Live Nation Entertainment, Inc.

I can't see them coming down my eyes, so I gotta make the song cry. I can't see them coming down my eyes, so I gotta make the song cry. Good dude, I know you love me like cuckoo, even though we gotta move like a crook move.

Good afternoon. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to Live Nation's First Quarter 2026 Earnings Call. I would now like to turn the call over to Ms. Amy Yang. Thank you, Ms. Yang. You may begin.

Good afternoon, and welcome to the Live Nation First Quarter 2026 Earnings Conference Call. Joining us today is our President and CEO, Michael Rapinoe, and our President and CFO, Joe Berktold. We would like to remind you that this afternoon's call will contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ, including statements related to their company's anticipated financial performance, business prospects, new developments, and similar matters. Please refer to Live Nation's SEC filings, including the risk factors and cautionary statements included in the company's most recent filings on forms 10-K, 10-Q, and 8-K for a description of risks and uncertainties that could impact the actual results. Live Nation will also refer to some non-GAAP measures on this call. In accordance with the SEC Regulation G, Live Nation has provided definitions of these measures and a full reconciliation to the most comparable gap measures in our earnings release. The release reconciliation can be found under the Financial Information section on Live Nation's website. With that, we will now take your questions. Operator?