Kutgun Maral

Rapino confirmed no slowdown in any genre, demographic, or geography. Middle East not material to routing. Consumers consider live shows paramount in annual social calendar.

Rapino targeting up to 30% premium in new arenas. Retrofitting amphitheaters from 1-5% premium to 25% with Vinyl Room and Back Lot concepts. Sees opportunity similar to sports arena evolution.

Berchtold confirmed accelerating returns: 20% from 2025 venues, 33% from 2026 openings, 50% organic. Each year adds more buildings to the funnel.

Berchtold declined specifics but pointed to 20%+ return on spend, with Venue Nation benefits cascading across sponsorship, on-site, promotion, and ticketing.

Rapino explained shift from static 3-tier pricing to dynamic market-specific pricing. Goal is to sell every seat by making back-of-house more affordable.

Berchtold declined to break out Venue Nation as standalone but noted two-thirds of sponsorship is venue-driven plus operating revenue from on-site spending.

David stated content creation will not be commoditized, IP value is actually enhanced by AI (cited Sora/Seedance engagement around Paramount characters). Plans to 10x engineering/AI headcount. Views AI as at an inflection point comparable to Digital Domain's 1992 optical-to-digital transition.

David gave examples (UFC, Zuffa Boxing, South Park, Duffer Brothers, Mangold/Chalamet film) but didn't break down the $1.5B allocation by category. Andy emphasized unified review of content spending across verticals with focus on top-line growth and value creation.

Naveen confirmed fundamental drivers are intact but hedged with macro uncertainty caveat, saying it's premature to quantify macro impact on earnings and cash flow. Not a clean reiteration.

Chris attributed outperformance to CBS broadcast strength and sports. Noted scatter up double digits as positive upfront indicator. Good feedback from advertising partners despite macro concerns.

George explained holistic negotiation approach across all tiers. Noted CBS is essential for any sports bundle. Acknowledged skinny bundles are here but questioned the value proposition relative to full bundle.

Brian described Domain as a committed partner with positive free cash flow and OI attributes. Noted structure helps spread production cash over more films.

Cavanagh framed Peacock profitability as improving on an annual basis, with quarter-to-quarter variation from sports and content timing.

Mike said Epic lifted all of Orlando with hotel ADR up 20% and occupancy up 3%. Park expected fully ramped by end of 2026. UK park approved at national level. Kids park opening in Frisco, Texas. Japan delivered second-best EBITDA year ever.

Mike set a very high bar for M&A, preferring to create value by running existing businesses well. Versant tracking for launch end of year.

Johnston outlined revenue growing faster than expenses across all line items. Content investment tilted toward international. SG&A savings from app consolidation. Will quantify 53rd week closer to Q4 and expects double-digit growth off adjusted base.

Iger highlighted repeat customer loyalty and geographic expansion as cruise growth drivers. Johnston pointed to multiyear Experiences guidance as the framework, noting newer ships booking even higher. Declined to break out cruise financials.

André said fiber JVs are reaching close to 20% penetration within 12 months with fully incremental revenue, and T-Mobile won't chase a homes-passed vanity number.

Mike rejected premise of unprecedented competitive spend, citing 26% FCF conversion and industry cash flows up 50% since 2022; customer lifetime values remain remarkably consistent.

Chris said no pressure for wireless owners economics given 87% offload already; views mobile as broadband extension. Jessica explained rural net add pace from hurricane timing, late-quarter passings, and cell phone Internet competition in rural areas.