David Joyce • Seaport Research Partners

Answer

President and CEO Jeffrey Hirsch explained that 'BMF's' underperformance was a 'gross adds issue' rather than a single factor and that a postmortem analysis is underway. CFO Scott MacDonald addressed ARPU, noting it was slightly down due to more customers on multi-month offers, which helps reduce churn. Hirsch added that STARZ has no plans for rate increases, instead seeing future growth from new distribution platforms.

Ask Fintool Equity Research AI

Answer

President & CEO Jeffrey Hirsch attributed the majority of subscriber growth to the premiere of 'Raising Canaan,' with bundling also contributing. He explained that the revenue decline was a carryover effect from a strike-impacted year with fewer original premieres. Hirsch noted that originals drive about 55-60% of first title streams, a proxy for acquisition, with library movies from partners like Lionsgate and Universal driving the remainder.

Ask Fintool Equity Research AI

Answer

David Collins, EVP & CFO, expressed optimism for sponsorship growth in fiscal 2026, citing new partnerships, available premium inventory, and the benefits of bringing the sales effort in-house. On consumer demand, he stated it remains strong, pointing to robust Christmas Spectacular sales and concert sell-through rates. He highlighted that F&B per caps at The Garden were up double-digits in Q4, and combined venue per caps were up double-digits in July.

Ask Fintool Equity Research AI

Answer

Interim CFO Lee Weinberg highlighted the success of the Billy Joel residency and noted that future residencies may have different structures. He confirmed several upcoming multi-night runs at the company's theaters. On consumer demand, he stated the company is seeing no slowdown, evidenced by sold-out concerts, strong sell-through rates, and record-high per-cap spending for the Christmas Spectacular.

Ask Fintool Equity Research AI

Answer

EVP and CFO Michael Grau reiterated that consumer health remains strong, citing robust sell-through and ticket demand. He attributed F&B margin compression to higher labor costs from a new collective bargaining agreement, which offset lower COGS. Regarding capital allocation, he confirmed priorities remain debt paydown and shareholder returns, stating the company will evaluate returns once cash balances build to an appropriate level after the seasonally strong quarter.

Ask Fintool Equity Research AI

Answer

EVP, CFO & Treasurer Victoria Mink explained that in fiscal 2026, the increase from the new NBA national deal is expected to outweigh the full-year impact of the lower local media rights fees, resulting in overall media rights revenue growth. COO Jamaal Lesane and CFO Victoria Mink detailed the playoff impact, noting benefits to fan engagement and future sales, while providing specific Q4 playoff revenue of $115.2 million, or $12.8 million per game.

Ask Fintool Equity Research AI

Answer

EVP, CFO & Treasurer Victoria Mink explained that while local media rights fees will decrease, the step-up in national rights will lead to an overall increase in media revenue in fiscal 2026. She also provided specific revenue and expense figures for the recent playoff games. COO Jamaal Lesane highlighted the broader business benefits of the playoff run, including boosts to ticketing, fan engagement, and corporate partnerships.

Ask Fintool Equity Research AI

Answer

Victoria Mink, EVP, CFO and Treasurer, stated that the sponsorship category is on track for solid growth, highlighting the Abu Dhabi deal as a key part of expanding the Knicks' global brand. Jamaal Lesane, Chief Operating Officer, explained that ticket pricing is evaluated annually, noting that while they held prices for renewing holders last season, they opportunistically priced new packages and see future opportunities for yield growth.

Ask Fintool Equity Research AI

Answer

EVP, CFO and Treasurer Victoria Mink confirmed that the sponsorship category is on track for solid growth, highlighting the Abu Dhabi deal as a key global partnership. Chief Operating Officer Jamaal Lesane stated that ticket pricing is evaluated annually, noting that while they did not increase prices for renewing holders last season, they are opportunistically pricing new packages to drive modest overall ticket revenue growth this fiscal year.

Ask Fintool Equity Research AI

Answer

President & COO Jennifer Koester detailed progress on building a recurring advertising business through new packages and multi-year sponsorships. Executive Chairman & CEO James Dolan added that the sales team is still being built out. Koester addressed market trends by stating that while mindful of Vegas visitation, the company's focus is on long-term growth drivers, and results will naturally fluctuate quarter-to-quarter for a nascent business.

Ask Fintool Equity Research AI

Answer

COO Jennifer Koester detailed the strategy, which includes new ad packaging like 15- and 60-second spots, expanding relationships with media agencies for upfront buys, targeting the convention market, and building recurring revenue through multiyear sponsorships, citing recent deals with Google and Pepsi as examples.

Ask Fintool Equity Research AI

Answer

An executive, identified as COO Jen, detailed the new strategy, which involves adjusting pricing, building direct relationships with CMOs and media agencies, and targeting the Las Vegas convention market. She noted significant opportunity remains in entitlements and integrations. Executive Chairman and CEO James Dolan added that while a name might appear after 'Sphere,' the company will not sell a title sponsorship that puts a brand name before 'Sphere' to protect its brand equity, similar to Madison Square Garden.

Ask Fintool Equity Research AI

Answer

Executive Chairman and CEO James Dolan confirmed The Eagles' run would continue but did not announce other acts, reiterating that the main challenge is scheduling the high volume of interested artists. EVP, CFO, and Treasurer David Byrnes stated that a timeline for the Abu Dhabi opening has not been disclosed, as the current focus is on providing pre-opening services to their partner.

Ask Fintool Equity Research AI

Answer

CFO Gunnar Wiedenfels assured that WBD will maintain a 'business as usual' approach, preserving ad sales synergies through a unified go-to-market structure even after the separation. He also noted that the ad market has been resilient, with price increases seen across most categories, especially sports.

Ask Fintool Equity Research AI

Answer

CFO Gunnar Wiedenfels assured that the company will maintain a combined ad sales structure to preserve synergies, offering a 'business as usual' experience for advertisers. He also characterized the upfront market as strong, with price increases across all categories, particularly in sports, despite some pressure on the digital side.

Ask Fintool Equity Research AI

Answer

President of Roku Media Charlie Collier explained that Roku's unique position is due to its scale, engagement, and unique ad placements. This allows Roku to price inventory across the entire demand curve, from high-end premium sponsorships in Roku City to broader video packages that clear at lower CPMs. He noted that Roku did not see pricing deflation in its recent upfront and is well-positioned regardless of market price fluctuations.

Ask Fintool Equity Research AI

Answer

CFO Tom Barry attributed the G&A increase to a $28 million legal settlement in the quarter, which contrasted with a $10 million insurance recovery in the prior-year period. CEO Jennifer Witz explained that podcasting strength was driven by 'all of the above': attracting more creators, broader distribution across audio and video, improved pricing, and increased ad inventory. She noted advertisers are drawn to the talent, creating opportunities to expand their media buys across SiriusXM's entire platform.

Ask Fintool Equity Research AI

Answer

CEO Jennifer Witz discussed two ad opportunities: a free preview service in 360L vehicles and plans to test a low-cost, ad-supported subscription tier. CFO Thomas Barry stated that sales and marketing spend will continue to be optimized in 2025 with a focus on ROI and better integration, following a reduction in 2024 as the company pivoted its streaming strategy.

Ask Fintool Equity Research AI

Answer

CEO Jennifer Witz explained that the in-car free ad-supported offering is still in a small-scale 'test and learn' phase. She emphasized that building the necessary scale for a prominent in-car ad business will take years and is dependent on the growing penetration of 360L-enabled vehicles, which is projected to be in over 50% of new car trials next year. This long-term initiative is designed to complement a future ad-supported offering on the streaming app.

Ask Fintool Equity Research AI

Answer

CFO Natasha Fernandes attributed the take rate fluctuation to quarterly mix shifts, including the balance of sales deals versus JV deals and the impact of theater upgrades. An upgrade can involve an asset write-off that temporarily affects margins for a location but is a positive long-term investment. She stressed the overall operating leverage remains strong.

Ask Fintool Equity Research AI

Answer

CEO Richard Gelfond characterized IMAX as an 'affordable luxury' that has historically performed well in recessionary periods, citing the record-breaking Q1 performance in China during a slow economic time as evidence. He noted that IMAX's high market share inherently demonstrates that consumers are choosing the format, confirming the trend without commenting on specific exhibitor requests.

Ask Fintool Equity Research AI

Answer

CFO Natasha Fernandes responded that while a mix of models remains the core strategy, the company sees a clear opportunity to install more joint-venture (JV) systems. She noted that given the strong upcoming film slate and IMAX's robust balance sheet, deploying capital for JVs can generate higher long-term returns on the rental side, despite quarterly fluctuations.

Ask Fintool Equity Research AI

Answer

CEO Robert Thomson emphasized that M&A would focus on the three core pillars (Dow Jones, Digital Real Estate, Book Publishing) without overpaying. He highlighted the cash received from the Foxtel deal, the company's share price performance, and a history of returning cash to shareholders via dividends and buybacks, noting that 70% of available free cash flow was returned last fiscal year. He concluded that the company's optionality has increased significantly.

Ask Fintool Equity Research AI

Answer

CEO Robert Thomson pointed to the ongoing positive impact of higher-margin digital and B2B businesses at Dow Jones. For Book Publishing, he highlighted a full roster of new titles and the increasing profitability of the backlist, which now constitutes 61% of sales. CFO Lavanya Chandrashekar clarified that Book Publishing growth would likely moderate in H2 due to the phasing of frontlist releases.

Ask Fintool Equity Research AI

Answer

CFO John Janedis reported no new updates regarding TelevisaUnivision but affirmed fubo's openness to discussions under acceptable terms. CEO David Gandler added that the company is highly focused on launching skinny bundles, contingent on finalizing content deals with non-Disney partners at fair market prices and with flexible terms.

Ask Fintool Equity Research AI

Answer

CEO David Gandler responded that Fubo aims to partner with all programmers and leagues, including MLB, and would explore opportunities as they arise. He clarified that Fubo does not anticipate any issues with Disney, as they have a multi-year licensing distribution deal and will continue to operate in the ordinary course of business.

Ask Fintool Equity Research AI

Answer

President and CFO Joe Berchtold reiterated that the secondary market is viewed as a feature, not a core business, representing a low-teens percentage of GTV. He stated that for concerts, a decline in secondary activity would be a positive sign of effective primary market pricing. He also clarified that tickets do not go directly from their platform to secondary resellers.

Ask Fintool Equity Research AI

Answer

Mike Plant, President and CEO of Braves Development Company, stated that they remain opportunistic with undeveloped land, citing the new Truist Securities headquarters as an example of attracting major tenants. Executive Derek Schiller added that while they are aggressive in booking non-gameday events, concert scheduling depends heavily on tour routing, but the overall non-gameday event business remains extremely strong.

Ask Fintool Equity Research AI

Answer

Mike Plant, President and CEO of Braves Development Company, noted that undeveloped land is still available and they remain opportunistic, citing the new Truist Securities headquarters as an example. Executive Derek Schiller added that while they are aggressive in booking non-gameday events like concerts, timing is dependent on tour routing, but the overall non-gameday business remains extremely strong and is a key factor in project ROI.

Ask Fintool Equity Research AI

Answer

Executive Derek Schiller confirmed the company is actively working to bring more non-game day events, such as concerts and a new golf event, to Truist Park, leveraging its #1 guest experience rating. Regarding real estate, Schiller stated that there is still undeveloped land at the Battery being evaluated for opportunities, and the company is continuously looking to upgrade existing leases to higher-performing tenants to improve both guest experience and financial results.

Ask Fintool Equity Research AI

Answer

Executive Derek Schiller confirmed they are actively working with promoters to bring more non-game day events, such as concerts and a golf event, to Truist Park, leveraging its #1 guest experience rating. Regarding real estate, Schiller stated that there is undeveloped land at The Battery being evaluated for future opportunities and that the company continues to upgrade existing leases to higher-performing tenants to improve financial results.

Ask Fintool Equity Research AI