Core Insights - Palo Alto Networks has been named the Official Cybersecurity Partner of the NHL, marking a multiyear partnership focused on enhancing cybersecurity across the League and its arenas [1][2] - The partnership allows Palo Alto Networks to leverage exclusive marketing rights, connecting its brand with NHL fans through various marketing and digital channels [3] Company Overview - Palo Alto Networks is celebrating its 20th anniversary and has been providing cybersecurity solutions to the NHL since 2009, standardizing on next-generation firewalls, cloud security, and AI-powered security operations [2] - The company emphasizes its commitment to innovation in cybersecurity, particularly in areas like AI and digital transformation, which aligns with the NHL's goals [4] Partnership Impact - The partnership is expected to improve the NHL's cybersecurity initiatives, including an increase in the number of threats blocked per month, enhanced security for IoT devices, and reduced mean time to respond (MTTR) to security alerts [4] - By utilizing Palo Alto Networks' advanced solutions, the NHL aims to provide a secure experience for fans and players while navigating the evolving threat landscape [4]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $52.1 million, down from $67.7 million in Q4 2023, while full-year revenue increased to $662.7 million from $640.7 million in 2023 [25][26] - Adjusted OIBDA improved to negative $3.8 million in Q4 2024, up from negative $13 million in Q4 2023, indicating a reduction in operating expenses [28][29] - Operating loss for Q4 2024 was $18.6 million, improved from $32.4 million in Q4 2023, and full-year operating loss decreased to $39.8 million from $46.4 million in 2023 [29] Business Line Data and Key Metrics Changes - Baseball revenue increased to $595.4 million in 2024 from $581.7 million in 2023, driven by event and broadcasting revenue [27] - Mixed-use development revenue rose to $67.3 million in 2024 from $59 million in 2023, primarily due to increases in rental income and parking revenue [27] Market Data and Key Metrics Changes - The Battery Atlanta attracted 8.7 million visitors in 2024, generating over $130 million in retail revenue, despite fewer Braves home games and concerts [20][21] - Average visitor frequency at the Battery was 2.4 times with an average dwell time of 165 minutes per visit [21] Company Strategy and Development Direction - The company aims to enhance fan engagement through new partnerships, including streaming rights with FanDuel Sports Network and a deal with Gray Media to increase game accessibility [15][16][38] - The company is committed to providing a world-class experience at Truist Park and the Battery Atlanta, with new developments like the Children's Healthcare of Atlanta Park and the Outfield Market food hall [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the team's ability to compete for a World Series title, highlighting the return of key players from injuries [9][11] - The company views the reemergence of Main Street Sports from bankruptcy as a positive development, enhancing stability and accessibility for fans [14][36] Other Important Information - The company had $110.1 million in cash and cash equivalents as of December 31, 2024, primarily invested in highly rated financial instruments [30] Q&A Session Summary Question: Local media rights and capital structure - Management confirmed the new structure with FanDuel and Gray Media enhances broadcasting revenue growth and maintains strong local media rights [34][36] - On capital structure, management is comfortable with current debt levels and aims to maintain liquidity for investments [42][44] Question: Development opportunities and concert venues - Management indicated ongoing opportunities for development around Truist Park and plans to increase non-game day events [48][50] Question: Broadcasting rights environment - Management downplayed concerns about national broadcasting rights, asserting that the company is well-positioned regardless of market changes [56][60] Question: Social media engagement and international development - Management acknowledged the need for short-form content to engage fans and highlighted efforts to reach international audiences [66][72]