Diversified Financials

capital investment / capacity affecting expense

“The increase for the three months ended September 30, 2025 was primarily driven by a $91 million increase in Concerts operating income, primarily I-30 Table of Contents driven by higher revenue as discussed above and lower acquisition expenses, partially offset by an increase in direct operating expenses to support more stadium shows and fan growth at events, higher selling, general and administrative expenses related to additional headcount and compensation expense, and higher depreciation and amortization expense related to capital expenditures incurred to support the increased operations.”

LLYVA 10-Q

demand / volume affecting revenue

“These increases were partially offset by a decrease in revenue tied to the Kentucky Derby of $11,436 thousand, due to lower demand in the current year as compared to the prior year (which had increased demand related to the 150th Anniversary of the Kentucky Derby), and a decrease related to the Super Bowl of $3,225 thousand, due to a reduction in experiential package offerings compared to the prior year.”

LLYVA 10-Q

demand / volume affecting expense

“The increases were partially offset by a decrease in estimated tax compliance expense of $8,443 thousand compared to the prior year (see note 14 to the consolidated financial statements for additional information) , and decreased expense related to hotel II-6 Table of Contents room packages of $6,821 thousand, the Kentucky Derby of $6,444 thousand and the Super Bowl of $2,007 thousand due to lower demand and experiential package offerings, as discussed above.”

LLYVA 10-K