Atlanta Braves Holdings, Inc. (BATRA) 2026 Q1 法說會逐字稿

Greetings. Welcome to the Atlanta Braves Holdings first-quarter 2026 earnings conference call. (Operator Instructions). As a reminder, this call is being recorded. At this time, I would like to turn the call over to Cameron Rudd, Vice President of Investor Relations.

各位好。歡迎參加亞特蘭大勇士控股公司 2026 年第一季財報電話會議。（接線員指示）。提醒各位，本次電話會議將被錄音。現在我想把電話交給投資人關係副總裁 Cameron Rudd。

Before we begin, we'd like to remind everyone that on today's call, management's prepared remarks may contain forward-looking statements that represent our beliefs or expectations about future events. 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 reports filed with the SEC.

在開始之前，我們想提醒各位，在今天的電話會議中，管理層的預先準備發言可能包含前瞻性陳述，代表我們對未來事件的信念或預期。前瞻性陳述涉及風險與不確定性，可能導致實際結果與今日討論內容有所差異。多項因素可能導致實際結果與預期出現重大差異，包括我們向美國證券交易委員會（SEC）提交之年度與季度報告中風險因素章節所載者。

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 OIBDA. The full definition of 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, Chairman, President, and CEO of Atlanta Braves Holdings.

前瞻性陳述係基於目前的預期、假設與信念，以及我們此時可取得的資訊，且僅截至其作出之日有效；管理層不承擔因新資訊或未來事件而公開更新任何前瞻性陳述之義務。在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標，包括調整後 OIBDA。非 GAAP 財務衡量指標的完整定義，以及與可比 GAAP 財務衡量指標的調節表，載於公司網站上的 Form 10-Q 與財報新聞稿中。現在我想把電話交給亞特蘭大勇士控股公司董事長、總裁兼執行長 Terry McGuirk。

Welcome, everyone, and thank you for joining our first-quarter 2026 earnings conference call. Joining me today are Derek Schiller, President and CEO of the Atlanta Braves; Mike Plant, President and CEO of the Braves Development Company; and Jill Robinson, our CFO. Before we begin, I'd like to take a moment to remember two Braves icons who passed away last week. Our good friend and former owner, Ted Turner; and the best manager to everywhere of Braves Uniform, Bobby Cox.

歡迎各位，感謝參加我們 2026 年第一季財報電話會議。今天與我一同出席的有：亞特蘭大勇士隊總裁兼執行長 Derek Schiller；Braves Development Company 總裁兼執行長 Mike Plant；以及我們的財務長 Jill Robinson。在開始之前，我想花點時間追思上週離世的兩位勇士隊傳奇人物。我們的摯友與前任球隊老闆 Ted Turner；以及身披勇士戰袍的史上最佳總教練 Bobby Cox。

Ted was one of a kind of brilliant businessman, consummate showman, and passionate fan of his beloved Braves. His visionary leadership and innovative approach to broadcast television transform the Braves into America's team. Under his stewardship, the ball club experienced one of the greatest runs of sustained excellence in Major League Baseball history and brought a World Series championship to Atlanta in 1995.

Ted 是獨一無二的人物——才華橫溢的商業奇才、完美的表演者，也是他所摯愛勇士隊的熱情球迷。他具遠見的領導力與對廣播電視的創新作法，將勇士隊打造為「美國的球隊」。在他的帶領下，球隊締造了大聯盟史上最卓越且持續的輝煌時期之一，並於 1995 年為亞特蘭大帶來世界大賽冠軍。

He was also a legendary philanthropist whose compassion and generosity extended around the world. Bobby Cox, led our team to 14 straight division titles, five National League Pennants, and the unforgettable World Series title in 1995. He garnered 2,149 wins as Braves manager, the most in franchise history and delivered the longest period of sustained success for our ball club.

他同時也是傳奇慈善家，其同理心與慷慨善行遍及全球。Bobby Cox 帶領我們球隊連續 14 年奪得分區冠軍、5 次國聯冠軍旗（Pennant），以及 1995 年令人難忘的世界大賽冠軍。他以勇士隊總教練身分累積 2,149 勝，為隊史最多，並為球隊帶來最長一段持續成功的時期。

Bobby was a four-time winner of the Manager of the Year award. His Braves managerial legacy will never be matched. He was a favorite among all in baseball, especially those who played for him. His wealth of knowledge on player development and the intricacies of managing the game were rewarded with the sports ultimate prize in 2014 enshrinement into the Baseball Hall of Fame. Our sincere condolences go out to the Turner family and to the Cox family.

Bobby 曾四度獲得年度最佳總教練獎。他在勇士隊的執教傳承將無人能及。他深受棒球界所有人的喜愛，尤其是曾在他麾下效力的球員。他在球員培育與比賽調度細節上的豐富知識，最終於 2014 年獲得體壇最高榮耀——入選美國棒球名人堂。我們向 Turner 家族與 Cox 家族致上最誠摯的哀悼。

Back to the season, we're off to a terrific start this year, both on and off the field. As we start May, we have one of the best records in baseball and are in first place in the National East. This is the kind of fast start that we were hoping for and we are doing this while still awaiting the return of several impact players who have been recovering from injuries during the early stages of the season.

回到本季，我們今年無論場上或場下都開季表現極佳。進入 5 月之際，我們擁有全聯盟最佳戰績之一，並位居國聯東區第一。這正是我們所期待的快速開局；而且在賽季初期，仍有數位因傷勢復健而缺陣的關鍵球員尚待歸隊的情況下，我們依然做到這一點。

On the mount, we finished the month of April, leading the National League in ERA and a strong performance by our both starting rotation and bullpen. And at the plate, we led the majors in run scored and sat third in home runs. We outscored our competition by 66 runs in March and April, tied for the best run differential in the sport, which I consider one of the best power-ranking metrics in baseball. Alex Anthopoulos has put together an exceptional roster and our new manager, Walt Weiss, is bringing a competitive spirit and enthusiasm that is working well with the players in the club house.

在投手丘方面，我們以國聯最低防禦率（ERA）結束 4 月，先發輪值與牛棚皆有強勢表現。在打擊方面，我們在得分方面領先大聯盟，全壘打數排名第三。我們在 3 月與 4 月合計比對手多得 66 分，並列全聯盟最佳得失分差；我認為這是棒球中最好的戰力排名指標之一。Alex Anthopoulos 組建了一支極為出色的陣容，而我們的新任總教練 Walt Weiss 帶來的競爭精神與熱情，與休息室內的球員配合得非常好。

As we have said on a number of occasions, our ultimate goal every year is to compete for and win another world series for our fans. This start puts us in an outstanding position to continue focusing on the playoffs, which is the first step on that championship journey.

正如我們多次提到的，我們每年的最終目標都是為球迷競逐並贏得另一座世界大賽冠軍。這樣的開季表現，讓我們處於極佳位置，能持續把重心放在季後賽——這是通往冠軍旅程的第一步。

Baseball continues to grow and cultivate fans across the country and around the world. In addition to the recent MLB world tour series in Mexico City just a few weeks ago, fans from across the globe tuned in for the World Baseball Classic which was held earlier this spring and featured star performances from several of our current Braves players, including Ronald Acuña Jr. and Ozzie Albies.

棒球持續在全國乃至全球擴展並培養球迷。除了幾週前在墨西哥城舉行的 MLB 世界巡迴系列賽外，全球各地球迷也收看了今年春季稍早舉行的世界棒球經典賽（World Baseball Classic）；其中包含我們多位現役勇士球員的明星級表現，包括 Ronald Acuña Jr. 與 Ozzie Albies。

The focus and commitment to building a worldwide audience will pay huge dividends as MLB markets itself internationally over the next decade. The pitch clock and the introduction of the automated ball strike challenge system have harnessed technology and strategy enhancing competitiveness and improving the fan experience, especially for the younger demographic.

致力於打造全球觀眾的聚焦與投入，將在未來十年 MLB 進行國際行銷時帶來巨大的回報。投球計時器（pitch clock）以及自動好壞球挑戰系統（automated ball strike challenge system）的導入，結合科技與策略，提升競爭性並改善球迷體驗，尤其對年輕族群更是如此。

Our sport is enjoying great momentum and popularity with the fans. In addition to the Braves strong on-the-field performance off the field, we have grown revenue and made a number of investments that are focused on the fans and their experience. In particular, I'd like to commend our entire organization for the launch of BravesVision, we were able to accomplish in an incredibly short amount of time, something that most organizations would take a year or more to develop.

我們的運動在球迷間正享有極佳的動能與人氣。除了勇士隊在場上的強勢表現之外，在場下我們也提升了營收，並進行多項以球迷及其體驗為核心的投資。尤其我想表揚整個組織在極短時間內推出 BravesVision；這項成果在我看來，多數組織可能需要一年或更久才能完成。

The Herculean effort by the Braves to build an organization in three months that we expect to meet or exceed the economics generated under our prior RSN agreement is management excellence in my opinion, and a big victory for the fans. Now as I turn the call over to Derek, I would like to thank our fans. Attendance has been great to start the year we know as an organization that we have the greatest fans in baseball, and everything we do is focused on delivering for them.

勇士隊在三個月內完成建置一個組織的艱鉅努力，且我們預期其經濟效益可達到或超越先前 RSN 合約所帶來的收益；在我看來，這是卓越的管理表現，也是球迷的一大勝利。在我把電話交給 Derek 之前，我想感謝我們的球迷。今年開季以來入場人數表現非常好；作為一個組織，我們知道我們擁有棒球界最棒的球迷，而我們所做的一切都以為他們帶來價值為核心。

We are steadfast in that commitment, and we do not take their passion and loyalty for granted. With that, I'll turn it over to Derek to walk through in more detail the launch of BravesVision and additional details on our operating performance in the first quarter.

我們對此承諾堅定不移，也絕不把他們的熱情與忠誠視為理所當然。接下來我把電話交給 Derek，請他更詳細說明 BravesVision 的推出，以及我們第一季營運表現的其他細節。

Thank you, Terry, and good morning, everyone. I want to start by offering more details on BravesVision. When we developed the plan to launch BravesVision, we recognized that we had an opportunity to create something from the ground up and do it in a way that made the most sense operationally and financially. We have organized the business around five core operating units. They include production, distribution, advertising sales, programming, and direct-to-consumer streaming.

謝謝你，Terry，各位早安。我想先提供更多關於 BravesVision 的細節。在我們制定推出 BravesVision 的計畫時，我們認知到有機會從零開始打造一個產品，並以在營運與財務上最合理的方式來完成。我們已將業務組織架構圍繞五個核心營運單位。包括製作、發行、廣告銷售、節目編排，以及面向消費者的串流服務（direct-to-consumer streaming）。

We are incredibly pleased with the progress that we have made in short order since launching against each of these areas. From a production standpoint, we were able to leverage existing relationships with Gray Media and Raycom to assist in building out the immediate areas of our focus. By combining these efforts with our existing Braves team across production, marketing, graphics, and others, we're able to control and produce games and create content that is best for our fans. We have seen and heard from fans who appreciate the fact that their favorite team is running the network without somebody else in between.

自從我們在這些領域逐一啟動以來，在短時間內所取得的進展讓我們感到非常振奮。從製作角度來看，我們得以運用與 Gray Media 與 Raycom 既有的合作關係，協助我們快速建構當前的重點工作。透過將這些努力與我們既有的勇士隊團隊（涵蓋製作、行銷、圖像設計等）結合，我們能夠掌控並製作比賽，並打造最符合球迷需求的內容。我們也看到並聽到球迷表示欣賞，因為他們最喜愛的球隊是在沒有其他中間方介入的情況下自行營運這個網路。

In terms of distribution, we've enhanced the reach of our broadcast through linear distribution deals and expanded our over-the-air partnerships with Gray Media. We reached agreements prior to opening day that essentially preserved our linear distribution of BravesVision across cable and satellite. In addition, we expanded our over-the-air broadcast reach with grade of 25 games this season, up from only 15 games last season. In terms of advertising, we have made substantial progress in attracting advertisers by leveraging our sponsorship and marketing teams.

在發行方面，我們透過線性發行合作協議提升了轉播覆蓋範圍，並與 Gray Media 擴大了無線電視（over-the-air）的合作夥伴關係。我們在開幕日之前達成協議，基本上維持了 BravesVision 在有線與衛星平台上的線性發行。此外，本季我們也擴大了無線轉播覆蓋，轉播場次提升至 25 場，高於上季僅 15 場。在廣告方面，我們透過贊助與行銷團隊的資源，於吸引廣告主上取得了顯著進展。

The presentation of our network, the popularity and success of the team, and the ability to deliver a robust audience is something that we know is critically important to our advertisers, and we're proving our value to them. The Atlanta Braves are well known as a premier franchise across professional sports and one that companies want to partner with as evidenced by our impressive growth in corporate partnerships. We believe that this is a real opportunity for us, and we will continue to focus our efforts on bringing the right brands into our network.

我們的網路呈現方式、球隊的高人氣與成功，以及能夠觸及龐大觀眾的能力，都是我們知道對廣告主至關重要的要素，而我們也正在向他們證明我們的價值。亞特蘭大勇士隊在職業運動界被公認為頂尖球隊之一，企業也希望與之合作，這點可從我們企業合作夥伴的亮眼成長中得到印證。我們相信這對我們而言是一個真正的機會，並將持續聚焦，把合適的品牌帶入我們的網路。

On the programming front, we are working to expand existing programming beyond just pregame, in-game, and postgame coverage though we have additional hours of content. Our focus is on delivering a broadcast by the Braves and for the fans and the control we have over that presentation on BravesVision allows us to do just that.

在節目編排方面，我們正努力將既有節目擴展到不僅限於賽前、賽中與賽後的轉播，因為我們還有更多內容時數可供安排。我們的重點是提供「由勇士隊製作、為球迷而做」的轉播，而我們在 BravesVision 對呈現方式的掌控，讓我們能夠做到這一點。

Our direct-to-consumer product has proven to be best in class, and we hear from fans in our footprint and across the country that experience has been seamless, easy to use, and it delivers our games to fans wherever and whenever they want to watch them. We have attracted a very strong subscriber base and are investing in marketing to grow that base as the season continues. Simultaneously, we understand the importance of preserving subscribers and minimizing churn.

我們的直面消費者（DTC）產品已證明是同級最佳；我們也聽到來自我們覆蓋區域以及全國各地的球迷回饋，表示使用體驗順暢、容易上手，並能在他們想看的任何時間、任何地點把比賽帶給球迷。我們已吸引到非常強勁的訂戶基礎，並持續投入行銷以在賽季進行期間擴大這個基礎。同時，我們也理解維持訂戶、將流失率降到最低的重要性。

Just a word on our fans and to echo some of what Terry shared. Our fans have been incredibly appreciative of the direct control the team has over the broadcast. We recognize this, and we will continue to innovate and execute to ensure that BravesVision is the best presentation of Major League Baseball.

簡單談一下我們的球迷，也呼應 Terry 剛才分享的一些內容。我們的球迷非常感謝球隊能直接掌控轉播。我們理解這一點，並將持續創新與落實執行，確保 BravesVision 呈現出大聯盟棒球的最佳轉播品質。

We built in a matter of only a few weeks what would typically take 12 to 18 months to assemble and did so with the team leaner than nearly anyone else in the industry by leveraging our in-house experience and top-tier staff. This tremendous achievement is a testament to our vision to control our rights again and be in a position to maximize not only our economics, but the complete fan experience across our geographic territory, Braves Country.

我們在短短幾週內完成了通常需要 12 到 18 個月才能組建的成果，並且透過運用內部經驗與頂尖人才，使團隊規模比業界幾乎任何人都更精實。這項巨大的成就證明了我們重新掌控轉播權利的願景，並讓我們得以最大化不僅是經濟效益，也包括在我們的地理覆蓋範圍——勇士國度（Braves Country）——內的完整球迷體驗。

Given that this is an earnings call, we know that many of you will want significant details on the financials at BravesVision. We also know you'll likely want metrics to measure our success. We understand that's important. But it is early days in the launch of BravesVision. So we're going to be thoughtful around which metrics we choose to focus on so that we can give you the best picture of our results. This is only the first quarter with an extremely limited percentage of our total 162 game season. So look for us to share more when we present Q2 earnings.

鑑於這是一場財報電話會議，我們知道各位之中有許多人會希望取得 BravesVision 財務面的更多細節。我們也知道各位可能會想要用一些指標來衡量我們的成功。我們理解這很重要。但 BravesVision 才剛推出不久，仍在早期階段。因此，我們會審慎選擇要聚焦的指標，以便為各位呈現最能反映成果的全貌。這只是第一季，而且在整個 162 場球季中所占比例極為有限。因此，請期待我們在公布第二季財報時分享更多資訊。

As mentioned on our year-end call, we see our business in baseball strategies is aligned. A competitive team supports demand and our broader development platform supports revenue throughout the year. There is no doubt that the performance on the field in '26 has been fantastic. We are thrilled with the way the team has started the season. While the first quarter had a limited number of home games, we opened the season at home and attendance has been strong through April.

如同我們在年終電話會議中提到的，我們認為我們在棒球業務上的策略是相互一致且對齊的。具競爭力的球隊能支撐需求，而我們更廣泛的開發平台則能在全年帶動營收。毫無疑問，球隊在 2026 年球場上的表現非常出色。我們對球隊本季的開局感到非常興奮。雖然第一季主場比賽場次有限，但我們在主場開季，且截至四月的進場人數表現強勁。

Through the first 18 home games, we are currently averaging approximately 33,000 tickets sold per game and had seven sell ups. Our new ticketing strategy is working well and ensuring that we are maximizing revenue opportunities as we sell additional tickets on a game-by-game basis.

在前 18 場主場比賽中，我們目前平均每場售出約 33,000 張門票，並有 7 場售罄。我們新的售票策略運作良好，確保我們能以逐場方式加售更多門票，從而最大化營收機會。

Regarding other events outside our regular season, just last week, we welcomed the Eagles to Truist Park as part of their farewell tour and welcome tens of thousands of fans to our ballpark for their concert series. This is only one of our upcoming concerts that have been announced throughout the rest of the year.

至於例行賽以外的其他活動，就在上週，我們在 Truist Park 迎來老鷹合唱團（Eagles）作為其告別巡演的一部分，並在其演唱會系列活動中迎接數以萬計的球迷來到我們的球場。這只是我們今年其餘時間已公布的多場即將到來的演唱會之一。

We're also excited to have Braves Country Fest presented by Truist on June 13 in partnership with Live Nation, featuring performances by Cody Johnson, Ella Langley, ERNEST, and Mackenzie Carpenter, among others.

我們也很期待 6 月 13 日與 Live Nation 合作舉辦、由 Truist 冠名呈現的 Braves Country Fest，演出陣容包括 Cody Johnson、Ella Langley、ERNEST 與 Mackenzie Carpenter 等。

Lastly, just this past weekend, we hosted a three-game series with the Savannah Bananas, whose product remains exceptionally popular. With three sellouts across products at are in Sunday, we were thrilled to welcome more than 100,000 fans to Truist Park and the battery.

最後，就在剛過去的週末，我們主辦了與 Savannah Bananas 的三場系列賽，他們的產品依然極受歡迎。三場全數售罄，且週日也同樣爆滿；我們非常高興能在 Truist Park 與 The Battery 迎接超過 100,000 名球迷。

Mike will touch on our real estate development strategy and business in a moment, but I'd like to emphasize that as we head into the summer months, we have a number of exciting events ahead that will drive visitors to the Battery Atlanta. It is clear that we are off to an exceptionally busy start to 2026 and the hard work of everyone in the organization is paying off. We look forward to many exciting developments in the months ahead. Go Braves. And now over to you, Mike.

Mike 稍後會談到我們的不動產開發策略與業務，但我想強調的是，隨著我們進入夏季月份，接下來還有多項令人期待的活動，將帶動更多訪客前往 The Battery Atlanta。很明顯，我們在 2026 年一開始就異常忙碌，而組織內每個人的努力正在獲得回報。我們期待在接下來幾個月有更多令人振奮的進展。加油，勇士隊。接下來交給你了，Mike。

Thanks, Derek. The start of the baseball season was clearly reflected across the Battery Atlanta with increased activity throughout the district as fans return to Truth Park and visitors engage with the broader mix of restaurants, entertainment venues, retail, office, hotel, and residential offerings. The strength of the multi-use nature of the battery continues to be one of the key differentiators of the portfolio. We also continue to focus on enhancing the guest experience and further strengthening the tenant mix. We announced earlier this year that a new restaurant will debut at the Battery.

謝謝你，Derek。棒球賽季的開始也明顯反映在 The Battery Atlanta：隨著球迷回到 Truist Park，整個園區的活動量增加，訪客也與更豐富的餐飲、娛樂場館、零售、辦公、飯店與住宅等多元組合互動。The Battery 的多用途特性之強，仍是這個資產組合的關鍵差異化優勢之一。我們也持續專注於提升賓客體驗，並進一步強化租戶組合。我們在今年稍早宣布，The Battery 將有一家新餐廳登場。

The restaurant, Hundredfold, is an American brasserie headed by James Beard award-winning chef, Timothy Hollingsworth, that will offer an upscale dining experience, which will add another attractive dining option to our portfolio. The restaurant slated to open the fall at Five Ballpark Center, the office tower housing, the Truist Securities division across the street from the third base gate at Truist Park.

這家餐廳名為 Hundredfold，是由榮獲 James Beard 獎的主廚 Timothy Hollingsworth 領軍的美式小酒館（brasserie），將提供高端用餐體驗，為我們的組合再增添一個具吸引力的餐飲選擇。該餐廳預計於秋季在 Five Ballpark Center 開幕；該辦公大樓位於 Truist Park 三壘入口對街，並設有 Truist Securities 部門。

This new restaurant will join J. Alexander's as our two new premium dining experiences at the Battery Atlanta. As we previously announced, J. Alexander's is a high-end American cuisine restaurant, which recently opened.

這家新餐廳將與 J. Alexander's 一同成為我們在 Battery Atlanta 的兩個全新高端餐飲體驗。如我們先前所宣布，J. Alexander's 是一家高端美式料理餐廳，近期已開幕。

From a leasing and development perspective, demand for high-quality space at the battery remains strong. We currently have five new or extended deals signed, which represent nearly 50,000 square feet of new tenant base. In addition, we have 75,000 square feet currently under redevelopment. The Battery Atlanta on nearly 1.4 million visitors in the first quarter as our evolving campus continues to be a premier destination for visitors across Atlanta and the Southeast.

從租賃與開發的角度來看，Battery 的高品質空間需求仍然強勁。目前我們已簽署五筆新租約或續約交易，合計代表近 50,000 平方英尺的新承租面積。此外，我們目前有 75,000 平方英尺正在進行再開發。Battery Atlanta 在第一季吸引了近 140 萬名訪客，隨著我們不斷演進的園區持續成為亞特蘭大及美國東南部訪客的首選目的地。

We operate one of the most unique locations in the country and with multiple opportunities throughout the rest of the year for concerts, viewing events, markets, and more are looking forward to our campus continue to be an important piece of the Atlanta Braves. This campus has grown to become a landmark in Atlanta and across the entire Southeast as we continue to see dozens of teams in professional and collegiate sports attempt to replicate the model we have built.

我們營運著全國最獨特的地點之一，且在今年剩餘時間仍有多項機會舉辦演唱會、觀賽活動、市集等，我們期待園區持續成為亞特蘭大勇士隊的重要組成部分。隨著我們持續看到職業與大學體育領域數十支球隊試圖複製我們所建立的模式，這座園區已成長為亞特蘭大乃至整個美國東南部的地標。

We have fostered an incredibly strong community and are proud to be approaching the 10-year anniversary of our move to Cobb County. This move was strategic for numerous reasons, and our partnership with Cobb County has only strengthened in the last several years. In fact, just last year, the Braves and Battery Atlanta generated more than $41 million in total tax revenue for the county, Cobb Board of Education, CID, and State of Georgia. We look forward to continuing to make a positive impact on the county and the community.

我們培育出極為強大的社群，也很自豪即將迎來搬遷至科布郡（Cobb County）的 10 週年。這次搬遷基於多項策略性考量，而我們與科布郡的合作夥伴關係在過去幾年也持續深化。事實上，就在去年，勇士隊與 Battery Atlanta 為郡政府、科布郡教育委員會（Cobb Board of Education）、CID 以及喬治亞州合計創造超過 4,100 萬美元的總稅收。我們期待持續為郡與社區帶來正面影響。

With that, I will turn over the call to Jill to walk through the financials in more detail.

接下來，我將把電話會議交給 Jill，請她更詳細地說明財務狀況。

Thanks, Mike. Before I start, I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season. Towards the end of the first quarter of 2026, there were five regular season home games played. That being said, we are pleased to report a strong start to our year. Total revenue was $72 million in the first quarter of 2026, up from $47.2 million in the first quarter of 2025.

謝謝你，Mike。在我開始之前，我想提醒大家，我們的大部分營收具有季節性，並與棒球賽季一致。在 2026 年第一季接近尾聲時，進行了五場例行賽主場比賽。即便如此，我們很高興報告今年開局強勁。2026 年第一季總營收為 7,200 萬美元，高於 2025 年第一季的 4,720 萬美元。

As a reminder, the company manages its business based on the following reportable segments: Baseball and Mixed-Use Development. Baseball revenue was $45.7 million in the first quarter of 2026, up from $28.6 million in the first quarter of 2025. This revenue increase was driven by an increase in baseball event revenue due to the five regular season home games in Q1 2026 versus no home games in the same period last year. This increase was partially offset by a decrease in other revenue due to two Savannah Banana games hosted at Truist Park in Q1 2025, but not in Q1 2026.

提醒一下，公司依下列可報導部門管理業務：棒球與複合式開發（Mixed-Use Development）。2026 年第一季棒球營收為 4,570 萬美元，高於 2025 年第一季的 2,860 萬美元。此營收成長主要由於棒球賽事營收增加，原因是 2026 年第一季有五場例行賽主場比賽，而去年同期沒有主場比賽。但此增幅部分被其他營收下滑所抵銷，因為 2025 年第一季在 Truist Park 舉辦了兩場 Savannah Banana 比賽，而 2026 年第一季未舉辦。

Mixed-Use Development revenue was $26.3 million in the first quarter of 2026, up from $18.6 million from the same period last year and was primarily driven by increases in rental income, primarily as a result of the in-place leases associated with the Pennant Park acquisition. Given that the launch of BravesVision occurred late in the first quarter, we are still working through the reporting elements within our financials and the manner with which we can share details with our analysts and investors.

2026 年第一季複合式開發營收為 2,630 萬美元，高於去年同期的 1,860 萬美元，主要由租金收入增加所帶動，主要是因 Pennant Park 收購案所承接的既有租約（in-place leases）。鑑於 BravesVision 於第一季末才推出，我們仍在處理財報中的相關揭露項目，以及我們能以何種方式向分析師與投資人分享細節。

We expect to have more clarity on that when we report our second-quarter earnings. That being said, we believe we are on pace to meet or exceed the economics generated under our prior RSN agreement, but the timing of the cash flows will be different based on the timing of payments for the different revenue streams.

我們預期在公布第二季財報時會更清楚。即便如此，我們相信我們正按進度達成或超越先前 RSN 協議所產生的經濟效益，但由於不同收入來源的付款時點不同，現金流入的時間將會有所差異。

For example, in our prior relationship with Main Street FanDuel Sports Network, we received a license fee with payments being received equally over the first nine months of the year. The revenue and cash flow were predictable, albeit there was uncertainty given the financial health of our partner. In the case of BravesVision, our distribution agreements commenced at the time we signed our contracts with our various distribution partners at the start of the season.

例如，在先前與 Main Street FanDuel Sports Network 的合作關係中，我們收取授權費（license fee），款項在一年中的前九個月平均收取。營收與現金流可預測，但由於合作夥伴的財務健康狀況，仍存在不確定性。至於 BravesVision，我們的發行（distribution）協議自賽季開始、我們與各發行合作夥伴簽署合約時即開始生效。

Distribution revenue payments will come in on a slower cadence than our traditional rights fee model payments were received, creating a sizable shift in the timing of cash receipts. Advertising revenue will be paid following the month when the ad errors. Direct-to-consumer payments will also be paid monthly. We are going to work over the coming months to identify the best way to report our financial results and give our investors and analysts the best way to model that going forward. We are being cautious and thoughtful around this given the early few weeks of this new business.

發行收入的款項入帳節奏將比傳統轉播權利費模式的收款更慢，導致現金收款時點出現顯著變化。廣告收入將在廣告播出（ad airs）當月之後支付。直接面向消費者（direct-to-consumer）的款項也將按月支付。未來幾個月我們將努力找出最佳方式來呈報財務結果，並讓投資人與分析師能以最佳方式建立未來模型。鑑於這項新業務才剛開始的前幾週，我們在此方面會保持審慎並深思熟慮。

Turning back to specific results. Adjusted OIBDA improved to a loss of $17.6 million, up from a loss of $28.5 million in the first quarter of 2025. This improvement was due to an increase in both Baseball and Mixed-Use Development revenue, partially offset by an increase in Baseball operating costs, including increased player salaries and variable stadium operating expenses, due to the increase in regular season home games in Q1 2026 versus the same period last year and an increase in Mixed-Use Development operating expenses due to the PennantPark acquisition.

回到具體業績。調整後 OIBDA 改善至虧損 1,760 萬美元，優於 2025 年第一季虧損 2,850 萬美元。此改善來自棒球與複合式開發營收增加，部分被棒球營運成本上升所抵銷（包括球員薪資增加與球場營運的變動費用增加），原因是 2026 年第一季例行賽主場比賽場次較去年同期增加；同時，複合式開發營運費用也因 PennantPark 收購案而上升。

Our operating loss improved to $41.3 million in the first quarter of 2026 as compared to an operating loss of $44.5 million in the first quarter of 2025, primarily due to revenue outpacing increases in operating and SG&A expenses. As of March 31, 2026, the company had $135.2 million of cash and cash equivalents. Nearly 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.

2026 年第一季營業虧損改善至 4,130 萬美元，相較 2025 年第一季營業虧損 4,450 萬美元，主要因營收成長幅度超過營運費用與銷售、一般及管理費用（SG&A）的增幅。截至 2026 年 3 月 31 日，公司持有現金及約當現金 1.352 億美元。我們幾乎所有的現金及約當現金均投資於美國公債、其他政府證券或政府保證基金、AAA 評級貨幣市場基金，以及其他高評級的金融與公司債務工具。

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

那麼，接線員，請開放提問。

(Operator Instructions) David Joyce, Seaport Research Partners.

(接線員指示) David Joyce，Seaport Research Partners。

Congratulations on launching BravesVision. And I appreciate that you're not ready to provide too many new KPIs, but could you help us think through what the differences are in the -- beyond what you've said so far on the contract and offerings from the programming last year versus this -- and then what incremental production and platform investments were required to launch this in terms of like what the financial implications might be?

恭喜推出 BravesVision。我也理解你們還沒準備好提供太多新的 KPI，但能否協助我們思考一下差異在哪裡——除了你們目前已提到的合約與方案之外，與去年相比，今年在節目內容方面有哪些不同——以及為了推出這項服務，在製作與平台方面需要哪些額外投入？就財務影響而言大概會是什麼樣子？

David, it's Derek Schiller, I'll take this one. Thank you for the question. Let's first give a little context. It's important to reemphasize why we've done what we've done. First and foremost is we think it's going to be in the best interest of our fans, delivering the best product for them on TV. It gives us control, which we always like that in our business. And with control, we have optionality with what we do today and in the future for that. And then I think really importantly, I want to emphasize some of the things that Terry and I touched on in our remarks is that we're very bullish about what this management team can do. And this is a great example of that in standing up BravesVision.

David，我是 Derek Schiller，我來回答這題。謝謝你的提問。先提供一些背景。重要的是再次強調我們為何要這麼做。最重要的是，我們認為這符合球迷的最大利益，能在電視上為他們提供最好的產品。這讓我們擁有掌控權，而我們一向喜歡在業務中掌握主導權。有了掌控權，我們在當下以及未來要做什麼都更具彈性與選擇性。此外，我也想強調 Terry 和我在發言中提到的一些重點：我們對這個管理團隊能做到的事情非常看好。而建立 BravesVision 正是一個很好的例子。

When we did so, we stood it up with the intent to focus initially primarily on the [game] with the direct adjacent programming being a pregame show in post game. I think there's some opportunity for us, as we mentioned, to extend some of the programming. But really, at the end of the day, I mean, that is what the fans want first and foremost is the ability to watch the game, watch the pre and post game shows with that.

當我們這麼做時，我們把它建立起來的初衷，是一開始主要聚焦在[比賽]本身，並搭配緊鄰的節目編排，也就是賽前節目與賽後節目。我認為如同我們提到的，我們有一些機會可以延伸部分節目內容。但說到底，我的意思是，球迷最優先想要的，就是能夠看比賽、看賽前與賽後節目，並且能透過這個來觀看。

So we're focused on that. That's gone really well. The fan feedback has been fantastic. And I want to emphasize from an economics perspective, at this point in time, we can safely say that we're going to meet or exceed the economics which unto itself is a pretty large statement that we can make. We will see some expenses as it relates to additional programming. We're going to be mindful of that, and we're going to be very selective. So at this point in time, I think we're giving you the best glimpse into the economics. Jill, I don't know if you want to give any more commentary on that. But that's basically what we've got.

所以我們就專注在這一點。目前進展得非常順利。球迷回饋非常棒。我想從經濟效益的角度強調的是，就目前這個時間點，我們可以很有把握地說，我們將達到或超越原先的經濟效益預期，而這本身就是一個相當重大的表述。就額外節目內容而言，我們會看到一些相關費用。我們會留意這點，並且會非常審慎、非常有選擇性。因此就目前而言，我認為我們已經讓各位看到經濟效益的最佳概況。Jill，我不確定你是否想再補充一些評論。但基本上就是這些。

The one thing I would add, David, is that because of our partnership with Raycom, our upfront investment, particularly capital investment was relatively minimal.

David，我想補充的一點是，由於我們與 Raycom 的合作，我們的前期投入，特別是資本性投入，相對而言非常有限。

Barton Crockettl, Rosenblatt.

Barton Crockett，Rosenblatt。

Congratulations on a great start to the season here. I wanted to ask about an element of the BravesVision set up, and I understand there's a limit on what you can really say at this point. But could you tell us about the TV kind of footprint. I've noticed you've got all the major kind of distributors in there, but there is a notable name, Cox, which I haven't seen in the lineup. And anything you could say about the reach you've got now on TV versus what you had before and if there's scope for that to change as we go through the season or into next year?

恭喜本季開季表現非常出色。我想詢問 BravesVision 架構中的一個要素，我也理解在這個時間點你們能說的內容有限。不過你們能否談談電視端的覆蓋版圖（footprint）？我注意到你們已經涵蓋所有主要的發行/分銷商，但有一個顯著的名字 Cox，我在名單中沒有看到。以及你們現在在電視端的觸及範圍相較於以前如何？在本季進行中或到明年，是否有調整空間？

Sure. I'll take that again. It's Derek. Hey, Barton. First, our -- part of the reason why we took on this television project and launching BravesVision ourselves is in addition to what I said about our belief that we could do it, it's the marketplace. Braves have the benefit of having one of the largest television territories in all of sports. And so we want to try to capture that. We think we're in the best position to do so.

當然。我再回答一次。我是 Derek。嗨，Barton。首先，我們之所以承接這個電視專案並自行推出 BravesVision，除了我先前提到我們相信自己做得到之外，也因為市場環境使然。勇士隊的優勢在於，擁有全體運動中數一數二大的電視版圖。因此我們希望能夠把握並捕捉這個機會。我們認為我們處於最有利的位置來做到這件事。

The way that I would describe it, to answer your question is there's really a couple of ways that we approach the marketplace and it's largely very similar to what Main Street did. It would be described as a linear distributed network, adding on over-the-air components. In our case, we're extending the number of over-the-air games from 15 to 25 as we mentioned. And then also allowing fans to have a direct-to-consumer streaming option via the BRAVES.TV.

回答你的問題，我會這樣描述：我們切入市場的方式其實有幾種，整體上與 Main Street 先前的做法非常相似。可以把它描述為一個線性分發的網路，再加上無線地面波（over-the-air, OTA）的組成。以我們的情況而言，如同我們提到的，我們把無線地面波轉播場次從 15 場增加到 25 場。同時也讓球迷可以透過 BRAVES.TV 取得直接面向消費者（direct-to-consumer）的串流選項。

In the linear distributed product, which is what you were asking about, we have replicated the amount of distributors that were previously with us are all largely the same from what we had, including Cox. They have partnered with Charter. As you know, there's been a combination of those. So that may be why you're looking at that. But we can say at this point in time, all of the major distributors that distribute into the Braves television territory, are carrying BravesVision.

在線性分發產品方面，也就是你剛剛問的部分，我們已經複製了先前與我們合作的分銷商數量，基本上與過去相同，其中也包括 Cox。他們已與 Charter 合作。如你所知，兩者之間已經有整合/合併的情況。所以你可能因此在名單上看到不同呈現。但我們目前可以說，所有在勇士隊電視版圖內進行分發的主要分銷商，都有播出 BravesVision。

Okay. Now if I could ask one other kind of thing about this, just to get some just adjectives around this. I understand you may not give numbers. But as you've taken control of the streaming, can you give us any sense of how large the streaming kind of audience is relative to linear, just some adjective sense of that and whether that's changed much as you've taken it over versus what it was under the prior regime?

好的。那我再問另一個相關問題，想請你用一些形容性的方式說明一下。我理解你們可能不會提供數字。但既然你們已接手串流端的掌控，能否讓我們大致了解串流觀眾規模相對於線性電視的大小（用形容詞即可），以及你們接手後相較於先前體制下是否有明顯變化？

For context, we are streaming through Major League Baseball's MLB.TV, or, in our case, BRAVES.TV element. They do a fantastic job as we called it, a best-in-class approach to the marketplace. Our fans have really enjoyed that. We -- last year, also for additional contacts last year was the first year that we added streaming into the marketplace. In that case, it was handled by Main Street.

先提供一些背景：我們是透過美國職棒大聯盟的 MLB.TV 進行串流，或在我們的情況下，是 BRAVES.TV 這個元素。他們在我們所稱的市場端採取了同級最佳（best-in-class）的做法，做得非常出色。我們的球迷確實很喜歡這個體驗。另外補充背景：去年是我們首次把串流引入市場。當時是由 Main Street 負責處理。

We didn't have an exact glimpse into how many subscribers were subscribed to the product because it was them that was managing that. So it's a little bit difficult to look at comparisons. I can give you just general terms is that we're very happy with the amount of fans that have signed up for subscriptions to BRAVES.TV.

我們當時無法精確掌握有多少訂戶訂閱了該產品，因為是由他們在管理。因此要做對照比較會有點困難。我能用比較概括的說法是：我們對於目前訂閱 BRAVES.TV 的球迷人數感到非常滿意。

We are currently working on ways to report on the information and the amount of people that are watching our product because, again, you can watch via linear, you can watch via OTA or the streaming. So as referenced in our earlier commentary, we're continuing to build on how we are going to showcase the amount of people that watch. So look for that information to come in the future.

我們目前正在研擬如何對外報告相關資訊，以及有多少人在觀看我們的產品；因為如你所見，你可以透過線性電視、無線地面波（OTA）或串流來觀看。因此如同我們先前的評論所提到的，我們會持續建立並完善我們將如何呈現觀看人數的方式。所以請期待未來會提供這方面的資訊。

Okay. That's great. And if I could just ask one last question, kind of shifting gears. Just as I kind of look at your free cash flow and your net debt, your free cash flow is traditionally defined cash flow from operations less CapEx has been negative for the past couple of years. And your net debt has gone up from the $400 million-ish range in the 2022. '23 ZIP code to $600 million-ish now including some spending on tenant. How should we think about this going forward? I mean, obviously, there's some constraints on how much that you'd want to add and -- but also a need to kind of invest in your business. So how should we kind of think about how you guys balance this going forward?

好的。很棒。如果我可以再問最後一題，稍微換個方向。我看你們的自由現金流與淨負債：你們的自由現金流（傳統定義為營運現金流減去資本支出 CapEx）在過去幾年一直是負的。而你們的淨負債也從 2022 年約 4 億美元的區間，在 2023 年左右到現在約 6 億美元的區間，且包含一些對 tenant 的支出。我們應該如何看待未來的走勢？我的意思是，顯然你們不會希望負債增加到沒有節制——但同時也需要對業務進行投資。那我們應該如何理解你們未來在這兩者之間的平衡？

Well, thanks for the question, Barton. As we -- I'll tackle the debt question first. As you look at the increase in debt over the past couple of years, keep in mind that on the real estate side of our portfolio, we've added not just Pennant Park but five ballpark. So both of those increases in debt are tied to revenue-generating assets that have been extremely profitable for us.

謝謝你的問題，Barton。關於這點——我先回答負債的問題。當你看到過去幾年負債的增加時，請記得在我們投資組合的不動產端，我們新增的不只是 Pennant Park，還有 five ballpark。因此，這兩項負債增加都與能帶來收入的資產相關，而這些資產對我們而言一直非常獲利。

On the baseball side, our -- most of our debt on the stadium and otherwise is pretty well set. We're not looking to increase leverage on that. And we have two revolving debt instruments, which as of March 31 is about $265 million of borrowing capacity. We believe that creates a lot of flexibility for us in the future.

在棒球業務端，我們——我們在球場及其他方面的大部分負債結構都已相當穩定。我們不打算在那部分提高槓桿。而我們有兩項循環性債務工具，截至 3 月 31 日約有 2.65 億美元的借款額度可用。我們相信這能在未來為我們帶來很大的彈性。

From a free cash flow perspective, over the past couple of years, we've been very focused on improvements in the ballpark, which increase the fan experience for our fans and also our revenue generating. It's our master planning project that we've talked about in investor days and other such events. Those have been capital projects that have largely been spent in Q4 and Q3. So that's been an impact to our free cash flow as well.

從自由現金流的角度來看，過去幾年我們一直非常專注於球場的改善，這些改善提升了球迷的觀賽體驗，同時也增強了我們的營收創造能力。這就是我們在投資人日及其他活動中談到的總體規劃（master planning）專案。這些屬於資本性專案，支出主要集中在第四季與第三季。因此，這也對我們的自由現金流造成了影響。

So the implication is the free cash flow trajectory should be perhaps less negative or positive going forward?

所以這是否意味著，未來自由現金流的走勢可能會變得沒那麼負面，甚至轉為正向？

Yeah. I mean I think we've done the big master planning projects that generate the highest returns. So going forward in the future, I would expect that those would come down a little bit. That spending would come down a little bit, although we're still in the early stages of planning for that.

是的。我的意思是，我認為我們已經完成了那些能帶來最高回報的大型總體規劃專案。因此，展望未來，我預期這些支出會稍微下降一些。也就是說，支出會略為降低，雖然我們仍處於相關規劃的早期階段。

Matthew Harrigan, Benchmark.

Benchmark 的 Matthew Harrigan。

Your friends at Live Nation have talked about premiumization in terms of getting more efficiency on pricing. Clearly, that's particularly appropriate when the Braves are having a playoff run, which things are looking good for you. But do you feel like you're optimally priced at this point? I mean, in terms of assuring access for everyone and at the same time, really taking the cream on the high end as well? Or do you think you have latitude in your pricing structure over a period of time? And obviously, the amenities, I'm sure it's not the Miami Grand Prix with $200 nachos. But -- just any thoughts on that?

你們在 Live Nation 的朋友談到「高端化（premiumization）」時，提到透過更有效率的定價來提升收益。顯然，當勇士隊打進季後賽、而你們目前看起來形勢不錯時，這點特別適用。但你們覺得目前的定價已經最優了嗎？我的意思是，在確保每個人都能進場的同時，也能在高端市場把最好的收益拿到？或者你認為在一段時間內，你們的定價結構仍有調整空間？當然，相關設施配套——我相信不會像邁阿密大獎賽那樣賣 200 美元的玉米片。不過——想聽聽你對這方面的看法？

Matthew, it's Derek. I'll take that. Thanks for the question. Yes, I think one of the great things about the Braves in baseball as a whole is that we do have a wide variety of ticketing options and price points that we can offer our fans. And that is absolutely the truth here at Truist Park as well. And we believe, and we've stated this in the past that there was room for growth on the average ticket price over the past years, and we certainly have worked on that.

Matthew，我是 Derek。我來回答這個問題。謝謝你的提問。是的，我認為勇士隊以及整個棒球運動的一大優點是，我們能為球迷提供非常多樣的票務選項與價格帶。在 Truist Park 這裡也完全如此。而且我們相信——也在過去曾提過——過去幾年平均票價仍有成長空間，我們也確實一直在推動這方面。

We're still a fan-friendly as I call it, situation where if you're looking for something that is more value offered we can certainly give you that option. But we have also done very well at optimizing our premium, our premium is defined as largely those tickets that have some level of amenity associated with them, whether it be a club or something else, a food and beverage component to that.

我們仍然維持我所說的「球迷友善」狀態；如果你在找更具性價比的選擇，我們當然可以提供那樣的方案。但同時，我們在優質（premium）產品的最佳化方面也做得很好；我們所定義的優質產品，主要是指那些附帶某種程度設施服務的座位，不論是俱樂部席或其他形式，或是包含餐飲的組合。

And in fact, relating to Jill's previous commentary, some of the additions that we have made to the ballpark in the form of our master-planning projects have included expanding upon some of the premium as well as hospitality space related offerings that we have because we are meeting what the fans had wanted, and that's where we have seen the highest demand.

事實上，呼應 Jill 先前的評論，我們透過總體規劃專案對球場所做的一些新增項目，也包含擴充部分優質座位與接待（hospitality）空間相關的產品，因為我們是在回應球迷的需求，而那正是我們看到需求最強的地方。

So our premium seats as of now continue to be sold out. And we're seeing high demand on those and feel very good about the price points that we are offering those as we stand today.

因此，截至目前，我們的優質座位仍然持續售罄。我們看到這些座位的需求很高，並且對我們目前提供的價格帶感到非常有信心。

And I know you're reticent on commenting on league issues. But when you look at parity and obviously, maintaining the growth of the league and keeping the players happy. What's your perspective on floors, caps and revenue sharing? I know you got some ossification as a result of past experiences. But you got so much going on with baseball right now, be a shame to done it with a lockout as everyone knows.

我知道你們不太願意評論聯盟層面的議題。但當你看待競爭均衡（parity），以及顯然要維持聯盟成長並讓球員滿意。你對薪資下限、上限與收入分成有何看法？我知道你因為過去的經驗而有些僵化。但現在棒球有這麼多正向動能，大家都知道，如果因封館（lockout）而中斷就太可惜了。

This is Terry. I would steer those questions to Rob Manfred for the commissioner of baseball. We're in pretty active discussions at his office with the Players Association. And as you know, the CBA concludes that on December 1 of this year, and baseball will be engaging as it normally does throughout this year to culminate at that point with either a new deal or other activities. So there's been lots of discussion as to what might be included in that -- in those talks. I'm not in a position today to discuss them.

我是 Terry。我會把這些問題導向棒球總裁 Rob Manfred。他的辦公室正與球員工會進行相當積極的討論。如你所知，勞資協議（CBA）將於今年 12 月 1 日到期，而棒球界會像往年一樣在今年持續推進談判，並在那個時間點達成新協議或採取其他行動。因此，關於談判內容可能包含哪些項目，已經有很多討論。但我今天不便就此進行討論。

You could mention also Bobby Cox as one of the unbreakable sports records with post game explosions, quite the character. Anyway, thanks for your tolerance on the question.

你也可以提到 Bobby Cox，他在賽後爆發（post game explosions）方面可算是體育界最難被打破的紀錄之一，真是個很有個性的人物。總之，謝謝你包容我這個問題。

We love Bobby. He's one of our icons and every player whoever played for them would walk across hot coals for them. So we're -- where he's an amazing guy and we'll be honoring him further as the season goes on.

我們很愛 Bobby。他是我們的標誌性人物之一，任何曾為他效力的球員都願意為他赴湯蹈火。所以我們——他真的是個了不起的人，我們也會在賽季進行期間進一步向他致敬。

And we have reached the end of our question-and-answer session. I will now turn the call back over to management for closing remarks.

我們的問答環節到此結束。接下來我將把電話交回管理層作結語。

Well, thank you for joining us on today's call. Appreciate it. A reminder that our next home game is tomorrow versus the Cubs and we look forward to you watching us in the stands or maybe on BravesVision. And then a final point is prior to tomorrow's game, we will be doing a pregame tribute for both Bobby Cox as well as Ted Turner. So appreciate you joining us for that. And with that, I want to thank everybody for the call and see you next time.

好的，感謝各位參加今天的電話會議。非常感謝。提醒一下，我們下一場主場比賽是明天對小熊隊，我們期待你們到場觀賽，或是在 BravesVision 上收看。最後一點是，在明天比賽開始前，我們將為 Bobby Cox 以及 Ted Turner 舉行賽前致敬儀式。也感謝各位一同參與。那麼，我要感謝大家參加本次電話會議，我們下次再見。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。