Sphere Entertainment Co (SPHR) 2025 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Sphere Entertainment Company fiscal 2025 first quarter earnings conference call. (Operator Instructions) I would now like to turn the call over to Ari Danes, Investor Relations. Please go ahead.

早安，感謝您的支持。歡迎參加Sphere Entertainment Company 2025財年第一季財報電話會議。（操作員指示）現在，我想將電話轉給投資者關係部門的 Ari Danes。請繼續。

Thank you. Good morning, and welcome to Sphere Entertainment's fiscal 2025 first quarter earnings conference call. Today's call will begin with our Executive Chairman and CEO, Jim Dolan, who will provide an update on Sphere.

謝謝。早安，歡迎參加 Sphere Entertainment 2025 財年第一季財報電話會議。今天的電話會議將由我們的執行董事長兼首席執行官 Jim Dolan 開始，他將提供有關 Sphere 的最新進展。

Dave Burns, our Executive Vice President, Chief Financial Officer, and Treasurer, will then review our financial results for the period. 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.

我們的執行副總裁、財務長兼財務主管 Dave Burns 將審查我們該期間的財務表現。在我們發表準備好的發言後，我們將開始提問。如果您沒有今天的收益報告副本，您可以在我們公司網站的「投資者」部分中查閱。

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 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所定義的前瞻性陳述。任何此類前瞻性陳述都不能保證未來的績效或結果，並且涉及可能導致實際結果與前瞻性陳述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. On Pages 5 and 6 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.

有關風險和不確定性的討論，請參閱本公司向美國證券交易委員會提交的文件。本公司不承擔更新本次電話會議中可能討論的任何前瞻性陳述的義務。在今天的收益報告的第 5 頁和第 6 頁，我們提供了合併經營報表和營業收入與調整後營業收入或 AOI（非 GAAP 財務指標）的對帳表。

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

現在，我將把電話轉給吉姆。

Thank you, Ari, and good morning, everyone. When we opened Sphere a little more than a year ago, our goal was to redefine the live entertainment experience. We started that journey in Las Vegas and have made headway improving our Sphere's innovative business model.

謝謝你，阿里，大家早安。當我們一年多前開設 Sphere 時，我們的目標是重新定義現場娛樂體驗。我們從拉斯維加斯開始了這一旅程，並在改進我們的 Sphere 創新商業模式方面取得了進展。

From the beginning, our vision also included a global network of venues. In October, we took an important step forward when we announced plans to bring the world's second Sphere to Abu Dhabi. An international capital that welcomed more than 24 million visitors last year.

從一開始，我們的願景還包括建立全球場館網絡。十月份，我們宣布計劃將世界上第二個「杜拜環球影城」帶到阿布達比，並邁出了重要的一步。這座國際首都去年接待了超過 2,400 萬遊客。

The Abu Dhabi venue is expected to be similar in scale to Sphere in Las Vegas. And under the terms of our partnership, the Department of Culture and Tourism Abu Dhabi, will fully fund its construction. We will receive a franchise initiation fee, which grants them the right to build the venue using our intellectual property.

阿布達比場館的規模預計與拉斯維加斯的 Sphere 相似。根據我們的合作條款，阿布達比文化和旅遊部將全額資助其建設。我們將收到一筆特許經營啟動費，這筆費用授予他們使用我們的智慧財產權建造場館的權利。

In addition, our team plans to provide both pre and post-opening services that leverage our expertise in infrastructure. And as part of a multiyear marketing partnership the Experience Abu Dhabi brand is now an official partner of Sphere in Las Vegas. This is a significant milestone in expanding Sphere's global footprint, and we look forward to sharing more details as we move forward.

此外，我們的團隊計劃利用我們在基礎設施方面的專業知識提供開業前和開業後的服務。作為多年行銷合作的一部分，體驗阿布達比品牌現已成為拉斯維加斯 Sphere 的官方合作夥伴。這是 Sphere 擴大全球影響力的一個重要里程碑，我們期待在未來分享更多細節。

Turning back to Sphere in Las Vegas. We remain focused on optimizing our operating model to maximize revenue while enhancing the guest experience. To that end, we continue to refine our strategy for the Sphere experience, including show count and pricing.

回到拉斯維加斯的 Sphere。我們將繼續專注於優化營運模式，以最大化收入，同時提升客人體驗。為此，我們不斷完善 Sphere 體驗策略，包括演出數量和定價。

In September, we debuted our second original production VU2 and immersive concert experience. VU2 joins postcards from Earth and our expanding library of experiential content. We are actively developing future productions and look forward to introducing new experiences to audiences in 2025. Beyond original content, strong consumer demand continues to drive concerts and events at Sphere.

9 月，我們推出了第二部原創作品 VU2 和沈浸式音樂會體驗。VU2 加入了來自地球的明信片和我們不斷擴大的體驗內容庫。我們正在積極開發未來的作品，並期待在 2025 年為觀眾帶來新的體驗。除了原創內容之外，強勁的消費者需求繼續推動 Sphere 的音樂會和活動。

This past quarter, we hosted the UFC, which became our highest grossing single event so far. The Eagles recently extended their multi-month run again with new days into March. And next week, we welcome back Formula One and the Las Vegas Grand Prix as part of our multiyear agreement.

上個季度，我們主辦了 UFC，這成為了我們迄今為止票房最高的單項賽事。老鷹隊最近再次將他們的數月連勝紀錄延續到三月。作為我們多年協議的一部分，下週我們將迎來一級方程式賽車和拉斯維加斯大獎賽的回歸。

As we have said, running multiple event types on the same day is a focus of ours. We have started showing the Sphere experience on the same day as residencies and we plan to run it during the upcoming F1 event and throughout Anima's multiday run, which begins around New Year's Eve.

正如我們所說，同一天舉辦多種類型的活動是我們的重點。我們已經開始在駐留日展示 Sphere 體驗，並計劃在即將舉行的 F1 賽事期間以及 Anima 的整個多日運行期間（大約在新年前夕開始）運行該體驗。

In addition, Sphere continues to gain traction as a platform for corporate partners. In June, we hosted our first keynote event with Hewlett Packard. And we recently announced that Delta Airlines will present at Sphere during the Consumer Electronics Show in January.

此外，Sphere 作為企業合作夥伴平台繼續受到關注。六月，我們與惠普聯合舉辦了第一場主題活動。我們最近宣布達美航空將於 1 月的消費電子展期間在 Sphere 進行展示。

In terms of sponsorships, in October, we announced Verizon as the official mobile wireless partner of Sphere. We also recently signed a multiyear marketing partnership with Ticketmaster. These partners, along with the experienced Abu-Dhabi will be integrated across various marketing assets, including the Exosphere. So with a year of operations under our belt and a second sphere location now announced, we are moving in the right direction and remain confident in the long-term outlook for this next-generation medium.

在贊助方面，10 月我們宣布 Verizon 成為 Sphere 的官方行動無線合作夥伴。我們最近也與 Ticketmaster 簽署了多年的行銷合作協議。這些合作夥伴將與經驗豐富的阿布達比一起整合各種行銷資產，包括 Exosphere。因此，憑藉一年的營運經驗和現已宣布的第二個領域位置，我們正朝著正確的方向前進，並對這種下一代媒介的長期前景充滿信心。

With that, I will turn the call over to Dave.

說完這些，我會把電話轉給戴夫。

Thank you, Jim, and good morning, everyone. For the fiscal first quarter, we generated total company revenues of approximately $228 million and an adjusted operating loss of $10.2 million. Our Sphere segment generated first quarter revenues of approximately $127 million as we welcomed over 800,000 guests to 225 events, along with an adjusted operating loss of $26.3 million.

謝謝你，吉姆，大家早安。第一財季，我們公司總營收約 2.28 億美元，調整後營業虧損為 1,020 萬美元。我們的 Sphere 部門第一季創造了約 1.27 億美元的收入，因為我們接待了超過 80 萬名嘉賓參加 225 場活動，同時調整後的營運虧損為 2,630 萬美元。

These results were primarily driven by our original content category with Sphere experience, which generated approximately $71 million in revenue across 207 shows in the first quarter. Our results also reflected 12 performances from Dead &Co as well as the start of the Eagle's multi-month run with four shows in September.

這些結果主要得益於我們擁有 Sphere 體驗的原創內容類別，該類別在第一季的 207 場演出中創造了約 7,100 萬美元的收入。我們的結果也反映了 Dead &Co 的 12 場演出以及 Eagle 在 9 月開始的為期數月的四場演出。

In addition, fiscal first quarter results included the UFC event and a corporate takeover as well as advertising campaigns on the Exosphere. And with about half of the December quarter already behind us, we are seeing the Exosphere benefit from positive momentum in the last few months of the calendar year.

此外，第一財季業績還包括 UFC 賽事、企業收購以及 Exosphere 上的廣告活動。12 月季度已經過去一半左右，我們看到 Exosphere 在日曆年的最後幾個月受益於積極的勢頭。

SG&A expenses for the first quarter were $105 million. As we've previously discussed, the infrastructure that we have built out at the Sphere segment, including in areas like corporate and Sphere studios as well as associated content and technology development is designed to support a global network of Spheres over time.

第一季的銷售、一般及行政開支為 1.05 億美元。正如我們之前所討論的，我們在 Sphere 部門構建的基礎設施，包括企業和 Sphere 工作室等領域以及相關內容和技術開發，旨在支援全球 Spheres 網路。

Turning to MSG Networks. The segment generated $100.8 million in revenues and $16.1 million in AOI, which represent decreases of 9% and 36%, respectively, as compared to the prior year period. The decreases in revenue and AOI primarily reflect lower distribution revenue primarily due to an approximately 13% decrease in subscribers, inclusive of the impact of MSG Plus.

轉向 MSG 網路。該部門創造了 1.008 億美元的收入和 1,610 萬美元的 AOI，與去年同期相比分別下降了 9% 和 36%。收入和 AOI 的下降主要反映了分銷收入的下降，這主要是由於訂閱用戶數量減少了約 13%，其中包括 MSG Plus 的影響。

Turning to our balance sheet. As of September 30, we had approximately $540 million of unrestricted cash and cash equivalents. Our debt balance was approximately $1.36 billion at quarter end. This reflected $259 million in convertible debt and the $275 million credit facility related to Sphere in Las Vegas. It also reflected approximately $829 million outstanding on the MSG Networks term loan, which, as a reminder, is debt that is recoursed only to MSG Networks.

轉向我們的資產負債表。截至 9 月 30 日，我們擁有約 5.4 億美元的無限現金和現金等價物。截至季末，我們的債務餘額約為 13.6 億美元。這反映了 2.59 億美元的可轉換債務和與拉斯維加斯 Sphere 相關的 2.75 億美元信貸額度。它還反映了 MSG Networks 定期貸款約 8.29 億美元的未償還金額，提醒一下，這是僅可向 MSG Networks 索償的債務。

As you know, MSG Networks is pursuing a refinancing through a workout with its lenders. The debt matured on October 11. However, MSG Networks has entered into a forbearance agreement, which provides that during the forbearance period, the supporting lenders will not exercise certain of their remedies under the MSG Networks credit facilities arising from non-payment of the debt on the maturity date. That period was initially scheduled to expire on November 8 and was recently extended through November 26, while the workout process continues. We will continue to keep you updated.

如您所知，MSG Networks 正在透過與貸方的合作進行再融資。該債務於10月11日到期。然而，MSG Networks 已簽署寬限協議，該協議規定，在寬限期內，支持放款人將不會行使 MSG Networks 信貸安排下因未能在到期日償還債務而產生的某些補救措施。該期限最初定於 11 月 8 日到期，最近延長至 11 月 26 日，同時重組過程仍在繼續。我們將繼續向您提供最新動態。

And with that, we will now open the call for questions.

現在，我們可以開始提問了。

(Operator Instructions)

（操作員指令）

Brandon Ross, Lateshed.

布蘭登·羅斯，Lateshed。

Thanks. Hey, Jim, Exosphere advertising really softened in the quarter after a pretty strong start last year. Any idea why do you think there's a structural issue or execution issue there? And what's your outlook for that piece of business going forward besides the seasonal strength that you called out in the prepared?

謝謝。嘿，吉姆，Exosphere 廣告在去年開局強勁之後，本季確實有所疲軟。您認為為什麼這裡有結構問題或執行問題？除了您在準備中提到的季節性優勢之外，您對這部分業務的未來前景有何展望？

Yes, Brandon, I do think that there's a structural issue, et cetera. And we've been busy working on it, and I think we're making a lot of progress. At the same time, we're also learning about the product itself and how our advertisers can use it best. And we're making headway on that. But it's like a lot of things with this project. It's the first Pancake. It's the first time we've done it. And we've learned and we're getting better at it.

是的，布蘭登，我確實認為有結構性問題等等。我們一直在忙於此事，我認為我們取得了很大進展。同時，我們也在了解產品本身以及我們的廣告商如何最好地利用它。我們在這方面正在取得進展。但這和這個計畫的許多事情很相似。這是第一個煎餅。這是我們第一次做這件事。我們已學會並正在做得更好。

And I do think also that there are seasonal issues that come into play. I have to say after the first year, you'd have to look at that sort of July, August period as being the softest time per Sphere, sort of almost across the board. Right? And then it starts to pick up momentum in September, and we're starting to see some pretty strong results now. And then going into the beginning of the year, we're looking pretty good.

我也確實認為季節性問題也發揮了作用。我必須說，在第一年之後，你會發現，七月、八月這段時間是 Sphere 最疲軟的時期，幾乎對所有人來說都是如此。正確的？然後它在九月開始加速，現在我們開始看到一些相當強勁的結果。進入年初，我們的業績看起來相當不錯。

So -- but I mean, the -- that's just part and parcel of starting something new. I wish that the day we let it up that we knew exactly how to run it, exactly how to sell it and exactly how to program it, et cetera, but that's just not the case. So more to come.

所以 — — 但我的意思是 — — 這只是開始新事物的一部分。我希望當我們放棄它的那一天，我們能夠確切地知道如何運行它，如何銷售它，如何對它進行編程等等，但事實並非如此。接下來還有更多。

And speaking of first Pancakes, you launched your first immersive concert with VU2 in the quarter. I was wondering what your assessment is of how VU2 perform. Do you think immersive concerts is a viable category for you? and have noticed improvements in attendance there. What can the company do to continue to ensure further improvement?

說到第一場 Pancakes，您在本季與 VU2 合作推出了第一場沉浸式音樂會。我想知道您對 VU2 的表現有何評價。您認為沉浸式音樂會對您來說是一個可行的類別嗎？並注意到那裡的出勤率有所提高。公司可以做些什麼來繼續確保進一步改善？

Well, look, the beat -- the U2 contract actually was really kind of almost an experiment on our part. Right? Because we didn't know what that product looks like. So we shot it, we put it together. And yes, I think it's a viable product.

嗯，看，U2 合約實際上對我們來說幾乎是一種實驗。正確的？因為我們不知道該產品是什麼樣子的。所以我們拍攝了它，並把它組合在一起。是的，我認為這是一個可行的產品。

How you program the product is something I think we're still trying to figure out. Do you program it like you program post cards from Earth, right? And then, of course, look, it really is an amazing product when you see it. You feel like you're at the concert.

我認為我們仍在努力弄清楚如何對產品進行程式設計。你對它的程式設計就像對地球明信片的程式設計一樣嗎？當然，當你看到它時，它確實是一個令人驚嘆的產品。您感覺就像身處音樂會現場。

So we have some great bands that are coming in over the next year. And so I think we will continue to capture their concerts. The using our Big Sky technology, et cetera. How we then bring it to the public and market it. I think we're still trying to figure out what's the best way. And -- but for -- I mean, I wish we could go back to 1965 and capture the beetles. The -- I'm pretty sure you'd all love to see a live beetles concert like you are really there.

所以我們明年會有一些很棒的樂團加入。所以我認為我們會繼續錄製他們的音樂會。使用我們的 Big Sky 技術等等。我們如何將它推向公眾並推銷它。我認為我們仍在努力尋找最佳方法。而且——但是——我的意思是，我希望我們能夠回到 1965 年並捕捉甲蟲。——我很確定你們都想親眼觀看一場甲蟲現場音樂會，就像身臨其境一樣。

So that's one we probably can't do. But we do have some and creating a library of these kind of performances. I think is very valuable. Again, how we market it, how we schedule it, et cetera, that I'm not sure of. The -- but I do think that the product is valuable. And I also think that it's going to be ever great. You're not going to be able to see Bono 20 years from now live, except this way.

所以這是我們可能做不到的。但我們確實有一些，並且正在創建這類表演的圖書館。我覺得非常有價值。再說了，我們如何行銷它，如何安排它等等，我並不清楚。但我確實認為該產品很有價值。我也認為它將會變得非常棒。除非透過這種方式，否則 20 年後你將無法親眼見到 Bono 的演出。

Thank you. Look forward to hearing who those bands are. Thanks.

謝謝。期待聽到這些樂團是誰。謝謝。

David Karnovsky, JPMorgan.

摩根大通的戴維‧卡諾夫斯基 (David Karnovsky)。

Hey, thanks for the question. Jim, just on the back of the Abu Dhabi agreement, maybe you can discuss how this has impacted other partner conversations. Should we think of this as a catalyst? And is there anything you're willing to say on timing for future announcements?

嘿，謝謝你的提問。吉姆，關於阿布達比協議，也許你可以討論一下這對其他合作夥伴的對話有何影響。我們應該將其視為一種催化劑嗎？關於未來公告的時間安排，您還想透露一些什麼嗎？

Well, I think that we're certainly interested in future Sphere announcements and expanding into other marketplaces. I think that the -- having the -- getting the confidence of the people at Abu Dhabi, right? The -- and showing that we can build a second one, although we already built the first one.

嗯，我認為我們當然對未來的 Sphere 公告和向其他市場的擴張感興趣。我認為，我們已經贏得了阿布達比人民的信任，對嗎？— — 並表明我們可以建造第二個，儘管我們已經建造了第一個。

So I think it helps and kind of see where it goes from there. But we're still you're wondering whether we're pushing the envelope still, we definitely still are. We definitely want to build in multiple places. We've built an organization that can handle the construction of multiple Spheres at the same time. And so yes, we're still moving.

所以我認為它會有所幫助，並且可以看到它會走向何方。但我們仍然在想我們是否還在突破極限，答案肯定是肯定的。我們肯定想在多個地方建設。我們已經建立了一個可以同時處理多個球體建設的組織。是的，我們還在繼續前進。

Okay. And then on that, I mean just on the international model more broadly, should we look at Abu Dhabi sort of representing Sphere in the Middle East exclusively. And therefore, think of incremental locations as likely in kind of other parts of the world? Or is it feasible to have multiple Spheres in close proximity?

好的。那麼，就這一點而言，我的意思是，從更廣泛的國際模式來看，我們是否應該將阿布達比視為 Sphere 在中東的唯一代表。因此，您認為在世界其他地區增設分公司的可能性有多大？或將多個球體緊密相鄰是否可行？

Okay. Well, I'll tell you what I had a discussion with David Bramble Smith about this morning about how we release information on the Abu Dhabi deal. So I'm going to ask David to just take us through what we revealed so far and what is basically in anticipation of releasing more information about the Abu Dhabi deal. So David?

好的。好吧，我來告訴你我今天早上與戴維·布蘭布爾·史密斯討論的有關如何發布有關阿布扎比交易的信息。因此，我將請大衛向我們介紹我們迄今為止披露的信息，以及關於阿布扎比交易的更多信息的預期發布情況。那麼大衛？

Sure. Thanks, Jim. With respect to the specific question on other Spheres potential is, as Jim mentioned, look, we're going to evaluate our international expansion across multiple regions, and we're not in a position right now to make any announcements about what the next region would potentially be.

當然。謝謝，吉姆。關於其他 Spheres 潛力的具體問題，正如 Jim 所提到的，我們將評估我們在多個地區的國際擴張，目前我們還不能宣布下一個可能的地區。

Specifically on the Abu Dhabi deal, we have an arrangement with respect to a number of different revenue streams, which we can talk about as well. But from an expansion point of view, I would think that as we evolve in our thinking, we'll obviously relay that back to the market in terms of what other areas and as Jim mentioned, specifically, it is our intention to, over the next several years, roll out a number of years.

具體來說，關於阿布達比交易，我們就許多不同的收入來源達成了安排，我們也可以談論這些。但從擴張的角度來看，我認為隨著我們思維的演變，我們顯然會將其反饋給市場，就其他領域而言，正如吉姆所提到的，具體來說，我們打算在未來幾年推出幾年。

Thank you.

謝謝。

Peter Supino, Wolfe Research.

彼得‧蘇皮諾 (Peter Supino)，沃爾夫研究公司。

Hi. Good afternoon. Thank you. You've caught me as I'm getting out of the taxi at the airport. So I'll try pretty background noise, but the question is about the revenue opportunity in Las Vegas. Specifically wondered about residencies, there were 75 year in Vegas give or take. I'm wondering if you think that's kind of the right number or if you see upside to that over time and what you've learned about the availability and relevance of the concert talent and demand out there? Thank you.

你好。午安.謝謝。當我在機場從出租車上下來時，你抓住了我。因此我會嘗試減少背景噪音，但問題是關於拉斯維加斯的創收機會。特別想知道居住地的情況，在拉斯維加斯大約有 75 年了。我想知道您是否認為這個數字是正確的，或者您是否認為隨著時間的推移，這個數字會有上升空間，以及您對音樂會人才的可用性和相關性以及需求有何了解？謝謝。

What was that last part? -- that last part got jumbled.

最後部分是什麼？ ——最後一部分混亂了。

Whether 75 shows seems like the right number of residents you showed in Las Vegas.

75 場演出是否似乎是您在拉斯維加斯展示的居民的正確數量。

Well, that's a good question. I think we don't look at it that way. I think the way we look at it is how to maximize the revenue, right? The -- this year, we did $75 million. But I think a key component of it is that we're -- we ended the year doing what we call side-by-side. Right?

嗯，這是個好問題。我認為我們不應該這樣看待這個問題。我認為我們看待這個問題的方式是如何最大化收入，對嗎？今年我們的收入為 7,500 萬美元。但我認為其中一個關鍵因素是──我們在年底完成了所謂的並肩工作。正確的？

So if it's an Eagle show that's on Saturday and starts at 8:00, we have a show in the afternoon, postcards from Earth or BU2 or the other properties that we're developing. And I think that's kind of key. If we can get -- we can keep pursuing this side-by-side. And our hope is that we can get to right shows and then a concert, all in the same day, right?

因此，如果週六 8:00 開始的是 Eagle 秀，那麼我們下午就會有一場秀，放映來自地球或 BU2 或我們正在開發的其​​他財產的明信片。我認為這是關鍵。如果我們能夠實現這一目標，我們就可以繼續並肩追求這一目標。我們的希望是，我們可以在同一天觀看合適的演出，然後舉辦音樂會，對嗎？

That's a pretty good use of the capital. It's going to generate a lot of revenue. And I probably do that all day long until the cows come home. So we just have to see what we can -- we can work on it. A lot of this has to do with logistics about setting up the arena for one and taking it down and then setting it up for the other. But the formula, right, which is really the basis for how we designed Sphere. Right?

這是對資本相當好的利用。它會產生很多收入。我可能整天都這樣做，直到天黑。所以我們只需要看看我們能做什麼——我們可以努力去做。這在很大程度上與後勤工作有關，包括為一方搭建競技場、將其拆除，然後為另一方搭建競技場。但這個公式確實是我們設計 Sphere 的基礎。正確的？

Was to be busy 365 days a year with multiple shows really changes the venue model, right? That's what we wanted to do when we started this thing was to change the venue model. They create a lot more opportunity for us, right? So basically, I don't know, take the mix and the ranges and the Christmas Spectacular and put it all into the same building and then add a bunch more concert into it. And that's what we want to try and do.

一年 365 天，每天都有多個演出，這確實會改變場館模式，對嗎？這就是我們開始這個專案時想要做的，改變場地模式。他們為我們創造了更多的機會，對嗎？所以基本上，我不知道，把混合音樂、範圍和聖誕奇觀放在同一個建築裡，然後再添加一些音樂會。這正是我們想要嘗試做的。

Following up on that, have you found that there's enough interest from performers who are big and popular enough to fill that building at the price point you require to have a bigger schedule than 75, if the physical constraints are manageable in the way you just described?

接下來，您是否發現，如果物理限制像您剛才描述的那樣可控，那麼，那些足夠出名、足夠受歡迎的表演者會以您要求的價格填滿那座建築，從而安排比 75 場更多的演出？

I don't think that there's any -- I don't think there's any impediment there. I think we have basically -- right now, we're struggling with 2025, just figuring out how we're going to get the people in who want to get in, right? The acts that want to get in.

我認為那裡不存在任何——我認為那裡不存在任何障礙。我認為我們基本上已經——現在，我們正在為 2025 年而奮鬥，只是想弄清楚如何讓那些想要加入的人加入，對嗎？想要進入的行為。

So no, I don't anticipate that -- that's going to be an issue. I think more importantly is what I said before, to get -- to do those with side-by-side really sort of turbo charges the entire model. So -- but no problem with the acts.

所以不，我不認為這會成為一個問題。我認為更重要的是我之前說過的，並行執行確實可以增強整個模型。所以——但這些行為沒有問題。

Thank you.

謝謝。

Daniel Duran, Morgan Stanley.

摩根士丹利的丹尼爾·杜蘭。

Good morning. Thank you for taking my question. So once the second Sphere opens, what are the largest revenue opportunities for you from the content and services that you will be providing to your partner? And will these be revenue sharing agreements or have more of a fixed payment structure? Thank you.

早安.感謝您回答我的問題。那麼，第二個Sphere開放後，您將為合作夥伴提供哪些內容和服務，從而獲得最大的收入機會？這些將是收入分享協議還是具有更固定的支付結構？謝謝。

Once again, I'm going to turn this over to Mr. Smith, who's going to keep us on the straight and narrow.

我再次將任務交給史密斯先生，他會引導我們走上正軌。

Sure. So there are two components of the revenue stream. One will be fixed and one would be variable. On the fixed side, and Jim mentioned this earlier on the call, it will be the franchise initiation fee, the pre and post-opening services and the marketing partnership. And on the variable side, it will be the Sphere Experiences and a royalty fee that we'll get for the IP that they're utilizing. With respect to -- if you look at Las Vegas and obviously, original content is very important. So we do expect that Sphere Experiences will be a big driver of revenue in Abu Dhabi as well.

當然。因此，收入流有兩個組成部分。一個是固定的，一個是可變的。在固定方面，Jim 在電話中早些時候提到過，它將是特許經營啟動費、開業前和開業後服務以及行銷合作夥伴關係。在變數方面，它將是 Sphere Experiences 和我們將從他們使用的 IP 中獲得的版稅。如果你看看拉斯維加斯，顯然原創內容非常重要。因此，我們確實預期 Sphere Experiences 也將成為阿布達比營收的重要推手。

Got it. Thank you. And following up on that on the studio experiences, will the global -- will the content offering be global? Or will the content be custom to each region or to each newsphere?

知道了。謝謝。並且根據工作室的經驗，其內容提供是否具有全球性？或者內容​​是否針對每個地區或每個新聞領域進行客製化？

Well, the answer to that question is yes. No, it will probably be both. But I do want to point out one thing that's sort of inherent in your question, right? Look, we built this company not to operate one building in Las Vegas, right?

嗯，這個問題的答案是肯定的。不，可能兩者兼而有之。但我確實想指出你的問題中固有的一件事，對嗎？你看，我們建立這家公司不是為了經營拉斯維加斯的一棟建築，對吧？

A lot of the overhead and stuff that you see for instance in Dave's report, right, is still about the growth of the company, right, particularly in the case of Abu Dhabi with our construction and development division, but also with our content creation et cetera. So the more of these that we do, right, the more we utilize the investment that we made into the company itself to be able to do that. So that's one of the reasons why we're really happy about Abu Dhabi, and we're looking for the next one.

例如，您在戴夫的報告中看到的許多管理費用和東西仍然與公司的成長有關，特別是在阿布達比，我們的建築和開發部門，以及我們的內容創作等等。因此，我們做的這些事情越多，我們就越能利用我們對公司本身的投資來實現這一目標。這就是我們對阿布達比感到非常高興的原因之一，我們正在期待下一次阿布達比之行。

Got it. Thank you very much.

知道了。非常感謝。

Peter Anderson, Bank of America.

美國銀行的彼得·安德森。

Good morning, and thank you for taking the question. So -- just can you provide an update on the timing of the release of your next original production at Sphere? And any color you can provide related to the type of the content or the genre or even the cost would be helpful. And then I have a second question.

早上好，感謝您回答這個問題。那麼 —— 您能否透露一下 Sphere 下一部原創作品的發佈時間？而且，您提供的任何與內容類型、流派甚至成本相關的顏色都會很有幫助。我還有第二個問題。

Well, now you're asking for the special sauce. We don't do the special sauce. You're going to have to wait with everybody else. I'll just tell you, it's going to be great. You love it. We'll tell you more about it later, right, but you know special sauce.

嗯，現在你要的是特製醬汁。我們不做特製醬汁。您將需要和其他人一起等待。我只想告訴你，這將會非常棒。你喜歡它。對的，我們稍後會告訴你更多關於它的信息，但是你知道特別的醬汁。

Okay. That's fair. Then I guess I saw in the release this morning that you've extended the work out for the MSG term loan. Can you just talk through your considerations in that process, what you believe will be like the outcome? Or do you think you're going to get a haircut to the debt?

好的。這很公平。那麼我想我在今天早上的發布會上看到你已經延長了 MSG 定期貸款的工作時間。您能談談您在這個過程中的考慮嗎？還是您認為您的債務將會被削減？

Sure, Peter. I'll take that. Yes, you're right. We extended the forbearance period through November 26 and this gives us additional time as we continue to try to negotiate a restructuring agreement that's acceptable to all of the parties involved. And we'll keep you updated as we get further into that process.

當然，彼得。我接受。是的，你說得對。我們將寬限期延長至 11 月 26 日，這為我們提供了更多時間，我們可以繼續嘗試協商達成所有相關方均可接受的重組協議。隨著這項進程的進一步推進，我們將及時向您通報最新情況。

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

謝謝，彼得。接線員，我們還有時間接聽最後一位來電。

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

Thank you. My first question is regarding the residencies for the next year. Could you provide some color on the timing so we can think about the comparability of events year-over-year and what genres those audits are and when they might go on sale?

謝謝。我的第一個問題是關於明年的駐留問題。您能否提供一些時間方面的詳細信息，以便我們可以考慮逐年事件的可比性，以及這些審核屬於哪些類型以及何時開始銷售？

Again. Well, you like the Eagles?

再次。那麼，你喜歡老鷹隊嗎？

Yes, of course.

是的當然。

You're going to see a lot of Eagles for a while. The -- but we haven't really announced anything else beyond that, but I will tell you we're just to whet your appetite more and not give you an answer. We're struggling with how to squeeze everybody in through the fall, right, who signed up. But we obviously have not made any announcements, and I don't think today, we're going to do that. But like I said, we don't have any problem with acts wanting to play the Sphere. It's just getting them in and then making sure that we can do these side by side, it's really important to us.

一段時間內你會看到很多老鷹。但是——但是我們實際上並沒有宣布除此之外的任何事情，但是我會告訴你，我們只是為了進一步激發你的胃口，而不是給你答案。我們正在努力解決如何在秋季擠滿所有報名的人的問題。但我們顯然還沒有宣布任何消息，而且我認為今天我們也不會這麼做。但就像我說的，我們不反對表演者想要在 Sphere 演出。這只是讓他們進來然後確保我們可以並行完成這些工作，這對我們來說真的很重要。

Okay. And then on Abu Dhabi Sphere, could you provide some color on the timing in terms of when construction would start how long the preopening fees would be accruing to the Sphere entertainment and when do you think it might be opening?

好的。那麼，關於阿布達比球形主題樂園，您能否透露一下具體時間，例如建設何時開始，開業前的費用將用於球形主題樂園的娛樂活動多長時間，以及您認為它什麼時候會開業？

Yes. We have not disclosed yet when we think it will be opening right now. We're obviously in the phase of working with them on the preopening services. So over the course of the near term, that's the real focus, and we'll come back out when we have a sense of that better timing.

是的。目前我們還未透露預計何時開放。顯然，我們正處於與他們合作提供開業前服務的階段。因此，在短期內，這是真正的重點，當我們感覺到更好的時機時，我們就會回來。

Alright. Thank you.

好吧。謝謝。

And that concludes our question-and-answer session. I will now turn the call back over to 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 (Ari Danes)，請他作結束語。

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。