Formula One Group (FWONK) 2025 Q1 法說會逐字稿

Welcome to Liberty Media Corporation's 2025 Q1 earnings call. (Operator Instructions) As a reminder, this conference will be recorded, May 7. I would now like to turn the call over to Shane Kleinstein, Senior Vice President, Investor Relations. Please go ahead.

歡迎參加 Liberty Media Corporation 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議將於 5 月 7 日進行錄音。現在我想將電話轉給投資者關係資深副總裁 Shane Kleinstein。請繼續。

Thank you, and good morning. 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 10-K and 10-Q filed by Liberty Media with the SEC.

謝謝，早安。在我們開始之前，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》所定義的某些前瞻性陳述。由於存在多種風險和不確定因素，包括 Liberty Media 向美國證券交易委員會提交的最新 10-K 和 10-Q 表格中提到的風險和不確定因素，實際事件或結果可能存在重大差異。

These forward-looking statements speak only as of the date of this call, and Liberty Media 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's 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本次電話會議之日的觀點，Liberty Media 明確表示不承擔任何義務或承諾傳播本文所含任何前瞻性陳述的任何更新或修訂，以反映 Liberty Media 對此的預期發生的任何變化或此類陳述所依據的事件、條件或情況發生的任何變化。

On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, including adjusted OIBDA. The required definition and reconciliations for Liberty Media Schedule 1 can be found at the beginning -- at the end of the earnings press release issued today, which is available on Liberty Media's website.

在今天的電話會議上，我們將討論 Liberty Media 的某些非 GAAP 財務指標，包括調整後的 OIBDA。自由媒體附表 1 所需的定義和對帳可以在今天發布的收益新聞稿的開頭和結尾處找到，該新聞稿可在自由媒體的網站上找到。

Speaking on the call today, we have Liberty's President and CEO, Derek Chang; Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling; Formula One's President and CEO, Stefano Domenicali, and other members of Liberty Management will be available for Q&A. I'd like to turn the call over to Derek.

今天參加電話會議的有 Liberty 總裁兼首席執行官 Derek Chang； Liberty 首席會計兼首席財務官 Brian Wendling；一級方程式賽車總裁兼首席執行官斯蒂法諾·多梅尼卡利 (Stefano Domenicali) 和自由管理公司的其他成員將接受問答。我想把電話轉給德里克。

Great. Thank you, Shane. Good morning, everyone. It has been a great start to the year at Liberty. Importantly, the priorities we have outlined for 2025 are progressing well.

偉大的。謝謝你，肖恩。大家早安。這是 Liberty 新的一年的一個好開始。重要的是，我們為2025年制定的優先事項正在順利進行中。

Namely, number one, we are working towards the close of the Dorna acquisition; two, continuing our path towards structural simplification; and three, we continue to drive momentum at Formula One.

也就是說，第一，我們正在努力完成 Dorna 收購；二、繼續走結構簡化之路；第三，我們將繼續推動一級方程式賽車的發展。

Starting first with the Dorna acquisition. We are progressing with the Phase 2 regulatory process and working constructively with the European Commission. We hope to receive approval by the long stop date of June 30, 2025. The MotoGP kicked off 2025 with its first Upper season launch event in Bangkok. The event generated massive buzz bringing together all 11 teams to showcase Moto GP as a thrilling sport and premium entertainment brand.

首先從收購 Dorna 開始。我們正在推進第二階段的監管流程，並與歐盟委員會進行建設性合作。我們希望在 2025 年 6 月 30 日的最後期限之前獲得批准。MotoGP 在曼谷舉辦了首屆上個賽季發表會，拉開了 2025 年的序幕。這項活動引起了巨大的轟動，11 支車隊齊聚一堂，展示 Moto GP 作為一項激動人心的運動和高端娛樂品牌的魅力。

MotoGP will host a 22 race calendar in 2025 compared to 20 races last year, which was impacted by race cancellations necessitating two replacement races scheduled mid-season.

2025 年 MotoGP 將舉辦 22 場比賽，而去年則為 20 場，這是由於比賽取消而導致賽季中期不得不安排兩場替代比賽。

The season is off to a great start with incredible on-track action and growth independence across the first five races completed to date. The Argentina Grand Prix set a new attendance record for the track with over 200,000 spectators.

本賽季開局良好，迄今為止完成的前五場比賽表現出色，賽道表現優異，獨立性不斷提高。阿根廷大獎賽創下了該賽道觀眾人數的新紀錄，觀眾人數超過 20 萬。

Thailand's attendance was up 15%, and Coda hosted its largest crowd since 2018, and the rest saw highest attendance since 2015 with 24% growth over 2023. The company announced several commercial agreements to start the season, including Pirelli as the new tire supplier starting in 2027 and the extensions of the Barcelona, French, and Valentia GPs through 2031.

泰國的出席人數增加了 15%，Coda 迎來了自 2018 年以來最多的觀眾，其他國家的出席人數也創下了自 2015 年以來的最高水平，比 2023 年增長了 24%。該公司宣布了賽季開始時的幾項商業協議，包括從 2027 年開始倍耐力作為新的輪胎供應商，以及將巴塞隆納、法國和瓦倫西亞大獎賽延長至 2031 年。

Our second priority is continuing to progress our structural simplification, including the planned split off of it live. Our third priority is continuing to drive momentum at Formula One. The confluence of F1 racing and commercial momentum is benefiting engagement and financial results in 2025. There are several areas currently in focus worth highlighting.

我們的第二個優先事項是繼續推進結構簡化，包括計劃中的現場分離。我們的第三個優先事項是繼續推動一級方程式賽車的發展。 F1 賽車運動與商業動能的融合將有利於 2025 年的參與度與財務表現。目前有幾個重點領域值得強調。

We are seeing continued momentum in sponsorship and licensing to start the year, an excellent showcase with the LEGO partnership last weekend in Miami, where all 10 teams rode fully drivable LEGO F1 cars at the Drivers Parade.

我們看到，年初贊助和授權業務繼續保持強勁勢頭，上週末在邁阿密舉行的樂高合作夥伴關係活動取得了極好的展示，所有 10 支車隊在車手巡遊中都駕駛了完全可駕駛的樂高 F1 賽車。

The project took over a year to come to life and required 400,000 LEGO brakes per car. It was an amazing collaboration that captivated our fans and the Internet and our drivers love it. Looking ahead, pulling the sponsorship pipeline forward has allowed our team to focus on 2026 and beyond and emphasize securing blue-chip meetings aligned with the F1 brand. The appeal and breadth of the F1 brand are uniquely resonating with sponsors across B2B and consumer brands alike.

該項目耗時一年多才完成，每輛車需要 40 萬個樂高煞車。這是一次令人驚嘆的合作，吸引了我們的粉絲、網路和我們的車手的注意。展望未來，提前贊助管道使我們的團隊能夠專注於 2026 年及以後，並強調確保與 F1 品牌保持一致的藍籌會議。F1 品牌的吸引力和廣度引起了 B2B 和消費品牌贊助商的獨特共鳴。

Second, we are focusing on improving LVGP stand-alone economics and maximizing the overall benefit to the F1 ecosystem. Tickets went on sale in early April and volumes are trending ahead of this time last year. Lower initial ticket prices are driving momentum, which we expect will drive greater sell-through.

其次，我們專注於改善 LVGP 獨立經濟性並最大限度地提高 F1 生態系統的整體效益。門票於四月初開始發售，銷售趨勢比去年同期成長。較低的初始票價正在推動這一勢頭，我們預計這將推動更高的銷售量。

With the first two years having demonstrated clear benefits to the wider Vegas ecosystem, we are engaged in encouraging discussions with key local stakeholders, to ensure their support and best position the event for future growth. Finally, our current US media rights agreement concluded at the end of 2025, and we are in active and productive discussions for a new deal.

由於前兩年的活動已為更廣泛的拉斯維加斯生態系統帶來了明顯的好處，我們正與當地的主要利益相關者進行積極的討論，以確保他們的支持，並為該活動的未來發展做好最佳準備。最後，我們目前的美國媒體版權協議於2025年底結束，我們正在就一項新協議進行積極和富有成效的討論。

F1 is a strong product for broadcasters with solid growth in the US, including this season and an attractive demographic with one-third of viewers under age 35, females representing 42% of the fans. We remain focused on finding the right partner to continue to innovate on broadcast offerings and sustain our momentum in the US.

對於廣播公司來說，F1 是一款強勁的產品，在美國擁有穩健的成長，包括本賽季，並且擁有極具吸引力的觀眾群體，三分之一的觀眾年齡在 35 歲以下，女性觀眾佔粉絲總數的 42%。我們仍然專注於尋找合適的合作夥伴，繼續創新廣播產品並保持我們在美國的發展勢頭。

While it's early in the year, performance today is strong. The contractual nature of that Formula One's cash flow provides high visibility into our business performance for the next several years and will be especially important in this macroeconomic climate.

雖然今年才剛開始，但今天的表現很強勁。一級方程式賽車現金流的合約性質為我們未來幾年的業務表現提供了高度的可視性，這在當前的宏觀經濟環境下尤其重要。

As of March 31, Formula One had $14.2 billion of future revenue secured under contract. Advanced ticket sales for our promoters and hospitality tickets for the remainder of the season remains strong. We continue to actively monitor changes in consumer sentiment, though historically, Formula One's business model has proven resilient in times of economic uncertainty. We are encouraged by the strength of the business and look forward to completing the rest of an exciting season. Now, I'll turn it over to Brian for more on Liberty's financial results.

截至 3 月 31 日，一級方程式賽車已根據合約確定了 142 億美元的未來收入。我們的推廣商的預售票和本賽季剩餘時間的招待票銷售依然強勁。我們將繼續積極監測消費者情緒的變化，儘管從歷史上看，一級方程式賽車的商業模式在經濟不確定時期表現出了韌性。我們對業務的強勁表現感到鼓舞，並期待完成這個激動人心的賽季的剩餘部分。現在，我將把主題交給 Brian，讓他進一步介紹 Liberty 的財務表現。

Thanks, Derek, and good morning, everyone. At quarter end, Formula One Group had attributed cash and liquid investments of $2.8 billion, which includes $1.5 billion of cash at F1 and $69 million of cash at Quint. Total Formula One Group attributed principal amount of debt was $2.9 billion at quarter end, which includes $2.4 billion of debt at F1, leaving $526 million at the corporate level. F1's $500 million revolver is undrawn and their leverage at 3/31 was 1.2 times.

謝謝，德里克，大家早安。截至本季末，一級方程式集團已投入 28 億美元現金和流動投資，其中包括 F1 的 15 億美元現金和 Quint 的 6,900 萬美元現金。截至本季末，一級方程式集團的債務本金總額為 29 億美元，其中包括 F1 的 24 億美元債務，剩餘 5.26 億美元為公司層面的債務。F1 的 5 億美元循環信貸尚未提取，其 3 月 31 日的槓桿率為 1.2 倍。

As a reminder, all MotoGP transaction-related financing is in place and deal contingent. Turning to the Formula One business, I'll make brief comments on the quarterly results. Though as we all know, the business is best analyzed on an annual basis given variability in the year-over-year race calendar and timing of events. Note that every quarter in 2025 will have incomparable race count and mix, which will impact year-over-year comparisons of quarterly results throughout the year.

提醒一下，所有與 MotoGP 交易相關的融資均已到位且與交易有關。談到一級方程式賽車業務，我將對季度業績做簡要評論。眾所周知，由於每年賽事日程和賽事時間的變化，最好按年度對業務進行分析。請注意，2025 年每季的比賽數量和組合都將無法比較，這將影響全年季度結果的同比比較。

Most of the variability in year-over-year results is due to the two races held in Q1 2025 compared to three races in Q1 2024. Race promotion revenue decreased due to the mix of races with Australia and China occurring in the current period compared to Bahrain, Saudi Arabia, and Australia in the prior year.

與去年同期相比，結果出現較大差異的主要原因是 2025 年第一季舉辦了兩場比賽，而 2024 年第一季度舉辦了三場比賽。與去年巴林、沙烏地阿拉伯和澳洲的比賽相比，本期比賽與澳洲和中國的比賽混合進行，導致賽事推廣收入減少。

Media rights and sponsorship declined as only [224] projected season-based revenue was recognized compared to [324] last year. Sponsorship is also impacted by the calendar shift as the Saudi Arabia and Bahrain races both have race-specific local title sponsorships and recognition of that rate specific revenue shifted with the timing of those races.

媒體權利和贊助有所下降，因為僅確認了 [224] 預計的季度收入，而去年同期為 [324]。贊助也受到賽程變化的影響，因為沙烏地阿拉伯和巴林的比賽都有特定賽事的當地冠名贊助，而特定費率收入的確認會隨著比賽時間的變化而變化。

However, the decline in sponsorship revenue was largely offset by strong underlying growth from new and renewed deals impacting 2025. Media rights revenue is benefiting from contractual increases in rights fees and continued growth in F1 TV, benefiting from the launch of the new premium subscription tier.

然而，贊助收入的下降在很大程度上被2025年新簽約和續約合約帶來的強勁潛在成長所抵消。媒體版權收入受益於版權費的合約增加和 F1 電視的持續成長，受益於新高級訂閱層的推出。

Other revenue declined during the first quarter as a result of one less patent club event and the mix of races held. Adjusted OIBDA declined alongside revenue during the quarter driven by the calendar variance. Other costs of F1 revenue increased due to higher freight costs with longer routes flown and increased commissions and partner servicing costs, servicing the overall primary F1 revenue growth as well as higher cost for Grand Prix Plaza due to more activity compared to Q1 2024.

由於專利俱樂部活動減少一項以及舉辦的比賽種類繁多，第一季其他收入有所下降。受日曆差異的影響，調整後的 OIBDA 與本季營收一同下降。F1 收入的其他成本增加是由於航線延長導致的貨運成本增加以及佣金和合作夥伴服務成本增加，這為 F1 整體主要收入的增長提供服務，並且由於與 2024 年第一季度相比活動增多導致大獎賽廣場的成本增加。

On a full year basis, we expect other costs of F1 revenue to be consistent with prior years as a percentage of total revenue. SG&A increased in the first quarter due to marketing costs associated with the season launch event at the O2 and should be viewed as a percentage of total revenue for the full year.

從全年來看，我們預計 F1 收入的其他成本佔總收入的百分比將與前幾年保持一致。由於與 O2 賽季啟動活動相關的行銷成本，第一季銷售、一般及行政費用增加，應視為全年總收入的一定百分比。

Team payments decreased in the first quarter due to the lower pro rata recognition with one less race held partially offset by the expectation of higher full year team payments. As a reminder that team payments as a percent of pre-team adjusted OIBDA was 61.5 in 2024, and we expect that percentage to continue to come down as we complete the term of the current Concorde Agreement at the end of 2025.

由於減少了一場比賽，按比例支付的金額較低，導致第一季的團隊支付有所減少，但預計全年團隊支付將有所增加，這部分抵消了這一影響。需要提醒的是，2024 年，團隊支付佔團隊調整前 OIBDA 的百分比為 61.5，我們預計，隨著我們在 2025 年底完成當前協和協議的期限，該百分比將繼續下降。

In connection with all 10 teams signing the 2026 Concorde Commercial Agreement, Formula One paid a total of $50 million to the teams in the first quarter. This cost is excluded from adjusted OIBDA and presented separately from team payments. Although revenue and adjusted OIBDA were lower year over year due to the calendar variance, we are seeing a strong financial start to the year and are tracking well against our internal plan.

與簽署 2026 年協和式飛機商業協議的所有 10 支車隊相關，一級方程式賽車在第一季度向這些車隊支付了總計 5000 萬美元。此費用不包括在調整後的 OIBDA 中，並與團隊付款分開列示。儘管由於日曆差異，收入和調整後的 OIBDA 同比有所下降，但我們今年的財務狀況開局強勁，並且與我們的內在計劃進展順利。

Grand Prix Plaza in Las Vegas officially opened its new year-round activations on May 2. Revenue from these activations will be recognized at the F1 OpCo level that we expect results will have a modest impact in 2025 as we scale that business.

拉斯維加斯大獎賽廣場於 5 月 2 日正式開啟新的全年活動。這些活化產生的收入將在 F1 OpCo 層面得到確認，我們預計隨著業務規模的擴大，其結果將在 2025 年產生適度影響。

The vast majority of the CapEx required to build out Grand Prix Plaza activations was incurred in the first quarter. Total F1 CapEx was approximately $33 million year-to-date, including slightly less than $20 million incurred related to GPP.

建造大獎賽廣場所需的絕大部分資本支出都發生在第一季。今年迄今為止，F1 資本支出總額約為 3,300 萬美元，其中與 GPP 相關的支出略低於 2,000 萬美元。

Looking briefly at corporate and other results in the first quarter. Revenue was $53 million, which includes [Quip] results and approximately $6 million of rental income related to the Las Vegas Grand Prix Plaza. Corporate and other adjusted OIBDA loss was $12 million and includes Grand Prix Plaza rental income, Quint results, and corporate expenses.

簡要回顧第一季的公司和其他業績。收入為 5,300 萬美元，其中包括 [Quip] 業績和與拉斯維加斯大獎賽廣場相關的約 600 萬美元租金收入。公司和其他調整後的 OIBDA 損失為 1200 萬美元，其中包括大獎賽廣場租金收入、Quint 業績和公司費用。

Reminder that Quint's business is seasonal with the largest and most profitable events taking place in Q2 and Q4. Q1 has modest event activity while still incurring ordinary course operating expenses. Quickly turning to the Liberty Live Group. There is attributed cash of $314 million and $400 million of undrawn margin loan capacity relating to our Live Nation margin loan. As of May 6, the value of our Live Nation stock held at Liberty Live Group was $9.3 billion.

提醒一下，Quint 的業務具有季節性，最大和最賺錢的活動發生在第二季和第四季。Q1 的活動活動適度，但仍產生正常的營運費用。迅速轉向 Liberty Live Group。與我們的 Live Nation 保證金貸款相關的歸屬現金為 3.14 億美元，未提取的保證金貸款能力為 4 億美元。截至 5 月 6 日，我們持有的 Liberty Live Group 的 Live Nation 股票價值為 93 億美元。

We have $1.15 billion in principal amount of debt against these holdings. Liberty and F1 are in compliance with their debt covenants at quarter end. With that, I'll turn the call over to Stefano to discuss Formula One.

我們持有的這些資產的本金債務為 11.5 億美元。在本季末，Liberty 和 F1 均遵守了其債務契約。說完這些，我將把電話轉給史蒂法諾，討論一級方程式賽車。

Thanks, Brian. Formula One is off to a great start in 2025. We have six races into the season and continue to see exciting on-track action. The wins have been spread across teams and the racing is tighter than expected. While early in the season, we expect the action to continue.

謝謝，布萊恩。一級方程式賽車在 2025 年將有一個好的開始。本賽季我們已經進行了六場比賽，並繼續看到激動人心的賽道比賽。各個隊伍都獲得了勝利，競爭比預想的更加激烈。儘管賽季還處於初期，我們預計比賽將會繼續進行。

The strong on-track performance has fueled fan engagement. Attendances is up over last year with sellout crowds and nearly all races to date. We reached a new Record crowd for the Australian Grand Prix with an outstanding 465,000 weekend attendees.

賽道上的出色表現激發了粉絲們的參與。到目前為止，幾乎所有比賽的觀眾人數都比去年有所增加，門票全部售罄。澳洲大獎賽週末觀眾人數達到 465,000 人，創下了新的紀錄。

Demand for the balance of the year is strong as well. Mexico sold out in a matter of hours for the 10th season in a row. And Montreal again experienced strong demand with the majority of the 2024 guests returning in '25. Demand for hospitality products also remained high. Season to date, we sold over 12,000 tickets at Paddock Club, and we have seen strong advance yields across the remainder of the season.

今年餘下時間的需求也同樣強勁。墨西哥連續第 10 季門票在幾個小時內全部售罄。蒙特利爾再次經歷了強勁的需求，2024 名遊客中的大多數人於 2025 年再次返回。對酒店產品的需求也依然很高。本賽季迄今為止，我們在圍場俱樂部售出了超過 12,000 張門票，並且在本賽季剩餘的比賽中，我們看到了強勁的預售收益。

We remain focused on opportunities to increase capacity and are working on alternative and innovative hospitality products where demand outstrips supply.

我們將繼續專注於增加容量的機會，並致力於開發需求超過供應的替代和創新酒店產品。

Turning to viewership statistics across our top 50 markets, Live TV viewership grew for the first five races of the season. We had over 60 million cumulative linear TV viewers for the opening Grand Prix weekend in Australia. The US, in particular, has seen strong growth with ESPN viewership up 45% across the first five races. The Australian Grand Prix was the most viewed edition of the race ever for the US audience. Other markets with notable linear viewership growth include Brazil, France, and Australia.

查看我們前 50 個市場的收視率統計數據，本賽季前五場比賽的電視直播收視率有所增長。在澳洲舉行的大獎賽開幕週末，我們的累計線性電視觀眾超過 6000 萬。尤其是美國，ESPN的收視率成長尤為強勁，前五場比賽的收視率成長了45%。澳洲大獎賽是美國觀眾觀看次數最多的一場大獎賽。其他收視率顯著線性成長的市場包括巴西、法國和澳洲。

Highlights viewership on F1 YouTube channel has increased by 31% compared to last year, emphasizing the significance and growth in our digital channels as fans new ways to engage with our footage on and off the track.

F1 YouTube 頻道上的精彩片段觀看人數與去年相比增加了 31%，這凸顯了我們的數位頻道的重要性和增長，為車迷提供了在賽道內外觀看我們鏡頭的新方式。

Social media follower has now reached 100 million, growing 30% year over year. The first quarter growth was particularly driven by Instagram, TikTok, and YouTube. Looking more broadly, Nielsen released new fan data in March, showing the continuous surge in F1 fan base. With our total fan base as of year-end over 826 million, adding nearly 90 million new fans in 2024.

社群媒體粉絲目前已達1億，年增30%。第一季的成長主要受到 Instagram、TikTok 和 YouTube 的推動。更廣泛地來看，尼爾森3月發布了新的車迷數據，顯示F1車迷群持續激增。截至年底，我們的粉絲總數已超過 8.26 億，預計 2024 年將新增近 9,000 萬粉絲。

These engagement figures are not just numbers, they represent the growing global appeal and genuine engagement with our sport and validate our initiatives to enhance F1 for our plans.

這些參與度數據不僅僅是數字，它們代表了我們這項運動日益增長的全球吸引力和真正的參與度，並驗證了我們為提升 F1 的計劃而採取的舉措。

The strong engagement figures are part of a broader picture of commercial success, where I'm pleased to report we continue to have strong momentum. On race promotion, we are working toward finalizing our '26 calendar.

強勁的參與度數據是更廣泛的商業成功的一部分，我很高興地報告我們繼續保持強勁的發展勢頭。在賽事推廣方面，我們正在努力完成 26 年賽事行程。

We were excited to announce renewal of our Mexico race-through 2028 and Miami through 2041, the longest contract currently secured and a statement to our success in the US market. The vast majority of our races have now secured under medium and long-term contracts. Demand from potential new races host remains robust, and we are evaluating various opportunities for the future.

我們很高興地宣布，墨西哥航線和邁阿密航線的合同將分別續簽至 2028 年和 2041 年，這是目前簽訂的最長的合同，也是我們在美國市場取得成功的證明。我們絕大多數的比賽現在都已簽訂了中長期合約。潛在新賽事主辦單位的需求依然強勁，我們正在評估未來的各種機會。

The Netherlands will host their final race in 2026, and the Spa will race in alternative years from 2027, leaving in an opening on the calendar in 2028. Tickets for Las Vegas went on sale April 9, featuring new ticket pricing and offerings.

荷蘭將於 2026 年舉辦最後一場比賽，而斯帕將從 2027 年開始隔年舉辦比賽，從而在 2028 年的賽程上留下一個空檔。拉斯維加斯門票於 4 月 9 日開始發售，推出了新的票價和優惠。

Ticket now start at $50 for a single day general admission and $400 for three-day general admission in Flamingo zone, and we communicated to the fans that the price will not be going down from their initial sales, helping to drive urgency and momentum in sale.

現在火烈鳥區單日普通門票起價為 50 美元，三日普通門票起價為 400 美元，我們向粉絲表示，門票價格不會低於最初的售價，這有助於推動銷售的緊迫性和勢頭。

To date, we are very pleased that our velocity in Vegas is meaningful outpacing last year. Our media right business continues to demonstrate the growing competition for McKeesport rights. F1 TV subscriber growth continues to be robust with total subscribers up 4% year over year led by the US market up 20%. The launch of our new F1 TV premium tier has outperformed expectations, especially in key markets like the US.

到目前為止，我們很高興看到我們在拉斯維加斯的發展速度明顯超過了去年。我們的媒體版權業務繼續表明麥基斯波特版權的競爭日益激烈。F1 電視訂閱用戶成長持續強勁，總訂閱用戶數量較去年同期成長 4%，其中美國市場成長 20%。我們新推出的 F1 TV 高級版表現超乎預期，尤其是在美國等主要市場。

We are in active and positive discussion for our US media right with multiple partners and look forward to sharing updates once final.

我們正在與多個合作夥伴就我們的美國媒體權利進行積極和正面的討論，並期待在最終確定後分享最新消息。

Of course, there's more content towards than just the race. Additional series like Formula 2 and Formula 3, the Sprint, and F1 Academy are providing broadcaster with more content and value. Viewership for Sprint races consistently shows strong year-over-year growth with the Sprint at the Chinese Grand Prix seen over 1 million viewer for the live brokers on CCTV in China and viewership doubled in Italy as Lewis Hamilton celebrates his Maiden win for Ferrari.

當然，除了比賽之外，還有更多的內容。二級方程式賽車、三級方程式賽車、Sprint 和 F1 學院等附加系列賽事為廣播公司提供了更多內容和價值。短跑比賽的收視率持續呈現逐年強勁增長的勢頭，中國大獎賽短跑比賽在中國中央電視台的直播經紀人中吸引了超過 100 萬觀眾，而隨著劉易斯·漢密爾頓慶祝他為法拉利車隊贏得首勝，意大利的收視率也翻了一番。

Outside of the race weekend, Drive to Survive Season 7 reached Netflix global top 10 for another year and appeared in the top 10 list across 39 countries. The F1 Academy docuseries without sanction is going live on Netflix on May 28.

除了比賽週末之外，《極速求生》第七季連續第二年進入 Netflix 全球前十名，並出現在 39 個國家的前十名榜單中。未經批准的 F1 學院紀錄片系列將於 5 月 28 日在 Netflix 上線。

The Apple movie announcement its premiere date on June 16 with the film sound track and film merchandising released just last weekend in Miami. On the sponsorship front, we entered the year with high visibility for 2025 and a strong pipeline for additional growth potential.

蘋果電影宣布將於 6 月 16 日首映，電影原聲帶和電影週邊商品上週末在邁阿密發布。在贊助方面，我們在今年初對 2025 年抱有很高的期望，並且擁有強大的額外成長潛力。

Recent new deal announcement include Barilla Pasta as an official partner and PwC as our official consulting partner as part of the PwC agreement they will provide strategic consulting to our global business to help enhance our performance and drive operational efficiency and excellence.

最近宣布的新交易包括 Barilla Pasta 作為官方合作夥伴，普華永道作為我們的官方諮詢合作夥伴，作為普華永道協議的一部分，他們將為我們的全球業務提供戰略諮詢，以幫助提高我們的業績並推動營運效率和卓越。

Our team continues to focus on both '25 and '26 pipeline with progress being made on a number of high-value renewals and new partnerships. Licensing continues to be a matter of focus on growth. Our new license partner, LEGO has seen high demand for its F1 products, selling on average one piece of LEGO every second in the month of March.

我們的團隊繼續專注於 25 年和 26 年的管道，並在一系列高價值續約和新合作夥伴關係方面取得了進展。許可證發放仍然是關注成長的一個問題。我們的新授權合作夥伴樂高 (LEGO) 發現其 F1 產品的需求量很大，三月平均每秒售出一塊樂高積木。

We saw an exciting activation in Miami, where all the drivers took part in the regular Drivers Parade in fully drivable LEGO cars. On the exploration licensing front, F1 Arcade continues to expand to new locations.

我們在邁阿密看到了一場令人興奮的活動，所有車手都駕駛著完全可駕駛的樂高汽車參加了定期的車手遊行。在探索許可證方面，F1 Arcade 繼續擴展到新的地點。

The Boston and Washington DC that had sold-out watch party for the Australian Grand Prix to kick off the season. A new Arcade is opening in Philadelphia on May 29, with Denver, Las Vegas, and Chicago opening in the fourth quarter. The F1 exhibition has sold more than 530,000 tickets in the last 12 months.

波士頓和華盛頓特區為拉開賽季序幕的澳洲大獎賽舉辦的觀賽派對門票全部售罄。新的遊樂場將於 5 月 29 日在費城開業，丹佛、拉斯維加斯和芝加哥的遊樂場將於第四季度開業。過去 12 個月，F1 展覽已售出超過 53 萬張門票。

Buenos Aires opened on March 22 and sold over 40,000 tickets in this first month. Amsterdam opened in April with 45,000 tickets sold in advance on its first day. In March, we held the launch event for new activation experiences at the Grand Prix Plaza in Las Vegas, which opened to the public last week.

布宜諾斯艾利斯電影節於 3 月 22 日開幕，第一個月就售出了超過 40,000 張門票。《阿姆斯特丹》於四月開演，首日就預售了 45,000 張門票。三月份，我們在拉斯維加斯大獎賽廣場舉辦了新激活體驗的發布會，並於上周向公眾開放。

The venue now offer an opportunity to immerse fast in F1 year-round and provide the Las Vegas community with a new fun and engaging daytime activity center. Grand Prix Plaza feature an F1 inspired carton experience incorporating part of the Las Vegas Grand Prix circuit, an immersive F1 exhibit, the latest F1 racing simulator, a fast casual eatery, a retail store, and three private event spaces.

該場館現在為全年快速沉浸於 F1 賽事提供了機會，並為拉斯維加斯社區提供了一個新的有趣且引人入勝的日間活動中心。大獎賽廣場提供受 F1 啟發的紙盒體驗，融合了拉斯維加斯大獎賽賽道的一部分、沉浸式 F1 展覽、最新的 F1 賽車模擬器、快餐店、零售店和三個私人活動空間。

This activation are set to operate through the first three quarters of the year annually, generating revenue from the site when it is not required for the Grand Prix. On Formula One sustainability effort, I'm proud to say that we recently issued a report on our progress from the 2024 season with a full impact report due to be published later this year.

此項活動將在每年的前三個季度持續進行，當大獎賽不需要場地時，即可從場地產生收入。關於一級方程式賽車的可持續發展工作，我很自豪地說，我們最近發布了一份關於 2024 年賽季進展的報告，完整的影響報告將於今年稍後發布。

We made significant investment in sustainable aviation fuel. 90% of our promoters improved fun access and travel option and 100% of promoters work with local community organization on programs targeted in the next generation.

我們對永續航空燃料進行了大量投資。 90% 的推廣人員改善了娛樂途徑和旅行選擇，100% 的推廣人員與當地社區組織合作進行針對下一代的計畫。

In addition, from 2026, the F1 cars will be powered by 100% sustainable fuel, a technology that is becoming increasingly important for the automated sector as country looked for solutions to reduce greenhouse gas emission from road transportation.

此外，從2026年起，F1賽車將採用100%永續燃料，隨著各國尋求減少道路運輸溫室氣體排放的解決方案，這項技術對於自動化領域變得越來越重要。

Our recent Power Union manufacturing meeting held in Bahrain demonstrated a clear commitment to the planned 2026 engine regulation and maximizing the success of those new rules with all parties working together to ensure the best racing for the championship. We expect all the F1 teams to start shifting their focus to the 2026 engine as the season progresses.

我們最近在巴林舉行的動力聯盟製造會議明確表明了對計劃中的 2026 年發動機法規的承諾，並將最大限度地發揮這些新規則的成功作用，各方將共同努力，確保錦標賽取得最佳成績。我們預計，隨著賽季的進行，所有 F1 車隊都會開始將注意力轉移到 2026 年的引擎上。

Looking forward, while we are early in our '25 calendar, we already have an eye toward '26. We have agreed the basis on which Cadillac will enter the championship in '26. We have also agreed to a new Concorde Commercial Agreement with the teams for 2026 through 2030 and are making good progress on the governance term.

展望未來，雖然 25 年曆才剛開始，但我們已經將目光投向了 26 年。我們已經就凱迪拉克參加 26 年錦標賽的基礎達成了一致。我們也與各團隊達成了一項新的協和式飛機商業協議，有效期為 2026 年至 2030 年，並且在治理方面取得了良好進展。

Both the commercial and proposed governance terms are financially attractive for the entire F1 ecosystem and represent the collaboration and partnership we have built with the F1 teams, with the shared goal of growing F1 for our mutual benefit.

商業條款和擬議的治理條款對於整個 F1 生態系統都具有財務吸引力，代表了我們與 F1 車隊建立的合作與夥伴關係，共同目標是促進 F1 發展，實現互利共贏。

In closing, we are very pleased with our start to 2025 season. Our strong on-track performance, growing fan base, and robust financial results position us well to deliver an excellent 2025 and beyond (spoken in foreign language) full speed ahead. And now I will turn the call back over to Derek. Thank you.

最後，我們對 2025 年賽季的開始感到非常高興。我們強勁的賽道表現、不斷增長的粉絲群以及強勁的財務業績使我們能夠全速實現 2025 年及以後的卓越成就（用外語來說）。現在我將把電話轉回給德里克。謝謝。

Thank you, Stefano and Brian. Very quick, known and exciting news. Please save the date for this year's Liberty Media Investor Day. Changing things up this year, better Day will be held alongside the Las Vegas Grand Prix on Thursday, November 20 in Las Vegas. We will have more details to share in due course and look forward to seeing many of you there. We appreciate your continued interest in Liberty Media. And now I'd like to open the call for questions. Operator?

謝謝你，Stefano 和 Brian。非常快速、已知且令人興奮的消息。請記住今年自由媒體投資者日的日期。今年的活動有所不同，美好日將於 11 月 20 日星期四在拉斯維加斯與拉斯維加斯大獎賽同時舉行。我們將在適當的時候分享更多細節，並期待在那裡見到你們。感謝您對 Liberty Media 的持續關注。現在我想開始提問。操作員？

(Operator Instructions)

（操作員指示）

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Maybe to start just on team payments and the budget for the year. Brian, curious if you could talk a little bit more about how the team payment budget is structured for the year. And if there were opportunities for upside in that budget in terms of what you pay the teams, what some of the larger opportunities out there could be over the course of 2025 as you execute against them and reach the potential of what you think this business could produce this year.

也許只是從團隊薪資和年度預算開始。布萊恩，我很好奇你是否可以再多談談今年的團隊支付預算是如何組成的。如果在支付給球隊的薪水方面，預算中存在上漲的機會，那麼在 2025 年期間，當你執行這些預算並發揮出你認為這項業務今年可以產生的潛力時，可能會出現一些更大的機會。

Yeah. Thank you for the question. It's the beginning of the year, and as we've talked about in the past, there's always prudent financial forecasting at the beginning of the year. We do think that there's opportunities for upside, but we want to be conservative in thinking about the variables that we have out there, which are the Las Vegas Grand Prix towards the end of the year, and then sponsorship. Everything else is contracted.

是的。謝謝你的提問。現在是年初，正如我們過去談到的，年初總是會有謹慎的財務預測。我們確實認為存在上漲的機會，但我們希望保守地考慮我們所面臨的變數，即年底的拉斯維加斯大獎賽，然後是贊助。其餘一切都已簽約。

And as you've seen in the past and we've talked about in the recent quarters, the company is moving away from large go gets and sponsorship in the current year and focusing on future years. Are there still opportunities? Yes, there's probably some opportunities there. But the biggest unknown will ultimately be ticket sales, which you've heard are trending well currently.

正如您在過去看到的以及我們在最近幾季討論過的，公司今年將不再進行大規模的宣傳和贊助，而是將重點放在未來幾年。還有機會嗎？是的，那裡可能有一些機會。但最大的未知數最終將是門票銷售，正如你所聽說的，目前門票銷售趨勢良好。

That's great. And then maybe just a follow-up on the sponsorship business. It sounds like there's still some focus on bringing in sponsors or renewing in '25. Would be curious if you could just comment on what those are and to what extent this could still move the needle. And then I guess as we look out into '26, it sounds like your attention focus there as well, longer sales cycles on the sponsorship side.

那太棒了。然後也許只是對贊助業務的後續跟進。聽起來他們仍然專注於引入贊助商或在 25 年進行續約。我很好奇您是否可以評論一下這些是什麼以及它們在多大程度上還能起到作用。然後我想，當我們展望 26 年時，聽起來您的注意力也集中在那裡，贊助方面的銷售週期更長。

Something you've been focused on. Just curious if you could give us an early read or early look into the '26 sponsorship funnel and to the extent you think that could grow off of '25, what the banded outcome could potentially look like on that?

您一直關注的某件事。我只是好奇，您是否可以讓我們提前了解 26 年的贊助管道，並且您認為這在 25 年的基礎上會有多少增長，最終的結果會是什麼樣的？

Thanks, Stephen, for the question. Thank you. I mean, I think that we have proven in the last couple of years that our strategy with regard to the sponsorship is quite solid. The main focus is for sure to maximize our revenues, but we need to make sure that the partners that we have are stronger and investing with us with our experiential world.

謝謝史蒂芬提出這個問題。謝謝。我的意思是，我認為我們在過去幾年已經證明，我們在贊助方面的策略是相當穩固的。我們的主要重點肯定是最大化我們的收入，但我們需要確保我們的合作夥伴更強大，並與我們一起投資我們的體驗世界。

We have a strong pipeline and what we have said already and is concerned to be here is the quality over quantity and a very, very genuine active activation with our partners because this is crucial in this moment where we want to make sure that our platform is what really our sponsor wants.

我們擁有強大的管道，我們已經說過，我們關心的是質量而不是數量，並與我們的合作夥伴進行非常非常真誠的積極激活，因為這在此刻至關重要，我們希望確保我們的平台真正符合我們的讚助商的需求。

And the evolution between the structure of our partnership between global, official, regional, and technical is getting stronger and stronger. So the focus is definitely to see if we have seen some opportunities in '25. But the big one is keep going on in the next couple of years, and it just remind to all of us where we were just four or five years ago and now where we are today.

我們的夥伴關係結構在全球、官方、區域和技術之間的演變也越來越強大。因此，重點肯定是看我們是否在 25 年看到了一些機會。但最重要的是在接下來的幾年裡繼續前進，它只會提醒我們所有人四、五年前我們在哪裡，現在我們在哪裡。

There is still a long way to go, and we are very optimistic on the fact that we will continue to grow that as a revenue stream. And also as a potential awareness increase through them to our partners of our products.

我們還有很長的路要走，但我們非常樂觀地認為我們將繼續將其作為收入來源。並且透過它們也提高了我們的合作夥伴對我們產品的潛在認知度。

Thanks, Stefano, this is Derek. I'd just like to add, I've been able -- had the opportunity to spend some time with stuff to know at the track over the last couple of races and speaking to both sort of current sponsors as well as potential sponsors. I don't think I've been in a situation where you're seeing this sort of energy and excitement around the possibilities to engage with the sport, to engage with F1 normally -- not normally.

謝謝，斯特凡諾，我是德瑞克。我只想補充一點，在過去的幾場比賽中，我有機會花一些時間了解賽道上的情況，並與現有贊助商和潛在贊助商進行交談。我認為我從未見過如此充滿活力和興奮的氛圍，人們對於參與這項運動、正常參與 F1 的可能性如此興奮——這很不正常。

But in some of my other experiences having been around major sports leagues and such, you kind of are always in a bit more of a balanced state where you've got guys coming in and guys going out here.

但根據我參加過一些大型運動聯盟等的其他經歷，當球員們進來和出去時，你總是處於更平衡的狀態。

It feels like, for the most part, the energy is up and it's wait to see. And look, it goes obviously beyond F1, but to the entire sport, and you see what the teams themselves are doing and they themselves are also expanding their sponsor bases, which is great. I spent some time went back round last week. Probably one of the more prolific marketers in the Paddock, and he was telling me about his plans to sell the underside of his shoe. So we'll see that happens.

感覺就像，在大多數情況下，能量已經上升並且正在等待觀望。而且，這顯然超出了 F1 的範圍，而是影響了整個體育賽事，你可以看到車隊自己在做什麼，他們自己也在擴大贊助商基礎，這很好。我上週花了一些時間回去。他可能是圍場裡最活躍的行銷人員之一，他正在向我講述他出售鞋子底部的計劃。因此我們將拭目以待。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

I don't know Stefano or Derek, I don't know if either of you want to take this, or which one want to take it. But on the media rights process in the US, I mean one of the things that I think has happened with the business is F1 TV has been growing really nicely for a number of years.

我不認識斯特凡諾或德里克，我不知道你們倆是否有人想接受這個，或者哪一個人想接受這個。但就美國的媒體版權流程而言，我認為 F1 電視業務發生的一件事是，多年來一直發展得很好。

And it sounds like, and particularly in the US, I'm just wondering how you think about that as an asset or a chip to play, so to speak, in your US media rights deal. Are you open to bundling that in a broader agreement with potentially a streaming partner? Or do you think that business now is so large and sort of differentiated that you want to keep it as a stand-alone product?

聽起來，特別是在美國，我只是想知道您如何看待它作為您在美國媒體版權交易中的一項資產或籌碼。您是否願意與潛在的串流媒體合作夥伴達成更廣泛的協議？或者您認為現在的業務規模太大，而且存在一定差異，因此您想將其保留為獨立產品？

And then I don't know if -- I couldn't tell if the Concorde Agreement is finalized enough, but I find ask Brian. Are you able to tell us whether or not you expect any team payment leverage to take place in the '26 to '30 time frame? Any color given some of the previous comments over the last few earnings calls on the topic, it would be helpful.

然後我不知道——我無法判斷《協和協議》是否已經最終確定，但我找到布萊恩來詢問。您能否告訴我們，您是否預計在 2026 年至 2030 年期間會出現任何團隊支付槓桿？如果能對過去幾次收益電話會議上關於這個主題的一些評論做出一些評論，那將會很有幫助。

Stefano, why don't you go ahead and start? .

斯特凡諾，你為什麼不開始呢？。

Yeah. I mean thanks, Ben, for the question. I mean on media right, first of all, it's interesting to see the speculation are going around with regard to moments where they were optimistic, negative comments and so on. But apart from that, I would say we come back from this weekend in Miami, really with the fact that we are engaging with the multiple partners, and there is a lot of potential interest from many of them, of which we need to hammer down because we have the time to do it with the proper proposal.

是的。我的意思是，感謝本提出這個問題。我的意思是，就媒體而言，首先，有趣的是看到圍繞他們樂觀、消極評論等時刻的猜測。但除此之外，我想說，我們這個週末從邁阿密回來後，確實正在與多個合作夥伴接觸，其中許多合作夥伴都表現出很大的潛在興趣，我們需要認真考慮，因為我們有時間提出適當的建議。

As you were correctly saying, F1 TV product is growing and is very, very positive and the feedback mainly in US is very, very strong. And therefore, we need to make sure that this asset is right and very valuable. Therefore, we are open to any kind of possible discussion depending what will be the end and what we believe is the right way to make sure that we keep the penetration in the market as high as possible and making sure that we can monetize out of it. But the dynamics are very positive.

正如您正確指出的那樣，F1 電視產品正在成長，而且非常非常積極，主要在美國的回饋非常非常強烈。因此，我們需要確保這項資產是正確的並且非常有價值。因此，我們願意進行任何可能的討論，這取決於最終結果以及我們認為的正確方法，以確保我們盡可能保持較高的市場滲透率，並確保我們能夠從中獲利。但形勢非常正面。

So we keep working on it with them. And I think that the next month will be crucial to see really where we're going to be, but we come back from Miami as I said at the beginning, then with a very good polyps because I think the US audience figure in Miami that were very, very strong shows the potential that we have. And I'm sure that the media partners understand that for a possible asset also for them to develop another good business together. Derek, you want to add on to that?

因此我們將繼續與他們合作。我認為下個月對我們真正取得進展至關重要，但正如我在開始時所說的那樣，我們從邁阿密回來後表現得非常好，因為我認為邁阿密的美國觀眾人數非常非常多，這表明了我們的潛力。我相信媒體合作夥伴明白，這對他們來說是一項潛在的資產，也有利於他們共同發展另一項良好的業務。德瑞克，你想補充一下嗎？

Yeah, I'd like to -- this is Derek. Following up on what Stefano just said, we are having good conversations with potential partners on the US media rights deal. I think what's been sort of interesting here is the sport itself continues to grow. As Stefano mentioned, particularly in the US, as Stefano mentioned in his comments earlier, viewership across the weekend is up sort of 45% year over year.

是的，我想──這是德瑞克。正如斯特凡諾剛才所說，我們正在與潛在合作夥伴就美國媒體版權交易進行良好的對話。我認為有趣的是這項運動本身正在不斷發展。正如斯特凡諾所提到的，特別是在美國，正如斯特凡諾之前在評論中提到的，週末的收視率同比增長了 45%。

I think F1 TV's growth is up 20% here in the US. I think the overall health of the business continues to resonate. And what that means, I think, put aside even this year, but -- and the renewal negotiation. But I think what that means for the long term is pretty significant. I still think we're in the early stages of growth for F1 in the US.

我認為 F1 電視在美國的成長率為 20%。我認為業務的整體健康狀況將繼續保持良好。我認為，這意味著什麼，甚至連今年都不要考慮，還有續約談判。但我認為從長遠來看，這意味著非常重要。我仍然認為 F1 在美國還處於發展的早期階段。

And having the take-up of F1 TV what it is in the US at this early stage, I think speaks volumes about the passion for the sport and I think puts us in a great position well into the future.

我認為，F1 電視在美國的早期普及程度充分說明了人們對這項運動的熱情，也為我們未來的發展奠定了良好的基礎。

When you zoom back in and think about how you balance F1 TV and a broader media rights deal, look, we will see how things play out, we'll see what partners want in their deals, and we will see what makes the most sense for F1 in terms of balancing things like reach, but also having products like this for ourselves, so that we can actually understand our customers as well as we can because it goes beyond sort of what we're delivering to them on the content side.

當你回過頭來思考如何平衡 F1 電視和更廣泛的媒體版權交易時，你會看到事情如何發展，看到合作夥伴在交易中想要什麼，看到在平衡影響力等方面對 F1 最有意義的事情是什麼，同時也為自己提供這樣的產品，這樣我們才能盡可能地了解我們的客戶，因為這超出了我們在內容方面向他們提供的內容。

But also we can deliver the most engaged fans across the board in terms of engaging with F1. So I think that the answer here from my standpoint is we actually see sort of a ton of -- a different way this can go play out, but underneath that are underlying it all is extremely strong demand for F1 and the engagement from fans here in the US, which is great to see.

而且，我們還可以吸引最熱衷於 F1 的粉絲。所以我認為從我的角度來看，答案是，我們實際上看到了大量——這可能會以不同的方式發揮作用，但背後是人們對 F1 的強烈需求以及美國車迷的參與，這是令人高興的。

Ben, on your second question, on the '26 Commercial Agreement, Concorde Commercial Agreement, yes, we do expect leverage in '26 to -- versus where we finish the full year of 2025. And then going forward, we expect a more simplified structure that benefits all the parties in the ecosystem.

本，關於你的第二個問題，關於 26 年商業協議、協和式飛機商業協議，是的，我們確實預計 26 年的槓桿率將與 2025 年全年的槓桿率持平。展望未來，我們期望有一個更簡化的結構，使生態系統中的所有各方受益。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

I just want to ask about MotoGP. I think it's encouraging that we're getting closer to regulatory approval here. Now that maybe there's a bit more clarity on getting that deal done you could talk a little bit about if anything's changed since the deal was initially announced in terms of the broader opportunity that you see ahead with Moto.

我只是想問一下 MotoGP 的問題。我認為我們離監管部門的批准越來越近了，這是令人鼓舞的。現在，關於如何完成這筆交易，可能已經有了更清晰的認識，您可以談談自最初宣布這筆交易以來，就您所看到的 Moto 未來更廣泛的機會而言，是否有任何變化。

This is Derek. I'll take this one. Obviously, we -- the deal is not done until it's done and we continue to work with the European Commission to get to the finish line here and are hopeful that we will do so. I think from our perspective, we continue to see upside in MotoGP and are probably just as bullish, if not but we're having spent more time with them at the time that we are allowed to spend with them.

這是德里克。我要這個。顯然，在協議達成之前，我們不會認為協議已經完成，我們將繼續與歐盟委員會合作，爭取早日達成協議，我們也希望能夠做到這一點。我認為從我們的角度來看，我們繼續看到 MotoGP 的優勢，並且可能同樣看好，如果不是，但我們在允許與他們共度的時間裡已經與他們共度了更多時間。

And look, I think with any of these premium sports assets, the trick is how you take these and make them sort of mainstream entertainment assets. And you've seen us do that with Formula One, you've seen this happen across multiple of other sports. And I think there is that opportunity here. And as soon as the deal closes, we will be actively engaged with management at MotoGP to start executing on that plan.

我認為，對於任何優質體育資產來說，關鍵在於如何利用它們並使其成為主流娛樂資產。你已經看到我們在一級方程式賽車中做到了這一點，你也看到這種情況發生在其他多項運動中。我認為這裡有這樣的機會。交易完成後，我們將積極與 MotoGP 管理層合作，開始執行該計劃。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得·蘇皮諾（Peter Supino）。

A question on sponsorship and one back to the media rights. On sponsorship, 50% fewer races so far year over year. And so of course, sponsorship revenue has that headwind. And yet, it looks largely offset by growth from new sponsors.

一個關於贊助的問題，另一個關於媒體權利的問題。在贊助方面，迄今為止比賽數量比去年同期減少了 50%。因此，贊助收入當然會面臨阻力。然而，這在很大程度上被新贊助商的成長所抵消。

And so we're wondering maybe this is too simplistic, but does that imply that sponsorship growth must have been close to 50% on an underlying basis adjusted for races as we think about modeling the year. Is that a useful number?

因此，我們想知道這是否過於簡單，但這是否意味著，當我們考慮對年度進行建模時，根據比賽調整後的基本基礎，贊助成長率必須接近 50%。這個數字有用嗎？

And then on the media rights, what are the opinion that the media rights are sort of uniquely misunderstood because the race times mean that the casual fan struggles to engage with the live broadcast. And so maybe the non-linear format of streaming could really expand access for casual fans. And then of course, the media rights don't have any advertising. And so I wonder if you could comment on both of those opportunities for the media rights.

那麼關於媒體權利，有什麼觀點認為媒體權利存在某種獨特的誤解，因為比賽時間意味著普通球迷很難參與現場直播。因此，非線性串流媒體格式也許確實可以擴大普通粉絲的觀看範圍。當然，媒體版權不包含任何廣告。所以我想知道您是否可以對媒體權利的這兩個機會發表評論。

Stefano, do you want to start on the media rights?

斯特凡諾，你想開始談論媒體權利嗎？

Yeah. Thanks, Derek. I mean, I can start definitely with the media rights. I think that is definitely very important to recognize one thing. And that is clearly in our situation where we saw the growth on all our social platform.

是的。謝謝，德里克。我的意思是，我可以從媒體版權開始。我認為認識到一件事絕對是非常重要的。顯然，我們所有的社群平台都在成長。

We saw definitely the interest of the young generation to access to our content to YouTube or other form of engagement. But this is relevant, and we need to make sure that this is becoming part of the global strategy, not only US, but all around the world.

我們確實看到年輕一代對透過 YouTube 或其他形式存取我們的內容很感興趣。但這很重要，我們需要確保這成為全球戰略的一部分，不僅是美國，而是全世界。

But it's definitely important to make sure that the clearest of the fact that our clients that are getting more engaged with us will have the chance to connect with the right product is really the key for our strategy and our decision.

但絕對重要的是確保與我們有更多互動的客戶有機會與正確的產品建立聯繫，這才是我們策略和決策的關鍵。

And I think that what we need to make sure that because now we have different type political funds, they need to have the possibility to engage through different options that we need to offer to them. That's the biggest strategic thing that we want to put in place. And of course, this is relevant to the partner, but we need to choose and work together into the future. Is relevant because we see the dynamics that are different.

我認為我們需要確保的是，由於我們現在擁有不同類型的政治基金，他們需要有機會透過我們為他們提供的不同選擇來參與。這是我們想要實施的最大策略。當然，這與合作夥伴有關，但我們需要做出選擇並共同努力邁向未來。這很有意義，因為我們看到了不同的動態。

Of course if we see where we are in Europe, in Europe, we have a long-term deal with our broadcaster that will enable us to understand what will be the evolution on that market.

當然，如果我們看看我們在歐洲的情況，在歐洲，我們與廣播公司簽訂了長期協議，這將使我們能夠了解該市場的發展。

And we know that this is a different situation that we need to monitor all around the world. But in a nutshell, I think that our strategy will fit with the right partner that will be part of us in developing the knowledge of our sport. This is what I can say on the media side.

我們知道，這是一個不同的情況，我們需要在世界各地進行監測。但簡而言之，我認為我們的策略將與合適的合作夥伴相適應，他們將成為我們發展體育運動知識的一部分。站在媒體的角度，我能說的就是這些。

On the sponsorship side, if I may, Peter, I think that the relevancy of what we are doing is confirmed by the quality and the numbers that we put in place every year, that means that as correctly that Derek was saying before, the partners that are working together with F1 had a really different from B2B opportunity to consumer, and we are offering an incredible opportunity of engagement that I would say without being disrespectful that our platform is becoming really very, very relevant. And this is the reason why we feel very, very positive and strong with our future even the next couple of years.

在贊助方面，如果可以的話，彼得，我認為我們所做的事情的相關性已經得到了我們每年所實現的質量和數量的證實，這意味著，正如德里克之前所說的那樣，與 F1 合作的合作夥伴對消費者來說有一個與 B2B 完全不同的機會，我們提供了一個令人難以置信的參與機會，我可以毫不不敬地說，我們的平台變得非常重要。這就是為什麼我們對未來甚至未來幾年充滿信心和信心。

Thanks, Stefano. This is Derek. Peter, that's -- your comment about F1 being unique, I agree with that. I think that we are uniquely positioned. And I think when you, again, think about media rights in this day and age, it's not about sort of just what's happening on race day for the 1.5 hours to 2 hours of the race.

謝謝，斯蒂法諾。這是德里克。彼得，那是——你關於 F1 獨一無二的評論，我同意這一點。我認為我們有獨特的優勢。我認為，當你再次思考當今時代的媒體權利時，它不僅僅涉及比賽當天 1.5 小時到 2 小時內發生的事情。

It's what's happening over the entire weekend. It's also sort of the way different demographics will engage with the property. And that's what we are focused on is continuing to deliver not just sort of the content of the race or even the practices and the qualifying, but other content around the sport, but also delivering it across multiple platforms, so that there are multiple ways that fans of any age, of any demographic, of any interest to engage with the sport.

這就是整個週末發生的事情。這也是不同人群與房產互動的方式之一。我們關注的重點是繼續提供不僅僅是比賽內容、練習和排位賽的內容，還包括這項運動的其他內容，同時透過多個平台提供這些內容，以便任何年齡、任何人口統計、任何興趣的粉絲都可以透過多種方式參與這項運動。

Because as soon as, as I mentioned earlier on MotoGP, as soon as you're sort of a broad-based entertainment product, you have to recognize that, and you have to be able to touch all of those people and all of those fans. I'll let Brian finish up on that.

因為正如我之前在 MotoGP 上提到的那樣，一旦你成為廣泛的娛樂產品，你就必須認識到這一點，你必須能夠觸動所有這些人和所有這些粉絲。我會讓布萊恩完成這件事。

Yeah. And just to add on to the sponsorship side, Peter, we're not going to give you a specific number in terms of that. But what I would encourage is patience because when you get to Q2 on a year-to-date basis, you have 11 races year-to-date, they'll be the exact same races you should get a really good feel for the trend in sponsorship. But there's lots of -- there's different revenue recognition aspects to year -- full year sponsorship that impacted.

是的。彼得，關於贊助方面，我們不會給你一個具體的數字。但我鼓勵大家保持耐心，因為當你進入今年迄今為止的 Q2 時，今年迄今為止你已經參加了 11 場比賽，它們將是完全相同的比賽，你應該對贊助趨勢有一個很好的了解。但有很多因素——每年的收入確認方面都有所不同——全年贊助都會受到影響。

There's the calendar change. There's new sponsors. There's contract uplifts. There is lost contracts from last year that rolled off. So there's lots of different things in there that make it more complex than how you described it.

日曆有變化。有新的贊助商。合約有所提升。去年有一些遺失的合約已經到期。因此其中有很多不同的東西，使得它比你所描述的更複雜。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Brian, thank you for the guidance on other cost of revenue. Just thinking about that guidance. So I think you said it's going to be consistent with prior years as a percentage of revenue. I think most of us think revenue is going to be up sort of high single digits this year. I think that's an acceleration in other costs versus what you saw last year.

布萊恩，感謝您對其他收入成本的指導。只是在思考那個指導。所以我認為您說的這個收入百分比將與前幾年保持一致。我想我們大多數人都認為今年的收入將會成長個位數左右。我認為與去年相比，其他成本有所加速成長。

I was wondering if you could just help us understand what in that? Is that due to labor? Is that the Las Vegas Grand Plaza or something else?

我想知道您是否可以幫助我們理解其中的內容？這是由於勞動嗎？那是拉斯維加斯大廣場還是別的什麼？

And then congratulations on the new Concorde Agreement. I'm wondering how it contemplates continued focus on competitive balance? And if there's anything in the new agreement that might help start to improve the structure of some of the second tier teams eventually moving up into more competition with the top-tier teams.

最後祝賀新《協和協議》的達成。我想知道它如何考慮繼續關注競爭平衡？如果新協議中有任何內容可能有助於開始改善一些二線球隊的結構，那麼最終這些球隊將能夠與一線球隊展開更激烈的競爭。

Yeah. I'll start with other costs. So on a full year basis, there's going to be items that increase. We always see that. We have increased partner servicing and commission costs that support the overall revenue growth of the business that are in there.

是的。我先從其他費用開始。因此，從全年來看，有些項目的數量將會增加。我們總是看到這種情況。我們增加了合作夥伴服務和佣金成本，以支持業務的整體收入成長。

You have some increased GPP costs as we start the year round activations. Obviously, those will be offset by the revenue that's being generated there. Otherwise, those are kind of the big things that you would expect. And as we've talked about in the past, we continue to focus on the growth of the business, and so there's growth initiatives that are in there as well to drive future revenue growth in the upcoming years. Stefano, do you want to talk about the Concorde?

隨著我們開始全年激活，您的 GPP 成本會增加。顯然，這些損失將被那裡產生的收入所抵消。否則，這些都是您所期望的大事。正如我們過去所談到的，我們將繼續專注於業務的成長，因此我們也採取了一些成長舉措，以推動未來幾年的營收成長。斯特凡諾，你想談談協和式飛機嗎？

Yeah. I mean thanks, Stephen. I think that, as you know, for us, it's essential to make sure that the growth of the sport is done in an organic way, in a way that we can take mainly three bullet points. The first one on the sporting side to make sure that the teams can be competitive. We need to make sure that the regulation is done in a way that if there is gaps to performance there is the chance for that we want to recover that.

是的。我的意思是謝謝你，史蒂芬。我認為，正如你所知，對我們來說，必須確保這項運動以有機的方式發展，我們主要可以指出三點。體育方面的首要任務是確保球隊具有競爭力。我們需要確保以這樣的方式進行監管：如果績效有差距，我們就有機會彌補。

Second part related to the sporting side, I think that we have seen already the massive importance of having the budget capital, the cost cap that has given the possibility of the team to understand the level of performance from the technical perspective of the cars to the money that they have.

第二部分與體育方面有關，我認為我們已經看到了預算資本和成本上限的重要性，它使車隊能夠從賽車的技術角度和他們所擁有的資金來了解性能水平。

On the other side, point number two, it is the financial. And we see definitely that a healthy system allows to also Concorde and other sponsors that have become important for the teams, we have a solid team that wants to stay and be even stronger and be competitive for the future.

另一方面，第二點是財務問題。我們確實看到，一個健康的系統也允許協和式飛機和其他對車隊很重要的贊助商，我們有一個堅實的團隊，希望留下來，變得更強大，並在未來具有競爭力。

Third point is the awareness that the sport is living is bringing interest money to all the ecosystem that will regenerate the possibility of this organic growth through what we are doing. And therefore, I think that what we have done with several balanced approach to Concorde has just brought the right approach and the right settings for a very, very healthy ecosystem that will be there for the future. In the next couple of years will be characterized by these kind of elements.

第三點是意識到體育運動的活力正在為整個生態系統帶來利息收入，而透過我們的所作所為，這種生態系統將重新產生有機成長的可能性。因此，我認為，我們為協和號計畫採取的幾種平衡方法，為未來非常健康的生態系統帶來了正確的方法和正確的設定。未來幾年將以這些元素為特徵。

Ryan Gravett, UBS.

瑞銀集團的瑞安·格雷維特（Ryan Gravett）。

Curious if you can give us an update on how renewal discussions are progressing for some of your non-US media rights. I believe there are some deals coming up in Latin America and some Asian markets. So any color on the competitive tension you're seeing for those rights and if you're likewise seeing any interest from digital players?

我很好奇您是否可以向我們介紹一些非美國媒體權利續約談判的進展。我相信拉丁美洲和一些亞洲市場將會達成一些交易。那麼，您認為這些權利的競爭壓力如何？您是否也看到數位播放器的興趣？

Thank you, Brian. Yes, of course, that is a more dynamic and, I would say, year-by-year situation. We have so many country around the world that in a certain area, we can start to see some competition with regard to the streaming side of it.

謝謝你，布萊恩。是的，當然，這是一個更動態的情況，而且我想說，是逐年變化的情況。我們在全球有如此多的國家，在某個地區，我們可以開始看到串流媒體的一些競爭。

That are still smaller than what you can imagine, but it's definitely a healthy situation. We have countries like Japan, for example, that is quite big for us or are there in the Far East Asia and also in Brazil, for example, that will have an evolution, and we will have a positive impact in our relationship starting for next year.

這仍然比你想像的要小，但這絕對是一種健康的情況。例如，對我們來說，日本等國家相當大，或者遠東地區也有國家，還有巴西，這些國家將會有所發展，從明年開始，我們的關係將產生正面的影響。

Joe Stauff, Susquehanna International Group.

薩斯奎漢納國際集團的喬‧斯托夫 (Joe Stauff)。

I was wondering first question on whether or not you could share with us any organic or same race commentary. Any KPIs you have with respect to the two races in the first quarter? And then secondarily, Stefano, maybe a follow-up on an earlier question about team competition. It certainly seems parity where the competition has increased, especially the last season and maybe season to date. And I was just wondering, of those three buckets you mentioned, what were the most important reasons or improvements that you have made thus far?

我想知道的第一個問題是您是否可以與我們分享任何有機或同一種族的評論。第一季的兩場比賽，您有什麼 KPI 嗎？其次，史蒂法諾，也許可以跟進一下之前關於團隊競爭的問題。這顯然是勢均力敵的，因為競爭已經加劇，尤其是上個賽季，甚至可能是本季至今。我只是想知道，在您提到的這三個方面中，迄今為止最重要的原因或改進是什麼？

Stefano, do you want to (multiple speakers) --

斯特凡諾，你想（多位發言者）——

No, no, I was saying, Brian, if you want to give your comment on the organic and KPI as the first question, and then we'll jump in on the second question of Joe.

不，不，我是說，布萊恩，如果你想就有機和 KPI 作為第一個問題發表評論，然後我們再討論喬的第二個問題。

Yeah. All I would say is do the math on what we've reported here. We can't give you anything more specific than kind of what we're already showing. But there's a mix of races, obviously. And so you've got Australia and China this year.

是的。我想說的只是計算一下我們在這裡報道的內容。除了我們已經展示的內容之外，我們無法向您提供任何更具體的資訊。但顯然，這裡有不同種族的人。所以今年有澳洲和中國。

You've got the two Middle Eastern races last year with China not being in the mix. And you can see the impact that you have there on revenue and OIBDA. I was just going to say, Stefano if there's anything you want to add on attendance or Paddock Club at the one race where we had it, you can add that, but that'd be about it.

去年有兩場中東比賽，但中國並未參與其中。您可以看到這對收入和 OIBDA 的影響。我只是想說，斯蒂法諾，如果你想在我們舉辦的一場比賽中添加出席人數或圍場俱樂部的信息，你可以添加，但僅此而已。

No, I think that's -- I think, Brian, you were absolutely spot on. I mean the dimension of comparing apple with pears, it is pretty clear that it's not even the same kind of balance. I think that as you already mentioned, there will be a clear situation, the more we go ahead into the next quarter because there will be -- we will see the organic growth that we are having everywhere. And that's it would be very, very clear. So on that, just I want to share good news that is happening all around the world also in that respect.

不，我認為那是——我認為，布萊恩，你說得完全正確。我的意思是，將蘋果與梨子進行比較，很明顯這甚至不是同一種平衡。我認為，正如您所提到的那樣，情況會越來越明朗，我們進入下個季度後，會看到——我們將看到我們在各個方面都實現了有機增長。這就是非常非常清楚的了。因此，我只想分享世界各地正在發生的好消息。

That is not only the content that we have in terms of commercial agreement, but also all the other activities that are related to Grand Prix that are different from place to place. So the right competition will be done exactly when we're going to have at the end of the year, the final results, but everything is progressing absolutely in the right way.

這不僅是我們在商業協議方面的內容，還包括與大獎賽相關的、因地而異的所有其他活動。因此，正確的比賽將在年底準確進行，我們將獲得最終結果，但一切都在朝著正確的方向發展。

Going back to the second question of Joe, about the competition, we don't have to forget that on top of the three points that I said, that is also the things that after many years, naturally, the cycle of having the evolution that is becoming close to the tangent is bringing the teams to be very close. If you see this year, mainly in qualified, the gaps are milliseconds, so that is really impressive.

回到喬的第二個問題，關於競爭，我們不必忘記，除了我所說的三點之外，這也是經過多年發展的事情，自然而然地，進化的周期越來越接近切線，使球隊之間的差距變得非常大。如果你看看今年，主要是在資格賽中，差距只有幾毫秒，所以這真的很令人印象深刻。

Therefore, that is part of what we see today and it's also even more relevant to say that when we take the decision to change regulation, it is normal, and there are reasons for that, of course, that potentially there will be more gaps in performance at the beginning, but the regulation that we are putting in place will try to minimize or the time on which the teams and the new power units to manufacturers that were allowed to come in and also new things that will come in we'll have the time to react to that.

因此，這就是我們今天所看到的一部分，更重要的是，當我們決定改變規則時，這是正常的，當然也有理由這樣做，一開始可能會有更多的表現差距，但我們正在實施的規則將試圖最大限度地減少或縮短允許車隊和新動力裝置進入的製造商的時間，以及新事物的出現，我們將有時間對此做出反應。

So I think that the three pillars are very relevant, even more when there is a step change of regulation as it will be done next year. But as we remember to all of us, we're welcome to allow new power unit manufacturing team to come in and also to have the focus on the sustainable fuel and hybrid engine that was relevant for us to keep in a sort of keep the technology relevancy for the future in our sport.

因此我認為這三大支柱非常重要，尤其是在明年監管發生重大變化的情況下。但正如我們所有人記得的那樣，我們歡迎新的動力裝置製造團隊加入，並將重點放在永續燃料和混合動力引擎上，這對我們來說很重要，可以保持我們運動的未來技術相關性。

Spencer Amer, Deutsche Bank.

德意志銀行的史賓塞·阿梅爾。

Thanks for the question. You announced a 10-year extension for the Miami Grand Prix with a number of years left on the current deal. I was wondering if you could shed some color on what made you decide to extend the Grand Prix so early?

謝謝你的提問。您宣布將邁阿密大獎賽的合約延長 10 年，而目前的合約還剩下幾年。我想知道您能否解釋一下是什麼促使您決定這麼早延長大獎賽？

I can answer to that, Derek. Yes. Thanks, Spencer, for the question. We believe that the Miami Grand Prix is a very important pillar of our strategy in US. I mean the job done is really very, very impressive.

我可以回答這個問題，德瑞克。是的。謝謝斯賓塞提出這個問題。我們相信邁阿密大獎賽是我們在美國戰略的一個非常重要的支柱。我的意思是，所做的工作確實非常非常令人印象深刻。

And of course, we want to give the possibility for them also to keep investing and the more we are able to give that kind of certainty, the more they will invest to grow together, not only on the business evolution but also in order to together -- in order to have the right partnership to develop the American strategy together with them. They've been proved to be a very, very solid and strong partner. And that's the reason why we have anticipated now because there was no reason to wait.

當然，我們也希望為他們提供繼續投資的可能性，我們越能提供這種確定性，他們就越願意投資以共同成長，不僅在業務發展方面，而且也為了共同發展——以便建立正確的合作夥伴關係，與他們共同製定美國戰略。事實證明，他們是一個非常非常可靠和強大的合作夥伴。這就是我們現在期待的原因，因為沒有理由等待。

Yeah. And just from my standpoint, I went to the first Miami race and then just this last one, I think the improvement and what has happened there on the ground has been pretty impressive. So kudos to our partners in Miami for what they've done, and we look forward to their continued investment in the race.

是的。從我的角度來看，我參加了第一屆邁阿密比賽，然後是最後一屆，我認為那裡的進步和實地發生的事情令人印象深刻。因此，我們向邁阿密的合作夥伴表示敬意，並期待他們繼續為比賽投入。

Jason Bazinet, Citibank.

花旗銀行的 Jason Bazinet。

I just had a very simple question. You rightly pointed out that your business is defensive and is viewed as defensive by investors. The one question we get is people aren't quite sure how to think about the defensiveness of the sponsorship revenue if there was an economic slowdown.

我只是想問一個很簡單的問題。您正確地指出，您的業務具有防禦性，並被投資者視為防禦性業務。我們收到的一個問題是，人們不太確定如果經濟放緩，該如何考慮贊助收入的防禦性。

Jason, I think that the answer for that is no one is actually. But what we have in front of us. But what we can see is that the credibility of our platform and the fact that we are very close to them with the fact that we are discussing on a daily basis, what are the need that we need to supply to them is our strength.

傑森，我認為答案是實際上沒有人知道。但我們面前的是什麼。但我們可以看到，我們平台的可信度，以及我們與他們非常接近的事實，以及我們每天都在討論我們需要為他們提供什麼，這就是我們的優勢。

And the fact that we have a long-term agreement with sponsor is, of course, a financial cover in terms of the risks that we have. But it's more the relation that we have that has been built on the trust and understanding each other what have the need. That's why, as I said, we are always very prudent, but the relationship we have and the quality of the parts that are working together with us allow us to be very, very positive.

事實上，我們與贊助商簽訂了長期協議，這當然可以為我們所面臨的風險提供財務保障。但我們之間的關係更多的是建立在信任和相互理解的基礎上。這就是為什麼，正如我所說，我們總是非常謹慎，但我們之間的關係以及與我們合作的部分的品質使我們非常非常積極。

We have long-term counted, but of course, that will reduce that financial risk. And the good thing is to stay connected and to try to see if that is happening, how we can just together to make sure that our platform will offer to them what they need.

我們已經進行了長期計算，但當然，這將降低財務風險。最好的事情是保持聯繫，並嘗試看看這種情況是否正在發生，我們如何確保我們的平台能夠為他們提供他們所需要的東西。

Yeah. Just a continuation of what Stefano just said. I mean the quality of our partners and sort of the longer-term nature of these deals, I think certainly in the near term, hopefully from some of the -- any potential macro headwinds here. I think the way to think about it is that the partners we have are really looking for broad global exposure. And we provide that, and we drive that, frankly, almost better than anyone else out there.

是的。這只是 Stefano 剛才所說內容的延續。我的意思是，我們的合作夥伴的品質以及這些交易的長期性質，我認為肯定在短期內，希望能夠擺脫一些潛在的宏觀不利因素。我認為我們應該這樣想：我們的合作夥伴確實在尋求廣泛的全球曝光。我們提供這些，並且坦率地說，我們推動這些，幾乎比其他任何人都做得更好。

And so the supply for them is not huge. And so we provide that -- we provide that in a way Stefano said we are actively working with our partners to maximize sort of the relationship for them and for their targets and the initiatives that they have.

因此，它們的供應量並不大。因此，我們提供這種服務——我們以斯特凡諾所說的方式提供這種服務，我們正在積極與我們的合作夥伴合作，以最大限度地提高他們的關係以及他們的目標和舉措。

And I think that, again, this is somewhat qualitative, but just in the conversations with our partners and understanding what their needs are. Their enthusiasm and these potential headwinds in the economy have -- it's not like they came in yesterday. They've now been around for a couple of months or speculation of them. And the way these guys continue to speak about their business and the way they want to grow their business and how we can help them achieve those targets has been very reassuring.

我認為，這在某種程度上是定性的，但只是在與我們的合作夥伴交談並了解他們的需求時。他們的熱情和經濟中潛在的阻力——都不是昨天才出現的。它們已經存在了幾個月，或者只是猜測。這些人繼續談論他們的業務、他們希望發展業務的方式以及我們如何幫助他們實現這些目標的方式讓人非常放心。

Is it fair to say it's not as contractual (multiple speakers) -- I was just going to ask (multiple speakers) -- okay, I was just going to say that for investors, is it fair to say it's not as contractual as media rights, but may be more defensive than if you had an advertising business? Is that the right framing of it?

是否可以說它不像媒體權利那樣具有合約性（多位發言者）——我只是想問（多位發言者）——好的，我只是想說，對於投資者來說，是否可以說它不像媒體權利那樣具有合約性，但可能比廣告業務更具防禦性？這是正確的框架嗎？

No. I think these are -- it's not like media deals in the sense of or advertising deals in the sense of buying those sort of quarterly or even annually. These are long-term deals, just like our media rights deals, I think we're not going to get into the details of how long each one is.

不。我認為這些——它不像媒體交易或廣告交易那樣是按季度甚至年度購買的。這些都是長期協議，就像我們的媒體版權協議一樣，我想我們不會詳細討論每份協議的期限。

We've probably mentioned some of them. But I do think that kind of like any media deals on the sponsorship side, and just like we talked about Miami, our partners want to invest in what they partnered up with, and that takes multiple years to make the investment, activate on that investment and meet the benefits of that.

我們可能已經提到過其中的一些。但我確實認為這有點像贊助方面的任何媒體交易，就像我們談到邁阿密一樣，我們的合作夥伴希望投資於他們合作的對象，而這需要多年的時間才能進行投資、激活投資並獲得收益。

That's why from a partner standpoint, they want to come in longer term with us. And I think, again, as a result, we have these sort of mid to long-term contracts with most of these folks. And I think that helps us in times like this. But Stefano, do you want to finish up?

這就是為什麼從合作夥伴的角度來看，他們希望與我們建立長期合作關係。我認為，因此，我們與大多數人簽訂了此類中長期合約。我認為這對我們在這樣的時刻有所幫助。但是斯特凡諾，你想結束嗎？

No, I totally agree, Derek, to be very transparent, we haven't seen any slowdown in our conversation despite the market fluctuation we have today with other potential that is related to what we just said about the credibility of our platform to the fact that, in any case, we believe that being a worldwide sport, which can be put for each of them to differentiate the strategy they need to do it. So I would say that's the situation that we live in today. So it's good.

不，我完全同意，德里克，坦白說，儘管今天市場波動，但我們的對話並沒有放緩，這與我們剛才所說的我們平台的可信度有關，無論如何，我們相信，作為一項世界性的運動，每個人都可以製定出不同的策略來做到這一點。所以我想說這就是我們今天生活的狀況。所以這很好。

Matthew Harrigan, Benchmark.

馬修·哈里根，《基準》。

Thank you. As everyone knows, the LEGO Drivers Parade was marketing genius incidentally. I have a question. You're really putting up great engagement metrics across the board. I mean, Linear is encouraging as well as social.

謝謝。眾所周知，樂高車手遊行可以說是行銷天才。我有一個問題。您確實在各方面都提出了出色的參與度指標。我的意思是，Linear 既鼓舞人心，又具有社交性。

And I think you're probably breaking out maybe more than anyone else in social. But nonetheless, I mean, that doesn't really monetize and sometimes it doesn't even really translate to people watching the linear channel, I think it's just younger people's way they consume content in shorter form, including sports and F1.

我認為你在社交方面可能比任何人都更能脫穎而出。但儘管如此，我的意思是，這並沒有真正實現貨幣化，有時甚至沒有真正轉化為人們觀看線性頻道，我認為這只是年輕人以較短的形式消費內容的方式，包括體育和 F1。

Do you have any thoughts on how you might be able to better engage people or better monetize rather people who have shorter attention spans versus someone who's going to get up and watch a race for two hours.

您是否想過如何才能更好地吸引人們或更好地從注意力持續時間較短的人和會站起來觀看兩個小時比賽的人身上賺錢？

Stefano, do you want to start?

斯特凡諾，你想開始嗎？

Well, Matthew, can I -- yeah. No, thanks, Derek. I think thanks for the comment we take with pride because we never stop. We try to be different from the other -- the other platform to create some sort of bits of what we are doing.

嗯，馬修，我可以－－是的。不，謝謝，德里克。我想我們會很自豪地接受感謝的評論，因為我們從未停止過。我們試圖與其他平台有所不同，以創造我們正在做的事情的某些部分。

And by the way, as Derek said at the beginning of the call, the great news is that we have our drivers and our partners that are embracing our strategy because they understand the value of it. It is clear that the more we are able to do this kind of things, the more we're going to be able to monetize all what we are doing.

順便說一句，正如德里克在電話會議開始時所說，好消息是我們的司機和合作夥伴都接受了我們的策略，因為他們了解它的價值。顯然，我們越有能力做這類事情，我們就越有能力將我們所做的一切貨幣化。

It would be wrong to believe that you can monetize everything straight away. And that's why on that we have a strategy that needs to be diverse, but also very, very complete. We need to make sure that our relations with our fans is not only to out of the race of the Sunday, but we need to have a 365 days a year of engagement try to tailor the content and this is really what we try to do in order to get access to the data we are available in order to get into the consumer habits of our fans.

認為可以立即將所有東西貨幣化是錯誤的。這就是為什麼我們的策略不僅要多樣化，而且要非常非常完整。我們需要確保我們與粉絲的關係不僅僅是為了擺脫週日的比賽，而且我們需要一年 365 天的參與，嘗試定制內容，這確實是我們為了獲取可用數據而嘗試做的事情，以便了解粉絲的消費習慣。

This is something new for us. So that's why I see potentially another important revenue stream that will allow us to be strong in an area where so far, we were maybe a little bit weak, but the potential to grow is definitely there. And the only thing that can come is if we are able to be creative as much as we can in order to be different from the other proposition.

這對我們來說是新鮮事。因此，我認為潛在的另一個重要收入來源將使我們在一個迄今為止可能有點弱的領域變得強大，但成長潛力肯定存在。而唯一能實現的是我們能否盡可能發揮創造力，從而與其他主張有所不同。

Yeah. Matthew, thank you for the question. And just a follow up on Stefano and then we'll close it out here. But what Stefano was saying is absolutely right. You're building an ecosystem. You've got a funnel here where you are trying to bring in as many people as you can to engage with the sport.

是的。馬修，謝謝你的提問。接下來我們再跟進一下 Stefano 的情況，然後我們就到此結束了。但斯特凡諾說的完全正確。你正在建構一個生態系統。你已經在這裡建立了一個管道，試圖吸引盡可能多的人來參與這項運動。

Certain platforms historically have been more monetizable directly than others. But at the end of the day, we're not necessarily looking to maximize revenue on each particular platform in each particular contact that we have with a fan.

從歷史上看，某些平台比其他平台更容易直接獲利。但最終，我們並不一定希望在與粉絲的每次特定接觸中都實現每個特定平台的收入最大化。

We are building the whole universe and the whole ecosystem here. So the fan sort of interacts with us on social media that's not instantly monetizable. That fan may go and purchase an F1 shirt, that fan may ultimately attend to race. That fan may end up in Las Vegas one day and want to go to Grand Prix Plaza. That fan may tell their parents to start watching races.

我們在這裡建立整個宇宙和整個生態系統。因此，粉絲在社群媒體上與我們進行的互動並不能立即實現貨幣化。那位車迷可能會去買一件 F1 襯衫，那位車迷最終可能會去觀看比賽。也許有一天，這位球迷會來到拉斯維加斯，並想去大獎賽廣場。該球迷可能會告訴他們的父母開始觀看比賽。

So I think that there are so many ways that we ultimately will monetize sort of any of these points of contact that not every single point of contact that in itself has to be monetized.

所以我認為，我們最終可以透過多種方式將這些接觸點貨幣化，而不需要將每個接觸點本身貨幣化。

So with that, I will close the call for this quarter. I want to thank all of you on the call who have participated and all the questions, great questions that we received. We appreciate your support and look forward to continuing the dialogue. Thank you very much.

至此，我將結束本季的電話會議。我要感謝參加電話會議的所有人以及我們收到的所有問題，這些問題都很棒。我們感謝您的支持並期待繼續對話。非常感謝。