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 chunk of pull over to Kevin Rudd, Vice President of Investor Relations. Kevin. Please go ahead.
Good morning.
Sure.
Reminding everyone.
Speaker Change: Oh yeah.
Speaker Change: Pardon me.
Speaker Change: We're looking at.
Speaker Change: Forward looking statements address matters that.
Speaker Change: They are subject to risks and uncertainties.
Speaker Change: May cause actual results to differ from those discussed today.
Greetings and welcome to the Atlanta Braves Holdings, Q4, and year end 2024 earnings call at this time, all participants really listen only mode.
Speaker Change: A number of factors could cause actual results to differ materially from those anticipated, including those set forth.
Speaker Change: <unk>.
Speaker Change: Annually.
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Speaker Change: We reported.
Speaker Change: Yes.
Speaker Change: 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.
Terence McGuirk: Just as an example, last year, we signed Adam Duvall on 17 March 2023. 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.
You may be placed in the question queue at any time by pressing star one on your telephone keypad and we ask you. Please ask one question and one follow up then return to the queue.
Speaker Change: As of the date they are made.
Speaker Change: <unk> undertakes no obligation to update publicly any of them in light of new information or future events.
As a reminder, this conference is being recorded.
Speaker Change: During this call, we'll discuss certain non-GAAP financial measures, including adjusted OIBDA.
Speaker Change: It's now my pleasure to trigger pull over to Kevin Rudd, Vice President of Investor Relations. Kevin. Please go ahead.
Speaker Change: Definition of these non-GAAP financial measures and reconciliation to the comparable GAAP financial measures are contained in the Form 10-K and earnings press release available on the company's website.
Good morning.
Speaker Change: We start I'd like to begin by reminding everyone that update call.
Speaker Change: Pardon me.
Speaker Change: Now I'd like to turn the call over to Aaron Berg, Chairman, President and CEO of Atlantic grades.
Speaker Change: Forward looking statements.
Speaker Change: Forward looking statements address matters that are subject to risks and uncertainties.
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: That may cause actual results to differ from those discussed today.
Speaker Change: Good morning, and welcome to the Atlanta Braves Holdings fourth quarter and full year 2024 earnings call.
Speaker Change: A number of factors could cause actual results to differ materially.
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 they're 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.
Speaker Change: Including those set forth in risk factors section.
Speaker Change: We were excited about the 2025 season, where spring training is well underway in Florida.
Speaker Change: Quarterly report filed yet.
Speaker Change: Or are we looking statements are based on current expectations assumptions and beliefs as.
Speaker Change: You spent some time at camp watching our team prepare and I am impressed by what I've seen.
Speaker Change: Well as information available.
Speaker Change: Our players arrived at camp on February 11.
Speaker Change: As of the date and management undertakes no obligation to update publicly any of them.
Speaker Change: Ready to work hard and compete for another world series, bringing this season.
Information or future events.
Speaker Change: 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 the field.
Speaker Change: During this call, we'll discuss certain non-GAAP financial measures.
Speaker Change: It works at all.
Speaker Change: The old definition of these non-GAAP financial measures and reconciliations to comparable GAAP financial measures are contained in our Form 10-K and earnings press release available on the company's website.
Speaker Change: We kicked off the season on March 27 in San Diego, and we will welcome fans for the home opener and truest part on board when we take on the Miami Marlins.
Now I'd like to turn the call over to our chairman President and CEO of Atlanta.
Speaker Change: We welcomed all-star outfielder jerks in probe cards for the Atlanta Braves last month.
Matthew Harrigan: 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, and 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: Good morning, and welcome to the Atlanta Braves Holdings fourth quarter and full year 2024 earnings call.
Speaker Change: One of the top three agents on the market and we can't wait to see them in our lineup every night.
Speaker Change: We are excited about the 2025 season, where spring training is well underway in north Port Florida.
Speaker Change: We're 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: I've spent some time watching our team prepare and I am impressed by what I've seen.
Derek Schiller: Thanks, Matthew. It is Derek. I will be happy to answer those. On the social media front and really media consumption as a whole, I will 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 are seeing in our approach to the local media is really a relationship to exactly what you are alluding to. It is 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: Our players arrived at.
Speaker Change: We're 11.
Speaker Change: Ready to work hard.
Speaker Change: For another World series Spring.
Speaker Change: We feel that with so many of our players returning we're starting the season with a brush roster and lineup, which positions us well to compete deep into October.
Speaker Change: Susan.
Speaker Change: With opening day, only 29 days away.
Speaker Change: Our business in baseball operations teams.
Speaker Change: Working hard to make sure we are ready both on and off.
Speaker Change: We remain confident in the town.
Speaker Change: We kicked off the season on March 27.
Speaker Change: Up and down our roster and our ability to compete and win at the highest level.
Speaker Change: No.
Speaker Change: We will welcome fans for the homeowner and truest 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 to baseball fans around the world. It is a tremendous honor for the bridge to be selected as the host team.
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.
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.
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 whatever 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: Boston Riley Spencer Strider, Michael Harris, <unk>, and Sean Burke are all healthy and well on their way to being back on the field.
Speaker Change: We set out each and every year to achieve the same goal to compete for and win the World series. 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: 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: And as always we hold ourselves to the highest standards benefit our fans are partners and you our shareholders.
We remain confident Alan 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, the baseball fans around the world. It is a tremendous honor for the Freddie be selected as the host Keith.
Speaker Change: And 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.
Speaker Change: I'd like to touch on a few recent updates since our last quarterly call.
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.
Speaker Change: First as we look to the start of the season, we are in excellent position the reemergence.
Speaker Change: Our leadership staff working tirelessly alongside MLP to ensure we provide fans with the best possible experience here in Atlanta.
Speaker Change: Rewards.
Speaker Change: Bankruptcy.
Speaker Change: Entity.
Speaker Change: Sports.
Speaker Change: We're in development, where the brands.
Speaker Change: We set out each and every year to achieve the same goal.
Speaker Change: While we're not giving any specifics of the partnership.
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: Outcome.
Ben: Ben will sports networks and certainty.
Ben: <unk> ability 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.
Ben: Part of this partnership vehicle Sports network.
Ben: Wireless streaming rights for the Atlanta Braves and will.
The first time.
Speaker Change: As always we hold ourselves to the highest standards benefit our fans are partners and you our shareholders.
Ben: And access screen games.
Ben: <unk>.
And it worked out.
Ben: The goal has always been to increase what do you mean opportunities for growing fan base.
Speaker Change: Now I will turn it over to Derek Schiller and mine plant will walk you through the results of the quarter.
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.
Ben: We believe this new partnership does exactly that.
In addition to our broadcast partnership with Daniel We announced in December a multiyear partnership with Raytheon beginning this year at <unk>.
Derek Schiller: Thanks, Gerry and good morning, Paul I'd like to touch on a few.
Derek Schiller: Updates since our last quarterly call.
Derek Schiller: First as we look to the start of the season.
Ben: It will be producing there and screen print news.
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? It feels like there's a free rider effect for some people who aren't watching the TV broadcasts just to be persistent.
Derek Schiller: Excellent position re emergence.
Ben: And also a simulcast 15 regular season do alongside.
Derek Schiller: Sure.
Derek Schiller: Bankruptcy.
Derek Schiller: Yes.
Derek Schiller: The increased sports important development with Greg.
Ben: Worth doing.
Ben: This partnership makes Braves baseball, even more available allowing bands.
Derek Schiller: Well, we're not giving the specifics of the partnership.
Ben: This country to watch on television.
Derek Schiller: Yup.
Derek Schiller: <unk> ability.
Ben: Really as the nation's largest owner of top rated local television stations and digital assets represents a first of its kind experience.
Derek Schiller: Sports network, and certainty and stability what rates do Robert Baird.
Derek Schiller: Part of this partnership vehicles required screening, Brian with the Atlanta Braves.
Terence McGuirk: Yeah. Look, not everybody's going to sit down and watch a 2 and a half hour or 3-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.
Ben: <unk> access revenues through new platform.
Ben: Overall, the annual sports network Embraer media partnerships will be increased huge opportunities for our fans.
Derek Schiller: For the first time.
Derek Schiller: Access.
Derek Schiller: Yes.
Derek Schiller: It's Dan.
Sure.
Ben: Most importantly, we are excited that this will allow everyone across brands countries the ability to do our views the very first time.
Derek Schiller: The goal has always been to increase you mean opportunities for growing fan base.
Derek Schiller: Believe this partnership does exactly that.
Ben: Turning now to some updates.
Derek Schiller: 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.
Ben: <unk> park in the surrounding area.
Derek Schiller: In addition to our broadcast partnership with Andrew.
Ben: In November we reaffirmed our dedication to our youngest spans the country.
Derek Schiller: We announced in December a multiyear partnership with Raytheon.
Derek Schiller: Beginning this year.
The new children's healthcare of Atlanta Park.
Derek Schiller: We will independently producing there.
Ben: <unk> and the left field club between tourists parts.
Derek Schiller: Steve.
Derek Schiller: And also some of them got 50 regular CBD.
Ben: And the third.
Derek Schiller: Alongside.
Ben: 30000 square foot family space will measure over two times the size of the existing hoping will stand alone.
Derek Schiller: What are you doing.
Derek Schiller: This partnership mixed race people, even more available, allowing fans throughout the country to what's Acorn TV.
Matthew Harrigan: Thanks, Derek. I hope you have a great season.
Ben: Children's healthcare of Atlanta Park will open on game days.
Derek Schiller: Thank you.
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: <unk> is the nation's largest owner of top rated local television stations and digital assets represents a first of its kind experience.
Ben: When the battery Atlanta, or non game day events and activities.
Ben: <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.
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.
Derek Schiller: <unk> access revenues through new platforms.
Derek Schiller: For all of its annual sports network media partnerships.
Ben: As another example of our commitment to providing the best in class experience for our fans.
Derek Schiller: Opportunities for most.
Derek Schiller: Most importantly, we are excited that this will allow everyone across brands countries the ability to <unk> the very first time.
Ben: Pardon.
Mike Plant: 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.
Derek Schiller: Turning now to some updates.
Derek Schiller: Spark and surrounding area.
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.
Derek Schiller: Remember, we reaffirmed our dedication to our youngest spans the country.
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.
Derek Schiller: Children's healthcare of the park.
Derek Schiller: Located in the left field club between each risk parts left youll see in the third.
Derek Schiller: This 30000 square foot family space will measure over two months.
Mike Plant: On average our visitors frequented the battery over two four times with an average dwell time.
Derek Schiller: Existing home standby.
Derek Schiller: Children's healthcare of Atlanta Park will open on game days.
Mike Plant: 165 minutes per visit while.
Speaker Change: What was the battery or non game day events and activities.
Mike Plant: While metrics were impacted by three fewer brings 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.
Speaker Change: 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.
Speaker Change: This is another example of our commitment to providing the best in class experience for our fans.
Mike Plant: Notably the battery Atlanta flagship destination, even outside of baseball games.
Speaker Change: <unk> Park.
Mike: Next I would like to turn the call over to Mike <unk>, President and CEO of <unk>.
Mike Plant: 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.
Mike Plant: 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.
Mike Plant: 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.
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.
Mike Plant: This quarter, we announced that shake shack will be coming to the battery featuring the first full bar in the United States.
Mike Plant: 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.
Mike Plant: 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.
Mike Plant: The facility features a 42000 square foot trading floor and will accommodate roughly 1000, new employees coming to our campus.
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.
Mike Plant: We also expect through our 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.
Mike Plant: 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 ons sports Bistro co owned by former NFL quarterback drew Brees is set to open in the battery this summer.
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: The facility features a 42000 square foot trading floor and will accommodate roughly 1000, new employees coming to our campus.
Jill: 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 flow 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 and.
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 segments baseball and mixed use development.
Jill: Before I begin I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season.
Jill: For baseball revenue was $595 4 million in 2024 up from $581 7 million in 2023.
Jill: Given our final 2024 home game within the third quarter, we did not have year over year comparable revenue in the fourth quarter.
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 tickets, 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.
Jill: 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 or somewhat offset by an increase in baseball operating cost.
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 other government securities or government guaranteed funds AAA rated money market funds and other high.
Jill: <unk> increased player salaries, and a larger revenue share expense.
Jill: In the fourth quarter, adjusted OIBDA improved to negative $3 8 million.
Jill: Up from negative 13 million in the fourth quarter of 2023.
Jill: <unk> rated financial and corporate debt instrument.
This improvement was due to a reduction in baseball operating expenses, including player salaries and off season trade activity.
Speaker Change: 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 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.
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: 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: Once again Thats star one to be placed in the question queue.
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 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.
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.
Jill: And with that operator, let's open the line for questions.
Speaker Change: Certainly when I'll be conducting a question 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 he'd like to remove your question from the queue. Once again Thats star one to be.
Ben Swinburne: 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.
Ben Swinburne: 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 the Standalone agreement continues to run through 'twenty seven I don't know if that changed as part of 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, but how do you guys.
Jill: <unk> question Q.
Speaker Change: One moment, please while we poll for questions.
Jill: First question today is coming from Ben Swinburne from Morgan Stanley. Your line is now live.
Ben Swinburne: Think about capital structure and leverage so is 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.
Ben Swinburne:
Ben Swinburne: 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.
Ben Swinburne: Hey, Ben Derrick. Thank you very much for the question, yes, so on the on the topic of media and local media specifically.
Ben Swinburne: No.
Ben Swinburne: 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 can.
Ben Swinburne: 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 you know.
Ben Swinburne: 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: Broadcasting revenue growth, one way or the other in twenty-five versus the trend lines, we have been seeing and I just wanted to confirm that that the Standalone agreement continues to run through 'twenty seven I didn'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 it's probably for Derrick is this the right like how do you guys.
Ben Swinburne: By adding streaming opportunities into that deal. So that wasn't previously in that deal. So now we have streaming coupled with.
Speaker Change: Think about capital structure and leverage does this sort of the right level of debt for the business are you looking to try 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: The traditional linear distribution of.
Ben Swinburne: Those rights.
Ben Swinburne: Those things coupled together means that theoretically everybody inside a braves country has the accessibility to see our games.
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.
Ben Swinburne: 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: 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.
Ben Swinburne: Hum.
Ben Swinburne: TV territories and all of major League baseball.
Ben Swinburne: So we're now we're now able to penetrate effectively that entire marketplace. The other reengineering gave us the ability to go to.
Speaker Change: To reengineer that deal slightly.
Speaker Change: 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.
Ben Swinburne: Over the air partner, which is what we talked about with the great media deal. So that that deal 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.
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: The traditional linear distribution of of of those rights. So those things coupled together means that theoretically everybody inside a braves country has the accessibility to see our games.
Ben Swinburne: With great Tomorrow.
Ben Swinburne: 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.
Ben Swinburne: James 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.
Speaker Change: 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: Hum TV territories, and all of major League baseball.
Ben Swinburne: 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: 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 over the air partner, which is what we talked about with the great media deal. So that that deal is important because it <unk>.
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 I think about cash from operations less capex is an important priority for the company. So just trying to get a sense for.
Speaker Change: Also gives us further access the ability 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 Gray tomorrow.
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: 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: James 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 that's.
Speaker Change: Yes, so I would I would break our debt into two categories.
Speaker Change: Associated with the real estate asset, which is all tied to construction on the on the assets in the battery.
Speaker Change: 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 the Batesville side is really to maintain as much liquidity as possible, we feel like having borrowing capacity.
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.
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: Okay.
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 what.
David Joyce: Thank you I was wondering what else you can do on the development front within your.
Speaker Change: Yeah, So I would I would break our debt into two categories. The debt that's associated with the real estate asset, which is all tied to a 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.
David Joyce: What you have there surrounding that.
David Joyce: The park and what can you do on concert venues.
David Joyce: I guess it would be mostly in the park either in season or outside the season.
Speaker Change: The sell side is really to maintain as much liquidity as possible, we feel like having borrowing capacity.
Speaker Change: Since you did call out that you didn't have any in the fourth quarter just wondering what's.
David Joyce: What's the opportunity set there thanks.
Speaker Change: Hey, David This is Mike thanks.
Speaker Change: Available to us allows us flexibility to invest in the team invest in the stadium in an opportunistic manner.
David Joyce: Thanks for your question.
David Joyce: Look we've said this in many years in the past year that we have some undeveloped land that is still available and.
Speaker Change: As we move forward so.
David Joyce: 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 and.
To answer your question, Yes, we're comfortable with where we are gotcha. Thank you Jill.
Speaker Change: Okay.
Speaker Change: Thank you next question is coming from David Joyce from Seaport Research Partners. Your line is now what.
David Joyce: 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.
Speaker Change: Thank you I was wondering what else you can do on the development front within your.
Speaker Change: The footprint of what you have there surrounding that.
Speaker Change: The park and what can you do on concert venues.
David Joyce: We are 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.
Speaker Change: Since you did call out that you didn't have any in the fourth quarter just wondering.
Derik: And it's Derik I'll touch on the concerts and <unk>.
Speaker Change: So what's the opportunity set there thanks.
David Joyce: This more than non game day events.
Speaker Change: Hey, David This is Mike Thanks for your question.
Derik: 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 and we remain opportunistic about opportunities that come to us true of securities. The headquarters is a great example of that that brings as I said earlier up to a 1000 new employees to this campus.
Derik: Very aggressive in trying to get as many non game day events in our ballpark in attracting and in throughout the battery as possible.
Derik: Some of Thats, just timing with concerts for example, it has everything to do with tour routing and schedules.
Derik: Concerts or 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 extremely strong and in fact, some of the master planned projects that we've talked about and touched on.
Speaker Change: And.
Speaker Change: Through our efforts, we continue to see new opportunities Shake Shack is a great example of that bringing incredible brand two.
Speaker Change: Two our campus and the battery. So look we've I think we've demonstrated over the last eight years that we are 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.
Derik: 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 it's Derik I'll touch on the concerts and frame this more in non game day events.
Speaker Change: We're going to be.
Derik: 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. Your next question is coming from Barton Crockett from Rosenblatt Securities. Your line is now live.
Speaker Change: Some of Thats, just timing with with concerts for example, it has everything to do with tour routing and schedules.
Barton Crockett: Okay, great. Thanks for taking the questions and.
Barton Crockett: I was curious about some thoughts on the broadcasting rights environment I know 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: You know what concerts or 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 extremely strong and in fact, some of the master planned projects that we've talked about and touched on.
Barton Crockett: ESPN, maybe walking from its deal.
Barton Crockett: There is some thought that maybe the national rights for MLP.
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.
Barton Crockett: Are overpriced and we will have a downward trajectory.
Speaker Change: And I was just wondering if you could address your thoughts on that do you think.
Speaker Change: That is 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're thinking 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 kind of talk about the off season trade moves you guys have been clients. Some of your competitors have been very active.
Great. Thank you.
Speaker Change: Thank you next question is coming from Barton Crockett from Rosenblatt Securities. Your line is now live.
Barton Crockett: 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: Yes, it was.
Speaker Change: Curious about some thoughts on the broadcasting rights environment.
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: Can you address 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 supports that.
Terry: Okay. This is Terry responding.
Speaker Change: So the.
Speaker Change: The ESPN MLB breakup.
Speaker Change: ESPN may be walking from its deal and there is some thought that maybe the national rights for MLB are overpriced, and we will have a downward trajectory.
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: 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: Economics.
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: 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.
Speaker Change: You know if you could address some of the 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, what we should think about in terms of player salaries for the year.
Speaker Change: And.
Speaker Change: I know that the.
Terry: Okay. This is Terry responding.
Speaker Change: The interest is very strong and I'm sure you'll hear more from.
Speaker Change: So the.
Speaker Change: Rob Manfred on this in the coming weeks.
Speaker Change: The ESPN MLB.
Speaker Change: Breakup is getting really outsized.
Speaker Change: Second question.
Speaker Change: <unk>.
Speaker Change: Public.
Speaker Change: If I remember it correctly was the.
Speaker Change: Scrutiny I really think that.
Speaker Change: Where are we on salaries.
Speaker Change: From the Atlanta Braves standpoint, this is as a non event it will have no effect whatsoever on our.
Speaker Change: And the.
Speaker Change: We we have always been over the last three or four years been a top 10 salary organization.
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: And how we deploy.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: And.
Speaker Change: I know that the.
Speaker Change: That is a consideration as a strategic element isn't in our top two or three issues when we come to that how we how we spend our salary levels.
Speaker Change: The interest is very strong and I'm sure you'll hear more from.
Speaker Change: Rob Manford on this in the coming weeks.
Speaker Change: Second question.
Speaker Change: Alex has always had Alexander <unk> has always had the resources to.
Speaker Change: The.
Speaker Change: If I remember it correctly was the.
Speaker Change: Where are we on salaries.
Speaker Change: To do what he needs to do to put a championship group on the field.
Speaker Change: And the.
Speaker Change: We we have always been over the last three years or four years been a top 10 salary organization.
Speaker Change: I see no different situation this year.
Speaker Change: We have some dry powder.
Speaker Change: Sure.
Speaker Change: And how we deploy.
Speaker Change: We monitor the available talent.
Speaker Change: In baseball and we.
Speaker Change: Field everyday $24 $703 65.
Speaker Change: We expect that to be the same again this year.
Speaker Change: Our.
Speaker Change: This year there are a tremendous number of free agents that still are out there in the marketplace.
Speaker Change: <unk>.
Speaker Change: We have we have crossed the competitive balance tax each of the last two years.
Speaker Change: Just as an example last year, we signed Adam do ball on March 17th.
Speaker Change: It's possible we could do it again this year.
Speaker Change: That is a consideration as a strategic element isn't in our top two or three issues when we come to that how we how we spend our salary levels.
Speaker Change: And.
Speaker Change: So.
Speaker Change: Who knows exactly how this spring training shakes out from a.
Speaker Change: Salary standpoint.
Speaker Change: <unk>.
Speaker Change: Alex has always had Alexander <unk> has always had the resources to.
Speaker Change: 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: To do what he needs to do to put a championship group on the field.
Speaker Change: Okay. Thank you.
Speaker Change: I see no different situations this year.
Matthew Harrigan: Thank you next question is coming from Matthew Harrigan from the Benchmark Company. Your line is now live.
<unk>.
Speaker Change: We have some dry powder.
Speaker Change: Sure.
Speaker Change: We monitor the available talent.
Matthew Harrigan: Oh, Thank you where since the remarkable spikes in social media engagement for sports as disparate as MBA.
Speaker Change: Field everyday $24 $703 65.
Speaker Change: This year there are a tremendous number of free agents that still are out there in the marketplace.
Matthew Harrigan: And formula one and it hasnt necessarily equate to higher linear viewing and maybe younger demographics in particular have the attention span of a goldfish maybe insulting to.
Speaker Change: 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.
Speaker Change: <unk>.
Speaker Change: So.
Speaker Change: Who knows exactly how this spring training shakes out from a.
Speaker Change: Our 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 desirable and an old school model. How do you go about addressing that this is kind of a behavioral change on the part of fans and then secondly, I asked you last night I want to call.
Speaker Change: 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.
Matthew Harrigan: Thank you next question is coming from Matthew Harrigan from the Benchmark Company. Your line is now live.
Speaker Change: About 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 any thoughts on that as well it would be welcome. Thank you. Thank you for taking my questions.
Speaker Change: Oh. Thank you we're seeing some remarkable spikes in social media engagement for sports as disparate as MBA and Formula one and it hasnt necessarily equate to the higher linear viewing and maybe younger demographics in particular have the attention span of a goldfish maybe insulting to.
Derik: Thanks, Matthew it's Derik I'll be happy to answer those so on the social media front and really as media consumption as a whole.
Speaker Change: Goldfish and had been certainly you've got people who are literally.
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.
Speaker Change: Honoree games on betting apps if their crop.
Speaker Change: So just just to bet on the dam so it conveys.
Speaker Change: Conveys a lot of interest in the NBA or the MLP or whatever but it does it doesn't.
Speaker Change: Fairly modest desirable 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 what Youre doing the international side to contribute to the popularity of the sport. There I know I know the Braves clearly have a big inner Nash.
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 fans wherever they are and give them the maximum accessibility to our games.
Derik: Specific to social media I would say our approach is rather robust.
Speaker Change: Falling, but any any thoughts on that as well it would be welcome.
Derik: Like a lot of professional sports teams, we we meet our fans where they are and so whether thats.
Speaker Change: Thank you. Thank you for taking my questions.
Derek Schiller: 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.
Derik: And Instagram or Facebook or whatever our fans are that's what we're generating content towards <unk>.
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.
Derik: In fact.
Derik: Some content that's launching on Youtube.
Derik: 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 Theres a lot of disruption and things that are occurring on that as it relates to international development actually.
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.
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: Specific to social media I would say our approach is rather robust.
Derek Schiller: Like a lot of professional sports teams.
Derik: 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.
Derek Schiller: We meet our fans, where they are and so whether thats.
Derek Schiller: And Instagram or Facebook or whatever our fans are.
Derik: GBS is a superstation so thats, 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.
Derek Schiller: We're generating content towards we have in fact.
Derek Schiller: Some content that is 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 Theres a lot of disruption and things that are occurring on that as it relates to international development actually.
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 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.
Derek Schiller: Somewhat relates to 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.
Speaker Change: But if someone can fall in the particular player or is it just starting on <unk> is there a lag.
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.
Speaker Change: Monetizing that direct consumer engagement can you get more advertising on that <unk>.
Derek Schiller: GBS is a superstation so thats.
Speaker Change: Period of time.
Derek Schiller: We enjoy the benefits of the early on years, where you can 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: It feels like there's a free rider effect for some for some people who aren't watching the television broadcast.
Speaker Change: To be persistent.
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.
Derek Schiller: With baseball.
Derek Schiller: 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 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 is following us and a social media setting that might be short form they become a bigger fan of the team and ultimately will.
Derek Schiller: But it's somewhat falling the particular players starting on <unk> is there a lag in.
Speaker Change: Follow our content to the extent possible on our longhorn 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 <unk>.
Speaker Change: Susan.
Derek Schiller: Period of time, because it's.
Speaker Change: Thank you.
Derek Schiller: 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 would like to turn the floor back over to Doug for any further closing comments.
Derek Schiller: To be persistent.
Speaker Change: They just want to thank everybody for joining us today.
Derek Schiller: 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 27th the opening of our season 37 days to April 4th when we have our first home opener.
Derek Schiller: 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: Thank you that does conclude today's teleconference and webcast you may disconnect. Your lines at this time and have a wonderful day, we thank you for your participation today.
Derek Schiller: 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.
Derek Schiller: All of our content to the extent possible on a long term basis.
Derek Schiller: Thank you I hope you have a great season.
Speaker Change: Thank you we've reached 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: 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.
Speaker Change: 29 days to March 27th the opening of our season 37 days to April 4th when we have our first home opener.
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 see 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.