MSG Knickerbockers Corp. (MSGK) 2026 Q2 法說會逐字稿

Good morning. Thank you for standing by, and welcome to the Madison Square Garden Sports Corp., fiscal 2026 second-quarter earnings conference call. (Operator Instructions)

早安。感謝各位稍候，歡迎參加麥迪遜廣場花園體育公司（Madison Square Garden Sports Corp.）2026 財政年度第二季財報電話會議。（接線員指示）

I would now like to turn the call over to Ari Danes, Investor Relations. Please go ahead.

現在我想把電話交給投資人關係部的 Ari Danes。請開始。

Thank you. Good morning, and welcome to MSG Sports fiscal 2026 second-quarter earnings conference call. Our Chief Operating Officer, Jamaal Lesane, will begin this morning's call with an update on the company's strategy and operations. This will be followed by a review of our financial results with Victoria Mink, our EVP, Chief Financial Officer, and Treasurer. After our prepared remarks, we will open up the call for questions.

謝謝。早安，歡迎參加 MSG Sports 2026 財政年度第二季財報電話會議。我們的營運長 Jamaal Lesane 將在今天早上的電話會議一開始，更新公司策略與營運概況。接著將由我們的執行副總裁、財務長兼財務主管（Treasurer）Victoria Mink 回顧財務結果。在我們的準備發言結束後，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. 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.

若您尚未取得今日的財報新聞稿，可至我們公司網站的「投資人」專區下載。請注意以下事項。今日討論內容可能包含《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述。

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. Please refer to the company's filings with the SEC for a discussion of risks and uncertainties.

任何此類前瞻性陳述均不保證未來績效或結果，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。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。

The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. 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.

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。在今日財報新聞稿第 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，或 AOI；一項非 GAAP 財務衡量指標）的對照表。

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

接下來，我把電話交給 Jamal。

Thank you, Ari, and good morning, everyone. For the fiscal '26 second quarter, MSG Sports generated revenues of approximately $403 million and adjusted operating income of approximately $30 million. These results reflect positive momentum in key operating areas with per game revenues across all in-game categories, including ticketing, suites, sponsorship, and food beverage and merchandise up as compared to the fiscal '25 second quarter.

謝謝你，Ari，各位早安。在 2026 財政年度第二季，MSG Sports 產生約 4.03 億美元營收，以及約 3,000 萬美元的調整後營業利益。這些結果反映了關鍵營運領域的正向動能；相較於 2025 財政年度第二季，所有場內（in-game）類別的每場比賽收入皆有所成長，包括售票、包廂、贊助，以及餐飲與商品。

These results also reflect higher national media rights fees as a result of the NBA's new national media deals the impact of our amended local media rights agreements with MSG Networks and our continued investment in our teams. As we look ahead with the ongoing momentum we see across our business, we remain well positioned to drive long-term value for our shareholders.

這些結果也反映了更高的全國性媒體轉播權利金，主要來自 NBA 新的全國媒體合約；以及我們與 MSG Networks 修訂後的本地媒體轉播權協議之影響，並反映我們持續對球隊的投資。展望未來，隨著我們在整體業務上看到的持續動能，我們仍具備良好定位，為股東創造長期價值。

Now let's discuss our operations in more detail. This year, fan enthusiasm for our teams continues to be evident in results across our business. The Knicks and Rangers combined season ticket renewal rate this season was approximately 94%.

現在讓我們更詳細地討論營運狀況。今年，球迷對我們球隊的熱情，持續在各項業務成果中清楚展現。本季尼克隊（Knicks）與遊騎兵隊（Rangers）的季票續約率合計約為 94%。

In addition, we have been focused on optimizing pricing and mix of individual and group sales to maximize revenues for each game. As a result, we saw a year-over-year increase in per game ticketing revenue in the fiscal second quarter which also reflects the increase in Knicks season ticket prices following the team's exciting playoff run last year.

此外，我們也專注於最佳化單場與團體銷售的定價與組合，以最大化每場比賽的收入。因此，我們在本財政年度第二季看到每場售票收入年增；其中也反映了尼克隊在去年精彩的季後賽之旅後，本季季票價格上調所帶來的影響。

This year, we've also been celebrating the Ranger Centennial season with multiple generations of fans and former rangers players joining us at the Garden for a number of curated theme nights to highlight the history of our storied franchise. This celebration will culminate with the Ranger's 100th anniversary Capstone game in November.

今年，我們也與多個世代的球迷一同慶祝遊騎兵百年賽季（Ranger Centennial season），並邀請多位前遊騎兵球員到花園球館（Garden）參與多場精心策劃的主題之夜，以彰顯這支傳奇球隊的歷史。這項慶祝活動將於 11 月的遊騎兵 100 週年里程碑（Capstone）比賽達到高潮。

This special season has included two new additions to our merchandise collection of Centennial Jersey that honors our 100 years of history and a separate jersey that commemorates our participation in the NHL's Annual Winter Classic as won by the players in that game.

這個特別賽季也包含兩項新增商品：一款致敬 100 年歷史的百年紀念球衣（Centennial Jersey），以及另一款紀念我們參與 NHL 年度冬季經典賽（Annual Winter Classic）的球衣，並由該場比賽出賽球員穿著。

In addition, we have also introduced a number of other new merchandise offerings for both the Knicks and Rangers this year. We continue to partner with unique brands such as Kith and New York or Nowhere for exclusive retail offerings that have been resonating with fans.

此外，今年我們也為尼克隊與遊騎兵隊推出多項其他全新商品。我們持續與 Kith 以及 New York or Nowhere 等獨特品牌合作，推出獨家零售商品，並獲得球迷熱烈回響。

In fact, when the Knicks new Kith collection launched in November and the Ranger Centennial collection debuted at the Garden in October, single-game merchandise sales were amongst our highest in each team's history. With the help of these efforts, we saw higher food, beverage, and merchandise per cap spending during the quarter as compared to the prior year period.

事實上，當尼克隊全新 Kith 系列於 11 月上市，以及遊騎兵百年系列於 10 月在花園球館首度亮相時，單場比賽商品銷售額皆名列各隊史上最高水準之一。在這些努力的帶動下，本季我們看到每位觀眾（per cap）的餐飲與商品消費高於去年同期。

Enthusiasm for the Ranger Centennial season has also extended to our marketing partnerships business. In September, the company announced a significant multiyear agreement with GAME 7 and included naming the multi-platform sports and entertainment brand, which was cofounded by Ranger's great Mark Messier as the first-ever jersey patch partner of the Rangers. GAME 7 is now featured on our Home, Away, and Centennial jerseys this year and was the presenting partner of one of the Ranger's recent Centennial season theme nights.

遊騎兵百年賽季的熱度也延伸至我們的行銷合作夥伴業務。公司於 9 月宣布與 GAME 7 達成一項重要的多年期協議，其中包括將這個由遊騎兵傳奇球星 Mark Messier 共同創立的多平台運動與娛樂品牌，指定為遊騎兵隊史首個球衣臂章（jersey patch）合作夥伴。今年 GAME 7 已出現在我們的主場、客場與百年紀念球衣上，並擔任近期一場遊騎兵百年賽季主題之夜的冠名呈現合作夥伴（presenting partner）。

Momentum in our marketing partnerships business has also been highlighted by a number of other announcements so far this fiscal year. Over the last several months, we signed new, multiyear partnerships with PwC and Poly market and reach multiyear renewals with Anheuser-Busch and Infosys.

本財政年度迄今，我們的行銷合作夥伴業務動能也透過多項公告獲得凸顯。過去幾個月，我們與 PwC 與 Poly market 簽署新的多年期合作，並與 Anheuser-Busch 與 Infosys 完成多年期續約。

In terms of premium hospitality, we continue to see strong new sales and renewal activity for suites at the Garden. In addition, we are seeing the benefit of incremental revenue this year from several Lexus Level suites that were recently renovated. Our progress in these categories puts us on track for growth across both marketing partnerships and premium hospitality in fiscal '26.

在高端款待（premium hospitality）方面，我們持續看到花園球館包廂的新銷售與續約活動強勁。此外，今年我們也受惠於數間近期翻新的 Lexus Level 包廂所帶來的增量收入。我們在這些類別的進展，使我們有望在 2026 財政年度於行銷合作夥伴與高端款待兩方面皆實現成長。

Turning to media rights. As I mentioned earlier, the NBA's new national media deals with Disney, NBCUniversal, and Amazon began this season, which is reflected in today's results. In addition, our results reflect the Knicks and Rangers amended local media rights agreements with MSG Networks.

接著談媒體轉播權。如我先前提到，NBA 與 Disney、NBCUniversal 及 Amazon 的新全國媒體合約於本季開始生效，並反映在今日的結果中。此外，我們的結果也反映尼克隊與遊騎兵隊與 MSG Networks 修訂後的本地媒體轉播權協議。

As a reminder, those amendments included 28% and 18% reduction in annual rights fees payable to the Knicks and Rangers, respectively, which will effective January 1, 2025, along with an elimination of annual rights fee escalators. Looking ahead, inning next week, we will be proud to watch a number of rangers compete in the 2026 Olympic Winter games for their home countries.

提醒各位，這些修訂包括：自 2025 年 1 月 1 日起，尼克隊與遊騎兵隊每年可收取的權利金分別下調 28% 與 18%，並取消每年權利金的調升機制（escalators）。展望未來，從下週開始，我們將自豪地看到多位遊騎兵球員代表其母國參加 2026 年冬季奧運。

And on the basketball side, the Knicks have been carrying on the momentum from last year's playoff front. As you know, in fiscal '25, team welcomed Abu Dhabi's Department of Culture and Tourism as its New Jersey patch partner. Building on this relationship and global enthusiasm for the team, the Knicks visited Abu Dhabi with two pre-season games in October.

在籃球方面，尼克隊延續了去年季後賽所帶來的動能。如各位所知，在 2025 財政年度，球隊迎來阿布達比文化與旅遊部（Department of Culture and Tourism）成為其球衣臂章合作夥伴。在此關係基礎上，並承接全球對球隊的熱情，尼克隊於 10 月前往阿布達比進行兩場季前賽。

In addition, the first several months of the season were capped off by the Knicks winning the league's third annual in-season competition, the NBA Cup in December. Coming up, we are looking forward to watching Jalen Brunson and Karl-Anthony Towns participate in the 2026 NBA All-Star game.

此外，本季前幾個月也以尼克隊於 12 月贏得聯盟第三屆季中賽（in-season competition）——NBA 盃（NBA Cup）作結。接下來，我們也期待看到 Jalen Brunson 與 Karl-Anthony Towns 參加 2026 年 NBA 全明星賽。

So in summary, our business with its strong underlying fundamentals continues to benefit from robust consumer and corporate demand, and we remain as confident as ever in the value of owning two iconic sports franchises.

總結而言，我們的業務憑藉強勁的基本面，持續受惠於強勁的消費者與企業需求，而我們對於持有兩支具代表性的經典體育特許經營權之價值，依然一如既往地充滿信心。

With that, I'll now turn the call over to Victoria.

接下來，我把電話會議交給 Victoria。

Thank you, Jamaal, and good morning, everyone. Results for the fiscal second quarter reflect pre-season play and the start of the '25, '26 regular seasons for the Knicks and Rangers. During this period, we hosted 39 pre and regular season games across both teams as compared to 35 games last year, which positively impacted our results for the quarter.

謝謝你，Jamaal，各位早安。本財年第二季的結果反映了季前賽，以及尼克與遊騎兵 '25、'26 例行賽季的開打。在此期間，兩支球隊合計我們主辦了 39 場季前與例行賽，相較去年同期的 35 場增加，對本季的業績帶來正面影響。

This timing benefit will reverse over the second half of the fiscal year. For the fiscal '26 second quarter, total revenues were $403.4 million as compared to $357.8 million in the prior year period, which reflected the impact of more home games at the Garden versus the prior year, as well as increases across every key revenue category on a per game basis.

這項時點上的利多將在本財年下半年反轉。就 '26 財年第二季而言，總營收為 4.034 億美元，較去年同期的 3.578 億美元增加，反映出相較去年在 Garden 的主場賽事場次增加，以及以每場比賽計算，各主要營收類別皆有所成長。

Event-related revenues of $167.2 million, which mainly consists of ticket, food, beverage, and merchandise revenue increased 20% year over year, while suites and sponsorship revenues of $98.5 million increased 24% year over year.

活動相關營收為 1.672 億美元，主要由門票、餐飲、飲料與商品收入構成，年增 20%；包廂與贊助營收為 9,850 萬美元，年增 24%。

National and local media rights fees of $122.3 million decreased 4% year over year. This primarily reflected the impact of our amended local media rights agreements with MSG Networks, which was partially offset by higher national media rights fees due to the NBA's new national media rights deals.

全國與地方媒體轉播權利金為 1.223 億美元，年減 4%。這主要反映我們與 MSG Networks 修訂後的地方媒體轉播權協議之影響，部分被因 NBA 新的全國媒體轉播權合約而帶來的較高全國媒體權利金所抵銷。

Adjusted operating income increased $9.4 million to $29.7 million, primarily due to the increase in revenues, partially offset by higher direct operating expenses. The increase in direct operating expenses primarily reflected higher team personnel compensation and corresponding luxury tax, higher revenue sharing expenses net of escrow, as well as other cost increases.

調整後營業利益增加 940 萬美元至 2,970 萬美元，主要由營收成長帶動，但部分被較高的直接營運費用所抵銷。直接營運費用的增加主要反映較高的球隊人員薪酬及相應的奢侈稅、較高的收入分成費用（扣除託管金額後的淨額），以及其他成本上升。

This was partially offset by the absence of net provisions for certain team personnel transactions recognized in the prior year quarter. I would also note that AOI for our fiscal '26 second quarter includes $9.9 million of noncash arena operating lease costs as compared to $9.3 million in the prior year period.

上述影響部分被去年同期認列之特定球隊人員交易相關淨提列費用在本季不再發生所抵銷。我也要指出，我們 '26 財年第二季的 AOI 包含 990 萬美元的非現金場館營運租賃成本，去年同期為 930 萬美元。

Turning to our balance sheet. In November, we refinanced the Knicks and Rangers senior secured revolving credit facilities. These refinancings improved our average borrowing rate and extended each facility's maturity for a new five-year term ending in November 2030.

接著談資產負債表。11 月，我們為尼克與遊騎兵的優先擔保循環信用額度進行再融資。這些再融資降低了我們的平均借款利率，並將各項融資的到期日延長為新的五年期，至 2030 年 11 月到期。

In addition, total capacity under the Knicks revolving credit facility was increased by $150 million to $425 million, with no change to borrowings outstanding. These refinancings demonstrate both the quality of our assets and the confidence in the long-term outlook for both our teams and leads.

此外，尼克循環信用額度的總額度增加 1.5 億美元至 4.25 億美元，而未償借款金額不變。這些再融資同時展現了我們資產的品質，以及市場對我們兩支球隊與聯盟長期展望的信心。

At the end of the quarter, our cash balance was approximately $81 million, and our debt balance was $291 million. This was comprised of $267 million under the next senior secured revolving credit facility and $24 million advanced from the NHL. So in summary, we remain confident in the trajectory of our business and our ability to drive long-term value for our shareholders.

在本季末，我們的現金餘額約為 8,100 萬美元，負債餘額為 2.91 億美元。其中包括尼克優先擔保循環信用額度項下的 2.67 億美元，以及 NHL 預支的 2,400 萬美元。總結而言，我們對業務發展軌跡以及為股東創造長期價值的能力仍充滿信心。

I will now turn the call back over to Ari.

接下來我把電話會議交回給 Ari。

Thanks, Victoria. Operator, can we now open the call for questions?

謝謝，Victoria。接線員，現在可以開放提問了嗎？

(Operator Instructions) David Karnovsky, JPMorgan.

(接線員指示) JPMorgan 的 David Karnovsky。

Hi. Doug Wardlaw on for David. I just want to ask, given your current cash and debt balances, can you update us on how you're thinking about any potential capital returns? And -- so we think of this largely contingent on playoff runs for the teams? Thank you.

嗨。我是 Doug Wardlaw，代 David 提問。我想請教，考量你們目前的現金與負債餘額，能否更新一下你們對任何潛在資本回饋的思考？另外——我們是否可以把這主要視為取決於球隊季後賽表現？謝謝。

Hi, Doug. Thanks for the question. So we take all variables into account when thinking through and determining how we allocate capital. Yes. With that said, our long-term capital allocation priorities, they remain the same. First, it's to maintain appropriate liquidity to fund our operations and invest in our core business.

嗨，Doug。謝謝你的問題。在思考並決定資本配置時，我們會把所有變數都納入考量。是的。話雖如此，我們長期的資本配置優先順序仍然不變。第一，是維持適當的流動性，以支應營運並投資於核心業務。

Second, we want to make sure we have a strong balance sheet. Now as of December 31, there were no changes to our outstanding borrowings, but as part of our recent refinancings, we've improved our rates including lowering commitment and borrowing rates for the Rangers and extended each facility's maturity for a new five-year term.

第二，我們希望確保資產負債表穩健。截至 12 月 31 日，我們的未償借款沒有變化，但作為近期再融資的一部分，我們改善了利率條件，包括降低遊騎兵的承諾費率與借款利率，並將各項融資的到期日延長為新的五年期。

In addition, we increased the borrowing capacity under the Knicks revolver by $150 million to $425 million in keeping with the NBA's recent increase to the debt limit for teams. So -- and we always consider opportunities that make strategic and financial sense and think these refinancings give us enhanced financial flexibility.

此外，配合 NBA 近期提高球隊負債上限，我們將尼克循環信用額度的可借款額度增加 1.5 億美元至 4.25 億美元。因此——我們也一向會評估在策略與財務上合理的機會，而我們認為這些再融資讓我們具備更強的財務彈性。

And third, we plan to be opportunistic about other uses of our cash flow. I would not rule out a return of capital program in the future.

第三，我們計畫在現金流的其他用途上保持機動性。未來我們不排除推出資本回饋計畫。

Steven Sheeckutz, Citi.

Citi 的 Steven Sheeckutz。

Hi. Thanks for taking my question. I was wondering if you could comment if a minority interest sale remains a potential option?

嗨。謝謝讓我提問。我想請問，你們是否可以評論一下，出售少數股權是否仍是潛在選項？

Good morning, Steve. Thanks for the question. We don't have any news with respect to a minority interest sale. We are confident in the value of our teams. We are cognizant of recent reported transactions in the marketplace.

早安，Steve。謝謝你的問題。關於少數股權出售，我們目前沒有任何新消息可分享。我們對球隊的價值充滿信心。我們也留意到市場上近期報導的交易。

And those transactions serve as confirmation of our belief that these are scarce, valuable assets and we don't think that, that value is appropriately reflected in our current stock price. So we would never rule out the possibility of a minority state sale. But as I said, we have nothing to report at this time.

而這些交易也印證了我們的看法：這些是稀缺且具價值的資產，而我們認為目前股價並未適當反映其價值。因此，我們永遠不會排除少數股權出售的可能性。但如我所說，目前沒有任何事項可對外報告。

Got it. That's helpful. And then just one more, if I may. I was wondering how you're thinking about the potential impact of the upcoming changes to the tax deductibility of compensation that's set to begin in 2027?

了解。這很有幫助。如果可以的話，我再問一個。我想了解你們如何看待即將到來、預計於 2027 年開始生效的薪酬稅務可扣抵性變更，可能帶來的影響？

Sure. Hi, Steve. We continue to assess the impact of changes in tax regulations. But as a reminder, it becomes effective for our company for year ended June 30, 2028. But at this time, we have -- we just have nothing further to share.

當然。嗨，Steve。我們持續評估稅務法規變更的影響。但提醒一下，對我們公司而言，該規定將於截至 2028 年 6 月 30 日的年度起生效。不過目前，我們——我們沒有進一步資訊可以分享。

Got it. Thank you.

了解。謝謝。

David Joyce, Seaport.

Seaport 的 David Joyce。

Thank you. Could you please provide an updated outlook on the evolving RSN and local media rights landscape granted you've got a flat arrangement now with MSG Networks, but in some others, the sports -- some of those rights have been getting clawed back by the leagues. Just wondering what you're seeing and what your thoughts are on the landscape? Thank you.

謝謝。鑒於你們目前與 MSG Networks 的安排是持平的，但在其他一些市場，體育——部分權利已被聯盟收回。想請你們提供一下對於不斷演變的 RSN 與本地媒體轉播權格局的最新展望。想了解你們觀察到什麼，以及你們對這個格局的看法？

Good morning, David. Yeah. Look, as you referenced, the RSN industry clearly continues to evolve, and we are -- as I said a few moments ago, we're talking of what goes on in the marketplace. In that case, we continue to believe in the value of local media coverage, especially when you consider in a large market like New York and the tristate area, where our fans continuously look for unique content that is parallel to them.

早安，David。是的。你提到得沒錯，RSN 產業顯然仍在持續演變，而我們——正如我剛才幾分鐘前所說——也在關注市場上正在發生的事情。在這方面，我們仍然相信本地媒體報導的價值，特別是當你考量像紐約與三州地區這樣的大型市場時，我們的球迷持續尋求與他們高度相關的獨特內容。

And that, in turn, helps drive fan engagement. We do have -- we have a great partner in that respect and MSG Networks who helps us to deliver that tailored local content to our fans. As a reminder, and I mentioned this earlier, our amended agreements with MSG Networks run through the end of the '28, '29 seasons.

而這反過來也有助於提升球迷互動。在這方面我們確實——我們有一個很棒的合作夥伴，也就是 MSG Networks，協助我們向球迷提供量身打造的本地內容。提醒一下，我先前也提過，我們與 MSG Networks 修訂後的協議將持續到 2028、2029 賽季結束。

And so we remain focused on maintaining that important connection we have with both MSG Networks and now local fans. And so yeah, we'll continue to monitor the changes impacting the RSN industry. But we also remain confident in our position as a rights holder for two marquee sports franchises.

因此，我們仍專注於維持與 MSG Networks 以及本地球迷之間的重要連結。所以，是的，我們會持續關注影響 RSN 產業的變化。但我們也對自身作為兩支旗艦體育特許經營權之權利持有人的地位保持信心。

Great. Thank you.

很好。謝謝。

Peter Supino, Wolfe Research.

Wolfe Research 的 Peter Supino。

Hi. Good morning. I wonder if you would talk about the Rangers. Obviously, we were all hoping for a better result on the ice. And I wonder if you could share with us if that will possibly impact the financials going forward, whether from the post season, missing the playoffs, et cetera? Thanks.

嗨。早安。我想請你談談 Rangers。顯然，我們都希望冰上能有更好的結果。我想請你分享一下，這是否可能會影響未來的財務表現，例如季後賽、未能打進季後賽等等？謝謝。

Sure. Good morning. Thanks for the question. Let me take that in two parts. The second part, you mentioned the financials. Look, as you can see with our results today, our business remains strong.

當然。早安。謝謝你的提問。我把這分成兩部分回答。第二部分你提到財務。你從我們今天的業績可以看到，我們的業務依然強勁。

During the quarter, we saw growth in all in-game revenue categories on a per game basis. That includes ticketing, where we have passionate fan bases who continue to show up and cheering their teams.

在本季度，我們在所有比賽日收入類別的單場基礎上都看到成長。這包括票務，我們有熱情的球迷群體，持續到場為他們的球隊加油。

That includes sponsorship and premium hospitality where our results this year reflect the benefit of multiyear deals as well as strong renewal and new sales activity, and that includes strength in per cap spending at the Garden, where we have seen in merchandise sales days amongst the Hyatt in each team's history so far this year.

這也包括贊助與高端款待（premium hospitality），我們今年的成果反映了多年期合約的效益，以及強勁的續約與新銷售活動；也包括在 Garden 的人均消費表現強勁——截至今年目前為止，我們在商品銷售方面已看到各隊史上名列前茅的單日表現。

Now with respect to the playoffs, there are two immediate markers in the play-off run. The first is, of course, the valuable incremental home games.

至於季後賽，季後賽之旅有兩個直接的衡量指標。第一個當然是額外且很有價值的主場比賽。

And then the second is that we historically have not raised season ticket prices if one of our team doesn't make the playoff. And so we are, of course, monitoring the standings. But as we stand here today, we are fully focused on making this a successful season as possible.

第二個是，歷來如果我們其中一支球隊未能打進季後賽，我們通常不會調漲季票價格。因此我們當然在關注排名。但就目前而言，我們完全專注於讓本賽季盡可能成功。

And whether that's welcoming multiple generations of Rangers fans and alumni players to under 100 years of Rangers hockey as we do tonight, or celebrating the Knick double over time win as we did last night. We are looking forward to continuing the celebrations for the rest of the season.

無論是像今晚這樣，迎接多個世代的 Rangers 球迷與校友球員，一同慶祝近 100 年的 Rangers 冰球歷史；或是像昨晚那樣，慶祝 Knicks 的雙延長賽勝利。我們期待在本賽季剩餘時間持續慶祝。

Thank you.

謝謝。

Thanks, Peter.

謝謝你，Peter。

Thanks, Peter. We'll take one more caller.

謝謝你，Peter。我們再接最後一位來電者。

Joe Stauff, Susquehanna.

Susquehanna 的 Joe Stauff。

Thank you. Good morning. Jamaal, I was wondering if you could provide an update maybe on the opportunities from here for sponsorship growth and further suite upgrades.

謝謝。早安。Jamaal，我想請問你是否可以更新一下，從現在起在贊助成長以及進一步包廂升級方面的機會？

Sure. Happy to, Joe, and good morning. We're seeing good momentum in both areas of the business. Starting with marketing partnerships, we've had a number of new deals and renewals so far this fiscal year, which include, as I mentioned earlier, the multiyear extensions with Anheuser-Busch and Infosys and new multiyear deals with PwC and Polymarket.

當然可以。很樂意，Joe，早安。我們在這兩個業務領域都看到良好的動能。先從行銷合作夥伴關係來看，本財年至今我們已完成多筆新合約與續約，其中包括我先前提到的與 Anheuser-Busch 和 Infosys 的多年期延長合約，以及與 PwC 和 Polymarket 的新多年期合約。

And I can't say enough about our new partnership with GAME 7, the multi-platform sports and entertainment brand that was cofounded by Ranger's great Mark Messier. That jersey patch inventory is premium inventory for us and to sell our first-ever jersey patch in a historic season to GAME 7 just feels so synergistic for us.

另外，我對我們與 GAME 7 的新合作也讚譽有加；GAME 7 是一個多平台的體育與娛樂品牌，由 Rangers 傳奇球星 Mark Messier 共同創辦。球衣臂章（jersey patch）版位對我們而言是高價值的優質資產，而在這個具歷史意義的賽季，將我們史上首次的球衣臂章賣給 GAME 7，對我們來說非常契合、相得益彰。

And it's been a thrill partnering with Mark and Isaac Chera and the rest of the GAME 7 team in that regard. And then in terms of premium hospitality, at the record year of revenue in fiscal '25, we continue to see robust demand from corporate partners.

能在這方面與 Mark、Isaac Chera 以及 GAME 7 團隊其他成員合作，令人振奮。至於高端款待方面，在 2025 財年創下營收紀錄之後，我們仍持續看到企業合作夥伴的強勁需求。

This has resulted in strong suite renewals and new sales and from that, we've capitalized on that momentum by renovating part ship with MSG Entertainment several Lexus Level Suite ahead of this '25, '26 season, and we are seeing the benefits of that renovation, those renovations this year.

這帶來了強勁的包廂續約與新銷售；在此基礎上，我們也把握這股動能，與 MSG Entertainment 合作，在 2025、2026 賽季之前翻新了部分 Lexus Level 包廂，而我們今年也看到了這些翻新的效益。

And that, Joe, is in keeping with our goal of both improving the guest experience while also creating incremental revenue opportunities for our business. So overall, we're seeing positive momentum, and we are currently on track for growth in both marketing partnerships and premium hospitality this fiscal year.

而這也符合我們的目標：一方面提升賓客體驗，同時也為我們的業務創造額外的增量營收機會。總體而言，我們看到正向動能，目前也正朝著本財年在行銷合作夥伴關係與高端款待兩方面都實現成長的方向前進。

Thank you.

謝謝。

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

以上為我們的問答環節。接下來我將把電話交回給 Ari Danes 作結語。

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

感謝各位加入。我們期待在下一次財報電話會議再與各位交流。祝各位有美好的一天。

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。感謝各位的參與。您現在可以掛線。