Atlanta Braves Holdings Inc (BATRK) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Atlanta Braves Holdings First Quarter 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加亞特蘭大勇士隊控股 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Cameron Rudd, Vice President of Investor Relations. Thank you. You may begin.

現在我很高興向大家介紹主持人、投資者關係副總裁卡梅倫·拉德 (Cameron Rudd)。謝謝。你可以開始了。

Before we begin, we'd like to remind everyone that on today's call, management's prepared remarks may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties and 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. 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.

在我們開始之前，我們想提醒大家，在今天的電話會議上，管理階層準備好的發言可能包含前瞻性的陳述。前瞻性陳述涉及受風險和不確定性影響的事項，並可能導致實際結果與今天討論的結果不同。許多因素可能導致實際結果與預期結果大不相同，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。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，並且僅代表作出之日的觀點，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。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 OIBDA。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 表和收益新聞稿中。

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

現在我想把電話轉給亞特蘭大勇士控股公司董事長、總裁兼執行長特里·麥奎克。

Good morning, and welcome to the Atlanta Braves Holdings First Quarter 2025 Earnings Call. I want to share just a few brief comments before turning the call over to Derek, Mike and Jill, who will provide more specific operational and financial updates from the first quarter.

早安，歡迎參加亞特蘭大勇士隊 2025 年第一季財報電話會議。在將電話轉給 Derek、Mike 和 Jill 之前，我想分享一些簡短的評論，他們將提供第一季更具體的營運和財務更新。

I'd like to begin by discussing the team on the field and how we feel about the early results of the 2025 season. We got off to a slow start this season while facing a very difficult stretch of road games. That being said, we have seen the team demonstrate real resilience and begin to move in the right direction. We had a nice streak of 8 wins in 10 games recently, which jumped the team back into contention in the National East, and the team has continued to play at a high level since then. In addition, the emergence of Alex Verdugo and Eli White is a great reflection of the job Alex Anthopoulos, President of Baseball Operations, does to fill holes when one or more of our starting players goes down. We remain optimistic that with the continued evolution of our roster the near-term return of a fully healthy Spencer Strider and Ronald Acuna Jr and the continued strong performance from our players on the field that this team can make a real run in the playoffs in 2025. We appreciate the support of our incredibly loyal fan base, which is a critical element to the success of our team. I always want to thank our fans for their patience, passion and commitment to our success.

首先我想討論一下球場上的球隊以及我們對 2025 年賽季早期結果的感受。本賽季我們開局緩慢，並且面臨一系列非常艱難的客場比賽。話雖如此，我們已經看到球隊表現出真正的韌性並開始朝著正確的方向前進。我們最近取得了 10 場比賽 8 勝的佳績，這使球隊重新回到了國家東部賽區的爭奪中，並且從那時起球隊一直保持著高水平的發揮。此外，亞歷克斯·維杜戈 (Alex Verdugo) 和伊萊·懷特 (Eli White) 的出現很好地體現了棒球運營總裁亞歷克斯·安索普洛斯 (Alex Anthopoulos) 的工作，當我們的一名或多名首發球員受傷時，他會填補空缺。我們仍然樂觀地認為，隨著球隊陣容的不斷演變、斯賓塞·斯特萊德和羅納德·阿庫納二世的近期完全康復以及我們球員在球場上的持續強勁表現，這支球隊可以在 2025 年季後賽中取得真正的勝利。我們感謝我們忠實的粉絲群的支持，這對我們團隊的成功至關重要。我一直想感謝我們的粉絲，感謝他們的耐心、熱情和對我們成功的承諾。

With that, let me talk just briefly about our sport. 2025 is an exciting year for Major League Baseball. There has never been more talent across the league and the play on the field is highly competitive and entertaining. This will attract significant interest in the League's media rights and I have confidence in the commissioner and his ability to negotiate successful new media agreements in the coming years. With respect to the collective bargaining agreement, it is early, but I firmly believe the players and owners have respect for each other and a desire to reach an agreement that works for all of us.

說到這裡，讓我簡單談談我們的運動。 2025 年對美國職棒大聯盟來說是個令人興奮的一年。聯盟中從未有過如此多的天才球員，賽場上的比賽競爭非常激烈，娛樂性十足。這將引起人們對聯盟媒體權利的極大興趣，我對專員及其在未來幾年成功談判新媒體協議的能力充滿信心。關於集體談判協議，現在還為時過早，但我堅信球員和老闆相互尊重，並希望達成一項對我們所有人都有利的協議。

With all of that said, we are optimistic about the continued growth and success of the sport. Importantly, we are confident that the organization is well positioned for long-term success. Our goal is excellence in everything we do, and that will remain our focus on the field and in our business. We have a business model that works very well. It is driven by multiple revenue streams supporting baseball and our growing mixed-use real estate development, the Battery Atlanta. We also look forward to welcoming analysts and institutional investors to Investor Day in Atlanta in June. It will give everyone an opportunity to see this high-performing baseball organization up close as well as experience the great game day experience in the Battery Atlanta and Truist Park.

綜上所述，我們對這項運動的持續發展和成功持樂觀態度。重要的是，我們相信該組織已做好長期成功的準備。我們的目標是在所做的每一件事中追求卓越，這也將是我們在行業和業務中始終關注的重點。我們有一個非常有效的商業模式。它的驅動力來自支持棒球和我們不斷發展的混合用途房地產開發項目「亞特蘭大電池」的多種收入來源。我們也期待六月在亞特蘭大舉行的投資者日活動上歡迎分析師和機構投資者。它將為每個人提供近距離觀察這個高績效棒球組織的機會，並在亞特蘭大巴特雷和特魯伊斯特公園體驗精彩的比賽日體驗。

With that, I will turn it over to Derek, Mike and Jill, who will walk through the results from the quarter.

接下來，我將把時間交給 Derek、Mike 和 Jill，他們將介紹本季的業績。

Thanks, Terry, and good morning to all. As a reminder, the first quarter is really at the outset of our season. And so revenue from ticket sales, concessions and merchandise is less meaningful than the rest of the year based on the timing of the season. As Terry mentioned, our team has battled back from a difficult start to the year and has shown tremendous life since mid-April. We're excited about the season and are confident that we can maintain our momentum for the rest of the year. Early trends in terms of fan attendance and ticket sales have been robust, and we've had 7 sellouts since the start of the season. Beyond that, we are excited to have The Savanna Bananas played at Truist Park in March, their branded baseball entertainment attracted more than 140,000 visitors to Truist Park in the Battery Atlanta over the course of 2 days. Finding ways to use our ballpark and attract people to our campus at all times of the year is core to our strategy and we will continue to look for ways to do that moving forward.

謝謝，特里，大家早安。提醒一下，第一季實際上是我們賽季的開始。因此，根據賽季時間安排，門票銷售、特許經營和商品的收入不如一年中其他時間的收入那麼重要。正如特里所提到的，我們的團隊克服了年初的困難，自四月中旬以來展現了驚人的活力。我們對這個賽季感到興奮，並有信心在今年剩餘的時間內保持這種勢頭。球迷出席率和門票銷售的早期趨勢一直很強勁，自賽季開始以來，我們已經有 7 場門票銷售一空。除此之外，我們很高興薩凡納香蕉隊在 3 月在 Truist Park 進行比賽，他們的品牌棒球娛樂活動在兩天內吸引了超過 14 萬名遊客來到亞特蘭大巴特雷的 Truist Park。尋找利用我們的棒球場並在一年中的任何時候吸引人們來到我們校園的方法是我們策略的核心，我們將繼續尋找方法來實現這一目標。

Looking ahead, we continue to be hard at work alongside Major League Baseball as we prepare to host the 95th annual All-Star game, which will put The Battery Atlanta and Truist Park on display for baseball fans from around the world. In addition, we're excited to be part of the 2025 MLB's Speedway Classic, which will take place on August 2 at Bristol Motor Speedway, one of NASCAR's most iconic tracks will face off against the Cincinnati Reds and a special regular season show down at The Last Great Colosseum in Bristol, Tennessee.

展望未來，我們將繼續與美國職棒大聯盟一起努力，為舉辦第 95 屆年度全明星賽做準備，屆時亞特蘭大巴特雷球場和特魯伊斯特公園將向來自世界各地的棒球迷展示。此外，我們很高興能夠參加 2025 年 MLB 賽車經典賽，該賽事將於 8 月 2 日在布里斯托爾賽車場舉行，這是 NASCAR 最具標誌性的賽道之一，將與辛辛那提紅人隊對決，並在田納西州布里斯托爾的 The Last Great Colosseum 舉行一場特別的常規賽。

We were excited to start the season with FanDuel Sports Network and Gray Media bringing our games to more fans than ever before. The Braves are an important piece of FanDuel's early success on the direct-to-consumer streaming front. In addition, our Gray Media relationship is giving us new opportunities to share content with fans across our territory. As the season progresses, we believe that interest will grow and our audiences will expand with that. In terms of the fan experience, we recently opened the outfield market located in the ballpark. Fans have enthusiastically embraced the local restaurant fare and is becoming a must visit for our fans. We continue to believe that we are exceptionally well positioned to have a successful season and are grateful for the continued support of our fans and partners.

我們很高興能與 FanDuel 體育網絡和 Gray Media 合作開啟新賽季，為比以往更多的球迷帶來我們的比賽。勇士隊是 FanDuel 在直接面向消費者的串流媒體領域早期成功的重要組成部分。此外，我們與 Gray Media 的合作關係為我們提供了與各地粉絲分享內容的新機會。隨著賽季的進行，我們相信人們的興趣會越來越大，我們的觀眾也會跟著擴大。在球迷體驗方面，我們最近開設了位於棒球場的外野市場。粉絲們對當地餐廳的美食十分喜愛，這裡已成為粉絲們必去的地方。我們始終相信，我們完全有能力取得成功的賽季，並感謝球迷和合作夥伴的持續支持。

With that, let me now turn it over to Mike Plant, who can discuss our acquisition of Pennant Park and recent updates to the Battery Atlanta. Mike?

現在，讓我將時間交給邁克普蘭特 (Mike Plant)，他可以討論我們對彭南特公園 (Pennant Park) 的收購以及亞特蘭大砲台 (Battery Atlanta) 的最新動態。麥克風？

Thank you, Derek. First and foremost, I want to acknowledge that this quarter truly marked a significant milestone in our strategic growth plan for our real estate portfolio with our recently announced acquisition of Pennant Park. This 6 building office complex adjacent to the Battery Atlanta will surely enhance guest experience as it offers over 2,700 parking spaces available for the approximately 9 million visitors, The Battery Atlanta sees throughout the year. This acquisition is a testament to the success we have had as an operator of office real estate despite the challenging market. with our existing office space at 99% occupancy, Pennant Park allows for continued growth and expansion to this important piece of our business.

謝謝你，德里克。首先，我要承認，本季我們最近宣布收購彭南特公園 (Pennant Park)，這確實標誌著我們房地產投資組合策略成長計畫的一個重要里程碑。這座由 6 棟建築組成的辦公綜合體毗鄰亞特蘭大巴特雷中心，為亞特蘭大巴特雷中心全年接待的約 900 萬遊客提供超過 2,700 個停車位，必將提升遊客體驗。此次收購證明了我們在市場充滿挑戰的情況下作為辦公室房地產營運商所取得的成功。我們現有的辦公空間佔用率為 99%，Pennant Park 可以讓我們這項重要業務繼續成長和擴張。

From a portfolio standpoint, this acquisition is a strategic diversification that aligns with our long-term vision of transforming our broader campus into a fully integrated destination. This acquisition adds an additional revenue stream to our core business, while also helping reduce the seasonal nature of baseball revenue. We continue to see strong interest from big brands who want to be part of the Battery Atlanta. Just last week, Shake Shack announced it will open its second U.S. support center here later this year. The new Atlanta office will join the brand's original support center in New York and its international support center in Hong Kong, forming a global network that supports Shake Shack's 336 domestic company-owned Shacks and roughly 13,000 U.S.-based team members and more than 250 licensed Shacks across 20 countries. In addition to the new support center opening later this year, Shake Shack will debut a new flagship restaurant at the Battery Atlanta this summer, introducing an exciting evolution of the brand. This is yet another example of our ability to attract and retain high-quality tenants to our campus as we continue to grow.

從投資組合的角度來看，此次收購是一種策略多元化，符合我們將更廣泛的園區轉變為完全整合的目的地的長期願景。此次收購為我們的核心業務增加了額外的收入來源，同時也有助於降低棒球收入的季節性。我們持續看到大品牌對參與亞特蘭大電池展表現出濃厚興趣。就在上週，Shake Shack 宣布將於今年稍晚在這裡開設第二家美國支援中心。新的亞特蘭大辦事處將與該品牌位於紐約的原有支援中心以及位於香港的國際支援中心一起，形成一個全球網絡，為 Shake Shack 的 336 家國內自營 Shacks 餐廳、約 13,000 名美國團隊成員以及遍布 20 個國家的 250 多家授權 Shacks 餐廳提供支援。除了今年稍後開設的新支援中心外，Shake Shack 還將於今年夏天在亞特蘭大巴特雷酒店開設一家新的旗艦餐廳，展示品牌令人興奮的演變。這再次證明了我們在不斷發展的過程中能夠吸引和留住高品質租戶。

Lastly, I want to highlight that it is top of mind for us to strengthen our recurring revenue streams and create long-term shareholder value. Therefore, we continue to evaluate assets and opportunities in the surrounding area of Truist Park and The Battery Atlanta that advance our core mission of delivering the best sports and entertainment experiences.

最後，我想強調的是，加強經常性收入來源、創造長期股東價值是我們的首要任務。因此，我們將繼續評估 Truist Park 和 The Battery Atlanta 週邊地區的資產和機會，以推進我們提供最佳運動和娛樂體驗的核心使命。

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。

Thanks, Mike. Before I begin, I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season. In the first quarter of 2025, there were no regular season home games played and 5 away games versus in '24 when we also had no regular home games played and 3 away games. Total revenue was $47.2 million in the first quarter of 2025, up from $37.1 million in the first quarter of 2024. We are very pleased with our performance.

謝謝，麥克。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。2025 年第一季度，例行賽主場比賽為 0 場，客場比賽為 5 場，而 2024 年同樣沒有常規主場比賽，客場比賽為 3 場。2025 年第一季總營收為 4,720 萬美元，高於 2024 年第一季的 3,710 萬美元。我們對自己的表現非常滿意。

As a reminder, if the company manages its business based on the following reportable segments: baseball and mixed-use development. Baseball revenue was $28.6 million in the first quarter of 2025, up from $22 million in the first quarter of 2024. This revenue increase was driven by a combination of increased broadcast revenue and other revenue. Broadcast revenue increased $2.2 million due to 2 additional games held in the first quarter of 2025 and compared to the prior year and the impact of contractual rate increases.

提醒一下，如果公司根據以下可報告部門管理其業務：棒球和混合用途開發。2025 年第一季的棒球收入為 2,860 萬美元，高於 2024 年第一季的 2,200 萬美元。收入的成長是由廣播收入和其他收入的增加共同推動的。由於 2025 年第一季增加了 2 場比賽，與前一年相比以及合約費率上漲的影響，轉播收入增加了 220 萬美元。

Other revenue increased $4.3 million during the first quarter of 2025 as compared to the corresponding period in the prior year, primarily due to events held at Truist Park, including hosting 2 games for The Savanna Bananas. Mixed-use development revenue was $18.6 million in the first quarter of 2025, up from $15.1 million from the same period last year and was primarily driven by increases in rental income from new lease commencements, sponsorship and parking revenue. Adjusted OIBDA improved to a loss of $28.5 million, up from a loss of $33.8 million in the first quarter of 2024. This improvement was due to an increase in both base set by an increase in baseball operating costs, including increased player salaries, increased revenue share expenses and expenses for events held at Truist Park.

2025 年第一季度，其他收入與去年同期相比增加了 430 萬美元，這主要是由於 Truist Park 舉辦了活動，包括為 The Savanna Bananas 舉辦 2 場比賽。2025 年第一季度，混合用途開發收入為 1,860 萬美元，高於去年同期的 1,510 萬美元，主要得益於新租約開始、贊助和停車收入的租金收入增加。調整後的 OIBDA 虧損從 2024 年第一季的 3,380 萬美元改善至 2,850 萬美元。這項改善是由於棒球營運成本增加而導致的兩個基礎成本的增加，包括球員薪水增加、收入分成費用增加以及在 Truist Park 舉辦活動的費用。

Our operating loss improved to $44.5 million in the first quarter of 2025 as compared to an operating loss of $52.4 million in the first quarter of 2024 primarily due to an increase in revenue. As of March 31, 2025, the company had $244.7 million of cash and cash equivalents. Nearly all of our cash and cash equivalents are invested in U.S. treasury securities other government securities or government guaranteed funds, AAA-rated money market funds and other highly rated financial and corporate debt instruments. As of March 31, 2025, our mixed use borrowings have increased due to construction draws and to support the expansion of our real estate footprint. We have $275 million of untapped liquidity in the form of two baseball revolvers, which we believe provides us flexibility for the future.

2025 年第一季度，我們的營業虧損改善至 4,450 萬美元，而 2024 年第一季的營業虧損為 5,240 萬美元，這主要是由於收入增加。截至 2025 年 3 月 31 日，該公司擁有 2.447 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。截至 2025 年 3 月 31 日，由於建築提款以及支持我們房地產足跡的擴張，我們的混合用途借款有所增加。我們擁有兩張棒球左輪手槍形式的 2.75 億美元未開發的流動資金，我們相信這為我們的未來提供了靈活性。

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

接線員，現在讓我們開始回答問題。

(Operator Instructions)

（操作員指示）

Barton Crockett, Rosenblatt Securities.

巴頓·克羅克特（Barton Crockett），羅森布拉特證券公司。

Hi, thank you for taking the question. I guess a couple of things I was curious about if we can touch on it. One is just looking at this quarter's results, I understand it's a small quarter seasonally, but you had your mixed-use revenue is growing faster than the mixed-use expenses. And a similar trend, I think, in baseball revenues. I'm just wondering how sustainable that is for any period of time, a couple of quarters or longer term, how you feel about that type of trajectory.

您好，感謝您回答這個問題。我想有幾件事我很好奇我們是否可以談談。一是只看本季的業績，我知道這是一個季節性的小季度，但您的混合用途收入成長速度快於混合用途支出。我認為棒球收入也呈現類似的趨勢。我只是想知道這種趨勢在任何時期（幾個季度或更長時期）的可持續性如何，您對這種軌跡有何看法。

Yes. Thanks, Barton, for the question. I think if you were to look at our results on an annual basis, it's really hard to evaluate these things on a quarterly basis due to our seasonality. You would see that that's really our goal is to have revenues grow faster than expenses, and we certainly try to manage that number. The baseball -- the Braves development year-over-year growth is really a factor of our continuing growth in our real estate footprint. Baseball is just as we talked about a bit of anomaly because of the number of games in the season.

是的。謝謝巴頓提出這個問題。我認為，如果您按年度查看我們的業績，那麼由於季節性因素，按季度評估這些業績確實很困難。您會發現，我們的真正目標是讓收入成長速度快於支出成長速度，並且我們一定會努力實現這一目標。棒球－勇士隊的發展逐年成長其實是我們房地產足跡持續成長的因素。正如我們所說的，棒球由於賽季比賽場次較多而顯得有些異常。

Okay. But it sounds like there is some confidence that the mixed use that this is -- some form of this could be a trajectory going forward, revenue gross margin growth.

好的。但聽起來人們有信心，這種混合用途——某種形式——可能是未來的軌跡，收入毛利率成長。

Right. Well, we haven't layered in the Pennant Park acquisition yet. So you can certainly expect to see capability from that front going forward.

正確的。嗯，我們還沒有對彭南特公園進行收購。因此，您當然可以期待看到未來該方面的能力。

Okay. And then I was wondering on Pennant Park. Is there any kind of color you can give us on the impact that will have on the P&L? And also, is the cost of that acquisition disclosed or in the first quarter financials?

好的。然後我對彭南特公園感到好奇。能否詳細說明這會對損益表產生什麼影響？另外，此次收購的成本是否已揭露或在第一季的財務報告中揭露？

We're not going to provide any guidance going forward on Pennant Park, although we have said that it is accretive immediately and the purchase price is disclosed in the filings.

我們不會為彭南特公園的未來提供任何指導，儘管我們說過它會立即增值，而且購買價格已在文件中披露。

Okay, alright. And great, that was those are the main questions I'll leave it there.

好的，好的。太好了，這些就是主要問題，我就不多說了。

Thank you.

謝謝。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Hey, good morning, everyone. I want to ask about the media outlook, both, I guess, local and then thinking more nationally. Obviously, there's a big debate in the business about the opportunity with the direct-to-consumer business. I don't know if there's anything you can share either in terms of number of subscribers early in the season to the FanDuel Sports Networks that are accessing Braves games in market or anything you've learned so far that might have surprised you? Or how much the Braves team itself and the organization is sort of marketing that service? Anything you could share would be really interesting, given it's obviously an important strategic opportunity for the business.

嘿，大家早安。我想問媒體的前景，我想先從當地角度考慮，然後再從全國角度考慮。顯然，業內對於直接面向消費者的業務機會有很大爭議。我不知道您是否可以分享一些信息，無論是賽季初期 FanDuel 體育網絡的訂閱用戶數量（這些訂閱用戶可以觀看市場上的勇士隊比賽）還是您目前了解到的任何可能讓您感到驚訝的信息？或者勇士隊本身和組織在多大程度上行銷該服務？您分享的任何內容都會非常有趣，因為這顯然是企業的一個重要的策略機會。

And then there's a lot in the press focused on sort of not just for baseball, but for all the leagues or many of the leagues trying to reaggregate local rights into national packages. And I think we've got a couple of years before that probably turns into a reality. But I'm just curious how the Braves think about the idea of sort of contributing more and more of your local exclusive rights into a national package if that's something you're amenable to? How do you think about kind of the pros and cons as a team with a big local opportunity that might lead to maybe greater revenue share with smaller market teams. Thanks so much for your thoughts.

然後，媒體的大量報導不僅關注棒球，還關注所有聯盟或許多聯盟試圖將地方權利重新整合為全國性權利。我認為我們還需要幾年的時間才能實現這一目標。但我只是好奇，如果你們願意的話，勇士隊如何看待將越來越多的本地獨家權利納入全國性計劃的想法？作為一支擁有巨大本地機會的團隊，您如何看待其優缺點？這可能會為較小市場團隊帶來更大的收入份額。非常感謝您的想法。

Thanks, Ben. It's Derek. I'm going to try to answer the first half of that, and then I'm going to let Terry jump in and get to the second half. So on the first half, really asking about our local or regional media outlook. Obviously, when Diamond Sports Group reemerged as Main Street Sports from their bankruptcy, that's a positive. It's positive for them, but it's also a positive for us. It gives us some certainty about what their outlook is. And that was something that we were absolutely looking forward to. And as a reminder that when they did that, as part of that reemergence, we reformulated that agreement with them slightly, where we unlocked D2C rights, the streaming option for them, which is the first time that the Atlanta Braves have been offering streaming for our -- as part of our regional sports network package.

謝謝，本。是德里克。我將嘗試回答該問題的前半部分，然後讓特里介入並回答後半部分。因此，上半部實際上是詢問我們當地或地區媒體的前景。顯然，當 Diamond Sports Group 從破產中重生為 Main Street Sports 時，這是一件好事。這對他們來說是積極的，對我們來說也是積極的。這讓我們對他們的觀點有了一定的了解。這是我們絕對期待的事。提醒一下，當他們這樣做時，作為重新崛起的一部分，我們稍微修改了與他們的協議，我們為他們解鎖了 D2C 權利，即串流媒體選項，這是亞特蘭大勇士隊第一次為我們提供串流媒體服務——作為我們區域體育網絡套餐的一部分。

So they've been in the marketplace for a few months now on that streaming. They did push out a press release that Main Street Sports did that talked about the successes of their streaming subscription business. And while they did not specify and itemized team by team. I think it's safe to say that the Atlanta Braves represent a significant portion of those D2C subscriptions. So we look at that as something that's a very good trend, something that is favorable, not just for them, but maybe most importantly for our fans because more and more of our fans are looking for that option and being able to unlock that has created viewership options for them that they didn't previously have.

因此，他們已經在串流媒體市場上存在了幾個月了。他們確實發布了一份新聞稿，其中談到了 Main Street Sports 的串流訂閱業務的成功。儘管他們沒有具體說明每個球隊的具體情況。我認為可以肯定地說，亞特蘭大勇士隊佔據了 D2C 訂閱量的很大一部分。因此，我們認為這是一個非常好的趨勢，不僅對他們有利，對我們的粉絲來說也許更為重要，因為越來越多的粉絲正在尋找這種選擇，並且能夠解鎖這種選擇為他們創造了以前沒有的收視率選擇。

So we're seeing that anecdotally and hearing from our fans anecdotally, but we're also seeing some of the numbers that they're providing to us and are quite pleased with where things stand. I think that's going to be a continued evolution. I think you're going to see more and more of that occur. And we're obviously helping with them in trying to promote to our fans the availability of those broadcast and all the ways that you can watch the Atlanta Braves. So I'll leave that there.

所以我們是從傳聞中看到這一點的，也是從粉絲那裡聽到的，但我們也看到了他們提供給我們一些數據，並且對目前的情況感到非常滿意。我認為這將會是一個持續的演變。我想你會看到越來越多這樣的事情發生。顯然，我們正在幫助他們向我們的粉絲宣傳這些轉播的可用性以及觀看亞特蘭大勇士隊比賽的所有方式。所以我將其留在那裡。

And Terry, do you want to touch on the national?

特里，你想談談國家議題嗎？

Yes, Ben, I would -- I'd start off saying that I think you're correct in your view that the local territorial rights -- media rights of the Atlanta Braves are very strong. We -- that's on a steady-state basis going forward. we like our position and we like the growth a lot. It's no coincidence that our rights in the territory with FanDuel expire at the same time as the MLB National rights. I think that provides some optionality and some opportunities for the future, which really signal even more growth. And so we're all about focusing on the growth of these media rights, and we'll see how it all breaks down into the future.

是的，本，我首先要說的是，我認為你的觀點是正確的，亞特蘭大勇士隊的當地領土權利——媒體權利非常強大。我們 — — 這是在未來保持穩定的基礎上。我們喜歡我們的地位，我們非常喜歡這種成長。我們在 FanDuel 地區的權利與 MLB 全國權利同時到期並非巧合。我認為這為未來提供了一些選擇和機會，這確實預示著更多的成長。因此，我們全心全意關注這些媒體權利的成長，並觀察其未來如何發展。

Thanks Terry.

謝謝特里。

There are no further questions at this time. I would like to turn the floor back over to management for closing remarks.

目前沒有其他問題。我想將發言權交還給管理階層，請他們作最後發言。

Thank you, operator, and I'd like to thank everybody for joining the call. We appreciate you jumping in and listening to what we have going on. We look forward to seeing some of you on Investor Day, which is June 18, as a reminder. And with that, this concludes the call. Thank you very much.

謝謝接線員，我也要感謝大家參加這次電話會議。感謝您的參與和傾聽。提醒一下，我們期待在 6 月 18 日的投資者日見到你們。至此，本次通話結束。非常感謝。

Thank you. We thank you for your participation. You may disconnect your lines at this time.

謝謝。我們感謝您的參與。現在您可以斷開線路。