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 first quarter 2025 earnings conference call. (Operator Instructions)

早安，感謝您的支持。歡迎參加 Sphere Entertainment Company 2025 年第一季財報電話會議。（操作員指示）

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

現在我想將電話轉給投資者關係部的 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 the business. Robert Langer, 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.

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執行長 Jim Dolan 主持，他將介紹公司的最新業務進展。我們的執行副總裁、財務長兼財務主管羅伯特·蘭格 (Robert Langer) 將審查我們該期間的財務表現。在我們準備好發言之後，我們將開始提問。

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. 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.

如果您沒有今天的收益報告副本，可以在我們公司網站的「投資者」部分找到。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均不保證未來的績效或結果，並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. 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. And with that, I'll now turn the call over to Jim.

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以及經營收入與調整後經營收入（AOI，一種非 GAAP 財務指標）的對帳表。現在，我將把電話轉給吉姆。

Thank you, Arie, and good morning, everyone. Today, we reported positive adjusted operating income in the March quarter for the Sphere segment. And as we look ahead, we're confident that we can continue to drive growth this calendar year. We will get there by executing on the priorities we have previously outlined. These include hosting an array of concerts and other third-party events, optimizing the go-to-market strategy for the Exosphere and sponsorships and driving operational and cost efficiencies across our business.

謝謝你，阿里，大家早安。今天，我們報告了 Sphere 部門 3 月季度的調整後營業收入為正。展望未來，我們有信心在今年繼續推動成長。我們將透過執行我們先前概述的優先事項來實現這一目標。其中包括舉辦一系列音樂會和其他第三方活動、優化 Exosphere 和贊助的行銷策略以及提高整個業務的營運和成本效率。

We are also focused on creating a diverse slate of original content for this new medium. This past quarter, we welcomed over 0.5 million guests to the Sphere experience, bringing total revenues for our original content category to over $500 million since its debut in October of '23. These results continue to demonstrate the importance of original content to Sphere's business model. We have multiple projects in development, and we remain on track to debut our next Sphere experience this year. We're also making progress in attracting a variety of music genres to the Sphere this year, including our first country and pop residencies.

我們也致力於為這項新媒體創作多樣化的原創內容。上個季度，我們迎來了超過 50 萬名遊客體驗 Sphere，自 2023 年 10 月首次亮相以來，我們的原創內容類別總收入已超過 5 億美元。這些結果繼續證明了原創內容對 Sphere 商業模式的重要性。我們有多個專案正在開發中，我們仍有望在今年推出下一個 Sphere 體驗。今年，我們在吸引各種音樂流派加入 Sphere 方面也取得了進展，其中包括我們的首個鄉村音樂和流行音樂駐場表演。

Due to strong consumer demand, we have routinely seen ad shows at the venue. For example, both Dead & Company and the Eagles are on pace for over 40 performances at the Sphere, the equivalent of a national arena tours. In addition, Sphere is gaining traction as a platform for brands. This includes corporate takeovers of the venue. For example, this past January, during CES, we hosted a keynote event from Delta Airlines. We also recently announced new marketing partnerships with Pepsi and Google. Both of these agreements include significant exposure on the Exosphere, which has continued to see strong overall demand.

由於消費者需求強勁，我們常在會場看到廣告表演。例如，Dead & Company 和 Eagles 樂團將在 Sphere 舉行超過 40 場演出，相當於全國巡迴演出。此外，Sphere 作為品牌平台正日益受到關注。其中包括企業對該場館的收購。例如，今年 1 月，在 CES 期間，我們主辦了一場達美航空的主題演講活動。我們最近也宣布與百事可樂和Google建立新的行銷合作關係。這兩項協議都對 Exosphere 進行了重大曝光，Exosphere 的整體需求持續強勁。

Turning to MSG Networks. Last month, MSG Networks and its lenders agreed to reduce and restructure its existing debt obligations. The proposed transaction would also see the Knicks and Rangers reduce their local rights fees with MSG Networks. All parties have agreed to work together to support and finalize the transactions by June 27. And with that, I would like to turn the call over to Robert.

轉向 MSG 網路。上個月，MSG Networks 及其債權人同意減少和重組其現有債務。擬議的交易還將使尼克隊和遊騎兵隊降低與 MSG 網路的本地版權費。各方同意共同努力，在6月27日之前完成交易。說完這些，我想把電話轉給羅伯特。

Thank you, Jim, and good morning, everyone. For the March quarter, we generated total company revenues of $280.6 million and adjusted operating income of $36 million. Our Sphere segment generated revenues of $157.5 million as compared to $170.4 million in the prior year period. The decrease was mainly driven by lower revenues from the Sphere experience as well as lower revenues from advertising campaigns on the Exosphere. As a reminder, we benefited from the Super Bowl in Las Vegas in the prior year period, which included a record-setting advertising week for the Exosphere.

謝謝你，吉姆，大家早安。3 月季度，我們公司總營收為 2.806 億美元，調整後營業收入為 3,600 萬美元。我們的 Sphere 部門創造了 1.575 億美元的收入，而去年同期為 1.704 億美元。下降的主要原因是 Sphere 體驗的收入下降以及 Exosphere 廣告活動的收入下降。提醒一下，我們受益於去年拉斯維加斯的超級碗，其中包括創紀錄的 Exosphere 廣告週。

These revenue decreases were partially offset by an increase in event-related revenues with 10 additional concerts in the quarter as well as the impact of Delta's corporate takeover during this year's CES. Results for the quarter also include the impact of revenues related to our plans to bring the world's second Sphere to Abu Dhabi.

這些收入的減少被本季度新增 10 場音樂會帶來的活動相關收入的增加以及達美航空在今年 CES 期間的企業收購的影響部分抵消。本季度的業績還包括我們將世界第二個球體帶到阿布達比的計畫相關的收入的影響。

Adjusted operating income of $13.1 million was up modestly as compared to $12.9 million in the prior year period. This reflected the decrease in revenues and higher direct operating expenses more than offset by lower SG&A expenses. The increase in direct operating expenses was primarily due to higher event-related expenses and venue operating costs, partially offset by lower expenses associated with the Sphere experience. SG&A expenses for the March quarter were $96.4 million, a decrease of $12.6 million year over year. This includes the impact of the company's focus on driving cost efficiencies this year.

調整後的營業收入為 1,310 萬美元，與去年同期的 1,290 萬美元相比略有成長。這反映出收入的減少和直接營運費用的增加被銷售、一般及行政費用的降低所抵銷。直接營運費用的增加主要是由於活動相關費用和場地營運成本的增加，但被 Sphere 體驗相關費用的降低部分抵消。3 月季度的銷售、一般及行政費用為 9,640 萬美元，年減 1,260 萬美元。這包括公司今年註重提高成本效率的影響。

Turning to MSG Networks. The segment generated $123 million in revenues and $22.8 million in AOI in the March quarter. This compares to $151 million in revenue and $48.6 million in AOI in the prior year period. The decreases in revenue and AOI mainly reflect the impact of the non-carriage period by Altice from January 1 through February 21, as well as lower distribution revenue driven by an approximately 11.5% decrease in subscribers.

轉向 MSG 網路。該部門在 3 月季度創造了 1.23 億美元的收入和 2,280 萬美元的 AOI。相比之下，去年同期的營收為 1.51 億美元，AOI 為 4,860 萬美元。收入和 AOI 的下降主要反映了 Altice 從 1 月 1 日到 2 月 21 日的非傳輸期的影響，以及由於用戶數量減少約 11.5% 導致的分銷收入下降。

Turning to our balance sheet. As of the end of the quarter, we had approximately $465 million of unrestricted cash and cash equivalents including approximately $110 million at MSG Networks. Our debt balance was approximately $1.34 billion at quarter end. This reflected $259 million in convertible debt and a $275 million credit facility related to Sphere in Las Vegas. It also included approximately $804 million under the MSG Networks term loan.

轉向我們的資產負債表。截至本季末，我們擁有約 4.65 億美元的非限制現金和現金等價物，其中包括 MSG Networks 的約 1.1 億美元。季度末我們的債務餘額約為 13.4 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。其中還包括 MSG Networks 約 8.04 億美元的定期貸款。

As Jim discussed, MSG Networks and its lenders have reached a proposed amendment with expect to its outstanding debt. This proposed transaction would also result in amendments to the local rights agreements with the Knicks and the Rangers. We'll continue to keep you updated as all parties work towards completing these proposed transactions by June 27. And with that, we'll now open the call for questions.

正如吉姆所討論的，MSG Networks 及其貸方已就其未償債務達成了一項擬議修正案。這項擬議的交易還將導致與尼克隊和遊騎兵隊簽訂的當地權利協議的修改。我們將繼續向您通報最新進展，所有各方都將努力在 6 月 27 日之前完成這些擬議的交易。現在，我們開始回答問題。

(Operator Instructions)

（操作員指示）

Brandon Ross, LightShed.

布蘭登·羅斯，LightShed。

I thought one of the more interesting announcements in the quarter was to work with Google. And just wanted to hear a little bit more about that relationship and wonder.

我認為本季最有趣的公告之一是與Google的合作。只是想多聽聽關於這種關係和奇蹟的事情。

Brandon, you're coming across very choppy. Do you want to try that one more time? And if not, maybe we'll circle back to you later in the call.

布蘭登，你表現得非常不穩定。你想再試一次嗎？如果沒有的話，我們稍後可能會再與您聯繫。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Jim, would be interested to hear a bit more on what you're observing for the tourism market in Vegas right now, just kind of given the macro, has there been any notable change in visitation or spending worth calling out? And then for Sphere, do you have a sense of your original content or residencies, the percentage of guests coming from international markets? And any kind of mix shift there to date?

吉姆，我很想聽聽您對目前拉斯維加斯旅遊市場的觀察，從宏觀角度來看，遊客數量或消費方面有沒有什麼值得關注的顯著變化？那麼對於 Sphere 來說，您是否了解您的原創內容或駐留情況，以及來自國際市場的客人所佔的比例？到目前為止，有任何混合轉變嗎？

I can answer -- well, let me answer the first one. Maybe you can give me that second one again. So the -- look, the Las Vegas has over 40 million visitors every year. So far, we've seen that international accounts for a little over 20% of the guests to Sphere and 10% for concerts. We really haven't seen any change, right? So I think there's a little bit of chicken little going on in our economy with that, right? Maybe later on, we'll see some substantive reaction from the marketplace.

我可以回答——好吧，讓我來回答第一個問題。也許你可以再給我第二個。所以——你看，拉斯維加斯每年有超過 4000 萬遊客。到目前為止，我們發現國際遊客佔 Sphere 遊客總數的 20% 多一點，音樂會遊客總數的 10%。我們確實沒有看到任何變化，對嗎？所以我認為我們的經濟中存在一些膽小怕事的問題，對嗎？也許稍後我們會看到市場的一些實質反應。

But right now, we're really not seeing it. So -- and even if we did, it doesn't account for that big of a difference, right? And I think in general, when it comes to concerts, demand exceeds capacity. So we have room to absorb any issues from that should they occur. And what was the second part of your question?

但目前我們確實沒有看到它。所以——即使我們這樣做了，也不能解釋那麼大的差異，對嗎？我認為，總體而言，對於音樂會來說，需求是超過容量的。因此，如果出現任何問題，我們都有空間來處理。你的問題的第二部分是什麼？

The second part was on international visitation, but the first part was just on forward demand generally.

第二部分是國際訪問，但第一部分一般只是前瞻性需求。

Did I just answer that?

我剛才回答了這個問題嗎？

Yes.

是的。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Jim, would be interested if you could talk a little bit about the opportunity you see for the new Sphere Experience shows, Oz and from the Edge to drive higher revenues compared to what that business is run rating at today. Just curious, any early expectations on drivers like show count, pricing, sell-through, would be curious in your thoughts there.

吉姆，如果您能談談您認為新的 Sphere Experience 節目、Oz 和 Edge 帶來的機會，與目前的業務運營水平相比，這些節目將帶來更高的收入，我會很感興趣。只是好奇，對於演出數量、定價、銷售量等驅動因素的任何早期預期，我都想知道您的想法。

Well, we are -- I mean, the Postcard from Earth was our what we call around here our first pancake. So yes, we're expecting the second pancake to be better. Maybe we'll add some blueberries in. But yes, no, I think both productions take better advantage of the medium, right, are going to be more experiential, more impactful. And so therefore, a better product. And along with better products, yes, comes probably higher ticket prices, et cetera. And yes, we're expecting great things from both of those products. So I think the answer is yes.

嗯，我們是——我的意思是，來自地球的明信片是我們在這裡所說的第一張煎餅。所以是的，我們期待第二張煎餅會更好。也許我們可以加入一些藍莓。但是，是的，不，我認為這兩部作品都更好地利用了媒介，對吧，將會更具體驗性，更具影響力。因此，這是一個更好的產品。是的，隨著產品品質的提高，票價可能會上漲，等等。是的，我們對這兩款產品都抱有很高的期望。所以我認為答案是肯定的。

And then maybe just on residencies, I'm not sure how much you can say at this point, but I would be curious on an update on the opportunity to add content residencies in '25 above and beyond what you have today? And then any early look into the slate into '26?

然後也許只是關於駐留，我不確定您現在能說多少，但我很好奇在 25 年除了現在的內容之外還有機會添加內容駐留的最新消息？然後對 26 年的情況有什麼初步了解嗎？

So we try not to get ahead of the announcements, right? But I'll give you an overall characterization. We still are in a great position here. We're in discussions with multiple artists. We have more demand from artists than we have availability of slots that they -- which is good for us, but we're trying to accommodate everything. The other thing that's going on is that the artists who have been here are extending, right? They -- once they get used to play in the Sphere, right, it's -- for an artist, it's a pretty good situation.

所以我們盡量不要搶在公告發布之前，對嗎？但我會給你一個總體描述。我們目前仍處於有利地位。我們正在與多位藝術家進行討論。藝術家對我們的需求比我們能提供的演出時間要多——這對我們來說是好事，但我們正在盡力滿足所有要求。正在發生的另一件事是，來過這裡的藝術家正在延長他們的職業生涯，對嗎？他們 — — 一旦他們習慣了在 Sphere 中玩耍，對 — — 對於藝術家來說，這是一個非常好的情況。

They don't have to travel. They don't have all the overhead costs that go along with that. They get similar kind of revenues that they do for when they mount a tour, but without a lot of the expenses and a lot of the headache. And then, of course, probably most important is the experience that they're providing for their own fans, which is really over the top. So I don't want to get ahead of ourselves in terms of announcements, but the pipeline is very full, I'll put it that way.

他們不必旅行。他們沒有承擔所有與此相關的間接費用。他們獲得的收入與巡迴演出時的收入類似，但卻沒有太多的開支和麻煩。當然，可能最重要的是他們為自己的粉絲提供的體驗，這真的是頂級的。因此，我不想在公告方面操之過急，但我可以這麼說，頻道已經非常滿了。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得‧蘇皮諾 (Peter Supino)。

A question about your Sphere expansion around the world. Is it fair to assume that most of the conversations that you are having about future Spheres are with parties outside of the United States? And if that's the case, has the broader geopolitical tension led to any change in sentiment with these parties and specifically in Abu Dhabi?

關於你們在世界擴張 Sphere 的一個問題。是否可以公平地假設，您就未來「領域」進行的大部分對話都是與美國以外的政黨進行的？如果事實確實如此，那麼更廣泛的地緣政治緊張局勢是否導致這些政黨，特別是阿布達比政黨的情緒改變？

Sure. Yes, we're definitely talking worldwide about Sphere. But we do have another initiative that I think is very important that we're undertaking this year. And that is we're right in the middle of designing a smaller Sphere, right, that would be deployable to markets inside and outside the US. The strategy there is to build faster, cheaper, have ROI that not only justifies it, but makes hopefully investors enthusiastic. I'm enthusiastic. And so I mean, I expect that by the end of the year, we'll be talking about that new smaller Sphere product as another way of expanding the business as well as continuing to build Spheres like we are in Abu Dhabi and in other markets.

當然。是的，我們確實在全世界討論 Sphere。但我認為我們今年還有另一項非常重要的措施。也就是說，我們正在設計一個較小的 Sphere，可以部署到美國國內外的市場。其策略是更快、更便宜地建設，不僅獲得合理的投資報酬率，而且有望激發投資者的熱情。我很熱情。所以我的意思是，我預計到今年年底，我們將討論新的小型 Sphere 產品，作為擴大業務的另一種方式，並繼續像在阿布扎比和其他市場那樣打造 Spheres。

Peter Henderson, Bank of America.

美國銀行的彼得‧亨德森。

I have two. First, for Jim, I mean you recently entered into the transaction support agreement with lenders that is going to reduce the debt and local media rights agreements to fees for the Knicks and the Rangers. Can you just discuss the long-term plan for MSGN and the potential for strategic transactions, including potentially an outright sale or merger with other RSNs? And then the second question is for Robert. Expenses for Sphere came in better than forecast in the quarter. I'm just wondering how you think about -- or how we should think about costs moving forward and the opportunity for you to take out more costs.

我有兩個。首先，對於吉姆來說，我的意思是你最近與貸方達成了交易支援協議，該協議將減少尼克隊和遊騎兵隊的債務和當地媒體權利協議費用。您能否討論一下 MSGN 的長期計劃以及策略性交易的可能性，包括可能的直接出售或與其他 RSN 合併？第二個問題是問羅伯特的。Sphere 本季的支出優於預期。我只是想知道您如何看待——或者我們應該如何看待未來的成本以及您承擔更多成本的機會。

All right. I'll go first. You go second. All right. So -- in regards to networks, we're pursuing a new model, which is a bit of a hybrid between the old traditional linear distribution and the streaming distribution. And that has not -- I mean, this is something that's facing the entire content world, not just us. So we have to learn how to make a real business out of that. And the idea of partnering with other groups that are in the same business, probably, I would say, is of interest to us.

好的。我先走了。你第二個去。好的。因此，就網路而言，我們正在追求一種新模式，這種模式是傳統線性分發和串流媒體分發的混合體。而這還沒有——我的意思是，這是整個內容世界面臨的問題，而不僅僅是我們。所以我們必須學會如何將其變成真正的生意。我想說，與從事相同業務的其他團體合作的想法可能引起了我們的興趣。

But first, we're happy to get through the restructuring because under the old structure, there was no way that we could have pursued that business. So now having been now getting through that, and we're not through it until the end of June. We're going to focus on the new model. We're going to look at the, yes, and possibilities of strategic partnerships, all keeping an eye on what will the consumer really latch on to and accept as a place to come to all these great events. Robert?

但首先，我們很高興完成重組，因為在舊的結構下，我們不可能開展這項業務。所以現在已經開始解決這個問題，但要等到六月底才能解決。我們將重點放在新模型上。是的，我們將研究策略夥伴關係的可能性，同時密切關註消費者真正關注和接受什麼作為參與所有這些重大活動的場所。羅伯特？

And Peter, on your question about cost. So this year, we're really quite focused on driving profitable growth. And one of the priorities here is to optimize our infrastructure. This includes, on the one hand, to identify areas for potential cost efficiencies, while on the other hand, we obviously want to maintain our structure which can deliver on our vision for a global network of Spheres over time, which offer a diverse and kind of different immersive and exciting set of experiences to our guests.

彼得，關於你提出的成本問題。因此，今年我們非常注重推動獲利成長。這裡的優先事項之一是優化我們的基礎設施。一方面，這包括確定可能提高成本效率的領域；另一方面，我們顯然希望維持我們的結構，以便隨著時間的推移實現我們對全球 Spheres 網路的願景，為我們的客人提供各種各樣、不同的沉浸式和令人興奮的體驗。

So heading into this year, we identified a number of areas where we are able to reduce our SG&A costs, such as corporate and other support functions, and that's what you see reflected in our Q1 results. As we are only in our second full year of operations, we'll obviously continuously look for other efficiency where it makes sense for us, but likely we'll also find new opportunities for growth and reinvestment as well.

因此，進入今年，我們確定了一些能夠降低銷售、一般和行政費用 (SG&A) 成本的領域，例如公司和其他支援職能，這就是您在我們的第一季業績中看到的。由於我們才剛進入營運的第二個完整年頭，我們顯然會不斷尋找對我們有意義的其他效率，但我們也可能會找到新的成長和再投資機會。

Brandon Ross, LightShed.

布蘭登·羅斯，LightShed。

In anticipation of Brandon's question, I just -- I'd like to just talk about something. And that's really the entire business. When you all look at this business and when you invest in it, it is not the venue business. In fact, the -- we built this business on a disruptive model that utilizes the venue 365 days a year, right, and even has multiple events during the day. So key to like concerts, the concerts would not be as profitable as original content, right, on a concert day, we only did the concert, right?

在回答布蘭登的問題之前，我只是──我想談談一些事情。這就是真正的全部內容。當你們審視這個業務並投資它時，它並不是場地業務。事實上，我們建立這項業務的模式是顛覆性的，一年 365 天都會利用這個場地，甚至白天還會舉辦多項活動。所以像演唱會這樣的關鍵是，演唱會不會像原創內容那樣賺錢，對吧，在演唱會當天，我們只做演唱會，對吧？

But like with the Eagles, right, and with the Dead, we're running two shows, two original content shows on the same day as the concert, and that makes for a very profitable day. And so when you look at the company and its development and when I look at the company and its development, it's all about growth, right? It's all about our ability to take what we see as a great product and then expand it out across the globe. And so do not expect us, right, for instance, in the questions about how we use our capital, right?

但就像老鷹樂團和死者樂團一樣，我們在音樂會當天舉辦了兩場演出，兩場原創內容節目，這使得這一天的利潤非常豐厚。因此，當您觀察公司及其發展時，當我觀察公司及其發展時，一切都與成長有關，對嗎？關鍵在於我們是否有能力將我們所認為的優秀產品推廣到全球各地。所以不要指望我們會問，例如，我們如何使用我們的資本，對吧？

It's going to primarily be towards growth. right, so that we can make the business bigger and reach the goals that we have for it versus the necessarily returning capital to shareholders, right, et cetera. So -- and I take a look at this new project of building a smaller sphere and there's a real, I think, real opportunity. There's tremendous amounts of opportunity inside of this business, inside of this medium. And we'd be foolish to sit there and say, okay, we're good here and call it a day. And so when you look at the company, that's how I think you should look at it. That's how I look at it.

這主要是為了促進成長。對，這樣我們就可以把業務做大，實現我們的目標，而不是必須向股東返還資本，對，等等。所以——我看了這個建造較小球體的新項目，我認為這是一個真正的機會。這個產業、這個媒介中蘊藏著巨大的機會。如果我們只是坐在那裡說，好了，我們今天就到此為止，那將是愚蠢的。所以當你看待這家公司時，我認為你應該這樣看待它。我就是這麼看的。

Operator, is there any other analysts in the queue?

接線員，隊列中還有其他分析師嗎？

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

I wanted to ask about the Exosphere and sponsorship. Could you please update us on the go-to-market strategy and your outlook there? So any further color on the sponsorship activations you're seeing or expecting that would all be helpful.

我想詢問有關 Exosphere 和贊助的問題。您能否向我們介紹市場進入策略和前景？因此，您所看到或預期的贊助啟動的任何進一步細節都會有所幫助。

I think Jen Koester, our COO, is on the call. Are you on the call, Jen? Can you hear me? Ready to answer this question?

我認為我們的營運長 Jen Koester 正在通話中。你在通話中嗎，Jen？你聽得到我嗎？準備好回答這個問題了嗎？

Sure. Thanks, David. So as Jim mentioned earlier in his opening remarks, we have been taking a fresh look at our go-to-market strategy, and that includes a number of focus areas. So we've been evaluating changes to our packaging and pricing, establishing and expanding our relationships with our media agencies and really thinking about more targeted efforts related to the convention and conferences market in Vegas. So I'm pleased to say we're making progress in all of these areas.

當然。謝謝，大衛。正如吉姆在開場白中提到的那樣，我們一直在重新審視我們的市場進入策略，其中包括許多重點領域。因此，我們一直在評估包裝和定價的變化，建立和擴大與媒體機構的關係，並認真考慮與拉斯維加斯的會議和會議市場相關的更有針對性的努力。因此我很高興地說我們在所有這些領域都取得了進展。

So first, when we start with pricing and packaging, we're introducing new offerings and these offerings are really aimed at better maximizing value for our advertisers. So we've got new features like 15-second bumpers or 60-second ad spots instead of the previous 90-second ones we were using, and that's going to allow for more frequent exposure and delivery across better -- across our social media platforms, which is highly advantageous to our advertisers.

因此，首先，當我們開始定價和包裝時，我們會推出新的產品，這些產品的真正目的是更好地為我們的廣告商實現價值最大化。因此，我們推出了新功能，例如 15 秒的片頭廣告或 60 秒的廣告位，而不是之前使用的 90 秒廣告位，這將使我們能夠在我們的社交媒體平台上更頻繁地曝光和投放，這對我們的廣告商非常有利。

We are also making progress when it comes to media agencies, and we'll have more to announce in the coming months, but looking to formalize those relationships so that we really can lock in those upfront Exosphere ad buys so that we can create that recurring business model. The focus on convention and conference market, we are really seeing that resonating with our brands. And so you saw that in this past quarter results, and that reflected advertising buys during CES as well as the Adobe Summit.

我們在媒體代理商方面也取得了進展，未來幾個月我們將宣布更多消息，但我們希望將這些關係正式化，以便我們真正能夠鎖定那些前期的 Exosphere 廣告購買，從而創建這種經常性的商業模式。我們確實看到，對會議和會議市場的關注與我們的品牌產生了共鳴。因此，您在上個季度的業績中看到了這一點，這反映了 CES 和 Adob​​e 高峰會期間的廣告購買情況。

And finally, when we think about sponsorships, we really remain focused on building that because, again, it's this recurring book of business. And as Jim mentioned earlier, we've announced multiyear partnerships already this year with major brands like Google and Pepsi. So we're making progress with brands, and I really expect to have more to share in the coming months. So thanks for the question.

最後，當我們考慮贊助時，我們確實會專注於建立贊助，因為這又是一份反覆出現的商業帳簿。正如吉姆之前提到的，我們今年已經宣布與Google和百事可樂等主要品牌建立多年合作關係。因此，我們在品牌方面正在取得進展，我真的希望在接下來的幾個月裡能有更多消息可以分享。感謝您的提問。

That will conclude 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) 做結束語。

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

感謝大家的參與。我們期待在下次收益電話會議上與您交談。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。