Part 2/10:
The conversation begins with a question from Dean in Tampa, who asks about the real profitability of sports teams. Specifically, he inquires about how much money owners actually take home after covering all expenses and revenue sources, noting that valuations seem to climb continuously. David responds by explaining that there's no standard line in a team's financial statements explicitly labeled "profit." Instead, there are various metrics like operating income, net income, EBITDA, and available cash, all of which serve different analytical purposes but aren't straightforward indicators of actual cash owners pocket.