Atlanta Braves Holdings Inc (BATRA) 2024 Q3 法說會逐字稿

Greetings, welcome to the Atlanta Braves Holdings 2024 third quarter Earnings Call. (Operator Instructions.). It is now my pleasure to introduce Jennifer Giglio, Senior Vice President of Communications. Thank you may begin.

大家好，歡迎參加亞特蘭大勇士隊控股公司 2024 年第三季財報電話會議。（操作員說明。）。現在我很高興向大家介紹傳播部資深副總裁 Jennifer Giglio。謝謝你可以開始了。

Good morning. Before we begin, we'd like to remind everyone that on today's call, management's prepared remarks may contain forward-looking statements, address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. A number of factors could cause actual results to differ materially from those anticipated, including those set forth in the risk factors section of our annual and quarterly report filed with the SEC.

早安.在開始之前，我們想提醒大家，在今天的電話會議上，管理層準備的講話可能包含前瞻性陳述，涉及可能導致實際結果與今天討論的結果不同的風險和不確定性問題。許多因素可能導致實際結果與預期結果有重大差異，包括我們向 SEC 提交的年度和季度報告的風險因素部分中列出的因素。

Forward-looking statements are based on current expectations, assumptions and beliefs as well as information available to us at this time and speak only as of the date they are made and management undertakes no obligation to update publicly any of them in light of new information or future events during this call, we will discuss certain non-GAAP financial measures including adjusted way.

前瞻性陳述基於當前的預期、假設和信念以及我們目前可獲得的信息，僅代表截至其作出之日的情況，管理層不承擔根據新信息或新信息公開更新其中任何內容的義務。在電話會議期間，我們將討論某些非公認會計原則財務措施，包括調整方式。

The full definitions of these non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the form 10-Q and earnings press release available on the company's website. Now, I'd like to turn the call over to Terry McGuirk, President, and CEO of Atlanta Braves Holdings.

這些非 GAAP 財務指標的完整定義以及與可比較 GAAP 財務指標的調整表包含在公司網站上的 10-Q 表格和收益新聞稿中。現在，我想將電話轉給亞特蘭大勇士隊控股公司總裁兼執行長 Terry McGuirk。

Good morning and welcome to the Atlanta Braves Holdings third quarter, 2024 Earnings Call. I want to start briefly discussing the updates to voting and governance arrangements that the Atlanta Braves holdings previously disclosed in August, these updates which have been approved by Major League baseball further empower our Atlanta based management team to lead this organization and make decisions that we believe will create value for our shareholders.

早安，歡迎參加亞特蘭大勇士隊控股公司 2024 年第三季財報電話會議。我想開始簡要討論亞特蘭大勇士隊控股公司之前在八月份披露的投票和治理安排的更新，這些更新已得到美國職棒大聯盟的批准，進一步授權我們位於亞特蘭大的管理團隊領導這個組織並做出我們認為的決策將為我們的股東創造價值。

We're excited about the future of the organization and I speak for the entire Braves management team when I say that we are grateful for the continued support of John Malone and Liberty media. The Atlanta Braves is a franchise defined by excellence both on and off the field. We hold ourselves to the highest standards to benefit our fans, our partners and you, our shareholders.

我們對組織的未來感到興奮，當我說我們感謝約翰馬龍和自由媒體的持續支持時，我代表整個勇士隊管理團隊發言。亞特蘭大勇士隊是一支在球場內外都表現出色的球隊。我們堅持最高標準，以使我們的粉絲、合作夥伴以及您（我們的股東）受益。

The team is coming off another exciting season with our seventh consecutive trip to the post season while we fell short of our ultimate goal of winning another World Series, our players showed fight and perseverance that made us all proud. We are confident in the leadership of our team, the talent on the field and our ability to compete and win at the highest level.

球隊即將迎來又一個激動人心的賽季，我們連續第七次進入季後賽，雖然我們未能實現贏得另一場世界大賽的最終目標，但我們的球員表現出了鬥志和毅力，這讓我們所有人感到自豪。我們對團隊的領導力、場上的人才以及在最高水準上競爭和獲勝的能力充滿信心。

As shareholders that the team we put on the field is just one important piece of the organization. We are really a multifaceted business that includes an incredible in stadium experience at Truist Park, a multi-use real estate development around our ballpark called the Battery Atlanta and media and entertainment assets.

身為股東，我們派上場的團隊只是組織的重要組成部分。我們確實是一家多元化的企業，其中包括在 Truist Park 提供令人難以置信的體育場體驗、我們棒球場周圍的多用途房地產開發項目（稱為亞特蘭大砲台）以及媒體和娛樂資產。

For our third consecutive year, we welcomed more than 3 million to the ballpark during the season and millions more tuned in on television and radio. The Battery Atlanta continues to be a top live work and play destination in the Southeast and a leading example of a mixed-use development anchored by a sports venue.

連續第三年，我們在賽季期間迎來了超過 300 萬人來到球場，還有數百萬人收看電視和廣播。亞特蘭大砲台仍然是東南部頂級的生活工作和娛樂目的地，也是以體育場館為基礎的綜合用途開發的領先典範。

As we look to next year, that we will have the opportunity to host the major league baseball All-Star game. We thank Major League baseball for the opportunity to welcome fans from around the world to Atlanta and showcase Truist Park and the Battery Atlanta on the national stage.

展望明年，我們將有機會主辦美國職棒大聯盟全明星賽。我們感謝美國職棒大聯盟給我們機會歡迎世界各地的球迷來到亞特蘭大，並在國家舞台上展示 Truist 公園和亞特蘭大砲台。

We understand the significance of our role as a part of Braves country which comes with the privilege and responsibility of supporting our community. We continue our work through the Atlanta Braves Foundation and Henry Lewis Aaron funds to create tangible impact that benefits not only Braves fans but the entire Southeast region that they call home.

我們了解作為勇士隊國家一部分的重要性，這伴隨著支持我們社區的特權和責任。我們繼續透過亞特蘭大勇士隊基金會和亨利劉易斯亞倫基金開展工作，創造切實的影響，不僅使勇士隊球迷受益，而且使他們稱之為家鄉的整個東南地區受益。

As we begin this new chapter in the history of the Atlanta Braves. I want to reaffirm that we understand the unique responsibility we have being the only publicly traded major league baseball team. It's one that we have prepared for and that we do not take lightly. We look forward to meeting many of you in the coming weeks at Liberty Investor Day and beyond that, as part of our regular engagement with investors and analysts.

當我們開始亞特蘭大勇士隊歷史的新篇章。我想重申，我們理解作為唯一一家公開交易的大聯盟棒球隊所肩負的獨特責任。我們已經為此做好了準備，並且不會掉以輕心。作為我們與投資者和分析師定期接觸的一部分，我們期待在未來幾週的自由投資者日及之後與你們中的許多人見面。

And now I will turn over the call to Derek and Jill who will walk you through the results from the quarter.

現在我將把電話轉給德里克和吉爾，他們將向您介紹本季的結果。

Thanks Terry and good morning to all, the team finished with an 89 and 73 record in the 2024 season, ultimately making the 2024 MLB playoffs, as Terry said for the seventh straight season before losing in the wild card series to the San Diego Padres. We had strong performances from key players throughout the season including from (inaudible) who led the team in all major offensive statistics as well as Chriss who became the first player in franchise history to win the pitching triple crown leading the national league in wins, (inaudible) and strikeouts, Chris, one player choice NL outstanding pitcher and NL comeback player of the year awards.

感謝特里，大家早上好，球隊在2024 賽季以89 和73 的戰績結束，最終進入2024 年美國職棒大聯盟季後賽，正如特里在外卡系列賽中輸給聖地亞哥教士隊之前連續第七個賽季所說的那樣。整個賽季我們的關鍵球員都表現出色，包括在所有主要進攻數據上領先球隊的（聽不清）以及克里斯，他成為球隊歷史上第一位贏得投手三冠王並在全國聯盟勝場數中領先的球員，（聽不清楚）和三振，克里斯，一名球員選擇國聯傑出投手和國聯年度復出球員獎。

It was another exciting year in which we sold over 3 million tickets for the third straight year, which was the fifth highest total in major league baseball. Heading into the season there continues to be a 20,000-person waiting list for season tickets, and we have seen high renewal rates to date on season tickets for 2025. Overall our fans continue to love their experience at Truist Park and the Battery Atlanta.

這又是激動人心的一年，我們連續第三年售出超過 300 萬張門票，在美國職棒大聯盟中排名第五。進入本賽季，仍有 20,000 人等待季票，迄今為止我們發現 2025 年季票的續訂率很高。總的來說，我們的球迷仍然喜歡他們在 Truist Park 和亞特蘭大砲台的體驗。

In fact, MLB recently completed a league wide fan survey, and the Braves ranked number one in overall guest experience. We are proud of this response from our fans but remain committed to continuing to make the experience even better to that end, we will begin further upgrades to the ballpark ahead of the 2025 season. This includes a new seating product called the Bullpen, which includes access to the an exclusive lounge underneath seats and an extension of the Coors Light Chop house seating area among other to be announced enhancements.

事實上，美國職棒大聯盟最近完成了一項全聯盟球迷調查，勇士隊在整體賓客體驗方面排名第一。我們對球迷的這一回應感到自豪，但我們仍然致力於繼續提供更好的體驗，為此我們將在 2025 賽季之前開始對球場進行進一步升級。其中包括一種名為 Bullpen 的新座椅產品，其中包括使用座椅下方的專屬休息室以及 Coors Light Chop house 座椅區的延伸以及其他即將宣布的增強功能。

While the pending bankruptcy, proceedings of Diamond Sports Group LLC has not previously had a material unfavorable impact on the company's revenue and the company has received scheduled payments to date. We cannot currently predict whether such bankruptcy proceeding is reasonably likely to have a material unfavorable impact on our revenue in the future.

雖然即將破產，但 Diamond Sports Group LLC 的訴訟先前並未對公司的收入產生重大不利影響，且該公司迄今已收到預定付款。我們目前無法預測此類破產程序是否有可能對我們未來的收入產生重大不利影響。

We have seen several of the master planning projects completed earlier this year already adding value and enhancing the fan experience. So we're excited to see how these additional upgrades improve the fan experience for next season. Simply put the battery, Atlanta has become a must visit attraction for folks across Atlanta, the southeast, the country and the world.

我們看到今年早些時候完成的幾個總體規劃項目已經增加了價值並增強了球迷體驗。因此，我們很高興看到這些額外的升級如何改善下個賽季的球迷體驗。簡而言之，亞特蘭大已經成為亞特蘭大、東南部、全國乃至全世界人們必去的景點。

As I turn over to Jill to discuss the financial performance. I want to remind everyone that braves holdings revenue is seasonal with the majority of revenue recognized during the second and third quarters, which aligns with the baseball season.

當我轉向吉爾討論財務表現時。我想提醒大家的是，勇敢者控股的收入是季節性的，大部分收入是在第二季和第三季確認的，這與棒球季一致。

And with that, I'll turn things over to Jill to discuss the company's financial.

接下來，我會將事情交給吉爾討論公司的財務問題。

Thanks, Derek. Total revenue grew $291 million in the third quarter 2024 up from $272 million in the third quarter of 2023. As a reminder, the company manages its business based on the following reportable segments, baseball and mixed-use development.

謝謝，德里克。2024 年第三季的總營收從 2023 年第三季的 2.72 億美元成長到 2.91 億美元。提醒一下，該公司根據以下可報告部門、棒球和混合用途開發來管理其業務。

There were 41 home games played in the third quarter of 2024 compared to 37 home games in the prior year period. For baseball revenue, the company saw $273 million in the third quarter of 2024. Up from $256 million in the prior year period. Primarily due to new sponsorship agreements and contractual rate increases on season tickets and existing sponsorship contracts partially offset by reduced attendance at regular home season games.

2024 年第三季有 41 場主場比賽，去年同期為 37 場。就棒球業務而言，該公司 2024 年第三季的營收為 2.73 億美元。高於去年同期的 2.56 億美元。主要是由於新的贊助協議和季票合約費率的增加以及現有的贊助合約被常規主場比賽上座率的減少部分抵消。

Additionally, other revenue increased due to additional concerts at Truist Park for mixed use development revenue the company saw $17 million in the third quarter of 2024 Up from $16 million in the prior year period, primarily due to increases in parking and rental income.

此外，由於在Truist Park 舉辦更多音樂會，混合用途開發收入增加，該公司2024 年第三季的其他收入為1,700 萬美元，高於去年同期的1,600 萬美元，這主要是由於停車和租金收入的增加。

However, due to higher baseball operating costs, the company's operating income fell to $6 million in the third quarter of 2024 after seeing operating income of $16 million in the prior year period.

然而，由於棒球營運成本上升，該公司的營業收入在去年同期為 1,600 萬美元後，在 2024 年第三季下降至 600 萬美元。

In addition, the company's adjusted OIBDA fell to $31 million in the third quarter from [$49 million] in the prior year period. Baseball operating costs increased primarily due to increases in major league player salaries. MLB's revenue sharing payments and minor league team and player expenses.

此外，第三季該公司調整後的 OIBDA 從去年同期的[4,900 萬美元]降至 3,100 萬美元。棒球營運成本的增加主要是由於大聯盟球員薪資的增加。美國職棒大聯盟 (MLB) 的收入分成付款以及小聯盟球隊和球員的費用。

As of September 30, 2024, the company had [$100.9 million] of cash and cash equivalents. Substantially, all of our cash and cash equivalents are invested in us treasury securities, other government securities or government guaranteed funds. AAA rated money market funds and other highly rated financial and corporate debt instruments. ABH is a compliance with all financial debt covenants as of September 30, 2024.

截至 2024 年 9 月 30 日，該公司擁有[1.009 億美元]現金和現金等價物。實質上，我們所有的現金和現金等價物都投資於美國國債、其他政府證券或政府擔保基金。AAA 評級的貨幣市場基金和其他評級較高的金融和企業債務工具。ABH 遵守截至 2024 年 9 月 30 日的所有金融債務契約。

And with that operator, let's open the line for questions.

和那個接線員一起，讓我們打開提問熱線。

Thank you. If you would like to ask a question, (Operator Instructions.)

謝謝。如果您想提問，（操作員說明。）

Our first question is from Ben Swinburne with work and Stanley. Please proceed.

我們的第一個問題來自本·斯威本（Ben Swinburne）的工作和史丹利。請繼續。

Thanks. Good morning. Two questions and you have the investor event coming up. So you probably don't want to front run that too much, but I'd love to hear maybe Terry or Derek if you want to talk about kind of the biggest kind of growth opportunities you see for the business over the next several years. You mentioned some of the stadium enhancements for '25.

謝謝。早安.有兩個問題，投資者活動即將舉行。所以你可能不想太多領先，但如果你想談論你在未來幾年看到的業務最大的成長機會，我很想聽聽特里或德里克。您提到了 25 年體育場的一些增強功能。

But about longer term, like how do you think about driving revenue and cash flows over a multiyear period with the assets that you have? And then I just was curious on the financials nice growth in EBITDA year on year. So far this year, you're still slightly negative cash from operations and CapEx is up a decent amount. I wonder if you could just help us think about the conversion of EBITDA to free cash flow this year and in general for the business, as you look ahead. Thanks.

但從長遠來看，您如何考慮利用您擁有的資產在多年內推動收入和現金流？然後我只是對 EBITDA 的財務狀況同比良好增長感到好奇。今年到目前為止，您的營運現金仍然略有負數，而資本支出卻增加了相當多的金額。我想知道，當您展望未來時，您是否可以幫助我們考慮今年將 EBITDA 轉換為自由現金流以及整個業務的自由現金流。謝謝。

Yeah, thanks for your question. Is Derek I'll respond; it relates to revenue growth we have obviously a very substantially well performing business. We're continuing as you've heard to invest into both sides of the business being the ballpark as well as the battery. And there's still a lot of upside in both areas.

是的，謝謝你的提問。是德瑞克嗎，我會回應；這與收入成長有關，我們的業務顯然表現非常良好。正如您所聽說的那樣，我們將繼續投資於球場和電池等業務的兩個方面。這兩個領域仍然有很大的上升空間。

We talked about the master plan projects; we're continuing to invest in the Truist Park and the way that we look at it is each project has an eventual return on investment. So we study that closely and look at what are the best things that we should be doing for the future investing in those. Overall where the key guidance is for us, is it good for the fans? And ultimately, if it's good for the fans, it's going to be good for the business, in the batteries, there's, still upside and room for growth.

我們討論了總體規劃項目；我們將繼續投資 Truist Park，我們看待它的方式是每個項目都有最終的投資回報。因此，我們仔細研究這一點，看看我們應該為未來的投資做哪些最好的事情。總的來說，對我們來說關鍵的指導在哪裡，對粉絲有好處嗎？最終，如果這對粉絲有利，對企業也有利，在電池方面，仍然有上升空間和成長空間。

We're continuing to reinvest into the battery and trade out where we need to trade out leases for higher performing leases, bring in better tenants and we'll continue to do that as well as evaluate new opportunities. So I still think there's really a lot of room for growth for us, Jill, do you want to answer the financial question? Yes.

我們將繼續對電池進行再投資，並在需要將租賃換成績效更高的租賃時進行換購，引入更好的租戶，我們將繼續這樣做並評估新的機會。所以我仍然認為我們確實有很大的成長空間，吉爾，你想回答財務問題嗎？是的。

Thanks Derek. You mentioned EBITDA and I'll address the question focusing on OIBDA, the baseball OIBDA on a year over year basis has declined despite growth in revenues, primarily due to increasing expenses, specifically around player payroll and all the revenue sharing and minor league costs from an operating cash flow perspective what you're seeing is the decrease in cash primarily tied to beyond operating results. Our capital improvements specifically around the master planning project.

謝謝德里克。您提到了 EBITDA，我將重點討論 OIBDA 問題，儘管收入有所增長，棒球 OIBDA 仍同比下降，這主要是由於費用增加，特別是圍繞球員工資以及所有收入分享和小聯盟成本的增加。流角度來看，您看到的現金減少主要與經營績效以外的因素有關。我們的資本改善特別圍繞著總體規劃項目。

Thank you so much.

太感謝了。

Our next question is from Barton Crockett with Rosenblatt Securities. Please proceed.

我們的下一個問題來自羅森布拉特證券公司的巴頓·克羅克特。請繼續。

Okay. Hi. Thanks for taking the question, I wanted to step back for a second and it kind of inaugural independent call for you guys and just get kind of a sense of how you kind of frame what you are and what your opportunity is, and on a number of accounts first off, how do you think you create value? Is it by growing cash flow or is it by creating asset value that's not necessarily measured in cash flow, which might be more typical of what we see with kind of sports teams.

好的。你好。感謝您提出這個問題，我想退後一步，這是對你們的首次獨立呼籲，只是了解一下你們如何構建自己的形像以及機會是什麼，以及一些數字首先，您認為你們如何創造價值？是透過增加現金流還是透過創造不一定以現金流來衡量的資產價值，這可能更常見於我們在運動隊伍中看到的情況。

Why do you need to be a public company versus the more traditional structure of being private? And there puts and takes in terms of private companies have an ability sometimes to fund cash flow losses just to invest in success. That may not be so possible as a public company. And if you are public are there some advantages from that?

為什麼您需要成為一家上市公司，而不是更傳統的私人公司結構？就私人公司而言，有時有能力為現金流損失提供資金，只是為了投資成功。作為一家上市公司，這可能不太可能。如果你是公眾人物，這樣做有什麼好處嗎？

Like there's been speculation that there could be an opportunity to roll up maybe more sports teams into, a public structure like what you have. So if you could give us some kind of sense of strategically why you should be what you are and where you expect to take it. That would be interesting.

就像有人猜測可能有機會將更多的運動隊伍聚集到像你這樣的公共結構中。所以，如果你能給我們某種戰略意義，說明為什麼你應該成為現在的樣子，以及你期望將它帶到何處。那會很有趣。

Well, I'll start off this is Terry Mcgurk, saying that as a management group we so appreciate the confidence that John Malone has in us and the vote of approval he has given us going forward. Our goal every year is to win a World Series. We have a terrific management team, a great baseball operations head in (inaudible).

好吧，首先我是特里·麥格克，他說作為一個管理團隊，我們非常感謝約翰·馬龍對我們的信心以及他對我們前進的支持。我們每年的目標都是贏得世界大賽。我們擁有一支出色的管理團隊，一位出色的棒球營運主管（聽不清楚）。

And we strive each year to give him adequate payroll to actually put a team on the field that has the capability of winning the World Series. And this is sort of a pretty broad answer to your question, but the greatest way we can drive value is by winning and the playoffs are the ultimate goal and both financially and statistically, and part of it's just part of our DNA and we have something very special that we built here and I'll turn it over to my colleagues for some other comments from your questions.

我們每年都努力為他提供足夠的工資，讓他真正組建一支有能力贏得世界大賽的球隊。這是對你的問題的一個相當廣泛的答案，但我們驅動價值的最好方法是獲勝，季後賽是最終目標，無論是在財務上還是在統計上，它的一部分只是我們DNA 的一部分，我們有一些東西我們在這裡建造的非常特別，我會將其轉交給我的同事，以徵求您的問題的其他評論。

Yeah, thanks, Terry. What I would add is when you look at these businesses and specifically sports teams, one of the things that we're trying to do each, and every year is trying to grow top line revenue. And we are constantly striving to increase the amount of revenue coming into the business that is a key metric and one that we have been doing successfully over the years if you look at our history and the growth rate.

是的，謝謝，特里。我要補充的是，當你看看這些企業，特別是運動隊伍時，我們正在努力做的事情之一，每年都在努力增加營收。我們不斷努力增加業務收入，這是一項關鍵指標，如果你看看我們的歷史和成長率，我們多年來一直在成功地做到這一點。

So when we talk about things like our master plan projects, the investments we have there in the ballpark or the battery or the opportunity, ultimately with new media opportunities and things like that, you also get a sense for what we can do with those and how those relate to revenue. And it's just a good reminder also to just we have an enormous territory from which we operate. And we still think that we have significant room for growth in capitalizing all of the opportunity amongst that. There's some $34million, $35 million people in our defined territory and we're striving to reach those as well as all the fans outside of that territory as well.

因此，當我們談論我們的總體規劃項目、我們在球場或電池或機會方面的投資，最終還有新媒體機會之類的事情時，您也會了解我們可以利用這些和這些與收入有何關係。這也是一個很好的提醒，提醒我們我們的營運範圍廣闊。我們仍然認為，在利用其中的所有機會方面，我們還有很大的成長空間。在我們定義的領域內有大約 3400 萬美元、3500 萬美元的用戶，我們正在努力覆蓋這些人以及該領域之外的所有粉絲。

Okay. Thank you. If I could just follow up, one of the elements that I put into that the question of rolling up other sports teams into a public structure that doesn't sound like that's on your radar screen. You seem very focused on the braves. Is that a correct kind of read?

好的。謝謝。如果我能跟進的話，我提出的一個要素就是將其他運動隊納入一個公共結構的問題，這聽起來不像是在你的雷達螢幕上。你似乎非常關注勇敢者。這是正確的閱讀方式嗎？

That's correct. We're absolutely laser focused on what we just talked about all the growth opportunities inside of this envelope. And this management team is really focused on the growth ahead.

這是正確的。我們絕對專注於我們剛才談到的這個信封內的所有成長機會。這個管理團隊確實專注於未來的成長。

Okay. And then if I could just have one final question here just turning to the diamond and local TV sports generally, in terms of the arrangements there, can you give us a sense of you no longer can say that you have confidence that there won't be a material negative from diamond.

好的。然後，如果我可以在這裡提出最後一個問題，一般來說，就鑽石和當地電視體育賽事而言，就那裡的安排而言，你能否讓我們感覺到你不再可以說你有信心不會有這樣的事情發生？

Could you elaborate on a little bit more on what's behind that? We know they've gone bankrupt, but we that there's some discussions, what would be the puts and takes in terms of what would make it work versus not work for you. And ultimately, what do you think is the answer here? what in your mind would be the ideal structure for local TV rights for the Braves and MLB to maximize value in the future if you could just wave a line to make it happen.

能詳細說明一下背後的原因嗎？我們知道他們已經破產了，但我們知道有一些討論，什麼是看跌期權和採取的措施，以使其對您有用或不可用。最終，您認為答案是什麼？在您看來，勇敢者隊和美國職棒大聯盟的本地電視轉播權的理想結構是什麼，以便在未來實現價值最大化，如果您只需揮動一條線即可實現這一目標。

Sure. Well again, restating what we've talked about Diamond is in bankruptcy. So we are obviously following on to what happens with that bankruptcy. There's a number of dates upcoming that we'll be watching closely and trying to understand that. One of the things that I'll remind you and everybody else thinking about this business is we're not just waiting for bankruptcy to be defining what might happen, but also studying what are the potential opportunities for us.

當然。好吧，再次重申我們所說的鑽石正在破產。因此，我們顯然正在跟進破產事件的進展。我們將密切關注並試圖了解即將到來的許多日期。我要提醒您和其他所有考慮這項業務的人的一件事是，我們不僅要等待破產來確定可能發生的情況，還要研究我們的潛在機會是什麼。

And so for us, we're going to be prepared for any eventual outcome, no matter what happens. We think we're in a very enviable position. It's a good reminder to talk once again about the territory. We have one of the largest television territories in sports and we have an opportunity we think to capitalize even further on that territory. Should those rights come back to us? But right now we're watching closely the bankruptcy and seeing what might happen.

因此，對我們來說，無論發生什麼，我們都會為任何最終結果做好準備。我們認為我們處於一個非常令人羨慕的位置。這是一個很好的提醒，讓我們再次談論這片領土。我們擁有體育界最大的電視領域之一，我們認為我們有機會進一步利用該領域。這些權利應該歸還給我們嗎？但現在我們正在密切關注破產事件並看看可能會發生什麼。

Our next question is from David Joyce with Seaport Research Partners. Please proceed.

我們的下一個問題來自 Seaport Research Partners 的 David Joyce。請繼續。

Thank you a couple of questions. First, you had some acceleration in concert activity. What is the opportunity to expand that? Is that more of a strategic add on? And does do you think the climate and weather that enables you to expand that kind of (inaudible) the calendar be much beyond the current baseball season.

謝謝你幾個問題。首先，音樂會活動加速。擴大這範圍的機會是什麼？這更像是一種戰略附加嗎？您是否認為氣候和天氣使您能夠將這種（聽不清楚）日曆擴展到當前棒球賽季之外？

And secondly, with the master plan, you've already developed a lot of the property beyond the park and the battery. If there are any further plans for real estate development. Are you pretty much filled up at this point? Thanks.

其次，根據總體規劃，您已經開發了公園和砲台之外的許多房地產。是否還有進一步的房地產開發計畫。此時你已經很飽了嗎？謝謝。

Thank you for your question. So, on the concerts and special events, what I would tell you as more fans have come to Truist Park in the Battery, they've obviously enjoyed themselves. As I said, we've got rated as the number one overall guest experience from the voice of consumer study that was done by major league baseball. So, and people when they come here, they have a really good time.

謝謝你的提問。因此，在音樂會和特別活動上，我可以告訴你，隨著越來越多的歌迷來到砲台的 Truist 公園，他們顯然玩得很開心。正如我所說，根據美國職棒大聯盟進行的消費者研究聲音，我們被評為整體賓客體驗第一。所以，當人們來到這裡時，他們會度過一段非常愉快的時光。

And for us, outside of baseball games, we're certainly studying the opportunities that exist. So we are working closely with all of the promoters out there to try to bring as many non-game day concerts here. That's one area. But I would also tell you there's a lot of other special event opportunities that we can have we're hosting in fact, very soon we're hosting a golf event that will take place at Truist Park among many other types of special events.

對我們來說，除了棒球比賽之外，我們當然也在研究存在的機會。因此，我們正在與所有主辦方密切合作，試圖在這裡舉辦盡可能多的非比賽日音樂會。那是一個區域。但我也要告訴您，我們還可以舉辦許多其他特別活動的機會。

And we think this facility lends itself to an even greater amount of non-game day special events. So we're working closely with our team and trying to harness that and develop that as it relates to the question about the battery. Certainly, we're studying all of the opportunities with the battery. There is some undeveloped real estate that's associated with the battery. We continue to look at that. And, and try to figure out the opportunities that might exist for that.

我們認為這個設施適合舉辦更多的非比賽日特別活動。因此，我們正在與我們的團隊密切合作，並嘗試利用並開發它，因為它與電池問題有關。當然，我們正在研究電池的所有機會。有一些與電池相關的未開發房地產。我們將繼續關注這一點。並且，並嘗試找出可能存在的機會。

And as a reminder something I talked about a little bit earlier is when we look at the battery and the leases that we have, we also can upgrade and transition those types of opportunities to make those, even better for the experience of our guests, but also for the financial results that they have we're always looking for better performing assets here at the battery.

提醒一下，我之前談到的是，當我們查看電池和我們擁有的租賃時，我們還可以升級和過渡這些類型的機會，以使這些機會更好地為我們的客人提供體驗，但是另外，對於他們的財務業績，我們一直在尋找性能更好的電池資產。

All right. Thank you, Derek.

好的。謝謝你，德里克。

Our next question is from Matthew Harrigan with Benchmark. Please proceed.

我們的下一個問題來自 Benchmark 的 Matthew Harrigan。請繼續。

Thank you. Two questions. One, do you have any new commentary on sports betting? Both from an overall MLB perspective and then from the perspective of the Braves with reference to what happens in Georgia. And then secondly, this is a small change compared to TV, rights, and all that. But the NBA and Medics are really, (inaudible) is really push in their NBA product really heavily.

謝謝。兩個問題。一，您對體育博彩有什麼新的評論嗎？既從美國職棒大聯盟的整體角度來看，又從勇士隊的角度來看喬治亞州發生的事情。其次，與電視、版權等相比，這只是一個小小的改變。但 NBA 和 Medics 確實（聽不清楚）非常大力地推廣他們的 NBA 產品。

You've done some things with Medics on home run derby and all that. But do you have any thoughts about the video game market and even a R&D R? obviously, it's not (inaudible) NBA, but it still feels like it has the possibilities in the long run and certainly some right now as well. Thank you.

你已經在全壘打德比中與醫療隊一起做了一些事情。但是您對電玩市場甚至研發有什麼想法嗎？顯然，這不是（聽不清楚）NBA，但從長遠來看，它仍然給人一種可能性，當然現在也有一些可能性。謝謝。

Yeah, thank you for your questions. On the sports betting question. We are frustrated that sports betting is not yet legalized here in Georgia and we continue to put it out there that we would support legalized sports betting. We think it's good for the game and it's something that with regulation helps with all types of controls to make sure it's done in the right way as opposed to in the back corners and out of the light, we've seen that sports betting is getting legalized throughout the country.

是的，謝謝你的提問。關於體育博彩問題。我們對體育博彩在喬治亞州尚未合法化感到沮喪，我們繼續表示我們將支持體育博彩合法化。我們認為這對比賽有好處，而且監管有助於所有類型的控制，以確保以正確的方式進行，而不是在後角和光線之外，我們已經看到體育博彩正在變得越來越重要在全國合法化。

In fact, there's most recent election here last night, we saw another state that legalized sports betting. So our hope is that the politicians here in Georgia will legalize that and do that. We're working closely to see that that happens on the question about media, major league baseball sports in general and then specifically the Braves we're all trying to figure out what are the opportunities that are out there for us to capitalize on new media opportunities, including whether it be ARR the use of AI, the various types of ways that we can bring new and unique content to our fans.

事實上，昨晚這裡有最近的選舉，我們看到另一個州將體育博彩合法化。因此，我們希望喬治亞州的政治家能夠將其合法化並做到這一點。我們正在密切合作，以確保這種情況發生在有關媒體、大聯盟棒球運動的問題上，特別是勇士隊，我們都在努力找出我們利用新媒體的機會機會，包括是否是ARR、人工智慧的使用，以及我們可以為粉絲帶來新的、獨特的內容的各種方式。

We've doubled in that in the past and we continue need to look at the opportunities there. I don't think anybody's got a perfect solution on that, we want to be players in that and see what the opportunities are, but I don't think we have anything specific to announce or go through at this point in time.

過去我們在這方面已經翻了一番，我們仍然需要尋找那裡的機會。我認為沒有人能在這方面找到完美的解決方案，我們希望成為其中的參與者，看看有什麼機會，但我認為我們目前沒有任何具體的消息要宣布或進行。

Hopefully fewer injuries next season.

希望下個賽季傷病能夠少一些。

Yes, sir.

是的，先生。

All right, with that I'm going to close it out. We appreciate your time and attention. We thank you all of you for your questions and we look forward to seeing many of you in New York at Liber Liberty Media's Investor Day on November 14. With that, we'll close it out operator and I'll say in final go bridge.

好吧，我要結束它了。我們感謝您的時間和關注。我們感謝大家提出的問題，並期待在 11 月 14 日的 Liber Liberty Media 投資者日在紐約見到你們。有了這個，我們將關閉它操作員，我會在最後的橋接中說。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。