Madison Square Garden Entertainment Corp (MSGE) 2024 Q4 法說會逐字稿

Good morning. Thank you for standing by, and welcome to the Madison Square Garden Entertainment Corp. fiscal 2024 fourth quarter and year-end earnings conference call. I would now like to turn the call over to Ari Danes, Senior Vice President, Investor Relations and Treasury. Please go ahead.

早安.感謝您的耐心等待，歡迎參加麥迪遜廣場花園娛樂公司 2024 財年第四季和年終收益電話會議。我現在想將電話轉給投資者關係和財務部高級副總裁 Ari Danes。請繼續。

Thank you. Good morning, and welcome to MSG Entertainment's fiscal 2024 fourth quarter and year-end earnings conference call. On today's call, Mike Grau, our EVP and Chief Financial Officer, will provide an update on the company's operations and review our financial results for the quarter. After our prepared remarks, we will open up the call for questions. If you do not have a copy of today's earnings release, it is available in the Investors section of our corporate website.

謝謝。早安，歡迎參加 MSG Entertainment 2024 財年第四季和年終財報電話會議。在今天的電話會議上，我們的執行副總裁兼財務長 Mike Grau 將提供公司營運的最新資訊並審查我們本季的財務表現。在我們準備好發言後，我們將開始提問。如果您沒有今天的收益發布副本，可以在我們公司網站的投資者部分找到。

Please take note of the following. Today's discussion may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.

請注意以下事項。今天的討論可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。任何此類前瞻性陳述都不是對未來績效或結果的保證，並且涉及可能導致實際結果與前瞻性陳述中的結果有重大差異的風險和不確定性。

Please refer to the company's filings with the SEC for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call.

請參閱該公司向 SEC 提交的文件，以了解有關風險和不確定性的討論。本公司不承擔更新本次電話會議期間可能討論的任何前瞻性陳述的義務。

On Pages 4 and 5 of today's earnings release, we provide consolidated statements of operations and a reconciliation of operating income to adjusted operating income or AOI, a non-GAAP financial measure.

在今天的收益報告的第 4 和第 5 頁，我們提供了合併營運報表以及營運收入與調整後營運收入或 AOI（一種非 GAAP 財務指標）的調節表。

And with that, I'll now turn the call over to Mike.

現在，我將把電話轉給麥克。

Thank you, Ari, and good morning, everyone. Fiscal 2024 marked our first full year as a stand-alone live entertainment company. With our results, reflecting strong performance across our businesses, including bookings for Christmas, Spectacular production and our premium hospitality offerings.

謝謝你，阿里，大家早安。2024 財年是我們作為獨立現場娛樂公司的第一個全年。我們的業績反映了我們各個業務的強勁表現，包括聖誕節預訂、精彩製作和我們的優質酒店服務。

In fact, the positive operating momentum we experienced throughout fiscal '24 led us to increase our guidance twice during the year. And with revenues of $959 million and adjusted operating income of $211.5 million. Our full year results came in above the high end of our ranges. As we look ahead to fiscal '25, we remain focused on executing on our strategy of increasing venue utilization, growing per event profitability, building on the success of the Christmas Spectacular and expanding our sponsorship and premium hospitality businesses.

事實上，我們在整個 24 財年所經歷的積極的營運勢頭導致我們在這一年中兩次提高了指導值。收入為 9.59 億美元，調整後營業收入為 2.115 億美元。我們的全年業績高於我們範圍的高端。展望 25 財年，我們仍然專注於執行我們的策略，即提高場館利用率、提高每場活動的盈利能力、在聖誕盛會的成功基礎上再接再厲，並擴大我們的贊助和高級酒店業務。

We believe that this strategy, along with robust ongoing demand for our live entertainment offerings positions us to deliver a high single to low double digit percentage increase in adjusted operating income in fiscal '25. So with a strong year behind us and a positive outlook for the year ahead, we remain confident that our business is well positioned to generate long-term value for our shareholders.

我們相信，這項策略以及對現場娛樂產品的強勁持續需求使我們能夠在 25 財年實現調整後營業收入的高個位數到低兩位數的百分比成長。因此，隨著強勁的一年的過去和對未來一年的積極展望，我們仍然相信我們的業務處於有利地位，可以為股東創造長期價值。

Let's now review some key operational highlights from our fiscal fourth quarter and full year. Fiscal 2024 was another busy year of events revenues as we hosted approximately 6.3 million guests at over 960 live events. The majority of these events were driven by our bookings business, where we saw robust growth in the number of events held at our venues versus the prior year.

現在讓我們回顧一下第四財季和全年的一些關鍵營運亮點。2024 財年是活動收入又繁忙的一年，我們在 960 多場現場活動中接待了約 630 萬名賓客。這些活動大部分是由我們的預訂業務推動的，與前一年相比，我們的場館舉辦的活動數量強勁增長。

This growth was driven by the concert and family show categories and included a record high for the number of contracts in the year at both the Garden and Radio City Music Hall. The world's most famous arena ended the year on a particularly strong note with robust year-over-year growth in the number of concerts in the fourth quarter, which reflects our efforts to increase venue utilization within the Knicks and Rangers playoff window as well as our success in attracting acts that are headlining the Garden for the first time.

這一增長是由音樂會和家庭表演類別推動的，其中花園和無線電城音樂廳的合約數量創下了當年的歷史新高。這個世界上最著名的體育場以特別強勁的勢頭結束了今年，第四季度的音樂會數量同比強勁增長，這反映了我們在尼克斯隊和流浪者隊季後賽窗口內提高場地利用率的努力以及我們的成功吸引了首次成為花園主角的表演。

Consumer demand also helped drive this growth as customers continued to demonstrate their willingness to spend on experiences across our venues the majority of concerts were once again sold out in the fourth quarter. We also saw higher overall per cap spending on food, beverage and merchandise at concerts in the fourth quarter as compared to the prior year period.

消費者需求也有助於推動這一成長，因為客戶繼續表現出他們願意在我們的場館體驗上花錢的意願，大多數音樂會在第四季度再次售空。我們也發現，第四季音樂會上食品、飲料和商品的整體人均支出高於去年同期。

Looking ahead, our bookings calendar continues to fill up and we expect to again increase the number of events at our venues in fiscal '25, primarily driven by growth in concerts, family shows and special events.

展望未來，我們的預訂日曆將繼續排滿，我們預計在 25 財年我們的場館舉辦的活動數量將再次增加，這主要是由音樂會、家庭演出和特別活動的增長推動的。

Turning out of the Christmas Spectacular production. During fiscal '24, we sold over 1 million tickets across 193 performances and generated nearly $150 million in revenue, a new record for the beloved production in its 90th season. We are currently on sale with 197 shows for the 2024 holiday season and expect revenue growth for the production to be driven by the increased number of shows, as well as by higher per show revenue.

聖誕節奇觀演出即將結束。在 24 財年，我們在 193 場演出中售出超過 100 萬張門票，創造了近 1.5 億美元的收入，創下了這部備受喜愛的作品第 90 季的新紀錄。目前，我們正在銷售 2024 年假期季節的 197 場演出，預計演出數量的增加以及每場演出收入的增加將推動製作收入的成長。

This year's production will feature new technology and immersive elements as we continue to explore ways to enhance the experience for our guests. In our fiscal fourth quarter, both the Knicks and Rangers finish their exciting regular-season and playoff runs. In total, they played 11 additional home games at the Garden as compared to the prior year quarter.

今年的製作將採用新技術和沈浸式元素，我們將繼續探索增強客人體驗的方法。在我們的第四財季，尼克隊和流浪者隊都完成了令人興奮的常規賽和季後賽。與去年同期相比，他們總共在花園球場多踢了 11 場主場比賽。

In terms of our agreements with MSG Sports, for fiscal '25, the cash component of the Arena license fees that we receive will be approximately $44 million and will continue to grow 3% each year through fiscal [2055]. Given the strong performance of both teams this past season, we expect to see positive tailwinds across our revenue and profit sharing arrangements with MSG Sports in fiscal '25, that included our share of food, beverage and merchandise suites and signage at Knicks and Rangers home games.

根據我們與 MSG Sports 的協議，在 25 財年，我們收到的競技場許可費的現金部分將約為 4,400 萬美元，並將透過財政年度繼續每年增長 3%。[2055]。鑑於兩支球隊在上個賽季的強勁表現，我們預計在25 財年與MSG Sports 的收入和利潤分享安排中將看到積極的推動力，其中包括我們在尼克斯隊和流浪者隊主場的食品、飲料和商品套件以及標誌的份額遊戲。

Turning to our marketing partnerships business. As last year, we transitioned our sponsorship sales effort to (inaudible) Group's Crown properties collection. I'm pleased to say that we are off to a strong start to fiscal '25 in terms of new deals. We expect to have more to share in the coming weeks and believe this business is positioned for growth this year.

轉向我們的行銷合作夥伴業務。與去年一樣，我們將贊助銷售工作轉向（聽不清楚）集團的皇冠地產系列。我很高興地說，就新交易而言，我們在 25 財年有了一個好的開始。我們預計在未來幾週內將分享更多內容，並相信該業務今年將實現成長。

During fiscal '24, we saw strong demand for our premium hospitality offerings, including the two new suite products we introduced earlier in the fiscal year an event level suite and a luxury event level club space. And given this demand, we are continuing to expand the capacity of the event level club space. Along those lines, we are also in the process of renovating a number of our events and less level suites, which we anticipate will drive incremental revenue this year.

在 24 財年期間，我們看到對我們的優質酒店產品的強勁需求，包括我們在本財年早些時候推出的兩種新套房產品：活動級套房和豪華活動級俱樂部空間。鑑於這種需求，我們正在繼續擴大活動級別俱樂部空間的容量。沿著這些思路，我們也正在翻新一些活動和較低等級的套房，我們預計這將推動今年的收入增量。

So as we look to fiscal '25, I'm pleased to say we expect another year of growth in this area of our business as well.

因此，當我們展望 25 財年時，我很高興地說，我們預計這一業務領域還將迎來另一年的成長。

Before I discuss our fiscal fourth quarter financial results, I have a couple of points regarding presentation and comparability. First, I'd like to remind you that last quarter we revised our definition of adjusted operating income as it relates to the Arena license fees with MSG Sports. We are no longer removing the non-cash portion of the Arena license fees in our reconciliation of operating income to adjusted operating income, which is reflected in the financial results we reported today for all periods presented.

在討論我們第四季度的財務表現之前，我有幾點關於演示和可比性的觀點。首先，我想提醒您，上季我們修改了調整後營業收入的定義，因為它與 MSG Sports 的競技場許可費有關。我們不再在營業收入與調整後營業收入的調節中刪除競技場許可費的非現金部分，這反映在我們今天報告的所有期間的財務業績中。

You may recall that the Arena license fees are recognized on a straight-line basis over the life of the 35 year agreements, which equates to approximately $68 million a year. For fiscal 2024, the $68 million was comprised of approximately $43 million of cash revenue and $25 million of noncash revenue.

您可能還記得，Arena 許可費在 35 年協議有效期內按直線法確認，相當於每年約 6800 萬美元。2024 財年，這 6,800 萬美元包括約 4,300 萬美元的現金收入和 2,500 萬美元的非現金收入。

Second, the company completed its spinoff from sphere entertainment on April 20 of last year. As a result, our fiscal fourth quarter results are not fully comparable on a year-over-year basis. Results for the prior-year quarter are based on carve-out accounting for the first 20 days of April, and therefore, last year's fourth quarter results do not reflect all of the SG&A expenses we would have incurred, and we've been a stand-alone public company for the entire period.

其次，該公司於去年4月20日完成了從Sphere Entertainment的分拆。因此，我們第四財季的業績與去年同期相比並不完全可比。去年第四季的業績是基於 4 月前 20 天的剝離會計，因此，去年第四季的業績並未反映我們可能產生的所有 SG&A 費用，我們一直堅持立場-整個時期內唯一的上市公司。

Turning now to our financial results. For the fiscal 2024 fourth quarter, we reported revenues of $186.1 million, an increase of 26% as compared to the prior year period. This reflected growth across our three revenue categories, entertainment offerings, food, beverage and merchandise and Arena license fees.

現在轉向我們的財務表現。2024 財年第四季度，我們的營收為 1.861 億美元，比上年同期成長 26%。這反映了我們三個收入類別的成長，即娛樂產品、食品、飲料和商品以及競技場許可費。

The increase in revenues from entertainment offerings primarily reflected more concerts at the Garden in our fourth quarter compared to the prior year period. The increase in food, beverage and merchandise revenues primarily reflected the impact of additional Knicks and Rangers games at the Garden versus the prior year quarter, as well as higher sales of concerts and other live entertainment and sporting events at our venues.

娛樂產品收入的成長主要反映了第四季度花園音樂會的數量比去年同期增加。食品、飲料和商品收入的成長主要反映了與去年同期相比，在花園球場增加的尼克隊和流浪者隊比賽的影響，以及我們場館的音樂會和其他現場娛樂和體育賽事的銷售額增加。

Fourth quarter adjusted operating income of $13.1 million increased by $12.4 million as compared to the prior year quarter. These AOI results include $2.5 million of non-cash Arena license fees in the current year quarter as compared to $1.5 million in the prior year period.

第四季調整後營業收入為 1,310 萬美元，較去年同期增加 1,240 萬美元。這些 AOI 結果包括本季 250 萬美元的非現金 Arena 許可費，而去年同期為 150 萬美元。

The increase in AOI primarily reflects higher revenues, partially offset by an increase in direct operating expenses and to a lesser extent, higher SG&A expenses. And as I mentioned earlier, fourth quarter SG&A expenses are not fully comparable on a year-over-year basis.

AOI 的增加主要反映了收入的增加，部分被直接營運費用的增加以及較小程度的 SG&A 費用的增加所抵消。正如我之前提到的，第四季的銷售、管理及行政費用與去年同期相比並不完全可比。

Turning to our balance sheet. As of June 30, we had approximately $33 million of unrestricted cash while our debt balance was approximately $626 million.

轉向我們的資產負債表。截至 6 月 30 日，我們擁有約 3,300 萬美元的非限制性現金，而債務餘額約為 6.26 億美元。

Looking ahead to fiscal '25, we currently expect our company to have another year of substantial free cash flow generation. This is underscored by the following expectations, a high single to low double digit percentage increase in adjusted operating income, ongoing net interest payments related to our National Properties debt, which totaled $51 million in fiscal '24.

展望 25 財年，我們目前預期我們公司將再有一年產生大量自由現金流。以下預期強調了這一點：調整後營業收入的高個位數到低兩位數的百分比增長、與我們的國家地產債務相關的持續淨利息支付（24 財年總計 5100 萬美元）。

Our current status as a minimal cash taxpayer and capital expenditures, which will include both maintenance CapEx as well as some incremental spend related to Christmas Spectacular enhancements and suite renovations at the Garden, both of which I discussed earlier.

我們目前作為最低現金納稅人和資本支出的地位，其中包括維護資本支出以及與聖誕節壯觀的增強和花園套房翻新相關的一些增量支出，這兩者都是我之前討論過的。

In terms of capital allocation, we remain focused on our dual priorities of opportunistically returning capital to shareholders and paying down debt. As a reminder, we continue to have approximately $110 million remaining under our current share repurchase authorization.

在資本配置方面，我們仍然專注於向股東返還資本和償還債務的雙重優先事項。提醒一下，我們目前的股票回購授權仍剩餘約 1.1 億美元。

In summary, fiscal 2024 reflected the strength of our business and the robust demand we saw for our assets. And as we look to fiscal '25, we believe we are well positioned to deliver robust AOI growth for the year.

總之，2024 財年反映了我們的業務實力以及我們對資產的強勁需求。展望 25 財年，我們相信我們已做好充分準備，能夠在今年實現強勁的 AOI 成長。

With that, I will now turn the call back over to Ari.

這樣，我現在將把電話轉回給阿里。

Thank you. Mike. Operator, can we open up the call for questions?

謝謝。麥克風。接線員，我們可以打開提問電話嗎？

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Peter Henderson, Bank of America.

彼得‧亨德森，美國銀行。

Great. Thank you. Thank you for taking the question. Can you just provide us with an update on advanced ticket sales for the Christmas Spectacular? And just also discuss the overall growth opportunities for the production, including pricing show count, et cetera?

偉大的。謝謝。感謝您提出問題。您能否提供我們聖誕晚會提前售票的最新資訊？還可以討論製作的整體成長機會，包括定價演出數量等等？

So Peter, good morning and thanks for the question. So regarding event's ticket sales pacing, we're currently on sale with 197 shows that's versus 193 in last year's holiday season and the marketing around that kicked in late July. So it's early days, we're certainly very encouraged by what we're seeing to date versus the same point last year, we're up about 18% in terms of advanced ticket revenue.

彼得，早安，謝謝你的提問。因此，就活動門票銷售節奏而言，我們目前正在出售 197 場演出，而去年假日季的演出場次為 193 場，而且圍繞該活動的營銷活動於 7 月底開始。所以現在還為時過早，我們對迄今為止所看到的情況感到非常鼓舞，與去年同期相比，我們的預售門票收入增長了約 18%。

And I'd say that's half rate, half volume, reflects growth across group sales force, individual sales. I'd say we're a little more than 10% of the way towards our full-year goal. So again, early days, but the early signs are very encouraging.

我想說，這是一半的比率，一半的銷售量，反映了整個集團銷售團隊和個人銷售的成長。我想說，我們距離全年目標的進度略高於 10%。再說一遍，雖然還處於早期階段，但早期跡象非常令人鼓舞。

As to the second part of your question around growth opportunities, I mean, we talked about growth for the Christmas show, really in three areas. And I think we see opportunity in all three of them. In terms of share count, we are growing the shows from 193 to 197. We certainly have room around the edges to add more shows dependent on demand.

至於你關於成長機會的問題的第二部分，我的意思是，我們討論了聖誕節秀的成長，實際上是在三個領域。我認為我們在這三個人身上都看到了機會。就分享數量而言，我們正在將節目從 193 個增加到 197 個。我們當然有空間根據需求添加更多節目。

You may recall we did do that last year, and we're certainly not at the or peak show volume relative to years past. So we have opportunity in show count pricing. We are seeing better ticket yields this year than we've seen in the prior year, but we remain pretty healthy discount to what I'd call comparable entertainment options on Broadway on average, we've been very successful with dynamic pricing. And so I think there's opportunity on ticket yield.

您可能還記得我們去年確實這樣做過，但與過去幾年相比，我們的演出量肯定沒有達到高峰。因此，我們有機會進行演出計數定價。今年我們看到比去年更好的門票收益，但平均而言，我們仍然比百老匯的同類娛樂選項有相當健康的折扣，我們在動態定價方面非常成功。所以我認為門票收益率存在機會。

And then in terms of sell-through, listen last year, our sell through and for the show was right around 90%. That was up from, call it mid 80s in the year prior was still down from peak seasons in the past, we've had seasons with sell-through above that, and that includes seasons with you considerably more show volume. So I think over the longer haul and even for the current season, we could see growth across any and all of these any or all of these factors call it show count pricing ourselves or that.

然後就銷售率而言，去年我們的銷售率和展會的銷售率都在 90% 左右。這個數字比前一年的 80 年代中期有所上升，但仍然低於過去的旺季，我們有過銷售量高於這個數字的季節，其中包括演出量顯著增加的季節。因此，我認為從長遠來看，甚至在本季，我們可以看到所有這些因素的增長，任何或所有這些因素稱為節目數量定價或其他因素。

Great. Thank you.

偉大的。謝謝。

Stephen Laszczyk, Goldman Sachs.

史蒂芬·拉斯奇克，高盛。

Hey, great. Thanks for taking the questions. A first on margins for Mike. Could you talk about what you see as the biggest drivers of margin expansion ahead for your business and maybe the extent to which you think we could see some of that operating leverage flow through in 2025.

嘿，太棒了。感謝您提出問題。麥克的第一次利潤率。您能否談談您認為未來業務利潤率擴張的最大驅動因素是什麼，以及您認為我們可以在 2025 年看到部分營運槓桿流動的程度。

And then on the postseason, would you be able to unpack just how much of a benefit you saw from the Knicks and Rangers postseason runs this quarter? And how we should think about any momentum that you called out, I think in the prepared remarks on what that could mean for 2025? Thank you.

然後在季後賽中，您能否從尼克隊和流浪者隊本季的季後賽表現中看到多少好處？我認為在準備好的關於這對 2025 年意味著什麼的評論中，我們應該如何考慮您所呼籲的任何勢頭？謝謝。

Sure, David. Thanks, for the question in terms of margin, we certainly do anticipate some growth in AOI margins in '25. We've talked about the high single to low double digit percentage growth in AOI. Overall, some of that will be fueled by margin expansion. And over the longer haul, I think we see additional opportunities around margin expansion.

當然，大衛。謝謝，對於利潤率方面的問題，我們確實預計 25 年 AOI 利潤率會有所增長。我們已經討論過 AOI 的高個位數到低兩位數百分比成長。總體而言，其中一些將由利潤率擴張推動。從長遠來看，我認為我們看到了利潤率擴張的更多機會。

There are a couple of puts and takes on this that had laid out upfront one in the bookings business, there is a mix between rentals and promotions. We will book all the ticket revenue as well as the artist costs, whereas in a straight rental that falls to the promoter and we just booked the free rent. The AOI for these events tends to be roughly the same.

在預訂業務中，有一些關於這一點的考慮，其中包括租賃和促銷之間的混合。我們將預訂所有門票收入以及藝術家費用，而在直接租金中，我們只預訂了免費租金。這些事件的 AOI 往往大致相同。

All else being equal, the margin on a rental will be better than the margin on our on-air promotion. So there's elements of that. And then I would mention as well. We have a little bit of a headwind around the corporate overhead, which we've called out in the past, the comps year over year of our new office lease, we'll create incremental SG&A expenses more so in the first half of the year as we start to anniversary that in the back half of the year.

在其他條件相同的情況下，租賃利潤將高於我們的直播促銷利潤。所以有這樣的元素。然後我也會提到。我們在公司管理費用方面遇到了一些阻力，我們過去曾說過，我們新辦公室租賃的逐年比較，我們將在今年上半年產生更多的增量 SG&A 費用當我們在今年下半年開始慶祝週年紀念日時。

Despite that, we definitely see margin expansion in fiscal '25 and beyond. If you think about our revenue streams, bookings the Christmas show premium marketing partnerships, these are all high-margin revenue streams and we see growth in all these revenue streams in the coming year. And so I think that will create some margin expansion.

儘管如此，我們肯定會看到 25 財年及以後的利潤率會擴大。如果您考慮我們的收入來源，預訂聖誕秀優質行銷合作夥伴關係，這些都是高利潤收入來源，我們預計所有這些收入來源在來年都會成長。因此，我認為這將帶來一定的利潤成長。

And then equally important, our overhead and infrastructure, we think is adequate to support this growth and more growth going forward. In fact, in our recent budget process, we had a real concentrated effort on efficiency. We turned over a lot of rocks and identified some cost reduction opportunities. We started to execute on some of those, and I think there's probably more fruit to bear in the future on that. So all of these factors should drive margin expansion in fiscal '25 and beyond.

同樣重要的是，我們認為我們的管理費用和基礎設施足以支持這種成長和未來的更多成長。事實上，在我們最近的預算過程中，我們真正集中精力提高效率。我們克服了許多困難，發現了一些降低成本的機會。我們開始執行其中一些，我認為未來可能會取得更多成果。因此，所有這些因素都將推動 25 財年及以後的利潤率擴張。

In terms of your second question around the playoffs, listen playoff games are certainly beneficial to us. I'll remind, we amortize Arena licensees across regular season home games. So there's really nothing incremental in terms of Arena license fees attaching to playoff games. But we do have shared revenue streams with MSG Sports around food and beverage around merchandise from single events suite revenues fact, food and beverage.

關於你關於季後賽的第二個問題，聽聽季後賽對我們來說肯定是有利的。我要提醒一下，我們在常規賽主場比賽中攤銷競技場許可。因此，季後賽的競技場許可費實際上並沒有增加。但我們確實與 MSG Sports 圍繞食品和飲料共享收入流，這些收入來自單一賽事套件收入事實、食品和飲料。

The food and beverage revenues from the playoff games was probably the largest driver of the overall increase you saw in food and beverage revenues in the fourth quarter year over year. So the playoff games are very profitable on a standalone basis. The other point I would make is that it's pretty much all incremental.

季後賽的食品和飲料收入可能是第四季度食品和飲料收入同比整體成長的最大推動力。因此，季後賽單獨來看是非常有利可圖的。我要說的另一點是，這幾乎都是增量的。

We've had a lot of success in booking concerts in playoff window. So we're not pre-empting other events in that regard you may have noted, I think we spoke about in our scripted comments in the fourth quarter. The arena concerts were up double digit percentages versus the prior year, despite extended playoff runs from both the Knicks and Rangers. So this is all incremental profitability from these playoff games.

我們在季後賽窗口預訂音樂會方面取得了很大成功。因此，我們不會在這方面先發製人，您可能已經註意到，我想我們在第四季度的腳本評論中談到了這一點。儘管尼克隊和流浪者隊都延長了季後賽時間，但與前一年相比，競技場音樂會的百分比增加了兩位數。所以這都是這些季後賽的增量獲利能力。

To your last point, listen, it's harder to quantify, but I definitely do think the success of the Knicks and Rangers creates a certain tailwind or momentum into fiscal '25 for the teams. And we'll benefit that from that by extension again to those same shared revenue streams.

對於你的最後一點，聽著，這很難量化，但我確實認為尼克隊和流浪者隊的成功為球隊在 25 財年創造了一定的順風或動力。透過再次擴展到那些相同的共享收入流，我們將從中受益。

That's great. Thank you.

那太棒了。謝謝。

[Cameron Manson Perong], Morgan Stanley.

[卡梅倫·曼森·佩隆]，摩根士丹利。

Thanks. Morning. Two, if I can. First on the bookings business. Could you just give us some additional color on how booking activity's pacing for fiscal '25 and how we should think about that in terms of the visibility you have sitting here today?

謝謝。早晨。兩個，如果可以的話。首先是預訂業務。您能否為我們提供一些關於 25 財年預訂活動節奏的額外信息，以及我們應該如何考慮您今天坐在這裡的可見度？

And then second, on venue utilization, you called out improvement in the earnings presentation. Could you just elaborate on that opportunity? How much runway for improvement do you see as we look across the venue portfolio, where or which venues do you see more or less opportunity to really push forward on the utilization front? Thanks.

其次，關於場地利用率，您指出了收益報告的改善。能詳細說明一下這個機會嗎？當我們審視場館組合時，您認為還有多少改進空間？謝謝。

Sure, Kevin, and thank you for the questions. In terms of pacings of bookings, we're basically booking, I would say we're pacing kind of flat to prior year at the same time, it's just one of the ways that we look at this, we do have a little bit of a tough comp this year relative to Billy, Joel, who is we know and this is residency.

當然，凱文，謝謝你的提問。就預訂節奏而言，我們基本上是在預訂，我想說我們的節奏與去年同期持平，這只是我們看待這個問題的方式之一，我們確實有一點今年相對於比利、喬爾來說，這是一場艱難的比賽，我們都知道他是駐場球員。

So we're going from 12 shows to 1 show fiscal year over fiscal year. Despite that, again, we are pacing essentially flat versus where we were at the same time last year. If I zoom in on the Garden, which is the biggest driver here. For the first quarter, we do expect to be up modestly versus the prior year in terms of number of events that is against a tough comp last summer had some residencies from fishing days, Shapell as well as multiple rebuilds also as compared to one this year.

因此，我們將每個財年的演出數量從 12 場減少到 1 場。儘管如此，我們的步伐仍然與去年同期基本持平。如果我放大花園，它是這裡最大的驅動力。對於第一季度，我們確實預計，與去年相比，去年夏天的賽事數量將比去年略有增加，與今年相比，去年夏天有一些來自釣魚日、Shapell 以及多次重建的駐場活動。

Despite that, I think we will host a couple of more events this year in the first quarter than we did last year, the next two quarters, second quarter and third quarter. We are on pace again with last year in terms of number of events booked at this time, and then the fourth quarter will probably slightly behind, but we do have a pretty strong pipeline, we're confident that we can fill that gap.

儘管如此，我認為今年第一季、接下來的兩個季度、第二季和第三季我們將比去年舉辦更多的活動。就目前預訂的活動數量而言，我們再次與去年保持同步，然後第四季度可能會略有落後，但我們確實有相當強大的管道，我們有信心填補這一空白。

So we're in pretty good shape here because I would say this year, we're coming off a record year we talked about a record number of concerts at the Garden and Radio City in fiscal '24. Despite that, we do Chris, we do expect to increase the number of events that we host this year across our venues, and we're very comfortable and happy with the manner in which we're pacing right now towards that goal.

所以我們現在的狀況非常好，因為我想說，今年我們即將迎來創紀錄的一年，我們談到了 24 財年在花園和無線電城舉行的音樂會數量創紀錄。儘管如此，克里斯，我們確實希望增加今年在各個場館舉辦的活動數量，而且我們對目前實現這一目標的步伐感到非常滿意和滿意。

In terms of your second question, around utilization. It's a good story on utilization in the sense that utilization was very strong. We continue to improve year over year yet at the same time, there's plenty of opportunity for growth. We're not up against a ceiling in any respect. There's no constraints in that regard.

關於你的第二個問題，關於利用率。這是一個關於利用率的好故事，因為利用率非常高。我們逐年不斷進步，但同時也有大量的成長機會。我們在任何方面都沒有遇到上限。在這方面沒有任何限制。

At the Garden, we hosted 250 events that includes the Knicks and Rangers when you factor in load-in load-out is that translates to about 70 a little north of 70% utilization up modestly from the prior year at the theaters, plus all the theaters. We hosted 520 events in fiscal '24 plus all the Radio City Christmas show -- showings.

在花園球場，我們舉辦了250 場賽事，其中包括尼克隊和流浪者隊，如果將進場和出場率考慮在內，則意味著大約有70 場比賽，比上一年的影院利用率略高於70%，再加上所有劇院。我們在 24 財年舉辦了 520 場活動，加上所有無線電城聖誕節秀 - 放映。

So there's plenty of ample opportunity here right now. Live entertainment is a growth industry right now, and we're very well positioned, I think, to continue to capitalize that and increase utilization. I mean, we have these iconic venues. We have great relationships across the industry. We have really strong execution on our bookings team, and we've been able to have a couple of different things to continue to increase utilization of year every -- year over year.

所以現在這裡有很多充足的機會。現場娛樂目前是一個不斷增長的行業，我認為我們處於非常有利的位置，可以繼續利用這一點並提高利用率。我的意思是，我們有這些標誌性的場館。我們在整個行業中擁有良好的關係。我們的預訂團隊擁有非常強大的執行力，我們已經能夠透過一些不同的措施來繼續逐年提高每年的利用率。

Whether that be residencies or multi-night runs, our Marquee Sports division continues to grow their reach. Special events I think is an area where we could see some increased utilization this year. We're also we talked about already doing well during playoff runs, and I think that'll continue going forward. The track record is very strong around utilization, and there's no reason to think that that won't continue. And again, we're really not up against any ceilings at this point.

無論是駐場訓練還是多晚跑步，我們的 Marquee Sports 部門都在擴大其影響力。我認為特別活動是今年我們可以看到利用率增加的一個領域。我們也談到，我們在季後賽中已經表現出色，我認為這種情況會持續下去。利用率方面的記錄非常強勁，沒有理由認為這種情況不會持續下去。再說一次，我們目前確實沒有遇到任何上限。

Helpful. Thank you.

有幫助。謝謝。

Brandon Ross, LightShed.

布蘭登·羅斯，LightShed。

Hey, thanks for taking the questions. On the MSGS call, they said they were entering a very strong sponsorship year. I guess you kind of hinted at the same in the prepared. Can you just help us understand how much is up for renewal this year and how to think about the renewal cadence for sponsorships or premium marketing opportunities going forward? Thanks.

嘿，感謝您提出問題。在 MSGS 電話會議上，他們表示即將進入一個非常強大的贊助年。我猜你在準備中也暗示了同樣的事情。您能否幫助我們了解今年的續約金額以及如何考慮未來贊助或優質行銷機會的續約節奏？謝謝。

Sure, Brandon. Thanks for the question. Actually, this sponsorship revenue, I mean, it is a stronger renewal year in fiscal '25. I'm not going to get into specifics around, but there are some large renewals which always create opportunities, whether that being upselling the existing partner or perhaps freeing up the category for a different player.

當然，布蘭登。謝謝你的提問。實際上，我的意思是，這筆贊助收入是 25 財年更強勁的續約年。我不會詳細討論細節，但有一些大型更新總是會創造機會，無論是對現有合作夥伴進行追加銷售，還是為其他玩家釋放該類別。

So that's always an opportunity for growth. I mean, taking a wider view of the sponsorship in general, we're feeling pretty bullish about it. We're one year into the partnership with Oak View group, So I think we're able to capitalize on some of the year one learnings as well as some of the investments that our partners made in people and infrastructure I think we're pretty well positioned right now.

所以這始終是一個成長的機會。我的意思是，從更廣泛的角度看待贊助，我們對此感到非常樂觀。我們與 Oak View 集團的合作已經一年了，所以我認為我們能夠利用第一年的一些經驗教訓以及我們的合作夥伴在人員和基礎設施方面進行的一些投資，我認為我們相當不錯現在位置很好。

I mean, between the Knick, the success of the Knicks and Rangers, the success we've had and how many contracts we're showing at the Garden. MSG is a pretty desirable partner right now for those who are looking to spend some money in this area, both the access to tickets into premium, the quality of the events we're hosting as well as just the general cachet and at the Garden, which probably has never been higher.

我的意思是，在尼克隊之間，尼克隊和流浪者隊的成功，我們所取得的成功以及我們在花園球場展示的合約數量。對於那些想在這個領域花點錢的人來說，MSG 現在是一個非常理想的合作夥伴，無論是獲得高級門票、我們舉辦的活動的品質以及花園的整體聲望，這可能是前所未有的高。

Actually, anecdotally, even seen a couple of partners approach us to kind of proactively early renew the arrangements that are expiring in the future. So I think that we're also real good sight on anything specific to offer, but we're hoping to be able to have something specific around that in the not-too-distant future. But all signs are pointing to what in this regard. And I think we'll probably probably have a strong year in this arena.

事實上，有傳聞說，甚至看到一些合作夥伴與我們聯繫，主動提前續訂未來即將到期的安排。因此，我認為我們對要提供的任何具體內容也非常有遠見，但我們希望能夠在不久的將來提供一些具體的內容。但所有跡像都表明了這方面的情況。我認為我們可能會在這個領域度過強勁的一年。

Great. And then just following up on the guide, you gave high singles to low doubles on AOI, can you just tell us how to think about that in terms of revenue for this year?

偉大的。然後按照指南，您在 AOI 上給了高單打和低雙打，您能告訴我們如何從今年的收入角度考慮這一點嗎？

Sure. I mean, listen, I think the demand, as I mentioned, I think right now, live experiences are the demand for shared experiences is very strong. And so we'll continue to ride that wave. We are not providing explicit revenue guidance for '25, but we do expect to see broad-based revenue growth and that will be a driver certainly towards the high single to low double digit percentage increase in AOI that we are guiding towards.

當然。我的意思是，聽著，我認為需求，正如我所提到的，我認為現在，現場體驗對共享體驗的需求非常強烈。因此，我們將繼續乘風破浪。我們沒有為 25 年提供明確的收入指導，但我們確實預計會看到廣泛的收入成長，這肯定會成為我們所指導的 AOI 從高個位數到低兩位數百分比成長的驅動力。

I mean, I guess I can break it down by pieces if we talk about our bookings business talked about already coming off a record year and expecting to increase the number of events across our bookings business this year. I will reiterate again that the difference in the accounting around promotions and rentals.

我的意思是，如果我們談論我們的預訂業務，我們已經經歷了創紀錄的一年，並且預計今年我們的預訂業務的活動數量會增加，我想我可以將其分解。我將再次重申促銷和租金會計的差異。

And I mentioned this Billy Joel deal was a promoted deal. And so we book the ticket revenue and the artist costs those will prompt more likely than not be replaced by street rental. So that creates a little bit of a revenue headwind. But does that translate to profitability as I discussed earlier. But outside of that, just the sheer growth in number of events should fuel revenue growth in the bookings business.

我提到比利喬爾的這筆交易是促銷交易。因此，我們預訂門票收入和藝術家成本，這些收入很可能會被街頭租金取代。因此，這造成了一點收入逆風。但這是否會轉化為盈利能力，正如我之前討論的那樣。但除此之外，活動數量的大幅成長應該會推動預訂業務的收入成長。

Christmas Spectacular, we spoke to a little bit already still early, but seeing an 18% increase in advanced ticket sales versus the same point last year. We continue to project a continued return of tourism to New York City, higher average per store revenue. So we see revenue growth in the Christmas show. Premium's talked about this a little bit of it in our prepared comments.

聖誕盛會，我們採訪的時間還早，但預售票與去年同期相比成長了 18%。我們繼續預計紐約市的旅遊業將持續復甦，每家商店的平均收入將更高。所以我們看到聖誕節秀的收入成長。Premium 在我們準備好的評論中對此進行了一些討論。

We are expanding the event level club space that we added just last year to meet current demand. We're renovating a number of our event and Lexus level suites, which also drives incremental revenue, talked about the tailwind around the mix in the range of success and our success in launching concerts, which will drive demand for premium products.

我們正在擴大去年剛增加的活動等級俱樂部空間，以滿足當前的需求。我們正在翻新一些活動和雷克薩斯級別的套房，這也推動了收入的增加，我們談到了一系列成功的組合以及我們成功舉辦音樂會的順風車，這將推動對優質產品的需求。

So we're expecting to deliver another year of growth across premium hospitality business and then I talked about the sponsorship business in response to your first question. And then lastly, just the shared revenue streams with the Knicks and Rangers should also be positioned for growth given the success that those teams have had. So we're looking at broad-based growth across really all about different revenue streams as we go into fiscal '25.

因此，我們預計高端酒店業務將迎來另一年的成長，然後我在回答你的第一個問題時談到了贊助業務。最後，考慮到尼克隊和流浪者隊所取得的成功，與尼克隊和流浪者隊的共享收入流也應該會成長。因此，當我們進入 25 財年時，我們正在關注所有不同收入來源的廣泛成長。

Thank you for all that color.

謝謝你所有的顏色。

David Karnovsky, JPMorgan.

大衛卡諾夫斯基，摩根大通。

Hi. Thank you. Just first, given the kind of volatile macro environment, I figured it's worth asking if you've seen any signs of consumer weakening either in current or forward bookings are in your per-caps?

你好。謝謝。首先，考慮到這種不穩定的宏觀環境，我認為有必要問一下，您是否在當前或遠期預訂中看到了消費者疲軟的跡象？

And then separately on capital allocation, any update there and how you're thinking about the right conditions potentially for resuming buybacks? Thanks.

然後分別就資本配置而言，有任何更新嗎？謝謝。

Sure, David. Thank you for the questions. So listen, the slowdown in consumer demand, we're very aware that narrative is out there, but we're not seeing it at all. And I know some of our peer companies, I confronted the same question and at pretty similar responses, if you -- I don't see a slowdown in consumer demand for live entertainment experiences. Most specifically from we talked about the Radio City Christmas show and the growth we're seeing in advanced sales there, which I think speaks for itself.

當然，大衛。謝謝你的提問。聽著，消費者需求放緩，我們非常清楚這種說法是存在的，但我們根本沒有看到它。我知道我們的一些同行公司，我也遇到過同樣的問題，並且得到了非常相似的答复，如果我沒有看到消費者對現場娛樂體驗的需求放緩。最特別的是，我們談到了無線電城聖誕節秀以及我們在那裡看到的預售增長，我認為這不言而喻。

In terms of bookings, we look at sell through year over year. If I look at year-over-year sell-through in the fourth quarter in the first quarter versus the same time last year across all of our different venues. In almost every instance, we're either on par or better. And that's against some really tough comps. I mean, I look at fourth quarter overall how sell through was approaching or just a little north, in fact of 90%.

在預訂方面，我們關注逐年銷售情況。如果我看一下第一季第四季與去年同期在我們所有不同場所的同比銷售情況。幾乎在所有情況下，我們要么持平，要么更好。這是針對一些非常艱難的比賽。我的意思是，我觀察第四季的整體銷售情況，其銷售率接近或略高，實際上是 90%。

So we're not seeing any lagging in consumer demand around bookings. We actually feel that we have certain assets that will add shows after selling out the initially announced shows you cited the per-caps in your question. We're seeing higher per cap spending in the fourth quarter. We were up actually double digits in terms of combined per-cap spending across food, beverage and merchandise at our concerts. So to date, we've not seen anything approaching a slowdown in consumer demand we're very mindful of it, but really everything has been pretty bullish so far.

因此，我們沒有看到消費者對預訂的需求有任何延遲。實際上，我們認為我們擁有某些資產，可以在售完您在問題中引用的每個上限的最初宣布的節目後添加節目。我們看到第四季的人均支出有所增加。音樂會上食品、飲料和商品的人均支出實際上增加了兩位數。到目前為止，我們還沒有看到任何接近消費者需求放緩的情況，我們對此非常關注，但實際上到目前為止一切都非常樂觀。

I would say I think we're positioned well. The center was a slowdown in terms of resiliency in the New York marketplace and with the iconic venues that we have. But to date, we're not even seeing anything along those lines.

我想說我認為我們的定位很好。該中心在紐約市場和我們擁有的標誌性場館的彈性方面有所放緩。但到目前為止，我們甚至沒有看到任何類似的情況。

In terms of your second question around capital allocation. We've talked historically and really not changing today about the dual priorities around opportunistically returning capital to shareholders and debt paydown. Just to set the stage, we ended the year with about $33 million of unrestricted cash. We do expect to generate substantial free cash flow in fiscal '25 out of our seasonally busiest quarters during the fiscal second and third quarters.

關於你關於資本配置的第二個問題。我們過去一直在談論圍繞向股東返還資本和償還債務的雙重優先事項，而且今天確實沒有改變。為了做好準備，我們在年底獲得了約 3,300 萬美元的非限制性現金。我們確實預計，在第二財季和第三財季季節性最繁忙的季度中，我們將在 25 財年產生大量自由現金流。

So that's when I would anticipate the cash to start to build up to levels where we have to address this question a little more contemporaneously. And once we get to that point, we'll evaluate returning capital to shareholders. We do we have bought back $140 million. We're about 10% of our Class A shares since becoming a standalone public company. And to reiterate what we said in our prepared comments, we do have about $110 million of capacity left what we have currently approved around share buybacks.

因此，那時我預計現金將開始累積到我們必須同時解決這個問題的水平。一旦達到這一點，我們將評估向股東返還資本的情況。我們確實回購了 1.4 億美元。自從成為獨立的上市公司以來，我們大約持有 A 類股票的 10%。重申我們在準備好的評論中所說的話，我們目前批准的股票回購方面確實還有大約 1.1 億美元的產能。

With respect to debt paydown, the current expectations, we will continue, of course, our mandatory quarterly principal payments on our debt, which is about $4 million per quarter. But I think the business should naturally delever based on our expectations of AOI growth in the years ahead. So we're well positioned to continue advancing both debt paydown and share repurchases.

至於債務償還，按照目前的預期，我們當然會繼續強制按季度償還債務本金，每季約 400 萬美元。但我認為，根據我們對未來幾年 AOI 成長的預期，業務應該自然去槓桿化。因此，我們有能力繼續推動債務償還和股票回購。

The other thing and I shouldn't change just reinvestment in the business. We don't have any current plans for anything substantial in this regard. There's no M&A on the horizon. There's no major renovations that are needed out of venues. We will do some things around the edges and we talked about most of this already really, I think smaller, but really smart and high-return capital investments talking about expanding the event level club space at the Garden that we introduced last year, renovation of some of the event Lexus level suites and investments in the Christmas Spectacular to enhance the guest experiences overall are smart and high ROI opportunities that we will take advantage of as well.

另一件事是我不應該只是改變對業務的再投資。我們目前在這方面沒有任何實質計劃。近期不會有併購活動。場館外不需要進行重大整修。我們將在邊緣做一些事情，我們已經討論了其中的大部分，我認為規模較小，但非常明智且高回報的資本投資，談論擴大我們去年引入的花園的活動級別俱樂部空間，翻新雷克薩斯的一些活動等級套房和聖誕盛會的投資旨在整體提升賓客體驗，這些都是明智且高投資回報率的機會，我們也將利用這些機會。

Thank you.

謝謝。

Thank you, operator, we have time for one last caller.

謝謝您，接線生，我們還有時間接聽最後一位來電者。

Certainly. Peter Supino, Wolfe Research.

當然。彼得‧蘇皮諾，沃爾夫研究中心。

Hi, good morning. I wanted to follow up on a prior question about 2025 revenue and dig into the event growth next year and specifically how you see the mix changing between concerts or theaters versus the Garden, if you just help us think about those trends and what they might mean for margins in 2025? Thank you.

嗨，早安。我想跟進之前關於2025 年收入的問題，並深入研究明年的活動增長，特別是您如何看待音樂會或劇院與花園之間的混合變化，如果您能幫助我們思考這些趨勢及其可能意味著什麼2025 年的利潤率？謝謝。

Sure, Peter, and thank you for the question. When we talk about events, we kind of look at it across a couple of categories you talk about in terms of concerts, family shows special events and then Marquee Sports ridges. We internally use for any of the sporting events beyond the Knicks and Rangers for concerts. We do expect event growth this year against a record-setting year in fiscal '24.

當然，彼得，謝謝你的提問。當我們談論活動時，我們會從音樂會、家庭表演特別活動以及天棚體育山脊等幾個類別來看待它。我們在內部將尼克隊和流浪者隊以外的任何體育賽事用於音樂會。我們預計今年的活動將比 2024 財年創紀錄的成長。

We've had some success in kind of introducing new ac. So really I'd call it marketing new acts up the ladder to the point where they're ready to play the arena. And we have introduced some new axe to Amena level shows with success. We've had some success on our multi-night runs. I talked a little bit about how we're pacing versus our goal this year pacing very well to increase the number of concerts. So I think we're well positioned there.

我們在引進新空調方面取得了一些成功。所以我真的會稱它為行銷新的表演，直到他們準備好在舞台上表演。我們已經成功地將一些新斧頭引入阿梅納關卡表演中。我們的多夜跑步取得了一些成功。我談到了我們今年的目標是如何加快增加音樂會數量的步伐。所以我認為我們在那裡處於有利地位。

In terms of the family show category, we recently announced 64 any holiday shows at the theater at MSG in Chicago Theater that really gets us about 75%-plus of our way towards our annual goal for family shows. And even more than that.

就家庭演出類別而言，我們最近宣佈在芝加哥劇院 MSG 劇院舉辦 64 場假日演出，這確實使我們實現了家庭演出年度目標的 75% 以上。甚至還不只這些。

In terms of a profitability perspective, I'd mention anecdotally as well. We're welcoming back the Westminster Dog Show to the garden. I think we last hosted that in February of 20 just before the pandemic sourcing, and we're excited to renew that partnership with them.

在獲利能力方面，我也會順便提一下。我們歡迎威斯敏斯特犬展回到花園。我想我們上次舉辦這個活動是在 20 月 20 日大流行採購之前，我們很高興能與他們續簽合作關係。

Special events. Look, a lot of that business takes place from the fiscal fourth quarter. It's a little early here. We are seeing some traction, some encouraging things and we'd hope to have something to announce along those lines in the not-too-distant future. And then a marquee sports will continue to see a lot of business and college sports.

特別活動。看，很多業務都是從第四財季開始的。這裡有點早了。我們看到了一些牽引力，一些令人鼓舞的事情，我們希望在不久的將來能夠宣布一些類似的事情。然後，大型體育運動將繼續看到許多商業和大學體育運動。

We have great relationships with St. John's with the biggest thing we just announced do versus Illinois, the Garden, which is certainly a high-profile game and then some of the other sports that that some of the other events that that group books around boxing, the darts championship, the bull riding all those events, we would anticipate returning and looking to explore really expanding the range of events in that category. So look at each one of those categories. As we look at it, we think we're positioned to be able to grow the event count in fiscal '25 versus a very, very strong year in fiscal '24.

我們與聖約翰大學有著良好的關係，我們剛剛宣布對陣伊利諾伊州的最重要的比賽是花園賽，這無疑是一場備受矚目的比賽，然後是該組織圍繞拳擊預訂的其他一些賽事。錦標賽、騎牛所有這些賽事，我們預計會回歸並尋求探索真正擴大該類別賽事的範圍。因此，請逐一查看這些類別。我們認為，與 24 財年非常非常強勁的一年相比，我們能夠在 25 財年增加事件數量。

Thanks so much.

非常感謝。

That concludes our question-and-answer session. I will now turn the call back over to Mr. Ari Danes for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給阿里·丹尼斯先生做總結發言。

Thank you all for joining us. We look forward to speaking with you on our next earnings call. Have a good day.

感謝大家加入我們。我們期待在下次財報電話會議上與您交談。祝你有美好的一天。

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。感謝您的參與。您現在可以斷開連線。