Excuse me, ladies and gentlemen, this is your conference operator. Your conference call is scheduled to begin momentarily. Until that time, your line will once again be placed on a music hold. Thank you for your patience. Please do not disconnect. Today, thank you for standing by, welcome to the Madison Square Garden Entertainment Corp.'s fiscal 2022 Q1 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one on your telephone. If you should require any further assistance, please press star zero. I'd now like to turn the call over to Ari Danes, Investor Relations. Please go ahead, sir. Thank you. Good morning, and welcome to MSG Entertainment's fiscal 2022 Q1 earnings conference call. Our President, Andy Lustgarten, will begin today's call with a discussion on the company's Entertainment and Tao Group segments. This will be followed by an update from Andrea Greenberg, President and CEO of MSG Networks. Our EVP and Chief Financial Officer, Mark FitzPatrick, will then review our financial results. After our prepared remarks, we will open up the call for questions. If you do not have a copy of today's earnings release, it is available in the Investors section of our corporate website. Please take note of the following. Today's discussion may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments, and events may differ materially from those in the forward-looking statements as a result of various factors. These include financial community perceptions of the company and its business, operations, financial condition, and the industry in which it operates, as well as the factors described in the company's filings with the Securities and Exchange Commission, including the sections entitled Risk Factors and Management Discussion and Analysis of Financial Condition and Results of Operations contained therein. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. On pages five and six of today's earnings release, we provide consolidated statements of operations and a reconciliation of operating income to adjusted operating income or AOI, a non-GAAP financial measure. With that, I'll now turn the call over to Andy. Thank you, Ari, and good morning, everyone. Q1 of fiscal 2022 behind us. We are now seeing encouraging signs that our markets are beginning to turn the corner following the challenging past 20 months. Vaccination rates, already high in the New York area, continue to rise, and the CDC's recent approval of vaccines for children should drive rates even higher. Office occupancy, while still very low in New York City, has increased significantly in the last month and a half, forecast to improve. International tourism to the U.S., which has been pretty much nonexistent, is starting to open up this week. In Las Vegas, we see one of the city's biggest pre-pandemic staples, corporate conventions, beginning to return. We believe these milestones could help propel our business, which is already experiencing promising momentum in a number of areas. Our venues are starting to get busy again and are operating without any capacity restrictions. Concert touring is ramping up. The Knicks and Rangers have returned to the Garden and are scheduled to play full regular seasons. The Christmas Spectacular is back, with this year's run kicking off last week at Radio City. This momentum has also carried over to Tao Group, which delivered another quarter of strong results, again led by robust performance in Las Vegas. While we're not fully back, what we are seeing is that when there are experiences that consumers find valuable, they're not only going out, but they're going out and spending more than they did before the pandemic. This has been reflected in double-digit% increases in F&B and merchandise per caps at our events, as well as in average check sizes at Tao compared to pre-pandemic levels. This demand for premium live experiences plays to our strength, which we think will help continue to drive our business. We're also very encouraged by the activity we're seeing with marketing partnerships and premium hospitality as companies are back to finding ways to reconnect with consumers. Finally, we've made important progress on our construction of MSG Sphere in Las Vegas, which we continue to believe will launch an exciting new chapter for live entertainment. First, focus on our bookings business. While we hosted a number of concerts at our venues in July and August, as expected, concert touring began to truly return in mid-September, followed by a very busy October to a packed schedule for the second half of fiscal 2022. While the industry as a whole has recently experienced some pandemic-related cancellations and postponements that have affected future event schedules, we're grateful that our event calendar has only been modestly impacted for the balance of this fiscal year. In fact, the number of concerts is significantly ahead of how we were pacing two years ago for the second half of fiscal 2020. This robust pipeline of concert bookings is being met by strong consumer demand as tickets continue to sell extremely well for newly announced shows, with many selling out. With regard to productions. This season marked the first time the Christmas Spectacular was canceled in 87 years, which made last week's debut of the 2021 season all the more special. As you know, we scaled down the number of shows this season, understanding this year would be unique due to the pandemic. Our advance ticket sales started slow, especially groups and international, which historically are among the first customer segments to buy. That said, leading up to the show's preview performances last week, we saw overall ticket sales increase significantly week over week for several weeks in a row. This past week generating the highest percentage increase so far as we look forward to the show's official opening night this evening. In addition, some of the pandemic-related factors that have impacted sales to date are now headed in the right direction to help ticket sales later in the show's run. These include international tourism, which began to open up this week, and the recently approved vaccine for children, obviously a positive for a family show. We are really excited about opening up the Music Hall and look forward to welcoming hundreds of thousands of guests this season, which we believe is a significant. Tao Group is another part of our business that is clearly benefiting from people's desire to gather again. Tao's ability to ramp up operations quickly to meet the public's demand led to impressive results in markets such as Las Vegas, even outperforming pre-COVID levels. Venues not yet being fully staffed is also reflected in Tao's strong AOI margins, which we expect will normalize over time as we continue to make progress on the hiring front. While we also believe Tao will face increased competition as the industry continues to come back, we feel good about the long-term trajectory of the business. Tao's acquisition of Hakkasan created a global powerhouse across more than 20 domestic and international markets. Tao is now focused on optimizing. The team has been evaluating their existing portfolio, including possible lease extensions, rebrandings, and in select instances, closures. At the same time, Tao has also returned to focusing on its venue expansion efforts with a robust pipeline of planned openings through calendar 2022. Tao recently debuted a new venue in Mexico City, with others set to follow in several markets, including Miami, Los Angeles, and Las Vegas. As you can imagine, we're incredibly pleased to see people embracing the return of live entertainment. That includes companies which are now reengaging with the industry in meaningful ways. There are clear signs that corporate hospitality is making its way back. To help our partners, we took a customer-friendly approach, pausing their obligations for the last year through September 30, which obviously meant minimal suite revenue in the Q1. At the same time, we continued to work on new sales and renewals, which are now ahead of expectations. On a go-forward run rate basis, we're pleased to say that suite revenue has returned to pre-pandemic. Our marketing partnership business has also had an exciting few months. Last quarter, we renewed our valuable marketing partner, JPMorgan Chase. This was followed by multi-year extensions with longtime partners Lexus and Anheuser-Busch, both part of our signature roster. We then expanded by welcoming Infosys, a global leader in next-generation digital services, which involve a number of MSG Entertainment's assets, including MSG Networks, as well as MSG Sports. These deals have helped set the tone for our discussions with other existing and potentially new marketing partners, including in the mobile sports gaming space. Yesterday, New York State awarded licenses to nine operators, a significantly higher number than had initially been expected. On the heels of this positive news, this morning, we announced our first significant partnership related to mobile sports gaming in New York with BetMGM. We've talked before about how our portfolio of assets uniquely positions us to help sports gaming operators grow their business in the nation's largest market. Our expansive multi-year agreement with BetMGM utilizes our unique portfolio to provide the gaming operator with unparalleled exposure to millions of consumers. This includes our regional sports networks, digital apps, out-of-home signage, and Madison Square Garden Arena through our relationship with MSG Sports, the New York Knicks and Rangers franchises. We are just getting started in terms of growing the sponsorship category. Our discussions with other mobile sports gaming operators have also meaningfully progressed over the past several months. With New York State's licensing process now complete, BetMGM is our first partner in this category. We certainly don't expect it to be our last. As we are increasingly confident in MSG Sphere at The Venetian as we push towards our expected opening in calendar 2023. Since we last spoke, we have completed concrete pours for the venue's domed roof and started installation of a steel framework that will eventually support the interior LED media display plane at 167,000 sq ft. Which is larger than three football fields. An important role in our ability to create immersive experiences at unparalleled scale. Over the next several months, work will continue on the venue's interiors as well as its exterior, including the pedestrian bridge that will connect MSG Sphere to the Venetian Expo. I will end by reiterating that the ramp-up we're seeing across our entertainment business reflects the strong desire of people to be together, especially for premium live experiences. There's still work to do. There are still challenges, but the fact that our assets are uniquely positioned, we're headed in fiscal 2022. As we get back to doing what we love, we're also incredibly excited about the progress we've made on MSG Sphere, the beginning of our company's next chapter. With that, I will now turn the call over to Andrea. Thank you, Andy, and good morning. With the recent start of the NBA and NHL regular seasons, we've seen strong interest from viewers and advertisers for our live professional product, which features five teams across both leagues. As the seasons continue, we hope to build on the success we had last year, which included double-digit% ratings increases for a number of our teams, all-time high levels of viewership and engagement on our streaming app, MSG Go, and robust advertiser demand for our programming. Our content has played a big part in our ability to renew our affiliate agreements, including most recently with Verizon Fios, one of our largest affiliates, among several others. While we are certainly disappointed with our current Comcast situation, a reasonable deal. We continue to innovate with programming designed to broaden our viewership and increase overall engagement. To that end, to capitalize on the introduction of mobile sports gaming in Connecticut, which will soon be followed by New York, we have launched an original block of entertaining and energetic sports betting content featuring athletes, experts, and other personalities. This includes two new programs, The Bettor Half Hour and The Betting Exchange, which air back-to-back Monday through Thursday prior to our pregame programming. We've also debuted a new Sunday morning football focus show, and Mathias Kiwanuka. We continue to work with a growing list of sports betting operators, which now includes FanDuel, Caesars, BetMGM, and bet365 on traditional spot buys, as well as with a number of these partners in-game integrations and other unique content. It's clear that sports gaming operators are recognizing the value we deliver, as we've already secured from this category a substantially higher level of advertising commitments for fiscal 2022 as compared with our last fiscal year. We also continue to see growth in other sectors that have become an increased focus for us, including technology companies, web-based services, and brands that have thrived over the past 2 years. For the 2021, 2022 seasons, we've welcomed a number of new partners, including TikTok, DoorDash, and Infosys, and have seen a significantly increased presence on our air from existing partners such as Amazon and Verizon. As we look ahead, we know the media landscape is evolving. However, we also know that live local professional sports remain some of today's most valuable programming, and we continue to explore new ways to offer and monetize our content, including with a direct-to-consumer product. We are confident that our long history of innovation will serve us well as we look to capitalize on these future opportunities, all with the continued goal of driving value for our partners, advertisers, and viewers. With that. By reviewing our Q1 financial performance, which now includes the MSG Networks segment. I'll note that while the acquisition was completed on July ninth, the results are included for all periods presented. In the fiscal Q1, we generated total revenue of $294.5 million and adjusted operating income of $10.3 million. The Entertainment segment generated $34.2 million in revenue, which primarily reflects live events starting to ramp up in mid-September. The segment had an adjusted operating loss of $71.4 million. In our last call, we have been strategically hiring across our Entertainment segment to support the ramp-up of live events and MSG Sphere's content development plans. This hiring is reflected in higher segment SG&A expenses in the quarter. Turning to MSG Networks. The segment generated $141.5 million in revenue and $55.8 million in adjusted operating income in the quarter. MSG Networks year-over-year results were impacted by a number of items, such as higher accruals for potential affiliate fee rebates and lower advertising as the prior year quarter benefited from the timing of the NHL's return to play and the Islanders appearance in the playoffs. In summary, revenues of $119.5 million and adjusted operating income of $26.2 million as reopening momentum continued in key markets such as Las Vegas. Now let's turn to our balance sheet. As of September 30, we had approximately $1.33 billion of cash on hand, while our debt balance was $1.71 billion. In terms of capital expenditures, we had $137 million of CapEx in the fiscal Q1, primarily related to the construction of the MSG Sphere in Las Vegas. $137 million, which includes $121 million of accrued costs that were not paid as of September 30 and is net of the $65 million received from Las Vegas Sands. As a reminder, we previously disclosed a cost estimate of the MSG Sphere in Las Vegas of approximately $1.865 billion, and we will continue to aggressively manage costs as we work towards the planned opening in calendar 2023. With that, I will now turn the call back over to Ari. Thanks, Mark. Can we open up the call for questions, please? Ladies and gentlemen, at this time, if you would like to ask a question, please press star and then the number one. Just a moment. Our first question comes from the line of Brandon Ross with LightShed Partners. Brandon, your line is open. Hey, guys. Good morning. I wanted to start with MSG Networks. There's been a lot of discussion around the future of the RSN business lately. Obviously, you have the Comcast drop, and there's been public posturing from Sinclair and the leagues. I was wondering if you could just talk broadly about your DTC vision for MSG Networks. First of all, what rights do you even have? And then how are you going to balance your need to maximize revenues, the distributors' desire for lower rates, and the leagues' and teams' goals of maximizing distribution, and eyeballs on their product? How do you solve that puzzle? Certainly a delicate ecosystem with a whole host of constituents. You know, we have our affiliates, we have our leagues, we have other distributors, we have fans, we have sponsors. But we believe these constituents do in fact recognize the value of our programming, which is why we are confident that we're going to work together to find an appropriate model that balances all of these constituents' interests. You know, we think that as we go through this process, there'll be opportunities that come from that for us. We've talked before about how the viewing experience is transforming. You know, it's going from a lean back experience to a lean forward experience. We've got interactive games, we've got sports betting on the horizon, and they're all, as we've seen from what we've been doing, they're all driving engagement and viewership. We think that all of that's a value-creating opportunity for us that we're already beginning to see. Our network business this fiscal is set up to see a substantial increase in advertising revenue, in part due to what's happening in the mobile gaming space. As you say, direct-to-consumer is another developing opportunity. There are millions and millions of homes in our region that don't receive our networks. Finding a way to serve those homes is obviously of interest to us. We've been actively talking with our partners about different DTC models we could deploy. You know, all that said, over the last 12 months, we've grown our database by over 25% with an eye towards deeper consumer insights and developing a more direct relationship with our customers. We've also conducted research to better understand what our customers might want, including various pricing options. At this very moment right now, we're absorbing all of this information. As to your last or one of your questions on rights, as we've said in the past, we have the flexibility in both our rights and affiliate agreements to offer a direct-to-consumer product. We're working on a renewal of our agreements right now with the NBA and NHL, which as we've said, we've successfully renewed many times in the past. We're confident that we'll continue to have the digital rights that give us the ability to take MSG Networks direct-to-consumer. You know, yes, while things are certainly evolving, we believe that on balance, the RSN business will remain incredibly valuable and will continue to generate significant cash flow going forward. Okay. Maybe for Andy, the Tao Group performed massively above 2019 if you look at the numbers. Can you expand on what you're seeing there, and if you think that's sustainable and how much Hakkasan contributed to the mix and if all those synergies are in? I mean, overall, I look at the AOI this quarter. Can this be a $100 million AOI business? Clearly driven by what we see everywhere right now. People's pent-up demand, pent-up demand to come together, pent-up demand to celebrate, and pent-up demand in doing it in a way of premium, excellent, place that they feel safe. I think the Tao Hakkasan merger is a great example of one of those types of business. People have been really willing to pay for it. We see it in our check sizes. We see it across the business. I will say, and I've said this before, we do think we're benefiting right now from some reduced competition that's beginning to come into some of our markets. That's not to say we're going from no competition to full competition. There is already competition occurring. We feel really good about the upside and the future of this business. The team has been working on integration, both organizational and operational. They've taken out some of the savings, but they're continuing to focus on it. There'll be further synergies across marketing, cross-promotion, databases, procurement, purchasing, and introduction of corporate. We think there's still a lot of opportunity in front of us. It comes not only from our current store, the best in the industry or among the best, if not the best. Right. We just recently opened up Mexico City. We have plans to open up a few other markets coming soon. Hakkasan immediately increased Tao's footprint and added a number of international markets and the ability to reach international markets. We think that this company has got growth for years to come, and we've already begun to see it. We feel really good about bringing these two businesses together and we feel really good about this business. Renovation once again. I feel like it's been going on for decades. Can you just address the risk of relocation? On the flip side, if there's potential upside to the air rights or maybe use of the Hulu Theater in the renovation. Thanks. Sure. Absolutely. Last week, Governor Hochul unveiled her plans for the redevelopment of Penn Station and the surrounding area. We think it'll significantly improve this area, which is adjacent to the Garden. We've been working with the governor, and we've been working to bring the state back, and she's really done an excellent job. We fully support her efforts, and we look forward to continuing to work with her on many things to come that are currently in progress and in her vision. I will say, though, we expect to continue hosting memorial events right here, at the Garden's current location. To your point about air rights or Hulu Theater, look, these are very valuable assets in our portfolio, both strategically and financially. I do think there will be a time to monetize, but I will say I don't think that time is tomorrow or, you know, in the next week, right? We are closely watching the developments around Penn Station, and when the opportunity presents, we'll make that make sense both strategically, financially, we will take that opportunity to create value. Thank you. Thanks a lot. Your next question. You know, it does look like some of the leads in RSN model are DTC platforms that could combine, you know, in-market and out-of-market streaming. Just given your mix and range of reserves through 2035, I think, can you remind us, you know, what protections you have if a competing streaming product did come to the market? At the same time, would you see room to potentially participate in an OTT product that the NBA or NHL could offer? Yeah, I'll answer that one. I mean, the NBA and the NHL have always recognized that the RSNs are a very important part of their overall ecosystem. You know, we've through our team deals worked in partnership with both leagues to ensure over the years that there's a continued robust ability for us to offer regional product to customers in this market. You know, we fully expect that to continue. Precluded us from launching a direct-to-consumer product, and we'll continue to explore models that are beneficial for all involved. You know, as I indicated in the first question. We are confident that working with our leagues and our distributors and our sponsors, that we'll continue to have broad digital rights. Okay. Andrea, as you know, to approve nine betting operators for the state. I think that's more than double what we talked about on the last earnings call. Just, you know, want your thoughts on what this market dynamic means for you in terms of the number of op- You know, partners you could potentially take on and then just, you know, what it means for the overall importance of your assets as, you know, these operators look to gain market share. Good. Let me start by saying what I've said many times before, but I'm gonna continue to say it because I think it's incredibly important. Before we even talk about the revenue opportunity of sports gaming and what its impact is on viewership and fan engagement. We think this is gonna bear fruit not only today, but for years to come. Andrea hit on it a little bit as you talked about the interest in consumers and through MSG Go, right? It's this is gonna play out in many places. That said, we are talking about what it is today. The state originally talked about having a minimum of four operators. Yesterday, they announced nine. Obviously, for us, this is a great opportunity, more competition, a more competitive environment. Operators are gonna have to aggressively market themselves to find the consumers, raise awareness, and draw their customers in, right? That's where we come in. I think that our brands have unmatched presence in New York market, value for partners, fixed assets including entertainment, CAL venues. As Andrea mentioned before, MSG Networks, linear networks, and our outdoor signage. Our relationship across MSG Sports with the Knicks and Rangers. This drove us to signing our first agreement with BetMGM. It's an expansive agreement. It's multi-year. It demonstrates the value we could deliver to a partner. But I will say it's non-exclusive, and we do not expect this to be their only partner. We're in active discussions with additional operators. We're very selective about who would be our partner and the number. I will, I wanna emphasize that we are increasingly confident about how impactful this category will be for our company. Just adding to Andy's comments. You know, at Networks, sports betting operators are already clearly recognizing the value we deliver today. You know, as I mentioned during our prepared remarks, we continue to work with a growing list of these operators. Today, we have partnerships at the network side, obviously with BetMGM, with FanDuel, with Caesars, with bet365. Andy indicated additional opportunities beyond that, different opportunities that'll... Your next question comes from the line of John Janedis with Wolfe Research. Thanks. I've got one for Mark and one for Andy. First, for Mark. Given the Comcast situation, can you give us an update on any potential covenant or compliance issues at the networks related to the term loan? On Andy, can you give us the expectation on how the Christmas show is gonna perform relative to historical norms, maybe on a per show basis? How impactful is slower tourism? Is that the majority of guests? On the international travel restrictions being lifted, did that come at a time where it's gonna be difficult to capture given typical lead times of bookings of holiday travel plans? Thanks. Great. This is Mark. I'll jump in and answer your first question and then hand it over to Andy. I'll start by noting that we fully expect to remain in compliance with all our covenants under the term loan. Also note that there's no recourse to the parent company as the loan was issued by a subsidiary of MSG Entertainment. Just a little background on the loan. There's currently approximately $1 million outstanding, and it matures in October 2024. It's subject to two key financial covenants, maximum leverage of 5.5 times and minimum interest coverage of 2 times. The main governing covenant is the leverage ratio, where we have the ability to net up to $175 million in cash as the borrower towards the leverage covenant. With that, I'll turn it over to Andy. Christmas Spectacular. We just had our preview period this last weekend. Our opening is this evening, and we're thrilled to have the show back. It was difficult for us to have to take a year off after 87 years of being on. We knew coming into this year, this was gonna be a not the typical year, given that, as I mentioned and you picked up on. Now, the show's sales started much slower than where they historically have been. A number of factors, but when we lost out especially international, and our groups, and the reason the groups is a lot of them are tied in with the children. The children's show in an unknown position where we were gonna be with the vaccine and rules. We had to make some tough, you know, difficult decisions. I will say each week has improved. The sales have improved prior to the following week. Every before, so typically Mondays are not our strongest day. We had a very strong Monday. But to your point, it's a little. Second half of the run, not these next few weeks. Those weeks typically have been where our group sales have gone into, especially schools, which really weren't buyers this period. We are starting to hear about schools coming of interest, but again, they need to take a few weeks, they need a plan, they need to get themselves set. We're hoping this could be helpful post Thanksgiving, when most of our tickets get sold. Excitement seems to be building. You know, we have seen some compressed and last-minute buying, which is also completely consistent with Broadway. The other thing that's an interesting point is our ticket yields have remained strong and better than what we were expecting. While this year will not be our typical year, we'll not hit our 2019 numbers. We are still you know, happy and excited to welcome hundreds of thousands of guests this season. You know, I do think this is the first sign of it coming back. We do believe in the long term, very strongly in this business. Thanks, Andy. Our next question comes from the line of David Katz with Jefferies. Hi, good morning. This is Cassandra asking on behalf of David. Thank you for taking my question. I just have one on the Sphere. Have you seen or foresee any challenges with supply chain, and how are you managing the risk there? Sphere and the complexity associated with it. You know, we've been actually managing our supply chain since day one. I think as we mentioned in our prepared remarks, we're on track to open in 2023 and don't see anything changing in the near term. I think as we mentioned on our last call, we have accelerated the purchase of higher risk items, including securing the majority of our structure delivery methods for certain components such as semiconductors to minimize any potential delays. I think overall, we've done a good job of managing our supply chain. We have time for one last question. Your last question comes from the line of Ben Swinburne with Morgan Stanley. Thanks. Good morning. Andy, could you talk a little bit more about sort of how you think the BetMGM relationship evolves and sort of how much, you know, how much bigger the business could be if you look 2-3 years out, especially as you bring in additional partners. If you guys can help us at all, think about where that revenue is going to show up, across your segments. That would also be helpful. I just wanted to follow up on the conversation on streaming rights. Again, we had mentioned that you're in discussions with the leagues right now on a renewal. Do you think that'll have any impact on expense growth? You know, I think we typically see expenses grow kind of in the, you know, escalator level, but I didn't know if because of the focus on streaming, there might be some volatility there we should be looking to as you renew these two agreements. Thank you. Thanks, Ben. As I mentioned, BetMGM is our first partner. It's not exclusive. We think this category is very meaningful across all parts of our business. You know, it starts with the simplest, advertising on MSG Networks, integrations and games, but then more so across our fixed assets. We're able to provide something that I don't think a mobile operator could reach on their own, which is fixed land-based hard reach of the consumer, ability to connect directly with the consumer at our Tao venues. We have 60 venues in 5 continents. Think about the arena and premium areas and seating. Think about our ability to. By the way, you can reach outside of sports to other types of both dining and concerts. We're able to provide really a robust offering to a partner to let them really drive their business. We clearly really blanket the New York market and the greater New York market in a way nobody else in the industry does, across online. Finally, the other piece of the value that we have that is extremely important to partners is our data. Knowing our customer, we do it better than I think anyone else. We want to continue and we provide it to our partner and the ability to go back and forth and really build their business. We think it's a tremendous opportunity. In terms of across our assets, obviously, there's a type of sponsorship gets shared between the teams and the arena as well. It's shared between MSG Sports and MSG Entertainment. There'll be a part of it, obviously, that goes to the teams for official branding. I will say that this is a very robust deal, and we feel very good about this category and what we're going to be able- Regarding expense growth. You know, as Andy just indicated, there's significant offsetting revenue opportunities. If you just think about networks, and Andy touched on a few of these opportunities, in addition to just our traditional spot inventory. You know, we could and are looking to launch sports gaming, including married to our live game content. We have more programming and production opportunities. As we indicated, we just launched a suite of new sports betting shows that'll air on Sundays during the football season and prior to our pre-game programming. In prime viewership spots, great content opportunities. There's a whole host of BetCast opportunities. We've done some of that in the past. We will look to do more of that with some of the partners that we've outlined. Our MSG Go streaming app, which is performing wonderfully this year compared to prior seasons. We see this as being a tremendous opportunity for growth. Yeah. Specifically asking, though, about the streaming rights that you said. I think you said you were in negotiations with the NBA and NHL on the renewal. I didn't know if those were big enough? Yeah, I wouldn't expect any consideration to those rights. As I've said in the past, we've had the rights with the NBA and the NHL to offer MSG Networks direct to consumer. Got it. Thank you. Thank you. I'd now like to turn the call back over to Ari Danes for any closing remarks. Thank you all for joining us. We look forward to speaking with you on our next earnings call.