Sphere Entertainment Co (SPHR) 2025 Q3 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Sphere Entertainment Co. third-quarter 2025 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Ari Danes, Investor Relations. Please go ahead.

早上好，感謝您的耐心等待。歡迎參加 Sphere Entertainment Co. 2025 年第三季財報電話會議。（操作員指示）現在我將把電話轉交給投資者關係部門的阿里·丹尼斯。請繼續。

Thank you. Good morning, and welcome to Sphere Entertainment's fiscal 2025 third-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財年第三季財報電話會議。今天的電話會議將首先由我們的執行董事長兼首席執行官吉姆·多蘭 (Jim Dolan) 介紹公司最新業務情況。接下來，我們的執行副總裁、財務長兼財務主管羅伯特·蘭格將審查我們該期間的財務表現。在我們發言完畢後，我們將開放提問環節。

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.

如果您沒有今天發布的財報，可以在我們公司網站的投資者關係版塊找到。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》所界定的前瞻性陳述。任何此類前瞻性陳述均不構成對未來績效或結果的保證，並涉及風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。

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.

有關風險和不確定性的討論，請參閱該公司向美國證券交易委員會提交的文件。本公司聲明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。

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.

在今天發布的獲利報告的第 5 頁和第 6 頁中，我們提供了合併營業報表以及營業收入與調整後營業收入（AOI，一種非 GAAP 財務指標）的調整表。接下來，我將把電話交給吉姆。

Thank you, Ari, and good morning, everyone. For today's call, I'd like to focus on two important areas to the Sphere business model, the technology that powers Sphere and the opportunities it creates for our company, and our progress in expanding the Sphere venue footprint around the world.

謝謝你，阿里，大家早安。在今天的電話會議上，我想重點談談 Sphere 商業模式的兩個重要方面：一是 Sphere 背後的技術及其為我們公司創造的機會；二是我們在世界各地擴展 Sphere 場館覆蓋範圍方面取得的進展。

Behind virtually every aspect of what we do is the proprietary technology we have developed. This is reflected in what audiences experience at Sphere in Las Vegas to the work taking place at Sphere Studios in Burbank. We own key technology component providers to Sphere and have a portfolio of over 60 patents in the US, spanning across Sphere, venue design, audio delivery, video capture and display, 4D technologies, and more.

我們所做的幾乎每一件事背後都離不開我們自主研發的技術。這一點體現在拉斯維加斯 Sphere 劇院的觀眾體驗，以及伯班克 Sphere Studios 正在進行的工作中。我們擁有 Sphere 的關鍵技術組件供應商，並在美國擁有 60 多項專利，涵蓋 Sphere、場館設計、音訊傳輸、視訊擷取和顯示器、4D 技術等領域。

We have also continued to secure international patents to protect our innovations around the world. And we are not standing still as we continue to invest in technology and content to extend our leadership position.

我們也持續申請國際專利，以保護我們在世界各地的創新成果。我們並未止步不前，而是繼續投資於技術和內容，以鞏固我們的領先地位。

The use of these technologies is also not limited to Sphere venues. For example, this year, we introduced our advanced audio system, Sphere Immersive Sound at Radio City Music Hall, transforming the audio experience in nearly a 100-year-old venue. And we're now exploring additional commercial opportunities for Sphere Immersive Sound as well as other aspects of our technology portfolio.

這些技術的使用也不僅限於 Sphere 場館。例如，今年我們在無線電城音樂廳推出了先進的音響系統 Sphere Immersive Sound，徹底改變了這座擁有近百年歷史的場館的音訊體驗。我們現在正在探索 Sphere 沉浸式聲音以及我們技術組合其他方面的更多商業機會。

In terms of original content, the Wizard of Oz in Sphere utilizes the advanced technologies like generative AI in ways that haven't been done before. As we look ahead, we intend to use these AI tools in partnership with Google for additional Sphere Experience projects. We are also actively pursuing opportunities to utilize these AI tools for content on other distribution platforms. We expect to have more to share in the months ahead.

在原創內容方面，《綠野仙蹤》Sphere 運用了生成式人工智慧等先進技術，實現了前所未有的創新。展望未來，我們計劃與Google合作，將這些人工智慧工具用於更多的 Sphere Experience 專案。我們也積極尋求機會，將這些人工智慧工具應用於其他分發平台上的內容。我們預計未來幾個月會有更多資訊與大家分享。

Turning to our venue expansion plans. In Abu Dhabi, we are nearing completion of the preconstruction phase with the Department of Culture and Tourism. We also have discussions with a significant number of domestic and international markets as well as potential financing partners.

接下來談談我們的場地擴建計畫。在阿布達比，我們與文化和旅遊部合作的施工前準備階段即將完成。我們也與許多國內和國際市場以及潛在的融資夥伴進行了洽談。

These discussions span across small-, medium-, and large-scale Spheres. Our designs include seating capacities of approximately 3,000, 6,000, and 18,000. And behind each venue design is an economic model that we believe will generate an attractive return on investment. We look forward to updating you on our progress.

這些討論涵蓋了小、中、大各個層面。我們的設計方案包括約 3,000、6,000 和 18,000 個座位。每個場館設計背後都有一個經濟模型，我們相信模型將帶來可觀的投資回報。我們期待向您報告我們的進展。

And with that, I will now turn the call over to Robert, who will take you through our financial results.

接下來，我將把電話交給羅伯特，他將為大家介紹我們的財務表現。

Thank you, Jim, and good morning, everyone. For the September quarter, we generated total company revenues of $262.5 million and adjusted operating income of $36.4 million. Our Sphere segment generated revenues of $174.1 million, an increase of 37% against the prior-year period.

謝謝你，吉姆，大家早安。截至9月的季度，公司總收入為2.625億美元，調整後營業收入為3,640萬美元。我們的 Sphere 業務部門創造了 1.741 億美元的收入，比去年同期成長了 37%。

This growth was mainly driven by higher revenues from the Sphere Experience and reflects approximately one month impact from the Wizard of Oz at Sphere, which launched on August 28, and has seen strong demand since its opening. As a result, in mid-October, the production passed 1 million tickets sold and achieved over $130 million in ticket sales already.

這一增長主要得益於 Sphere Experience 帶來的更高收入，並反映了 Sphere 的《綠野仙蹤》主題活動於 8 月 28 日開幕後約一個月的影響，該活動自開幕以來一直備受追捧。因此，截至 10 月中旬，該劇的門票銷售已突破 100 萬張，票房收入已超過 1.3 億美元。

In addition to higher revenues from the Sphere Experience this past quarter, we also saw revenue growth from concert residencies, Exosphere advertising and sponsorship, and our efforts to bring the world's second Sphere to Abu Dhabi. Overall, revenue growth was only partially offset by the absence of a marquee sporting event and a corporate event held in the prior year quarter, as well as other revenue decreases.

除了上個季度 Sphere Experience 帶來的更高收入外，我們還看到了音樂會駐場演出、Exosphere 廣告和贊助以及我們為將世界上第二個 Sphere 帶到阿布扎比所做的努力帶來的收入增長。總體而言，收入成長僅部分被上一季沒有舉辦重大體育賽事和企業活動以及其他收入下降所抵消。

Third-quarter adjusted operating income for our Sphere segment was $17.1 million as compared to an adjusted operating loss of $26.3 million in the prior-year quarter. This reflected the increase in revenues as well as lower SG&A expenses, partially offset by higher direct operating expenses.

第三季度，我們 Sphere 業務部門的調整後營業收入為 1,710 萬美元，而去年同期調整後營業虧損為 2,630 萬美元。這反映了收入的成長以及銷售、一般及行政費用的降低，但部分被更高的直接營運費用所抵銷。

The increase in direct operating expenses includes higher expenses associated with the Sphere Experience, mainly due to the impact of the Wizard of Oz at Sphere. It also reflects the increase in the number of concerts held at Sphere compared to the prior-year quarter, which was partly offset by lower other event-related expenses.

直接營運費用的增加包括與 Sphere Experience 相關的更高費用，這主要是由於 Sphere 的《綠野仙蹤》主題活動的影響。這也反映出 Sphere 舉辦的音樂會數量比上一季增加，但其他與活動相關的支出減少部分抵消了這一增長。

SG&A expenses for the September quarter were $92.7 million, a decrease of $12.3 million year-over-year. This includes the impact of the company's focus on driving cost efficiencies this year.

9 月季度的銷售、一般及行政費用為 9,270 萬美元，比去年同期減少了 1,230 萬美元。這包括公司今年專注於提高成本效益所帶來的影響。

Turning to MSG Networks. The segment generated $88.4 million in revenues and $19.3 million in AOI in the September quarter. This compares to $100.8 million in revenues and $16.1 million in AOI in the prior-year period. These results reflect an approximately 13.5% decrease in subscribers, as well as the impact of recent amendments to MSG Networks' media rights agreements with MSG Sports and certain other professional teams.

轉向MSG Networks。該業務板塊在 9 月季度創造了 8,840 萬美元的收入和 1,930 萬美元的營業收入。相較之下，去年同期營收為 1.008 億美元，AOI 為 1,610 萬美元。這些結果反映出訂閱用戶數量下降了約 13.5%，以及 MSG Networks 與 MSG Sports 和其他一些職業球隊的媒體版權協議最近修訂所帶來的影響。

Turning to our balance sheet. As of September 30, our Sphere business had net debt of approximately $205 million. This reflected approximately $329 million of unrestricted cash and cash equivalents, $259 million in convertible debt, and a $275 million credit facility related to Sphere in Las Vegas.

接下來來看看我們的資產負債表。截至 9 月 30 日，我們的 Sphere 業務淨債務約為 2.05 億美元。這包括約 3.29 億美元的非限制性現金及現金等價物、2.59 億美元的可轉換債券，以及與拉斯維加斯 Sphere 相關的 2.75 億美元的信貸額度。

In addition, as of September 30, MSG Networks had net debt of approximately $144 million. This included $200 million outstanding on the MSG Network term loan, which, as a reminder, is debt that is recourse only to MSG Networks. Following the end of the quarter, MSG Networks repaid an additional $31 million on the term loan using cash on hand at MSG Networks, bringing the current principal outstanding to approximately $169 million.

此外，截至 9 月 30 日，MSG Networks 的淨債務約為 1.44 億美元。其中包括 MSG Network 未償還的 2 億美元定期貸款，需要提醒的是，該債務僅對 MSG Networks 具有追索權。季度結束後，MSG Networks 使用其手頭現金償還了定期貸款的 3,100 萬美元，使目前未償還本金約為 1.69 億美元。

During the quarter, we repurchased $50 million or approximately 1.1 million shares of our Class A common stock. Following these repurchases, we now have approximately $300 million remaining under our current buyback authorization.

本季度，我們回購了價值 5,000 萬美元（約 110 萬股）的 A 類普通股。完成這些回購後，我們目前的回購授權額度還剩下約 3 億美元。

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

接下來，我們將開始接受提問。

(Operator Instructions) Brandon Ross, LightShed Partners.

（操作說明）Brandon Ross，LightShed Partners。

Jim, I want to let you enjoy the Oz success you're having, I guess, especially this quarter, but I wanted to ask you about the original content program beyond Oz. And to that end, what have you learned from Oz's success? And do you expect it to influence the original content program going forward from here? I know Edge or From the Edge is next, but afterwards, are you going to lean more into known movie IP like you did with Oz?

吉姆，我想讓你好好享受《綠野仙蹤》的成功，尤其是這個季度，但我還是想問問你關於《綠野仙蹤》以外的原創內容計畫。那麼，你從奧茲的成功中學到了什麼？你認為這會對未來的原創內容計畫產生影響嗎？我知道接下來是《邊緣》或《來自邊緣》，但之後，你會像對待《綠野仙蹤》那樣，更多地利用已知的電影IP嗎？

Okay. Well, let's see. What have we learned? The first thing is we learned is there's no place like home. (laughter) But look, the Wizard of Oz, really, is the first piece of content that unlocks the medium itself. The -- and I think probably one of the things we learned content-wise from Wizard is that the 4D effects actually are even more important to the content than what we originally thought. We obviously thought the screen and the sound was going to be important, but 4D has turned out to be even more important with our customer base.

好的。嗯，讓我看看。我們學到了什麼？我們學到的第一件事就是：沒有比家更好的地方了。（笑聲）但你看，《綠野仙蹤》其實是第一部真正開啟電影媒介之門的影片。——而且我認為，我們在《巫師》的內容方面學到的最重要的一點是，4D 特效實際上比我們最初認為的還要重要。我們當然認為螢幕和聲音很重要，但事實證明，4D 對我們的客戶群來說更加重要。

But look, there's still a lot more to go in terms of exploring the medium. And From the Edge should do that, should help us delve further into it, primarily because it's a completely different way than Wizard of approaching the medium. Wizard is a remake of a 1939 classic, From the Edge -- and there were no -- with Wizard, we just basically took that content and you know what we did with it. The -- but the content already existed and the -- and so all of the work was primarily done in editing studios, AI, et cetera.

但是，在探索這種媒介方面，我們還有很多東西需要挖掘。《From the Edge》應該可以做到這一點，應該可以幫助我們更深入地探索它，主要是因為它與《Wizard》處理這種媒介的方式完全不同。《巫師》是 1939 年經典電影《來自邊緣》的翻拍版——而且沒有——有了《巫師》，我們基本上只是拿了那部電影的內容，你知道我們是怎麼做的。——但是內容已經存在，——所以所有工作主要都是在剪輯工作室、人工智慧等領域完成的。

The -- with From the Edge, we now get into a live capture and we start to use our Big Sky system, right, to create these environments and experiences. And that's a completely different way of creating content than what we did at Wizard of Oz.

在《From the Edge》中，我們現在進入了即時捕捉階段，並開始使用我們的 Big Sky 系統來創建這些環境和體驗。這和我們製作《綠野仙蹤》時創作內容的方式完全不同。

So we're -- I'm anxious to see how it does. That -- having said that, after From the Edge, I mean, I think we'll probably look to see what else we can do to push the medium, right, to create even more experience for our customers because that's clearly what they're interested in.

所以——我很想看看它的效果如何。話雖如此，在《From the Edge》之後，我的意思是，我認為我們可能會看看還能做些什麼來推動這種媒介的發展，對吧，為我們的客戶創造更多體驗，因為這顯然是他們感興趣的。

Great. And then in the prepared -- you started off talking about the value of your technology, and I was hoping you could give us a little more. What tech in the portfolio beyond audio do you think has third-party value? What are the use cases? And over time, do you expect licensing this technology is going to be a real meaningful contributor to revenue and more importantly, AOI?

偉大的。然後，在準備階段——你一開始談到了你的技術的價值，我希望你能給我們多講一些。除了音訊技術之外，您認為產品組合中還有哪些技術具有第三方價值？有哪些應用場景？隨著時間的推移，您是否預期這項技術的授權許可將真正對收入，更重要的是對AOI（人工智慧）做出有意義的貢獻？

It serves multi purposes. So -- and your question has two parts to it. But in terms of the platforms, right? Remember, if you -- in my comments, I talked about taking the technology and migrating it to other platforms. One of the things that we did with Wizard of Oz was we worked very closely with Google, but we did set up a process and a pipeline to handle AI.

它用途廣泛。所以——你的問題包含兩個部分。但就平台而言，對吧？記住，如果你——在我的評論中，我談到了將這項技術遷移到其他平台。我們在開發《綠野仙蹤》時，與Google進行了非常密切的合作，但我們也建立了一套處理人工智慧的流程和管道。

And over the two years that it took us to make Wizard of Oz, we got pretty good at it. We got pretty good at things like not only just using the AI, but transferring the data from place to place, being able to work on it, that whole infrastructure. So when Wizard of Oz finished, the -- we were sitting with this already built infrastructure that processes AI quite well.

在製作《綠野仙蹤》的兩年時間裡，我們在這方面做得相當出色。我們不僅擅長使用人工智慧，還擅長將數據從一個地方傳輸到另一個地方，能夠處理這些數據，以及整個基礎設施。所以當《綠野仙蹤》製作完成後，我們已經擁有了一套能夠很好地處理人工智慧的現有基礎設施。

And so we're now exploring how to utilize that infrastructure beyond the Sphere. And we'll have -- as I said in my comments, we'll have more to say about it this next quarter. But that is a technological advance that Sphere Studios has that I think that we're going to be able to monetize. And I think we'll have some interesting announcements over the next three months on that.

因此，我們現在正在探索如何將這種基礎設施應用到 Sphere 之外。正如我在評論中所說，我們將在下個季度就此發表更多看法。但我認為，Sphere Studios 的這項技術優勢能夠為我們帶來收益。我認為在接下來的三個月裡，我們會就此發布一些有趣的消息。

Other technologies beyond -- I mean, Sphere Immersive Sound, I have to tell you, I don't want to wax-on this too much, but I know that we did a full orchestra test yesterday in -- at Radio City. Don't underestimate that the -- what a great sound experience will mean for a venue. That the -- I mean, all you got to do is go to any big stadium and listen to the announcers or try and go to a concert at a big stadium and you know that the sound is muddled -- changing that dynamic in the live experience is significant.

除了其他技術之外——我的意思是，Sphere Immersive Sound，我必須告訴你，我不想過多贅述，但我知道我們昨天在無線電城進行了一次完整的管弦樂隊測試。不要低估－絕佳的音響體驗對演出場所的意義。我的意思是，你只要去任何一個大型體育場聽聽播音員的解說，或者去大型體育場聽一場音樂會，你就會知道聲音很混亂——改變現場體驗的這種動態意義重大。

And I do think that we're going to be able to monetize it maybe even to the level where it gets to the home. But I'm excited about what's going to happen at Radio City. And I'm excited to see whether our customer base recognizes the improvement in the quality and sees it as a real feature that makes our content even more attractive.

而我認為我們或許能夠將其商業化，甚至達到進入家庭的程度。但我對無線電城即將發生的事情感到興奮。我很期待看到我們的客戶群是否能感受到品質的提升，並將其視為一項真正的優勢，使我們的內容更具吸引力。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Jim, with Wizard of Oz, I wanted to see how you're thinking about optimizing revenue from here in terms of price, show count or adding sections? And then maybe as a follow-up to a prior question, assuming Oz demand remains strong through 2026, when would be the right time to launch From the Edge, which I believe you've announced for the next calendar year?

吉姆，關於《綠野仙蹤》，我想了解你打算如何透過提高票價、增加演出場次或增加演出單元來優化收入？那麼，作為對先前問題的後續，假設澳洲的需求在 2026 年仍然強勁，那麼何時才是推出 From the Edge 的最佳時機？我相信你們已經宣布該項目將在下一個日曆年推出。

So we're -- From the Edge, first off is not finished yet. So it's got a ways to go. I expect that it will be ready by the end of the summer. But that doesn't mean that we'll launch it at the end of the summer. It can -- it will stay fresh. And we plan on, basically, running Wizard of Oz until we see the demand to start to fall off.

所以，首先，《來自邊緣》還沒完成。所以它還有很長的路要走。我預計到夏末就能完工。但這並不意味著我們會在夏末推出它。可以——它會保持新鮮。基本上，我們的計劃是一直在經營《綠野仙蹤》，直到需求開始下降為止。

That could be a lot longer than a year. In addition, the -- we're planning a -- what would you call it? We're going to Wizard of Oz 2.0, right, an enhanced version that we will launch on the anniversary of the premiere. And this is likely going to include some new features to the film such as we might just take you for a ride on a witch's broom during the show.

那可能遠不止一年。此外，我們正在計劃一個——該怎麼稱呼它？我們將推出《綠野仙蹤 2.0》，對吧？這是一個增強版，我們將在首映週年紀念日發布。而且，這部電影很可能會加入一些新的元素，例如我們可能會在放映過程中帶你騎上女巫的掃帚。

And how much more life that will breathe into Wizard of Oz? I'm not really sure, but I think it might be pretty good. I always tell my team, Cirque du Soleil's O has been running for 30 years in Las Vegas. It's basically the same show. So I mean what's the lifespan of Wizard of Oz? It wouldn't surprise me if we were we were showing Wizard of Oz 10 years from now.

這將為《綠野仙蹤》注入多少新的活力？我不太確定，但我認為它可能相當不錯。我總是跟我的團隊說，太陽馬戲團的《O》已經在拉斯維加斯上演了30年了。基本上就是同一個節目。所以我的意思是，《綠野仙蹤》的壽命有多長？如果10年後我們還在放映《綠野仙蹤》，我一點也不會感到驚訝。

But the other thing that -- right now, we're creating for one venue and what's great is that we can monetize that content just with the one venue. But we want to build more venues, and we are building more venues. And that will help us take things like content costs and overhead costs, right, and spread them out against more revenue streams and should make the company much more profitable.

但還有一點——目前，我們只為一個平台創作內容，而最棒的是，我們只需透過這個平台就能實現內容變現。但我們希望建造更多場館，而且我們正在建造更多場館。這樣一來，我們就可以將內容成本和管理費用等支出分攤到更多的收入來源中，讓公司獲得更高的利潤。

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛集團。

Jim, maybe just following up on that last point there, you've had this incredibly successful debut of Wizard of Oz over the last few months, and it certainly seems to be surpassing Postcard in a lot of ways. I would just be curious, as you look ahead into 2026, to get your thoughts on what you think the trajectory of Oz could look like from a business and performance perspective?

吉姆，也許可以接著剛才那一點說，在過去的幾個月裡，《綠野仙蹤》的首映取得了巨大的成功，而且在很多方面，它似乎都超越了《明信片》。我很好奇，展望 2026 年，您認為從業務和業績角度來看，Oz 的發展軌跡會是什麼樣的？

To what extent you think this momentum that we're seeing in adding show count and some of the higher sell-through that we've seen over the last couple of months can continue into the next 12 months? Or perhaps a framework you're thinking about as it compares to Postcard as you look out into '26 and try to gauge how meaningful and successful this piece of content can be?

您認為過去幾個月來我們看到的演出數量增加和銷售率上升的勢頭，能在多大程度上延續到未來 12 個月？或者，您是否正在考慮將 Postcard 框架與 2026 年進行比較，並試圖評估這篇內容作品的意義和成功程度？

Well, Postcards was what we call the first pancake. And so it wasn't perfect. The -- it did an okay job of showcasing the medium to start off with. Wizard of Oz took it to the next level. How long can it go for? I think it can go a long time.

嗯，我們把第一張煎餅叫做「明信片」。所以它並不完美。——它對這種媒介的展現還不錯。《綠野仙蹤》將這種風格提升到了一個新的高度。這種情況能持續多久？我認為這可能會持續很長時間。

The -- I don't -- I mean, in terms of demand on the marketplace, Las Vegas is a great market. I'd love to clone that market. With over 40 million visitors every year, right, there's a lot to be plucked. And I think one of the reasons that O was as successful as it was is because it stands up with that 40 million people coming in. Pretty much everybody over the years has seen O, who's gone to Vegas.

我不——我的意思是，就市場需求而言，拉斯維加斯是一個很棒的市場。我非常想複製那個市場。每年有超過 4000 萬遊客造訪，沒錯，這裡有很多值得探索的地方。我認為 O 之所以如此成功，其中一個原因是它經歷了 4000 萬人湧入的考驗。這些年來，幾乎每個人都見過O，他去了拉斯維加斯。

I think Wizard of Oz can perform the same way. But I'm hoping that we -- I mean, that's one of the beauties of the Sphere, I mean, when you look at that shows like O, there was a huge capital investment in the beginning and they're just -- and they're running it out. I think they did a refresh here and there, but it's basically the same show.

我認為《綠野仙蹤》也可以有同樣的效果。但我希望我們——我的意思是，這就是 Sphere 的魅力之一，我的意思是，當你看到像 O 這樣的演出時，一開始投入了巨額資金，而他們只是——他們正在把它運營下去。我認為他們做了一些改動，但基本上還是原來的節目。

We can change the show, right? We can do Wizard of Oz, right, at 1:00 in the afternoon, right? And From the Edge at 5:00 in the afternoon, the -- and we can add more, et cetera. So the idea of keeping the Sphere filled and in demand, I mean, I think that with the way we've designed the technology, et cetera, we can keep the Sphere going to keep it filled for a long time to come.

我們可以改變節目內容，對吧？我們可以下午1點去看《綠野仙蹤》，對吧？還有下午 5 點的《來自邊緣》節目——我們還可以添加更多等等。所以，保持球體充盈並保持需求的想法，我的意思是，我認為憑藉我們設計的技術等等，我們可以讓球體持續運轉，並在未來很長一段時間內保持充盈。

Peter Supino, Wolfe Research.

Peter Supino，Wolfe Research。

This is Logan Angress on for Peter. Jim, you mentioned in an interview that you hope to have a small Sphere announcement by the end of the year. I'm curious if you can share any insight into expectations for that venue? And specifically, is the expectation that it will be capital free? Or do you expect to be a minority investor in that venue or in venues to come?

這裡是羅根安格雷斯，替彼得報道。吉姆，你在一次採訪中提到，你希望在年底前發布一個關於 Sphere 的小型公告。我很好奇您能否分享一下您對該場地的期望？具體而言，是否預期它將無需資本投入？還是您預計會成為該場館或未來場館的少數股東？

Well, let's see. The -- do we expect to be capital free? We have a model that where we are capital free and I think that is a preferred model. Would we invest? Well, look, I think it's a really good investment. The economic models that we've built around all of the different versions of Sphere have really good ROIs. So I mean, as we have free cash to invest, et cetera, that is something that the -- you probably -- I would think we'll do some things.

嗯，讓我看看。我們是否期望擺脫資本束縛？我們採用的是一種無需資本投入的模式，我認為這是一種更可取的模式。我們會投資嗎？嗯，我覺得這是一筆非常好的投資。我們圍繞著 Sphere 各個不同版本所建構的經濟模型都具有非常好的投資報酬率。所以我的意思是，既然我們有自由現金可以投資等等，那——你可能——我想我們會做一些事情。

Plus, I mean, it does show a level of confidence, right, that the company has in the project when you, say, take 10% of the equity right? It also helps the lending model, et cetera. So I think we're flexible in that way. And I think that answers your question.

另外，我的意思是，當你持有10%的股權時，這確實顯示了公司對該專案有一定的信心，對吧？這也有助於貸款模式等等。所以我覺得我們在這方面比較有彈性。我想這應該可以回答你的問題了。

You want to know when we're going to announce something and where? Well, that's what announcements are for.

你想知道我們何時何地會宣布某些消息嗎？嗯，這就是發佈公告的目的。

Got it. And then a quick follow-up. You mentioned you're in conversations with a bunch of different potential partners. I'm curious how, if at all, the success of Wizard of Oz has changed those conversations with those potential franchisees?

知道了。然後是一個簡短的後續問題。你提到你正在和許多不同的潛在合作夥伴進行洽談。我很好奇，《綠野仙蹤》的成功是否改變了與潛在加盟主的對話？如果有的話，這種改變是怎麼樣的？

I think Wizard of Oz opened up the floodgates, at least from the -- from our phone ringing, although people's phones don't actually ring anymore, e-mails, and texts that the -- we're hearing from all over the world, domestically, internationally, right?

我認為《綠野仙蹤》打開了閘門，至少從電話鈴聲（雖然人們的手機實際上不再響了）到電子郵件和短信，我們收到了來自世界各地、國內和國際的大量信息，對吧？

The -- I mean, what we're doing in Abu Dhabi is really interesting that the -- we're not going to reveal exactly the location, but I will tell you that they have taken Sphere and put it into a much larger plan for the entire marketplace that they have and Sphere is like the diamond sitting in the top of the ring.

我的意思是，我們在阿布扎比所做的事情真的很有趣——我們不會透露確切的地點，但我可以告訴你，他們已經將 Sphere 融入到他們為整個市場製定的更大的計劃中，而 Sphere 就像是鑲嵌在戒指頂端的鑽石。

And so it has that kind of impact on urban development, et cetera. And so when you look around the world, you look at who's developing their marketplaces, who is developing their urban infrastructures, et cetera, particularly when it comes to entertainment, et cetera, Sphere just fits so nicely into all of those plans. And I think what the Wizard of Oz did was woke people up to that fact. And so that's why we're seeing so much interest.

因此，它對城市發展等方面產生了這樣的影響。因此，當你環顧世界，看看誰在發展他們的市場，誰在發展他們的城市基礎設施等等，尤其是在娛樂等方面，Sphere 正好完美地契合了所有這些計劃。我認為《綠野仙蹤》的作用就是喚醒了人們的這種意識。所以，這就是為什麼我們看到大家對此如此感興趣的原因。

Ryan Sigdahl, Craig-Hallum.

Ryan Sigdahl，Craig-Hallum。

Jim, you mentioned in an interview with New York Post in late August that Sphere had booked up until September 2027 with a residency pipeline. So it implies that pipeline continues to build extremely well with lots of artists that want to play there.

吉姆，你在 8 月下旬接受《紐約郵報》採訪時提到，Sphere 的駐場演出已經排到了 2027 年 9 月，並且還有駐場計劃。所以這意味著，這條人才儲備庫正在穩步發展，吸引了許多藝術家前來演出。

But realizing there's a healthy competition with -- or I guess, for the Sphere space. But my question is, ultimately, do you expect more concerts in 2026 versus 2025? And then how do you think about the upper limit for the number of concerts per year within the Sphere?

但意識到與 Sphere 空間存在著良性競爭——或者說，爭奪 Sphere 空間。但我的問題是，最終，你預期 2026 年的演唱會數量會比 2025 年多嗎？那麼，您認為球形空間內每年舉辦的音樂會數量上限是多少？

It's interesting you asked that question because we just had a discussion about this yesterday about what the optimum combination is on a day in the Sphere. What we came out with is the best combination is a concert like the Eagles or Zac Brown or whatever in the evening with at least two to three shows of like the Wizard of Oz, right, in the afternoon, that generates the most amount of cash flow, et cetera, in a day.

你問這個問題很有意思，因為我們昨天才剛討論過在球體中一天的最佳組合是什麼。我們最終得出的最佳方案是：晚上安排像老鷹樂隊或扎克·布朗之類的演唱會，下午至少安排兩到三場像《綠野仙踪》這樣的演出，這樣一天就能產生最多的現金流等等。

Honestly, the problem that we're having, and it's what my old manager used to call first-class problem, right, is that the -- we're trying to find more opportunity to put more into the Sphere. So I mean, I do think that concerts and those kinds of things are important to the Sphere.

說實話，我們遇到的問題，也就是我以前的經理常說的“一流問題”，是——我們正在努力尋找更多機會，為 Sphere 投入更多資源。所以我的意思是，我認為音樂會之類的活動對 Sphere 來說很重要。

I mean, particularly if you're coming to Las Vegas to see a concert at the Sphere and then at the same time, the next day, you get up and, in the afternoon, you go see the Wizard of Oz, et cetera, it's -- that's a pretty good formula. But we're having -- we're -- nothing has slowed down in terms of artists who want to play at the Sphere. In fact, that's one of the things that we're juggling is how do we get all these artists in. I've definitely got a lot more demand than I do capacity at this point.

我的意思是，特別是如果你來拉斯維加斯是為了在 Sphere 看一場音樂會，然後第二天下午你又去看《綠野仙蹤》等等，這真是一個不錯的安排。但是，就想在 Sphere 演出的藝術家而言，一切都沒有放緩的跡象。事實上，我們正​​在努力解決的問題之一就是如何讓所有這些藝術家參與其中。目前我的需求量遠大於我的產能。

Peter Henderson, Bank of America.

Peter Henderson，美國銀行。

So just two, if I may, one on Sphere, one on MSG Networks. First on Sphere, regarding the Exosphere and sponsorship, I was just wondering if you can give us an update on the go-to-market approach, the forward demand outlook, and progress in establishing a recurring book of business? And then on MSG Networks, just wondering if you have any updated thoughts around possibility for strategic acquisition?

如果可以的話，就兩個吧，一個在 Sphere，一個在 MSG Networks。首先，關於 Sphere，關於 Exosphere 和贊助方面，我想請您介紹一下市場推廣策略、未來需求前景以及建立持續業務方面的進展？另外，關於MSG Networks，我想問您對策略性收購的可能性是否有任何最新的想法？

Okay. I'm actually going to give that first one -- you ready, Jen? You take that first. Okay.

好的。我這就來揭曉第一個答案──珍，你準備好了嗎？你先拿那個。好的。

I think the excitement and the interest that Jim was talking about coming from our live residencies and Wizard of Oz isn't just opening the floodgates when we think about additional Spheres and expanding our physical footprint. We're seeing a lot of renewed interest and incremental interest when it comes to advertising and sponsorships with the Sphere.

我認為，吉姆所說的來自我們現場演出和《綠野仙蹤》的興奮和興趣，不僅僅是在我們考慮增加球體和擴大我們的實體規模時打開了閘門。我們看到，人們對球體廣告和贊助的興趣正在重新燃起，而這種興趣也在不斷增長。

We've talked about it. This has been a year of transition for us, right? We've adjusted our go-to-market strategy. We brought in our sales team in-house. As of September, that sale team is largely in place. And we're seeing positive results already. This past quarter, we had double-digit percentage increase when it comes to our sponsorship and Exosphere sales.

我們已經討論過這個問題了。對我們來說，今年是充滿改變的一年，對吧？我們調整了市場推廣策略。我們把銷售團隊納入了公司內部管理。截至9月份，銷售團隊已基本組成。我們已經看到了正面的成果。上個季度，我們的贊助收入和Exosphere銷售額均實現了兩位數百分比的成長。

And I think we've got a strong start to next year already. Part of our go-to-market strategy adjustment was to really lean into tentpole events. And if I look at what we're seeing ahead for CES, we've got strong growth year-over-year for that conference, and it is part of our key strategy to lean in the conferences that are in town.

我認為我們明年已經有了一個強勁的開端。我們市場推廣策略調整的一部分是真正重視重點活動。展望CES的未來，我們看到該會議的規模逐年強勁成長，而積極參與在本地舉辦的會議是我們關鍵策略的一部分。

We're also leaning into the creation of these multiyear sponsorships. And we've recently announced a few of those with Lenovo and Zoox, and we will be announcing a few more in the coming months. So I think we continue to build a really solid base when it comes to Exosphere advertising and sponsorships. And I think during the next calendar year is a high barrier of growth for us.

我們也積極尋求建立這種多年期贊助關係。我們最近與聯想和 Zoox 宣布了幾項合作，未來幾個月也將宣布更多合作。所以我認為，我們在外層空間廣告和贊助方面繼續建立起非常堅實的基礎。我認為，在接下來的這一年裡，我們的成長將面臨很大的挑戰。

And the second part of the question, what was the second?

問題的第二部分是什麼？

Networks.

網路。

Networks. Before I get to that, Jen, by the end of the day tomorrow, how many tickets do you think we'll have sold to the Wizard of Oz?

網路。珍，在我談到這個問題之前，你覺得到明天結束的時候，我們能賣出多少張《綠野仙蹤》的票？

1.2 million.

120萬。

1.2 million. So it's not slowing down.

120萬。所以它並沒有放緩。

Not at all.

一點也不。

As far as Networks goes, the -- we were able to put -- to pay down some of the debt again. So that was -- that was good. They -- look, regional sports is a very powerful product. The problem in that business is that because of the shift from linear over to streaming, right, the monetization of that product, right, has took a real hit and it's still figuring out its way.

至於網路方面，我們能夠投入資金來償還部分債務。所以，那很好。他們－你看，區域性體育是一項非常強大的產品。該行業的問題在於，由於從線性模式轉向串流媒體模式，該產品的盈利能力受到了嚴重打擊，目前仍在摸索前進的道路。

But the good news is that the product itself hasn't lost any luster with the marketplace. I mean, the opening game for the Knicks, I think, had over 50,000 streams with the -- and if you value those streams at $10 a stream, that's $0.5 million for one game. You add that to the linear revenue, et cetera. And it's -- the point is, I guess, is that the business is still finding itself, but it's still got a very strong product.

但好消息是，該產品本身在市場上依然光彩奪目。我的意思是，尼克斯隊的揭幕戰，我記得有超過 5 萬次的觀看量——如果每次觀看價值 10 美元，那麼一場比賽的收入就是 50 萬美元。將其添加到線性收入中，等等。我想，關鍵在於，這家公司仍在摸索前進，但它仍然擁有非常強大的產品。

And strategically, the -- what I'd like to see is I'd like to see the marketplace come together with all of its teams to have a single seamless offering to the consumers in the New York market for all of the teams, obviously, other than football because that's all national. But every other team.

從戰略角度來看，我希望看到市場能夠團結起來，與所有球隊合作，為紐約市場的消費者提供單一無縫的服務，當然，橄欖球除外，因為橄欖球是全國性的。但其他所有球隊都是如此。

Having said that, we're not there yet. We are partners with the Yankees, and we have the Nets and we added them in. And so we're getting there. But I think, in terms of the business, that's probably the future of the business. That's the way to make the business really strong.

話雖如此，我們還沒達到那個目標。我們與洋基隊是合作夥伴，我們還擁有籃網隊，我們把他們也納入了合作範圍。所以我們正在接近目標。但我認為，就業務而言，這很可能就是業務的未來。這是讓企業真正強大的方法。

But it's got quite a ways to go. And what M&A and machinations happen between now and getting to that product, it would only be a guess on my part.

但它還有很長的路要走。至於從現在到產品問世之間會發生哪些併購和幕後運作，我只能猜測。

That concludes our Q&A 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。現在我將把電話交還給阿里·丹尼斯，請他作總結發言。

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

感謝各位的參與。我們期待在下次財報電話會議上與您交流。祝你有美好的一天。

Ladies and gentlemen, thank you all for joining, and you may now disconnect. Everyone, have a --

女士們、先生們，感謝各位的參與，現在可以斷開連結了。各位，請——