Q4 2024 Atlanta Braves Holdings Inc Earnings Call - Q&A
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A question and answer session will follow the formal presentation.
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Speaker Change: It's now my pleasure to turn the call over to Kevin Rudd, Vice President Investor Relations. Kevin. Please go ahead.
Kevin Rudd: Good morning.
Barton Crockett: On a completely different subject, I was just wondering, there has been a lot of kind of talk about the off-season trade moves. You guys have been quiet. Some of your competitors have been very active. If you could address some of the, I guess, worries that maybe your off-season has been too quiet. Also in terms of the P&L, what we should think about in terms of player salaries for the year.
Speaker Change: I'd like to begin by reminding everyone.
Kevin Rudd: Oh yeah.
Kevin Rudd: Okay.
Kevin Rudd: Okay.
Kevin Rudd: Forward looking statements.
Kevin Rudd: Risks and uncertainties that may cause actual results to differ from those discussed today, a number of factors could cause actual results to differ materially from those.
Greetings and welcome to the Atlanta Braves Holdings, Q4, and year end 'twenty 'twenty four earnings call.
Kevin Rudd: Including those set forth in the.
At this time, all participants pretty listen only mode.
Terence McGuirk: Okay, this is Terry responding. The ESPN MLB breakup is getting really outsized public scrutiny. I really think that from the Atlanta Braves standpoint, this is a non-event. It will have no effect whatsoever on our economics. Obviously, MLB has had its own comments on this, but I would just make the observation that I think the market is going to be surprised at the enthusiasm and uptake on the interest in these sets of rights that are coming available for next year. I know that the interest is very strong, and I'm sure you'll hear more from Rob Manfred on this in the coming weeks. Second question, if I remember it correctly, was where are we on salaries?
Kevin Rudd: Factors that annual quarterly reports filed yet.
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Kevin Rudd: Or are we looking statements are based on current expectations assumptions and beliefs as well as information available.
A question answer session will follow the formal presentation.
You may be placed in the question queue at any time by pressing star one on your telephone keypad. We ask you. Please ask one question and one follow up then return to the queue.
Kevin Rudd: As of the day, they are made and management undertakes no obligation to update publicly any of them in light of new information or future events during.
As a reminder, this conference is being recorded.
Kevin Rudd: During this call, we'll discuss certain non-GAAP financial measures.
Speaker Change: It's now my pleasure to trigger pull over to Kevin Rudd, Vice President of Investor Relations. Kevin. Please go ahead.
Kevin Rudd: Adjusted OIBDA holdup.
Kevin Rudd: Definition of these non-GAAP financial measures and reconciliation to the comparable GAAP financial measures are contained.
Kevin Rudd: Good morning.
We start I'd like to begin by reminding everyone that update.
Kevin Rudd: And in the Form 10-K and earnings press release available on the company's website.
Terry McGuirk: Now I'd like to turn the call over to Terry Mcguirk, Chairman, President and CEO of Atlantic Bridge.
Kevin Rudd: Forward looking statements.
Kevin Rudd: Forward looking statements address matters that are subject to risks and uncertainties.
Kevin Rudd: And may cause actual results to differ from those discussed today.
Terry McGuirk: Good morning, and welcome to the Atlanta Braves Holdings fourth quarter and full year 2024 earnings call.
Kevin Rudd: A number of factors could cause actual results to differ materially from those anticipated.
Kevin Rudd: Including those set forth the risks.
Terry McGuirk: We were excited about the 2025 season, where spring training is well underway in Florida.
Kevin Rudd: <unk>.
Kevin Rudd: Quarterly reports filed yet.
Kevin Rudd: Or are we looking statements are based on current expectations assumptions and beliefs as well as information available.
Terry McGuirk: You spent some time in watching our team prepare and I am impressed by what I've seen.
Terry McGuirk: Our players arrived at camp on February 11th.
Kevin Rudd: As of the date, they are making and management undertakes no obligation to update publicly any of them apply to information or future events.
Terry McGuirk: Ready to work hard and compete for another World series Ring this season.
Terence McGuirk: We have always been, over the last 3 or 4 years, been a top 10 salary organization in how we deploy that in baseball, and we expect that to be the same again this year. We have crossed the Competitive Balance Tax each of the last 2 years. It's possible we could do it again this year. That as a consideration, as a strategic element, isn't in our top 2 or 3 issues when we come to that, how we spend our salary levels. Alex Anthopoulos has always had the resources to do what he needs to do to put a championship group on the field. I see no different situation this year. We have some dry powder. We monitor the available talent field every day, 24/7, 365. This year, there are a tremendous number of free agents that still are out there in the marketplace.
Terry McGuirk: With opening day, only 29 days away our entire business and baseball operations teams are working hard to make sure we're ready both on and off.
Kevin Rudd: During this call, we'll discuss certain non-GAAP financial measures.
Kevin Rudd: Adjusted wipe it off the old.
Kevin Rudd: The definition of <unk>.
Kevin Rudd: GAAP financial measures and reconciliations to comparable GAAP financial measures are contained.
Terry McGuirk: We kicked off the season on March 27 in San Diego, and we will welcome bands for the home opener and truest part on April 4th when we take on the Miami Marlins.
Kevin Rudd: And in the Form 10-K and earnings press release available on the company's website.
Kevin Rudd: Now I'd like to turn the call over to Eric Berg, Chairman, President and CEO of Atlanta.
Terry McGuirk: We welcomed all-star outfielder jerks and probe card to the Atlanta Braves last month. It was one of the top three agents on the market and we can't wait to see them in our lineup every night.
Speaker Change: Good morning, and welcome to the Atlanta Braves Holdings fourth quarter and full year 2024 earnings call.
Speaker Change: We are excited about the 2025 seats, where spring training is well underway in north Port Florida.
Terry McGuirk: We are excited to get our top talent back. This season following injuries last year, namely Ronald <unk>, Austin, Rivaling Spencer Strider, Michael Harris, <unk>, and Shaun Murphy are all healthy and well on their way to being back on the field.
Speaker Change: You spent some time in watching our team prepare and I am impressed by what I've seen.
Speaker Change: Our players arrived at.
Speaker Change: February 11th.
Speaker Change: Ready to work hard.
Speaker Change: For another World series right.
Terry McGuirk: We feel that with so many of our players returning weird.
Speaker Change: Susan.
Speaker Change: With opening day, only 29 days away.
Terry McGuirk: Starting the season with a brush roster and lineup, which positions us well to compete deep into October.
Our business in baseball operations teams are working hard to make sure we are ready both on and off the field.
Terry McGuirk: We remain confident in the talent up and down our roster and our ability to compete and win at the highest level.
Speaker Change: We kicked off the season on March 27 in San Diego, and we will welcome fans for the home opener in tourist part.
Speaker Change: This July we will post the major League baseball all Star game, where we will showcase Atlanta Truth Park in the battery Atlanta, So baseball fans around the world. It is a tremendous honor for the British be selected as the host team.
Speaker Change: Or when we take on the Miami Marlins.
Speaker Change: We welcomed all-star outfielder jerks and pro forma for the Atlanta Braves last month it was.
Terence McGuirk: Just as an example, last year, we signed Adam Duvall on 17 March. Who knows exactly how this spring training shakes out from a salary standpoint. I think from the generalizations I gave you of being a top 10 salary organization going forward is exactly where we will be.
Speaker Change: One of the top three agents on the market.
Speaker Change: Can't wait to see them in our lineup every night.
Speaker Change: Our leadership and staff are working tirelessly alongside MLP to ensure we provide fans with the best possible experience here at Atlanta.
Speaker Change: We are excited to get our top talent back. This season following injuries last year, namely Ronald <unk>, Austin Riley Spencer Strider, Michael Harris, <unk> and Sean Burke.
Speaker Change: We set out each and every year to achieve the same goal to compete for and win the World series.
Speaker Change: Are all healthy and well on their way to being back on the field.
Speaker Change: We're excited about the year ahead, both on and off the field.
Speaker Change: We feel that with so many of our players returning we're starting the season with a fresh roster and lineup, which positions us well to compete deep into October.
Speaker Change: Continue to work hard to ensure that we provide a world class experience in the ballpark and the battery Atlanta for all fans and.
Barton Crockett: Okay. Thank you.
Operator: Thank you. Next question is coming from Matthew Harrigan from The Benchmark Company. Your line is now live.
Speaker Change: As always we hold ourselves to the highest standards the benefit of our fans are partners and you our shareholders.
Speaker Change: We remain confident.
Matthew Harrigan: Thank you. We've seen some remarkable spikes in social media engagement for sports as disparate as NBA and Formula 1, and it hasn't necessarily equated to higher linear viewing and maybe younger demographics in particular have the attention span of a goldfish, although that may be insulting to goldfish. Certainly you've got people who are literally monitoring games on betting apps if there are prop bets or just to bet on the game. It conveys a lot of interest in the NBA or MLB or whatever, but it isn't necessarily monetizable in an old school model. How do you go about addressing that? That's just kind of a behavioral change on the part of fans. Secondly, I asked you last time on the call about what you're doing on the international side to contribute to the popularity of the sport there.
Speaker Change: Up and down our roster and our ability to compete and win at the highest level.
Speaker Change: This July we will post the major League baseball all Star game, where we will showcase Atlanta Truest Park in the battery Atlanta, So baseball fans around the world. It is a tremendous honor for the Freddie be selected as the host cheap.
Speaker Change: Now I will turn it over to Derek Schiller, and Mike plant, who will walk you through the results from the quarter.
Speaker Change: Thanks, Terry and good morning to all I'd like to touch on a few pieces.
Speaker Change: Updates since our last quarterly call.
Speaker Change: First as we look to the start of the season, we are in excellent position reemergence.
Speaker Change: Our leadership and staff are working tirelessly alongside MLP to ensure we provide fans with the best possible experience here in Atlanta.
Speaker Change: George.
Speaker Change: Bankruptcy is good news.
Speaker Change: Entity.
Speaker Change: It's.
Speaker Change: An important development, where the brands.
Speaker Change: We set out each and every year to achieve the same goal.
Speaker Change: But we're not giving any specific partnership.
Speaker Change: The outcome.
Speaker Change: On page four and with the World series, we're excited about the year ahead, both on and off the field we.
Speaker Change: Well sports networks and certainty.
Speaker Change: Watch Braves needs throughout our territory.
Speaker Change: We continue to work hard to ensure that we provide a world class experience in the ballpark and the battery Atlanta for all fans.
Speaker Change: This partnership vehicle sports network required the screening rates for the Atlanta Braves and will for the first time.
Speaker Change: And as always we hold ourselves to the highest standards benefit our fans are partners and you our shareholders.
Speaker Change: <unk> access remains rooted.
Matthew Harrigan: I know the Braves clearly have a big international following, but any thoughts on that as well would be welcome. Thank you for taking my questions.
Speaker Change: It's been.
Speaker Change: Now the.
Speaker Change: The goal has always been to increase what do you mean opportunities for our growing fan base.
Speaker Change: Now I will turn it over to Derek Schiller and mine plant will walk you through the results from the quarter.
We believe this new partnership does exactly that.
Derek Schiller: Thanks, Matthew. It's Derek. I'll be happy to answer those. On the social media front and really media consumption as a whole, I'll sort of reiterate a little bit of what I said before relative to our local rights approach, which is, to the extent possible, we want to try to create the maximum accessibility of our content throughout our available territory. Again, we have one of the largest territories in all of pro sports, so our opportunity is quite large. I think part of what you're seeing in our approach to the local media is really a relationship to exactly what you're alluding to. It's trying to find the fans wherever they are and give them the maximum accessibility to our games. Specific to social media, I would say our approach is rather robust.
Speaker Change: In addition to our broadcast partnership with Daniel We announced in December a multi year partnership with Raytheon.
Derek Schiller: Thanks, Terry and good morning, Paul I'd like to touch on a few.
Speaker Change: Updates since our last quarterly call.
Speaker Change: Beginning this year.
Speaker Change: First as we look to the start of the season.
Speaker Change: Independently producing there and screen sharing news and also a simulcast 15 regular season do alongside sports network.
Speaker Change: Excellent position reemergence.
Speaker Change: From bankruptcy.
Speaker Change: <unk>.
Speaker Change: Fortunately this important development with Greg.
Speaker Change: This partnership makes Braves baseball, even more available, allowing fans throughout the country to watch on television.
Speaker Change: Well, we're not giving the specifics of the partnership.
Speaker Change: Yeah.
Speaker Change: Ability.
Speaker Change: Really as the nation's largest owner of top rated local television stations and digital assets represents a first of its kind experience.
Robert: Sports networks, and certainty and stability swap rates DS Robert.
Part of this partnership sample sports network requirements really Brian with the Atlanta Braves and will.
Speaker Change: Access <unk> through new platform overall.
Speaker Change: Overall, the tangible sports network and great media partnerships will be increased viewership opportunities for our fans.
Robert: For the first time.
Robert: Access three days.
Robert: It's Dan.
Robert: Al.
Speaker Change: Most importantly, we are excited that this will allow everyone across the country.
Robert: <unk> has always been to increase do you mean opportunities for growth.
Terence McGuirk: Like a lot of professional sports teams, we meet our fans where they are, and so whether that's an Instagram or a Facebook or wherever our fans are, that's what we're generating content towards. We have, in fact, some content that's launching on YouTube, and have used YouTube as examples for that. There's going to be a lot of ways that we reach out to fans across a wide spectrum of the media landscape, and there's a lot of disruption and things that are occurring on that. As it relates to international development, actually, somewhat relates to this particular topic, and that is, to the extent possible, we try to get to our fans again wherever they are. In the case of social media, they're coming from all across the United States, the world.
Speaker Change: <unk> the very first time.
Robert: We believe this partnership does exactly that.
Speaker Change: Turning now to some updates.
Speaker Change: <unk> Park and the surrounding area.
Robert: In addition to our broadcast partnership with tangible we announced in December a multiyear partnership with Raytheon.
Speaker Change: In November we reaffirmed our dedication to our yogurt stands with British country, the new children's healthcare of Atlanta Park.
Robert: Beginning this year.
Robert: Independently producing there.
Speaker Change: Located in the left field club between tourists parts left Youll see.
Robert: <unk>.
Robert: And also a simulcast 50 regular season games alongside.
Speaker Change: In the third.
Speaker Change: This 30000 square foot family space will measure over two times the size of the existing hoping we'll standby.
Robert: Sports doing.
Robert: This partnership makes Braves baseball, you've been more available, allowing fans throughout the country, who will update us on TV.
Speaker Change: Redo children's healthcare of Atlanta Park will open on game days, the accessible from the battery Atlanta or non game day events and activities.
Robert: <unk> is the nation's largest owner of top rated local television stations and digital assets represents first.
Speaker Change: <unk> Park, we are excited to announce a new food hall named the outfield market, which will be populated with some of the top offerings from across the southeast.
Robert: Great.
Robert: <unk> access revenues through new platforms.
Robert: For all the tangible sports network and Great media partnerships.
Speaker Change: This is another example of our commitment to providing the best in class experience for our fans through his part.
Terence McGuirk: We have extremely large followings that are coming to us from all those different international places. I think this is a little bit of a continuation of quite frankly, how the fan base has emerged way back when we were on TBS as a superstation. We enjoy the benefits of the early on years where you could find us all across the country and the globe as a result of that. As far as baseball goes, there's a significant international development approach with baseball. The World Baseball Classic is just one example, but there's a lot of things that are going on, and this is probably a good time to remind everybody on the call, we're hosting the All-Star Game this year.
Robert: Opportunities for our business.
Importantly, we are excited that this will allow everyone across brands countries the ability to view our views for the very first time.
Speaker Change: Next I would like to turn the call over to Mike <unk>, President and CEO of <unk> company to discuss updates to the battery Atlanta.
Robert: Turning now to some updates the.
Robert: <unk> park and surrounding area.
Speaker Change: Thanks, Derrick I wanted to start by saying, we continue to be incredibly proud of the battery Atlanta expansion and success.
Robert: In November we.
Robert: Reaffirm our dedication towards younger spans the country.
Robert: A new children's healthcare of the pen apart.
Speaker Change: In 2020 for the battery saw a total of $8 7 million visitors throughout the year, helping to generate more than $130 million of retail revenue for our tenants.
Robert: Okay, good and the love field Plaza between each risk parts.
Robert: And third base.
Robert: 30000 square foot family space will measure over time.
Speaker Change: On average our visitors frequented battery over two four times with an average dwell time of 165 minutes per visit.
Robert: Existing home standby.
Robert: Children's healthcare of Atlanta Park will open on game days.
Robert: First what was the battery Atlanta or non game day events and activities.
Speaker Change: While metrics were impacted by three fewer Braves home games as well as two fewer concerts at <unk> Park in the fourth quarter of 2024 compared to the prior year. We are encouraged by the year over year growth.
Terence McGuirk: This is all eyes of the baseball world, the sports world will be descending upon Atlanta and Truist Park come 15 July. This is a perfect opportunity to showcase all of what we do and how we do it and hopefully garner more fans as a result.
Robert: And such risk part we are excited to announce a new food hall named the outdoor market, which will be populated with some of the top offerings from across the southeast.
Robert: This is another example of our commitment to providing the best in class experience for our fans.
Speaker Change: Notably the battery Atlanta flagship destination, even outside of baseball games.
Matthew Harrigan: If someone's following particular players or just betting on games, is there a lag in monetizing that direct consumer engagement? Can you get more advertising on that over a period of time? Because it feels like there's a free rider effect for some people who aren't watching the TV broadcasts just to be persistent.
Robert: <unk> Park.
Mike: Next I would like to turn the call over to Mike.
Speaker Change: Unlike nearly all other professional sports venues, we have benefited of the battery Atlanta being a year round attraction that draws visitors regardless of the season.
Speaker Change: Public companies to discuss updates to the battery Atlanta.
Speaker Change: Thanks, Derrick I wanted to start by saying, we continue to be incredibly proud of the battery Atlanta expansion and success in 2020 for the battery saw a total of $8 7 million visitors throughout the year, helping to generate more than $130 million of retail revenue for our tenants.
As an example for our new year's Eve celebration, we hosted over 46000 visitors in the battery Atlanta, highlighting its appeal to our fans and the city of Atlanta.
Derek Schiller: Yeah. Look, not everybody's going to sit down and watch a two-and-a-half hour or three-hour game. To the extent possible, developing content that's short form in nature is something that we need to do, we've been doing. Baseball's done a really good job of giving our players tools directly that help them shape social media opportunities in addition to what we do at the team level. I think those things will continue to emerge and develop, and hopefully when somebody's following us in a social media setting that might be short form, they become a bigger fan of the team, and ultimately will follow our content to the extent possible on a long form basis.
Speaker Change: Battery Atlanta continues to attract top brands and franchises and our footprint and access to fans gives us a unique advantage as we look to partner with tenants.
Speaker Change: On average our visitors frequented the battery over 2.4 times with an average dwell time.
Speaker Change: About 165 minutes per visit Walt.
Speaker Change: All metrics were impacted by three fewer Braves home games as well as two fewer concerts at Truest Park in the fourth quarter of 2024 compared to the prior year. We are encouraged by the year over year growth.
Speaker Change: This quarter, we announced that shake shack will be coming to the battery featuring the first full bar in the United States.
Speaker Change: And walk ons sports Bistro co owned by former NFL quarterback drew Brees is set to open in the battery this summer.
Speaker Change: Notably the battery Atlanta is a flagship destination, even outside of baseball games.
Speaker Change: We're also nearing the completion of the 250000 square foot five ballpark center, which will soon serve as a national headquarters for true Securities here at the battery Atlanta.
Speaker Change: Unlike nearly all other professional sports venues, we have benefited of the battery Atlanta being a year round attraction that draws visitors regardless of the season.
Matthew Harrigan: Thanks, Derek. I hope you have a great season.
Speaker Change: The facility features a 42000 square foot trading floor and will accommodate roughly 1000, new employees coming to our campus.
Derek Schiller: Thank you.
Speaker Change: As an example for our new year's Eve celebration, we hosted over 46000 visitors in the battery Atlanta, highlighting its appeal to our fans and the city of Atlanta.
Operator: Thank you. We've reached the end of our question and answer session. I'd like to turn the floor back over to Derek for any further closing comments.
Derek Schiller: I just want to thank everybody for joining us today. As a reminder that we have a lot ahead of us. I think we're 29 days to 27 March, the opening of our season, 37 days to 4 April when we have our first home opener for the season. Of course, as I mentioned, 15 July, the All-Star Game comes to Atlanta. Thank you everybody for joining the call. We'll look forward to hearing from you and seeing you next time.
Speaker Change: We also expect from a securities to begin its occupancy in the first half of 2025.
Speaker Change: Battery Atlanta continues to attract top brands and franchises and our footprint and access to fans gives us a unique advantage as we look to partner with tenants.
Speaker Change: And with that I'll turn things over to Jill to discuss the company's financials.
Jill: Before I begin I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season.
Speaker Change: This quarter, we announced that shake shack will be coming to the battery featuring the first full bar in the United States.
Jill: Given our final 2024 home game within the third quarter, we did not have year over year comparable revenue in the fourth quarter.
Speaker Change: And walk on sports Bistro co owned by former NFL quarterback drew Brees is set to open in the battery this summer.
Operator: Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.
Jill: Total revenue was $52 1 million and $662 7 million in the fourth quarter and full year 2024, respectively.
Speaker Change: We're also nearing the completion of the 250000 square foot five ballpark center, which will soon serve as a national headquarters for true Securities here at the battery Atlanta.
Jill: This was down from $67 7 million in the fourth quarter of 2023, but up from $640 7 million for full year 2023.
Speaker Change: Facility features a 42000 square foot trading floor and will accommodate roughly 1000, new employees coming to our campus.
The quarterly decline was driven mainly by the absence of any home games or concerts in the fourth quarter of 24 compared to three home games, including slow season, and two concerts held in the fourth quarter of 2023.
Speaker Change: We also expect through securities to begin its occupancy in the first half of 2025.
Speaker Change: And with that I'll turn things over to Jill to discuss the company's financials.
Jill: As a reminder, the company manages its business based on the following reportable segment.
Jill: Before I begin I want to remind everyone that a majority of our revenue is seasonal and it's aligned to the baseball season, given our final 2024 home game within the third quarter, we did not have year over year comparable revenue in the fourth quarter.
Jill: Baseball and mixed use development.
Jill: For baseball revenue was $595 4 million in 2024 up from 581 7 million in 2023.
Jill: Total revenue was $52 1 million and $662 7 million in the fourth quarter and full year 2024, respectively.
Jill: This revenue increase was driven by a combination of baseball event revenue and broadcasting revenue.
Jill: Baseball revenue increase due to new sponsorship agreements and contractual rate increases on season ticket, partially offset by reduced attendance at regular season home games.
Jill: This was down from $67 7 million in the fourth quarter of 2023, but up from $640 7 million for full year 2023.
Jill: Broadcast revenue increased due to contractual rate increases.
Jill: The quarterly decline was driven mainly by the absence of any home games, our concerts in the fourth quarter of 24 compared to three home games, including first season and two concerts held in the fourth quarter of 2023.
Jill: Mixed use development revenue was $67 3 million in 2024 up from 59 million in 2023 and was primarily driven by increases in rental income and parking revenue.
Jill: As a reminder, the company manages its business based on the following reportable segments baseball and mixed use development.
Jill: Our full year adjusted OIBDA increased to $39 7 million in 2024, an increase of $1 9 million as the increased revenue from our various operations were somewhat offset by an increase in baseball operating cost.
Jill: For baseball revenue was $595 4 million in 2024 up from $581 7 million in 2023.
Jill: <unk> increased player salaries, and a larger revenue share expense.
Jill: This revenue increase was driven by a combination of baseball event revenue and broadcasting revenue.
Jill: In the fourth quarter, adjusted OIBDA improved to negative $3 8 million.
Jill: Baseball revenue increase due to new sponsorship agreements and contractual rate increases on season tickets, partially offset by reduced attendance at regular season home games.
Jill: Up from negative $13 million in the fourth quarter of 2023.
Jill: This improvement was due to a reduction in baseball operating expenses, including player salaries and off season trade activity.
Jill: Broadcast revenue increase due to contractual rate increases.
Jill: Our operating loss improved to $18 6 million in the fourth quarter of 2024 as compared to an operating loss of $32 4 million in the fourth quarter of 2023.
Jill: Mixed use development revenue was $67 3 million in 2024 up from 59 million in 2023 and was primarily driven by increases in rental income and parking revenue.
Jill: For the full year 2024, our operating loss improved to $39 8 million as compared to an operating loss of $46 4 million in 2023, primarily due to an increase in revenue.
Jill: Our full year adjusted OIBDA increased to $39 7 million in 2024, an increase of $1 9 million as the increased revenue from our various operations were somewhat offset by an increase in baseball operating costs.
Jill: As of December 31, 2024, the company had $110 1 million of cash and cash equivalents nearly all of our cash and cash equivalents are invested in U S Treasury Securities.
Jill: Putting increased player salaries and a larger revenue share expense.
Jill: In the fourth quarter, adjusted OIBDA improved to negative $3 8 million.
Jill: Other government securities or government guaranteed funds AAA rated money market funds and other highly rated financial and corporate debt instruments.
Jill: Up from negative 13 million in the fourth quarter of 2023.
Jill: This improvement was due to a reduction in baseball operating expenses, including player salaries and off season trade activity.
Jill: And with that operator, let's open the line for questions.
Speaker Change: Certainly when they will be conducting a question and answer session if you'd like to be placed in the question queue. Please press star one on your telephone keypad.
Jill: Our operating loss improved to $18 6 million in the fourth quarter of 2024 as compared to an operating loss of $32 4 million in the fourth quarter of 2023.
Speaker Change: As a reminder, we ask you. Please ask one question and one follow up then return to the queue. You May press star two if he'd like to remove your question from the queue. Once again Thats star one to be placed in the question Q.
For the full year 2024, our operating loss improved to $39 8 million as compared to an operating loss of $46 4 million in 2023, primarily due to an increase in revenue.
Speaker Change: One moment, please while we poll for questions.
Speaker Change: First question today is coming from Ben Swinburne from Morgan Stanley. Your line is now live.
Jill: As of December 31st 2024, the company had $110 1 million of cash and cash equivalents nearly all of our cash and cash equivalents are invested in U S Treasury Securities.
Ben Swinburne: Thanks, Good morning, everybody.
Ben Swinburne: Maybe I wanted to touch on two topics one is on your local media rights and that business and 25.
Ben Swinburne: And the other sort of maybe capital structure and kind of the balance sheet.
Jill: Other government securities or government guaranteed funds AAA rated money market funds and other highly rated financial and corporate debt instruments.
Ben Swinburne: No.
Ben Swinburne: Going into 2005, you've got an agreement with Standalone television you talked about the streaming rights for the first time being made available you have your deal with gray can.
Speaker Change: And with that operator, let's open the line for questions.
Speaker Change: Can you kind of put all that together, maybe strategically what does that mean for the business and then financially does that is this a new structure that should impact.
Speaker Change: Certainly when I'll be conducting a question and answer session if you'd like to be placed in the question queue. Please press star one on your telephone keypad as a reminder, we ask you. Please ask one question and one follow up then return to the queue. You May press star two if you'd like to remove your question from the queue. Once again Thats star one to be.
Speaker Change: Broadcasting revenue growth, one way or the other in 25 versus the trend lines, we have been seeing and I just wanted to confirm that this <unk> agreement continues to run through 2007, I don't know if that changed as part of the the restructuring activity last year and then I'll just throw out my my balance sheet question, maybe probably for Derrick is this the right like how are you guys.
Speaker Change: <unk> question Q1.
Speaker Change: One moment, please while we poll for questions.
Speaker Change: First question today is coming from Ben Swinburne from Morgan Stanley. Your line is now live.
Speaker Change: Think about capital structure and leverage does this sort of the right level of debt for the business are you looking at trying to delever over time, you're trying to get to free cash flow positive any any thoughts there would be helpful. Thanks, so much.
Ben Swinburne: Thanks, Good morning, everybody.
Speaker Change:
Speaker Change: Maybe I wanted to touch on two topics. One is on your local media rights and that business and twenty-five and the other sort of maybe capital structure and kind of the balance sheet. So.
Speaker Change: Hey, Ben Derrick. Thank you very much for the question, yes, so on the on the topic of media and local media specifically.
Speaker Change: Going into 25, you've got a an agreement with Standalone T V. You talked about the streaming rights for the first time being made available you have your deal with gray.
I would say we feel like we're we remain in a very strong position obviously, the reemergence of main street's sportswear and bankruptcy, we see as a net positive. It also gave us the opportunity.
Speaker Change: Can you kind of put all that together, maybe strategically what does that mean for the business and then financially does that is this a new structure that should impact <unk>.
Speaker Change: To reengineer that deal slightly and the reengineering of that deal really relates to creating more accessibility of our games for our fans. So that's done in a couple of different ways, the first and foremost of which is.
Speaker Change: Casting revenue growth, one way or the other in twenty-five versus the trend lines, we've been seeing and I just wanted to confirm that that the Standalone agreement continues to run through 'twenty seven I don't know if that changed as part of the the restructuring activity last year, and then I'll just throw out my balance sheet question, maybe probably for Derrick.
Speaker Change: By adding streaming opportunities into that deal. So that wasn't previously in that deal. So now we have streaming coupled with.
Speaker Change: Is this the right like how you guys think about capital structure and leverage does this sort of the right level of debt for the business are you looking at trying to delever over time, you're trying to get to free cash flow positive any any thoughts there would be helpful. Thanks, so much.
Speaker Change: The traditional linear distribution of.
Speaker Change: Those rights so those things coupled together means that theoretically everybody inside of raves country has the accessibility to see our games.
Ben Derrick: Hey, Ben Derrick. Thank you very much for the question, yes, so on the on the topic of media and local media specifically.
Speaker Change: This is a good reminder, and good time to remind you that that we have one of the strongest if not the strongest.
I would say we feel like we're we remain in a very strong position obviously, the reemergence of main street's sportswear and bankruptcy, we see as a net positive. It also gave us the opportunity.
Uh huh.
Speaker Change: <unk> TV territories, and all of major League baseball.
Speaker Change: So we're now we're now able to penetrate effectively that entire marketplace. The other reengineering gave us the ability to go to a.
Ben Derrick: To reengineer that deal slightly and the reengineering of that deal really relates to creating more accessibility of our games for our fans. So that's done in a couple of different ways, the first and foremost of which is.
Speaker Change: Over the air partner, which is what we talked about with the great media deal. So that that deal is is important because it also gives us further accessibility of those games to more people. So that's done in a couple of different ways. We actually have our first spring training broadcast with <unk>.
Ben Derrick: By adding streaming opportunities into that deal. So that wasn't previously in that deal. So now we have streaming coupled with.
Ben Derrick: The traditional linear distribution of of those rights. So those things coupled together means that theoretically everybody inside of Braves country has the accessibility to see our games and this is a good reminder, and good time to remind you that that we have one of the strongest if not the strongest.
Speaker Change: Tomorrow.
Speaker Change: And we will have 10 total spring training game. So you have a lot more spring training games available through our fans and then going into the regular season, we have 15.
Speaker Change: Games that we will be doing a simulcast so all of that together means there's more ways for our fans to view our games follow our content and ultimately.
Ben Derrick: Hum TV territories, and all of major League baseball.
Speaker Change: That's a benefit to our fans and to the business as far as capital structure I'll turn to Jill who can probably give you a little bit of highlight on that one.
We're now we're now able to penetrate effectively that entire marketplace. The other reengineering gave us the ability to go to a over the air partner, which is what we talked about with the great media deal. So that that deal is is important because it also.
Speaker Change: Then would you mind repeating your question about capital structure.
Speaker Change: Your company is at a unique public company as a professional sports team with real estate assets and so we don't have a lot of comparables to think about kind of the right level of debt and whether kind of generating positive free cash flow as we think about cash from operations less capex is an important priority for the company. So I'm just trying to get a sense for.
Ben Derrick: It gives us further accessibility of those games to more people. So that's done in a couple of different ways.
Ben Derrick: We actually have our first spring training broadcast with Gray Tomorrow, and we will.
Speaker Change: Sure. If you guys are comfortable with with the structure you have today and the financial profile, if you'd like to see less debt over time or anything you could share would be helpful.
Ben Derrick: Have 10 total spring training games. So you have a lot more spring training games available to our fans and then going into the regular season, we have 15 game.
Speaker Change: Yes, so I would I would break our debt into two categories. The debt that's associated with the real estate asset.
Ben Derrick: Games that we will be doing is simulcast so all that together means there is more ways for our fans to view our games follow our content and ultimately that's.
Speaker Change: Which is all tied to construction on the on the assets in the battery.
Speaker Change: Obviously that is all secured debt.
Speaker Change: That's a benefit to our fans and to the business as far as capital structure I'll turn to Jill who can probably give you a little bit of highlight on that one.
Speaker Change: Comfortable with where we are there and then on the baseball side. Our goal is slightly different and our goal on the Batesville side is really to maintain as much liquidity as possible, we feel like having borrowing capacity.
Speaker Change: Then would you mind repeating your question about capital structure.
Speaker Change: If your companies is it a unique public company as a professional sports team with real estate assets and so we don't have a lot of comparables to think about kind of the right level of debt and whether kind of generating positive free cash flow as we think about cash from operations less capex is an important priority for the company. So just trying to get a sense for.
Speaker Change: Available to us allows us flexibility to invest in the team invest in the stadium in an opportunistic manner as.
Speaker Change: As we move forward so.
Speaker Change: To answer your question, Yes, we're comfortable with where we are gotcha. Thank you Jill.
Speaker Change: Yeah.
Speaker Change: Sure. If you guys are comfortable with with the structure you have today and the financial profile, if you'd like to see less debt over time or anything you could share would be helpful.
Speaker Change: Thank you next question is coming from David Joyce from Seaport Research Partners. Your line is now live.
David Joyce: Thank you I was wondering what else you can do on the development front within your.
Speaker Change: Yes, so I would I would break that into two categories. The debt that's associated with the real estate asset, which is all tied to construction on the on the assets and the battery obviously that is all secured debt and we're comfortable with where we are there and then on the baseball side. Our goal is slightly different and our goal on that.
Speaker Change: The footprint of <unk>.
David Joyce: You have there surrounding that.
Speaker Change: Park, and what can you do on concert venues.
Speaker Change: I guess it would be mostly in the park either in season or outside the season.
They sell side is really to maintain as much liquidity as possible, we feel like having borrowing capacity.
Speaker Change: You did call out that you didn't have any in the fourth quarter. So just wondering.
Speaker Change: Whats the opportunity set there.
Speaker Change: Hey, David This is Mike Thanks for your question.
Speaker Change: Available to us allows us flexibility to invest in the team invest in the stadium in an opportunistic manner ethylene.
Speaker Change: We have said this in many years in the past year that we have some undeveloped land that is still available.
As we move forward so.
Speaker Change: We remain opportunistic about opportunities that come to us through a securities. The headquarters is a great example of that that brings as I said earlier up to a 1000 new employees to this campus.
Speaker Change: To answer your question, Yes, we're comfortable with where we are gotcha. Thank you Jill.
Speaker Change: Yeah.
Speaker Change: Thank you. Your next question is coming from David Joyce from Seaport Research Partners. Your line is now live.
Speaker Change: <unk>.
Speaker Change: Through our efforts, we continue to see new opportunities Shake Shack is a great example of that bringing incredible brand two to our campus and the battery. So look we've I think we've demonstrated over the last eight years that we.
David Joyce: Thank you I was wondering what else you can do on the development front within your footprint.
Speaker Change: Footprint of who you have there surrounding the you know the park and what can you do on concert venues.
Speaker Change: Were very attractive because of the year round used year round impact that we create and we will continue to look at opportunities as they come our way.
Speaker Change: I guess it would be mostly in the park either in season or outside the season. Since you did call out that you didn't have any in the fourth quarter just wondering.
And it's Derik I'll touch on the concerts and frame this more in non game day events.
Speaker Change: So what's the opportunity set there thanks.
Speaker Change: Hey, David This is Mike plant. Thanks for your question.
Speaker Change: We're going to be.
Speaker Change: Look we've said this in many years in the past year that we have some undeveloped land that is still available.
Speaker Change: Very aggressive in trying to get as many non game day events in our ballpark in attracting and in throughout the battery as possible.
We remain opportunistic about opportunities that come to us through a securities. The headquarters is a great example of that that brings as I said earlier up to 1000, new employees to this campus.
Speaker Change: Some of Thats just timing with concert is for example, it has everything to do with tour routing and schedules and concerts are out on tour in that particular year that particular month, so it's going to be a little bit randomized from year to year, but overall, our non game day event business is.
Speaker Change: Through our efforts, we continue to see new opportunities Shake Shack is a great example of that bringing incredible brand two to our campus and the battery. So look we've I think we've demonstrated over the last eight years that we.
Speaker Change: Extremely strong and in fact, some of the master planned projects that we've talked about and touched on.
Speaker Change: In addition to helping with the business.
Speaker Change: Our very attractive because of the year round used year round impact that we create and we will continue to look at opportunities as they come our way.
Speaker Change: The baseball team and the Braves or baseball game purposes. They also are important for non game day use. So we're looking at the return on investment with both of those things and feel very strongly about the outlook for non game day events.
Speaker Change: And it's Derik I'll touch on the concerts and I'll frame this more in non game day events.
Speaker Change: We're going to be.
Speaker Change: Great. Thank you.
Speaker Change: Very aggressive in trying to get as many non game day events in our ballpark in attracting and in throughout the battery as possible.
Speaker Change: Thank you next question is coming from Barton Crockett from Rosenblatt Securities. Your line is now live.
Speaker Change: Some of Thats just timing with concert is for example, it has everything to do with tour routing and schedules and you know what concert Youre out on tour in that particular year or that particular month, so it's going to be a little bit randomized from year to year, but overall, our non game day event business is.
Barton Crockett: Okay, great. Thanks for taking the questions and.
Speaker Change: Yes, it was.
Speaker Change: Curious about some thoughts on the broadcasting rights environment.
Speaker Change: You addressed kind of the local but I'm interested in the national which I guess is still kind of in process, but obviously theres been some press reports that.
Speaker Change: ESPN, maybe walking from its deal and there's some thought that maybe the national rights for MLB are overpriced, and we will have a downward trajectory.
Extremely strong and in fact, some of the master planned projects that we've talked about and touched on.
Speaker Change: In addition to helping with the business of the baseball team and the brace for baseball game purposes. They also are important for non game day use. So we're looking at the return on investment with both of those things and feel very strongly about the outlook for non game day events.
Speaker Change: And I was just wondering if you could address your thoughts on that do you think of that as a possibility something you need to prepare for and just some sense of the exposure of you guys to those national TV contracts and how you think about it would be interesting.
Speaker Change: So that's one question and then on a completely different subject I was just wondering there's been a lot of talk about the off season trade moves you guys have been clients. Some of your competitors have been very active.
Speaker Change: Great. Thank you.
Speaker Change: Thank you next question is coming from Barton Crockett from Rosenblatt Securities. Your line is now live.
Speaker Change: Okay, great. Thanks for taking the questions and.
Speaker Change: If you could address some of the I guess worries that maybe your off season have been too quiet.
Speaker Change: I was curious about some thoughts on.
Speaker Change: But also in terms of the P&L, what we should think about in terms of player salaries for the year.
Speaker Change: The broadcasting rights environment.
Speaker Change: You addressed kind of the local but I'm interested in the national which I guess is still kind of in process, but obviously theres been some press reports that.
Terry McGuirk: Okay. This is Terry responding.
Speaker Change: So the.
Speaker Change: The ESPN MLB.
Speaker Change: ESPN may be walking from its deal and there's some thought that you know maybe the national rights for MLB are overpriced, and we will have a downward trajectory and I was just wondering if you could address your thoughts on that do you.
Speaker Change: Breakup is getting really outsized.
Speaker Change: Public.
Speaker Change: Scrutiny I really think that.
Speaker Change: From the Atlanta Braves standpoint, this is as a non event it will have no effect whatsoever on our.
Speaker Change: Think of that as a possibility something you need to prepare for and just some sense of the exposure of you guys to those national TV contracts and how you think about it would be interesting.
Speaker Change: Economics.
Speaker Change: The obviously MLP has has had its own comments on this but I would just make the observation that I think the market is going to be surprised at the enthusiasm and uptake on the.
Speaker Change: So that's one question and then on a completely different subject I was just wondering there's been a lot of kind of talk about the off season trade moves you guys have been quiet some of your competitors have been very active you know if you can.
Speaker Change: Address some of the you know I guess worries that you know maybe your off season have been too quiet.
Speaker Change: Interest in these sets of Reits that are coming available for next year.
Speaker Change: But also in terms of the P&L you know what we should think about in terms of player salaries for the year.
Speaker Change: And.
Speaker Change: I know that the.
Speaker Change: The interest is very strong and I am sure Youll hear more from.
Terry: Okay. This is Terry responding.
Speaker Change: So the.
Speaker Change: Rob Manfred on this in the coming weeks.
Terry: The ESPN MLB breakout.
Terry: Breakup is getting really outsized.
Speaker Change: Second question.
Speaker Change: The.
Terry: Public.
Speaker Change: If I remember correctly was the.
Terry: Scrutiny I really think that.
Speaker Change: Where are we on salaries and the.
Terry: From the Atlanta Braves standpoint, this is as a non event it will have no effect whatsoever on our.
Speaker Change: We have always been over the last three years or four years been a top 10 salary.
Terry: Economics.
Terry: The obviously MLP has has had its own comments on this but I would just make the observation that I think the market is going to be surprised at the enthusiasm and uptake on the.
Speaker Change: Organization.
Speaker Change: And how we deploy that in baseball and we.
Speaker Change: We expect that to be the same again this year.
Speaker Change: Our.
Speaker Change: We have we have crossed the competitive balance tax each of the last two years.
Terry: Interest in these sets of Reits that are coming available for next year.
Speaker Change: It's possible we could do it again this year.
Terry: And.
Terry: I know that the.
Speaker Change: Or is that is a consideration as a strategic element isn't in our top two or three issues when we come to that.
Terry: The interest is very strong and I'm sure you'll hear more from.
Speaker Change: Rob Manfred on this in the coming weeks.
Speaker Change: How we spend our salary levels.
Speaker Change: Second question.
Terry: The.
Alex: Alex has always had Alexandra Apple has always had the resources to.
Terry: If I remember it correctly was the where.
Terry: Where are we on salaries and the.
Speaker Change: Do what he needs to do to put a championship.
Alex: <unk> on the field.
Terry: We have always been over the last three years or four years been a top 10 salary.
Speaker Change: No different situation this year.
Alex: We have some dry powder.
Terry: Organization.
Terry: And how we deploy that in baseball and we.
Alex: We monitor the available talent.
Alex: Field everyday $24 $703 65.
Terry: We expect that to be the same again this year.
Alex: Yeah.
Terry: Our.
Alex: This year there are a tremendous number of free agents that still are out there in the marketplace.
Terry: We have we have crossed the competitive balance tax each of the last two years.
Alex: Just as an example last year, we signed Adam do ball on March 17th.
Terry: It's possible we could do it again this year.
Terry: Or is that is a consideration as a strategic element isn't in our top two or three issues when we come to that.
Alex: And.
Alex: So.
Alex: Who knows exactly how this spring training.
Alex: Jakes out from a.
Terry: How we spend our salary levels.
Alex: Our salary standpoint, but.
Terry: Alex has always had Alexander <unk> has always had the resources to.
Alex: I think from the generalizations I gave you of being a top 10 salary organization going forward is exactly where we will be.
Terry: To do what he needs to do to put a championship group on the field.
Terry: I see no different situations this year.
Alex: Okay. Thank you.
Matthew Harrigan: Thank you next question is coming from Matthew Harrigan from the Benchmark Company. Your line is now live.
Terry: We have some dry powder.
Terry: Sure.
Terry: We monitor the available talent.
Matthew Harrigan: Thank you.
Speaker Change: Since the remarkable spikes in social media engagement for sports as disparate as MBA.
Terry: Field everyday $24 $703 65.
Terry: This year there are a tremendous number of free agents that still are out there in the marketplace.
Matthew Harrigan: And Formula one.
Matthew Harrigan: Hasnt necessarily equate to higher linear viewing and maybe younger demographics in particular have the attention span of a goldfish maybe insulting to.
Terry: Just as an example last year, we signed Adam do ball on March 17th.
Matthew Harrigan: Goldfish.
Matthew Harrigan: And then certainly you've got people, who are literally moderated games on betting apps if their crop. So just just to bet on the dam so it.
Terry: And.
Terry: So.
Terry: Who knows exactly how this spring training shakes out from a.
Terry: A salary standpoint.
Speaker Change: Conveys a lot of interest in the NBA or the MLP or whatever but it does it doesn't necessarily monitor risible and an old school model. How do you go about addressing that this was kind of a behavioral change on the part of fans and then secondly, I asked you last I wanted to call.
Terry: <unk>.
Terry: I think from the generalizations I gave you of being a top 10 salary organization going forward is exactly where we will be.
Speaker Change: Okay. Thank you.
Speaker Change: Thank you next question is coming from Matthew Harrigan from the Benchmark Company. Your line is now live.
Matthew Harrigan: About what youre doing in the international side.
Matthew Harrigan: To contribute to the popularity of the sport there I know the Braves clearly have a big international falling, but any any thoughts on that as well it would be welcome. Thank.
Speaker Change: Oh. Thank you we're seeing some remarkable spikes in social media engagement for sports as disparate as MBA.
Speaker Change: And formula one and it hasn't necessarily equate to the higher linear viewing and maybe younger demographics in particular have the attention span of a goldfish, although maybe it's also into Q.
Matthew Harrigan: Thank you. Thank you for taking my questions.
Derek Schiller: Thanks, Matthew it's Derek all of the <unk>.
Derek Schiller: To answer those so on the social media front and really a media consumption as a whole.
Speaker Change: Goldfish and had been certainly you've got people who are literally.
Derek Schiller: I'll sort of reiterate a little bit of what I said before relative to our local rights approach, which is to the extent possible. We want to try to create the maximum accessibility of our content throughout our available territory and again, we have one of the largest territories and all of pro sports. So our opportunity is quite large.
Speaker Change: Moderate games on betting apps if there.
Speaker Change: So just just to bet on the dam so it.
Speaker Change: Conveys a lot of interest in the NBA or the MLP or whatever but it does it doesn't necessarily molotov sizeable and an old school model. How do you go about addressing that that's just kind of a behavioral change on the part of fans and then secondly, I asked you last I wanted to call about.
Derek Schiller: So I think part of what Youre seeing in our approach to the local media is really a relationship to exactly what youre alluding to it's trying to find the fans wherever they are and give them the maximum accessibility to our games.
What youre doing the international side to contribute to the popularity of the sport there I know the Braves clearly have a big international falling but any.
Derek Schiller: Specific to social media I would say our approach is rather robust.
Speaker Change: Any thoughts on that as well it would be welcome.
Derek Schiller: Like a lot of professional sports teams.
Speaker Change: Thank you for taking my questions.
Derek Schiller: We meet our fans, where they are and so whether thats.
Derik: Thanks, Matthew it's Derik I'll be happy to answer those so on the social media front and really a media consumption as a whole.
Derek Schiller: And Instagram or Facebook or whatever our fans are.
Derek Schiller: What we're generating content towards we have in fact have.
Derik: I'll sort of reiterate a little bit of what I said before relative to our local rights approach, which is to the extent possible. We want to try to create the maximum accessibility of our content throughout our available territory and again, we have one of the largest territories and all of pro sports. So our opportunity is quite large.
Derek Schiller: Some content that's launching on Youtube.
Derek Schiller: Have used Youtube as examples for that so there's going to be a lot of ways that we reach out to fans across a wide spectrum of the media landscape and there is a lot of disruption and things that are occurring on that as it relates to international development actually.
Derik: So I think part of what Youre seeing in our approach to the local media is really a relationship to exactly what youre alluding to it's trying to find the vans wherever they are and give them the maximum accessibility to our games.
Derek Schiller: Somewhat relates to this this particular topic and that is to the extent possible, we try to get to our fans again wherever they are and in the case of social media. They are coming from all across the United States The world.
Derek Schiller: We have extremely large followings that are coming to us from all those different international places.
Derik: Specific to social media I would say our approach is rather robust.
Derik: Like a lot of professional sports teams, we we meet our fans where they are and so whether thats.
Derek Schiller: I think this is a little bit of a continuation of quite frankly, how the fan base has emerged way back when when we were on.
Derik: And Instagram or.
Derek Schiller: TBS is a superstation so thats.
Derik: Facebook or whatever our fans are that's what we're generating content towards <unk>.
Derek Schiller: We enjoy the benefits of the early on years, where you could find us all across the country and the globe as a result of that and then as far as baseball goes there is a significant international development approach.
Derik: In fact.
Derik: Some content that's launching on Youtube.
Derik: Use Youtube as examples for that so there's going to be a lot of ways that we reach out to fans across a wide spectrum of the media landscape and Theres a lot of disruption and things that are occurring on that as it relates to international development actually.
Derek Schiller: With baseball.
The World Baseball Classic is just one example, but there's a lot of things that are going on.
Derek Schiller: This is probably a good time to remind everybody on the call. We're hosting the all star game. This year and so this is all eyes of the baseball World. The sports World will be descending upon Atlanta interest Park come July 15th. So this is a perfect opportunity to showcase all of what we do and how we do it and hopefully garner more fans as a result.
Derik: Somewhat relates to this this particular topic and that is to the extent possible, we try to get to our fans again wherever they are and in the case of social media. They are coming from all across the United States The world.
Derik: We have extremely large followings that are coming to us from all those different international places.
Derek Schiller: But if someone can fall in the particular players such as spending on <unk> is there a lag.
Derik: I think this is a little bit of a continuation of quite frankly, how the fans days has emerged way back when when we were on.
Speaker Change: Monetizing that direct consumer engagement can you get more advertising on that over a period of time.
Derik: GBS is a superstation so that's.
Speaker Change: It feels like there's a free rider effect for some for some people who aren't watching the television broadcast just to be persistent.
Derik: We enjoy the benefits of the early on years, where you could find us all across the country and the globe as a result of that and then as far as baseball goes there is a significant international development approach.
Speaker Change: Yes, I mean look theres not everybody is going to sit down and watch it two and a half hour or three hour game. So to the extent possible developing content that short form in nature is something that we need to do we've been doing.
Derik: With baseball.
Derik: The World Baseball Classic is just one example, but there's a lot of things that are going on.
This is probably a good time to remind everybody on the call. We're hosting the all star game. This year and so this is all eyes of the baseball World. The sports World will be descending upon Atlanta interests Park come July 15th. So this is a perfect opportunity to showcase all of what we do and how we do it and hopefully garner more fans as a result.
Speaker Change: Baseball has done a really good job of giving our players tools directly that help them shape social media opportunities. In addition to what we do at the team level. So I think those things will continue to.
Speaker Change: Emerge and develop and hopefully when somebody's following us and a social media setting that might be short form they become a bigger fan of the team and ultimately will.
Speaker Change: But it's somewhat falling the particular players spending on <unk> is there a lag in.
Speaker Change: Follow our content to the extent possible on a long term basis.
Speaker Change: Monetizing that direct consumer engagement can you get more advertising on that <unk>.
Speaker Change: Thanks, Eric I Hope you have a great season.
Speaker Change: Period of time, because it's.
Speaker Change: Thank you.
Speaker Change: It feels like there's a free ride or effect for some for some people who aren't watching the television broadcasts.
Speaker Change: Thank you we reached end of our question and answer session I'd like to turn the floor back over to Doug for any further closing comments.
Speaker Change: Just to be persistent.
Speaker Change: They just want to thank everybody for joining us today.
Speaker Change: Yeah, I mean look theres not everybody is going to sit down and watch it two and a half hour or three hour game. So to the extent possible developing content that short form in nature is something that we need to do we've been doing.
Speaker Change: As a reminder, that we have a lot ahead of US I think we are.
Speaker Change: 29 days to March 27 for the opening of our season 37 days through April 4th when we have our first home opener.
Speaker Change: Baseball has done a really good job of giving our players tools directly that help them shape social media opportunities. In addition to what we do at the team level. So I think those things will continue to.
Speaker Change: For the season and of course as I mentioned July 15th the all Star game comes to Atlanta. Thank you everybody for joining the call. We look forward to hearing from you and seeing you next time.
Speaker Change: Emerge and develop and hopefully when somebody's following us and a social media setting that might be short form they become a bigger fan of the team and ultimately will follow.
Speaker Change: Thank you that does conclude today's teleconference and webcast you may disconnect. Your line at this time and have a wonderful day, we thank you for your participation today.
Speaker Change: All of our content to the extent possible on a long term basis.
Speaker Change: Thank you I hope you have a great season.
Speaker Change: Thank you.
Speaker Change: Thank you we've reached end of our question and answer session I'd like to turn the floor back over to Jared for any further closing comments.
Speaker Change: Just want to thank everybody for joining us today.
Speaker Change: As a reminder, that we have a lot ahead of US I think we are.
29 days to March 27th the opening of our season 37 days to April 4th when we have our first home opener.
For the season and of course as I mentioned July 15th the all Star game comes to Atlanta. Thank you everybody for joining the call. We look forward to hearing from you and seeing you next time.
Speaker Change: Thank you that does conclude today's teleconference and webcast you may disconnect. Your line at this time and have a wonderful day, we thank you for your participation today.
Speaker Change: Yeah.