expected to add between $150 and 300 million to our balance sheet upon completion. We anticipate opening three new facilities in 2026, followed by another in early 2027. As our President of Venues will discuss later, we continue preparing for operational readiness, including content programming, premium food and beverage activation, and hospitality integration. Number two, optimizing programs and content. We continue to secure and develop some of the most compelling live programming in the country, driven by our expanding network of partners, and our relentless focus on content that separates Venue from other operators. For instance, our partnership with Primary Wave Music, a global music catalog powerhouse, represents a major unlocking moment for us.

J.W. Roth: Through our partnership with Ryan and the leadership of Tom Ashley, our President of Real Estate and Development, we remain on track to deliver two new public-private partnerships every quarter, each expected to add between $150 million and $300 million to our balance sheet upon completion. We anticipate opening three new facilities in 2026, followed by another in early 2027. As our president of Venues will discuss later, we continue preparing for operational readiness, including content programming, premium food and beverage activation, and hospitality integration. Number two, optimizing program and content. We continue to secure and develop some of the most compelling live programming in the country, driven by our expanding network of partners and our relentless focus on content that separates VENU from other operators.

Each expected to add between 150 and $300 million to our balance sheet upon completion.

We anticipate opening three new facilities in 2026, followed by another in early 2027 as our president of venues will discuss later, we continue preparing for operational readiness, including content programming premium food and beverage activation and hospitality integration.

Number two optimizing program and content.

We continue to secure and develop some of the most compelling live programming in the country driven by our expanding network of partners and our relentless focus on content that separate venue from other operators for instance, our partnership with primary wave music a global music catalog powerhouse.

J.W. Roth: For instance, our partnership with Primary Wave Music, a global music catalog powerhouse, represents a major unlocking moment for us. The relationship will bring immersive, year-round, multi-configurational omni-content to our venues and redefine what a live experience can be. The results of our content and relationships are showing up in big ways. One year ago, we had just 4 holes at the Ford Amphitheater as we prepared for the 2025 season. Today, we sit at more than 25 holes for the 2026 season. Content at the Ford Amphitheater is roaring. Number three, growing Firesuite sales. Firesuites remain a cornerstone of our economic engine, driving both upfront and long-term value. Year to date, we have generated more than $91 million in suite and Aikman Club sales, up more than $33 million or 58% from this time last year.

Thats, a major unlocking moment for us the relationship will bring immersive year around multi configurational omni content to our venues and redefine what a live experience can be and the results of our content and relationships are showing up in big ways. One year ago, We had just for <unk>.

JW Roth: The relationship will bring immersive, year-round, multi-configurational, omni-content to our venues and redefine what a live experience can be. The results of our content and relationships are showing up in big ways. One year ago, we had just four holds at the Ford Amphitheater as we prepared for the 2025 season. Today, we sit at more than 25 holds for the 2026 season. Content at the Ford Amphitheater is roaring. Number three, growing Fire Suite sales. Fire Suites remain a cornerstone of our economic engine, driving both upfront and long-term value. Year to date, we have generated more than $91 million in suite and acreage club sales, up more than $33 million, or 58%, from this time last year. Our newly introduced triple-net real estate leaseback structure as a pathway to suite ownership has exceeded initial expectations and is emerging as a flagship ownership pathway.

Holds at Ford amphitheater, as we prepared for the 2025 season today, we sit at more than 25 holes for the 2026th season content at the Fortinet, but theater is roaring number three growing fire suite sales fire suites will remain a cornerstone of our economic engine driving both up.

Front and long term value year to date, we have generated more than $91 million in sweet and Aikman club sales up more than $33 million or 58% from this time last year, our newly introduced Triple net real estate leaseback structure as a pathway to suite ownership.

J.W. Roth: Our newly introduced triple-net real estate leaseback structure as a pathway to suite ownership has exceeded initial expectations and is emerging as a flagship ownership pathway. Importantly, under this model, we retain premium tickets in our inventory, unlocking a new stream of reoccurring revenue. Finally, number 4, unlocking strategic value. This quarter, we made significant progress in high-value opportunities such as naming rights, strategic alliances, and sale-leasebacks, all areas that drive meaningful development profit and enhance our capital positions. Our business model was intentionally designed to allow us to unlock and monetize our real estate when appropriate. Recently, we announced and executed a sale-leaseback, generating $6.2 million in development profit, which we will realize in this current quarter, all while retaining operational control, preserving ongoing revenue, and maintaining the option to repurchase the property in the future.

Has exceeded initial expectations and is emerging as a flagship ownership pathway.

Portly under this model, we retained premium tickets in our inventory unlocking a new stream of reoccurring revenue and finally number four.

JW Roth: Importantly, under this model, we retain premium tickets in our inventory, unlocking a new stream of recurring revenue. Finally, number four, unlocking strategic value. This quarter, we made significant progress in high-value opportunities such as naming rights, strategic alliances, and sale leasebacks, all areas that drive meaningful development profit and enhance our capital positions. Our business model was intentionally designed to allow us to unlock and monetize our real estate when appropriate. Recently, we announced and executed a sale leaseback generating $6.2 million in development profit, which we will realize in this current quarter, all while retaining operational control, preserving ongoing revenue, and maintaining the option to repurchase the property in the future. A lot of the expense we have had has been directly associated with developing our balance sheet.

Unlocking strategic value this quarter, we made significant progress in high value opportunities such as naming rights strategic alliances and sale leasebacks, all areas that drive meaningful development profit and enhance our capital positions. Our business model was intentionally designed to them.

Wow us to unlock and monetize our real estate when appropriate recently, we announced and executed a sale leaseback generating $6 2 million in development profit, which we will realize in this current quarter, all while retaining operational control preserving ongoing revenue and maintaining the option to reap.

Purchased a property in the future.

A lot of the expense we have had has been directly associated with developing our balance sheet. It is important to note that a significant portion of our expense in this quarter can be attributed to depreciation and noncash compensation before I turn it over to Jerry I want to pause on one major theme this quarter partnerships.

J.W. Roth: A lot of the expense we have had has been directly associated with developing our balance sheet. It's important to note that a significant portion of our expense in this quarter can be contributed to depreciation and non-cash compensation. Before I turn it over to Terri, I wanna pause on one major theme this quarter, partnerships. As our footprint grows, so does our influence, and the partners choose to align with us with VENU, our powerful proof point. They validate our model in real time, amplify our brand, unlock new audiences, and accelerate our ability to innovate. When world-class artists, global brands, and major industry leaders stand with us, it signals something unmistakable. VENU is a force, and the people shaping the culture recognize it.

JW Roth: It's important to note that a significant portion of our expense in this quarter can be contributed to depreciation and non-cash compensation. Before I turn it over to Terry, I want to pause on one major theme this quarter: partnerships. As our footprint grows, so does our influence, and the partners who choose to align with us with Venue are powerful proof points. They validate our model in real time, amplify our brand, unlock new audiences, and accelerate our ability to innovate. When world-class artists, global brands, and major industry leaders stand with us, it signals something unmistakable: Venue is a force, and the people shaping the culture recognize it.

As our footprint grows so does our influence and the partners choose to align with us with venue are powerful proof points. They validate our model and real time, amplify our brand unlock new audiences and accelerate our ability to innovate when world class artists global brands and major industry.

Leader stand with US it's signal something unmistakable venue is a force and the people shaping the culture recognize it this quarter that momentum accelerated in meaningful ways, but there's nobody better positioned to speak to that then our president of growth and strategy, Terry Leibler, who will walk us through the partnerships with <unk>.

JW Roth: This quarter, that momentum accelerated in meaningful ways, but there's nobody better positioned to speak to that than our President of Growth and Strategy, Terry Lee Blur, who will walk us through the partnerships we formed, and why they're so critical to our nationwide growth. With that, Terry, I'm going to hand it over to you.

J.W. Roth: This quarter, that momentum accelerated in meaningful ways, but there's nobody better positioned to speak to that than our President of Growth and Strategy, Teri Liebler, who will walk us through the partnerships we formed and why they're so critical to our nationwide growth. With that, Teri, I'm gonna hand it over to you.

And why they are so critical to our nationwide growth will that Terry I would hand, it over to you.

Thank you J W.

Over the past quarter, we've continued to see meaningful growth in the visibility and strength of the venue brand.

Terry Lee Blur: Thank you, JW. Over the past quarter, we've continued to see meaningful growth in the visibility and strength of the Venue brand. Our strategy has been centered on expanding our marketing reach while aligning with partners and platforms that elevate our influence in the live entertainment space. We also announced a major strategic partnership with Pixar, a global leader in modern ticketing and live event commerce. Under this new agreement, which was backed by a capital commitment in Venue, Pixar will serve as the official ticketing and integrated commerce partner for four of our premium hospitality-oriented indoor music halls. We also expanded our artist-driven partnerships this quarter. Niall Horan, global superstar and multi-platinum artist, and Dierks Bentley independently joined Venue as a strategic partner, as shareholders, and as founding members of our advisory council.

Terri Liebler: Thank you, J.W. Over the past quarter, we've continued to see meaningful growth in the visibility and strength of the VENU brand. Our strategy has been centered on expanding our marketing reach while aligning with partners and platforms that elevate our influence in the live entertainment space. We also announced a major strategic partnership with Tixr, a global leader in modern ticketing and live event commerce. Under this new agreement, which was backed by a capital commitment in VENU, Tixr will serve as the official ticketing and integrated commerce partner for four of our premium hospitality-oriented indoor music halls. We also expanded our artist-driven partnerships this quarter. Niall Horan, global superstar and multi-platinum artist, and Dierks Bentley independently joined VENU as a strategic partner, as shareholders, and as founding members of our advisory council.

Our strategy has been centered on expanding our marketing reach while aligning with partners and platforms that elevate our influence in the live Entertainment space. We also announced a major strategic partnership with Pixar a global leader in modern ticketing and live event Commerce.

Under this new agreement, which was backed by a capital commitment in venue.

Saar will serve as the official ticketing and integrated commerce partner for four of our premium hospitality oriented indoor music calls.

We also expanded our artist driven partnerships this quarter.

<unk> global superstar and multi platinum artists and dark Bentley interdependent Lee joined venue as a strategic partner.

Shareholders and as founding members of our Advisory Council their endorsement signal powerful validation of our artist inspired approach and brings meaningful global reach to the venue brand.

Terri Liebler: Their endorsement signals powerful validation of our artist-inspired approach and brings meaningful global reach to the VENU brand. Through our partnership with Billboard this quarter, we had the pleasure of honoring award-winning singer-songwriter Khalid with its inaugural Billboard Disruptor Award, presented by J.W. at the Billboard Live Music Summit in LA. This collaboration continues to position VENU at the forefront of conversations around innovation and the future of live entertainment. In terms of industry recognition, J.W. Roth was named to the Billboard 2025 Touring Power Players list and also to the 2025 VenuesNow All-Stars list, marking another year of leadership acknowledgement at the highest levels of the industry. These honors speak to the credibility of our model, our growth trajectory, and the fan-centric focus that defines VENU. Finally, our marketing reach continues to compound quarter-over-quarter.

Terry Lee Blur: Their endorsement signals powerful validation of our artist-inspired approach and brings meaningful global reach to the Venue brand. Through our partnership with Billboard this quarter, we had the pleasure of honoring award-winning singer-songwriter Khalid with its inaugural Billboard Disruptor Award, presented by JW at the Billboard Live Event Music Summit in LA. This collaboration continues to position Venue at the forefront of conversations around innovation and the future of live entertainment. In terms of industry recognition, JW Roth was named to the Billboard 2025 Touring Power Players list, and also to the 2025 Venues Now All-Stars list, marking another year of leadership acknowledgment at the highest levels of the industry. These honors speak to the credibility of our model, our growth trajectory, and the fan-centric focus that defines Venue. Finally, our marketing reach continues to compound quarter over quarter.

Through our partnership with Billboard This quarter, we had the pleasure of honoring award winning singer songwriter plead with its inaugural Billboard Disruptor Award presented by J W. At the Billboard live events music summit in L. A.

This collaboration continues to position venue at the forefront of conversations around innovation and the future of live entertainment.

In terms of the industry recognition kw rock was named to the Billboard 2025 touring power players less and also to the 2025 venues now all stars list, marking another year of leadership acknowledgement at the highest levels of the industry.

These honors speak to the credibility of our model our growth trajectory and the fan centric focus that defines venue.

Finally, our marketing reach continues to compound quarter over quarter through National media artist collaborations and digital expansion efforts. The venue story reached audiences at a scale that continues to build trust expand awareness and support demand across.

Terri Liebler: Through national media, artist collaborations, and digital expansion efforts, the VENU story reached audiences at a scale that continues to build trust, expand awareness, and support demand across our venues. We reached an estimated 18.2 billion people through press across the globe since our IPO date, including press highlights from Billboard, News Maps, Bloomberg, Cheddar, Pollstar, and more. Speaking of our IPO, as many of you may know, next week marks our one-year anniversary as a publicly traded company. It's a milestone we're incredibly proud of, and one that reflects the passion, resilience, and ambition of the entire VENU family. We'll be launching a major campaign in celebration, so keep an eye out for that. More importantly, this moment is a reminder of just how far we've come and how much opportunity lies ahead as we rise and thrive and grow together.

Terry Lee Blur: Through national media, artist collaborations, and digital expansion efforts, the Venue story reached audiences at a scale that continues to build trust, expand awareness, and support demand across our venues. We reached an estimated 18.2 billion people through press across the globe since our IPO date, including press highlights from Billboard, Newsmax, Bloomberg, Cheddar, Pollstar, and more. Speaking of our IPO, as many of you may know, next week marks our one-year anniversary as a publicly traded company. It's a milestone we're incredibly proud of, and one that reflects the passion, resilience, and ambition of the entire Venue family. We'll be launching a major campaign and celebration, so keep an eye out for that. More importantly, this moment is a reminder of just how far we've come and how much opportunity lies ahead as we rise, thrive, and grow together.

Our venues.

We reached an estimated 18.2 billion people their breath across the globe since our IPO date.

<unk> press highlights from Billboard Newsmax, Bloomberg shatter Pollstar and more.

Speaking of our IPO as May many of you May know next week marks our one year anniversary as a publicly traded company.

It's a milestone we're incredibly proud of and one that reflects the passion resilience and ambition of the entire of any family.

We'll be launching a major campaign in celebration, so keep an eye out for that and more importantly in this moment as a reminder of just how far we've come and how much opportunity lies ahead as we rise and thrive and grow together collectively these partnerships recognitions and milestones.

Terri Liebler: Collectively, these partnerships, recognitions, and milestones continue to reinforce the strength of the VENU brand and position us for a powerful close to the year. We appreciate you all spending time with us today. Thank you. With that, I'll turn it over to Heather to get into our financial highlights.

Terry Lee Blur: Collectively, these partnerships, recognitions, and milestones continue to reinforce the strength of the Venue brand and position us for a powerful close to the year. We appreciate you all spending time with us today. Thank you. I'll turn it over to Heather to get into our financial highlights.

To reinforce the strength of the venue brand and position us for a powerful close to the year.

We appreciate you all spending time with US today, Thank you and with that I'll turn it over to Heather to get into our financial highlights.

Great. Thank you so much Terry now to dig into the quarterly and year to date figures a bit more our total assets increased to $315 million up $136 million or 76% as of September 30, yet from $178 million at dish.

Heather Atkinson: Great. Thank you so much, Terri. To dig into the quarterly and year-to-date figures a bit more. Our total assets increased to $315 million, up $136 million, or 76% as of 30 September from $178 million at 31 December 2024. VENU's property and equipment increased to $250 million, up $113 million, or 82% as of 30 September from $137 million at 31 December 2024. Our Luxe FireSuite and Aikman Club sales reached $91 million through 30 September 2025, up $34 million, or 58% from $58 million from 30 September 2024. This included sales of Luxe FireSuites through traditional cash sales, fractional financing, and triple-net lease interests.

Heather Atkinson: Great. Thank you so much, Terry. Now, to dig into the quarterly and year-to-date figures a bit more, our total assets increased to $315 million, up $136 million, or 76%, as of 30 September 2025, from $178 million at 31 December 2024. Venue's property and equipment increased to $250 million, up $113 million, or 82%, as of 30 September 2025, from $137 million at 31 December 2024. Our Luxe Fire Suite and Acme Club sales reached $91 million through 30 September 2025, up $34 million, or 58%, from $58 million at 30 September 2024. This included sales of Luxe Fire Suites through traditional cash sales, fractional financing, and triple-net lease interest.

Timber 31, 2024, and used property and equipment increased to $250 million up $113 million or 82% as of September 30th from $137 million at December 31, 2024, our luck fires suite and Aikman club sales reached 91.

$1 million through September 30th 2025 up $34 million or 58% from $58 million from September 32024. This included sales of Luxmanor suites through traditional cash sales fractional financing and triple net lease interests.

The company generated net revenue defined as profit after a venue split with AEG presents Rocky mountain the operator of the Ford amphitheater with receipts from the Companys naming rights agreements, which are outside of then use AEG partnership agreement.

Heather Atkinson: The company generated net revenue defined as profit after Venue split with AEG Presents Rocky Mountains, the operator of the Ford Amphitheater, with receipts from the company's naming rights agreements, which are outside of Venue's AEG partnership agreement, of $2.0 million compared to $1.6 million for the three months ended 30 September 2025 and 2024, representing an increase of $393,000, or approximately 24% year-over-year for the same period. The company generated net revenue defined as profit after Venue split with AEG, with receipts for the company's naming rights agreements, which are outside of Venue's AEG partnership agreement, of $2.8 million compared to $1.6 million for the nine months ended 30 September 2025 and 2024, representing an increase of $1.2 million, or approximately 72% year-over-year for the same period.

Heather Atkinson: The company generated net revenue defined as profit after VENU's split with AEG Presents Rocky Mountains, the operator of the Ford Amphitheater, with receipts from the company's naming rights agreements, which are outside of VENU's AEG partnership agreement of $2.0 million compared to $1.6 million for the three months ended 30 September 2025 and 2024, representing an increase of $393,000 or approximately 24% year-over-year for the same period.

$2.0 million compared to $1 $6 million for the three months ended September 30th 2025, and 2024, representing an increase of $393000 or approximately 24% year over year for the same period.

The company generated net revenue defined as profit. After then you split with AEG with receipts for the Companys naming rights agreements with your outside of venues AEG partnership agreement.

Heather Atkinson: The company generated net revenue defined as profit after VENU's split with AEG, with receipts for the company's naming rights agreements, which are outside of VENU's AEG partnership agreement of $2.8 million compared to $1.6 million for the nine months ended 30 September 2025 and 2024, representing an increase of $1.2 million or approximately 72% year-over-year for the same period. Subsequent to this quarter end, VENU completed a $14 million sale-leaseback transaction, generating a $6.2 million development profit during this current Q4, while retaining operational control and maintaining the option to repurchase the property within the first three years of the lease. With that, this concludes our review of the quarterly and year-to-date financial highlights.

$2 8 million compared to $1 6 million for the nine months ended September 32025, and 2024, representing an increase of $1 2 million or approximately 72% year over year for the same period.

Subsequent to this quarter and then you completed a $14 million sale leaseback transaction generating a $6 $2 million development profit. During this current fourth quarter, while retaining operational control and maintaining the option to repurchase the property within the first three years of the lease.

Heather Atkinson: Subsequent to this quarter end, Venue completed a $14 million sale leaseback transaction, generating a $6.2 million development profit during this current fourth quarter, while retaining operational control and maintaining the option to repurchase the property within the first three years of the lease. This concludes our review of the quarterly and year-to-date financial highlights. I will now hand it over to Will to walk through our operational insights and key drivers from this past quarter.

And with that this concludes our review of the quarterly and year to date financial highlight.

I will now hand, it over to will to walk through our operational insights and key drivers from this past quarter.

Heather Atkinson: I will now hand it over to Will to walk through our operational insights and key drivers from this past quarter.

Yeah.

Thank you Heather and thank you all for being here today.

Will Hodgkins: Thank you, Heather, and thank you all for being here today. This quarter marked a significant period of growth across our entire operational landscape. We wrapped a successful summer season with strong show performance, and our clubs, particularly our campus in Georgia, continue to gain meaningful recognition among artists and fans. This traction is solidifying our presence and demonstrating our ongoing growth in the industry. In the past few weeks, we also reached a major milestone with the official opening of our $44.5 million Sunset Hospitality Collection here in Colorado Springs, a fine dining and private event destination overlooking our Pollstar-nominated Ford Amphitheater. Anchored by Roth Sea and Steak, the campus includes a Michelin-trained culinary team, elevated five-star dining, Brohans Bar, luxury private event spaces, and two grand owners' clubs.

Will Hodgson: Thank you, Heather, and thank you all for being here today. This quarter marked a significant period of growth across our entire operational landscape. We wrapped a successful summer season with strong show performance and our clubs, particularly our campus in Georgia, continues to gain meaningful recognition among artists and fans. This traction is solidifying our presence and demonstrating our ongoing growth in the industry. In the past few weeks, we also reached a major milestone with the official opening of our $44.5 million Sunset Hospitality Collection here in Colorado Springs, a fine dining and private event destination overlooking our Pollstar nominated Ford Amphitheater. Anchored by Roth's Sea & Steak, the campus includes a Michelin-trained culinary team, elevated five-star dining, Brohan's Bar, luxury private event spaces, and 2 grand owners clubs.

This quarter marks a significant period of growth across our entire operational landscape.

The successful summer season with strong sale performance in our clubs, particularly our campus in Georgia continues to gain meaningful recognition among artists and fans this traction and solidifying our presence demonstrating our ongoing growth in the industry.

So in the past few weeks, we also reached a major milestone with the official opening of our $44 5 million Sunset Hospitality collection here in Colorado Springs, a fine dining and private event destination overlooking our Pollstar nominated Ford amphitheater. Thank.

Thank you Bye Rossi and stake the campus includes a Michelin trained culinary team elevated five star dining ROE hands bar luxury private event spaces and two grand owners clubs.

<unk> is the largest entertainment and hospitality complex in our portfolio to date and is designed to operate year round independent of and during the concert season.

Will Hodgson: It stands as the largest entertainment and hospitality complex in our portfolio to date and is designed to operate year-round, independent of and during the concert season. Roth's Sea & Steak has already seen exceptional early performance, a sold-out grand opening weekend with outstanding reviews, and rapid word-of-mouth momentum. Stellar initial service scores and very positive media coverage continues. We are incredibly proud of this milestone and excited to continue building on the momentum moving forward. As we grow as a team and advance our brand portfolio, our focus on top-line revenue remains strong. We continue to evaluate new revenue opportunities across our restaurants and entertainment venues, optimizing our menu mix by removing underperforming items and introducing new offerings wherever they strengthen performance.

Will Hodgkins: It stands as the largest entertainment and hospitality complex in our portfolio to date and is designed to operate year-round, independent of and during the concert season. Roth Sea and Steak has already seen exceptional early performance, a sold-out grand opening weekend with outstanding reviews, and rapid word-of-mouth momentum. Stellar initial service scores, and very positive media coverage continue. We are incredibly proud of this milestone, and excited to continue building on the momentum moving forward. As we grow as a team and advance our brand portfolio, our focus on top-line revenue remains strong. We continue to evaluate new revenue opportunities across our restaurants and entertainment venues, optimizing our menu mix by removing underperforming items, and introducing new offerings wherever they strengthen performance.

<unk> has already seen exceptional early performance.

<unk> Grand opening weekend with outstanding reviews.

Rapid word of mouth momentum stellar.

Stellar initial service scores and very positive media coverage continues we are incredibly proud of this milestone and excited to continue building on the momentum moving forward.

As we grow the team and advance our brand portfolio. Our focus on top line revenue remained strong we continue to evaluate new revenue opportunities across our restaurants and entertainment venues optimizing our menu mix by removing underperforming items and introducing new offerings wherever they strengthened performance.

Additionally, the premium segment has always been a cornerstone of our model and we are actively enhancing those experiences and offerings to support long term growth in that category.

Will Hodgkins: Additionally, the premium segment has always been a cornerstone of our model, and we are actively enhancing those experiences and offerings to support long-term growth in that category. Heading into the fourth quarter, we are focused on advancing our omni-content strategy, and further strengthening our already thriving private event business. We are booking into the 2026 season, as JW said, with over 25 holds on the calendar for the Ford Amphitheater, and our clubs continue to perform exceptionally well. Looking ahead, we expect to begin booking Broken Arrow and McKinney by late spring or early summer as those venues prepare to open. Our holiday rental calendars are tracking way ahead of expectations, with demand continuing to rise. To capitalize on this momentum, we've expanded our staffing, and launched dedicated marketing campaigns to drive additional bookings.

Will Hodgson: Additionally, the premium segment has always been a cornerstone of our model, and we are actively enhancing those experiences and offerings to support long-term growth in that category. Heading into the Q4, we are focused on advancing our omnichannel content strategy and further strengthening our already thriving private event business. We are booking into the 2026 season, as J.W. said, with over 25 holds on the calendar for the Ford Amphitheater, and our clubs continue to perform exceptionally well. Looking ahead, we expect to begin booking Broken Arrow and McKinney by late spring or early summer as those venues prepare to open. Our holiday rental calendars are tracking way ahead of expectations, with demand continuing to rise. To capitalize on this momentum, we've expanded our staffing and launched dedicated marketing campaigns to drive additional bookings.

Heading into the fourth quarter, we are focused on advancing our omni content strategy and further strengthening our already thriving private event business.

We are booking into the 2026 season, and CDW said with over 25 holds on the calendar for the Ford amphitheater and our clubs continue to perform exceptionally well.

Looking ahead, we expect to begin to begin booking broken arrow and Mckinney by late spring early summer as those venues prepare to open.

Our holiday rental calendars are tracking way ahead of expectations with demand continuing to rise.

To capitalize on this momentum we expanded our staffing and once dedicated marketing campaigns to drive additional bookings, we anticipate a strong fourth quarter for private events and are building towards a larger more robust booking calendar for the year ahead.

Will Hodgkins: We anticipate a strong fourth quarter for private events and are building towards a larger, more robust booking calendar for the year ahead. At the end of the day, we're super energized by the momentum across our portfolio, and confident in the opportunities ahead as we continue shaping the future of this industry. With that, I'll turn it back over to JW.

Will Hodgson: We anticipate a strong Q4 for private events and are building towards a larger, more robust booking calendar for the year ahead. At the end of the day, we're super energized by the momentum across our portfolio and confident in the opportunities ahead as we continue shaping the future of this industry. With that, I'll turn it back over to JW.

At the end of the day, we're super energized by the momentum across our portfolio and confident in the opportunities ahead as we continue shaping the future of this industry.

With that I'll turn it back over to Jay W will thank you.

Listen if this quarter proved anything it's that momentum is real our model works and the future. We've been building toward is right in front of US as Terry mentioned next week box 365 days of being a publicly traded company and we are incredibly proud of what we've accomplished in that time. The team we have assembled here is.

J.W. Roth: Will, thank you. listen, if this quarter proved anything, it's that momentum is real. Our model works, and the future we've been building toward is right in front of us. As Terri mentioned, next week marks 365 days of being a publicly traded company, and we are incredibly proud of what we have accomplished in that time. The team we have assembled here is exceptional, working every day to create value, innovate, and push boundaries across the board. Over the past year, and even before that, we have seen that our momentum is real. Fans are responding, partners are eager to align with our vision, municipalities are engaging, and our shareholders are watching VENU evolve from an idea into an industry-defining enterprise.

JW Roth: Will, thank you. Listen, if this quarter proved anything, it's that momentum is real, our model works, and the future we've been building toward is right in front of us. As Terry mentioned, next week marks 365 days of being a publicly traded company, and we are incredibly proud of what we have accomplished in that time. The team we have assembled here is exceptional, working every day to create value, innovate, and push boundaries across the board. Over the past year and even before that, we have seen that our momentum is real. Fans are responding, partners are eager to align with our vision, municipalities are engaging, and our shareholders are watching Venue evolve from an idea into an industry-defining enterprise. As I've said before, we are a tide that rises all boats, and as we move into the fourth quarter, that tide is only getting stronger.

Exceptional working everyday to create value innovate and push boundaries across the board over the past year and even before that we have seen that our momentum is real fans are responding partners are eager to align with our vision municipalities are engaging and our shareholders are watching venue.

Well from an idea into an industry defining enterprise as I've said before we are at tide rises all boats and as we move into the fourth quarter that tide is only getting stronger with that said, let's go into our Q&A.

J.W. Roth: As I've said before, we are a tide that rises all boats, and as we move into Q4, that tide is only getting stronger. With that said, let's go into our Q&A.

JW Roth: With that said, let's go into our Q&A.

Thank you we will now begin the question and answer session. If you have dialed in and would like to ask a question. Please press star one on your telephone keypad Teresa Hannan joined the queue.

Operator: Thank you. We will now begin the question-and-answer session. 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 are called upon to ask your question and are listening via speakerphone on your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press star one to join the queue. Our first question comes from the line of Marty Calvert with Morgan Stanley. Your line is open.

Heather Atkinson: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press Star 1 on your telephone keypad to raise your hand and join a queue. If you would like to withdraw your question, simply press Star 1 again. If you are called upon to ask your question and are listening via speakerphone on your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press Star 1 to join the queue. Our first question comes from the line of Martin Calvert with Morgan Stanley. Your line is open.

If you would like to withdraw your question simply press Star one again.

As you all called upon to ask your question and our listening via Speakerphone on device. Please pick up your handset ensure that your phone is not amusement asking your question again Chris.

<unk> wanted to join the queue.

Okay.

And our first question comes from the line of Martin Calvert with Morgan Stanley. Your line is open thank.

Thank you so much over congrats on a great quarter everyone.

Marty Calvert: Thank you so much, operator. Congrats on a great Q, everyone. Wow, it was really good. The content announcements are kind of interesting. They single, you know, signal a new major vertical for VENU going forward. Can you talk about the digital content strategy going forward in 2026 and beyond and what you're thinking about that?

Martin Calvert: Thank you so much, Aubrie. Congrats on a great quarter, everyone. Wow, it was really good. The content announcements are kind of interesting. They signal a new major vertical for Venue going forward. Can you talk about the digital content strategy going forward in 2026 and beyond, and what you're thinking about that?

It was really good the constant announcements are kind of interested in a single.

Signal a major vertical for venue going forward can you talk about the.

Digital content strategy going forward in 2026, and beyond and what Youre thinking about that.

So Marty Thank you for your support and for your question. So.

J.W. Roth: Marty, thank you for your support and for your question. You know what, just to reiterate, you know, what Will had said, you know, this time last year, we had 4 holes for the 2025 season. This year, AEG has over 25 holes going into the 2026 season. There's absolutely no question that content is roaring at the forward and that we're gonna knock the cover off the ball there. You know, we also signed a booking agreement with Live Nation in Broken Arrow and we're excited about building that relationship with them there. We're just excited about that venue in total.

JW Roth: Marty, thank you for your support and for your question. Just to reiterate what Will had said, this time last year, we had four holds for the 2025 season. This year, AEG has over 25 holds going into the 2026 season. There is absolutely no question that content is roaring at the Ford, and that we're going to knock the cover off the ball there. We also signed a booking agreement with Live Nation in Broken Arrow, and we're excited about building that relationship with them there. We're just excited about that venue in total. As we continue to sort of focus in on this omni-content strategy of ours, this Primary Wave agreement becomes more and more important, and we are going to make more and more announcements about it.

To reiterate what.

We'll had said this time last year, we had four holes for the 2025 season. This year AEG has over 25 holes going into the 2026 season. So there's absolutely no question that content is roaring at before and that we're going to knock the cover off the off the ball there.

We also signed a booking agreement with live nation in broken Arrow.

And we're excited about building that relationship with them there and we're just excited about that venue in in in total.

But then beyond that as we continue to sort of focus in on this omni content strategy of ours. This primary wave agreement becomes more and more important.

J.W. Roth: Beyond that, you know, as we continue to sort of focus in on this omnichannel content strategy of ours, this Primary Wave agreement becomes more and more important, and we are going to make more and more announcements about it. The bottom line is, we're gonna be producing owned content. Owned content that will find its way into short-term residencies, premieres in our venues, and then eventually into streaming. I can tell you that every day we are laser focused on content at VENU.

And we are going to make more and more announcements about it but the bottom line is we're going to be producing owned content own content that will find its way into short term residencies premieres in our in our venues and then and then eventually into streaming. So I can tell you that every day. We are we are we are.

JW Roth: The bottom line is we're going to be producing owned content, owned content that will find its way into short-term residencies, premieres in our venues, and then eventually into streaming. I can tell you that every day we are laser-focused on content at Venue.

Laser focused on content.

<unk>.

GW. Thanks, so much.

Thank you.

Marty Calvert: J.W., thanks so much.

Martin Calvert: JW, thanks so much.

J.W. Roth: Thank you.

JW Roth: Thank you.

Our next question comes from the line of Ben <unk> with 24 seven market News your line is open.

Operator: Our next question comes from the line of Ben Hansel with 24/7 Market News. Your line is open.

Heather Atkinson: Our next question comes from the line of Ben Hamsell with 24/7 Market News. Your line is open.

J W. Congratulations on your upcoming one year anniversary, it's amazing what you've been able to accomplish so far and.

Ben Hansel: JW, congratulations on your upcoming one-year anniversary. It's amazing what you've been able to accomplish so far.

[Analyst]: JW, congratulations on your upcoming one-year anniversary. It's amazing what you've been able to accomplish so far. You recently released an updated appraisal on one property. I'm eager to see what the appraisals from the others look like. Do you have plans on doing that?

Recently released an updated appraisal on one property I'm eager to see what the appraisals from the others look like do you have plans on doing that.

J.W. Roth: Thanks.

Ben Hansel: You recently re-released an updated appraisal on one property. I'm eager to see what the appraisals from the others look like. Do you have plans on doing that?

First Ben Thanks for your support and for your question. The answer is yes. We are a we're currently in the process of appraising all nine of our properties.

J.W. Roth: First, Ben, thanks for your support and for your question. The answer is yes. You know, we're currently in the process of appraising all nine of our properties. I can tell you the number is going to be significant. As you know, you know, there's just, and always has been, there's just a disconnect, and it drives me crazy, there's a disconnect between the value of our properties, the true value of our properties and the value that we carry our real estate on our balance sheet. Let me give you an example about that. The reason I say it is because under GAAP, we have to carry all of our real estate on our balance sheet at basis.

JW Roth: First, Ben, thanks for your support and for your question. The answer is yes. We're currently in the process of appraising all nine of our properties, and I can tell you the number is going to be significant. As you know, there's just a, and always has been, there's just a disconnect, and it drives me crazy. There's a disconnect between the value of our properties, the true value of our properties, and the value that we carry, our real estate, on our balance sheet. Let me give you an example about that. The reason I say it is because under GAAP, we have to carry all of our real estate on our balance sheet at basis. While the value might be much, much higher, a contributed piece of property by a municipality sits on our balance sheet at zero. Let me give you an example.

And.

I can tell you that the number is going to be significant as you know, there's just and always has been there is just a disconnect and it drives me crazy, but theres a disconnect between the value of.

Of our properties the true value of our properties and the value that we carry our real estate on our balance sheet.

And let me give you an example about that so and the reason I say it is because under GAAP, we have to carry all of our real estate on our balance sheet at basis, and so while the value might be much much higher AR contributed piece of property by municipality sits on our balance sheet at zero. Let me give you. An example, let's pretend a municipality.

J.W. Roth: While the value might be much higher, a contributed piece of property by a municipality sits on our balance sheet at zero. Let me give you an example. Let's pretend a municipality comes along and contributes a $50 million piece of property to us as part of a development agreement for us to build in their community. Well, that ground, while it might be worth $50 million, goes on our balance sheet at zero. There is just an obvious disconnect between mark-to-market values and GAAP basis values on our balance sheet.

Along.

JW Roth: Let's pretend a municipality comes along and contributes a $50 million piece of property to us as part of a development agreement for us to build in their community. Well, that ground, while it might be worth $50 million, goes on our balance sheet at zero. There's just an obvious disconnect between mark-to-market values and GAAP basis values on our balance sheet. I look forward to, over the course of the next few weeks, as we wrap up these appraisals, to come out with announcements so that investors can get their heads around the true value of the assets that sit on our balance sheet. I appreciate the question.

And contributes a 50 million dollar piece of property to us as part of a development agreement for us to build in there and there are community while that ground, while it might be worth $50 million goes on our balance sheet at zero. So there is just there's just an obvious disconnect.

Between Mark to market values, and GAAP basis values on our balance sheet. So I look forward to over the course of the next few weeks as we wrap up these appraisals.

J.W. Roth: I look forward to, over the course of the next few weeks as we wrap up these appraisals, to come out with announcements, so that investors can get their heads around the true value of the assets that sit on our balance sheet. Again, I appreciate the question.

To come out with with our announcements.

So that investors can get their heads around the true value of.

Of the assets that sit on our balance sheet and again I appreciate the question.

Oh, Thank you I look forward to seeing what you and your team during the second here.

Ben Hansel: Oh, thank you. I look forward to seeing what you and your team do in the second year.

[Analyst]: Oh, thank you. I look forward to seeing what you and your team do in the second year.

Where youll be youll be impressed.

J.W. Roth: Thank you. Well, you'll be impressed.

JW Roth: Thank you. You'll be impressed.

Next question comes from the line of Keith B Arruda is financial Safari. Your line is open.

Heather Atkinson: Next question comes from the line of Pete De Arruda with Financial Safari. Your line is open.

Operator: Next question comes from the line of Pete Aruda with Financial Safari. Your line is open.

J W. Congratulations you already sell real excited but let me put you down for look at the 2026 and tell me what Youre most excited about.

Pete Aruda: J.W., congratulations. You already sound real excited, but let me pin you down to look into 2026, and tell me what you're most excited about.

Pete D'Arruda: J.W., congratulations. You already sound real excited, but let me pin you down to look into 2026, and tell me what you're most excited about.

[Analyst]: JW, congratulations. You already sound real excited, but let me pin you down for looking to 2026, and tell me what you're most excited about.

Yes.

First Pete Thanks for your support and I appreciate you as a shareholder and I. Thank you for the question I mean at the end of the day multi seasonal multi configurational and omni content venues right. What we are building is tomorrow's venue today and so the most exciting thing for me is the is the.

J.W. Roth: First, Pete, thanks for your support, I appreciate you as a shareholder, I thank you for the question. I mean, at the end of the day, multi-seasonal, multi-configurational, and omnichannel content venues, right? What we are building is tomorrow's venue today. The most exciting thing for me is the path that we're on to open Broken Arrow, open McKinney, and open El Paso. You know, there's never been multi-seasonal, multi-configuration, or omnichannel content venues built in the form of amphitheaters. This will be the first. It's a game changer, it's a game changer in almost every way. The bottom line is it's venue utilization, right? If I had to answer the question, it would...

JW Roth: First, Pete, thanks for your support, and I appreciate you as a shareholder, and I thank you for the question. I mean, at the end of the day, multi-seasonal, multi-configurational, and omni-content venues, right? What we are building is tomorrow's venue today. The most exciting thing for me is the path that we're on to open Broken Arrow, open McKinney, and then open El Paso. There's never been multi-seasonal, multi-configuration, or omni-content venues built in the form of amphitheaters. This will be the first. It's a game changer, and it's a game changer in almost every way. The bottom line is it's venue utilization, right? If I had to answer the question, the most exciting piece about what we're doing is we're changing the way your typical or your thought of amphitheater is utilized. Nothing grows the top line like venue utilization.

Path that we're on to open broken Arrow opened Mckinney and then open the open El Paso.

Never been multi seasonal mobile configuration or omni content venues built.

In the form of amphitheaters this will be the first.

And.

It is a game changer and it's a game changer in almost every way and in the bottom line is its venue utilization right. So if I had to answer the question. It was the most exciting piece about what we're doing is we're changing the way youre typical or your your thought of amphitheater has utilized.

J.W. Roth: The most exciting piece about what we're doing is we're changing the way, your typical or your thought of amphitheater is utilized. You know, nothing grows the top line like VENU utilization. It's more money for the season. There's just nothing more exciting about it. There's my answer, that's what we're building in Broken Arrow, McKinney, and El Paso.

Nothing grows the topline like venue utilization so it's more money for the it's more money for the season.

JW Roth: It's more money for the season, and there's just nothing more exciting about it. There's my answer, and that's what we're building: Broken Arrow, McKinney, and El Paso.

And Theres just nothing more exciting about it so theres my answer and that's our that's what we're building broken Arrow Mckinney and El Paso.

Looking forward to your success my brother, Thank you appreciate it.

Pete Aruda: Well, I'm looking forward to your success, my brother.

Pete D'Arruda: Well, I'm looking forward to your success, my brother.

[Analyst]: Well, I'm looking forward to your success, my brother.

JW Roth: Thank you. Appreciate it.

J.W. Roth: I thank you. Appreciate it.

No further questions in the queue that concludes our conference call for today before we sign off the company also wanted me to pass a friendly reminder.

Operator: With no further questions in the queue, that concludes our conference call for today. Before we sign off, the company also wanted me to pass a friendly reminder. If you would like to receive alerts for news, reports, or other filings, you may subscribe to them at investors.venu.live. Thank you so much for your participation. Have a great evening.

Heather Atkinson: No further questions in the queue. That concludes our conference call for today. Before we sign off, the company also wanted me to pass a friendly reminder. If you would like to receive alerts for news, reports, or other filing, you may subscribe to them at investors.venue.live. Thank you so much for your participation. Have a great evening.

If you would like to receive alerts for news reports are other filings you may subscribe to them at investors thought the new satellite. Thank you so much for your participation.

Evening.

Okay.

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