Sphere Entertainment Co. (SPHR) 2026 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Sphere Entertainment Co. first-quarter 2026 earnings conference call. (Operator Instructions) I would now like to turn the call over to Ari Danes, Investor Relations. Please go ahead.

各位早安，感謝您稍候。歡迎參加 Sphere Entertainment Co. 2026 會計年度第一季財報電話會議。（接線員指示）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 first-quarter 2026 earnings conference call. Today's call will begin with our Executive Chairman and CEO, Jim Dolan, who will provide an update on our business. Robert Langer, our Executive Vice President, Chief Financial Officer and Treasurer, will then review our financial results for the period.

謝謝。各位早安，歡迎參加 Sphere Entertainment 2026 會計年度第一季財報電話會議。今天的電話會議將先由我們的執行董事長兼執行長 Jim Dolan 開場，為各位更新公司業務近況。接著，我們的執行副總裁、財務長兼司庫 Robert Langer 將回顧本期財務結果。

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.

在我們的事先準備發言之後，我們將開放提問。如果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下載。

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

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》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有重大差異。關於風險與不確定性的討論，請參閱公司向 SEC 提交的文件。

The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. On pages 4 and 5 of today's earnings release, we provide consolidated statements of operations and a reconciliation of operating income to adjusted operating income, or AOI, a non-GAAP financial measure.

公司不承擔更新本次電話會議中可能討論之任何前瞻性陳述的義務。在今天的財報新聞稿第 4 與第 5 頁，我們提供合併營運報表，以及營業利益調節至調整後營業利益（Adjusted Operating Income，或 AOI）的調節表；AOI 為一項非 GAAP 財務衡量指標。

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

接下來，我把電話交給 Jim。

Thank you, Ari, and good morning, everyone. Today's financial results demonstrate our continued success proving out Sphere's business model. We remain focused on maximizing the model's full potential in Las Vegas, while executing on our long-term vision for a global network of Sphere venues. In Abu Dhabi, the project has been minimally impacted to date by the conflict in the wider region. The Department of Culture and Tourism has selected the venue site, which will be announced at the appropriate time.

謝謝你，Ari，各位早安。今天的財務結果顯示我們持續成功驗證 Sphere 的商業模式。我們仍專注於在拉斯維加斯最大化該模式的完整潛力，同時推進我們建立全球 Sphere 場館網路的長期願景。在阿布達比，迄今該專案受到更廣泛區域衝突的影響相對有限。文化與觀光部已選定場館基地，將於適當時機對外公布。

In addition, early-stage procurement work with contractors and vendors is now taking place. We look forward to the groundbreaking in Abu Dhabi. In January, we announced that we will bring the second Sphere in the US to National Harbor. National Harbor welcomes over 15 million annual visitors and is just minutes from Washington, DC.

此外，與承包商及供應商的早期採購作業目前也已展開。我們期待阿布達比專案的動工。今年 1 月，我們宣布將在美國的 National Harbor 興建第二座 Sphere。National Harbor 每年吸引超過 1,500 萬名訪客，距離華盛頓特區僅數分鐘車程。

Financing discussions for this 6,000 feet Sphere are progressing as planned. We're also finalizing the venue design, which we coordinate with the Peterson Company on the site management plan and the preconstruction planning. In addition, we're working together with the state and the county on the various legislative approvals and incentives for the project. We continue to believe the venue could be open in four years or less. At the same time, we remain in discussion with a significant number of markets around the world regarding large and smaller scale Spheres, and we're confident about the path towards global expansion.

這座 6,000 英尺 Sphere 的融資討論正按計畫推進。我們也正在定案場館設計，並與 Peterson Company 就基地管理計畫及施工前規劃進行協調。此外，我們也與州政府及郡政府合作，推動該專案所需的各項立法核准與獎勵措施。我們仍相信該場館可在四年或更短時間內開幕。同時，我們也持續與全球相當多的市場就大型與較小規模的 Sphere 進行討論，並對全球擴張的路徑充滿信心。

We continue to demonstrate the power of Sphere's business model in Las Vegas to our potential expansion partners. Calendar 2026 marks our third full year of operation in the market with our business on track for substantial growth. This is led by The Wizard of Oz at Sphere, which continues to perform well. The production results reinforce our confidence that The Wizard of Oz will remain a strong performer in 2026 and beyond.

我們持續在拉斯維加斯向潛在擴張夥伴展現 Sphere 商業模式的威力。2026 年曆年將是我們在該市場營運的第三個完整年度，業務正朝向顯著成長的軌道前進。成長主要由《綠野仙蹤》在 Sphere 的演出帶動，且持續表現良好。該製作的成果進一步強化我們的信心，認為《綠野仙蹤》將在 2026 年及其後持續成為強勁的表現者。

And at the same time, we are continuing to work on our next Sphere Experience from the Edge as well as developing other projects in our pipeline. That includes the progress we are making with IP holders for additional Sphere Experiences as we build out a diverse slate of content.

同時，我們也持續推進下一個 Sphere Experience《from the Edge》，並開發管線中的其他專案。其中包括我們與 IP 持有方在更多 Sphere Experiences 上的合作進展，以打造多元的內容組合。

We also continue to see increasing demand from artists and brands to utilize this new medium. This is evidenced by ongoing growth in the number of concerts and brand events, as well as an expanding roster of advertisers and sponsors.

我們也持續看到藝人與品牌對使用這種新媒介的需求增加。這可從演唱會與品牌活動場次持續成長，以及廣告主與贊助商名單不斷擴大得到印證。

So in summary, we continue to successfully prove out the Sphere business model in Las Vegas, which is now serving as a blueprint for our long-term vision, a global network of Sphere venues powered by our proprietary technology and immersive content.

總結來說，我們持續在拉斯維加斯成功驗證 Sphere 的商業模式，而這也正成為我們長期願景的藍圖：由我們的專有技術與沉浸式內容驅動的全球 Sphere 場館網路。

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

接下來，我把電話交給 Robert，由他帶各位回顧我們的財務結果。

Thank you, Jim, and good morning, everyone. For the March quarter, we generated total company revenues of $386.4 million and adjusted operating income of $110 million. Our Sphere segment generated revenues of $266 million, an increase of nearly 70% compared to the prior year period. This growth was mainly driven by the Sphere Experience, primarily reflecting higher per show revenues for The Wizard of Oz at Sphere. In addition to higher revenues from the Sphere Experience, we also saw revenue growth in brand events, concert residencies and sponsorship and suite license fees.

謝謝你，Jim，各位早安。就 3 月季度而言，我們全公司合計營收為 3.864 億美元，調整後營業利益為 1.10 億美元。我們的 Sphere 事業部營收為 2.66 億美元，較去年同期增加近 70%。此成長主要由 Sphere Experience 帶動，主要反映《綠野仙蹤》在 Sphere 的單場演出收入提高。除了 Sphere Experience 的收入增加外，我們也看到品牌活動、駐場演唱會，以及贊助與包廂授權費的收入成長。

First-quarter adjusted operating income for our Sphere segment was $74.3 million as compared to $13.1 million in the prior year quarter. This reflected the increase in revenues, partially offset by higher direct operating and SG&A expenses. The increase in direct operating expenses includes the impact of The Wizard of Oz at Sphere as well as higher expenses from brand events and concerts, primarily due to more events held in the current year quarter.

第一季 Sphere 事業部的調整後營業利益為 7,430 萬美元，去年同期為 1,310 萬美元。這反映收入增加，但部分被較高的直接營運費用與銷售、一般及管理費用（SG&A）所抵銷。直接營運費用的增加包含《綠野仙蹤》在 Sphere 的影響，以及品牌活動與演唱會的費用上升，主要因本季舉辦的活動場次較多。

SG&A expenses for the March quarter were $106.6 million, an increase of $10.2 million, or 11% year over year. The increase was primarily due to the impact of mark-to-market adjustments on certain share-based compensation awards driven by the appreciation in the company's stock price during the quarter. Excluding these mark-to-market adjustments, SG&A expenses would essentially have been in line with prior year quarter.

3 月季度的 SG&A 費用為 1.066 億美元，年增 1,020 萬美元，或 11%。增加主要來自某些以股份為基礎之薪酬獎酬的按市價評價（mark-to-market）調整，其係由於本季公司股價上漲所致。若排除這些按市價評價調整，SG&A 費用基本上將與去年同期持平。

Turning to MSG Networks, the segment generated $120.4 million in revenues and $35.7 million in AOI in the March quarter. This compares to $123 million in revenues and $22.8 million in AOI in the prior year period. These year-over-year results reflect a decrease in advertising revenues and an approximately 16% decrease in subscribers. This was partially offset by the impact of MSG Networks non-carriage period with Altice, which resulted in the absence of revenues for approximately seven weeks in the prior year quarter. These results also reflect the amendments to MSG Networks media rights agreements with MSG Sports and certain other professional teams.

接著談 MSG Networks。該事業部在 3 月季度的營收為 1.204 億美元，AOI 為 3,570 萬美元；相較之下，去年同期營收為 1.23 億美元，AOI 為 2,280 萬美元。這些年對年結果反映廣告收入下降，以及訂戶數約 16% 的減少。部分抵銷因素為去年同期 MSG Networks 與 Altice 的未上架（non-carriage）期間影響，導致去年同期約七週沒有相關收入。這些結果亦反映 MSG Networks 與 MSG Sports 及其他部分職業球隊之媒體轉播權協議的修訂。

Turning to our balance sheet. As of March 31, our Sphere business had approximately $596 million of unrestricted cash and cash equivalents, $259 million in convertible debt and a $275 million term loan related to Sphere in Las Vegas. At MSG Networks as of March 31, net debt was approximately $110 million. This included $143 million outstanding on the MSG Networks term loan, which, as a reminder, is that is recourse only to MSG Networks.

接著看資產負債表。截至 3 月 31 日，我們的 Sphere 業務約有 5.96 億美元的未受限制現金及約當現金、2.59 億美元的可轉換債務，以及一筆與拉斯維加斯 Sphere 相關的 2.75 億美元定期貸款。在 MSG Networks 方面，截至 3 月 31 日，淨負債約為 1.10 億美元，其中包含 MSG Networks 定期貸款未償餘額 1.43 億美元；提醒各位，該貸款僅對 MSG Networks 具有追索權。

Following the end of the quarter, MSG Networks repaid an additional $17.8 million on the term loan using cash on hand at MSG Networks, bringing the current principal outstanding to approximately $126 million.

在季度結束後，MSG Networks 使用其手上現金再償還定期貸款 1,780 萬美元，使目前未償本金約為 1.26 億美元。

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

接下來，我們將開放提問。

(Operator Instructions) Brandon Ross, LightShed.

（接線員指示）Brandon Ross，LightShed。

Thanks for taking the question. Hi, Jim. You mentioned the significant discussions that you're having on future Spheres. We're wondering if just given how profitable Vegas has become, it makes sense to own or at least operate and consolidate some of those venues instead of doing a franchise model like you have with Abu Dhabi.

謝謝讓我提問。嗨，Jim。你提到你們正在就未來的 Sphere 進行重要討論。我們想知道，鑑於拉斯維加斯的獲利能力已經如此強勁，是否更合理去擁有、或至少營運並將其中一些場館納入合併報表，而不是像阿布達比那樣採用特許經營模式？

Hi, Brandon. I wouldn't discount that. I think that you're right that the strength of the performance of Vegas is important and it impacts the equation. For us, we'd like to move as quickly as we can to building multiple Spheres. So the capital-light tactic is one of the ways to help speed it up.

嗨，Brandon。我不會排除這種可能。我認為你說得對，拉斯維加斯表現的強勁很重要，且會影響整體的評估。對我們而言，我們希望盡可能快速地建造多座 Sphere。因此，輕資本策略是幫助加速的一種方式。

But with the strength of the operating model in Vegas, it does give us more options. So we can go probably either way.

但隨著拉斯維加斯營運模式的強勁表現，確實也讓我們有更多選項。因此，我們大概兩種方式都可以走。

Got it. And then as you think about expanding the footprint, can you just give us a little insight into how you think about choosing locations and ensuring there isn't cannibalization between the future Spheres that get built?

了解。那麼當你們考慮擴大版圖時，能否請你們分享一些你們如何選擇地點、以及如何確保未來建成的 Sphere 之間不會互相侵蝕（cannibalization）的想法？

Sure. Well, we're not worrying about cannibalization so much because, I mean, Washington is a long way away from Vegas. We like to be a global company. So we ultimately like to be on all five continents. I don't think that includes [Antarctic], anyway. Because we don't want to -- let me be clear about this. We do not wish to go the Sphere in Antarctic.

當然。我們不太擔心互相侵蝕，因為，華盛頓離拉斯維加斯很遠。我們希望成為一家全球性公司，所以最終我們希望遍及五大洲。我想那不包括［南極洲］，不管怎樣。因為我們不想要——讓我把話說清楚。我們不希望在南極洲蓋 Sphere。

But we do want to be global. We think -- look, it's not just the building itself. It's the medium. We want -- we're looking to proliferate the medium. And so we're going to go wide, but it's not because we're worried about audiences cannibalizing one place versus the other. It's a big world, and I think there's a lot of opportunity and not many people have seen this Sphere. Only, I think to date, it's well under 10 million people. And you just -- we need more of them.

但我們確實希望走向全球。我們認為——你看，這不只是建築本身。它是一種媒介。我們希望——我們正在尋求讓這種媒介擴散。因此我們會走向更廣的布局，但不是因為我們擔心觀眾在一個場館與另一個場館之間互相排擠。世界很大，我認為機會很多，而且看過這個 Sphere 的人並不多。到目前為止，我想遠低於 1,000 萬人。而你——我們需要更多人。

Sounds good. Thanks.

聽起來不錯。謝謝。

David Karnovsky, J.P. Morgan.

David Karnovsky，J.P. Morgan。

Hey, thank you. Maybe just following up on the conversations on the large and small market Spheres. Jim, just wanted to see if you could expand on the progress there and just whether there's been any impact generally from the macro volatility we've seen either to the pace or focus of those discussions.

嗨，謝謝。也許延續一下關於大型與小型市場 Sphere 的討論。Jim，想請你再多談談目前的進展，以及我們看到的宏觀波動，是否在整體上對這些討論的節奏或重點造成任何影響。

Not seeing any impact from the global, I guess, the conflicts that are going on. And I think pretty much many people think this is not a long-term thing. So in terms of -- we have a lot of markets that are reaching out to us. We have -- and we're continuing to look ourselves. There are quite a few markets that we think that the Sphere would do well, either a full-size Vegas one or the National Harbor size one, the 6,000 seater.

目前沒有看到全球——我想是指正在發生的衝突——帶來任何影響。而且我想多數人都認為這不會是長期狀況。所以就——我們有很多市場主動聯繫我們。我們也——持續自行評估。確實有不少市場，我們認為 Sphere 會表現得很好，不論是完整的拉斯維加斯規模，或是 National Harbor 規模的那種 6,000 席版本。

And I really think it's just -- the process itself is a little involved, involving land -- use of land and governments, et cetera. So it takes longer than I'd like, but the prospects look good.

而我真的認為——流程本身比較繁複，牽涉到土地——土地使用以及政府等。因此比我希望的要花更久，但前景看起來不錯。

Okay. And then maybe just staying on the macro, but shifting it to Vegas. Curious what you're seeing right now as it relates to visitor trends broadly and whether there's been any read-through to The Wizard of Oz or residency demand at the Sphere specifically.

好的。那再就宏觀面追問一下，但把焦點轉到拉斯維加斯。想了解你們目前看到的整體旅客趨勢如何？以及這是否對《綠野仙蹤》或 Sphere 的駐場演出需求有任何反映？

Okay. I think, Jen Koester, you're on this call or you're not?

好的。我想 Jen Koester，你有在線上嗎？還是沒有？

I am, Jim. I can take this one.

我在，Jim。我可以回答這題。

Take it.

你來。

Sure. So while we're mindful of the macro environment, we're not overly concerned at this point. And as you may know, Vegas visitation was down last year. That continued into January, but we've seen a shift and return to growth in visitation in February and March. So despite some recent market softness, our product still remains resilient. And in fact, one of the phenomenons we're seeing is that Sphere is actually driving incremental visitation to the market.

好的。雖然我們留意宏觀環境，但目前並不過度擔心。如你所知，去年拉斯維加斯的到訪人次下滑，這個趨勢延續到 1 月，但我們在 2 月與 3 月看到到訪人次轉向並恢復成長。因此儘管近期市場有些疲弱，我們的產品仍然具韌性。事實上，我們看到的一個現象是，Sphere 實際上正在為市場帶來增量的到訪人次。

So we all know concerts are a big driver of that. But interesting, we're also seeing that The Wizard of Oz playing a role in that. And I think that speaks to the quality of our content offerings. We're seeing solid demand for The Wizard of Oz from all segments of the market, and that includes our cost-conscious consumers, again, suggesting that, that value proposition for The Wizard of Oz is really resonating with consumers.

我們都知道演唱會是其中一個重要驅動因素。但有趣的是，我們也看到《綠野仙蹤》在其中扮演角色。我認為這反映了我們內容供給的品質。《綠野仙蹤》在市場各個客群都有穩健需求，其中也包括對價格較敏感的消費者；這再次顯示《綠野仙蹤》的價值主張確實引起消費者共鳴。

In terms of residencies, again, strong demand. Phish just completed nine sold-out shows. Backstreet Boys is returning this summer for another 21 nights. And Metallica sold out 24 nights after initially announcing only 8. And so that demand is also extending into our peak sales. We've got robust single night sales for Phish and Metallica's residencies.

至於駐場演出，同樣需求強勁。Phish 剛完成 9 場全數售罄的演出。Backstreet Boys 今年夏天將回歸，再演出 21 晚。Metallica 則在最初只宣布 8 晚後，最終 24 晚全數售罄。因此這股需求也延伸到我們的旺季銷售。我們在 Phish 與 Metallica 的駐場演出上，單場票房銷售都非常強勁。

So we're going to keep a close eye on tourism, but the demand for our experiences remain strong and resilient.

所以我們會持續密切關注旅遊情況，但對我們體驗內容的需求仍然強勁且具韌性。

Peter Supino, Wolfe Research.

Peter Supino，Wolfe Research。

Good morning. A couple of questions on the experiences. Now that the Wizard has been out for over 6 months, what have your learnings been? And what do you hope from the Edge and content that comes after that will do for the business that maybe you didn't do with The Wizard of Oz?

早安。關於體驗內容有幾個問題。《綠野仙蹤》推出已超過 6 個月，你們有哪些學習？以及你們希望《Edge》以及之後的內容，能為業務帶來哪些可能是《綠野仙蹤》沒有做到的效果？

And then a second question on experiences. As you ramp your catalog beyond The Wizard of Oz, what do you think the main drivers of revenue growth will be? We're wondering if you envision running more shows than you're running today with just the Wizard or whether revenue growth might come from better sellout or higher pricing? I'd love to know more about that business model.

第二個問題也關於體驗內容。當你們把內容目錄擴充到《綠野仙蹤》之外，你們認為營收成長的主要驅動因素會是什麼？我們想了解你們是否會比現在只跑《綠野仙蹤》時安排更多場次，或是營收成長可能來自更高的售罄率或更高的定價？希望能更了解這個商業模式。

Okay. I love home people ask multiple questions than I can learn your first question.

好的。我很喜歡大家一次問多個問題，這樣我就能先學你的第一個問題。

(technical difficulty) wizard, yeah, what you might do differently.

（技術問題）《綠野仙蹤》，對，你可能會做哪些不同的做法。

Well, the key -- the biggest learning for Wizard of Oz is that there's no place like home. But I mean, when we started off with Wizard of Oz, we were doing a show or two shows a day. We did -- if we were lucky, one show in conjunction with concerts. So I think the biggest learning that we've come up with the Wizard experience is that you can -- can you hear me?

嗯，關鍵——《綠野仙蹤》最大的學習是：沒有地方比家更好。但我是說，當我們一開始做《綠野仙蹤》時，我們一天做一場或兩場。我們——如果運氣好，會在演唱會搭配下做一場。所以我認為我們從《綠野仙蹤》體驗得到的最大學習是：你可以——你聽得到我嗎？

Yeah.

聽得到。

I think the biggest learning is that we can do multiple shows, even different shows, concert and features like Wizard of Oz all in the same day that the building can handle it, that the market can handle it. And of course, lately, having multiple shows of the day, it really is pretty good for the bottom line.

我認為最大的學習是，我們一天可以做多場，甚至不同的節目——演唱會與像《綠野仙蹤》這樣的特別放映——都能在同一天進行；場館承載得住，市場也承載得住。當然，最近一天多場的安排，對獲利確實相當有幫助。

As far as growth goes, look, I wouldn't mind if The Wizard of Oz stay the way it is for quite some time because it's a pretty fantastic product and quite resilient. But I think we'll continue to refine the model. I think when you take a look at these products out in the future, we're going to explore it.

至於成長，你看，如果《綠野仙蹤》能以目前的狀態維持相當一段時間，我也不介意，因為它是非常出色且相當有韌性的產品。但我想我們會持續精進這個模式。我認為當你展望未來這些產品時，我們會去探索。

But I also think that you're going to see things like at 11:00 or 10:00 in the morning that The Wizard of Oz; at 2:00 from the Edge; at 4:00 a different piece. You can have multiple views a day because the building is built that way. I mean there's literally very little changeover from one show to the other. The biggest changeover is when we do concerts and even that we were able to accomplish the changeover in under an hour. So we're going to keep pushing on that model.

但我也認為你會看到像是早上 11 點或 10 點播《綠野仙蹤》；2 點播《Edge》；4 點再播另一個作品。你一天可以有多個時段，因為這棟建築就是為此而設計。我的意思是，從一個節目切換到另一個節目，實際上幾乎不需要太多換場。最大的換場是在做演唱會時，而即便如此，我們也能在一小時內完成換場。所以我們會持續推進這個模式。

I think it's going to produce more revenue. We're going to get more efficient with how we operate. And so I think then really primarily, it's more skiers. So -- and that's going to be a big part of the growth.

我認為這會帶來更多營收。我們在營運方式上會變得更有效率。所以我認為接下來主要就是更多的「滑雪者」（skiers）。所以——這將會是成長的一大部分。

Stephen Lasik, Goldman Sachs.

Stephen Lasik，Goldman Sachs。

Hey, great. Thanks for taking the questions. Jim, just a follow-up on Wizard of Oz. I'm curious if you could talk a little bit more about how attendance and sell-through have trended coming out of the first quarter?

嗨，很好。謝謝讓我提問。Jim，關於《綠野仙蹤》我想追問一下。我好奇你是否能多談談，第一季之後出席人次與售票進度的趨勢如何？

And what do you think that momentum might mean for ticket sales as you look out into later parts in the spring and then the summer seasons in Vegas?

以及你認為這股動能，對你們展望春季後段以及拉斯維加斯夏季旺季的售票，可能意味著什麼？

Okay. Well, the real expert on this is my Chief Operating Officer, Jen Koester, so I'm rolling this one to her.

好的。這題真正的專家是我們的營運長 Jen Koester，所以我把這題交給她。

Thank you. So as we saw in today's results, Wizard of Oz continues to perform well. Our March quarter reflects. We've got robust per show attendance, average ticket prices and per cap spending that's consistent with our December quarter results. As of today, we've sold nearly 3 million tickets with over $370 million in ticket revenue for Wizard of Oz.

謝謝。正如我們今天的業績所示，《綠野仙蹤》持續表現良好。我們 3 月季度的結果反映了這點：單場出席人數、平均票價以及人均消費（per cap spending）都很強勁，並且與 12 月季度的結果一致。截至今天，我們《綠野仙蹤》已售出將近 300 萬張門票，票房收入超過 3.7 億美元。

Like any other market, seasonality is going to be a factor. So we're going to have ebbs and flows of visitors in the market. But as I've said before, we continue to maintain a relatively consistent market share of visitors since the debut. And we remain confident that we're going to continue to have a high performer through 2026 and beyond, and we really believe that there's a long life for Wizard of Oz.

和任何市場一樣，季節性會是一個因素。因此市場的到訪人次會有起伏。但如我之前所說，自首演以來，我們持續維持相對一致的旅客市占率。我們仍有信心在 2026 年及之後都能維持高表現，我們也確實相信《綠野仙蹤》有很長的生命週期。

Great. And then, Jim, I'm just curious, just given this momentum with Wizard of Oz that you're seeing, what leverage do you feel like Sphere has now to negotiate maybe more favorable royalty rates with potential new studio partners for new IP? How have those conversations been progressing?

很好。那 Jim，我也好奇，考量你們看到《綠野仙蹤》的這股動能，Sphere 現在在與潛在的新片廠夥伴洽談新 IP 時，你覺得在談判上有多少籌碼、能否談到更有利的權利金費率？這些對話進展如何？

Well, the leverage is that we're the only venue that does this. So it's not like somebody else can take that product and go put it into a big immersive environment like a Sphere. So it's really up to us which ones we choose. And then we obviously try and make the best deal that we can but there's a tremendous amount of IP product out there that none of which has been -- has obviously been seen in the Sphere and none of which has utilized this media.

嗯，我們的籌碼在於：只有我們這個場館能做到這件事。不是說別人可以把那個產品拿去，放進像 Sphere 這樣的大型沉浸式環境裡。所以真正取決於我們要選哪些作品。然後我們當然會努力爭取最好的條件，但市場上有大量的 IP 內容產品，其中沒有任何一個——顯然——曾在 Sphere 呈現過，也沒有任何一個使用過這種媒介。

So I think we have a wide choice of product, and we're really mostly focused on what will convert well with the media and what really does well in an immersive environment. From the Edge is our own product, obviously. And the thing about from the Edge is that we're trying very hard to make that feature extremely experiential.

所以我認為我們有很廣泛的產品選擇，而我們主要聚焦在：哪些內容能在媒體端有良好的轉換效果，以及哪些內容在沉浸式環境中表現真正出色。《From the Edge》顯然是我們自有的產品。而《From the Edge》的重點在於，我們非常努力要把那個功能做得極具體驗感。

And we're right in the middle of making it. But it's extreme sports. And so when we go down a big wave, a 60-foot wave, we're really trying to make you feel like you're going down a 60-foot wave without making you get sick. So we're not going to get that product for nothing. But it is up to us which ones we choose.

而我們正處於製作的中段。但它是極限運動。所以當我們衝下一個大浪、60 英尺高的浪時，我們真的想讓你感覺自己正在衝下 60 英尺高的浪，同時又不會讓你想吐。所以我們不可能不付出代價就得到那個產品。但選擇哪些內容，取決於我們自己。

Great. Thank you very much.

太好了。非常感謝。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum Capital Group。

Hey, good morning, guys. It's nice to see the additional Exosphere advertising partners. You have Delta, you have Anheuser-Busch, Evian recently. Jim or maybe, Jen, can you give an update on the Exosphere and really curious if you can quantify what the net retention is and utilization and then maybe how you think about that business going forward?

嗨，早安，各位。很高興看到 Exosphere 新增了更多廣告合作夥伴。你們有達美航空（Delta）、百威英博（Anheuser-Busch），最近還有依雲（Evian）。Jim 或者 Jen，也許你們可以更新一下 Exosphere 的狀況？我也很想知道你們能否量化淨留存率（net retention）與使用率（utilization），以及你們如何看待這項業務未來的發展？

Jen?

Jen？

So momentum in this business is really continuing, and we're well positioned for growth in '26. So in terms of utilization, which I think was the first part of your question, we have a strategy where 50% of the Exosphere time is advertising and 50% is art and promotion. And this strategy is really a valuable differentiator for the Exosphere brand from more of the traditional out-of-home assets. It helps us drive social engagement when we put our Exosphere art up there. I mean our artist program, we're averaging about 1 million social media impressions per artist launch. It's also an important lever for us when we promote Sphere Experience ticket sales.

這項業務的動能確實仍在延續，我們也已為 2026 年的成長做好很好的布局。就使用率而言（我想這是你問題的第一部分），我們的策略是 Exosphere 的時間有 50% 用於廣告、50% 用於藝術與宣傳。這個策略讓 Exosphere 品牌相較於傳統戶外媒體資產，形成非常有價值的差異化。當我們把 Exosphere 藝術作品放上去時，能帶動社群互動。以我們的藝術家計畫來說，每次藝術家作品上線平均可帶來約 100 萬次社群媒體曝光。這同時也是我們在推動 Sphere Experience 門票銷售時的重要槓桿。

On the other 50%, which is the advertising side, brands are also viewing the Exosphere as a leader in driving cultural moments. You mentioned Anheuser-Busch before. They use Sphere to highlight the USA Olympic hockey team winning the goals, Coinbase used Sphere to amplify their Super Bowl commercial. TikTok used it as a place to celebrate their creators during TikTok Global Live festivals. I mean, those are just a few examples in Q1 of the types of moments and brand advertisers that we're getting.

至於另外 50%（也就是廣告端），品牌也把 Exosphere 視為帶動文化時刻的領導者。你剛才提到百威英博，他們利用 Sphere 來凸顯美國奧運冰球隊進球奪勝；Coinbase 則用 Sphere 來放大他們的超級盃廣告；TikTok 也把它當作在 TikTok Global Live 音樂節期間慶祝創作者的場域。我的意思是，這些只是第一季我們拿到的各類時刻與品牌廣告主的幾個例子。

And so when we think about the utilization question, we're consistently evaluating our inventory, and we're utilizing premium pricing on the higher demand periods. We've also created diverse offerings so that we can have some solutions that help us capitalize more on the Vegas conferences. We're investing in technology on the studio capability side, and that allows us to have quicker production and turnaround times, and that gives us access to some of those dollars that are just shorter-term brand campaigns.

因此，談到使用率這個問題，我們會持續評估我們的庫存（inventory），並在需求較高的期間採用溢價定價。我們也打造了多元的產品組合，讓我們能提供一些解決方案，以便更好地把握拉斯維加斯會展帶來的機會。我們正在工作室製作能力方面投資技術，這讓我們能更快製作並縮短交付週期，也讓我們能觸及一些較短期的品牌活動預算。

And going back to your question, repeat advertisers, we're continuing to see returning brands like Adobe, Google, Amazon, MGM and others. And so right now, we're currently on track to grow the number of repeat Exosphere advertisers by strong double-digit percentages in 2022. So overall, I think we're really pleased with the progress on our utilization of the Exosphere and some of the new strategies that are really helping us to continue to drive that repeat business.

回到你提到的重複投放廣告主（repeat advertisers），我們持續看到回流的品牌，例如 Adobe、Google、Amazon、MGM 等等。因此目前我們正按計畫推進，預期在 2022 年讓重複投放 Exosphere 的廣告主數量以強勁的雙位數百分比成長。整體而言，我認為我們對 Exosphere 使用率的進展，以及一些正在幫助我們持續推動回流業務的新策略，都感到非常滿意。

Helpful. Thanks, Jen. Maybe just a clarification. You target 50/50 art versus advertising. Are you willing to quantify if you're at that 50% today or where you're at?

很有幫助。謝謝你，Jen。也許我想再釐清一下。你們目標是藝術與廣告 50/50。你們願意量化一下目前是否已達到 50%？或是現在大概在哪個水位？

Yes. That's -- I mean that's how we operate it to 50% time advertising, 50% art and promotion.

是的。那——我的意思是，我們就是這樣運作：50% 的時間做廣告，50% 做藝術與宣傳。

I think he wants to know if you're sold out, Jen.

我想他是想知道你們是不是已經賣到滿檔了，Jen。

During peak times, right, over the past year, we have experienced times of sellout. [CES] was a sellout period for us, and we anticipate that to be the phenomenon going through the rest of the year.

在尖峰時段，對，過去一年我們確實有出現售罄的時候。[CES] 對我們來說就是一段售罄期間，而我們預期這種現象會在今年剩餘時間持續出現。

My answer would be you're not doing your job well if you're sold out.

我的答案會是：如果你賣到滿檔，那你工作就沒做好。

Well, I did say we're using pricing tactics during times of weak demand.

嗯，我確實有說我們會在需求較弱的時段採用定價策略。

Peter Henderson, Bank of America.

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

Hey, good morning. Thank you for taking the question. Just wondering if you can provide maybe any insight on how we should think about SG&A for the remainder of the year, I mean, especially considering the impact of the stock appreciation on share-based comp.

嗨，早安。謝謝讓我提問。我想請問你們能否提供一些看法，讓我們理解今年剩餘時間 SG&A（銷售、一般及行政費用）該怎麼看？尤其是考量股價上漲對以股份為基礎的薪酬（share-based comp）的影響。

Okay. Boy, I'm really tempted to crack a joke here. So I guess I will. So SG&A is a great basketball player. And when we get to the finals, I'm sure we're going to beat them.

好。哇，我真的很想在這裡開個玩笑。所以我想我就開吧。SG&A 是一位很棒的籃球員。而等我們打進總決賽時，我相信我們一定會打敗他們。

But having said that, I think I'll turn the real question over to Robert.

不過話說回來，我想我把真正的問題交給 Robert。

Thank you, Jim, and thank you, Peter. Let me start by reiterating that we are extremely focused on managing our infrastructure and SG&A cost base as efficiently as possible. We identified a number of cost savings opportunities in '25 and brought SG&A costs meaningfully down versus the prior year in that period. So our SG&A numbers in this quarter, as you alluded to, didn't include certain expenses which are related to share-based awards.

謝謝你，Jim，也謝謝你，Peter。先重申一下：我們非常專注於以最高效率管理我們的基礎設施與 SG&A 成本基礎。我們在 2025 年識別出多項節省成本的機會，並在那段期間將 SG&A 成本相較前一年顯著降低。因此，如你所提到的，我們本季的 SG&A 數字並未包含某些與股份獎酬相關的費用。

These awards are mark-to-market on our stock price and will be cash settled once exercised. That's why they show up here. Adjusting for these items, though, our SG&A expenses in the quarter would essentially have been flat on a year-over-year basis.

這些獎酬會依我們股價按市價重估（mark-to-market），並在行使後以現金結算。這就是它們會出現在這裡的原因。不過，若把這些項目調整掉，我們本季的 SG&A 費用基本上會與去年同期持平。

Looking out for the remainder of 2026, we will likely continue to see quarter-over-quarter fluctuations, which will include mark-to-market impacts of these awards in light of our stock price performance. But we will also look for further cost savings opportunities wherever it makes sense, but we will balance that with ensuring that we have an infrastructure in place that supports the global vision for Spheres, which Jim has laid out in his prepared remarks.

展望 2026 年剩餘時間，我們可能仍會看到季度間的波動，其中會包含在我們股價表現下，這些獎酬按市價重估所帶來的影響。但同時，只要合理，我們也會持續尋找進一步的節省成本機會；不過我們也會在此與另一個目標之間取得平衡，也就是確保我們具備能支撐 Jim 在事先準備發言中所闡述之 Spheres 全球願景的基礎設施。

Thank you.

謝謝。

Thanks, Peter.

謝謝你，Peter。

Operator, we'll take one last caller.

接線員，我們再接最後一位來電者。

Joe Stauff, Susquehanna.

Joe Stauff，Susquehanna。

Thanks. Good morning, Jim and Jen. I was just wondering if you could update us on your residency strategy. In the near term, we could see that the Friday, Saturday windows are pretty much locked up through the end of September. There is some availability in Wednesday and Thursday. And just wondering, Jim, with your comment that, it only takes an hour to set it up, if you think about how you use residencies differently going forward and what the outlook may look like?

謝謝。早安，Jim 和 Jen。我想請問你們能否更新一下駐場（residency）策略？短期來看，我們看到週五、週六的時段幾乎一路排到 9 月底都被鎖定了。週三和週四還有一些空檔。我想問問 Jim，基於你提到「只需要一小時就能架設完成」的評論，你是否會思考未來以不同方式運用駐場？以及整體展望可能會是什麼樣子？

Look, I think you actually answered your question yourself. We don't announce everything as soon as it gets agreed upon, et cetera, with [RI]. So I would say that we're pretty much out of date for this year. We are seeing some expansion into Wednesdays and Thursdays. No doubt is actually playing tomorrow, will be show, I believe.

你看，我覺得你其實自己就回答了你的問題。我們不會在一達成協議等等（例如與 [RI]）就立刻把所有事情都公告。所以我會說，今年的檔期我們基本上已經差不多排滿了。我們確實看到週三、週四有一些擴展。No Doubt 明天其實就要演出，我相信會有一場秀。

So that's good. I don't see us going through a concert model seven days a week, anything like that. But the demand is high, and I don't see it abating at all. Demand on the actual base.

所以這很好。我不認為我們會採用一週七天的演唱會模式，或任何類似的安排。但需求很高，而且我看不到它有任何減弱的跡象。對於實際基本盤的需求。

And that concludes our Q&A session. I will now turn the conference back over to Ari Danes for closing remarks.

以上為我們的問答環節。接下來我將把電話會議交回給 Ari Danes 進行結語。

Thank you all for joining us. We'll speak with you on our next earnings call. Have a good day.

感謝各位加入。我們將在下一次財報電話會議再與各位交流。祝各位有美好的一天。

And 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。