Atlanta Braves Holdings Inc (BATRK) 2024 Q4 法說會逐字稿

Greetings and welcome to the Atlanta Braves Holdings Q4 in year-end 2024 Earnings Hall. At this time, all participants are the only mode.

問候並歡迎來到亞特蘭大勇士控股公司 2024 年底第四季收益大廳。此時所有參與者都是唯一模式。

(Operator Instructions)

（操作員指示）

It's now my pleasure to turn the call over to Cameron Rudd, Vice President in Investor Relations. Cameron, please go ahead.

現在我很高興將電話轉給投資者關係副總裁卡梅倫·拉德 (Cameron Rudd)。卡梅倫，請繼續。

Good morning. Before we start, we'd like to begin by reminding everyone that on today's call, management prepared remarks may contain forward-looking statements.

早安.在我們開始之前，我們想先提醒大家，在今天的電話會議上，管理階層準備的評論可能包含前瞻性的陳述。

Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today.

前瞻性陳述涉及受風險和不確定因素影響的事項，這些風險和不確定因素可能導致實際結果與今天討論的結果不同。

A number of factors could cause actual results to differ materially from those anticipated, including those set forward in the risk factors section of our annual and quarterly reports filed with the SEC.

許多因素可能導致實際結果與預期結果有重大差異，包括我們向美國證券交易委員會提交的年度和季度報告中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.

前瞻性陳述基於當前的預期、假設和信念，以及我們目前掌握的信息，僅代表其作出之日的觀點，管理層不承擔根據新信息或未來事件公開更新任何前瞻性陳述的義務。

During this call, we will discuss certain non-GAAP financial measures including adjusted EBITDA.

在本次電話會議中，我們將討論某些非公認會計準則財務指標，包括調整後的 EBITDA。

The full definition of these non-gap financial measures and reconciliation to the comparable GAAP financial measures are contained in the Form 10K and earnings press release available on the company's website.

這些非差距財務指標的完整定義以及與可比較 GAAP 財務指標的調整包含在公司網站上的 10K 表格和收益新聞稿中。

Now I'd like to turn the call over to Terence McGuirk, Chairman, President, and CEO of Atlanta Braves Holdings.

現在我想將電話轉給亞特蘭大勇士控股公司董事長、總裁兼執行長特倫斯·麥奎克。

Good morning and welcome to the Atlanta Braves Holdings fourth quarter and full year 2024 earnings call.

早上好，歡迎參加亞特蘭大勇士控股公司 2024 年第四季和全年收益電話會議。

We're excited about the 2025 season where spring training is well underway in Northport, Florida. I've spent some time in camp watching our team prepare and I am impressed by what I've seen.

我們對 2025 年賽季感到非常興奮，春訓正在佛羅裡達州諾斯波特順利進行。我在訓練營花了一些時間觀察我們球隊的準備情況，我所看到的一切都給我留下了深刻的印象。

Our players arrived at camp on February 11, ready to work hard and compete for another World Series ring this season.

我們的球員於 2 月 11 日抵達訓練營，準備努力訓練，爭奪本賽季的另一枚世界大賽戒指。

With opening day only 29 days away, our entire business and baseball operations teams are working hard to make sure we are ready both on and off the field.

距離開幕日僅剩 29 天，我們的整個業務和棒球營運團隊正在努力確保我們在場上和場下都做好準備。

We kick off the season on March 27, in San Diego, and we will welcome fans for the home opener at Truest Park on April fourth when we take on the Miami Marlins.

我們將於 3 月 27 日在聖地亞哥拉開新賽季序幕，並將於 4 月 4 日在 Truest Park 迎接球迷前往主場迎戰邁阿密馬林魚隊。

We welcomed all-star outfielder Jerriksson Pro par to the Atlanta Braves last month. He was one of the top free agents on the market, and we can't wait to see him in our line-up every night.

上個月，我們歡迎全明星外野手 Jerriksson Pro par 加入亞特蘭大勇士隊。他是市場上最頂尖的自由球員之一，我們迫不及待地希望每晚都能看到他出現在我們的陣容中。

We're excited to get our top talent back this season following injuries last year, namely Ronald Acuna, Austin Riley, Spencer Strider, Michael Harris, Ozzie Alves, and Sean Murphy are all healthy and well on their way to being back on the field.

我們很高興我們的頂級球員在去年受傷後於本賽季回歸，他們是羅納德·阿庫納 (Ronald Acuna)、奧斯汀·萊利 (Austin Riley)、斯賓塞·斯特萊德 (Spencer Strider)、邁克爾·哈里斯 (Michael Harris)、奧茲·阿爾維斯 (Ozzie Alves) 和肖恩·墨菲 (Sean Murphy)，他們正在重返賽場。

We feel that with so many of our players returning, we are starting the season with a fresh roster and line-up, which positions us well to compete deep into October.

我們認為，隨著許多球員的回歸，我們將以全新的陣容和陣容開始新賽季，這讓我們在十月的比賽中佔據有利位置。

We remain confident in the talent up and down our roster and our ability to compete and win at the highest level.

我們對我們隊內的人才以及我們在最高水平上競爭和獲勝的能力仍然充滿信心。

This July we will host the Major League Baseball All-Star Game where we will showcase Atlanta, Trey Park, and the Battery Atlanta to baseball fans from around the world. It is a tremendous honor for the Braves to be selected as the host team.

今年 7 月，我們將舉辦美國職棒大聯盟全明星賽，向來自世界各地的棒球迷展示亞特蘭大、特雷公園和亞特蘭大電池隊。勇士隊能夠被選為主隊，這是莫大的榮幸。

Our leadership and staff are working tirelessly alongside MLB to ensure we provide fans with the best possible experience here in Atlanta.

我們的領導層和員工正與美國職棒大聯盟 (MLB) 一起不懈努力，以確保我們為亞特蘭大的球迷提供最佳體驗。

We set out each and every year to achieve the same goal to compete for and win the World Series. We're excited about the year ahead both on and off the field.

我們每年都致力於實現同一個目標：爭奪並贏得世界大賽冠軍。無論是場內還是場外，我們都對未來的一年充滿期待。

We continue to work hard to ensure that we provide a world-class experience in the ballpark in the Battery Atlanta for all fans, and as always, we hold ourselves to the highest standards to benefit our fans, our partners, and you, our shareholders.

我們將繼續努力，確保為所有球迷在亞特蘭大巴特雷球場享受世界一流的體驗，並且一如既往地堅持最高標準，以造福我們的球迷、我們的合作夥伴以及我們股東。

And now I will turn it over to Derek Schiller and Mike Plant who will walk you through the results from the quarter.

現在我將把時間交給 Derek Schiller 和 Mike Plant，他們將向大家介紹本季的業績。

Thanks, Terry, and Good morning to all.

謝謝，特里，大家早安。

I'd like to touch on a few recent updates since our last quarterly call.

我想談談自上次季度電話會議以來的一些最新進展。

First as we look to the start of the season, we're in an excellent position, the re-emergence of Diamond Sports Group from bankruptcy into a new entity, Main Street Sports Group. It's an important development for the Braves.

首先，當我們展望賽季開始時，我們處於一個極好的位置，Diamond Sports Group 已經從破產中重新崛起，成立了一個新的實體，即 Main Street Sports Group。這對勇士隊來說是一個重要的發展。

While we're not getting into any specifics of the partnership, we are pleased with the outcome and the good stability to the sports networks and certainty for our fans' ability to watch Braves games throughout our territory.

雖然我們沒有透露合作的具體細節，但我們對合作結果感到滿意，對體育網絡的穩定性以及我們的球迷能夠在我們整個地區觀看勇士隊比賽的能力感到放心。

As part of this partnership, FanDuel Sports Network acquired the screening rights for the Atlanta Braves and will for the first time gives fans access to screen games through its annual Sports Network app.

作為合作的一部分，FanDuel 體育網絡獲得了亞特蘭大勇士隊的放映權，並將首次讓球迷透過其年度體育網絡應用程式觀看比賽。

The goal has always been to increase the viewing opportunities for a growing fan base, and we believe this new partnership does exactly that.

我們的目標始終是為不斷增長的粉絲群增加觀看機會，我們相信這一新的合作關係正是實現這一目標的。

In addition to our broadcast partnership with FanDuel, we announced in December a multi-year partnership with Gray Media.

除了與 FanDuel 建立廣播合作夥伴關係外，我們還在 12 月宣布與 Gray Media 建立多年合作夥伴關係。

Beginning this year, Gray Media will independently produce and air 10 spring training games and also simulcast 15 regular season games alongside an sports network.

從今年開始，Gray Media 將獨立製作和播出 10 場春訓賽，並與體育網絡同步播出 15 場常規賽。

This partnership makes Braves baseball even more available, allowing fans throughout Braves country to watch games on TV.

這項合作使得勇士隊棒球比賽更加普及，全國各地的球迷都可以透過電視觀看勇士隊的比賽。

Ray Media is the nation's largest owner of top-rated local television stations and digital assets and represents a first of its kind experience for fans to access raves games through a new platform.

Ray Media 是全美最大的頂級本地電視台和數位資產所有者，它為粉絲們提供了首次透過新平台觀看精彩比賽的體驗。

Overall, the annual sports network and Brave media partnerships will lead to increased viewership opportunities for our fans.

總體而言，年度體育網絡和 Brave 媒體合作將為我們的粉絲帶來更多的收視機會。

Most importantly, we're excited that this will allow everyone across the Brave country the ability to view our gains the very first time.

最重要的是，我們很高興這將使勇敢國家的每個人都能在第一時間看到我們的成果。

Turning now to some updates Centre Park and the surrounding area.

現在來談談中心公園和周邊地區的一些最新情況。

In November, we reaffirmed our dedication to our youngest fans in the greatest country with the new Children's Healthcare of Atlanta Park located in the Leftfield Plaza, between Jews Park's left field Gate and Third Bathgate.

11 月，我們在左外場廣場（猶太公園左外場門和第三巴斯門之間）設立了新的亞特蘭大公園兒童保健中心，再次表明了我們對這個最偉大國家最年輕球迷的奉獻精神。

This 30,000 Square foot family space will measure over 2 times the size of the existing Hope and [sand]. The new Children's Healthcare of Atlanta Park will open on game days, be accessible from the Battery Atlanta for non-game day events and activities.

這個 30,000 平方英尺的家庭空間將是現有 Hope 的兩倍多，[沙]。新的亞特蘭大兒童醫療保健公園將在比賽日開放，非比賽日的活動可從亞特蘭大砲台進入。

Inside Shrews Park, we are excited to announce a new food hall named the Outfield Market, which will be populated with some of the top offerings from across the Southeast.

在什魯斯公園內，我們很高興地宣布將開設一個名為「外場市場」的新美食大廳，這裡將提供來自東南部各地的一些頂級美食。

This is another example of our commitment to providing the best in class experience for our fans here at Tres Park.

這是我們致力於為特雷斯公園的球迷提供一流體驗的另一個例子。

Next, I'd like to turn the call over to Mike Plant, President and CEO of Braves Development Company to discuss updates to the Battery Atlanta.

接下來，我想將電話轉給勇士開發公司總裁兼執行長麥克普蘭特，討論亞特蘭大電池專案的最新進展。

Thanks, Derek. I wanted to start by saying we continue to be incredibly proud of the Battery Atlanta's expansion and success.

謝謝，德里克。首先我想說，我們繼續為亞特蘭大電池公司的擴張和成功感到無比自豪。

In 2024, the battery saw a total of 8.7 million visitors throughout the year, helping to generate more than $130 million of retail revenue for our tenants. On average, our visitors frequented the battery over 2.4 times, with an average dwell time of 165 minutes per visit.

2024 年，該電池區全年共接待遊客 870 萬人次，為我們的租戶創造超過 1.3 億美元的零售收入。平均而言，我們的訪客訪問該電池超過 2.4 次，每次訪問的平均停留時間為 165 分鐘。

While metrics were impacted by three fewer Braves home games, as well as two fewer concerts at Trey Park in the fourth quarter of 2024 compared to the prior year, we are encouraged by the year-over-year growth.

雖然與前一年相比，2024 年第四季勇士隊主場比賽減少了三場，特雷公園的音樂會減少了兩場，這些因素對各項指標產生了影響，但同比增長仍令我們感到鼓舞。

Notably, the Battery Atlantic is a flagship destination even outside of baseball games. Unlike nearly all other professional sports venues, We have benefited from the Battery Atlanta being a year-round attraction that draws visitors regardless of the season.

值得注意的是，即使在棒球比賽之外，Battery Atlantic 也是一個旗艦目的地。與幾乎所有其他專業體育場館不同的是，亞特蘭大電池體育場全年開放，無論什麼季節都能吸引遊客，這讓我們受益匪淺。

As an example for our New Year's Eve celebration, we hosted over 46,000 visitors in the Battery Atlanta, highlighting its appeal to our fans in the city of Atlanta.

以我們的新年前夕慶祝活動為例，我們在亞特蘭大巴特雷體育場接待了超過 46,000 名遊客，凸顯了它對亞特蘭大市球迷的吸引力。

The Battery Atlanta continues to attract top brands and franchises, and our footprint and access to fans gives us a unique advantage as we look to partner with tenants.

亞特蘭大巴特雷購物中心 (The Battery Atlanta) 持續吸引頂級品牌和特許經營商，我們的足跡和與粉絲的接觸為我們尋求與租戶合作提供了獨特的優勢。

This quarter, we announced that Shake Shack will be coming to the battery featuring the first full bar in the United States. And Walkon's Sports Bistro, co-owned by former NFL quarterback Drew Brees, is set to open in the battery this summer.

本季度，我們宣布 Shake Shack 將登陸該市場，成為美國第一家提供完整酒吧服務的酒吧。而由前 NFL 四分衛德魯布里斯 (Drew Brees) 共同擁有的 Walkon's Sports Bistro 也將於今年夏天在砲台開業。

We're also nearing the completion of the 250,000 square foot five ballpark Centre, which will soon serve as the national headquarters for [Tru] Securities here at the Battery Atlanta.

我們也即將完成佔地 250,000 平方英尺的五個棒球場中心的建設，該中心很快就會成為位於亞特蘭大巴特雷的 [Tru] 證券的國家總部。

The facility features a 42,000 square foot trading floor and will accommodate roughly 1,000 new employees coming to our campus.

該設施擁有一個 42,000 平方英尺的交易大廳，可容納約 1,000 名新員工。

We also expect [Tru] Securities to begin its occupancy in the first half of 2025.

我們也預計 [Tru] Securities 將於 2025 年上半年開始入住。

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

說完這些，我會把話題交給吉爾來討論公司的財務狀況。

Before I begin, I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season.

在開始之前，我想提醒大家，我們的大部分收入都是季節性的，與棒球賽季一致。

Given our final 2024 home game was in the third quarter, we did not have year-over-year comparable revenue in the fourth quarter.

鑑於我們 2024 年的最後一場主場比賽是在第三季度，因此我們在第四季度沒有實現同比可比收入。

Total revenue was $52.1 million and $662.7 million in the fourth quarter and full year 2024 respectively. This was down from $67.7 million in the fourth quarter of 2023, but up from $640.7 million for full year 2023.

2024年第四季和全年總收入分別為5,210萬美元和6.627億美元。這一數字低於 2023 年第四季的 6,770 萬美元，但高於 2023 年全年的 6.407 億美元。

The quarterly decline was driven mainly by the absence of any home games or concerts in the fourth quarter of '24 compared to three home games, including postseason and two concerts held in the fourth quarter of 2023.

季度下滑的主要原因是 2024 年第四季沒有任何主場比賽或音樂會，而 2023 年第四季則有三場主場比賽，包括季後賽和兩場音樂會。

As a reminder, the company manages its business based on the following reportable segments baseball and mixed use development.

提醒一下，該公司根據以下可報告的棒球和混合用途開發部門管理其業務。

For baseball, revenue was $595.4 million in 2024, up from $581.7 million in 2023. This revenue increase was driven by a combination of baseball event revenue and broadcasting revenue.

棒球收入從 2023 年的 5.817 億美元上升至 2024 年的 5.954 億美元。收入的成長是由棒球賽事收入和廣播收入共同推動的。

Baseball revenue increased due to new sponsorship agreements and contractual rate increases on season tickets, partially offset by reduced attendance at regular season home games.

棒球收入因新的贊助協議和季票合約費率的提高而增加，但常規賽主場比賽觀眾人數的減少部分抵消了這一增長。

Broadcast revenue increased due to contractual rate increases.

由於合約費率增加，廣播收入增加。

Mixed use development revenue was $67.3 million in 2024, up from $59 million in 2023, and was primarily driven by increases in rental income and parking revenue.

2024 年混合用途開發收入為 6,730 萬美元，高於 2023 年的 5,900 萬美元，主要得益於租金收入和停車收入的增加。

Our full year adjusted EBITDA increased to $39.7 million in 2024, an increase of $1.9 million as the increased revenue from our various operations were somewhat offset by an increase in baseball operating costs, including increased player salaries and a larger revenue share expense.

2024 年，我們的全年調整後 EBITDA 增至 3,970 萬美元，增加了 190 萬美元，因為我們各項業務的收入增加在一定程度上被棒球運營成本的增加（包括球員薪水的增加和收入分成費用的增加）所抵消。

In the fourth quarter, adjusted EBITDA improved to negative $3.8 million, up from negative $13 million in the fourth quarter of 2023.

第四季度，調整後的 EBITDA 從 2023 年第四季的負 1,300 萬美元改善至負 380 萬美元。

This improvement was due to a reduction in baseball operating expenses, including player salaries and off-season trade activity.

這一改善是由於棒球運營費用的減少，包括球員薪水和休賽期交易活動。

Our operating loss improved to $18.6 million in the fourth quarter of 2024 as compared to an operating loss of $32.4 million in the fourth quarter of 2023.

與 2023 年第四季的 3,240 萬美元營業虧損相比，我們的營業虧損在 2024 年第四季有所改善，至 1,860 萬美元。

For the full year 2024, our operating loss improved to $39.8 million as compared to an operating loss of $46.4 million in 2023, primarily due to an increase in revenue.

2024 年全年，我們的營業虧損從 2023 年的 4,640 萬美元改善至 3,980 萬美元，這主要是由於收入增加。

As of December 30, 2024, the company had $110.1 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.

截至 2024 年 12 月 30 日，該公司擁有 1.101 億美元的現金和現金等價物。我們的現金和現金等價物幾乎都投資於美國國債、其他政府證券或政府擔保基金、AAA 級貨幣市場基金以及其他高評級金融和公司債務工具。

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

現在，讓我們打開熱線來回答問題。

Certainly when I'll be conducting a question and answer session.

當然，當我主持問答環節時。

(Operator Instructions)

（操作員指示）

One moment please while we pull up your questions.

請稍等片刻，我們正在處理您的問題。

Our first question today is coming from Ben Swinburne from Morgan Stanley. Your line is now live.

我們今天的第一個問題來自摩根士丹利的 Ben Swinburne。您的線路現已通電。

Thanks. Good morning, everybody.

謝謝。大家早安。

Maybe I wanted to touch on two topics. One is on your local media rights and that business in 25, and the other is sort of on maybe capital structure and kind of the balance sheet. So going into 25, you've got an agreement with FanDuel TV. You talked about the streaming rights for the first time being made available. You have your deal with Gray.

也許我想談兩個話題。一個是關於您的本地媒體權利和 25 年內的業務，另一個是關於資本結構和資產負債表。因此，進入 25 年後，您已經與 FanDuel TV 達成協議了。您談到了首次提供串流媒體版權。你和格雷已經達成協議了。

Can you kind of put all that together maybe strategically, what does that mean for the business and then financially does that, is this a new structure that should impact, broadcasting revenue growth one way or the other in 25 versus the trend lines we've been seeing? And I just want to confirm that that this FAN agreement continues to run through 27. I don't know if that changed as part of the restructuring activity last year. And then I'll just throw out my my balance sheet question maybe probably for Derek, is this the right like how do you guys think about capital structure and leverage? Is this sort of the right level of debt for the business? Are you looking to TRY to delever over time? You're trying to get the free cash flow positive? Any thoughts there would be helpful. Thanks so much.

您能否從策略上將所有這些結合起來，這對業務意味著什麼，從財務角度來看，這是否是一種新的結構，是否會對 25 年的廣播收入增長產生影響，與我們所看到的趨勢線相比如何？我只是想確認這項 FAN 協議將持續有效至 27 日。我不知道這是否會隨著去年的重組活動而改變。然後我可能會向德瑞克提出我的資產負債表問題，這是正確的嗎？你們如何看待資本結構和槓桿？對企業來說，這種債務水準合適嗎？您是否希望隨著時間的推移嘗試去槓桿？您想讓自由現金流變成正數嗎？任何想法都會有幫助。非常感謝。

Hey Van Derrick, thank you very much for the question. Yeah, so on the topic of media and local media specifically, I would say we feel like we're, we remain in a very strong position. Obviously the reemergence of Main Street sports from bankruptcy we see as a net positive. It also gave us the opportunity. To reengineer that deal slightly and you know the re-engineering of that deal really relates to creating more accessibility of our games for our fans. So that's done in a couple of different ways. The first and foremost of which is by adding streaming opportunities into that deal. So that wasn't previously in that deal.

嘿，範德里克，非常感謝你的提問。是的，所以關於媒體，特別是地方媒體的話題，我想說我們感覺我們仍然處於非常強大的地位。顯然，我們認為，主流運動從破產中重新崛起是一件好事。這也給了我們機會。稍微重新設計一下這筆交易，你知道這筆交易的重新設計實際上是為了讓我們的粉絲更容易觀看我們的比賽。這可以透過幾種不同的方式實現。其中首要的就是在該交易中增加串流媒體機會。所以這之前並不包含在交易中。

So now we have streaming coupled with The traditional linear distribution of those rights. So those things coupled together means that theoretically everybody inside of Braves country has the accessibility to see our games, and this is a good reminder and a good time to remind you that That we have one of the strongest, if not the strongest, home television territories in all of Major League Baseball.

因此，現在我們將串流媒體與這些權利的傳統線性分配結合起來。所以，這些因素結合在一起意味著，理論上，勇士隊境內的每個人都可以觀看我們的比賽，這是一個很好的提醒，也是一個很好的時機來提醒你，我們擁有美國職棒大聯盟最強大的主場電視轉播區域之一，即使不是最強大的。

So we're now we're now able to penetrate effectively that entire marketplace. The other re-engineering gave us the ability to go to an over the air partner, which is what we talked about with the grayed deal. So that that deal is is important because it also gives us further accessibility of those games to more people. So that's done in a couple of different ways, we actually have our first spring training broadcast with Gray tomorrow. And we'll have 10 total spring training games, so you have a lot more spring training games available to our fans. And then going into the regular season we have 15 games that we will be doing as simulcast. So all of that together means there's more ways for our fans to view our games, follow our content, and ultimately that's a benefit to our fans and to the business. As far as capital structure, I'll turn to Jill who can probably give you a little bit of highlight on that one.

因此我們現在能夠有效地滲透整個市場。另一項重新設計讓我們能夠透過無線方式與合作夥伴合作，這就是我們在灰色交易中談到的。因此，這筆交易非常重要，因為它可以讓更多人接觸到這些遊戲。所以這可以透過幾種不同的方式實現，實際上，我們明天將與格雷一起進行我們的第一次春季訓練廣播。我們總共將舉辦 10 場春訓比賽，因此我們的球迷可以觀看更多春訓比賽。進入常規賽後，我們將進行 15 場比賽的同步轉播。所以所有這些加在一起意味著我們的粉絲可以透過更多方式觀看我們的比賽、關注我們的內容，最終這對我們的粉絲和企業都有好處。至於資本結構，我將向吉爾尋求幫助，她可能會給你一些關於這一點的重點介紹。

Ben, would you mind repeating your question about capital structure?

本，你介意重複一下關於資本結構的問題嗎？

Yeah, your company, it's a unique public company as a professional sports team with real estate assets, and so we don't have a lot of comparable to think about kind of the right level of debt and whether kind of generating positive free cash flow as we think about cash from operations less CapEx is an important priority for the company.

是的，貴公司是一家獨特的上市公司，作為一支擁有房地產資產的專業運動隊，因此我們沒有太多可比性來考慮適當的債務水平，以及在我們考慮經營活動產生的現金流減去資本支出時是否能夠產生正的自由現金流是公司的一項重要優先事項。

So, just trying to get a sense for if you guys are comfortable with with the structure you have today and the financial profile, if you'd like to see less debt over time or anything you could share would be helpful.

所以，只是想了解你們是否對目前的結構和財務狀況感到滿意，是否希望隨著時間的推移減少債務，或者任何你們可以分享的資訊都會有所幫助。

Yeah, so I would break our debt into two categories. The debt that's associated with the real estate assets, which is all tied to construction on the assets in the battery, obviously that is all secured debt and we're, comfortable with where we are there and then on the baseball side our goal is slightly different and our goal on the baseball side is really to maintain as much liquidity as possible.

是的，所以我將我們的債務分為兩類。與房地產資產相關的債務都與電池資產的建設有關，顯然這些都是有擔保債務，我們對目前的狀況感到滿意，而在棒球方面，我們的目標略有不同，我們在棒球方面的目標實際上是保持盡可能多的流動性。

We feel like having borrowing capacity. Available to us allows us flexibility to invest in the team, invest in the stadium in an opportunistic manner, as we move forward,

我們感覺有借貸能力。我們可以靈活地投資球隊，投資體育場，隨著我們前進，

So, to answer your question, yes, we're comfortable with where we are.

所以，回答你的問題，是的，我們對目前的狀況感到滿意。

Thank you, Jill.

謝謝你，吉爾。

Thank your next question is coming from David Joyce from Seaport Research Partners. Your line is now live.

謝謝您的下一個問題來自 Seaport Research Partners 的 David Joyce。您的線路現已通電。

Thank you.

謝謝。

I was wondering what else you can do on the development front within your the footprint of what you have there surrounding the park, and what can you do on concert venues?

我想知道在公園周圍的範圍內，您還可以在開發方面做些什麼，以及在音樂會場地方面還能做些什麼？

I guess it would be mostly in the park either in season or outside the season, you did call out that you didn't have any in the fourth quarter. I was just wondering, what's the op opportunity set there.

我猜這主要發生在公園裡，無論是在賽季內還是在賽季外，你確實喊過在第四節你沒有進球。我只是想知道，那裡的操作機會是什麼。

Thanks.

謝謝。

Hey David, this is Mike Plant. Thanks for your question.

嘿，大衛，我是麥克普蘭特。謝謝你的提問。

Look, we've said this in many years in the past here that we have some undeveloped land that is still available, and we remain opportunistic about opportunities that come to us. [Tru] Securities, the headquarters is a great example of that.

你看，我們在過去很多年裡都說過，我們還有一些未開發的土地，我們仍然會抓住機會。[Tru] 證券總部就是一個很好的例子。

It brings, as I said earlier, up to 1,000 new employees to this campus and through our our efforts we continue to see, new opportunities.

正如我之前所說，它為這個園區帶來了多達 1,000 名新員工，透過我們的努力，我們將繼續看到新的機會。

Shake Shack is a great example of that, bringing an incredible brand to to our campus and the battery. So look, we've, I think we've demonstrated over the last eight years that we're very attractive because of the the year-round use, the year-round impact that we create, and we'll continue to look at opportunities that they come our way.

Shake Shack 就是一個很好的例子，它將令人難以置信的品牌帶到了我們的校園和電池區。所以，我認為，在過去的八年裡，我們已經證明了我們非常有吸引力，因為我們全年都在使用，我們創造全年的影響，我們將繼續尋找機會。

And it's Derek. I'll touch on the concerts and I'll frame this more in non-game day events.

他是德里克。我會談及音樂會，並將在非比賽日活動中更多地討論這一點。

We're going to be very aggressive in trying to get as many non-game day events in our ballpark and in fact in and throughout the battery as possible.

我們將積極嘗試在我們的球場內以及整個球場內舉辦盡可能多的非比賽日活動。

Some of that's just timing with with concerts, for example. It has everything to do with tour routing and schedules and, what concerts are out on tour in that particular year or that particular month.

例如，其中一些只是與音樂會同步。它與巡迴路線和日程安排以及特定年份或特定月份巡迴的音樂會有關。

So, it's going to be a little bit randomized from year-to-year.

因此，每年的情況都會有點隨機。

But overall, our non-game day event business is extremely strong and in fact some of the master plan projects that we've talked about and touched on.

但總體而言，我們的非比賽日活動業務非常強勁，事實上我們已經討論和涉及的一些總體規劃項目。

In addition to helping with the business of the baseball team and the Braves for baseball game purposes, they also are important for non-game day use. So, we're looking at the return on investment with both of those things and feel very strongly about the outlook for non-game day events.

除了幫助棒球隊和勇士隊開展棒球比賽業務外，它們對於非比賽日的使用也發揮著重要作用。因此，我們正在關注這兩件事的投資回報，並對非比賽日活動的前景充滿信心。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Next question is coming from Barton Crockett from Rosenblatt Securities. Your line is now live.

下一個問題來自 Rosenblatt Securities 的 Barton Crockett。您的線路現已通電。

Okay, great, thanks for taking the questions and yeah,

好的，太好了，謝謝你回答這些問題，是的，

I was curious about some thoughts on the broadcasting rights environment. I know you addressed kind of the local, but I'm interested in the national, which I guess is still kind of in process, but obviously there's been some press reports that, ESPN may be walking from its deal and you know there's some thought that, maybe the national rights for MLB are overpriced and will have a downward trajectory and I was just wondering if you could address your thoughts on that.

我對廣播權環境的一些想法感到好奇。我知道您談到了地方問題，但我對全國性問題更感興趣，我想這仍在進行中，但顯然有一些新聞報道稱，ESPN 可能會放棄交易，而且有人認為，MLB 的全國轉播權可能定價過高，並且會呈下降趨勢，我只是想知道您是否可以就此談談您的看法。

Do you think of that as a possibility, something you need to prepare for, and just some sense of the exposure of you guys to those national TV contracts and how you think about it would be interesting. So, that's one question.

您是否認為這是一種可能性，需要為此做好準備？您對這些國家電視合約的了解以及您對此的看法會很有趣。所以，這是一個問題。

And then on a completely different subject, I was just wondering, there's been a lot of kind of talk about the offseason trade moves. You guys have been quiet. Some of your competitors have been very active.

然後談到一個完全不同的話題，我只是想知道，關於休賽期交易動向有很多討論。你們一直很安靜。你們的一些競爭對手非常活躍。

If you could address some of the, I guess worries that, maybe your offseason has been too quiet, but also in terms of the P&L, what we should think about in terms of player salaries for the year.

如果你能解決一些問題，我想你可能會擔心，也許你的休賽期太安靜了，但就損益表而言，我們應該考慮今年球員的薪水。

Okay, this is Terry responding.

好的，這是 Terry 的回應。

So the the ESPN MLB breakup is getting really outsized public scrutiny. I really think that from the Atlanta Braves' standpoint this is is a non-event, it will have no effect whatsoever on our economics.

因此，ESPN與MLB的分拆受到了公眾的極大關注。我真的認為，從亞特蘭大勇士隊的角度來看，這根本不是什麼大事，它不會對我們的經濟產生任何影響。

The obviously MLB has had its own comments on this, but I would just make the observation that I think the market is going to be surprised at the enthusiasm and uptake on the interest in these sets of rights that are coming available for next year and I know that the interest is very strong, and I'm sure you'll hear more from Rob Manfred on this in the coming weeks.

顯然，美國職棒大聯盟 (MLB) 對此有自己的評論，但我只想說，我認為市場會對人們對明年即將推出的這些權利的熱情和興趣感到驚訝，而且我知道人們的興趣非常強烈，我相信在接下來的幾周里你會從羅布·曼弗雷德 (Rob Manfred) 那裡聽到更多關於此事的消息。

Second question, the If I remember it correctly, was the, where are we on salaries and the we have always been over the last three or four years been a top 10 salary organization in how we deploy that in baseball, and we expect that to be the same again this year.

第二個問題，沒記錯的話，我們的薪資水準如何？過去三、四年來，我們在棒球薪資部署方面一直是排名前十的組織之一，我們預計今年的情況也將如此。

We have crossed the competitive balance tax each of the last two years. It's possible we could do it again this year.

過去兩年，我們每年都超過競爭平衡稅。今年我們有可能再做一次。

That is a consideration as a strategic element isn't in our top two or three issues when we come to that, how we spend our salary levels.

這是一個需要考慮的問題，因為當我們談到如何花費我們的薪資水平時，策略因素並不在我們的首要兩三個問題之列。

Alex has always had Alex [Antopoulos] has always had the resources to To do what he needs to do to put a championship group on the field. I see no different situation this year.

亞歷克斯 (Alex) 一直擁有亞歷克斯 (Alex) [安托普洛斯 (Antopoulos)] 所擁有的資源，可以做他需要做的事情，讓冠軍團隊走上賽場。我認為今年的情況沒有什麼不同。

We have some dry powder, we're, we monitor the available talent, field every day, 24/7, 365. This year there are a tremendous number of free agents that still are out there in the marketplace.

我們有一些儲備，我們每天 24 小時、每週 7 天、每年 365 天監控可用的人才。今年市場仍有大量自由球員。

Just as an example, last year we signed Adam Duvall on March 17 and so I, who knows exactly how this spring training shakes out from a a salary standpoint, but I think from, the generalizations I gave you of being a top10 salary organization going forward is exactly where we will be.

舉個例子，去年我們於 3 月 17 日與亞當杜瓦爾 (Adam Duvall) 簽約，因此，我不清楚從薪資角度來看今年春訓究竟會如何，但我認為，從我給出的概括來看，我們將成為未來薪資排名前十的組織。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Next question is coming from Matthew Harrigan from the Benchmark Company. Your line is now live.

下一個問題來自 Benchmark Company 的 Matthew Harrigan。您的線路現已通電。

Oh thank you.

噢，謝謝。

We've seen some remarkable spikes in social media engagement for sports as disparate as the NBA and Formula One, and it hasn't necessarily equated, the higher linear viewing and maybe younger demographics in particular have the attention span of a goldfish, although that may be insulting to goldfish and then certainly you've got people who are literally, monitoring games on betting apps if they are prop bets or just just to bet on the game.

我們已經看到，像 NBA 和一級方程式賽車這樣截然不同的體育項目的社交媒體參與度出現了顯著增長，但這並不一定意味著，觀看次數越多，尤其是年輕人的注意力持續時間越短，就像金魚一樣，雖然這可能對金魚來說是一種侮辱，但肯定也有一些確實在博彩應用程序上關注比賽的人，無論它們是道具賭注還是為了在比賽中下注。

So, it conveys a lot of interest in the NBA or the, or MLB or Ever, but it does, it doesn't necessarily monetizable in an old school model, how do you go about addressing that? That's just kind of a behavioural, change in the part of fans.

所以，它表達了人們對 NBA 或 MLB 或 Ever 的極大興趣，但它在舊模式下不一定能實現貨幣化，您如何解決這個問題？這只是粉絲的一種行為改變。

And then secondly, I asked you last time when the call about what you're doing on the international side to contribute to the popularity of the sport there. And I know the Braves clearly have a big international following, but any thoughts on that as well would be welcome.

其次，上次我打電話問您，您在國際上做了哪些工作來促進這項運動在那裡的普及。我知道勇士隊顯然擁有大量國際追隨者，但對此的任何想法也都值得歡迎。

I thank you for taking my questions.

感謝您回答我的問題。

Thanks, Matthew. It's Derek. I'll I'll be happy to answer those.

謝謝，馬修。是德里克。我很樂意回答這些問題。

So, on the social media front and really media consumption as a whole, I'll sort of reiterate a little bit of what I said before relative to our local rights approach, which is to the extent possible, we want to try to create the maximum accessibility of our content throughout our available territory.

因此，在社群媒體方面以及整個媒體消費方面，我將重申我之前關於我們的當地權利方法的一些內容，即在可能的範圍內，我們希望在我們可用的區域內嘗試最大限度地提高我們內容的可訪問性。

And again, we have one of the largest territories in all of pro sports, so. Our opportunity is quite large. So, I think part of what you're seeing in our approach to the local media is really a relationship to exactly what you're you're alluding to.

而且，我們擁有職業運動領域最大的領土之一。我們的機會相當大。所以，我認為，您所看到的我們對待當地媒體的方式實際上與您暗示的內容有關。

It's trying to find the fans wherever they are and give them the maximum accessibility to our games, specific to social media, I would say our approach is rather robust.

我們試圖找到世界各地的粉絲，並讓他們最大限度地接觸我們的比賽，特別是透過社群媒體，我想說我們的方法相當強大。

Like a lot of professional sports teams, we We meet our fans where they are and so whether that's, an Instagram or Facebook or whatever our fans are, that's what we're generating content towards.

像許多職業運動隊伍一樣，我們會在粉絲所在的地方與他們見面，無論是 Instagram、Facebook 或其他任何我們粉絲使用的方式，我們都會針對這些方式來製作內容。

We have in fact some content that's launching on YouTube and have have used YouTube as examples for that. So there's going to be a lot of ways that we reach out to fans across a wide spectrum of the media landscape and there's a lot of disruption and things that are occurring on that.

事實上，我們在 YouTube 上推出了一些內容，並且已經使用 YouTube 作為範例。因此，我們將透過多種方式在廣泛的媒體領域中與粉絲接觸，其中也將出現許多混亂和事情。

As it relates to international development, actually, somewhat relates to this particular topic, and that is to the extent possible, we try to get to our fans again wherever they are, and in the case of social media, they're coming from all across the United States, the world.

因為它與國際發展有關，實際上，在某種程度上與這個特定主題相關，那就是在可能的範圍內，我們試圖再次與我們的粉絲聯繫，無論他們身在何處，就社交媒體而言，他們來自美國各地，世界各地。

We have extremely large followings that are coming to us from all those different international places and I think this is a little bit of a continuation of, quite frankly how the fan base has emerged way back when when we were on TBS as a superstation.

我們擁有來自世界各地大量的粉絲，坦白說，我認為這有點像我們在 TBS 作為超級電視台播出時粉絲群不斷湧現的模式。

So, that's we enjoy the benefits of the early on years where you could find us all across the country and the globe as a result of that. And then as far as baseball goes, there's a significant international development approach with baseball.

因此，我們享受了早期的益處，你可以在全國乃至全球各地找到我們。就棒球而言，棒球運動具有重要的國際發展前景。

The World Baseball Classic is just one example, but there's a lot of things that are going on and You know this is probably a good time to remind everybody on the call.

世界棒球經典賽只是一個例子，但還有很多事情正在發生，你知道這可能是提醒電話會議中每個人的好時機。

We're hosting the All-Star Game this year, and so this is all eyes of the baseball world, the sports world will be descending upon Atlanta and Trees Park come July 15.

我們今年將主辦全明星賽，因此棒球界和體育界的目光都將集中在今年 7 月 15 日的亞特蘭大和樹木公園。

So, this is a perfect opportunity to showcase all of what we do and how we do it and hopefully garner more fans as a result.

因此，這是一個絕佳的機會來展示我們所做的一切以及我們如何做，並希望因此吸引更多的粉絲。

But but if someone's following a particular players who just betting on games, is there a lag and Monetizing that, direct consumer engagement, like can you get more advertising on that over a period of time because it's, it feels like there's a free rider effect for some people who aren't watching the TV broadcasts just to be persistent.

但是，如果有人關注某個特定的玩家，而他們只是在遊戲上下注，那麼是否存在滯後，並將其貨幣化，直接吸引消費者，例如你是否可以在一段時間內獲得更多的廣告，因為對於一些不看電視廣播的人來說，感覺就像是一種搭便車效應，只是為了堅持下去。

Yeah, I mean, look, there's not everybody's going to sit down and watch a 2.5 hour or three hour game. So, to the extent possible, developing content that's short form in nature is something that we need to do. We've been doing, baseball has done a really good job of giving our players tools directly that help them shape social media opportunities in addition to what we do at the team level.

是的，我的意思是，並不是每個人都會坐下來觀看一場 2.5 小時或 3 小時的比賽。因此，我們需要盡可能地開發簡短的內容。我們一直在做，除了我們在團隊層面所做的工作之外，棒球還做得非常好，直接為我們的球員提供工具，幫助他們利用社交媒體機會。

So, I think those things will continue to emerge and develop. Hopefully, when somebody's following us in a social media setting that might be short form, they become a bigger fan of the team and ultimately will follow our content to the extent possible on a long form basis.

所以，我認為這些事情將會繼續出現和發展。希望當有人在社群媒體上關注我們時，他們可能會成為我們團隊的忠實粉絲，並最終盡可能地長期關注我們的內容。

But thanks, Derek.

但還是謝謝你，德瑞克。

I hope you have a great season.

我希望你度過一個愉快的賽季。

Thank you.

謝謝。

Thank you. We reached out of our question answer session. I'd like to turn the floor back over to Derek for any further closing comments.

謝謝。我們在問答環節中進行了交流。我想把發言權交還給德瑞克，請他發表進一步的結論。

I just want to thank everybody for joining us today.

我只想感謝大家今天的參加。

It's a reminder that we have a lot ahead of us. I think we're 29 days to March 27, the opening of our season, 37 days to April 4 when we have our first home opener for the season.

這提醒我們，我們面前還有很長的路要走。我認為，距離 3 月 27 日賽季開幕還有 29 天，距離 4 月 4 日賽季首場主場比賽還有 37 天。

And of course, as I mentioned, July 15, the All-Star Game comes to Atlanta.

當然，正如我所提到的，7 月 15 日，全明星賽將在亞特蘭大舉行。

Thank you everybody for joining the call. We'll look forward to hearing from you and seeing you next time.

感謝大家參加電話會議。我們期待您的回覆並期待下次再見。

Thank you.

謝謝。

It does conclude today's teleconference and webcast may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

今天的電話會議和網路直播確實結束了，此時可能會斷開您的線路，祝您有美好的一天。我們感謝您今天的參與。