The Walt Disney Company (NYSE:DIS) FY Conference November 19, 2025 11:00 AM ET Company ParticipantsHugh Johnston - CFOConference Call ParticipantsSteven Cahall - Media and Cable AnalystSteven CahallThank you, and good morning, everyone. I'm Steven Cahall, media and cable analyst at our Wells Fargo TMT Summit, and we're fortunate to be joined by Hugh Johnston, The Walt Disney Company's Chief Financial Officer. Hugh, thank you for joining us.Hugh JohnstonHappy to be here.Steven CahallThere's a lot of debates ...

LISTEN | How airlines turned us all into class warriors:Cost of Living4:45How airlines turned us all into class warriorsWhen Jane Leckie got her second cancer diagnosis, she decided it was time for a splurge. So on her next trip, she sprung for business class. “I very much appreciated the improved service quality,” the Torontonian told Cost of Living. “It was the best thing ever and it’s absolutely true what they say, that once you’ve tasted business, going back to economy is almost impossible.”That trip to ...

Core Insights - Live Nation Entertainment continues to thrive in the live entertainment sector, reporting a 16% revenue growth in Q2, driven by increased concert attendance and a 33% rise in adjusted operating income [1][3][13] - The company welcomed 44 million attendees globally, a 14% increase year-over-year, with significant growth in stadium and international arena attendance [2][10] - Live Nation's dynamic pricing model allows for real-time adjustments based on demand, enhancing revenue capture and margin expansion [5][6] Revenue and Attendance - Concert revenue grew by 19%, while deferred revenue increased by 22%, indicating strong future performance [3][11] - The company has a robust pipeline of events and venues, with nearly all large venue shows booked through the end of 2025 [10][11] Pricing Strategy - CEO Michael Rapino highlighted that concert prices are still "underpriced," suggesting potential for further price increases [4][11] - The implementation of all-in pricing aims to improve transparency and customer satisfaction, addressing concerns over hidden fees [7][8] Global Expansion - Live Nation is focusing on international growth, particularly in Latin America, with plans to open 10 new large venues in 2026 [10][11] - The company is positioned to benefit from the ongoing demand for live experiences, supported by strategic investments and pricing power [13][14]

I would like all of you to close your eyes for just few seconds and think about this topic of dynamic pricing. Can you all just spend few seconds doing that. You can open your eyes.Now whenever I've asked this question to my audience, some of the common things that have popped up in people's mind is I'm trying to book a Uber taxi and suddenly the prices have gone up. I'm trying to book a flight ticket and my prices have gone up. And that's what you typically will associate with dynamic pricing that here are ...

Core Insights - The adoption of electronic shelf labels is increasing in grocery stores across America, with a projected growth of the global market from $1.85 billion in 2024 to $7.54 billion by 2033 [1] - Walmart plans to implement electronic shelf labels in 2,300 stores by 2026, which will significantly reduce the time required for price updates from two days to minutes [2] - Concerns have been raised by lawmakers regarding the potential for grocery stores to implement dynamic pricing, which could lead to price increases during high demand periods [3][4] Industry Growth - The electronic shelf label industry is expected to experience significant double-digit year-over-year growth in the foreseeable future [2] - Dynamic pricing enabled by electronic shelf labels could potentially reduce food waste by up to 21% [5] Company Responses - Kroger has stated that it does not engage in surge pricing and uses electronic shelf labels to better manage inventory and lower prices on perishable items [5] - Amazon has confirmed it has no plans to utilize surge or dynamic pricing [6]

Wendy's flirt with this idea of doing the surge pricing for burgers and they're trying to learn from the Uber. Wubber of course in this particular situation the surge pricing really helps the consumers. So there wasn't a whole lot of backlash when you surge pricing on the one hand you got to manage the demand simply because more people probably would decide that they're not going to take a Uber. They're going to take a subway take the bus and so on so forth.Most importantly, the surge pricing will help you ...

Core Viewpoint - Delta Air Lines has stated that it does not and will not use customers' personal data to set ticket prices, responding to concerns raised by senators regarding its collaboration with AI firm Fetcherr [1][2][3]. Group 1: Delta's Position on Pricing - Delta emphasized in a letter that it has never used, is not testing, and does not plan to use fare products that target customers with individualized prices based on personal data [3]. - The airline's ticket pricing model does not take personal data into account, as stated in their response to the senators [3]. Group 2: Senators' Concerns - Senator Mark Warner expressed encouragement by Delta's commitment to not using surveillance pricing but called for more transparency regarding Fetcherr's data collection practices [4]. - Senator Ruben Gallego criticized the potential for predatory pricing linked to Delta's use of AI, arguing that it is unfair and not competitive [5]. Group 3: AI and Pricing Strategy - Delta's President Glen Hauenstein referred to AI as a "super analyst" that has positively impacted unit revenues, suggesting a dynamic pricing model that is tailored to individual customers [4]. - The airline maintains that various market forces drive its dynamic pricing model, which has been a standard practice in the global industry for decades [5].

Core Viewpoint - Delta Air Lines will not use artificial intelligence to set personalized ticket prices for passengers following criticism from lawmakers regarding potential fare increases based on individual consumer data [1][3]. Group 1: AI Implementation Plans - Delta plans to deploy AI-based revenue management technology across 20% of its domestic network by the end of 2025 in partnership with Fetcherr, an AI pricing company [1][3]. - The airline emphasizes that its ticket pricing does not consider personal data and has never targeted customers with individualized prices based on such data [3][6]. Group 2: Industry Context and Reactions - Dynamic pricing has been utilized by airlines for over three decades, adjusting based on factors like customer demand, fuel prices, and competition, rather than individual consumer information [4]. - American Airlines CEO Robert Isom expressed concerns that using AI for ticket pricing could damage consumer trust, stating that it is not an appropriate practice [4].

Core Insights - Delta Air Lines is implementing an AI-powered personalized pricing system that tailors airfares to individual customers, with plans to expand its use to 20% of flights by the end of 2025 [1][3][19] - The initiative has sparked controversy, with lawmakers and advocacy groups labeling it as "predatory" and raising concerns about privacy and fairness [1][9][17] - Delta aims to gain a competitive edge by being a first mover in this pricing strategy, which is a significant shift from traditional pricing models [7][19] Company Strategy - Delta's AI pricing system is currently in a testing phase, being used on 3% of flights, and results so far have been described as encouraging by Delta's CEO [3][19] - The system adjusts prices based on individual behaviors such as booking history and device use, differentiating it from traditional dynamic pricing [4][5][6] - Delta's President emphasized that this approach represents a full reengineering of pricing strategies, aiming to provide individualized offers rather than static price grids [7][19] Industry Context - The practice of personalized pricing, also referred to as surveillance pricing, is already being utilized by various retailers and could lead to broader adoption in the airline industry [4][10][12] - Other airlines, including United and American, are also exploring AI in revenue management, indicating a potential trend in the industry [19] - The Federal Trade Commission has noted that surveillance pricing is prevalent in retail, with concerns about ethical implications and consumer privacy [10][13] Regulatory and Ethical Concerns - There are significant regulatory risks associated with personalized pricing, particularly in Europe where GDPR imposes strict limitations on data usage [1][17] - Concerns have been raised about potential discrimination and the possibility of lawsuits if consumers feel unfairly targeted by pricing algorithms [17][15] - Experts suggest that Delta may be overestimating its ability to accurately assess individual price sensitivity, which could lead to volatility in pricing decisions [13][14]

Core Insights - Live Nation Entertainment, Inc. (LYV) is experiencing strong global demand for live music, with high-profile tours selling out and robust consumer interest across markets, which supports its flywheel business model [1][7] - Rising costs related to artist production, logistics, labor, and infrastructure are challenging the company's scalability, as evolving cost structures could pressure profitability if not managed carefully [2][4] - The company is leveraging its vertical integration strategy by owning and operating more venues, which enhances control over margins through high-margin ancillary revenue streams [3][7] Financial Performance - LYV's shares have increased by 16.8% over the past three months, outperforming the industry average rise of 12.6% [5] - Despite recent gains, LYV is trading at a forward 12-month price-to-sales ratio of 1.27, significantly lower than the industry average, with Warner Music and IMAX at 2.41 and 3.66, respectively [9] - The Zacks Consensus Estimate for LYV's 2025 earnings per share has risen to $2.35, although a decline of 14.2% is anticipated for the year [12]