Madison Square Garden Entertainment Corp (MSGE) 2026 Q3 法說會逐字稿

Thank you for standing by and welcome to the Madison Square Garden Entertainment Corp fiscal 2026 third quarter earnings conference call. (Operator Instructions)

感謝各位稍候，歡迎參加麥迪遜廣場花園娛樂公司（Madison Square Garden Entertainment Corp）2026 財政年度第三季財報電話會議。（接線員指示）

I would now like to turn the call over to Ari Danes, Senior Vice President, Investor Relations and Treasury. Please go ahead.

現在我想把電話交給投資人關係與財務部資深副總裁 Ari Danes。請開始。

Thank you. Good morning and welcome to MSG Entertainment's fiscal 2026 third quarter earnings conference call. On today's call, David Collins, our EVP and Chief Financial Officer, will provide an update on the company's operations and review our financial results for the period. After our prepared remarks, we will open up the call for questions.

謝謝。各位早安，歡迎參加 MSG Entertainment 2026 財政年度第三季財報電話會議。在今天的電話會議中，我們的執行副總裁兼財務長 David Collins 將就公司營運提供最新進展，並回顧本期財務結果。在我們的準備發言之後，我們將開放提問。

If you do not have a copy of today's earnings release, it is available in the Investors section of our corporate website.

如果您尚未取得今天的財報新聞稿，可至我們公司網站的「投資人」專區查閱。

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 1,995.

請注意以下事項。今天的討論可能包含符合《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1,995）定義的前瞻性陳述。

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.

任何此類前瞻性陳述均不保證未來的表現或結果，且涉及風險與不確定性，可能導致實際結果與前瞻性陳述所述內容出現重大差異。

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.

有關風險與不確定性的討論，請參閱公司向美國證券交易委員會（SEC）提交的文件。公司不承擔更新本次電話會議中可能討論之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.

在今天財報新聞稿第 4 與第 5 頁，我們提供合併營運報表，以及將營業利益調節至調整後營業利益（Adjusted Operating Income，AOI）的對照表；AOI 為一項非 GAAP 財務衡量指標。

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

接下來，我把電話交給 David。

Thank you, Ari, and good morning, everyone. We're now in the final stretch of fiscal 2026, and I'm pleased to say that demand for our live entertainment offerings remains strong.

謝謝你，Ari，各位早安。我們已進入 2026 財政年度的最後階段，我很高興地表示，市場對我們現場娛樂產品的需求仍然強勁。

For the company's fiscal third quarter, we generated revenues of $246 million and adjusted operating income of $46 million. Behind these results were a number of important drivers, including continued momentum in our concert business at the Garden.

在公司第三財季，我們創造營收 2.46 億美元，調整後營業利益為 4,600 萬美元。支撐這些成果的關鍵動能包括：花園（Garden）演唱會業務持續增溫。

Growth in marketing partnerships and suites, and the last shows of this past season's record-setting Christmas spectacular run. Looking ahead, we expect to close out fiscal '26 on a positive note, led by a significant increase in the number of concerts at the Garden in our fiscal fourth quarter compared to last year.

行銷合作夥伴與包廂（suites）業務成長，以及本季創紀錄的《Christmas Spectacular》演出季最後幾場演出。展望未來，我們預期 2026 財政年度將以正向表現作結，主要受惠於第四財季花園演唱會場次相較去年顯著增加。

And we remain on track to deliver robust full-year growth in revenue and AOI. What's especially encouraging is that we already see this momentum carrying into fiscal '27, with our concert calendar filling up, including Harry Styles' 30-night residency at the arena and the 2026 Christmas Spectacular production currently on sale.

我們也仍按計畫實現全年營收與 AOI 的強勁成長。尤其令人振奮的是，我們已看到這股動能延續至 2027 財政年度：演唱會行事曆持續排滿，包括 Harry Styles 在場館連續 30 晚的駐場演出，以及目前已開賣的 2026 年《Christmas Spectacular》製作。

Let's now walk through some of the key operational highlights from the third quarter. During the quarter, our venues welcomed over 1.4 million guests at more than 165 events. Reflecting the breadth and diversity of events we are bringing to our venues.

接下來我們回顧第三季幾項重要的營運亮點。本季我們的場館在超過 165 場活動中接待逾 140 萬名來賓。這反映出我們為場館引進活動的廣度與多元性。

That included a year-over-year increase in the number of concerts at the Garden, highlighted by several notable multi-night runs. That growth was partially offset by a decrease in the number of concerts across our theaters. From a demand standpoint, we continue to see the vast majority of concerts at our venues sell out.

其中包括花園演唱會場次年增，並由多組藝人連續多晚演出所帶動。上述成長部分被我們各劇院（theaters）演唱會場次減少所抵銷。就需求面而言，我們仍看到在各場館舉辦的絕大多數演唱會皆售罄。

In addition, food and beverage per caps at concerts were up in the quarter, while merchandise per caps were down, both of which we primarily attribute to the mix of events. In our family show category, we welcomed back the Westminster Kettle Club to the garden for the dog show's 150th anniversary.

此外，本季演唱會的餐飲人均消費（per caps）上升，而周邊商品人均消費下降；我們主要將兩者歸因於活動組合的影響。在家庭秀類別方面，我們迎回 Westminster Kettle Club 於花園舉辦犬展 150 週年紀念活動。

And on the sports booking side, we had a busy quarter with college basketball, including St. John's. And the Big East Tournament, along with boxing, professional bull riding, and WWE. On the special events front, we faced a tough comparison against the prior year quarter, which benefited from Saturday Night Live's multi-day takeover of Radio City for its 50th anniversary special.

在體育訂場方面，本季也相當忙碌，包含大學籃球賽事（包括 St. John's）以及 Big East 錦標賽，另有拳擊、職業鬥牛騎乘（professional bull riding）與 WWE。

However, we are looking forward to hosting the Tony Awards at the venue next month. Turning to the Christmas Spectacular. The show's 92nd holiday season concluded in January with a record-setting run, generating approximately $195 million in total revenues across 215 paid performances.

不過，我們期待下個月在該場館主辦東尼獎（Tony Awards）。接著談《Christmas Spectacular》。該節目第 92 個假期演出季於 1 月結束，創下紀錄；在 215 場售票演出中合計創造約 1.95 億美元總營收。

16 of those shows took place in our fiscal third quarter, delivering year-over-year growth in per-show ticketing revenue.

其中有 16 場在我們第三財季舉行，帶動單場票務營收年增。

As I mentioned earlier, sales for the 2026 holiday season are now underway. With 230 shows currently on sale, we believe the production is well-positioned to deliver growth again next fiscal year. Our fiscal third quarter also included the continuation of the Knicks and Rangers' 25-26 regular seasons at the Garden.

如我先前提到，2026 年假期演出季的售票現已展開。目前已有 230 場開賣，我們認為該製作具備在下一財年再次實現成長的良好條件。我們第三財季也包含尼克隊（Knicks）與遊騎兵隊（Rangers）25-26 例行賽在花園的持續進行。

And once again, we saw higher per-game revenues across our various revenue and profit-sharing arrangements with MSG Sports as compared to the prior year. And lastly, on the marketing partnerships and premium hospitality front. Fiscal 2026 has been highlighted by several notable sponsorship announcements, while we have also seen strong new sales and renewal activity for Suites at the Garden this year.

而且再一次地，透過我們與 MSG Sports 的各項營收與利潤分成安排，我們看到每場比賽的收入較去年同期更高。最後，在行銷合作夥伴與高端款待（premium hospitality）方面。2026 財政年度以多項重要贊助合作公告為亮點，同時我們也看到今年花園包廂的新銷售與續約活動表現強勁。

We remain on track for growth across both of these businesses in fiscal '26. Now let's turn to our financial results. For the fiscal '26 third quarter, we reported revenues of $246.3 million, an increase of 2% as compared to the prior year quarter. This reflected an increase in revenues from entertainment offerings, partially offset by lower arena license fees and other leasing revenues, as well as a decrease in food, beverage, and merchandise revenues.

我們仍按計畫在 2026 財政年度於這兩項業務皆實現成長。現在讓我們看財務結果。在 2026 財政年度第三季，我們報告營收 2.463 億美元，較去年同期增加 2%。此反映娛樂產品營收增加，但部分被場館授權費（arena license fees）與其他租賃收入下降，以及餐飲與周邊商品營收下滑所抵銷。

The increase in revenues from entertainment offerings primarily reflected growth in suite license fee revenues, including amounts subject to the sharing of economics with MSG Sports. As we discussed earlier, we also benefited from strong growth in the number of concerts at the Garden during the quarter.

娛樂產品營收的增加，主要反映包廂授權費收入成長，其中包含需與 MSG Sports 進行經濟利益分成的金額。如先前所述，本季花園演唱會場次強勁成長亦帶來助益。

In addition, revenues from our Christmas Spectacular production increased year-over-year, primarily due to higher per-show ticket revenue and one additional performance in the quarter, both as compared to the prior-year period.

此外，我們《Christmas Spectacular》製作的營收亦較去年同期增加，主要因單場票務收入提高，以及本季較去年同期多一場演出。

The overall increase in revenues from entertainment offerings was partially offset by a decrease in revenues from other live entertainment and sporting events. This reflected a decrease in the number of events at our venues, including the absence of Saturday Night Live's 50th anniversary special and the final shows of Annie's extended holiday run in the prior year quarter.

娛樂產品營收的整體增幅，部分被其他現場娛樂與體育活動營收下降所抵銷。這反映我們場館活動場次減少，包括去年同期有《週六夜現場》50 週年特別節目，以及去年同期 Annie 假期加演檔期的最後幾場演出在本期缺席。

Additionally, as mentioned earlier, we saw a decrease in the number of concerts at the company's theaters this quarter. Arena license fees and other leasing revenues decreased year-over-year, primarily due to the Knicks and Rangers playing fewer home games during the fiscal third quarter, partially offset by higher other leasing revenues.

另外，如先前提到，本季公司劇院的演唱會場次也有所減少。場館授權費與其他租賃收入年減，主要因尼克隊與遊騎兵隊在第三財季主場比賽場次較少；部分被其他租賃收入較高所抵銷。

Similarly, the modest decrease in food, beverage, and merchandise revenues mainly reflected the impact of fewer Knicks and Rangers home games during the current-year quarter, which was partially offset by higher food and beverage sales at concerts.

同樣地，餐飲與周邊商品營收的小幅下降，主要反映本年度本季尼克隊與遊騎兵隊主場比賽場次較少的影響；部分被演唱會餐飲銷售增加所抵銷。

Third quarter adjusted operating income of $46 million decreased $12 million as compared to the prior year quarter. This primarily reflects higher direct operating and SG&A expenses, partially offset by the increase in revenues. Turning to our balance sheet, as of March 31st, we had $323 million of unrestricted cash, up from $157 million as of December 31st.

第三季調整後營業利益為 4,600 萬美元，較去年同期減少 1,200 萬美元。這主要反映直接營運成本與銷售、一般及管理費用（SG&A）較高，部分被營收增加所抵銷。接著看資產負債表，截至 3 月 31 日，我們的非受限現金為 3.23 億美元，高於截至 12 月 31 日的 1.57 億美元。

This increase reflects strong cash flow generation as well as an increase in cash due to promoters, primarily due to future events at the garden. In addition, our debt balance at quarter end was $587 million. As a reminder, we have repurchased approximately 623,000 shares of our Class A common stock for $25 million fiscal year-to-date.

此增加反映強勁的現金流創造能力，以及來自主辦方（promoters）的現金增加，主要與花園未來活動相關。此外，本季季末我們的債務餘額為 5.87 億美元。提醒各位，截至本財年迄今，我們已以 2,500 萬美元回購約 623,000 股 A 類普通股。

We have approximately $45 million remaining under our current buyback authorization, and going forward, we will continue to explore ways to opportunistically return capital to shareholders. So in summary, as we approach the end of the fiscal year, we remain on a clear path to delivering a robust fiscal '26 and believe we are well-positioned to drive long-term value for our shareholders.

我們在現行的庫藏股回購授權下仍約有4,500萬美元的額度可用；展望未來，我們將持續探索在適當時機以機會主義方式向股東返還資本。總結而言，隨著我們接近本財政年度尾聲，我們仍清楚地走在實現強勁的2026財年的道路上，並相信我們已具備良好條件，為股東創造長期價值。

I will now turn the call back over to Ari.

我現在把電話交回給Ari。

Thanks, David. Operator, can we now open up the call for questions, please?

謝謝，David。接線員，請現在開放提問，謝謝？

(Operator Instructions)

(接線員指示)

Peter Henderson, Bank of America.

Peter Henderson，美國銀行。

Good morning, and thank you for taking the question. So there have been several press reports recently around the Penn Station redevelopment, I think including some commentary from President Trump in the New York Post indicating that his preferred path for the project is to keep the card in where it currently sits.

早安，謝謝讓我提問。最近關於賓州車站重建有幾則媒體報導，我想其中也包括《紐約郵報》引述川普總統的評論，表示他偏好的方案是讓該項目把卡片保留在目前的位置。

Can you just update us on your conversations related to the Penn Station renovation and the impact to the emphasis steer?

能否請你更新一下你們就賓州車站整修相關的對話進展，以及對於強調轉向的影響？

Thank you.

謝謝。

Yeah, good morning, Peter. Thanks. Thanks for the question. While I really don't want to comment on press reports, here's what I will share with you.

好的，早安，Peter。謝謝。謝謝你的提問。雖然我真的不想評論媒體報導，但我可以跟你分享的是：

The US Department of Transportation and Amtrak, they continue to reiterate their intended project schedule. And based on that reported timeline, RFP submissions were recently due from the three shortlisted bidders. So Amtrak is now expected to select a master developer this month and to announce the preliminary design in June.

美國交通部與Amtrak持續重申其預定的專案時程。依據該對外報導的時間表，三家入圍投標者的RFP提案近期已到期繳交。因此，預期Amtrak將在本月選出總開發商，並於6月公布初步設計。

So, as redevelopment of the area continues, we are fully committed to collaborating closely with all the stakeholders. But with that said, we don't really have much more to report than that, but we will certainly keep you posted as there's progress.

因此，隨著該區域的重建持續推進，我們完全致力於與所有利害關係人密切合作。不過話說回來，除了這些我們目前也沒有太多可補充的內容；但隨著有進展，我們一定會持續向各位更新。

Thanks.

謝謝。

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛。

Hey, thanks for taking the questions. David, I was hoping you could give us an update on how you're thinking about the opportunity for capital returns. I think in the past, you've mentioned that you would think about taking an opportunistic approach to buybacks. It doesn't sound like there was stock bought back in the March quarter.

嗨，謝謝讓我提問。David，我想請你更新一下你們如何看待資本回饋的機會。我記得過去你曾提到會以機會主義方式進行回購。聽起來在3月季度似乎沒有回購股票。

I'm curious if there's been an opportunity since or if there's any more color you could provide on how you're thinking about either buybacks or dividends moving forward?

我想了解自那之後是否出現機會，或你能否就未來如何看待回購或股利提供更多說明？

Sure, Stephen. Thanks for the question. In terms of buying back stock, we take a number of factors into account in determining when we repurchase shares, and that includes the forward outlook for our business, which remains very positive.

當然可以，Stephen。謝謝你的提問。就回購股票而言，我們在決定何時回購股份時會考量多項因素，其中包括我們業務的前瞻展望，而該展望仍非常正面。

However, sometimes even including subsequent to our last earnings call in February. Opportunities to repurchase shares present themselves when we don't find ourselves in an open window period.

不過，有時候即便是在我們2月上次財報電話會議之後也是如此。當我們不處於可交易窗口期（open window period）時，回購股份的機會才會出現。

So that said, if you look at our track record since our spin-off, you'll see that we have bought back a substantial amount of stock and going forward, we will continue to look for opportunities within the context of our three broader capital allocation priorities, which once again are maintaining a strong balance sheet. Having appropriate flexibility to pursue growth opportunities when and if they arise. And also opportunistically returning capital to our shareholders.

因此，如果你看我們自分拆以來的紀錄，你會看到我們已回購了相當可觀的股票；展望未來，我們將在三項更廣泛的資本配置優先事項的框架下，持續尋找機會：再次強調，第一是維持強健的資產負債表。第二是在成長機會出現時，保有適當的彈性以把握機會。第三則是以機會主義方式向股東返還資本。

Great. Thanks for that. And then maybe just on expenses, the underlying cost structure came in a bit elevated in the quarter. I was just hoping you could unpack some of that for us and then how we should be thinking about the expense lines or margins as we think into the balance of the year.

很好。謝謝你的說明。接著可能想問費用方面，本季的基礎成本結構看起來略高。我希望你能幫我們拆解一下原因，以及在展望今年剩餘期間時，我們應如何看待各項費用或利潤率。

Sure. Great. Yeah, no, there certainly were a number of moving parts this quarter, so let me walk you through it. To start, this past quarter included the impact of several million dollars of unanticipated costs spread across both direct and SG&A expense this was driven by a few different items.

當然。很好。是的，本季確實有不少變動因素，我來帶各位梳理一下。首先，本季包含了數百萬美元的非預期成本，分散在直接成本與SG&A費用中，這是由幾個不同項目所驅動。

For example. We incurred higher-than-expected healthcare benefit expenses due to generally higher overall healthcare costs, as well as increased claims activity. You can see in today's results that our venue operating costs increased $2.4 million year-over-year, which reflects those higher healthcare expenses, including the impact of truing up some costs to our most recent estimate.

例如。由於整體醫療成本普遍上升，以及理賠活動增加，我們的醫療保健福利費用高於預期。你可以在今天的結果中看到，我們的場館營運成本年增240萬美元，反映了上述較高的醫療費用，也包括將部分成本調整（truing up）至我們最新估計值的影響。

In addition, the increase in direct operating expenses reflects the mix of events across our venues. For example, a year ago quarter had a number of multi-night runs, which came with lower costs and higher margins. For instance, the Saturday Night Live's 50th anniversary special at Radio City. So that was really a mix of events.

此外，直接營運費用的增加也反映了我們各場館活動組合的差異。例如，去年同期有多場連續多晚的演出，這類活動通常成本較低、毛利率較高。例如在Radio City舉辦的《週六夜現場》50週年特別節目。因此，這主要是活動組合所致。

In terms of SG&A expense, we also saw the impact of those higher health care costs there. And even excluding those costs, our SG&A expense grew this quarter. It's still elevated and above what we would expect our long-term expense growth rate to be. And that includes the impact of higher employee compensation, which is pretty consistent with what we've said in the past. About higher labor costs this fiscal year.

在SG&A費用方面，我們也看到了較高醫療成本的影響。即使排除這些成本，本季SG&A費用仍有所成長。目前仍偏高，且高於我們預期的長期費用成長率。其中也包含員工薪酬上升的影響，這與我們過去所說的一致。也就是本財年勞動成本較高。

So I would say, overall, as we look ahead, we expect SG&A expense growth to begin to normalize on a year-over-year basis in our June quarter and also expect that to carry over into the start of our fiscal '27.

因此整體而言，展望未來，我們預期SG&A費用的年增率將在6月季度開始趨於正常化，並且也預期會延續到2027財年的開始。

Cameron Manson-Peron, Morgan Stanley.

Cameron Manson-Peron，摩根士丹利。

Thanks, and morning. You highlighted a bit in the prepared remarks, but I was wondering if you could just elaborate on how concert bookings are pacing in the fiscal fourth quarter and maybe through the rest of the calendar year. Thanks.

謝謝，早安。你在事先準備的發言中提到一些，但我想請你再多談談，演唱會訂單在2026財年第4季的進度如何，以及可能延伸到今年剩餘日曆年度的情況。謝謝。

Sure. Great, Cameron. Thanks. First, I'd like to say again that we are headed for a strong end to fiscal 2026 at the Garden, and that will reflect a significant growth in the number of concerts at the arena in our fiscal fourth quarter.

當然。很好，Cameron。謝謝。首先我想再次強調，我們預期Garden在2026財年將以強勁表現收尾，而這將反映在我們財年第4季該場館演唱會場次數的大幅成長。

In terms of the first half of fiscal '27, we continue to see a number of positive signs in concert bookings. At this stage, we have substantial visibility into the September quarter, where we are pacing well ahead at the Garden. In fact, we remain on track to shatter our record for a number of concerts in any quarter at the venue, which, of course, includes the impact of the Harry Styles residency.

就2027財年上半年而言，我們持續看到演唱會預訂的多項正面訊號。以目前階段來看，我們對9月季度有相當高的能見度，Garden的進度明顯領先。事實上，我們仍有望打破該場館任何單一季度的演唱會場次紀錄，當然這也包含Harry Styles駐場演出的影響。

And at our theaters, I would say, we are currently pacing behind for the September quarter. However, as we've said in the past. The bookings window in our theaters is typically three to six months in advance, so we still have some time and are working to narrow that gap.

至於我們的劇院，我會說目前9月季度的進度落後。不過如同我們過去所說。我們劇院的預訂窗口通常是提前3到6個月，因此我們仍有一些時間，並正努力縮小差距。

Looking at the December quarter, it's still a bit early to discuss pacing for our theaters, given the shorter booking window I just mentioned, but at the Garden, we are again pacing ahead. So all in, we are pleased with how our concert bookings are pacing so far for. Fiscal '27, and we continue to believe that Garden is likely headed towards another year of strong concert growth in fiscal '27. And while still very early, we see potential to drive growth for our theaters as well in the fiscal '27.

再看12月季度，考量我剛提到較短的預訂窗口，現在討論我們劇院的進度仍稍早；但在Garden方面，我們同樣是進度領先。總體而言，我們對目前2027財年的演唱會預訂進度感到滿意。我們也持續相信，Garden在2027財年很可能將再迎來一年強勁的演唱會成長。而雖然仍非常早期，我們也看到在2027財年推動劇院成長的潛力。

David Karnovsky, JP Morgan.

David Karnovsky，摩根大通。

Hey, thanks. Maybe just given some of the recent macro rise in energy prices, it'd be good to get your expanded view on demand, both as it relates to current or forward ticket sales or maybe what you're seeing in perhaps?

嗨，謝謝。或許鑑於近期宏觀面能源價格上升，想請你更全面地談談需求情況，無論是與目前或未來的售票情況相關，或是你可能看到的情況？

Sure, David. We certainly are always keeping a close eye on the macro environment with everything going on in the world. And I have to say, we continue to see strong consumer demand.

當然，David。在全球局勢發展之下，我們一向都密切關注宏觀環境。我必須說，我們持續看到強勁的消費者需求。

A number of factors that support that, as I mentioned earlier, are a vast majority of our concerts at our venues were again sold out this past quarter, and overall F&B per cap spending at our concerts was up year-over-year. Year-to-date, we have continued to see concerts perform better than we initially expected.

如我先前提到的，有多項因素支撐這點：我們場館在本季的大多數演唱會再次售罄，且整體而言，我們演唱會的人均餐飲（F&B）消費較去年同期成長。年初至今，我們持續看到演唱會表現優於我們最初的預期。

A number of our upcoming acts across our venues have also added additional shows. Due to strong demand. And, when we look at the next two quarters, the sell-through rate for concerts is currently pacing ahead of where it was at the same time last year. So I would say, given all this, watching the macro environment, we continue to see strong demand from consumers.

我們各場館接下來的多個演出也加開了場次。原因是需求強勁。而當我們看未來兩個季度時，演唱會的售罄進度（sell-through rate）目前領先於去年同期。因此我會說，綜合以上並持續觀察宏觀環境，我們仍看到消費者需求強勁。

Okay. And then I just wanted to see if you could update on your residency pipeline, both for the garden and then maybe also this years.

好的。另外我想請你更新一下你們的駐場演出（residency）管線，包含Garden，然後也許還有今年的部分。

David, you came in a little staticky from our end, but I think you're asking about the residency pipeline, so we'll go ahead and answer that.

David，你那邊傳來的聲音對我們來說有點雜訊，但我想你是在問駐場演出管線，所以我們就先回答這個問題。

Sure. Sure, David. As far as residencies go, first, I'd like to reiterate that we are off to a strong start in terms of concert bookings for fiscal 2027. And that, of course, includes the Harry Styles residency at the Garden for 30 nights.

當然。當然，David。就駐場演出而言，首先我想重申，我們在2027財年的演唱會預訂方面開局強勁。當然也包括Harry Styles在Garden的30晚駐場演出。

I'd also like to add that we have Bon Jovi for a nine-show residency in Fish for a five-show residency at the Garden this summer. And at our theaters, Joe Hisaishi will be doing a seven-night residency at Radio City in August. Seth Meyers and John Oliver recently extended their long-running residency at the Beacon Theater into this fall.

我也想補充，今年夏天我們在Garden還有Bon Jovi的九場駐場演出，以及Fish的五場駐場演出。在我們的劇院場館方面，Joe Hisaishi將於8月在Radio City進行七晚駐場演出。Seth Meyers與John Oliver最近也將他們在Beacon Theater長期的駐場演出延長至今年秋季。

So you can see that we believe there's a great value in bringing residencies to our venues as we believe it builds more of a recurring base of business and also increases our visibility into the forward calendar. So I would say residencies remain an important area for our booking business and while it's early to discuss fiscal 2028 and beyond. We are continuing to have discussions with other artists about future residencies at all the venues, including the Garden, and we will certainly keep you updated on our progress.

因此你可以看到，我們認為把駐場演出帶到我們的場館具有很高價值，因為我們相信這能建立更具經常性的業務基礎，也能提升我們對未來檔期的可視性。所以我會說，駐場演出仍是我們預訂業務的重要領域，雖然現在談2028財年及之後還為時尚早。我們仍持續與其他藝人討論在所有場館（包括Garden）進行未來駐場演出的可能性，我們也一定會持續向各位更新進展。

David Joyce, Seaport.

David Joyce，Seaport。

Thank you. Given the Knicks' strong progress in the playoffs again this year, can you discuss the benefits or headwinds. To the Knicks advancing to the MSG Entertainment business?

謝謝。鑑於尼克隊今年季後賽再次有強勁進展，你能否談談尼克隊晉級對MSG Entertainment業務帶來的好處或不利因素？

Thank you.

謝謝。

Sure, David. Thanks for the question. I have to say, we are excited to see the Knicks in the second round of the playoffs, and they are off to a great start. As we benefit from playoff games at the Garden through our agreement with MSG Sports in a few ways.

當然，David。謝謝你的提問。我必須說，我們很高興看到尼克隊打進季後賽第二輪，而且開局非常好。透過我們與MSG Sports的協議，我們在Garden舉辦季後賽比賽時，會在幾個方面受益。

We share in revenue streams like F&B and merchandise as well as single night suite sales. As we operate and manage the F&B services during all team events for which MSG shares 50% of the net profits with the Knicks and Rangers.

我們會分享餐飲（F&B）與商品銷售等收入來源，以及單晚包廂（suite）銷售。我們在所有球隊活動期間負責營運與管理餐飲服務，MSG會將淨利的50%與尼克隊及遊騎兵隊分享。

We also operate and manage the team merchandise sales at the Garden and retain 30% of net revenues. We also earn a commission on the sales of single-night suites at the Garden during Knicks and Rangers games. So we benefit during the playoffs here. One other thing to point out as well is that we believe that strong team performance like the Knicks are having right now will benefit next year in the form of continued strong arena attendance.

我們也在Garden負責營運與管理球隊商品銷售，並保留淨收入的30%。此外，在尼克隊與遊騎兵隊比賽期間，Garden的單晚包廂銷售我們也會收取佣金。因此在季後賽期間我們會受益。另外還有一點要指出，我們相信像尼克隊目前這樣的強勁表現，將在明年帶來持續強勁的場館觀眾出席率。

Which will further benefit those shared revenue streams that I just mentioned with sports. I'd also mention, from the booking side, booking concerts during the playoff window continues to be an opportunity that we've been targeting to drive utilization at the Garden. And we've had success this fiscal year at doing so. As I mentioned earlier.

這將進一步帶動我剛才提到的那些與體育相關的共享收入來源。我也想提到，從預訂角度來看，在季後賽期間安排演唱會，仍是我們一直鎖定的機會，以提升Garden的使用率。而我們在本財年也已成功做到這點。如我先前所提到的。

We are expecting significant year-over-year growth in the number of concerts at the Garden in our fiscal fourth quarter, and that includes an increase in the number of concerts that we booked during the playoff window. So that's something that we're going to strive to continue to do.

我們預期在本財年第四季，Garden的演唱會場次將出現顯著的年增成長，其中也包括我們在季後賽期間預訂的演唱會場次增加。因此這也是我們將持續努力推動的方向。

Thanks, David. Operator, we have time for one last caller.

謝謝，David。接線員，我們還有時間接最後一位來電者。

Joe Stoff, [Susquehanna].

Joe Stoff，[Susquehanna]。

Thank you. Good morning, David. Ari. The value of your Christmas Spectacular asset obviously is important, continues to grow nicely. You're increasing show count this year, 7%. How do you assess demand, versus that 7% show count?

謝謝。早安，David。Ari。你們的《Christmas Spectacular》資產價值顯然很重要，而且持續穩健成長。你們今年將演出場次增加7%。你們如何評估需求相對於這7%的場次增加？

Is going to be the 3rd year in a row, certainly, that you're increasing show counts. So there is pretty significant, obviously, demand that continues to grow. How do you think about that? And you had mentioned advanced ticket sales.

這將是你們連續第三年增加演出場次。因此顯然需求相當可觀且持續成長。你們如何看待這件事？另外你也提到了預售票。

How much or how many of those tickets are sold already? And how does that evolve towards the opening of the show in the December quarter?

目前已售出多少、或有多少張票已經賣出？而在12月季度開演前，這個情況會如何演變？

Thanks, Joe. Good morning. Yeah, so we see -- we definitely see growth potential for next year's Christmas Spectacular through both more shows, as you mentioned, and higher average ticket yields as you mentioned, we are on sale for 230 performances for next holiday season, up from 215.

謝謝，Joe。早安。是的，我們看到——我們確實看到明年《Christmas Spectacular》的成長潛力，來源包括如你所說的增加場次，以及提高平均票價收益（average ticket yields）。如你所提到的，我們已開始販售下一個假期季的230場演出，較215場增加。

Last year, which translates, as you mentioned, mid-single-digit percentage increase in showcount year-over-year. One of the things that's important to remember and where we see growth is that the Christmas Spectacular continues to be a premium entertainment product, and we believe it's still priced well below average ticket prices for comparable entertainment options.

相較去年，這相當於你所提到的年增中個位數百分比的場次增加。有一點很重要、也是我們看到成長的原因： 《Christmas Spectacular》仍是一項高端娛樂產品，我們認為其定價仍明顯低於同類娛樂選項的平均票價。

I think as we add shows, we will be thoughtfully managing marketing and pricing our ticket inventory to maximize revenue for each show. And in terms of advanced ticket sales, we initially went on sale just in March, and we'll begin marketing the production over the summer. So I think it's a little bit early in the sales cycle to discuss pacing as of now.

我認為在我們增加場次的同時，會審慎地管理行銷與票券庫存的定價，以最大化每一場演出的收入。至於預售票，我們是在3月才剛開始開賣，並將於夏季開始行銷這個製作。因此我認為就目前而言，銷售週期還稍早，現在討論銷售進度可能還不太合適。

Again, we are confident in the growth opportunity for this '26 holiday season.

再次強調，我們對於2026年假期季的成長機會充滿信心。

We have reached the end of the Q&A session. I will now turn the call back to Ari for closing remarks.

問答環節到此結束。我現在把電話交回給Ari作結語。

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

感謝各位參與。我們期待在下一次財報電話會議上與各位交流。祝各位有美好的一天。

And this concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。