Good afternoon and welcome to the Atlanta Braves Holdings Investor Day 2025. We're excited to have you all here in Atlanta for our first Investor Day hosted here and looking forward to showcasing all that the Atlanta Braves have to offer. Now, before we begin, I'd like to refer you to the forward-looking statements and disclosures, both here in the room and for those webcast participants who joined in. As you can see, we have a great lineup today. We're going to have presentations from our executive teams highlighting the various sections of our business. In addition, we're very excited and grateful to have Commissioner Manfred here, who will be joining our Chairman, President, and CEO, Terry McGuirk, to speak about the business of baseball and happenings around the league. With that, I'd now like to turn it over to Terry, Rob, and Jen to get us started. Thank you, Cameron. Good afternoon. I'm Jennifer Mastroianni, and I'm the Senior Vice President of Communications and Investor Relations here at the Atlanta Braves. It's my distinct pleasure to moderate a conversation today with the 10th Commissioner of Major League Baseball, Rob Manfred, and Chairman and CEO of Atlanta Braves Holdings, Terry McGuirk. Gentlemen, we appreciate you both being here and for taking the time today. Terry, as you and I were preparing for this event today, you shared some thoughts with me around the importance of our investors hearing directly from Rob and the close relationship that the Braves have with Major League Baseball. Thanks, Jen. You know, as I was trying to think of what we should start off with today, it occurred to me that the word growth is a great topic and one that I think we can sort of coalesce around as something to point to. Today you're going to hear in all the presentations a lot about the organic growth of the Atlanta Braves. You know, everything that we do inside the ballpark and in the development with the real estate, we've got a wonderful future to talk about today. That's really only half the story. That's why I so appreciate Rob being here today, because it's the part that I can't talk about so well and he can. It's the sort of macro industry-wide changes and what I call an inflection point that's coming for baseball. You know, I would, you know, I'll hold that thought for Rob, but I think he's so uniquely suited to lead us through the changes that are coming. His labor relations background, he's a media expert, financially savvy, great strategic thinker, a guy who has led the 30 owners and the 30 teams so well over the last 10, 11 years and a much longer history than that in baseball. I think baseball, macro-wise, has some amazing moments coming in the next bunch of years. I think that's sort of a great segue to hand to my friend Rob, who we spend a lot of time with each other and hardly a day goes by that we don't talk. This would be true. You know, look, I'm happy to be here, first of all. And, you know, I think the vast majority of the conversation today will be about the, you know, sort of macro issues that the industry is facing. But I would be remiss if I didn't say at the outset that, you know, the Atlanta Braves, from our perspective, are really a model franchise. You know, it starts at the top with vision. My friend, not short on that characteristic. You know, when you think about the development here at Truist, it really has changed the way our clubs think about stadium development and what goes on around it. You know, we had a whole wave where, you know, clubs tried to go downtown because they understood that they needed development and entertainment around them. You know, the Braves were the first one to come up with the idea, I can go where my fan base lives and I can build my own development and I can control all those economics. You know, absolutely a phenomenal change for baseball in that it created two options. You know, for some teams, it's still downtown is the best, but everybody looks at this model, frankly, with envy. The second thing that I would say is, you know, it is not easy to find quality executives, particularly on the baseball operations side. You know, Terry's done a great job finding Alex. He's built a consistent winner. The one thing that I think sometimes gets overlooked is he's built a consistent winner with the type of financial discipline that is often lacking in some of our clubs. You know, that's really the daily double. Last, I would say, you know, I have relied on Terry. I do not think there is really an important project that we have had in the last decade that he was not one of the owner leaders. You know, that does give an advantage to a team, to a club. That inside being involved in those decisions, I think really is an important advantage for the Braves. Yeah. Rob, you know, MLB has some great economic indicators that we've seen in recent years: ticket sales, attendance, fan demographics, TV ratings, both domestically and internationally. Tell us a little bit about what you're seeing on that front. Yeah, look, when I was elected, you know, we did a deep dive with our fans and tried to think about the product we were putting on the field. We were convinced it all begins there in terms of your growth and financial success. I think the rule changes that took us a while to get to, because as most of you probably understand, baseball is not the quickest to change. You know, a lot of history and tradition in our game that you got to work your way through. But the product we're putting out there today is much better as a result of the research, the listening we did with our fans. Our goal from the day I was elected was to get 70 million people going to ballparks. We finally achieved that goal two years ago. We did it again last year. You know, based on how things are running, we're going to do it again this year. Maybe more important than that, we are getting younger. We're in the ballpark. Our average age of the ticket buyer has decreased about seven years in the last three years, which, you know, when you're talking about 70 million tickets is a seismic shift in terms of age. We're up on all of our media platforms and again, up double digits in our 18-34 audience. Maybe the best story is we've invested heavily in international play. It's not just the money, it's the toll that it takes on clubs to do some of these events, London, Tokyo, whatever. You know, we've had great success there. We had three games in the World Series last year where more people watched the game in Japan and Korea than watched the game in the U.S. and Canada. Our opening games in Tokyo this year had an audience of over 25 million people just in Japan. When the country's 125, that's a pretty good number for us. And those numbers are crucial to our growth going forward. You know, the media companies that we deal with every day are so different today. They're not really interested in local rights. They want at least national, if not international. And when you can command the kind of audience we do in developed economies like Korea and Japan, those media companies really, their ears perk up and hopefully their wallets will open. Exactly. You know, you bring up TV rights. Let's go there for a minute. Obviously, a topic you both are well versed in. Terry, I know your deep knowledge of the space has been integral to both the team's success there, but also with our recent negotiations, Rob, that you all are handling at the league level. We've all read about ESPN's deal coming to a close with several interested suitors lining up to take their place. It's no secret that the regional sports network model has been under pressure. How is MLB adopting its media strategy to reach fans directly, but also maintain revenue stability? Yeah, look, I think that everything we're doing right now is focused on the renewal of our national contracts, all of them after the 2028 season. We are pursuing a strategy not dissimilar from what the NBA did. We'd like to have all of our rights available, the national rights that traditionally have sat with baseball, but in addition, local rights that historically have gone to RSNs. Reason for that's twofold. You know, we want to be in a position to say to our broadcast partners, look, here's all our rights. You tell us what packages are best for you, where you're prepared to pay the most, number one. Number two, it's a response to the market. I said it a while ago, you know, it used to be if you were the Milwaukee Brewers and you had Wisconsin and a couple of counties in Michigan, you could find somebody to buy those rights. Those buyers are not there anymore. Everything we're doing is focused on, you know, having as much flexibility after the 2028 season as possible. With respect to the ESPN piece, it's really a stub from our perspective, but we do think if we find the right partner and pick the right partner, because we do have alternatives, that it can be part of the positioning for 2028 that could be really significant for us. You know, we're sort of, you know, Rob has done a good job at steering baseball and the teams through a period of unbelievable change. I know many people in this room who I go back to my running a media company, period. And, you know, from 2019 to today, the pace of change is so unparalleled in the last 50 years that no one foresaw, you know, when the, I'm going to go a little off of the script, but when Fox sold the RSNs to Disney as part of the overall Fox package, I think the nominal number was $19 billion, $20 billion on the 11 RSNs. Within a short period of time, Disney had to disgorge those and sold them to Sinclair. We bid on them. Sinclair overbid us very unwisely. Within a couple of years, within a year, they wrote off $4 billion. They, as you know, it's well known, the price has gone to zero. They so overburdened it with debt. No one, including us, foresaw the change in the linear media business. The cable industry losing 10% of subscribers a quarter was scary and still happening. Rob has become a subject matter specialist on this because he has to. Not only are we trying to fill the gap on this three-year stub period, but we're playing the long game of what happens in 2029 and beyond. It's, you know, it could be a, you know, the NBA just did a 10-year deal. We could do a 10-year deal. I mean, who knows what we do, but we, you know, we have the opportunity to have, you know, the NBA went from $2.7 billion a year, midpoint of the last deal, to $7.7 billion in the midpoint of the new deal. Just, you know, startling numbers. That was in this very fractionated, depressed marketplace as we are moving through linear to digital. When we get up to bat in 2029, it's going to be a lot more sophisticated. Rob's going to have to be, his vision is going to have to say, what is it going to look like in 2033 and 2035 as we, I think it's going to be incredibly valuable, incredibly healthy. I do. I agree with Terry. I think there's a huge opportunity for us. And let me just talk about two things. You know, the RSN model was great for us financially. I mean, made a ton of money. You know, it gave the club security. They knew what was coming in each year. But what it did do to the game is it drove everything more and more local. And that becomes a problem in your postseason because when people are solely focused on that local team, that team doesn't go on in the playoffs. It's hard to drag that audience into your postseason, which, you know, obviously a huge revenue stream for us. I think the opportunity that exists out there, one of them is for our product to become more national. We're very interested in reach. You know, I think one of the things that I've learned from my friend that, you know, I think over time, historically, we probably emphasized revenue over reach in a way that was not good for us. The second thing in terms of opportunity is you learn during a period of crisis. You know, in the last couple of years, we've had to step in for five teams that completely lost their RSN coverage. One of the things that was a huge benefit to us was the fact that we had the MLB Network and its broadcast capability, and we had MLB.TV, our out-of-market package. When we went, I'll pick San Diego as an example. When we took over San Diego's local rights, it was the middle of the season. The glow was kind of off the team. You know, they hadn't performed particularly well in the first half. We went in mid-season. We lit up, which literally for us is a switch. We lit up in-market games digitally. In the first three weeks, we sold about 25,000 subscriptions for that in-market product. What does that tell you? That tells me that there were 25,000 people in San Diego who wanted to watch baseball and were prepared to pay for it. I do think another opportunity that exists for us is if we can clean up our broadcast program in a way that makes it more fan-friendly, gets rid of blackouts, which really have been a plague for us for years, I think that we will start to unlock the real value of our media rights going forward. Yes. The media, you know, the media is one of the big inflection points, this 2029. There is a previous inflection point, you know, which is obvious, the CBA at the end of next year. They play in together. They are part of a philosophy and a strategy that Rob has of uniting the industry in a way that takes up value. Here we are back on this value and growth thing. This, you know, we have lagged. It's no secret that we've lagged behind the other sports. I, you know, I'll give it to Rob to sort of talk about that. We see the opportunity to catch that way back up. Let's talk about, I mean, I think it is important to talk about franchise values. You know, we've had sort of a purposely mysterious process that we've referred to as the Committee on Economic Reform. You know, purposely mysterious in the sense that, you know, not everybody needs to know exactly what you're doing all the time, despite the press interest. Terry's a member of that committee. You know, really the focus of that committee from day one was franchise values. Where are we? Why are we where we are? What can we do to fix our situation? You know, we spent a lot of time kind of analyzing internally the way we saw our business. Maybe most important, we went outside. There's a pretty small group of bankers that deal with the sale of franchises in professional sports. We kind of leaned on their expertise. You know, they gave us a pretty nice roadmap in terms of what do you need to do to unlock what they see as unrealized franchise values in baseball. It really comes down to three things. One, we've talked about already. Just because of the changes in the media market, it's clear we need to have a more national media strategy. What that means is you're going to generate more central revenue. When franchises get valued, the more central revenue you have, the higher multiple is applied to the revenues. The reason for that is simple. They see it as more predictable as opposed to local things like ticket sales that go up and down. You know, you make these 10-year deals, everybody knows you're getting X in central money. That increases the multiple that gets applied. Secondly is the one that Terry referred to. We do not have the kind of cost certainty, predictability, and competitive balance mechanisms in our player comp system that the three other major professional sports have. You know, that's just a fact. You know, we're not at the point where I can tell you, you know, the proposal from the clubs in 2026 is going to look like X. I can tell you we are going to be focused on those topics that I just mentioned. The last one's an interesting one. That's the system of revenue sharing that we have in baseball. You know, I'm probably guilty as charged because I was there when, you know, we kind of came up with and implemented this system. There are two pieces of our revenue sharing system that are significant in terms of franchise values. Number one, when they value a franchise, they take into account that a large market club has an obligation to pay. Interestingly, they do not give full credit for the money that is received by the small market club. The reason for that is it's contractual and it can go away, right? So there's a franchise value problem there. The little team is already getting a small multiple than the big team. Then they reduce the small multiple. Exactly. I mean, there you go, right? He's been along for the whole ride. The last one is, you know, it is, you know, I'm not a big believer in high tax rates. The fact of the matter is we have a high marginal tax rate in this plan. You know, literally a big market club like Atlanta, when they earn a dollar, they're giving up 48% to the industry. That has created incentives that are not great for us. You know, this is where the media plan is kind of the daily double. If you can grow your central revenue and level out your revenue disparity, it then gives you the flexibility to either dramatically reduce or get out of this revenue sharing business altogether. You know, we are focused on those three items. We think we have a plan that, you know, ultimately could produce real change and unlock significant franchise value. This is, it's a calculus question because there's so many moving parts. Let me go back to your, the media changes and the 30 teams. You know, we, when you nationalize and create more media that national media companies can purchase and digital companies and the West Coast, big Silicon Valley types, we still are going to be left with lots of games in our local market. What we found is that our local market games are worth way more than every other sport. That certainly basketball and hockey. Frankly, we were driving the RSNs in that area. Your new theories about how we come out of the CBA to strengthen those smaller markets across the country, create a competitive balance, and that graduates into this media plan, I think is an elegant solution. Yeah. I mean, you know, people often say that when you make a deal bigger, it's harder to get it done. I think this is one of those areas where a bigger deal in terms of media, labor, revenue sharing actually gives you trade-offs to accomplish things that people say, you know, why are the big markets going to do X? The big markets are going to do X because they're getting Y over here. You know, more issues in play. You know, it is complicated, but I do think it creates a real opportunity for reform. You know, look, if we get to a multiple that is more in line with how we see the strength of the business, you're unlocking a tremendous increase in franchise values. Yes. You know, we're going to demonstrate this in some of the presentations later today. But, you know, baseball runs in, you know, multiples of revenue in the four to nine category. And the NBA, because of their new media deal, is in the 10-15 range. And we, our big markets get these high multiples, but we have a, and, you know, this is right out of SBJ, the small markets, there's, you know, there's nine teams that are at a five multiple or less. Rob can fix that. I think that's part of the general, you know, and when the water rises, it's going to raise all the boats. Not only will those small markets get to fairly reasonable, you know, we're valued at a six today. I think that's way low because there are similar teams in other big markets that are at nine. It makes no sense because we have similar net revenues. The whole thing is just sort of pot shot in how these are valued on a public basis. You know, this is the challenge that the commissioner has when he looks at all this stuff. Thank you. Let's talk CBA just for a second. Okay. Obviously, end of 2026, what will be different about this negotiation? What do you see coming down the line? I think the single biggest thing is where we are strategically. It began at the end of the last negotiation. Right. At the end of the last negotiation, you know, we had gone the whole winter. I had actually announced that we were going to miss games, which did not turn out to be true. You know, sometimes you got to do what you got to do. In any event, we made a last and final offer. I have never been a last and final bargainer. It's just not my thing. You know, did it reluctantly because of the situation. The result was really, really interesting. The MLBPA's executive board recommended against accepting the proposal. Twenty-nine out of the thirty clubs, the players on twenty-nine out of the thirty clubs, voted in favor of accepting the offer and going back to work. You know, in the postmortem, one of the things that occurred to me is there seems to be kind of a mismatch between what we see at the union leadership level and what the players are thinking. I started three years ago going to meet directly with the players on each team over the course of the season. You know, it does not sound like that big a deal, but do the math. There are 26 weeks in the season. There are 30 teams. That means kind of once a week. I did two yesterday because I had been a little, you know, off my schedule. It is really important in terms of letting the players see, you know, who is running the game, giving them an opportunity to talk to you. Over the three years, I've had a pretty disciplined plan of, you know, talking, you know, coming off the last agreement is all kind of positive. The next year you start to talk a little bit about what's going on. This year it's really pretty pointed. The message I kind of summarize in four points, right? You have to, what does the current system do for players? Forget owners because they don't care what it does for owners. Forget me. They don't care what it does for me. They care what it does for them. These four points are kind of interesting. Number one, over the last 20 years, the slowest growing salaries among the four major professional sports, baseball. Interesting. When I make that point, you know, I usually, what I usually say to the players, look, to me, that's a failure on our part. How it can be that our salaries are growing slower than other major sports, it's a failure on our part. Number one. Number two, you know, 10% of our players earn 72% of the money. And so literally, you know, I usually try to avoid the high earning guy at this point and find, you know, a younger player and say, look, if you're one of the 10%, it's a great deal. But if you're the other 90, it ain't so good. Right. I talk about our free agency, you know, and compare it to other sports. You know, other sports, they have free agency. It's about a month. You know, there's lots of bidders. It's a great marketing opportunity for the sport. Players have their choice of where to go. All positive. Our free agency is like the Bataan Death March. It starts the day after the World Series. In February, you know, really, really good players are still wandering around the landscape. The last thing I point out to them, my first deal where I was the chief negotiator in 2002, we were spending 63% of our revenue on players. Today we spend about 47% on players. I said, so what does that mean? I said, the math means you are getting, you the players are getting a smaller and smaller percentage of each dollar. If we had made a deal 10 years ago to share 50/50, you would have made $2.5 billion more than you made. Yeah. Just to get, you know, so the strategy, the feeling is to get directly to the players. I don't think the leadership of this union is anxious to, you know, lead the way to change. We need to energize the workforce in order to get them, you know, familiar with or supportive of the idea that maybe changing the system could be good for everybody. That's right. All right. About a minute left. One final question. Can each of you share what you are most excited about as a baseball fan and as leaders of multi-billion dollar organizations? Terry, you want to go first? I mean, I, you know, I would go back to my first comments, which is, you know, I sort of, I operate on a micro and a macro basis from a strategic standpoint. I think we are uniquely suited as an organization to, you know, our territory, what we've built here, the platform. We've got years of great growth. The team we've built and the management that has the DNA to go and attack opportunities and to execute and excellence. I got that part and I'm feeling pretty good that we do that, you know, day in and day out. I look at what we've talked about with Rob and I just think the opportunities are unbelievable what the next 10 years look like for baseball. I think we got the right guy leading us. Thank you. That's a nice thing. I got one vote, right? For today. Yeah. That's right. Depends on how it goes. You know, I do, I'm going to steal a phrase that Terry often uses, you know, about blocking and tackling, you know, kind of the basics. To me, the basics begin with what are you selling to your fans? The thing that I'm most excited about is the product that we have on the field right now. I think, you know, the rule changes have made the game better. It's more athletic. There's more action. There's less downtime. You combine that with the fact that we have been blessed with an unbelievable influx of talent into our game, both domestic and international. I think that the great athletes combined with the game, the way the game is being played is going to serve us really well when we go into that difficult media environment. I do believe that there's tremendous upside available for this game going forward. Yeah. Commissioner Manfred, Terry, thank you both for your time. We appreciate it. Thank you. Thanks. Major League, where you gotta pay to see. I give 'em memories. Everybody worship me. A hundred degrees of closure, you get to the peak. We on a winning streak. Austin Riley, dive in, stop him. Show 'em the rules, no rebreaker. A blessed revive on a Saturday in Atlanta. How many times they tried to bait me? Strike him out. Turn it around and make it easy. Dive in, catch and cut. My Michael Harris. A three-run home run by Austin Riley. Power came from the pain. I put in twice the work, but I never got it. Great job on the speed. I hit 'em where it hurts 'cause I know what it takes. If you scared of the flames, I'm a name on the fame. This the A-Team deal, best in the game. Either you fall in line or you get rear-brained. We break rules and records, yeah, all the same. We paving the way strongly for all the brave. Say what? Listen to 'em put it to the test. Never failed out. We got pain and fatigue, but never sitting down. Back one again. Going up, touching on the ceiling now. He can't bring us down, never gonna bring us down. Shout out to the ones who always stuck around. Finger into the gas. 'Cause I always back around. This the A-Team. Break one. For the whole town. Make it history here when we go down. Get it. This is the A-Team. A-Team. All right. I hope your juices are flowing after that. Yes, Braves won, Braves won last night. That's the way to start this. Thank goodness we have that before here in yesterday. I want to welcome you yet again. We're really excited that you've made the trip for those that are here in person to come see what we have in store for you. Today, I'm going to talk to you a little bit about the business areas. I want to once again thank Commissioner Manfred for making the trip. That was really, I thought, great fireside chat, if you will, with he and Terry. Hopefully you got a little bit out of that. Really cool. Just to dive in here a little bit, you know, just a reminder, and Terry talked a little bit about it, the marketplace that we have, this home television territory, the defined marketing territory, the Braves is one of the largest in sports. You got 35 million people, 29 metered markets in that representing over 14 million homes. It is one of the largest territories in all of pro sports. It gives us an automatic built-in advantage, perhaps, compared to others. Looking at our history, we've got a history of success both on and off the field. On the field, just commenting on that a little bit, you know, we've had an unbelievable run. We were actually started in 1871. I am not going to take you all the way back to the history of 1871. In recent times, especially over the past couple of decades, we've had tremendous success on the field, having won 23 division titles, which is a record in Major League Baseball. We have gone to the postseason. You heard Alex talking a little bit about this earlier during lunch. Every year we've been here at Truist Park, we've gone to the postseason, which is a remarkable record unto itself. We are certainly looking forward to more of that to come. Speaking of that history, it starts with the players. We've had terrific players wear the Braves uniform. Of course, the most terrific of them all, the greatest of them all, the home run king, Hank Aaron, whom we continue to celebrate. We have a lot of different areas in our ballpark that celebrate his history as well as others. You'll see his statue as you walk around, which is a great testament to his legacy and what he accomplished in a Braves uniform. And then a number of the guys in the 1990s and into the 2000s, you know, fast forwarding to today, it's an exciting team. Chris Sale, one of the best pitchers in baseball, won the Cy Young last year. And then who couldn't forget Ronald Acuña Jr. If any of you tuned in last night, you saw Acuña make that catch right up against the wall. Really important pivotal catch, fires it back to first base and got a double up on Juan Soto. That was a pretty damn good play. We liked the way that worked. So got a lot of great players. Alex talked about them. The key is really keeping those players in the uniform and continuing to make players want to play for the Atlanta Braves. You know, since we moved into Truist Park, speaking of players, our payroll has continued to go up. It sort of correlates with our business success. You'll hear a little bit more about that. I think this graph tries to illustrate for you though, while we may not have the highest payroll, we certainly crept into the top 10, which we think is an important statistic and standard. We can continue to fuel the team. We've had a history of having, since Truist Park and since Alex has been here, an increase in the player payroll. Remember, payroll doesn't always correlate with team success. In 2021, just using that great year for us, we had the 11th highest payroll and we won the World Series. If you look back over the past couple of decades of all the teams that have won the World Series, invariably, and certainly the far majority of them did not have the highest payroll. These are not always a direct correlation and that is certainly important to us. The reason why we have moved up in payroll is partly because of the business success that I mentioned. This graph tries to illustrate that. Starting with Turner Field, you can see as we left Turner Field and then 2017, the very first year of what was then SunTrust Park and now Truist Park, we have increased steadily the% of capacity of tickets that we sold. I think if you look particularly at the last three years, one of the things that you'll see is that we're reaching what I would think and what I consider to be the tipping point of that supply-demand equation. We're reaching a point where the demand is certainly outpacing the supply. If you just look at those last three years, those are among, if not the league leaders in the% capacity sold. If you combine that with all the other event revenues that happen during the course of a baseball game, which the primary drivers for that would be ticketing, concessions, and our sponsorships, you can see the steady growth that we've had, a CAGR of over 8% during the course of the past seven years since we've been there. As Terry mentioned this, he talked a little bit about that. You take those total revenues and you're starting to look like major professional sports in all the leagues being at the top tier of those. You know, we're setting ourselves up for, I think, real success and expect to continue to have that growth based upon the way that we've managed the business thus far. One of the important points though is despite that revenue growth and despite that business success, there's still some room for growth here. That's why we'll illustrate here average ticket price, still a very affordable ticket, especially if you compare it against the other leagues. One of the things that we have as a big philosophy of ours is ensuring that we have a ticket for every segment of our fan base. We have tickets that are as low as $10. Of course, we will have a high, very high premium seat ticket for somebody that wants to enjoy the game in the lap of luxury. It is really important for us that we continue to generate that value-conscious fans opportunity to come to the ballpark, experience it in a family-friendly way like no other here at this ballpark. Fueling this is an innovative approach that utilizes technology and analytics and certainly artificial intelligence. Yes, you have a sports team executive up here talking about artificial intelligence, but believe it or not, we have been implementing and utilizing artificial intelligence for a number of years. It is actually throughout our entire organization. We have it both on the business side as well as the baseball side. On the business side, you can see some of the major areas in which we utilize this. I would argue that the Braves have amongst the most innovative and technology-driven approach to driving our business compared to anybody else. We have everything from the way in which we manage lines at our retail stores and increase the throughput at our concession stands to utilizing AI in the form of ticket sales and utilizing these AI-driven smart bots that help sell tickets in new and different ways that some people are certainly looking forward to. Turning to retail, here's a great example of how we've taken a strategy for ourselves, works really well. It's a little bit different than perhaps others. In the world of Major League Baseball, you may not know this, but typically the team does not run, own and operate the retail. In fact, in most cases, it's owned and operated, or rather operated by the concessionaire or a third party. We've made the decision over a number of years to integrate that in-house and manage that process in-house so that we can own and operate that, but also control the brand. I mean, think about it. Who's better positioned to manage the brand than the Atlanta Braves, the people that actually own that brand? The opportunity then creates unique collaborations. You can see some of those on the pictures on the right. It also creates opportunity for innovation across the retail strategy. We're really excited about that, what that represents for us. Now, I think personally, one of the great KPIs for a strength of a brand, in particular the strength of a professional sports team brand, is how they align with their corporate partners. In fact, how many corporate partners want to align with them. Think about it. You've got these companies that are paying in order to create marketing relationships with our brand. It's a great key performance indicator of that. In our case, we have over 185 companies that want to align with us. These companies are the full gamut, but there's certainly a lot of blue chip companies, companies headquartered here in Atlanta and elsewhere. A sampling of those you can see on this piece of paper here. Obviously, it's a great indication for what we can do. I would argue also part of what makes us strong in this area is our ability to create innovative strategies with them. Tonight, perhaps you might see Racetrack. You got this guy that's dressed up in a blue Spandex suit, and he races a fan across the outfield. The Racetrack beat the freeze, one of our greatest promotions in a really cool way in which we partner with Racetrack in that particular example. We don't rest on our laurels. Certainly in this particular case, it's a demonstration of how we've taken a corporate partnership and spread it across the entity and the entire campus from which we operate. Let's dive in a little bit deeper with this Comcast case study. It's a three-pronged partnership. It includes headquarters or regional headquarters of Comcast just across the street, 1,000 people working there, 250,000 sq ft building, really high tech. You've got a technology infrastructure that is woven throughout the ballpark and The Battery in the form of high-speed internet and Wi-Fi, as well as the video platform of Xfinity. That is pervasive throughout the entire blueprint and campus of The Battery and the ballpark. So much so that if you sign up and you're renting an apartment in The Battery, you're going to have an Xfinity video platform as part of this whole partnership. I would argue, by the way, when you come and you use your ballpark app tonight and you're getting your ticket, this is a great place to test it. Look at how fast that Wi-Fi is. Best in class, some of the fastest Wi-Fi anywhere in the country, certainly at a sports facility. Finally, the traditional sort of ballpark team sponsorship. In this particular case, Comcast, we've got some branded areas with them that has a deep opportunity to create further connections between us, the Comcast Xfinity brand, and our fans. You know, one of the other distinguishing features of our organization is that we don't just sit back and enjoy the fruits of our labor and our successes. This particular slide here is demonstrating the types of things that we're doing with a relatively new ballpark. Remember, we just opened in 2017, so only about seven years old. Here we are already putting together a number of initiatives that improve upon the ballpark experience. We have an in-house, very high-tech ROI strategy and process for evaluating these types of projects. There's a sampling of some of the examples, some of the projects that we've done. For those of you that are here on site with us, you'll get a chance to see some of those in person. We'll do a tour where we'll see some of the areas. We can go into that a little bit further as you're walking around. I know Terry and Commissioner talked a little bit about media rights. Let's do a little bit of a dive into the local media rights situation. Although certainly there has been disruption in the RSN landscape, we stand apart, perhaps with no other peer, in that we're continuing to increase our local media rights and the rights that we get as part of our partnership with now Main Street Sports, branded as FanDuel Sports Network. We took the opportunity as Main Street, previously Diamond, was emerging from bankruptcy. Right before they emerged from bankruptcy, we did a re-engineered relationship with them. That re-engineered relationship is beneficial for them, our fans, and for us. Let me explain. For them, they get direct-to-consumer streaming rights that they never had before as part of their relationship, as part of their contract. For our fans, we now have, remember that we were talking about the entire defined territory, those 35 million people. In theory, all 35 million people have now the opportunity to watch a Braves game via these enhanced opportunities that we've created. Certainly for us, it's a more beneficial contract in a lot of different ways. One of the ways, certainly monetarily, but also we've created some opportunities with Gray and an over-the-air situation where we can simulcast up to 15 Braves games. We've taken just about every home Friday game and used that with the Gray stations throughout our footprint. Going back to a little bit about, again, what Commissioner and Terry were talking about, we're trying to get more eyeballs on our games. Those are additive eyeballs that are coming, watching our games as a result of having the opportunity to do so, as well as some of the things that we can do with the ancillary programming. Last but not least is our radio. Our radio situation is unparalleled in sports. We have 170 affiliates in our radio network headquartered here with our flagship station with Dickey Broadcasting. It's been a phenomenal relationship for us and for them. Radio is a strength of our organization, certainly. Just touching on it, you know, we're not lost in all that we do with social media. We've had terrific growth across all of the different platforms and mediums that we touch our fans in. Each of those areas are among the league leaders. It's a great way for us to test new and different content, but also reach a younger audience. Certainly, another strength of our organization is our home territory and specifically our home core market, Atlanta. Atlanta is a diverse and growing marketplace. You can't say that in every marketplace around the country today. It is now the eighth largest metro in the United States. It is an area that has a large corporate base, but also a very diverse audience, many of whom obviously come and hang out here at Truist Park. When they come to Truist Park, they're coming in droves and they're also having a really good time. This year, we reached the 20 millionth fan that has come through the gates of Truist Park. Just recently, this past week, we also reached our 200th sellout at Truist Park. When those fans come here, they're having a great time. They're enjoying themselves. As rated by the Voice of the Fan survey, Voice of the Consumer survey, we're number one in guest experience, concessions, and in-game entertainment. You get a taste of that and see all that here tonight if you stay for the game. Obviously, the ballpark is more than just the games itself. We try to extend the opportunities for fans to come here and for us to build business by doing a number of different non-game day events, I'll call it. We host a lot of different concerts. We just had a K-pop concert just a couple of days ago. Earlier this season, we had the Savannah Bananas with two sold-out games. Phenomenon. You know, they're just down the road. They sort of think of this as kind of the extension of their home ballpark, as Jesse Cole said. Obviously, we do a lot of different private events. A unique sort of factoid about that is where you're watching this broadcast and sitting here today, this facility is the TKE Test Tower. There's the top of this facility where we have lunch and this facility, this conference center. We actually manage and operate the event services and the event sales out of this. We work closely with them and the rest of our campus, the Omni Hotel, etc. One of the biggest special events that's coming our way that is going to put the entire world's attention, the baseball world's attention on The Battery Atlanta and Truist Park and the Braves is the upcoming All-Star Game. Remember, the All-Star Game, it really is an All-Star week. There is a series of events that fill that whole week, beginning primarily with that Friday before the All-Star Game. You have the HBCU Classic. You have a number of different opportunities for fans to engage, a celebrity softball game, all kinds of things going on at this footprint as well as throughout Atlanta, and then culminating with the Home Run Derby on Monday, July 14th, and the All-Star Game on the 15th the next day. Speaking of this, just across the street will be where the All-Star Village is hosted. As you are walking out, you can look out the windows. There is a pedestrian bridge, which we actually helped build as part of this entire project and really pushed for a great amenity of the campus here. Walking across that bridge, you'll run into the Cobb Galleria Center, and that's where the primary footprint for the All-Star Village is located. Terry touched on this, but I want to emphasize it a little bit. We put up a slide here to talk a little bit about valuation. You've heard me talk a little bit about the success of the Braves business. Obviously, we think we're doing great things both on the field as well as off the field. Sports Business Journal just recently had an article that talked a little bit about team valuations and specifically in Major League Baseball. You've probably seen the reports from Forbes and CNBC and Sportico on what those valuations represent. In our particular case, we have them listed here. As Terry said, the Braves are getting a valuation that is about 6X. Let's remind you, and you'll hear about this a little bit later in the presentation, we don't think it includes any value for The Battery and the Braves Development Company. Further, it certainly doesn't give value, in our opinion, to the strength of this marketplace, to the strength of the home television territory, which we talked about, the size and scale of that. Using just a couple of the examples that we have listed here in that middle column, you can see the differentiation between the valuations that we get versus some of the others. I think that's a little unfair. Again, future looking, if you listen to what Rob is talking about, you know, obviously they think there's some significant growth. We think there's growth in what happens overall with some of the changes that are on the horizon. Overall, you know, anybody listening, anybody here, you all have participated in this. You get this. There's a terrific opportunity associated with this franchise that's unparalleled. Remember, we're the only public team in Major League Baseball. We've got a great fan base, a great history, very well run. We have a lot of different things that are happening on the revenue side that you can see continued growth on. You can see the history of that success. We obviously are continuing to grow the popularity of the Braves as well as the sport overall. When people watch a Braves game, when a Braves game is on in any given night, it's the highest rated piece of programming that's on the television at that night. Of course, Mike will touch on this in just a minute here. We have success in all the things that we're doing with the Braves Development Company, The Battery, and some of our recent acquisitions, including PennantPark. There's a lot of room for growth there. All right, thank you very much. All right, good afternoon. I really don't have to tell you much after watching that video. That tells a great story for us. I do appreciate, like Terry and Derek and Jill, an opportunity to speak to you today because in the past, some of you have gotten to know, and it's about 12 minutes of fame on the podium with the rest of the Liberty companies. Today, obviously, we can make sure you really understand our performance, our results, and why we believe we're best in class in this business. Pictures speak a thousand words, as they say. Some of our great stories and pictures of our success here, about 12 years ago, we all walked through here with nothing but boots on. It was nothing but woods. If you look at 2014, that's a picture from November, and we had cleared the site. We were moving three gas pipelines. They were pumping petroleum from Houston to New Jersey every single day. They still do it today as well. I always say, "Hey, when you walk around the perimeter, don't light a cigarette there." All right? Now you're safe. In 30 months, this organization, on time and under budget, built a world-class ballpark and phase one of our development. That's the picture you see in 2017. No one had ever built a ballpark in less than 30 months before, even close to that. At the same time, we built the first 1.2 million sq ft of our mixed-use development. In 2024, what you see just recently is just last year, we added this building, the 304,000 sq ft headquarters for TKE and Papa John's, and then the Test Tower and this conference center, a project with TKE. We added our front door, phase two, which is the Silver Spot Cinema, some more retail, another hotel, and also now the Truist Security Building, which I'll talk about later. In 2025, we added PennantPark, which I'll also address in a little bit. Just a quick snapshot of who we are and what we are. We have 3 million total sq ft of development now. Our tenants, 35 tenants, have done $134 million of total food and beverage and entertainment sales. Second year in a row, over 9 million people coming to The Battery, extensive dwell time, and we are at 98% occupied here on The Battery campus. Incredibly strong growth continues. Our OIBDA/CAGR rate over a short period of time, eight years, is 34%. One of the things I would point out on the far right chart, when you look at the CAGR rate of our sales at the $134 million, that is certainly a sustainable number now that we're getting to that occupancy rate. We are at that point in time where we are now bringing better brands in here, more brands that we believe will generate even more revenue. Shake Shack is one of those, for example. That is a normal course of business in the development business, and we are active in that space now. Some recent highlights for us. I'll talk about PennantPark and Truist in a little bit here, but for example, Shake Shack, as I just mentioned. Shake Shack is opening up their first restaurant operation with a full bar. We're going to actually visit that after we leave here. Also, in addition to that, they're opening up a regional Southeast headquarters, the first headquarters out of New York, going to bring 100 employees here and has a test kitchen in it. It just shows, again, the strength of obviously what we can do to activate and bring brands to our campus. The halo effect is strong in this area, and it's all because of what we've created here since 2014 when we started. The Henry is a great example of that. It's right across the street. It'll be connected with a bridge that will be finished by next opening day that'll connect the Henry Project to 22-story towers into the plaza. We have an incredible relationship then. We're a small part of that business, but a big part as far as for decades. We control all of our parking there. We control all the sponsorship with the collaboration and the partnership that we have with the Henry Project. Okay, just a little bit about our expanding campus. Again, the halo effect is something I would definitely mention in the last 10 years. Since we made this announcement to move to Cobb County and the northwest part of Atlanta, there have been 3,000 apartments that have all been built, and they're all in walking distance of us. We know it's because of us. They're called Stadium Village, Ballpark Village, Ballpark Place. We like that, obviously, because obviously those are our customers. They continue to support us for our games, our restaurants, and all of our entertainment options. There have also been four class A offices that have been built, the gallery Derek just mentioned it, where All-Star Village will be. It is going to go through a $200 million renovation that starts after the All-Star Game. Many people in this area have said now for a number of years, "We are Cobb County and northwest Atlanta's downtown." That is why we have attracted 9 million people a year here. Let's look at our corporate tenants. We have attracted Fortune 500 headquarters or regional offices. Why is that? Because we offer a highly amenitized environment here and lifestyle center for their employees. Thousands of employees here working every single day. They are bringing their clients here, visitors here, third-party contractors here. What's great for us, they stay in our hotels, they come to our restaurants, they come to games, they're season ticket holders. Every corporate logo you see on there is a corporate partner with the Atlanta Braves and also a corporate sponsor and corporate partner in The Battery. The strength of what Derek referred to as well is how we collaborate, how we leverage, how we create opportunities is very unique and something that others can't replicate. Truist Securities, this is our new partner coming to our site, newest addition. Again, it shows the strength of our partnership. This was an incredibly challenging site for us and one that I don't think any of us in management probably would have built for anyone else but Truist. It is right next door. You'll see it on our tour. It is a quarter million sq ft building with a 42,000 sq ft trading floor. July, right after the All-Star Game, 1,000 employees over the next five months will move into that incredibly new office space. Again, they'll bring their investors there, their clients there. It is one of the reasons why we're part of building a new hotel with the Henry Project, 250-key autograph hotel. We're going to need more hotels. This is just, again, compounding the amount of people that come to the campus and support what we're doing here. We got a CO on that building in December of last year. They started paying rent in January of this year. Again, ahead of schedule and under budget, which is something we like with everything we do. Our newest acquisition in early April. This just shows, as I think Terry mentioned during his talk with Rob, that we look at strategic opportunities that make sense, and we're going to be open to those. Our relationship with PennantPark for the last eight years was a parking leasing arrangement. It was very lucrative for them. It was beneficial to us. There are 2,700 parking spaces there. Working with Cobb County, we built a pedestrian bridge across 75, which made it very easy for our fans and visitors to access the campus and Truist Park. Now we control all that. This is 84% currently leased. We've got some great activity. Jeremy and I had a meeting, for example, with the tenants. It was the first time anyone had spoken to them in two years. The previous landlord had pretty much made a decision. They were going to walk away from this project. They're thrilled to be part of this organization. They already see the benefit of it. We're doing about $1.5 million in just simple capital upgrades before the end of this year and changing that landscape over there. The additional thing I would say is it does have some additional land opportunity for us because it is 34 acres and there's 763,000 sq ft there. A great opportunity for us now and in the future. This is a great picture we're all proud of. This is game four of the World Series in 2021. Fox had their booth there. You can see it just below the pool deck. Kevin Burkhart, I think one of the things that we all remember he said is, "This is one of the greatest atmospheres I've ever been part of." He saw over three days, 340,000 people came to The Battery and Truist Park. 120,000 plus were in there for our three games, and the rest every night were throughout our entire campus. We activated all of it. One of the things it led to is us understanding we needed to take some of the compression off the plaza. We have now put four more LED boards this year throughout The Battery, and we are going to start activating some of the other places in that when we have big events. The year-round destination we have created, when you look at the 9 million visitors plus, that is 25,000 people a day coming here. Some of our colleagues that have built some mixed-use developments around other sports or entertainment venues ask us, "Hey, how do you do when you're not playing games?" We all say to each other, "We crush it." I mean, there are many times you cannot find a restaurant, and even with a reservation, I mean, you just can't get them when we're not playing games or on the road or in the off-season. Part of the reason is we are activating events year-round. As you see, it's 283 non-Braves events last year. $9 million is $3 million plus that go inside Truist Park, $6 million that never set foot in the park. It's that activation of those events that continues to bring people here, make sure it's a safe, secure, accessible environment, great offering of restaurants, which supports all of our tenants. That's why we rank near the top in mixed-use centers around the country. 74% of our guests come from outside Cobb. We're not moving money around Cobb, obviously. It's 74% outside, including 21% outside the state. An example of some of those events we activate, New Year's Eve, we're becoming sort of a home for New Year's Eve in all of Metro Atlanta. There are 30,000 people a year that come here for New Year's. 11,000 just to light a Christmas tree. I shouldn't say just to light a Christmas tree, to light the Christmas tree. We do lots of 5K runs, a farmer's market for families, something for everyone throughout the year, and continuing to really define the old, maybe it's abused and used, but it's live, work, play. We think we epitomize that and are the best example of that, bar none. How are we different and why it works? As I said earlier, we believe we're very authentic in what we do. We own this. We control it. We operate it. We manage it. That's why we believe it works. We've had 250 teams from all over the world come here. It's interesting to us the lack of public-private partnership that they have. You guys read about it all the time, different cities around the country. That's not us. Our partnership with Cobb County is incredible. Public knowledge last year, we put $40 million of cash in Cobb's general fund, the school board, and the state of Georgia just from our 60-acre campus. What we're doing here is definitely working, leveraging these partnerships, owning this all, and close collaboration, again, working with the team. We're all part of Braves Holdings, but we create operational efficiencies. We create sponsorship opportunities. Again, that is why we believe the entire project and The Battery continues to work to support our enterprise. Our growth continues, and our NOI, which is, I know, something all of you focus on, is going to get bigger and better. As you see, just even in this year alone, we are adding $20 million of incremental NOI, and that is from Truist Securities and PennantPark. One of my favorite things every year is when our finance team, we have to look at various reporting documents that we provide to investors and that we always every year had to put in our risks, and it is just what you have to do in this business. I would always go back and say, "Hey, why is it still a risk that for The Battery is management's ability to operate and deliver, basically?" We think we've done that pretty well, and we will continue to do that. The bottom line is, as an organization, I think we all believe we're pretty good at this. That's why, as I said, 250 teams from all over the world, they know we have the playbook and the results and the performance there to really back it up. Our future, I mean, what's next for us? We believe the portfolio that we've created here adds value, and it complements and supports our overall enterprise, our overall business objectives. We'll execute and continue to execute the bold vision and the uniqueness of what we created here, and that's what got this all started. We believe this reflects our ability to outperform and grow revenues. This is definitely best in class. We have no equal in this business. I always say there's contenders and pretenders here, and we think we're one of the few contenders that's doing this very, very successfully. If you look at over eight years, what's been created from those pictures, again, building a ballpark, phase one, then phase two was adding a front door. Phase three is the TK Papa John's and this whole huge tower, Truist Securities headquarters, then adding PennantPark. All I'd say is stay tuned, and you'll see what's next. Thank you very much. Good evening, everybody, and welcome into Atlanta Braves baseball. It all comes down to this right here. Is this real life? Holy smokes. Austin Riley is on a rampage. Welcome back, Michael Harris. Down the line, a bullet to the wall. Wow at a moment. Baker's dozen for Spencer Strider. He is that dude in center field. He's incredible. The biggest applause for the big bear. This place is up for grabs. Braves win. Hi, everyone. I'm going to wager a guess that there aren't very many CFOs who, at their investor day, get to come on the stage and follow an exciting video like that. I'm really happy to be here today, happy to have you all here. I would like to remind you that there is a reconciliation in the appendix of our slides on the website that reconciles all the non-GAAP numbers to our GAAP financials. 2024 was a very solid year for us financially. Baseball revenues grew 2% year over year, despite slight decreases in attendance and fewer post-season games than the prior year. This growth was driven by corporate sponsorship increases and contractual rate increases on season tickets. Mixed-use development revenue is about 10% of our total revenues, but it's an important and growing part of our business. This revenue growth drove 14% year-over-year adjusted OIBDA growth and 5% adjusted OIBDA growth for the company. The revenue growth overall was slightly offset by increases in Braves baseball operating costs, specifically player payroll and increases in revenue sharing expenses. This slide takes you back to when we had the vision that's already been referred to several times to move the stadium from downtown Atlanta to Cobb County. This move created greater proximity to a large contingent of our fans and also allowed us to operate on the vast campus that you see here today. To frame up what the Braves have accomplished since moving to Truist Park in 2017, you only need to look at our revenue growth over this period and a CAGR of 12%, which we're very proud of. 2021 was the World Series championship win. You can see the impact on our revenue growth there. Even with that high milestone that we hit in 2021, we continued to grow beyond that. Prior to the move to Truist Park, our revenues in the league were in the bottom third. Today, we sit in the top 10. We believe that's quite an accomplishment. Our last 12 months' revenues grew modestly as compared to 2024 revenues, as the last 12 months do not include any of the 2025 baseball season, nor do they include the PennantPark acquisition. The last 12 months does include the first full quarter of rental income since the new Truist Securities building has come online. Baseball event revenue, which includes ticket sales, concessions, sponsorships, etc., is the largest part of our revenue stream, representing over 50% of total revenues. Broadcast revenues, which includes local media rights and national contracts negotiated by MLB, make up a quarter of our revenues. Then rounding out baseball revenues, our retail and licensing rights of about 7% and other baseball revenues of about 5%. During this 12-month period, mixed-use development revenue has increased to 11% of the total. I wanted to spend a few minutes drilling down on ticket revenues as well. Since we opened Truist Park, ticket revenues have grown at a CAGR of 8%. Season tickets, which include both single-season tickets and multi-season premium tickets, make up about two-thirds of our ticket revenue, with single-game tickets and group ticket sales making up the remaining third. Post-season revenue, which is shared with the other post-season clubs, is incremental and not budgeted. You can see the impact in 2021 of what winning the World Series means. This World Series boost in 2021 was particularly helpful as we started out that season COVID-style with limited attendance in the first few months of the season. As Derek discussed earlier, ticket revenue increases are impacted by a number of factors, the most obvious being pricing and demand. We use sophisticated tools to evaluate ticket pricing on a game-by-game basis. Annually, we evaluate the mix of single-game tickets and season tickets. We have multiple tiers of premium tickets, all with differing levels of amenities, as Derek said, so you can watch the game in the lap of luxury if you so choose. These premium tickets have longer-term contracts that can be up to seven years in duration. On the flip side, we offer value tickets at $10 as well. We're super proud of the range of options that we can offer our fans. Broadcasting revenue, as you've heard throughout the day, is a very important revenue stream for us and makes up 25% of our total revenues. Broadcast revenue includes national media contracts negotiated by MLB, think Fox Sports, Apple TV, local media rights negotiated by the Braves, FanDuel Sports Network and Gray Television, and radio. Because of the size of Braves country and the large geographic footprint, we have a commensurately large radio network, one of the largest in the league, if not the largest in the league, of over 170 affiliates. Broadcast revenues have grown 30% since 2017. I did want to call out the blip in 2021 when we had a one-time retroactive accounting adjustment due to a change in the contract value. Shifting to BDC, one of the takeaways you should have after Mike's comments, and definitely if you take a stroll through The Battery this afternoon, is that The Battery has exceeded all of our expectations and is a model for any sports venue looking to create a 365-day experience. We believe revenue growth at a CAGR of 23% with less than 10 years of operations is pretty darn impressive. As Mike alluded to, the Truist Securities building will be generating revenue for the first time for the full year in 2025, and PennantPark will be coming into our portfolio, so you can expect to see a lift in both revenue and NOI in 2025. This growth is really all the more impressive given that a majority of our revenues are from long-term rental agreements. Because of the desirability of The Battery, we've been in a really fortunate position to be able to replace underperforming tenants with new tenants who are willing to pay a higher price for a premium location. BDC and Truist Park share a very special and unique relationship. While I would say both would be very successful operating independently in their own rights, they're both stronger together. We are obviously very proud of our real estate portfolio. We believe it's had a profound impact on the community and on Braves baseball. We are less thrilled, however, with the undervaluing of this real estate portfolio. We wanted to share with you how we think about the value of this asset. This is a fairly simple model that looks at stabilized net operating income by property type. Stabilized implies a high level of occupancy, although less than 100% occupancy, and we've typically been at or above our occupancy assumptions. PennantPark occupancy is slightly lower, but we're confident that that will improve over time once we apply the Braves mojo to the PennantPark area. We look at leasable square foot in this calculation, which excludes unowned properties like our residential units, which we built and then previously sold. We calculate a range of values using market cap rates, and we come up with a fairly large range for the valuation. We do feel very confident, however, that this valuation, our internal valuation, points to a valuation of north of $1 billion before debt for our real estate portfolio. I wanted to wrap up with a reminder of why Atlanta Braves Holdings is such a great investment. We are in a class of one. As has been mentioned several times today, there are very few opportunities to invest in a U.S. sports franchise, and especially at a time when the industry is poised to make such a seismic shift. We believe that the diversification of having a U.S. sports franchise coupled with a stable and growing portfolio of real estate is also quite unique. I wanted to close by thanking you all for attending our very first standalone Braves investor day. You hear that? It's the sounds of summer in Atlanta. You hear that? That's the sound of the Midsummer Classic. Baseball's most star-studded stage. Celebrate the greatest players of the game. The heart of the South becomes the epicenter of the baseball universe. What a catch. What a shot. Atlanta is tradition. It's timeless authenticity. It's where history meets present. Stars align to shine brighter than ever before. Our city's set for the national spotlight. We're no stranger to the big stage. Left into the right field corner off The Battery and she's all out of the bases. 3-1 inning. Got it with a changeup. On-town hero ties it up. Into the first. She's gone. First in Atlanta in 1972. Aaron was waiting and gave it a ride. Then returned at the century mark. Carrying pretty well. And this ball is gone. Now, 25 years later, it's back. Witness greatness unfold. Home run Andrew Jones. Moments to behold. Most valuable player. Memories made to be told. He made it in the back end. Digs it out. It's celebrities left and right. Gets it up in the air. Deep. Under baseball's brightest lights. It's derby sluggers going MAMO all night. The hometown hero. As the world tunes in on that summer night in July, we'll show them how we do baseball in Atlanta. This place is bouncing here in Atlanta. You hear that? The MLB All-Star Game is back in the A. 28 days. 28 days. No, 27. 27 days. Here we go. At this time, we're going to begin the Q&A session with Terry, Derek, Mike, and Jim. As a reminder, questions were submitted in advance. The first question comes from a shareholder who asked, "Can you elaborate on the opportunities coming out of the CBA expiration and potential media rights deal in the near future?" I'll jump on that one. I think you heard when we had Rob Manfred here that these are the two really big inflection points coming up for Major League Baseball. I would term that that's the macro set of issues that we have to grow on. I look at those as huge opportunities. We're going to continue along growing our business just like these wonderful presentations described and showed. It's a bit of a—I don't think we can exactly lay out what the future is going to look like from the CBA and from the new media rights deal. I think they're two years apart. I think they work together. I think what happens in the CBA will lead into what we do with the media rights. I'm incredibly optimistic about—I understand Rob's vision and plan and support it 100%. I would just sort of leave it at that, that those two elements are going to be the catalysts to—Rob used economic reform as a—there will be economic reform, and there will be new ways of looking at our media assets as they work together in those two inflection points. That would be where we stand. Great. Thank you. Our next question is from Barton Crockett from Rosenblatt. For you, Mike. Investors think about the pace of investment? I think we've addressed the real estate portfolio pretty well today. Hopefully you all understand the assets we have in the 3 million sq ft that we currently own. I think it's been said here by all of us that we'll continue to look at strategic opportunities that make sense for our overall organization. None of us lose focus on the fact that our mission is to win the World Series. What we've done here that no one else has is complementary to that and supports that. In eight short years, if you look at what's been built on The Battery site through our organization, as I said, there's no one else that's done anything close to that. If another opportunity comes to all of us and this management team continues to look at them very quickly when they make sense, PennantPark made a lot of sense because, as I said earlier, we had an existing relationship. I think we surprised the marketplace a little bit that we were the buyer. It was a strategic move and continues to certainly be a great revenue source for us to support our overall objectives. Great. Our next question comes from Steven Sheeckutz from Citi. Have you seen any impact on viewership trends following sports betting legalization in states like North Carolina and Tennessee? If so, would you anticipate seeing a similar trend if other states in your regional territory legalize sports betting? How would you expect to capitalize on these trends? Yeah, I'll take that. It's been public. We've been very supportive for the past five, six years now in advocating for the legalization of sports betting in Georgia. Georgia right now, I think, is one of only a handful of states. I think there's over 40 now that have legalized sports betting of some type. I think the way I would say it is I certainly anticipate sports betting getting legalized in Georgia. I hope that happens. I have a high degree of optimism for that. I think there are a lot of reasons that support it. There are a lot of integrity of the game reasons. You want to get the sports betting out of the dark shadows. It occurs today in Georgia. It just occurs in an illegal marketplace. You vet it and get it out of that illegal marketplace. From a team perspective, the opportunities, we now get to look across all the states that have had legalized sports betting and see what happens, what is the impact to the teams and the positive ways in which they have benefited from it. There are a number of ways. Certainly, probably the number one, and I think a really important one, is fan engagement. When somebody of legal age bets on a game, they're more likely to watch it. They're more likely to follow it from start to finish. There are a lot of different things that they can do associated with that. I also think there's some monetary opportunities here for us to pursue too. I think it's going to be good for us overall. I hope it happens soon. Our next question is from David Joyce from Seaport Research Partners. To you, Terry, could you see the Atlanta Braves make investments in other sports, media, or business opportunities? I would say right off the top of the head, there's no way I would rule out anything. This is a management—I'll start off saying I grew up being trained by Ted Turner in the art of the possible and some of the impossible. This management team, the DNA of this team, as it's been built, is to how to go harvest and take opportunities out there that no one has thought of. Just the fact that we're here in this building on this campus from where we started in 2016 in the old stadium in the old spot and revolutionized the opportunities. You saw the revenue lines. We saw it. We thought it could happen. I think figuring out what the art of the possible is going forward is not possible to describe. We look at every opportunity, every business, every sports issue, everything that comes by. You can be sure if we see high returns for the use of our time and effort and association with the Atlanta Braves brand, we're going to do it. We're all about growth. We're not standing still trying to preserve what we have. We love to build and we love to grow. That is where I would leave that one. Our next question comes from a shareholder who asked, "How do you plan to narrow the valuation gap? " I think that is a bit of the same rhetorical question that we?ve talked about. We have investors who believe in us, who namely, I'll call one out, John Malone, who see the world through our eyes and support us and just believe that we do know how to go harness that growth. From the things you heard today, there is so much macro, micro, steady state kind of growth in front of us. Why would we give that away to somebody else to go harness? We want to accomplish that for you ourselves. We know we can. We wake up every morning just dying to go attack it. It is, as I said, the DNA of this management group. We love what we do. We know there is a lot of growth out there that is untapped. Until we sort of get at some of that very high-end growth, we are not going to rest. Yeah. I would just add, on an immediate basis, it is doing things like today? I mean, really proud of the fact that we're hosting this investor day here in Atlanta and giving those that want to come here and literally walk our streets and see the things that we've built and hear from our presentations the information that we can give you. I think part of how we solve this gap is we give more information and more people understand the unique differentiation that we have in the marketplace. The combination of the real estate assets and the ballpark and the way in which we run the team, the way in which we're managed, the way in which everybody here approaches it, getting your eyes and ears directly on it here in person, I think, is a big part of it. Our next question also came from a shareholder. Terry, you just addressed this a little bit. Do you have plans to sell the team? Yeah. I think I sort of jumped that question by the answer that I just gave about growth and opportunity. One of our favorite shareholders, John, sort of he's given us the ability to go accomplish the things that we want to accomplish, which is high growth, getting this management team into all of the new opportunities and businesses that we can go harness. That's what we're going to be doing with our time in the next short term. Our final question comes from a shareholder who asked, "Given the undervalued nature of your real estate portfolio, have you thought about a split of your real estate assets apart from baseball in order to help realize that?" Let's you and I do this together. Look, there's a number of ways in the presentation we demonstrated how the combination of these things together is—I hate to use the term, but I will anyway—the one plus one equals more than two. We talk about sponsorships using that one example, how almost any of our larger corporate partnerships today involve assets that go well beyond the confines of the ballpark and get into The Battery. We do that because it creates really unique opportunities to partner with companies and we drive more opportunities for us as a result of that. It's something that I think if you were to go around and talk to all the corporate partners just using that one example, you'll find that this is a really unique opportunity, a lab, if you will, for them to be able to do all that. The other point that I'd make is I think in our business, one of the things that you do that helps drive you everywhere is if you put yourself through the lens of a fan, you're always going to be in a good place. From a lens of a fan, this is a really enjoyable, entertaining experience. Just talking about the Braves games, we sometimes joke when we first started this that we're actually creating something that's a little akin to some of the ballparks of old that were built in those neighborhoods. I'll point one out, like Wrigley Field. Sometimes, as good as Wrigley Field might be, most people say it's about going to Wrigleyville. That's the fun part. That helps build the experience. I think we've eclipsed that now here in that the experience of going to a Braves game is as much about going to The Battery as it is the game. Putting those together, keeping those together is so important and valuable for our success. Mike? Yeah. I'd say another good example of that is one of the most difficult, challenging parts of all of our negotiations. Look, all those tenants out there, we negotiated those deals. From the office deals to the retail deals to the restaurant deals, one of the most difficult conversations was parking. They wanted to know when we have 40,000-plus people in the ballpark, how are people still coming to my restaurant, going to the movie theater, coming to my hotel? Because we control all of it, the operation, we could look them in the eye and say, "We've built enough parking. We're going to operate it all. You are not going to be impaired one bit if we're playing games or not." First season, remember, we said, "No concerts at the Roxie when we're playing games. Can't have it. Can't handle the operation. Can't handle the parking." We played during the postseason when we were full in the ballpark. We've had full concerts at the same time at the Roxie because we've been able to control and manage the whole operation. I'm with you. I think the value, the collaboration, as I showed you that slide with all of our corporate headquarters and regional headquarters here, every one of those people are season ticket holders. They own a suite. They're corporate partners. I think, as I said, we have the playbook on how to do this the right way. Great. Thank you. Thank you all. Thank you all again for coming. A few housekeeping things before we move on. Someone's hotel room key was left upstairs. If you're missing your key, let me know. Check your pockets. I know some of you would like to drop bags back at the hotel and maybe have a few minutes to check email and what have you. If you would like to do that, Wycliffe has generously offered to meet all of you back at the National Anthem, which is the restaurant in sort of the upper lobby there around 3:15, 3:20. He will walk all of you who want to do that over to the ASW. Actually, we have a weather check. I think it's okay, right? We're going to start at Shake Shack. We're good at Shake Shack? Yeah. We're going to start at Shake Shack. We're dressed casual. We're going to risk a little rain. Speaking of rain, there are lots of summer showers these days. There are umbrellas downstairs. If you want to grab one before you leave, you are welcome to. We're going to start at Shake Shack. We're going to then go to ASW Distillery and then to the Truist Securities Building and see that property. Then we will cross the street into the ballpark and see the new Chobah Kids area along with some other of the master planning projects that we have been talking to you all about. We'll then go down for batting practice. We'll wrap up at batting practice around 5:15 or so. You'll have some time to go back to the hotel then as well. We will come back to the ballpark around 6:15 P.M. to the suites for cocktails and dinner and the game. If you have any questions about any of that, please grab one of us. Just to make sure, Shake Shack at 3:30 P.M. Shake Shack at 3:30 P.M. If you're walking to the hotel, if you're leaving the hotel, try to leave by 3:25 P.M. Wycliffe's got that. Otherwise, Shake Shack at 3:30 P.M. You all are welcome to hang out here in the lobby and walk over with us as well if you'd like. Okay? Thank you all very much. Thank you. Thank you.