Sphere Entertainment Co. (SPHR) 2025 Q4 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Sphere Entertainment Co. Fourth Quarter and Year end 2025 Earnings Conference Call. (Operator Instructions).

早安，感謝各位耐心等候。歡迎參加 Sphere Entertainment Co. 2025 財年第四季暨全年年終財報電話會議。（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 Sphere Entertainment's Fiscal 2025 Fourth Quarter and Year-End Earnings Conference Call. Today's call will begin with our Executive Chairman and CEO, Jim Dolan, 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.

謝謝。早安，歡迎參加 Sphere Entertainment 2025 財年第四季暨全年年終財報電話會議。今天的會議將先由我們的執行董事長兼執行長 Jim Dolan 開場，提供業務最新進展；接著由我們的執行副總裁、財務長兼司庫 Robert Langer 回顧本期財務結果。

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. 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.

在我們的準備發言結束後，我們將開放提問。若您尚未取得今天的財報新聞稿，可至我們公司網站的投資人專區查閱。請注意以下事項。今天的討論可能包含符合 1995 年《私人證券訴訟改革法》定義的前瞻性陳述。

Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.

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

Please refer to the company's filings with the SEC for a discussion of risks and uncertainties the company disclaims any obligation to update any forward-looking statements that may be discussed during this call. 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. And with that, I'll now turn the call over to Jim.

有關風險與不確定性的討論，請參閱本公司向美國證券交易委員會（SEC）提交的文件；本公司不承擔更新本次電話會議中可能提及之任何前瞻性陳述的義務。在今天財報新聞稿第 4 與第 5 頁，我們提供合併營運報表，以及營業利益與調整後營業利益（Adjusted Operating Income，或 AOI）之調節表；AOI 為一項非 GAAP 財務衡量指標。接下來，我把電話交給 Jim。

Thank you, Ari, and good morning, everyone. This morning, we reported our fourth quarter financial results, which serve as continued validation of the business model behind Sphere.

謝謝你，Ari，各位早安。今天早上，我們公布了第四季財務結果，這些結果持續驗證了 Sphere 背後的商業模式。

Our success in Las Vegas, including most recently, the Wizard of Oz is an important blueprint for our long-term vision, a global network of spear venues powered by our proprietary technology and immersive content.

我們在拉斯維加斯的成功——包括最近的《綠野仙蹤》——是我們長期願景的重要藍圖：以自有專利技術與沉浸式內容驅動的全球 Sphere 場館網路。

And we're now one step closer to realizing that vision. Last month, we announced that we will bring the second Sphere in the US to National Harbor in Maryland, which is minutes from DCs. National Harbor is one of the top tourist destinations in the Mid-Atlantic with more than 15 million annual visitors.

而我們現在距離實現該願景又更近一步。上個月，我們宣布將在美國馬里蘭州的 National Harbor（距離華盛頓特區僅數分鐘）打造第二座 Sphere。National Harbor 是大西洋中部地區（Mid-Atlantic）最受歡迎的觀光目的地之一，每年訪客超過 1,500 萬人次。

This 6,000-seat Sphere venue will be built with support from the Peterson Companies the land owner and developer of National Harbor. As well as the state of Maryland and Prince George's County.

這座可容納 6,000 個座位的 Sphere 場館，將在 National Harbor 的土地所有者與開發商 Peterson Companies 的支持下興建，並獲得馬里蘭州政府及喬治王子郡（Prince George's County）的支持。

The project will utilize a combination of public and private funding. This includes approximately $200 million in state, local and private incentives. We are moving quickly to finalize agreements and secure necessary approvals and believe the venue could be open in four years or less. In Abu Dhabi, we have reached the final stages of preconstruction and expect to share additional updates in the near future, including details on the site location.

該專案將採用公私合營的資金組合。其中包括約 2 億美元的州政府、地方政府及民間獎勵措施。我們正加速完成協議並取得必要核准，並相信該場館可在四年或更短時間內開幕。在阿布達比，我們已進入施工前準備（preconstruction）的最後階段，預期不久後將分享更多更新，包括場址位置的細節。

We are also in active discussions with a significant number of domestic and international markets regarding large and smaller scale Spheres. We will update you on our progress over the course of the year. Moving beyond expansion.

我們也正與相當多的國內與國際市場就大型與小型 Sphere 進行積極洽談。我們將在今年內持續向各位更新進展。接著談擴張以外的部分。

We continue to invest in immersive technology and experiential content to fortify Sphere's leadership position. As you've seen, the Wizard of Oz at Sphere has been both a critical and commercial success.

我們持續投資於沉浸式技術與體驗式內容，以鞏固 Sphere 的領導地位。如各位所見，Sphere 的《綠野仙蹤》在口碑與商業表現上都相當成功。

With over 2.2 million tickets now sold and approximately $290 million in ticket sales.

目前已售出超過 220 萬張門票，票房收入約 2.9 億美元。

Later this year, we plan to release the Wizard of Oz 2.0, an enhanced version of the production with new scenes and new 4D effect. We are also on track to complete our next theater experience from The Edge later this year. In addition, we continue to have positive discussions with IP holders regarding new sphere experienced projects.

今年稍晚，我們計畫推出《綠野仙蹤》2.0，這將是加強版製作，包含新場景與新的 4D 效果。我們也按計畫在今年稍晚完成下一個劇院體驗《The Edge》。此外，我們也持續與 IP 權利方就新的 Sphere 體驗專案進行正向討論。

So in summary, we are pleased with the momentum we're seeing across our business. Especially our progress towards a global network of spheres, which we believe positions the company for substantial long-term growth. With that, I will turn the call over to Robert, who will take you through our financial results.

總結而言，我們對業務各面向所展現的動能感到滿意，尤其是我們朝向全球 Sphere 網路的進展；我們相信這將使公司具備可觀的長期成長潛力。接下來我把電話交給 Robert，由他帶各位檢視我們的財務結果。

Thank you, Jim, and good morning, everyone. For the December quarter, we generated total company revenues of $394.3 million and adjusted operating income of $128 million. Our Sphere segment generated revenues of $274.2 million, an increase of over 60% compared to the prior year period.

謝謝你，Jim，各位早安。在 12 月季度，我們全公司總營收為 3.943 億美元，調整後營業利益為 1.28 億美元。我們的 Sphere 事業部營收為 2.742 億美元，較去年同期成長超過 60%。

This growth was mainly driven by higher revenues from the Sphere experience, which reflects higher per show revenues due to the impact of the Wizard of Oz as well as an increase in the number of performances.

此成長主要由 Sphere 體驗帶來的較高營收所驅動，反映出《綠野仙蹤》的影響使單場演出收入提高，以及演出場次增加。

In addition to higher revenues from the Sphere experience, we also saw revenue growth in concert residencies, and Exosphere advertising and sponsorship. Overall revenue growth was only partially offset by the absence of a brand event held in the prior year quarter as well as other revenue decreases.

除了 Sphere 體驗營收增加外，我們也看到駐場演唱會（concert residencies）以及 Exosphere 廣告與贊助的營收成長。整體營收成長僅部分被去年同期曾舉辦品牌活動、而本期未舉辦所造成的缺口，以及其他營收下滑所抵銷。

Fourth quarter adjusted operating income for our Sphere segment was $89.4 million as compared to an adjusted operating loss of approximately $800,000 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.

第四季我們 Sphere 事業部的調整後營業利益為 8,940 萬美元，相較去年同期約 80 萬美元的調整後營業損失。這反映了營收增加以及 SG&A（銷售、一般及行政）費用降低，但部分被較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. This was mainly a result of higher per show expenses due to the impact of the Wizard of Oz as well as a higher number of Sphere experience performances. SG&A expenses for the December quarter were $104.1 million, a decrease of $14.9 million year-over-year.

直接營運費用的增加包含與 Sphere 體驗相關的較高費用。這主要是因《綠野仙蹤》的影響使單場演出成本提高，以及 Sphere 體驗演出場次增加所致。12 月季度的 SG&A 費用為 1.041 億美元，年減 1,490 萬美元。

This includes the impact of $4.6 million, primarily related to executive management transition costs in the current year quarter as compared to $12.4 million of executive management transition costs and nonrecurring costs related to MSG Networks in the prior year period. It also includes the impact of the company's focus on driving cost efficiencies this year.

其中包含 460 萬美元的影響，主要與本期的高階管理層交接成本相關；相較之下，去年同期為 1,240 萬美元的高階管理層交接成本，以及與 MSG Networks 相關的一次性成本。此外，也反映了公司今年著重推動成本效率的影響。

Turning to MSG Networks. The segment generated $120.1 million in revenues and $38.6 million in the AOI in the December quarter. This compares to $139.3 million in revenues and $33.7 million in AOI in the prior year period.

接著談 MSG Networks。該部門在 12 月季度創造了 1.201 億美元營收，AOI 為 3,860 萬美元。相較之下，去年同期營收為 1.393 億美元，AOI 為 3,370 萬美元。

These results reflect an approximately 14.5% decrease in subscribers and the impact of lower affiliate rates as well as the impact of recent amendments to MSG Networks media rights agreements with MSG Sports and certain other professional teams. Turning to our balance sheet.

這些結果反映了訂戶約 14.5% 的下滑，以及較低的聯盟分潤費率（affiliate rates）的影響，並且也反映了近期對 MSG Networks 與 MSG Sports 及某些其他職業球隊之媒體轉播權協議修訂所帶來的影響。接著談我們的資產負債表。

As of December 31, our Sphere business had net debt of approximately $56 million. This reflected approximately $477 million of unrestricted cash and cash equivalents, $259 million in convertible debt and the $275 million term loan related to Sphere in Las Vegas. In January, the company refinanced the credit facility related to Sphere in Las Vegas.

截至 12 月 31 日，我們的 Sphere 業務淨負債約為 5,600 萬美元。這反映了約 4.77 億美元的不受限制現金及約當現金、2.59 億美元的可轉換債務，以及與拉斯維加斯 Sphere 相關的 2.75 億美元定期貸款。1 月，公司為拉斯維加斯 Sphere 相關的信貸融資進行了再融資。

This refinancing extended the facility's maturity for a new five year term ending in January 2031 with an improvement in the borrowing rate and no change in the term loan balance. We also added a $275 million revolver, which is currently undrawn and will be available for general corporate purposes.

此次再融資將該融資的到期日延長為新的 5 年期，至 2031 年 1 月到期，同時借款利率有所改善，且定期貸款餘額不變。我們也新增了一筆 2.75 億美元的循環信貸額度（revolver），目前尚未動用，將可用於一般公司用途。

At MSG Networks as of December 31, net debt was approximately $128 million. This included $159 million outstanding on the MSG Networks term loan, which, as a reminder, is that recoursed only to MSG Networks. And with that, we will now open the call for questions.

在 MSG Networks 方面，截至 12 月 31 日，淨負債約為 1.28 億美元。其中包括 MSG Networks 定期貸款未償餘額 1.59 億美元；提醒一下，該貸款僅對 MSG Networks 具追索權（recourse）。接下來，我們將開放提問。

(Operator Instructions).

（接線員指示）。

Brandon Ross, LightShed.

LightShed 的 Brandon Ross。

Thanks for taking the questions. Jim, you mentioned in your prepared, you're in several discussions on new big and small Spheres. How many Sphere expansion projects, full-size versus smaller scale, do you expect to be able to begin in the next few years? And knowing you're capital light on most, how many projects can you guys handle managing at once.

謝謝讓我提問。Jim，你在事先準備的發言中提到，你們正在就新的大型與小型 Sphere 進行多項討論。未來幾年你們預期能啟動多少個 Sphere 擴張專案（全尺寸 vs. 小型規模）？另外，考量你們在多數專案上採取輕資本（capital light）模式，你們同時能管理多少個專案？

Well, it's a good question. I mean my initial answer is basically as many as we can get, assuming that they're all profitable and makes sense. I guess the limiting factor with it, Brandon, is that how much can the management team and the operation handle and we've decided the team to handle quite a few.

嗯，這是個好問題。我的初步回答基本上是：只要我們能拿到多少就做多少，前提是它們都能獲利且合理。我想限制因素在於，Brandon，管理團隊與營運端能承載多少；而我們判斷團隊可以處理相當多。

So the over the next few years, I don't think you should be surprised by the five or six projects going on at once. Hopefully in the best markets.

所以在未來幾年，如果同時有五到六個專案在進行，我想你不必感到意外。希望是在最好的市場。

But if we can figure out how to do more and there's more opportunity, we're going to try and take advantage of it. Keeping in mind that we will separately finance them, right? So the resources will, I believe, will be there.

但如果我們能想辦法做更多、而且機會更多，我們會嘗試把握。同時要記得，我們會分別為各個專案進行融資，對吧？所以我相信資源會到位。

Got it. And in the press reports about the capital Sphere, they said it was going to cost about $1 billion. have the elevated construction costs had any impact on your conversations at all with potential partners.

了解。另外，新聞報導提到首都的 Sphere 資本支出，說成本大約是 10 億美元。建造成本上升是否對你們與潛在合作夥伴的對話造成任何影響？

Not on the conversations that I mean, the model still very much holds up to support that level of investment. I'm hoping we bring it in for less. We're working on that right now. I mean, we're constantly working on there's new besides, there's an increase of cost, but there's also new construction methods, which help lower costs. And we're a company that likes to go out and try to do stuff.

就我所指的那些對話而言，沒有。這個模型仍然非常站得住腳，足以支撐那樣的投資規模。我希望我們能把成本壓得更低。我們現在正在努力。我的意思是，我們一直在做相關工作；除了成本上升之外，也有新的施工方法能幫助降低成本。而我們是一家喜歡走出去、嘗試做一些事情的公司。

And so we're looking at some of those new construction methods and see what we can do to lower some of the costs along with it. But it's still the model still holds up.

因此我們正在研究其中一些新的施工方法，看看能做些什麼來降低部分成本。但這個模型仍然成立。

Got it. Helpful.

了解。很有幫助。

Thank you very much.

非常感謝。

David Karnovsky, JPMorgan.

JPMorgan 的 David Karnovsky。

Hey, thank you, Jim, just on National Harbor. Can you speak a bit more to how you settled on the location as optimal for the small-scale Sphere? Just any background on the process would be helpful. Thanks.

嗨，謝謝你，Jim。我想問一下 National Harbor。你能否多談一些，你們如何判定該地點是小型 Sphere 的最佳選址？任何關於評估流程的背景都會很有幫助。謝謝。

Good. The interesting question that -- because I'd love to tell you that we plan this right up to every little nuance. But the fact is that Virginia and Maryland, we're in a competition that spin up the process of looking at the project, and we got a very good offer kind of really great location, and we took it. So the it's but that one even surprised us because of the dynamics involved with it.

好的。這個問題很有意思——因為我很想告訴你我們把每個細節都規劃到位。但事實是，維吉尼亞州和馬里蘭州之間有一場競爭，這加速了我們評估該專案的流程；我們拿到了一個非常好的條件與很棒的地點，所以就接受了。所以——但那個案子其實也讓我們意外，因為其中牽涉的動態因素。

Okay. And then you noted for National Harbor, $200 million of funding against the $1 billion cost that you and Brandon were just discussing. And can you just help us bridge that financing GAAP? And then we haven't seen any mention of an operating partner. So is this a venue you potentially plan to run and consolidate in the financials.

好的。另外你提到，針對 National Harbor，在你和 Brandon 剛才討論的 10 億美元成本中，有 2 億美元的資金支持。你能否協助我們把其餘融資缺口（financing gap）串起來？另外，我們也沒有看到任何關於營運合作夥伴的說明。所以這是否是一個你們可能計畫自行營運並在財報中合併（consolidate）的場館？

Hang on, David, can you restate that?

等一下，David，你能再說一次嗎？

Yes. He just mentioned that the $200 million of government funding will be part of it, and we haven't we haven't mentioned we have an operating partner, how are we planning funding the rest.

可以。你剛提到 2 億美元的政府資金會是其中一部分；而我們也沒有提到是否有營運合作夥伴。其餘部分你們打算如何籌資？

I think there's a lot of different ways that we can do it. I mean the I assure you we'll do it in a way that will be the least expensive. And but there I mean, we could do this the practically just on stand-alone financing just on the projects itself because our lending institutions are bullish on our projects and they are willing to lend into them. But having partners also is there are advantages to that, particularly if they're in-market partners that they have. I mean we're right next to the MGM right.

我認為有很多不同的做法。我的意思是，我向你保證，我們會用成本最低的方式來做。而且我們幾乎可以針對專案本身做獨立融資（stand-alone financing），因為我們的放款機構對我們的專案很看好，也願意提供融資。不過引入合作夥伴也有其優勢，尤其是如果他們是當地市場的合作夥伴。我的意思是，我們就在 MGM 旁邊，對吧。

I'm not saying they're going to be our partner, but they - but when we build the Sphere, as we've seen in Las Vegas, right, it affects the entire community, right? And the entire business community, and they benefit from it. And so working hand-in-hand with the rest of the community, probably a good act. So it's a long-winded answer to saying there's a lot of different sources.

我不是說他們會成為我們的合作夥伴，但他們——但當我們建造 Sphere 時，就像我們在拉斯維加斯看到的那樣，對吧，它會影響整個社區，對吧？以及整個商業社區，而他們也會從中受益。因此，與社區其他成員手牽手合作，可能是一個好的做法。所以這是一個冗長的回答，意思是說有很多不同的來源。

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛。

Hey, great, thanks for taking the questions. Jim, curious if you could talk a little bit more about how ticket sales for WOZ are trending into what's usually a seasonally weaker period in Vegas over the winter? And then if there's anything you're seeing on the demand front from the show that's encouraging your thinking in one direction or the other on things like show count and pricing as we head into the spring and the summer.

嗨，很好，謝謝讓我提問。Jim，我想請你多談一點：WOZ 的售票情況，在拉斯維加斯冬季通常屬於季節性較弱的時段，趨勢如何？另外，在需求面上，你是否從這個節目看到任何令人鼓舞的跡象，讓你在進入春季與夏季時，對例如場次數量與定價等方向有不同的想法？

Well, with us today is Jen Koester who wasn't expected to answer a question, but this is really her area. So go for it, Jen.

今天和我們一起的是 Jen Koester，她原本沒預期要回答問題，但這確實是她的領域。所以交給你了，Jen。

Hey, Stephen. We've seen Las Vegas headwinds our way, but we've been resilient and experienced strong growth despite headwinds this past year, and we feel confident that we'll continue to do the same in the next year.

嗨，Stephen。我們確實感受到拉斯維加斯的一些逆風，但我們一直很有韌性；儘管今年有逆風，我們仍然經歷了強勁成長，而且我們有信心明年也會持續如此。

In terms of ticket calendar and show calendar, we have been aggressively putting forward days where we have multiple shows, these side-by-side, and we continue to enhance that and grow revenue per day. So that's really been a lot of the strategy is demand forecasting based on visitor rates. We believe there will be a strong convention season next year, and we're putting together a show schedule that reflects that.

就售票日曆與演出日曆而言，我們一直積極安排在同一天推出多場演出、彼此緊接著上演，並且持續強化這點、提升每日營收。所以策略很大一部分是根據旅客到訪率來做需求預測。我們相信明年的會展旺季會很強，我們正在制定能反映這點的演出排程。

And we talked about in our remarks, Wizards of Oz 2.0. I think I am not even sure to be honest whether we need Wizard of Oz 2.0 with the demand that we're seeing. But we're going to do it anyway. And I think that will probably make that product get even more legs. And then we have product behind it that we think it's going to be maybe as good as Wizard of Oz.

另外我們在發言中也提到《綠野仙蹤》2.0。老實說，以我們目前看到的需求，我甚至不確定是否真的需要《綠野仙蹤》2.0。但我們還是會做。我認為那可能會讓這個產品的生命週期更長。而且在它之後我們還有其他產品，我們認為可能會跟《綠野仙蹤》一樣好。

Great. And then, Robert, maybe on the cost side, SG&A came in a bit heavier. In the fourth quarter, even adjusting for some of the management transition expenses. Just curious if there's anything more you can say on SG&A in the quarter and then perhaps the outlook for the expense line item in '26.

很好。接著 Robert，可能在成本端，SG&A 看起來偏高一些。在第四季，即使把部分管理層交接費用調整掉也是如此。想請教你是否能多談一些本季 SG&A 的情況，以及或許對 2026 年該費用項目的展望。

Of course, Stephen. Well, let me start by pointing out that we are extremely focused on managing our cost infrastructure as efficiently as possible. We have identified a number of fast saving opportunities in 2025 and brought the SG&A number meaningfully down versus the prior year.

當然可以，Stephen。我先指出，我們非常專注於以最高效率管理我們的成本架構。我們已在 2025 年找出多項可快速節省的機會，並使 SG&A 相較前一年顯著下降。

In regard to the fourth quarter SG&A numbers, you pointed out, they did include certain executive transition costs as well as expenses related to share-based awards, which are mark-to-market on our stock price.

關於你提到的第四季 SG&A 數字，其中包含某些高階主管交接成本，以及與股權獎酬相關的費用；這些費用會依我們股價按市價（mark-to-market）調整。

Adjusting for these items, our SG&A expenses in the quarter are actually quite similar to levels we saw for the rest of 2025.

若將這些項目調整掉，我們本季的 SG&A 費用其實與 2025 年其餘期間看到的水準相當接近。

Looking to '26 and beyond, we will absolutely continue to look for further cost saving opportunities wherever it makes sense. But we will balance that with ensuring that we have an infrastructure in place that supports the global vision in growth for Sphere, which Jim laid out.

展望 2026 年及之後，我們絕對會在合理之處持續尋找進一步的節省成本機會。但我們也會在此與確保具備支撐 Sphere 全球願景與成長的基礎設施之間取得平衡，正如 Jim 所闡述的。

So as you would expect, there will be quarter-over-quarter fluctuations for timing reasons, to market adjustments or other nonrecurring expenses like the one we saw in the most recent quarter.

因此，如你所預期，基於時點因素，或按市價調整，或其他一次性費用（例如我們在最近一季看到的），各季之間會出現季對季波動。

But overall, we will continue to focus much on very much on managing our SG&A line efficiently, and we believe that our business is poised for significant growth in the year ahead.

但整體而言，我們會持續非常專注於有效率地管理 SG&A 這條費用線，我們也相信公司在未來一年具備顯著成長的條件。

Great, thank you very much.

很好，非常感謝。

Joe Stauff, Susquehanna.

Joe Stauff，Susquehanna。

Thank you. Good morning, Jim, you had mentioned that you'll complete the Edge later this year. Wondering if you or Jennifer can kind of talk about how we should think about when you might launch that? What's involved with that?

謝謝。早安，Jim，你提到你們會在今年稍晚完成 Edge。想請問你或 Jennifer 能否談談我們應該如何看待你們可能何時推出它？這當中涉及哪些工作？

Well, I suspect that, that will debut from The Edge sometime in the fourth quarter, that they could slip into the first quarter. I mean a lot of it depends on Wizard of Oz, right? That the I'm selling out the capacity, right. I'm not sure I want to disturb that model.

我猜想，The Edge 的首演大概會在第四季的某個時候，也可能會延到第一季。我的意思是，很多取決於《綠野仙蹤》，對吧？我現在把產能都賣滿了，對吧。我不確定我是否想去打亂那個模式。

And that's really what drives those decisions, is the desire to maximize revenue inside of the facility.

而真正驅動這些決策的，就是希望在場館內把營收最大化。

But the I think that from the edge and other products that we're working on are all designed to do just that, maximize the use of the capacity and bring the highest return.

但我認為，The Edge 以及我們正在開發的其他產品，都是為了達成同一件事：最大化產能的使用，並帶來最高回報。

Peter Supino, Wolfe Research.

Peter Supino，Wolfe Research。

Hi, thanks. This is Logan Angress on for Peter. Jim, in the context of a broader sphere franchise rollout, how do you think about the potential cannibalization or competition between spheres, for example, what a potential franchisee on the East Coast be concerned at all that they'd have to compete with the newly announced National Harbor Sphere for demand?

嗨，謝謝。我是 Logan Angress，代 Peter 提問。Jim，在更廣泛的 Sphere 特許經營（franchise）擴張背景下，你如何看待不同 Sphere 之間可能的互相侵蝕或競爭？例如，潛在的東岸特許經營者，是否會擔心他們必須與新公布的 National Harbor Sphere 競爭需求？

I really don't see that we are trying to -- we're going as fast as we can. We think, right? And building more spears because we see great opportunity out in the worldwide and domestic marketplace. And, I mean Las Vegas, I mean, our total Jen, you would know.

我真的不認為我們是在試圖——我們正以最快速度推進。我們認為，對吧？之所以要建更多 Sphere，是因為我們在全球與美國國內市場都看到很大的機會。而且，我是說拉斯維加斯——我們的總量，Jen，你應該知道。

I mean, our total attendance this year is around 4 million, somewhere in that, right? I mean that the -- these markets rates can certainly handle that. And so I'm really not concerned. I think that will we have a lot of opportunity.

我是說，我們今年的總入場人次大約是 400 萬左右，大概在那個區間，對吧？我是說——這些市場的規模當然可以承載。所以我真的不擔心。我認為我們會有很多機會。

I don't see one, especially when you take a look at Las Vegas because, I mean, Las Vegas, we have our customers come to see us right? But they also come for conventions, they for lots of other reasons. Then the same thing will be true with National Harbor. That's why we say I already have 15 million people who come annually that and so I don't really see one market disturbing the other.

我看不出會有這種情況，尤其是當你看看拉斯維加斯，因為，我是說，拉斯維加斯，我們的客戶會來看我們，對吧？但他們也會因為會展而來，他們也會因為許多其他原因而來。那麼國家港（National Harbor）也會是同樣的情況。這就是為什麼我們說，我每年已經有1,500萬人會來，因此我真的不覺得一個市場會干擾另一個市場。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum Capital Group。

Good morning guys. Really nice results. Jim you mentioned positive discussions with other IP holders in your prepared remarks. I guess if you could elaborate on that, I guess, in the context of the success Wizard of Oz and really the longevity of demand and the strength there as it's continued now for a handful more months than the last time we spoke.

各位早安。成果非常亮眼。Jim，你在事先準備的發言中提到，與其他IP持有方有正向的討論。我想請你進一步說明一下，特別是在《綠野仙蹤》（Wizard of Oz）成功的背景下，以及需求的長期性與其持續至今的強勁表現——相較於我們上次談話，現在又延續了好幾個月。

So I guess the question is, what does that pipeline look like? Any additional details you can give from interested IP holders and how those conversations are going?

所以我想問的是，那個案源（pipeline）看起來如何？對於有興趣的IP持有方，你能否提供更多細節，以及這些對話目前進展如何？

We are in discussions with other IP holders. And there are some great products out there that we would like to develop while we develop some of our own IP. And so that's moving along. You do have to take into account that right now, we have One Sphere, right, which is there is not I won't say completely sold out, but it's doing pretty well. So how much room do I have the so we watch the pacing on it, et cetera.

我們確實正在與其他IP持有方洽談。市面上有一些很棒的產品，我們希望在開發自有IP的同時，也能開發那些產品。所以這部分正在推進中。但你也必須考量到，現在我們有《One Sphere》，對吧，它並不是——我不會說完全售罄——但表現相當不錯。所以我還有多少檔期空間？因此我們會觀察其銷售節奏（pacing）等等。

But I will say one thing that every IP holder that we talk to is incredibly enthusiastic about taking their IP and putting it into this new medium. They all would like to do it.

但我可以說一點：我們接觸到的每一位IP持有方，都對把他們的IP放進這種新媒介感到非常興奮。他們都很想做。

And there's just a question of what's the what's the payback for them, what's the value of it debt. And how much revenue can we build off of their IP.

只是問題在於：對他們而言回收期是什麼？它的價值是什麼。以及我們能從他們的IP上建立多少營收。

Peter Henderson, Bank of America.

Peter Henderson，美國銀行（Bank of America）。

Good morning. Thank you for taking the question. Can you provide an update on the residency pipeline through 2027. Just what you view as the sort of optimal number of residencies annually?

早安。謝謝讓我提問。你能否提供一下到2027年的駐場演出（residency）案源更新？以及你們認為每年最理想的駐場演出數量大概是多少？

Yeah, we're pretty much booked the I mean I think there might be some slots available still in '27. I don't think there's hardly any left in '26. It might be a week at less than '26 somewhere we're basically sticking to long weekends, right, taking advantage of how the Las Vegas market kind of runs and there's no shortage of artists who want to play. And we're focused on these days on we're bringing the artist rigs in the customers, right?

是的，我們幾乎都排滿了——我的意思是，我想在2027年可能還有一些檔期。我認為2026年幾乎沒有剩下什麼了。2026年某個地方可能還有不到一週的空檔；我們基本上是以長週末為主，對吧，利用拉斯維加斯市場的運作方式，而且想演出的藝人並不缺。而我們這些天的重點是——我們把藝人的設備（rigs）帶進來，也把客戶帶進來，對吧？

And then we're running the wisdom of ours right now in tandem with those events. So we're looking for customers who want to come to see us twice on the weekends. And so far, that's going pretty well.

然後我們目前也同步運行《綠野仙蹤》，與那些活動搭配進行。所以我們希望吸引那些週末想來看我們兩次的客戶。到目前為止，進展相當順利。

We have time for one last caller.

我們還有時間接最後一位來電者。

David Joyce, Seaport Research Partners.

David Joyce，Seaport Research Partners。

Thank you. You made a recent announcement that included the Delta having a new branded space within the sphere. Could you please update us on the rest of the sponsorship strategy, just the updates there and on the excess of your progress?

謝謝。你們最近的公告提到，達美航空（Delta）將在Sphere內設置一個新的品牌空間。能否請你更新一下其餘的贊助策略，也就是這方面的最新進展，以及你們推進的成效？

That's a Jen question.

這題要請Jen回答。

So we're off to a strong start in '26. If you looked at our performance at CES this year, our year-over-year growth was strong read advertisers like Google and Delta and Lenovo running every day during CES, we also held the second CES keynote at steer in a row.

所以我們在2026年有一個強勁的開局。如果你看我們今年CES期間的表現，我們的年增長很強；像Google、Delta和Lenovo這些廣告主在CES期間每天都有投放；我們也連續第二年在Sphere舉辦CES的主題演講（keynote）。

And then the other thing that we were particularly excited about, and I think it gives us some good projections on where we can go is that we debuted the first interactive game experience on the Exosphere in partnership with LEGO and Lucas' film, Star Wars.

另外一件我們特別興奮的事——我認為這也讓我們對未來可達成的方向有很好的預期——是我們與LEGO以及Lucasfilm《星際大戰》（Star Wars）合作，在Exosphere上首次推出互動式遊戲體驗。

And we're going to continue to look for opportunities like that selectively that give us the opportunity to drive additional revenue as well as showcase our technology and innovation capabilities. We're making progress, as you mentioned, with our roster of official partners.

我們會持續有選擇性地尋找這類機會，讓我們能夠帶動額外營收，同時展示我們的技術與創新能力。如你所提，我們在官方合作夥伴名單（roster）方面也在持續取得進展。

You mentioned Delta. We also have recently announced Anheuser-Busch and we're in active conversations with a lot of other food chip brands in this regard.

你提到Delta。我們最近也宣布了百威英博（Anheuser-Busch），而且我們正就此與許多其他食品與零食品牌進行積極洽談。

So we expect to have more announcements like this throughout the year. But overall, I think we're well positioned for growth in this area for the coming year.

因此我們預期今年會陸續有更多類似的公告。但整體而言，我認為在接下來一年，我們在這個領域的成長布局相當到位。

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。

Thank you. We look forward to speaking with you on our next earnings call today. Have a good day.

謝謝。我們期待在下一次財報電話會議上再與各位交流。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。