Atlanta Braves Holdings Inc (BATRA) 2023 Q3 法說會逐字稿

Welcome to the Liberty Media corporation's 2023 Q3 earnings call. (Operator Instructions) As a reminder, this conference will be recorded November 3. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

歡迎參加 Liberty Media 公司 2023 年第三季財報電話會議。 （操作員說明）謹此提醒，本次會議將於 11 月 3 日進行錄製。我現在想將電話轉給投資者關係副總裁 Shane Kleinstein。請繼續。

Thank you. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10K and 10Q filed by Liberty Media with the SEC in the most recent Form 10Q and registration statement on Form S-1 filed by Atlanta Braves Holdings with the SEC.

謝謝。在開始之前，我們想提醒大家，本次電話會議包含1995 年《私人證券訴訟改革法案》含義內的某些前瞻性陳述。由於許多風險和不確定因素，實際事件或結果可能會存在重大差異，包括Liberty Media 向 SEC 提交的最新 10K 表格和 10Q 表格以及亞特蘭大勇士控股公司 (Atlanta Braves Holdings) 向 SEC 提交的最新 10Q 表格以及 S-1 表格註冊聲明中提到的內容。

These forward-looking statements speak only as of the date of this call, and Liberty Media and Atlanta Braves Holdings expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Liberty Media or Atlanta Braves Holdings' expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

這些前瞻性陳述僅代表截至本次電話會議之日的情況，Liberty Media 和亞特蘭大勇士控股公司明確不承擔任何義務或承諾傳播本文中包含的任何前瞻性陳述的任何更新或修訂，以反映 Liberty Media 或亞特蘭大勇士控股公司對此的期望或任何此類聲明所依據的事件、條件或情況的任何變化。

On today's call, we will discuss our non-GAAP financial measures for Liberty Media, SiriusXM in Atlanta Braves holdings, including adjusted EBITA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media, SiriusXM in Atlanta Braves holdings schedules one through three can be found at the end of the earnings press release issued today, which are available on Liberty Media in Atlanta Braves holdings websites. Now I'd like to turn the call over to Greg Maffei, Liberty's President, and CEO.

在今天的電話會議上，我們將討論對 Liberty Media、亞特蘭大勇士隊控股的 SiriusXM 的非公認會計準則財務指標，包括調整後的 EBITA 和調整後的 EBITDA。亞特蘭大勇士隊控股表中的 Liberty Media、SiriusXM 所需的定義和調節表一到三可在今天發布的收益新聞稿的末尾找到，該新聞稿可在亞特蘭大勇士隊控股網站的 Liberty Media 上找到。現在我想將電話轉給 Liberty 總裁兼執行長 Greg Maffei。

Thank you, Shane, and good morning to all. Today speaking in the call, we will also have Formula One's President and CEO, Stefano Domenicali, and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. Also during Q&A, we will be available to answer questions related to the Atlanta Braves Holdings and brace management will be available as well.

謝謝你，肖恩，祝大家早安。今天在電話會議上發言的還有一級方程式賽車總裁兼執行長 Stefano Domenicali 和 Liberty 首席會計兼財務長 Brian Wendling。此外，在問答期間，我們將可以回答與亞特蘭大勇士隊控股公司相關的問題，也可以提供支架管理。

So beginning with Liberty SiriusXM, we did propose a combination of LSXM in Sirius. The goal to rationalize the dual corporate structure create a single share craft class and benefit both groups of shareholders. We believe such a combination would lead to enhanced trading dynamics of new Sirius with increased liquidity, less technically pressure, for example, a small, short interest and a higher likelihood of future index inclusion. We will provide updates on this potential transaction only if and when an agreement is reached.

因此，從 Liberty SiriusXM 開始，我們確實提出了在 Sirius 中結合 LSXM。合理化雙重公司結構的目標是創建單一的股權類別，並使兩組股東受益。我們相信，這樣的組合將增強新 Sirius 的交易動態，增加流動性，減少技術壓力，例如小額空頭利息以及未來指數納入的可能性更高。只有當達成協議時，我們才會提供有關此潛在交易的最新資訊。

So let me turn to Sirius itself. Q3 results demonstrate what management had put forward during the year that there would be continuous improvement throughout the year, and we saw sequential improvements in self-pay net adds, and we expect a slightly positive back half of the year.

那麼讓我來談談天狼星本身。第三季的業績證明了管理階層在這一年中提出的全年將持續改進的內容，我們看到自付費用淨增加量連續改善，我們預計今年下半年將略有積極。

EBITDA grew 4% versus the prior year and 6% sequentially. And there were $40 million of cost savings that were realized during the third quarter, the dividend was raised 10% Board approved that showing continued confidence in Sirius is cash flow generation capabilities.

EBITDA 較上年成長 4%，較上年成長 6%。第三季實現了 4000 萬美元的成本節省，股息提高了 10%，董事會批准這表明對 Sirius 現金流產生能力的持續信心。

Sirius also announced this an expanded partnership with Ford to make SiriusXM a standard feature in all traditional F1s. Beginning with the 2024 model year. That's important because the Ford F-150 has been the best-selling vehicle in the US for over 40 years.

Sirius 也宣布擴大與福特的合作關係，使 SiriusXM 成為所有傳統 F1 的標準功能。從 2024 年車型年開始。這一點很重要，因為 40 多年來，福特 F-150 一直是美國最暢銷的車款。

Management does remain focused on its strategic objectives, supported by the significant EBITDA and free cash flow generation. You will see a new streaming experience and branded platform announced next Wednesday the day before our analyst day by the Sirius management team at their own event. We believe this new experience will be able to drive engagement and enhanced subscriber acquisition and retention.

在可觀的 EBITDA 和自由現金流產生的支持下，管理層仍專注於其策略目標。您將在下週三（分析師日的前一天）看到 Sirius 管理團隊在自己的活動中宣布推出新的串流體驗和品牌平台。我們相信這種新體驗將能夠推動參與並增強訂閱者的獲取和保留。

Turning now to the Formula One Group, we announced in September, our planned acquisition of Quint, Quint is a provider of hospitality inventory, they sell unique experiences to F1, the NBA for the NBA All-Star game, the Kentucky Derby and other sporting events.

現在轉向一級方程式集團，我們在 9 月宣布計劃收購 Quint，Quint 是一家酒店庫存提供商，向 F1、NBA 全明星賽、肯塔基德比和其他體育賽事出售獨特的體驗事件。

We believe this merger or this purchase will announce unable as an enhanced partnership with F1 and lead us to expand to other live sporting events as Quint is a high-growth asset with EBITDA and cash flow positive capabilities and currently already are both, but we'll expect we'll grow more over time.

我們相信，此次合併或此次收購將宣布無法與F1 加強合作關係，並引導我們擴展到其他現場體育賽事，因為Quint 是一項高成長資產，具有EBITDA 和現金流正能力，而且目前兩者都已具備，但我們'我們預計隨著時間的推移我們會成長得更多。

Turning to other things that F1 during the quarter. In October, we repriced the $1.7 billion of our app one Term Loan B, and we tightened the spread there from 300 basis points to 225 basis points and up one itself, we see surging popularity and it continues. We've had continued sell outs in the [grandstand and apaziquone.]

談談本季 F1 的其他事情。 10 月份，我們對應用程式one Term Loan B 的17 億美元重新定價，並將利差從300 個基點收緊至225 個基點，並提高了1 個基點，我們看到人氣飆升，而且這種情況仍在持續。我們的[看台和 apaziquone] 持續售空。

We've seen growth in engagement and awareness across social platforms, TV, digital platform, like F1T social, consumer media and others. You continue to see new interest in Formula one, for example, we've seen new investors high-profile investors joining our team Rob McElhenney, Anthony Joshua, and Patrick Reynolds and that follows Ryan Reynolds investment in June.

我們看到社群平台、電視、數位平台（如 F1T 社群、消費媒體等）的參與度和認知度不斷提高。你會繼續看到對一級方程式的新興趣，例如，繼 6 月 Ryan Reynolds 投資之後，我們看到新投資者——高調投資者 Rob McElhenney、Anthony Joshua 和 Patrick Reynolds 加入我們的團隊。

This morning, step one, we also announced a five-year extension of our rates in Brazil through 2030. We are excited for the inaugural Vegas race in just under two weeks begin. The pit building is ready. We received the certificate of occupancy to operate for the rest. This will be the largest pit building on the F1 calendar.

今天早上，第一步，我們也宣布將巴西的費率延長五年至 2030 年。我們對兩週後即將開始的首屆維加斯比賽感到興奮。基坑建設已準備就緒。我們收到了剩餘的入住證明。這將是 F1 賽歷上最大的維修站建築。

The rooftop deck and wrap around balcony will provide 360-degree views of the track the temporary structures in place, the bridges are complete. We are ready to go. This event will offer an unparalleled fan experience.

屋頂甲板和環繞式陽台將提供 360 度的軌道視圖、臨時結構就位、橋樑已完成。我們準備出發了。這項活動將為球迷帶來無與倫比的體驗。

It's going to kick off with an all-star lineup for the opening ceremony Wednesday before the race, which will air on ESPN2 to name a few, there will be Keith Urban, Andrew Day, J Balvin, well I am joining and others. We'll also have Netflix hosting its first ever live sporting event, the Netflix cup. This will be a golf tournament with F1 drivers and PGA tour players, and it will stream on Netflix on November 14, at 6 pm eastern time.

比賽開始前週三，開幕式將由全明星陣容拉開序幕，ESPN2 將會播出，其中包括基思·厄本(Keith Urban)、安德魯·戴(Andrew Day)、J·巴爾文(J Balvin)，我也加入了，還有其他人。我們還將讓 Netflix 舉辦其首個現場體育賽事：Netflix 杯。這將是一場由 F1 車手和 PGA 巡迴賽選手參加的高爾夫錦標賽，將於東部時間 11 月 14 日下午 6 點在 Netflix 上直播。

The Vegas race is generating record breaking sponsorship levels with new marquee brands. And these examples include [Moe Temo] and Google Chrome. But more importantly, we think the biggest experience will create commercial opportunities beyond the rate itself and accrue to the broader F1 ecosystem.

維加斯比賽正在創造破紀錄的新品牌贊助水準。這些例子包括 [Moe Temo] 和 Google Chrome。但更重要的是，我們認為最大的體驗將創造超越費率本身的商業機會，並為更廣泛的 F1 生態系統帶來好處。

The Amex partnership we recently announced is a great example and there are more to come. We did incur significant expense in launching year one in Vegas, and that included extra provisions for safety security and traffic planning, which was required by local regulators. And we had several nonrecurring items, for example, our first you're only at opening ceremony, as I mentioned, and the design and launch of our multipurpose app and creation of a fan database.

我們最近宣布的美國運通合作關係就是一個很好的例子，而且還會有更多合作關係。我們在維加斯啟動第一年確實花費了大量費用，其中包括當地監管機構要求的安全和交通規劃的額外規定。我們有幾個非經常性項目，例如，正如我所提到的，我們的第一個“你只參加開幕式”，以及我們的多功能應用程式的設計和啟動以及粉絲資料庫的創建。

We remain highly confident in increased efficiency to operate there and are growing profitability in years two and beyond. And we remain bullish on the broader value creation at LVGP. That far outweighs the increased investment and start-up costs.

我們對提高當地營運效率仍然充滿信心，並且在兩年及以後的獲利能力將持續提高。我們仍然看好 LVGP 更廣泛的價值創造。這遠遠超過了增加的投資和啟動成本。

Let me turn now to Liberty Life group where we issued new $1.15 billion of 2 3/8 live exchangeable in September, $918 million of those proceeds were used to repurchase 93% of our existing LYV exchangeable.

現在讓我談談Liberty Life 集團，我們在9 月發行了新的11.5 億美元的2 3/8 活可交換債券，其中9.18 億美元的收益用於回購我們現有LYV 可交換債券的93% 。

Looking at the Live Nation itself, another record quarter announced looking year to date, they've sold 140 million tickets versus 121 million for the full 2022, revenue was up 36%. AY was up 33%. They saw strength in all markets, venues and price points with internationally in the way year to date, concert fans are up 21%, with international fans up 34%, per fan profitability is up double digits globally and operated and owned theaters and clubs.

看看 Live Nation 本身，今年迄今為止，他們已售出 1.4 億張門票，而 2022 年全年售出 1.21 億張門票，收入增長了 36%。 AY 上漲 33%。他們看到了今年迄今為止所有市場、場館和國際價位的強勁勢頭，音樂會粉絲增長了21%，其中國際粉絲增長了34%，全球每位粉絲的利潤增長了兩位數，並經營和擁有劇院和俱樂部。

And sponsorship has been a tremendous win new large deal with MasterCard driven again by growth in the national concerts platform. Live sees continuing to grow and tailwind into 2024 and beyond. Consumer wallets are continuing to be spent on wide experiences. We see untapped potential in the continuing globalization of life's business and large venues are showing a pipeline and sponsorship commitments which are up double digits.

在全國音樂會平台的成長的推動下，與萬事達卡的贊助再次取得了巨大的勝利。 Live 預計將在 2024 年及以後繼續成長並順勢而行。消費者的錢包繼續花在廣泛的體驗上。我們看到生活業務持續全球化的潛力尚未開發，大型場館的通路和贊助承諾也呈現兩位數成長。

Lastly, looking at the Braves was incredible season on fields and off the field, even if the playoff run was obviously more disappointing and ended earlier than we had hoped. We finished with the best record and Major League Baseball 104 wins against 58 losses, 3.2 million tickets were sold a new record for Truist Park.

最後，勇士隊在場上和場外都是令人難以置信的賽季，儘管季後賽的表現顯然更令人失望，而且比我們希望的更早結束。我們以美國職棒大聯盟104勝58負的最佳戰績結束，售出320萬張門票，創造了Truist Park的新紀錄。

We won our sixth straight National League title, the Braves have won the most division titles of any team in baseball. Since the institution of divisional play in 1969, Braves had strong financial performance. Baseball revenue was up 11% year to date from increased ticket demand and attendance and the battery continued to benefit from increased traffic and rent growth, with adjusted EBITDA at the mixed use up 15% in the nine months versus the prior year. And with that let me turn it over to Brian for some more on our financial results.

我們連續第六次獲得全國聯盟冠軍，勇士隊是棒球界贏得分區冠軍最多的球隊。自 1969 年實行分區賽以來，勇士隊的財務表現強勁。由於門票需求和上座率的增加，棒球收入今年迄今增長了11%，而電池組繼續受益於客流量和租金增長的增加，混合用途的調整後EBITDA 在這9 個月內比上一年增長了15%。接下來，讓我把它交給布萊恩，以了解更多有關我們財務表現的資訊。

Thank you, Greg, and good morning. My remarks this morning when I'm talking about balance sheet figures will become comparing 9/30 to the adjusted 6/30 balances that are adjusted for the split off that was completed on July 18 and the reclassification of our tracking stocks that was completed on August 3, as you'll see noted in the release.

謝謝你，格雷格，早安。今天早上，當我談論資產負債表數據時，我的講話將變成將9/30 與調整後的6/30 餘額進行比較，調整後的6/30 餘額是根據7 月18 日完成的分拆以及 7 月18 日完成的追蹤股票的重新分類進行調整的。8 月 3 日，正如您將在新聞稿中看到的那樣。

At quarter end, Liberty SiriusXM Group had attributed cash, liquid investments and monetizable public holdings of [$339] million, excluding $53 million of cash held at SiriusXM and including the batter stake held at LSXM, that's valued at $65 million as of 9/30.

截至季末，Liberty SiriusXM Group 的現金、流動投資和可貨幣化公共持股為[3.39] 億美元，不包括SiriusXM 持有的5,300 萬美元現金，包括LSXM 持有的大量股權，截至9/30 價值為6,500 萬美元。

We expect these shares will be exchanged with third party lenders to pay down debt in the near term, was also $1.1 billion of undrawn margin loan capacity at the parent level related to our SiriusXM margin loan, as of November 2, the value of the SiriusXM stock was $14.9 billion. We have $1.4 billion in principal amount of debt against these holdings.

我們預計這些股份將在短期內與第三方貸方進行交換，以償還債務，母公司層面還有 11 億美元的未提取保證金貸款能力與我們的 SiriusXM 保證金貸款相關，截至 11 月 2 日，SiriusXM 的價值股票價值149億美元。我們對這些資產持有 14 億美元的債務本金。

Total Liberty SiriusXM Group attributed principal amount of debt is $11.5 billion, which includes $9.4 billion of debt at SiriusXM. Subsequent to quarter end, Liberty SiriusXM retired the remaining $199 million outstanding face value of the 1.375 basket convertible notes.

Liberty SiriusXM 集團歸屬於 Total Liberty 的債務本金額為 115 億美元，其中包括 SiriusXM 的 94 億美元債務。季度末後，Liberty SiriusXM 註銷了 1.375 籃子可轉換票據中剩餘的 1.99 億美元未償面額。

Turning to the Formula One Group. At quarter end, Formula One Group had attributed cash and liquid investments of $1.5 billion. This includes $947 million of cash at Formula one. Total Formula One Group attributed principal amount of debt, $2.9 billion, which includes $2.4 billion of debt at F1 leaving $500 million at the corporate level, F1s $500 million revolver is undrawn and our leverage at quarter end was 2.2 times.

轉向一級方程式車隊。截至季末，一級方程式集團已歸屬現金和流動投資 15 億美元。其中包括一級方程式賽車的 9.47 億美元現金。一級方程式集團的總債務本金為29 億美元，其中包括F1 的24 億美元債務，公司層面的債務為5 億美元，F1 的5 億美元左輪手槍尚未提取，季度末的槓桿率為2.2 倍。

And as Greg mentioned, F1 repriced its term loan D in October, resulting in 75 basis points of margin compression to 225 basis points. The F1 business is best analyzed on an annual basis, given its variability in the year-over-year rate calendar.

正如 Greg 所提到的，F1 在 10 月重新定價了定期貸款 D，導致利潤率壓縮 75 個基點至 225 個基點。鑑於 F1 業務逐年變化的費率日曆，最好按年度進行分析。

But with that said, though, I will make a few brief remarks on the quarterly results during the quarter, F1 recognize a higher proportion of season based income due to 8 out of 22 races occurring during this quarter compared to 7 out of 22 and last year. The mix of rates has also benefited our financial results in the third quarter with two fly away races, Singapore and Japan taking place this year versus France in the prior year period.

儘管如此，我還是要對本季的季度業績做一些簡短的評論，F1 承認基於賽季的收入比例較高，因為本季度22 場比賽中有8 場發生，而上一季22 場比賽中有7 場發生年。費率組合也有利於我們第三季的財務業績，今年將在新加坡和日本舉行兩場飛行比賽，而去年同期將在法國舉行。

Formula One Group in the quarter in line with revenue growth. We realized leverage on team payments during the quarter, while also making incremental investments in growth initiatives that were lower were not incurred in the prior year periods like the Vegas race and F1 Academy.

一級方程式集團本季的營收成長與此一致。我們在本季度實現了團隊付款的槓桿作用，同時也對上一年期間未發生的較低成長計畫（如維加斯比賽和 F1 學院）進行了增量投資。

Our team payments are best viewed on a year-to-date basis and represented 64.6% of pre-chemo EBITDA for the first nine months. I will note that Q2 and Q3 tend to have higher percent payout ratios based on the greater mix of European races in these two quarters.

我們團隊的付款最好以年初至今為基礎進行衡量，前 9 個月佔化療前 EBITDA 的 64.6%。我要指出的是，由於這兩個季度歐洲賽事的混合程度較高，第二季和第三季的支付率往往較高。

Reminder that other cost of F1 revenue and SG&A are best viewed as a percent of total revenue. Other cost up one revenue for the quarter was 21% of total revenue, so that the LVGP related revenues and other costs of sales will largely be recognized in the fourth quarter when the race occurs on SG&A in the third quarter included $8 million of costs related to LVGP.

提醒您，F1 收入和 SG&A 的其他成本最好視為佔總收入的百分比。該季度的其他成本佔總收入的 21%，因此 LVGP 相關收入和其他銷售成本將在第四季度很大程度上得到確認，當時第三季度的 SG&A 比賽包括 800 萬美元的相關成本至 LVGP。

In Vegas, as Greg said, in fact, building already year to date, through the third quarter, we incurred approximately $280 million of CapEx related to the building structure and [trap] preparation, the majority of the CapEx spend has and will be incurred at the corporate level related to the pit drilling as the land and buildings sit within F1.

正如格雷格所說，事實上，在維加斯，今年迄今為止，到第三季度，我們已經產生了大約2.8 億美元的與建築結構和[陷阱]準備相關的資本支出，大部分資本支出已經並將發生在與坑鑽相關的公司層面，因為土地和建築物位於 F1 內。

Formula One Group sorry, separate from the Formula One, track related CapEx has and will be incurred at the F1 [Topco] level delivery life group there's attributed cash, liquid investments and monetizable public holdings of $417 million, which includes the ETF assets. There's also $400 million of undrawn margin loan capacity related to our Live Nation margin loan.

一級方程式集團抱歉，除了一級方程式之外，追蹤相關的資本支出已經並將在F1 [Topco] 級別交付生命集團產生，該集團歸屬於現金、流動投資和4.17 億美元的可貨幣化公共持股，其中包括ETF 資產。還有 4 億美元的未提取保證金貸款能力與我們的 Live Nation 保證金貸款有關。

As of November 2, the value of our Live Nation stock was $5.7 billion. We have $1.2 billion in principal amount of debt against these holdings. And during the quarter, we raised $1.15 billion of new 2.375 Live Nation exchangeable bonds.

截至 11 月 2 日，我們的 Live Nation 股票價值為 57 億美元。我們對這些資產持有 12 億美元的債務本金。在本季度，我們籌集了 11.5 億美元的新 2.375 Live Nation 可交換債券。

Portion of these proceeds were used to repurchase approximately 93% of our outstanding 0.5% Live Nation exchangeable bonds for $918 million, there's $62 million remaining outstanding on the 0.5% bonds, which had a September 24 put call date that we expect to settle with the remaining proceeds from the recent issuance. Liberty and our consolidated subsidiaries are in compliance with our debt covenants at quarter end.

這些收益的一部分用於以9.18 億美元回購我們未償還的0.5% Live Nation 可交換債券的約93%，0.5% 債券仍有6,200 萬美元未償還，該債券的看跌期權日期為9 月24 日，我們預計將與近期發行的剩餘收益。 Liberty 和我們的合併子公司在季度末遵守了我們的債務契約。

And Turning briefly to the Atlanta Braves. Revenue growth in the quarter primarily reflects increased attendance that regular-season games and growth in related revenues, including ticket and concession revenue, which more than offset the impact of one less home gain in the current period.

簡單談談亞特蘭大勇士隊。本季營收成長主要反映了常規賽上座率的增加以及相關收入（包括門票和特許權收入）的成長，這足以抵消本期主場少一場比賽的影響。

Battery mixed-use revenue grew due to increased rental income from existing and new tenants. And then baseball operating costs grew in the third quarter, primarily due to increased player by player payroll and higher minor league expenses. SG&A was also elevated in the third quarter driven by costs related to the split-off. And with that, I'll turn it over to Stefano to discuss Formula One.

由於現有和新租戶的租金收入增加，電池混合用途收入有所增長。然後，棒球運營成本在第三季度出現增長，主要是由於球員工資的增加和小聯盟費用的增加。由於分拆相關的成本的推動，第三季的銷售、管理及行政費用也有所上升。接下來，我將把它交給斯特凡諾來討論一級方程式。

Thanks, Brian. Good morning. We are coming to the end of an action-packed triple header in the Americas from Austin to Mexico City and this weekend to Brazil. Max Verstappen and Red Bull has had an incredible season within their second consecutive constructive championship. And this happened third consecutive title.

謝謝，布萊恩。早安.我們即將在美洲結束從奧斯汀到墨西哥城以及本週末到巴西的一場充滿動感的三重賽。馬克斯·維斯塔潘和紅牛在連續第二個建設性冠軍中度過了一個令人難以置信的賽季。這發生了三連冠。

While the championship has been secured for several races, the other teams are still competing firstly, with tight battles, all the way down the field everywhere, we have at six different teams represented on the podium season to date McLaren, Mercedes and Ferrari have gained strength throughout the season. Evidenced in Austin with Lonza's excellent start and excitement around the various tax strategies implemented.

雖然已經鎖定了幾場比賽的冠軍，但其他車隊仍然處於領先地位，激烈的戰鬥，一直到賽場各處，到目前為止，我們有六支不同的車隊代表麥克拉倫、梅賽德斯和法拉利登上了頒獎台。整個賽季的實力。在奧斯汀，Lonza 的出色開局和對所實施的各種稅收策略的興奮證明了這一點。

Santa Luz is getting closer to match in Austin and Mexico and fulfill a pause in the last season races. We have more boxes left to witness for the remainder of the season, even with a number of teams shifting focus to the 2024 forecast. With gaps in performance appearing to be closing over recent events. We hope for a real challenge for maximum next year.

聖盧斯距離奧斯汀和墨西哥的比賽越來越近，並完成了上賽季比賽的暫停。儘管許多球隊將注意力轉向 2024 年的預測，但本賽季剩餘時間我們還有更多的機會等待見證。由於最近發生的事件，業績差距似乎正在縮小。我們希望明年能迎來最大程度的真正挑戰。

Our business is in a position of strength. Fan engagement is high commercially strong positives up sustainably, improve their financial health, generating their own incremental sponsorship, which benefit our entire F1 ecosystem. And we have a number of brand expansion initiatives in the works including the much-anticipated Apple thing, starring Brad Pitt.

我們的業務處於優勢地位。粉絲參與度高，具有可持續的商業強大積極作用，可以改善他們的財務狀況，產生自己的增量贊助，這有利於我們整個 F1 生態系統。我們正在進行多項品牌擴張計劃，包括備受期待的由布拉德皮特 (Brad Pitt) 主演的蘋果產品。

I will have more to share on our strategy to capitalize on this moment to Liberty's Investor Day next week. Lisa tenders in 2023 continues to sell out. The highlights of the third quarter was a record 180,000 a weekend attendances for the Brazilian Grand Prix, the highest recorded the any event in recent decades, that I allowed.

我將在下週的自由投資者日分享更多關於我們利用這一刻的策略。 Lisa 2023 年招標繼續售空。第三季的亮點是巴西大獎賽週末觀眾人數創紀錄的 18 萬人，這是我允許的近幾十年來最高的賽事記錄。

So the Japanese Grand Prix welcome total, attendees of [2002], the highest level since 2006, the Netherlands sold out at 305,000 fans, Singapore, sold out 260,000 last weekend in Mexico, so another record with 400,000 attending. These are massive crowds for the country where we race as we discuss our funs increasing success in F1 content across multiple media plus will include the linear, digital and social.

因此，日本大獎賽的歡迎總數、觀眾人數為[2002年]，是自2006年以來的最高水平，荷蘭的觀眾票數為305,000名，新加坡的觀眾票數為260,000名，上週末墨西哥的觀眾票數為400,000人，創下了另一紀錄。在我們參加比賽的國家，這裡有大量人群，我們討論我們在跨多種媒體的 F1 內容中不斷取得成功的樂趣，其中包括線性媒體、數位媒體和社交媒體。

we are building the richer and more varied content across medium to satisfy the various types of fun or in a TV global audiences average approximately $70 million growth market has seen solid year over year growth viewership, including Spain, Australia, Mexico, as well as the US, where we have also had particularly strong growth in F1 TV subs.

我們正在跨媒體建構更豐富、更多樣化的內容，以滿足各種類型的娛樂或電視需求。全球觀眾平均收入約為7000 萬美元，成長市場的收視率逐年穩定成長，包括西班牙、澳洲、墨西哥以及美國，我們的 F1 電視字幕也有特別強勁的成長。

We've seen growth on digital video viewership with the F1 YouTube channel, reaching almost 10 million subscribers, plus 14% year-over-year across our social media channels as well, reaching 67.6 million followers as of Q3, up 26% year over year.

我們看到 F1 YouTube 頻道的數位影片觀看量不斷增長，訂閱者數量接近 1,000 萬，我們的社群媒體管道也較去年同期成長 14%，截至第三季粉絲數達到 6,760 萬，年成長 26%。

TikTok is now fastest growing platforms, social media, growing existing and new fans alike. Massive orders gravitate to both duration and lifestyle content across our social channels. EY launched the FY23 game in June, and the US is now the biggest market for our game, surpassed the UK for the first time.

TikTok 現在是成長最快的平台、社群媒體，現有粉絲和新粉絲都在成長。大量訂單被我們的社交管道上的持續時間和生活方式內容所吸引。安永在6月推出了FY23遊戲，美國現在是我們遊戲的最大市場，首次超過英國。

According to open critic, the game continues to be the highest rated annualized sporting game franchise globally. If once the deal has to advance our approach to audience measurement as consumer behaviors, evolve. We aim to the cap to have a wider viewership and engagement for the future as we continue to grow these touch points.

據公開評論家稱，該遊戲仍然是全球年度評分最高的體育遊戲系列。如果一旦這筆交易必須推進我們將受眾衡量為消費者行為的方法，那麼就需要不斷發展。隨著我們繼續增加這些接觸點，我們的目標是在未來擁有更廣泛的收視率和參與度。

Turning to recent updates on our commercial agreement, on rate promotion. We look forward to the confirmed '24 race championship calendar next year. We recently renew our agreement in Belgium for an additional year 2025 after the record. We are raising that the sub 380,000 this season.

談到我們商業協議和費率促銷的最新更新。我們期待明年確定的'24 比賽錦標賽日曆。我們最近在比利時續簽了創紀錄的 2025 年協議。本賽季我們將籌集不到 38 萬美元。

The promoter has invested in capacity increases and more variety of entertainment for families in the US which has benefited their attendance figures, on media rights, we entered into a strategic partnership with the Viaplay in the Netherlands that will allow the customer to access F1 TV Pro as part of their Viaplay subscription, providing fans with incremental commentary, camera angles, ready communication and more.

發起人投資增加了容量並為美國家庭提供了更多種類的娛樂，這使他們的出席人數受益。在媒體版權方面，我們與荷蘭的Viaplay 建立了戰略合作夥伴關係，這將允許客戶觀看F1 TV Pro作為 Viaplay 訂閱的一部分，為粉絲提供增量評論、攝影機角度、即時溝通等。

Our agreement RTBS in the Netherlands and Belgium were also new for multiple seasons. This past week, we have announced an expansion of our agreement with the zone to broadcast F1 in Spain, in an attractive deal until the end of 2026, a market with strong growth in TV viewership decisions, TV Pro and access subscribers are continue to grow and provide a tailwind to our media rights revenue.

我們在荷蘭和比利時簽訂的 RTBS​​ 協議也是多個賽季的新協議。上週，我們宣布擴大與該地區在西班牙轉播 F1 的協議，這是一項有吸引力的協議，直至 2026 年底，電視收視決策強勁增長的市場、TV Pro 和接入訂戶將繼續增長並為我們的媒體版權收入提供動力。

Our sponsorship, our recently announced new multi-year regional partnership with American Express welcome them as official payment born for the F1 in the Americas and for Las Vegas property, card members will have special benefits and access across several races in the Americas, including presale tickets and curated on-site benefits.

我們的贊助，我們最近宣布與美國運通建立新的多年區域合作夥伴關係，歡迎他們作為美洲F1 和拉斯維加斯財產的官方付款，持卡會員將在美洲的幾場比賽中享受特殊優惠和訪問權限，包括預售門票和精心策劃的現場優惠。

We were also thrilled to renew our agreement with Pirelli Liquid Molly. Pirelli will remain F1 global type Parliament in 2027, securing their place as long-standing supplier to Formal One. Liquid Molly will also continue as an official partner under a multiyear renewal, overall demand and interest from sponsors continue to be strong given the growth in our brand and the opportunity to align with advanced sustainability initiatives.

我們也很高興與 Pirelli Liquid Molly 續約。倍耐力在 2027 年仍將是 F1 全球型議會，確保其作為 Formal One 長期供應商的地位。 Liquid Molly 也將繼續作為多年續約的官方合作夥伴，鑑於我們品牌的成長以及與先進永續發展計畫保持一致的機會，贊助商的整體需求和興趣繼續強勁。

We continue to have meaningful success in securing new revenue sponsors and we are confident in our coming Pipeline, [alight] but now in Las Vegas as we count down to the Grand Prix weekend. While the race itself will be a spectacle, it has also generated exciting noise that benefit the entire foreign ecosystem through the increased commercial interest, fan awareness and broader brand value.

我們在獲得新的收入贊助商方面繼續取得有意義的成功，我們對即將到來的管道充滿信心，[下車]但現在在拉斯維加斯，我們正在倒數大獎賽週末。雖然比賽本身將是一場盛宴，但它也產生了令人興奮的噪音，透過增加商業興趣、粉絲意識和更廣泛的品牌價值，使整個外國生態系統受益。

The fan experience will be unparalleled. The team has continued to invest in creative offering for its span, including announced with the wind group club, a first-of-its-kind membership program that will go to Las Vegas Grand Prix. The program is designed for the F1 enthusiasts and will provide members with an unparalleled hospitality experience, including exclusive access to location. We did a building.

球迷的體驗將是無與倫比的。該團隊在其跨度內繼續投資於創意產品，包括與風組俱樂部宣布推出首個會員計劃，該計劃將參加拉斯維加斯大獎賽。該計劃專為 F1 愛好者設計，將為會員提供無與倫比的接待體驗，包括獨家進入場地的機會。我們做了一棟建築。

Bespoke services any credible QC, members will also enjoy year-round benefits to it adds additional four races and services to our over wind properties. As part of our partnership with the brand-new sphere, we will be taking over the exhaust fear from Wednesday through Sunday of race weekend to display a combination of unique partners, F1 and Las Vegas will be counted. The team in Las Vegas led by Renee will has recently secured a number of new partnership.

為任何可靠的 QC 提供客製化服務，會員還將享受全年福利，因為它為我們的超風屬性增加了額外的四場比賽和服務。作為我們與新領域合作的一部分，我們將接管比賽週末週三到週日的排氣恐懼，以展示獨特的合作夥伴組合，F1 和拉斯維加斯也將被納入其中。 Renee Will 領導的拉斯維加斯團隊最近獲得了多項新的合作夥伴關係。

In addition to the previously mentioned American Express deal with the agreements announced this quarter, the Las Vegas Grand Prix has now secured over 20 partnership to date for the marquee event. We are committed to racing in Las Vegas in long term. The total local recommended and economic benefits of the Grand Prix this year is expected to reach over $1.2 billion, which includes the direct spend from F1 to put on by the race, the incremental spend by digital and the impact of local supplier and businesses.

除了前面提到的美國運通公司與本季宣布的協議外，拉斯維加斯大獎賽迄今為這項盛大賽事爭取了 20 多家合作夥伴。我們致力於長期在拉斯維加斯舉辦比賽。今年大獎賽的當地推薦和經濟效益總額預計將超過12億美元，其中包括F1為賽事帶來的直接支出、數位化帶來的增量支出以及當地供應商和企業的影響。

In addition, the Las Vegas property will generate estimated $25 million that will be allocated to K-12 public school and is developing a STEM program that will be implemented in the Clark County School District in the coming years, perhaps the future that's one engineer will be borne out of this.

此外，拉斯維加斯的房產預計將產生2500 萬美元的資金，這些資金將分配給K-12 公立學校，並正在開發一項STEM 項目，該項目將在未來幾年在克拉克縣學區實施，也許未來一位工程師將由此可見。

Finally, F1 continues to progress. Our sustainability and diversity and inclusion efforts, the F1 Academy completed its the boot season in Austin last month, congratulation to market, you'll see around our victory. And as we promised, she has now secured a full funded seat with primaries in the focus areas underlining our determination to ensure the best in the Academy see this move upwards to the system.

最後，F1繼續前進。我們在永續發展、多元化和包容性方面所做的努力，F1 學院上個月在奧斯汀完成了啟動賽季，祝賀市場，您將看到我們的勝利。正如我們所承諾的那樣，她現在已經在重點領域的初選中獲得了全額資助的席位，這突顯了我們確保學院中最優秀的人才能夠看到這一晉升的決心。

Therefore, F1 Academy finale was broadcast live in over 100 territories, marking a significant extension of coverage. This demonstrates the support of our broker partners and their commitment in bringing F1 Academy to both existing and new generation for fun who can be inspired by this incredible racing talent.

因此，F1學院決賽在100多個地區進行了現場直播，標誌著覆蓋範圍的顯著擴大。這體現了我們經紀人合作夥伴的支持以及他們致力於將 F1 學院帶給現有和新一代的樂趣，他們可以從這位令人難以置信的賽車天才中受到啟發。

Additionally, our ambition afford in the development of 100% of bus sustainable fuel advancing well, just last week, our partner Aramco, announced that they will start operating two plants to produce synthetic fuels by 2025. Our partnership with DHL to use biofuel trucked across the European leg of the season was highly successful.

此外，我們開發100% 公車永續燃料的雄心壯志進展順利，就在上週，我們的合作夥伴阿美石油公司(Aramco) 宣布，他們將在2025 年之前開始營運兩家工廠來生產合成燃料。我們與DHL 的合作關係將使用卡車運輸的生物燃料本賽季的歐洲站非常成功。

They reduce emission by an average of 83% compared to the diesel driven trucks, the use of biofuel, we're continuing to 2024 and beyond and we are excited about the insights we are gaining this year as this for as we're exploring further opportunities in the connection with the merger, we have only three races left in the record-breaking season.

與柴油驅動卡車相比，它們平均減少 83% 的排放，使用生物燃料，我們將持續到 2024 年及以後，我們對今年獲得的見解感到興奮，因為我們正在進一步探索由於合併的機會，我們在破紀錄的賽季中只剩下三場比賽了。

I want to thanks our F1 family, FIA, sales teams, partners and shareholders to all of their support and enthusiasm disease. I would also like your site and isn't done yet with the battle for constructor standing outside of first place likely to come down to the last round of race. We hope you tune into Brazil this weekend before we make our way to the inaugural Las Vegas Grand Prix and their wrap the season about that. I look forward to providing additional updates at Liberty's Investor Day next week [altitude] full speed ahead. And now I will turn the call back over to Greg.

我要感謝我們的F1大家庭、國際汽聯、銷售團隊、合作夥伴和股東們對病的所有支持和熱情。我也想要你的網站，但尚未完成對第一名之外的建設者的爭奪，這可能會落到最後一輪比賽。我們希望您在本週末關注巴西，然後我們將前往首屆拉斯維加斯大獎賽並結束本賽季。我期待在下週的自由投資者日 [altitude] 全速提供更多更新。現在我將把電話轉回給格雷格。

Stefano, thank you, Stefano and Brian. Some of you may have seen our release that Albert Rosenthaler retiring after 20 years at Liberty. Many of you know who Albert is and how much value is added for our shareholders. Most recently, he served as Chief Corporate Development Officer, Previously, he was Head of Tax and never really relinquish that as we know, fortunately, he will remain a senior adviser, we do have a deep end bench of talent, both on the corporate development and tax teams and will continue to grow in those areas.

斯特凡諾，謝謝你們，斯特凡諾和布萊恩。你們中的一些人可能已經看到我們發布的消息：阿爾伯特·羅森塔勒 (Albert Rosenthaler) 在 Liberty 工作 20 年後退休。你們中的許多人都知道阿爾伯特是誰以及為我們的股東增加了多少價值。最近，他擔任首席企業發展官，此前，他擔任稅務主管，並且從未真正放棄這一點，正如我們所知，幸運的是，他將繼續擔任高級顧問，我們確實擁有一批深度人才，無論是在企業領域還是在企業領域。開發和稅務團隊並將在這些領域繼續發展。

But I'm pleased that they will work with them and me to drive future investment opportunities and our tax strategies. We look forward to seeing many of you at our annual Investor Day on Thursday, November 9, in New York.

但我很高興他們將與他們和我合作，推動未來的投資機會和我們的稅務策略。我們期待在 11 月 9 日星期四在紐約舉行的年度投資者日見到你們。

Additional information is available on our website, John Malone and I will be hosting our annual Q&A session. If you would like to submit questions in advance, you can e-mail Investor Day at libertymedia.com. Now the questions can ask if there will be about comedy, we do appreciate your continued interest in Liberty Media and the Atlanta Braves holdings. And with that, operator, we will open the line for questions.

更多資訊請訪問我們的網站，約翰·馬龍和我將主持我們的年度問答會議。如果您想提前提交問題，可以向 libertymedia.com 的投資者日發送電子郵件。現在問題可以問是否會有喜劇，我們非常感謝您對 Liberty Media 和亞特蘭大勇士隊控股的持續關注。接線員，我們將開通提問熱線。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。 （操作員說明）

David Karnovsky, JPMorgan. (Operator Instructions)

大衛卡諾夫斯基，摩根大通。 （操作員說明）

And thanks for the question. On Formula One payments, our team payments year to date. If we look at the implied figure for the full year and it's down a bit relative to where it was in August. Greg, you noted significant launch and nonrecurring costs related to Vegas. So wanted to see if you've adjusted your expectation for the economics of the race in the 1st year.

謝謝你的提問。對於一級方程式付款，我們的團隊從年初至今就付款。如果我們看一下全年的隱含數字，就會發現它相對於八月有所下降。格雷格，您注意到與維加斯相關的巨額啟動成本和非經常性成本。所以想看看你是否調整了對第一年比賽經濟效益的預期。

I'm going to comment a little on Vegas, and then I'll let Brian reiterate some of his comments or hopefully clarity about how those payoffs team payoffs can be misleading looked at just on a quarterly basis on the first point, yes, I think Vegas is proving to be a bigger spectacle and more impactful than we had anticipated, but there also have proven to be initial startup costs. I outlined some of them increased security of one-time things like we opened a ceremony, but there were other ones like consultants that help us set it up a permitting costs that were unusual and the like. So there are a bunch of initial costs that are probably higher than we originally estimated. I remain very bullish. We remain very bullish on, as I said, the impact of Formula One overall by Las Vegas and the potential for this race to be a profitable exercise itself.

我要對維加斯發表一些評論，然後我會讓布萊恩重申他的一些評論，或者希望澄清一下這些支付團隊的支付如何可能會產生誤導，僅在第一點上按季度查看，是的，我我認為維加斯被證明是一個比我們預期的更大的奇觀和更有影響力的，但也被證明是初始啟動成本。我概述了其中一些增加了一次性事件的安全性，例如我們舉行了儀式，但還有其他一些，例如顧問，幫助我們設定了不尋常的許可成本等。因此，有許多初始成本可能比我們最初估計的要高。我仍然非常看好。正如我所說，我們仍然非常看好拉斯維加斯一級方程式賽車的整體影響以及這場比賽本身成為一項有利可圖的活動的潛力。

Yes, just year to date, we're running at 64.6. As you rightly noted out, you can see here the implied decline in the overall impairment for the year, but those are covered by what Greg noted, but Q2 and Q3 tend to have a higher percentage team payment than what we typically see for the full year. Just because of that higher mix of the European races that have lower economics.

是的，今年迄今為止，我們的運行速度為 64.6。正如您正確指出的那樣，您可以在此處看到今年總體減損的隱含下降，但格雷格指出的內容涵蓋了這些下降，但第二季和第三季的團隊支付百分比往往高於我們通常看到的全額支付百分比年。只是因為歐洲種族的混合程度較高，但經濟水準較低。

So to say another way as we come into some of the races that are higher revenue, one might expect that the payout ratio will be higher payouts to the race, but a lower percentage overall. So that this quarter's may not be indicative of the full year numbers and [how can I help.]

換句話說，當我們參加一些收入較高的比賽時，人們可能會期望比賽的支付率會更高，但整體百分比較低。因此，本季的數據可能並不代表全年的數字，[我能提供什麼幫助。]

Just sticking with Vegas for a second. It looks like there is a possibility of a labor strike next week at the hotels. Obviously, this could resolve before the race, but how are you thinking about the potential impacts of a work stoppage go through?

只是堅持一下維加斯。看來下週飯店可能會發生罷工。顯然，這可以在比賽前解決，但您如何看待停工的潛在影響？

We have worked with the unions, and I believe our Grace will not be impacted directly. We are obviously watching what impact that may have on the overall Las Vegas market.

我們已經與工會合作，我相信我們的恩典不會受到直接影響。我們顯然正在關注這可能對整個拉斯維加斯市場產生什麼影響。

Thank you.

謝謝。

Ben Swinburne, Morgan Stanley. (Operator Instructions)

本‧斯威本，摩根士丹利。 （操作員說明）

Thanks, good morning. Congratulations to Albert and I guess the IRS and--

謝謝，早安。恭喜艾伯特，我猜國稅局還有——

I believe that he's not quite done yet. We're kind of Thank goodness. We're going to keep around. I'd have to say goodbye to him yet but go ahead.

我相信他還沒完成。我們有點謝天謝地。我們要留下來。我還得跟他說再見，但繼續吧。

No problem, Greg, just to put a finer point on it, as I think people want to know are you guys still expecting this sort of approaching $500 million of revenue and tops race weekend? That will be as far as within the top five EBITDA type numbers are you changing that perspective today?

沒問題，格雷格，只是為了更詳細地闡述這一點，因為我認為人們想知道你們是否仍然期待這種接近 5 億美元的收入和頂級比賽週末？這將是前五名 EBITDA 類型的數字，您今天會改變這種觀點嗎？

A couple of thoughts. I think come I think those revenue numbers approaching that's still a reasonable estimate on profitability. I think I noted we've seen some one-time and start-up costs that may have been larger than anticipated, but remembering how this is impactful to us, not only directly but indirectly, this is a very profitable race for us as far as being measured as a top five. Obviously, we don't tell the world what the top five are, but we have noted that this one will have that impact I still think that's true on particularly when you look at the bottom line performance, it will have that impact overall.

有幾點想法。我認為這些接近的收入數字仍然是對盈利能力的合理估計。我想我注意到我們已經看到一些一次性成本和啟動成本可能比預期的要大，但請記住這對我們的影響，不僅直接而且間接，到目前為止，這對我們來說是一場非常有利可圖的比賽被衡量為前五名。顯然，我們不會告訴世界前五名是什麼，但我們已經注意到，這將產生這種影響，我仍然認為這是正確的，特別是當你查看底線表現時，它將產生整體影響。

And I think that we will see that profitability as I noted, once we get past some of these initial start-up costs, we'll and we optimize, it will increase. But to be clear, this year, we optimize for being there being on time and having a great race, that's not to say we won't have some of that objective next year, but I think we'll be able to optimize on other variables as well and increase profitability.

我認為，正如我所指出的，一旦我們克服了一些初始啟動成本，我們就會看到獲利能力，我們將進行優化，獲利能力將會增加。但要明確的是，今年，我們優化了準時到達並進行一場精彩的比賽，這並不是說我們明年不會實現某些目標，但我認為我們將能夠優化其他目標變數並提高獲利能力。

Okay, thank you. And then you made a comment, Greg, at a conference recently. I think acknowledging that and kind of post the Disney charter saying and just higher interest rates in the world were in sports rights, inflation are probably going to be impacted.

好的謝謝。格雷格，你最近在一次會議上發表了評論。我認為承認這一點，以及迪士尼憲章中所說的，以及世界上更高的利率是在體育版權方面，通貨膨脹可能會受到影響。

You guys just announced that this zone deal. There was the Apple story out there that you probably won't comment on, but can you guys can you just give us your perspective on what the market feels like right now for sports rights as a seller and whether the design deal is an indication of the direction ahead as we think about forecasting your business, your businesses that are in the sports business? Thank you.

你們剛剛宣布了這個區域交易。蘋果的故事你可能不會評論，但是你們能告訴我們你對作為賣家的體育版權市場的看法以及設計協議是否表明當我們考慮預測你的業務時，你的體育業務的未來方向是什麼？謝謝。

There are really a couple of variables here. I mean, if you're a fully distributed and more stable sports property, there are certainly trends about fragmentation of the market and overall pricing that might give you pause on. Nonetheless, we've seen pretty good increases at some properties. We're in somewhat of a different position. And I think when you're focused rightly on the US where we're still relatively nascent and our product is gaining traction and our audiences are growing dramatically.

這裡確實有幾個變數。我的意思是，如果您是一家完全分散且更穩定的體育產業，那麼肯定存在市場碎片化和整體定價的趨勢，這可能會讓您猶豫不決。儘管如此，我們還是看到一些房產的成長相當不錯。我們的處境有些不同。我認為，當你正確地關注美國時，我們仍然相對新生，我們的產品正在獲得關注，我們的受眾正在急劇增長。

So I think I feel very comfortable with the F1, our renewals are much more than I do with the overall market. There are a lot of factors in the overall market. We, you know, well the fragmentation to find scale. And if you're a property trying to decide between how you get paid and reach.

所以我認為我對F1感覺很舒服，我們的續約比我對整個市場的續約要多得多。整個市場有很多因素。你知道，我們很好地透過碎片化來尋找規模。如果您是一家試圖在如何獲得報酬和達到目標之間做出決定的企業。

And that is always a challenge demand be managed that will be made more difficult with the fragmentation of the market, but either on the other side and, things like the continued increase in cost of scripted content, do make sports still a very desirable place to be and the place where scale can be reached. So I think there are a bunch of countervailing trends that are make me Metsa on that on the whole market, but still very bullish on everyone.

這始終是一個需要管理的挑戰，隨著市場的分散，這種需求將變得更加困難，但無論從另一方面來說，諸如腳本內容成本的持續增加之類的事情，確實使體育仍然是一個非常理想的場所。是以及能夠達到規模的地方。因此，我認為整個市場上有很多相反的趨勢，讓我對這一點感到滿意，但仍然對每個人都非常看好。

Is Europe tougher than the U.S.? How would you compare this?

歐洲比美國強硬嗎？你會如何比較這個？

I think the reality is most of the trends that are negative are further along in the US than in Europe. Okay, but a lot of cases, Ben, as you know, they how would sports rates get bid, largely a function of which distributor in the market needs the product or wants the product and it could be a market where there are multiple bidders, you're going to do very well. And when there are fewer bidders, you will do less well. And then it may almost be unrelated to what is going on in the market in that particular geography.

我認為現實情況是，大多數負面趨勢在美國比在歐洲走得更遠。好的，但在許多情況下，本，正如你所知，他們如何獲得體育費率，很大程度上取決於市場中哪個分銷商需要該產品或想要該產品，並且可能是一個有多個投標者的市場，你會做得很好。當出價者較少時，你的表現就會較差。然後它可能幾乎與該特定地區的市場情況無關。

Alright, thanks so much.

好的，非常感謝。

Thank you.

謝謝。

Bryan Kraft, Deutsche Bank. (Operator Instructions)

布萊恩·克拉夫特，德意志銀行。 （操作員說明）

Good morning. I just wanted to ask couple if I could, Greg, on what do you think that time line will look like to reach an agreement with the special committee of serious, assuming you do reach one end on whether you just answered that question.

早安.我只是想問兩位，格雷格，假設你們確實就是否回答了這個問題達成了共識，那麼你們認為與嚴肅問題特別委員會達成協議的時間線會是什麼樣子。

And I was wondering if you could maybe address the second one, which is if you do reach an agreement, once that agreement has been reached, what would be the key milestones and the probable timing to close the spin and merge.

我想知道你是否可以解決第二個問題，如果你們確實達成協議，一旦達成協議，關鍵的里程碑是什麼以及結束旋轉和合併的可能時機。

And then separately, I just wanted to ask you about current events. Once you close that acquisition, are there significant advantages to F1 from owning the asset? Or is it more of an opportunistic acquisition to pursue growth opportunities outside of F1? Thanks.

另外，我只是想問時事。一旦完成收購，F1 擁有該資產是否會獲得顯著優勢？或者這更像是一次機會主義收購，旨在尋求 F1 以外的成長機會？謝謝。

Okay, that's a lot, Bryan. All right, let's start with I already said, I'm not going to comment on any further on the negotiations, timing or the like on if a deal is reached, I think it will be require a shareholder vote, likely the structure of the shareholder vote on the LSXM side, the structure on the LSXM side, given our high equity ownership and the structure of how they work their charter and bylaws will be quicker.

好吧，就這麼多了，布萊恩。好吧，讓我們從我已經說過的開始，我不會進一步評論談判、時間安排等是否達成協議，我認為這將需要股東投票，可能是股東投票的結構鑑於我們的高股權以及他們的章程和細則運作方式的結構，LSXM 方面的股東投票、LSXM 方面的結構將會更快。

But there will also be the typical regulatory SEC matters and FCC matters that likely would have to be cleared. So I would still expect several months delay even post a deal is reached on time. On Quint, I think we're excited about Quint for many reasons, and I'll let either Stefano or Rene, who both have views adequate, but we're excited because of what it can do for us.

但還有典型的 SEC 監管問題和 FCC 問題可能必須解決。因此，即使按時達成協議，我仍然預計會延遲幾個月。關於 Quint，我認為我們對 Quint 感到興奮有很多原因，我會讓 Stefano 或 Rene 提出，他們都有足夠的觀點，但我們很興奮是因為它能為我們做些什麼。

One of the trends that we are pushing forward in Formula One is understanding our customers better and really having a direct connection. And so many things that we are doing, whether it be the app, Las Vegas, or Quint, allow us to better understand our customers and their needs and desires.

我們在一級方程式賽車中推動的趨勢之一是更好地了解我們的客戶並真正建立直接聯繫。我們正在做的很多事情，無論是應用程式、Las Vegas 還是 Quint，都讓我們更了解我們的客戶以及他們的需求和願望。

And I think that's a continuing trend, you will see that will add power to the F1 ecosystem and that allow us to do much more. Quint is important because of how they touch those customers are some of our best customers and how we can utilize their accounts to grow and add to our understanding of our existing customer base, but also expand that customer base.

我認為這是一個持續的趨勢，你會發現這將為 F1 生態系統增添動力，讓我們能夠做得更多。 Quint 很重要，因為他們接觸這些客戶的方式是我們最好的客戶，以及我們如何利用他們的客戶來發展和增加我們對現有客戶群的了解，同時也擴大該客戶群。

The opportunity outside of F1 is also very interesting. I mentioned some of the places where they are NBA, Churchill Downs. We think there are many sporting events. Many live events that could benefit from Quint type experiences. And we think Liberty can be in a position potentially to help them reach out to some of those leads and opportunities. So we're excited both for what it can do for everyone and what we can help do together hopefully in the outside world sports. Stefano, do you want to add anything?

F1以外的機會也很有趣。我提到了一些NBA的地方，邱吉爾唐斯。我們認為有很多體育賽事。許多現場活動都可以從 Quint 類型的體驗中受益。我們認為 Liberty 可以幫助他們獲得其中一些線索和機會。因此，我們對它能為每個人做的事情以及我們希望在外界體育運動中共同幫助做的事情感到興奮。斯特凡諾，你想補充什麼嗎？

No. I think Greg, touch exactly to the point that it is Formula one, for sure, the need of understanding better our customers and the growth of the request that we have in all around the world makes it's related to the experience. And this acquisition will allow us to talk with them better and to offer them better products and better things that will be that will enable them to be closer to our F1 world.

不。我認為格雷格，確切地說，這是一級方程式賽車，當然，需要更好地了解我們的客戶，以及我們在世界各地的需求的增長，這使得它與體驗相關。此次收購將使我們能夠更好地與他們交談，並為他們提供更好的產品和更好的東西，這將使他們更接近我們的 F1 世界。

Thanks to both. Greg, if I could ask one follow-up, just on the first one. I think you mentioned FCC, is a Federal Communications Commission matters. And I guess my understanding is there would be no SEC approval needed because you already have part control. Is there is there an approval needed? What how should we think about what the SEC's role would be?

感謝兩人。格雷格，如果我可以問後續問題，就問第一個問題。我想你提到的FCC，是聯邦通訊委員會的事務。我想我的理解是不需要 SEC 批准，因為你已經擁有部分控制權。是否需要審批？我們該如何思考 SEC 的角色？

My understanding is that--you want to go?

我的理解是──你想去嗎？

I mean, I think you will be very much a pro formal application process likely done within 45 to 60 days is what we're expecting. I think the longer pole in the tent will be the SEC review that which to Greg's point should take a few months, I think maybe four to six months to get the entire thing done after we have an announcement.

我的意思是，我認為您將在 45 到 60 天內完成正式的申請流程，而這正是我們所期望的。我認為帳篷中較長的桿子將是SEC 的審查，根據格雷格的觀點，在我們發佈公告後，這應該需要幾個月的時間，我認為可能需要四到六個月的時間才能完成整個事情。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Vijay Jayant, Evercore. (Operator Instructions)

維傑·賈揚特，Evercore。 （操作員說明）

Thanks, question on the Las Vegas rate you know, I'm assuming that the [Topco] is paying the holding company as a promoter, given Liberty Media spend money on the track and the land sort of a promotion fee. So when, Greg, when you talk about the profitability of the Vegas race, are you assuming that includes arguably that payment to the [Topco] from the from the [Topco] to the Holdco or is it at the operating company, the profits you're sort of expecting from the race? Thanks.

謝謝，關於拉斯維加斯費率的問題，你知道，我假設[Topco]正在向作為發起人的控股公司支付費用，因為自由媒體在賽道和土地上花費了相當於促銷費的費用。因此，格雷格，當您談論維加斯比賽的盈利能力時，您是否假設這可能包括從 [Topco] 到控股公司向 [Topco] 的付款，或者是在運營公司，您的利潤對比賽有什麼期待嗎？謝謝。

Well, Vijay, you're correct that there is that relationship. You know, I think we are talking about the totality, but also I think over time how the outcome will be a very profitable race as well. So I think you can look at it both ways.

好吧，維傑，你說得對，確實存在這種關係。你知道，我認為我們談論的是整體性，但我也認為隨著時間的推移，結果將是一場非常有利可圖的比賽。所以我認為你可以從兩個方面來看待它。

And then just for Stefano, talked about attendances in all these races. Can you sort of confirm that the Vegas races sold out on ticketing as you have?

然後斯特凡諾談到了所有這些比賽的出席率。能否確認維加斯比賽的門票已售罄？

I'm happy to take that one. It's Rene, we have a handful of tickets left and the demand coming in in the last minute, which knowing because at the last-minute market, we didn't back we'll take it back for that purpose. So we are very excited, and we will be sold out by the time of the event.

我很高興接受那個。我是雷內，我們還剩下幾張票，需求在最後一刻到來，我們知道，因為在最後一刻的市場，我們沒有退票，我們將為此目的收回票。所以我們非常興奮，到活動的時候我們的票就賣完了。

If I turn to just a lot of Los Angeles for Las Vegas relatively late, which is part of our strategy.

如果我相對較晚才轉向洛杉磯的大部分地區，而去拉斯維加斯，這是我們策略的一部分。

Great. Thanks.

偉大的。謝謝。

[Steven Lasik], Goldman Sachs. (Operator Instructions)

[史蒂文·拉西克]，高盛。 （操作員說明）

Hi guys, thank you for taking the questions. And maybe just a follow-up on the media strategy for F1, to the extent you'd be willing to add to Ben's question. I'd just be curious to better understand how you think through the pros and cons of entering a longer-term exclusive global media rights deal with a single distributor just curious to the extent you think the Formula One IP could be well suited for that type of structure over the long term? And I have a follow-up.

大家好，感謝您提問。也許只是 F1 媒體策略的後續行動，只要您願意補充本的問題即可。我只是想更好地了解您如何看待與單一發行商簽訂長期獨家全球媒體版權協議的利弊，只是好奇您認為一級方程式 IP 是否適合該類型長期結構如何？我有一個後續行動。

Thanks for the question. I think you know; we've tried to be consistent answering this. There's always a trade-off between reach and profitability. There are relatively few, if any distributors today who have the global reach that individual players do in their respective markets. So there would be you'd be thinking hard about that trade-off.

謝謝你的提問。我想你知道；我們試著以一致的方式回答這個問題。影響力和盈利能力之間總是需要權衡。如今，擁有單一參與者在各自市場中所具有的全球影響力的分銷商（如果有的話）相對較少。所以你會認真考慮這種權衡。

And you can see that in some markets where we've actually tried to play both sides of that where they're made. Some of it's on broadcast and some of it's on pay because we don't want to see to all of our products behind a pay wall and it which is not widely distributed. So there that I don't have a common other than you're always going to weigh that trade-off.

你可以看到，在一些市場中，我們實際上試圖在產品製造地的兩面發揮作用。其中一些是廣播的，一些是付費的，因為我們不想看到我們的所有產品都在付費牆後面，而且它沒有廣泛分發。因此，除了你總是要權衡這種權衡之外，我沒有共同點。

And it totally depends on what you know, how we feel about the maturity of the business and in each respective market and the length of deal we're willing to cut in many cases is dependent on, you know, how far we are on that curve. I'd note and we've noted before the US, we're fairly nascent. We've tried to keep a shorter term deal, partly because we think we will do better as time goes on.

這完全取決於你所了解的情況，我們對業務成熟度以及各個市場的看法，以及我們願意削減的交易期限在許多情況下取決於我們在這方面的進展程度曲線。我要指出的是，我們在美國之前也指出過，我們還處於起步階段。我們試圖保持短期協議，部分原因是我們認為隨著時間的推移我們會做得更好。

In other markets where it's more mature, you want to talk about more stability and there is benefit in many cases for the distributor to have more stability because they will be able to make a greater investment in the product promotion, et cetera, if they know they have long term. So you weigh all those factors.

在其他較成熟的市場，你想要談論更多的穩定性，在許多情況下，經銷商擁有更多的穩定性是有好處的，因為他們將能夠在產品推廣等方面進行更大的投資，如果他們知道的話他們有長期的。所以你要權衡所有這些因素。

And if I may add, Greg, that you know correctly saying about this ratio between reach and profitability, the speed of this change is different from country to country from region to region. And this is really the reason why the media market today is quite complex. But we do believe that with the mix that we have, we will take the advantages of the strategy are put in place today. That's we are very comfortable.

格雷格，如果我可以補充一點，您正確地理解了覆蓋範圍和盈利能力之間的比率，這種變化的速度因國家、地區和地區而異。這確實是當今媒體市場相當複雜的原因。但我們確實相信，憑藉我們現有的組合，我們將利用今天實施的策略的優勢。那我們就很舒服了。

Got it. Thanks for that. And then maybe one on the sponsorship side. Could you talk a little bit more about the original deal with American Express that you recently signed, maybe the value you saw and each other brings to the table. And if you think that could be a good template or framework for the payment providers or financial institutions on a more global basis. Thank you.

知道了。感謝那。然後也許是贊助方面的一個。您能否多談談您最近與美國運通簽署的原始協議，也許是您看到的以及彼此帶來的價值。如果您認為這對於全球範圍內的支付提供者或金融機構來說可能是一個很好的範本或框架。謝謝。

I'll let Renee add, but I would note that one of the reasons why [Amex] is unique is not only is a great company, great brand, et cetera, with an audience and a customer base, which fits very well with us, but also the case where really they came on the regional basis because of the strength in wind to being loss involved in Las Vegas was a great example of Las Vegas leading us in broadening the base. It's also a case where using our digital capabilities, we're going to be able to, for regional players, be able to show a sponsorship capabilities and opportunities in a respective market and expect a series of markets in a region because it does, Renee.

我會讓 Renee 補充一下，但我要指出的是，[Amex] 獨特的原因之一不僅是一家偉大的公司、偉大的品牌等等，還擁有受眾和客戶群，這非常適合我們，而且他們實際上是在區域基礎上出現的，因為拉斯維加斯的風勢強勁，導致損失，這是拉斯維加斯帶領我們擴大基礎的一個很好的例子。這也是一個例子，利用我們的數位能力，我們將能夠為區域參與者展示各自市場的贊助能力和機會，並期望一個區域的一系列市場，因為它確實如此，Renee 。

So, Greg, has been mentioned earlier around the importance of data management and understanding who are invasive and being able to work with American Express on their Freestyle platform.

因此，Greg 之前已經提到過資料管理和了解誰具有侵入性以及能夠在其 Freestyle 平台上與美國運通合作的重要性。

It's really driven to not only help us move the hospitality early on, but also to get more visibility into our fans last. So we think this is going to be a great win across the board.

它不僅能幫助我們儘早推動熱情好客，還能讓我們的粉絲在最後獲得更多的知名度。因此，我們認為這將是一場全面的偉大勝利。

Thank you.

謝謝。

Thank you.

謝謝。

Stephen Glagola, TD Cowen. (Operator Instructions)

史蒂芬·格拉戈拉，TD·考恩。 （操作員說明）

Yeah, thanks for the question. Would you initial start-up costs for Vegas fully captured in the increased CapEx guidance last quarter? And what are your expectations for recurring annual maintenance CapEx for the Grand Prix Vegas? Thank you.

是的，謝謝你的提問。您是否會將維加斯的初始啟動成本完全納入上季增加的資本支出指引中？您對維加斯大獎賽經常性年度維護資本支出的期望是什麼？謝謝。

I think we are not changing anything we said about CapEx from what we said last quarter. I think most of my comments were really directed at more OpEx and some of those costs that I mentioned, like security like. So you know, the openings there festival opening ceremony rather, I don't believe we are making any announcements today on CapEx, I would differentiate there will potentially be I don't think there's massive ongoing CapEx for maintenance.

我認為我們不會改變上季度所說的任何有關資本支出的內容。我認為我的大部分評論實際上都是針對更多的營運支出以及我提到的一些成本，例如安全性等。所以你知道，在節日開幕式上，我不相信我們今天會在資本支出方面發布任何公告，我認為可能會有大量持續的資本支出用於維護。

I'll make that statement, but there will be CapEx potentially for on year-round activation as we come up with new opportunities to take advantage of that facility. And we really have not captured or forecast that because we're still working on what that may look like. So we don't really have a number for you today or something to talk about because we are looking at a range of activation capabilities and candidly, we're focused on November 18, so.

我將發表這一聲明，但隨著我們找到利用該設施的新機會，全年激活可能會產生資本支出。我們確實還沒有捕捉到或預測這一點，因為我們仍在研究它可能會是什麼樣子。因此，我們今天沒有具體的數字或可談的內容，因為我們正在研究一系列激活功能，坦率地說，我們的重點是 11 月 18 日，所以。

Thanks, Greg. I appreciate that. And if I could just ask one more on F1 stuff on with the FIA approving and ready last month, can you just give us any updates on your views with respect to adding an 11 team to the grid. How are you evaluating this? And what are the potential gating items for you to get incrementally more inclined to grant admission or reject? Thank you.

謝謝，格雷格。我很感激。如果我能在上個月獲得國際汽聯批准並準備好後，再問一個有關 F1 的問題，您能否向我們提供您對將 11 支車隊添加到發車位方面的最新看法。您對此如何評價？哪些潛在的限制因素可以讓你逐漸傾向於批准或拒絕？謝謝。

I'll let Stefano answer that.

我會讓斯特凡諾回答這個問題。

Yeah. Okay, thanks, Stephen. I mean, as you know, there is a process that is in place. So as always, we don't have to give in anticipation the FIA is a right role of doing if the first assessment now we are in the process of doing our assessment on the commercial marketing side and that as soon as this project will be finished. Of course, we will inform everyone accordingly. First of all, of course, sharing the same. So in the first instance with the FIA.

是的。好的，謝謝，史蒂芬。我的意思是，如您所知，有一個流程已經到位。因此，與往常一樣，如果我們現在正在進行商業營銷方面的第一次評估，並且一旦該項目完成，我們就不必預期國際汽聯是一個正確的角色。 。當然，我們也會相應地通知大家。首先，當然是共享相同的。首先是國際汽聯。

Yeah, thank you.

是的，謝謝。

David Joyce, Seaport Research Partners. (Operator Instructions)

大衛喬伊斯，海港研究夥伴。 （操作員說明）

Thank you, want to turn to the Liberty Live tracker. Just wondering what your opportunities and constraints earlier conceptually, what might be the logical next steps for that, might you buy music venue that could allow you to spin that off in five years or might you do something like what you propose to do with Sirius and yes, and given that you've got such a discount that equity, would that be something of interest? I think with Live Nation that combined given they've got a significant cash balance now? Thanks.

謝謝，想轉向 Liberty Live 追蹤器。只是想知道您之前在概念上的機會和限制是什麼，接下來的邏輯步驟是什麼，您是否可以購買可以讓您在五年內將其剝離的音樂場所，或者您是否可以做一些類似於您建議與Sirius 一起做的事情是的，考慮到您的股權折扣如此之大，這會引起您的興趣嗎？我認為 Live Nation 加上他們現在擁有大量現金餘額？謝謝。

Yes. Thank you, David. I think, our strategies around Liberty Live are evolving. We do look at it, as you've seen in the past as something we've been able to expand and grow, creating an ATB there so that we could potentially have a spin down the road that's always something Liberty wants to retain, maintain optionality around.

是的。謝謝你，大衛。我認為，我們圍繞 Liberty Live 的策略正在不斷發展。正如您過去所看到的那樣，我們確實關注它，因為我們能夠擴展和發展，在那裡創建 ATB，以便我們有可能沿著這條路走下去，這始終是 Liberty 希望保留、維護的東西周圍的選擇性。

But our first goal would probably be to build a strategy in and maybe in conjunction with Live Nation around things that are incremental and additive that we could own that we think are positive that could somewhere potentially be valuable to us to Live Nation as well. So no plan or intent today on any of the above, but where we have ideas and are working through.

但我們的首要目標可能是在Live Nation 中製定一項策略，或者與Live Nation 結合起來，圍繞我們可以擁有的、我們認為積極的、對我們來說也可能對Live Nation 有價值的增量和附加事物製定戰略。因此，今天對上述任何事情都沒有計劃或意圖，但我們有想法並正在努力解決。

Thanks and a second, if I could, on the Atlanta Braves on the RSN side of the equation, that's a significant revenue annually that's coming from the RSNs. Is there any update or any thoughts of how that could be replaced, if needed, either by your view of the legal or your own capabilities?

謝謝，第二，如果可以的話，在RSN 一側的亞特蘭大勇士隊，每年來自RSN 的收入相當可觀。如果需要的話，根據您對法律的看法或您自己的能力，是否有任何更新或任何關於如何替換它的想法？

Yes.

是的。

Derek, do you want to handle that?

德瑞克，你想解決這個問題嗎？

Yes, sure. So obviously, there's ongoing legal with the situation. So we don't want to go too far with what we can say on it. I think that's probably the best way to answer this is, and we are continuing to deliver what we are expected to do under the terms of our agreement and up to this point in time, they are, you know, you'd expect us to continue.

是的，當然。顯然，這種情況是合法的。因此，我們不想對此說得太過分。我認為這可能是回答這個問題的最佳方式，我們將繼續根據我們的協議條款交付我們預期要做的事情，到目前為止，您知道，您希望我們能夠繼續下去。

Yes, Derek's, we're being more cautious. And I would I think our understanding is this is among if not the most profitable of diamonds are essence reflecting the large territory. We have the high demand that Derek and his team have built around the Braves and the relatively not the highest payment among ours and payments.

是的，德里克的，我們更加謹慎了。我認為我們的理解是，即使不是最有利可圖的鑽石，它也是反映廣大領土的本質。我們對德里克和他的團隊圍繞勇士隊提出了很高的要求，但在我們的付款中相對不是最高的。

It is a very profitable. I do not believe they will be rejected but given the strength of the territory and the strength of the Braves people's interest in the Braves. I do believe we can replace that revenue stream or a good portion of it, at least with other alternatives.

這是非常有利可圖的。我不相信他們會被拒絕，但考慮到領土的實力和勇士隊人民對勇士隊的興趣的強度。我確實相信我們可以取代該收入流或其中很大一部分，至少可以用其他替代方案。

Thanks, Greg, thanks Derek.

謝謝格雷格，謝謝德里克。

Jason Bazinet, Citi. (Operator Instructions)

傑森·巴齊內特，花旗銀行。 （操作員說明）

I just had a question on the Formula One, you guys have accomplished so much with this asset since you bought it into the concrete agreement, growing sponsorship, tweaking the calendar, increasing popularity of the sport. I would just be curious over the next three to five years, other than getting to know your fan base better, which you mentioned, what do you think the top two or three opportunities remain are?

我剛剛有一個關於一級方程式的問題，自從你們將這項資產購買到具體協議中以來，你們已經利用這項資產取得了很多成就，增加了贊助，調整了賽程，提高了這項運動的受歡迎程度。我只是好奇在接下來的三到五年裡，除了你提到的更好地了解你的粉絲群之外，你認為剩下的前兩到三個機會是什麼？

Look, I think we have three or four big revenue streams and I think all of them have upside starting with broadcast increased in interest in the sports globally, but particularly in the US, have given us an opportunity with a broader range of distributors and the increasing number of digital players who might enter the market. And as they get broader awareness as sports players, our willingness to go with them only increases.

聽著，我認為我們有三到四個主要的收入來源，而且我認為所有這些收入來源都有好處，首先是全球範圍內對體育運動的興趣增加，特別是在美國，這給了我們與更廣泛的分銷商和越來越多的數位玩家可能進入市場。隨著他們作為運動員的知名度越來越高，我們與他們同行的意願只會增加。

So you've seen examples like the Zone, you're seeing things like Netflix coming and doing something with us around golf and Formula One, admitted small, but an interesting start. All those make us have opportunities there in the races, yes, we are not going to increase the number of races at this certainly at the pace, if at all that we have, but in a perverse way, the fact that there's a limited supply and an increasing number of people who want a race and increasing number of cities or venues that want to race have allowed us in many cases to utilize that limited supply too playoff, raising requirements, raise our prices and promoters are doing far better.

所以你已經看到了像 Zone 這樣的例子，你看到了 Netflix 等公司的出現，並與我們一起圍繞高爾夫和一級方程式賽車做了一些事情，承認規模雖小，但卻是一個有趣的開始。所有這些使我們在比賽中有機會，是的，我們不會以這種速度增加比賽數量，如果我們有的話，但以一種反常的方式，事實上供應有限越來越多的人想要參加比賽，越來越多的城市或場地想要參加比賽，這使得我們在許多情況下都可以在季後賽中利用有限的供應，提高要求，提高我們的價格，促銷員做得更好。

If you've seen, for example, how many people showed up at Austin and how many people are showing up the increase in demand has made it. So promoters are more profitable, have more scale and we're able to extract more money from them, not in the victim way that some people call it, but because it's a better business for them. And there are other players who want to bid if they don't want to play.

例如，如果您看到有多少人出現在奧斯汀，以及有多少人出現，那麼需求的增加就已經實現了。因此，發起人的利潤更高，規模更大，我們能夠從他們身上榨取更多的錢，不是以某些人所說的受害者方式，而是因為這對他們來說是更好的生意。還有其他玩家不想玩也想出價。

In sponsorship, you're seeing us have grown that dramatically over the last several years. I think far more we can do MX is a great example moving from a world of just pain on the track to a digital experience to activation. Part of that's and again, understanding our customers better. All of those, I think have an opportunity.

在贊助方面，您會看到我們在過去幾年中取得了巨大的發展。我認為我們可以做的還有更多 MX 是一個很好的例子，從賽道上的痛苦世界轉變為數位體驗再到激活。其中一部分是更了解我們的客戶。我認為所有這些都有機會。

And then hospitality and Quint as a part of that, what we're doing, what we've been able to do increase the Paddock Club, frankly, because of demand, how we've been able to increase prices at the Paddock Club, all those give us. I think, range of opportunities in hospitality. So I think all four revenue streams are healthy and have upside. Stefano, what did I miss?

然後招待和昆特作為其中的一部分，我們正在做什麼，我們能夠做什麼來增加圍場俱樂部，坦率地說，由於需求，我們如何能夠提高圍場俱樂部的價格，所有這些都給了我們。我認為，酒店業有很多機會。因此，我認為所有四個收入來源都很健康並且都有上升空間。斯特凡諾，我錯過了什麼？

I think that the list is already quite interesting in full, but for sure, you know, the cost that we are seeing about dynamics. There is a regionalization is another key factor of attracting new partners and is going to be our strategy. But we do not forget that the two other areas for sure will be very important is licensing and merchandising where we just added a beginning of restructuring where we can really see potential of what we can do I mean that we don't have to also underestimate the potential of being bigger and on social and bigger on the awareness of the sport and been able to connect more and more with this new initiative with our fans, we will be able to provide services that, of course, we have a payback for that. So it's an incredible time in front of us, and that's the beauty of this sport, that we are investing now really believe in it.

我認為這份清單已經非常有趣了，但可以肯定的是，我們看到動態的成本。區域化是吸引新夥伴的另一個關鍵因素，也將成為我們的策略。但我們不要忘記，另外兩個領域肯定非常重要，那就是許可和銷售，我們剛開始進行重組，我們可以真正看到我們可以做的事情的潛力，我的意思是我們不必低估擴大社交和體育意識的潛力，並能夠透過這項新舉措與我們的球迷建立越來越多的聯繫，我們將能夠提供服務，當然，我們將得到回報。所以，這是我們面前的一個令人難以置信的時刻，這就是這項運動的美妙之處，我們現在正在投資，真正相信它。

Thank you.

謝謝。

I believe our last question.

我相信我們的最後一個問題。

Barton Crockett, Rosenblatt Securities. (Operator Instructions)

巴頓·克羅克特，羅森布拉特證券公司。 （操作員說明）

Thanks for getting me in here. I was curious, Greg, about your thoughts about the opportunities for baseball overall to create a better streaming experience than the kind of fragmented circumstances developing right now with teams doing their own kind of local streaming, their own local broadcast.

謝謝你讓我來到這裡。格雷格，我很好奇你對棒球整體創造更好的串流體驗的機會的看法，而不是目前球隊做自己的本地串流媒體、自己的本地廣播的那種分散的環境。

Do you think over time, there should be some type of aggregation of the local team rights into a new streaming or an existing screening platform, you know, to optimize kind of the experience for market opportunity from the consumer experience perspective, do you think that should happen? You think it can happen? Did you guys play a role on that creates value for your shareholders?

您是否認為隨著時間的推移，應該將本地團隊的權利聚合到新的串流媒體或現有的篩選平台中，您知道，從消費者體驗的角度優化市場機會的體驗，您認為應該發生什麼？你認為這可能發生嗎？你們在為股東創造價值方面發揮了作用嗎？

I'll comment and Greg, again Braves baseball was an innovator with MLB.com, everything back to Bowman that they did with BAMTECH, and much of that has been accrued to the benefit. And I think with the increased interest in the sport this year, all to the good, you're right that the local rights regime is complicated and how that has been divided has made probably some innovation more difficult over time.

我要評論一下，格雷格，再說一遍，勇敢者棒球是 MLB.com 的創新者，他們與 BAMTECH 所做的一切都回到了鮑曼，其中大部分都已獲得收益。我認為，隨著今年人們對這項運動的興趣日益濃厚，一切都是好的，你說得對，當地的權利制度很複雜，而且隨著時間的推移，這種權利的劃分方式可能會讓一些創新變得更加困難。

We at various times have looked at that and potentially partnering with MLB to help on that. I think there are many plans out there being looked at not as yet come to pass, but there surely is demand in the sport. Derek, what would you add?

我們曾多次研究過這個問題，並可能與美國職棒大聯盟 (MLB) 合作提供協助。我認為有很多計劃正在考慮中，但尚未實現，但這項運動肯定有需求。德瑞克，你要補充什麼？

Yeah, thanks, Greg. So what I would say, just on a macro level, not trying to get too far ahead of Major League Baseball or the commissioner's office in this, but you think about baseball and maybe even ahead of that live sports content, still very much in demand, regardless of all the changes and fragmentation that's happening in the marketplace.

是的，謝謝，格雷格。所以我想說的是，只是在宏觀層面上，並不是試圖在這方面領先美國職棒大聯盟或專員辦公室太多，但你會想到棒球，甚至可能領先於現場體育內容，這些內容仍然非常受歡迎，無論市場中發生的所有變化和碎片化。

So I think being in the live sports content business is certainly a very good thing in. And to baseball specifically, you've got 162 games. So there's an enormous amount of that content. The sport is extremely popular, as Greg mentioned, selling 70 million tickets this year and does all the other factors.

所以我認為進入體育直播內容行業肯定是一件非常好的事情。特別是對於棒球，你有 162 場比賽。因此，此類內容數量龐大。正如格雷格所提到的，這項運動非常受歡迎，今年售出 7000 萬張門票，並考慮到所有其他因素。

So I think from a from a macro perspective, the sport is very healthy and has great opportunity and looking at it from just the Braves lens a little bit to Greg's earlier comments, we have a very large marketplace. We are significantly advantaged in that marketplace, especially against a lot of our peer sets. And so there's a lot of opportunity and that disruption might happen. But at the same time, I think the opportunity for us and for the broader sports, it's certainly there.

所以我認為從宏觀角度來看，這項運動非常健康，並且有很大的機會，從勇士隊的角度來看，格雷格之前的評論，我們有一個非常大的市場。我們在這個市場上具有顯著的優勢，尤其是與我們的許多同行相比。因此，存在著許多機會，但也可能會發生顛覆。但同時，我認為對於我們和更廣泛的體育運動來說，機會肯定是存在的。

Great. Thank you.

偉大的。謝謝。

Thank you all for your interest in Liberty Media. And I think that was our last question. We look forward to seeing the Atlanta Braves don't mean to slight. And our Braves friends, I so used to being part of the family. I don't have to comment separately.

感謝大家對 Liberty Media 的關注。我認為這是我們的最後一個問題。我們期待看到亞特蘭大勇士隊不會輕視。還有我們勇士隊的朋友們，我已經習慣了成為這個家庭的一員。我不必單獨評論。

Thank you for your interest. As I said, we look forward to seeing many of you next week in New York and if not on our next earnings call. Thank you.

感謝您的關注。正如我所說，我們期待下週在紐約見到你們中的許多人，甚至是在我們的下一次財報電話會議上。謝謝。

This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。