The live entertainment industry's artist-driven nature and high sensitivity to shifting public tastes, global tours schedules, and discretionary consumer spending. The company's strong competitive position in the live entertainment industry and its leading market share in event ticketing, with multiyear contracts. Its lower EBITDA margins due to high artist guarantees and increased competition from other concert promoters, despite having significant clout with artists. The company's growing EBITDA contribution from high-margin sponsorship and advertising with traditional and digital and mobile opportunities, and its improved on-site revenue generation. The company's aggressive debt leverage, coupled with our expectation that it will maintain adjusted leverage between 4.25x and 5x over the next 12 months. Its significant capital expenditures and working capital requirements. The stable
