Liberty Media Corp (LLYVA) 2023 Q1 法說會逐字稿

Welcome to the Liberty Media Corporation's 2023 Q1 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded, May 5.

歡迎來到 Liberty Media Corporation 的 2023 年第一季度財報電話會議。 （操作員說明）作為提醒，正在錄製 5 月 5 日的會議。

I would now like to turn the conference over to Shane Kleinstein, Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 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 Liberty Media's most recent Forms 10-K and 10-Q filed with the SEC.

謝謝，早上好。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》含義內的某些前瞻性陳述。實際事件或結果可能因許多風險和不確定性而存在重大差異，包括Liberty Media 最近向美國證券交易委員會提交的 10-K 和 10-Q 表格中提到的那些。

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.

這些前瞻性陳述僅在本次電話會議召開之日有效，Liberty Media 明確否認有任何義務或承諾傳播對此處包含的任何前瞻性陳述的任何更新或修訂，以反映 Liberty Media 對其預期的任何變化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 certain non-GAAP financial measures for Liberty Media and SiriusXM including adjusted OIBDA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media and SiriusXM Schedules1 through 3 can be found 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 和 SiriusXM 的某些非 GAAP 財務指標，包括調整後的 OIBDA 和調整後的 EBITDA。 Liberty Media 和 SiriusXM Schedules1 至 3 所需的定義和對賬可在今天發布的收益新聞稿末尾找到，該新聞稿可在 Liberty Media 的網站上獲取。

Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO.

現在我想把電話轉給 Liberty 的總裁兼首席執行官 Greg Maffei。

Thank you, Shane, and good morning. Today speaking on 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.

謝謝你，謝恩，早上好。今天在電話會議上發言的還有 Formula One 的總裁兼首席執行官 Stefano Domenicali 和 Liberty 的首席會計兼首席財務官 Brian Wendling。

I'm going to first update you on the split out of the Braves and the creation of the new Liberty Live Tracker. We filed the amended S-4 and are pleased with the speed of the SEC review. We believe we are nearing the end of that SEC process and we are still targeting completion before the end of the second quarter.

我將首先向您介紹 Braves 的分裂和新 Liberty Live Tracker 的創建。我們提交了修改後的 S-4，並對 SEC 審查的速度感到滿意。我們相信我們已接近 SEC 流程的尾聲，我們的目標仍然是在第二季度末之前完成。

Turning first to Liberty SiriusXM. We continue our efforts to delever and simplify the balance sheet there. We raised $575 million of 3.75% LSXM converts, and we used the proceeds to repurchase 703 principal amount of LSXM debt, including $591 million of the 1.375% to convert and $112 million of the 2.125% SIRI exchangeables. We also repaid the remaining balance of those in April. That was a reduction in gross debt just over $400 million year-to-date, including the April activity.

首先轉向 Liberty SiriusXM。我們繼續努力去槓桿化和簡化那裡的資產負債表。我們籌集了 5.75 億美元的 3.75% LSXM 轉換債券，我們用所得款項回購了 703 本金的 LSXM 債務，包括 5.91 億美元的 1.375% 轉換債券和 1.12 億美元的 2.125% SIRI 可交換債券。我們還償還了四月份的餘額。年初至今，包括 4 月份的活動在內，總債務減少了 4 億美元多一點。

The reclassification of the LSXM tracker without the live stake will simplify our structure further, and we continue to be focused on rationalizing SIRI and LSXM structures in the near term. Let me look at SiriusXM itself, as expected, they had a challenging first quarter due to the SAAR and ad market trends. We expect this is the low point of the year on net pay -- net self-pay net adds. Due to the lower Q4 trial starts, the seasonal Q1 higher churn and the pullback in marketing as we will wait to roll out our new app.

沒有實時股份的 LSXM 跟踪器的重新分類將進一步簡化我們的結構，我們將在短期內繼續專注於合理化 SIRI 和 LSXM 結構。讓我看看 SiriusXM 本身，正如預期的那樣，由於 SAAR 和廣告市場趨勢，他們第一季度充滿挑戰。我們預計這是今年淨工資的低點——淨自付淨增加。由於第 4 季度的試用期開始較少、第 1 季度的季節性客戶流失率較高以及我們將等待推出我們的新應用程序而導致市場營銷的回落。

Advertising did perform better than expectations and podcasting continues to be a bright spot. We saw solid progress in rolling out 360L, our revolutionary new product enhancement, which leverages the best of our content and interactivity. We expect 40% penetration in new car trials by year-end 2023. We see a good conversion lift in vehicles with 360L particularly as consumers are aware of and use advanced features.

廣告確實表現好於預期，播客仍然是一個亮點。我們在推出 360L 方面取得了堅實的進展，這是我們革命性的新產品增強功能，它充分利用了我們最好的內容和交互性。我們預計到 2023 年底新車試驗的滲透率將達到 40%。我們看到 360L 車輛的轉化率提升很大，尤其是在消費者意識到並使用高級功能的情況下。

We did take costs out of the business at SyrixXM with an 8% workforce reduction in March, and we are confident we will see improvement in operating results for the year with likely positive self-pay net adds in the back half of the year and the cost savings and ad revenue seasonality benefiting EBITDA.

我們確實在 SyrixXM 的業務中削減了成本，在 3 月份裁員了 8%，我們有信心我們將看到今年的經營業績有所改善，下半年和成本節約和廣告收入的季節性使 EBITDA 受益。

As a result, SiriusXM on their earnings announcement raised both EBITDA and free cash flow guidance $50 million each. We were excited to name Tom Barry as the new CFO. He was previously our Chief Accounting Officer. He's been with SiriusXM since 2009 and has a detailed knowledge of financial and strategic elements of the business. We do wish Sean well in his new role and his success on the course.

因此，SiriusXM 在其收益公告中分別將 EBITDA 和自由現金流量指引提高了 5000 萬美元。我們很高興任命湯姆·巴里 (Tom Barry) 為新任首席財務官。他以前是我們的首席會計官。他自 2009 年以來一直在 SiriusXM 工作，對該業務的財務和戰略要素有詳細的了解。我們確實希望肖恩在他的新角色中一切順利，並在課程中取得成功。

Turning to Live Nation. Tremendous quarter. Continued growth and live events across all of its segments with a great Q1, as I said, even against a pretty reasonably strong comp last year, though there were some international markets that were not open in the prior period. Ticketing GTV was up 60%. AOI was up a stunning 53% to $320 million, and they converted 59% of that AOI into $190 million of free cash flow.

轉向 Live Nation。巨大的季度。正如我所說，即使與去年相當強勁的競爭相比，其所有細分市場的持續增長和現場活動都具有出色的第一季度表現，儘管有些國際市場在前期沒有開放。票務 GTV 上漲了 60%。 AOI 增長了驚人的 53%，達到 3.2 億美元，他們將 59% 的 AOI 轉化為 1.9 億美元的自由現金流。

We look forward to yet another expected record year at Live with about 90 million tickets sold for Live Nation shows year-to-date. We expect to manage 600 million tickets globally. We will host a record number of fans even against a strong '22 comp, which benefited from rescheduled shows in prior periods. We believe the AOI at Live can compound at double digits for the foreseeable future.

我們期待著 Live 的又一個預期創紀錄的年份，今年迄今為止，Live Nation 演出已售出約 9000 萬張門票。我們預計在全球範圍內管理 6 億張門票。我們將接待創紀錄數量的粉絲，即使是面對強大的 '22 比賽，這得益於前期重新安排的節目。我們相信在可預見的未來，Live 的 AOI 可以以兩位數的速度複合。

On the legislative updates, we continue to make solid progress and hope the market will begin to recognize the momentum there. We continue to gain momentum on the FAIR Ticketing Act and the proposed bill [mesnik] called the Ticket Act is actually a significant positive first step towards implementing initiatives we support.

在立法更新方面，我們繼續取得穩步進展，希望市場將開始認識到那裡的勢頭。我們在 FAIR 票務法案方面繼續獲得動力，擬議的法案 [mesnik] 稱為票務法案實際上是朝著實施我們支持的舉措邁出的重要的積極第一步。

Turning now to the Formula One Group. On the corporate side, we paid $202 million of cash to LSXM to settle the intergroup interest in connection with the repurchase of the basket converts. That's an effective buyback of 3.1 million Quanta shares at $65 a share proportionate to the amount of the convert repurchased. The F1 season is back after several weeks off, beginning here with the exciting Miami race this weekend. I would note, we had our first F1 Accelerate Conference yesterday, was successful. This business summit brought together leaders in sports, tech and media, and we expect we'll have further iterations of that in the future.

現在轉向一級方程式組。在公司方面，我們向 LSXM 支付了 2.02 億美元的現金，以解決與回購籃子轉換相關的集團間利息。這是 310 萬股廣達股票的有效回購，每股 65 美元，與回購的轉換金額成比例。 F1 賽季在休整幾週後又回來了，從本週末激動人心的邁阿密比賽開始。我要指出，我們昨天舉行了第一次 F1 Accelerate 會議，取得了成功。這次商業峰會匯集了體育、科技和媒體領域的領導者，我們預計未來我們還會有更多的迭代。

We announced format tweaks to Sprint events, now a stand-alone event with separate points and no impact to the grid on the GP itself. I also expect we'll see continued improvements in this format and 3 full days -- resulting in 3 full days of on-track excitement. We continue to see growth in the sport. The Baku Sprint weekend TV audience was up 7% versus the 2022 GP in part due to the Sprint.

我們宣布了對 Sprint 賽事的格式調整，現在是一個獨立的賽事，有單獨的分數，並且不會影響 GP 本身的排位。我還希望我們會看到這種格式和整整 3 天的持續改進——導致整整 3 天的賽道興奮。我們繼續看到這項運動的增長。與 2022 GP 相比，巴庫 Sprint 週末的電視觀眾增加了 7%，部分原因是 Sprint。

Continuing from here in Miami, we see growth in the U.S. fandom on full display. The Saudi GP was on ESPN and cable's most live GP on record to date. U.S. social media followers were up dramatically, 43% in the first quarter versus the prior year, and the U.S. is now Formula One's biggest audience across Instagram, YouTube, TikTok and Snapchat.

從邁阿密這裡繼續，我們看到美國粉絲的增長得到了充分展示。沙特大獎賽在 ESPN 和有線電視上播出，是迄今為止有記錄以來最現場直播的大獎賽。美國社交媒體粉絲數量大幅增加，第一季度同比增長 43%，美國現在是 Instagram、YouTube、TikTok 和 Snapchat 上 F1 的最大觀眾群。

Quick update on Vegas. We completed the Wave 1 and 2 ticket sales with strong demand. The final Wave 3 sales are expected later this spring. We remain confident in our sponsorship pipeline with many big deals already announced, we most recently added Virgin at Hard Rock. The construction of paddock building itself is over 60% complete. CapEx is running in line with expectations, modestly exceeding our original cost of land purchase.

拉斯維加斯的快速更新。我們在需求強勁的情況下完成了 Wave 1 和 2 的門票銷售。第三波的最終銷售預計將於今年春季晚些時候進行。我們對我們的讚助渠道充滿信心，許多大交易已經宣布，我們最近在 Hard Rock 添加了 Virgin。圍場建築本身的建設已完成60%以上。資本支出符合預期，略高於我們最初的土地購買成本。

Reiterate the -- reiterating the race specific economics for year 1. We expect total revenues will approach $500 million, and we do expect that will be a top 5 race in profit economics. On the balance sheet, F1 leverage at quarter end was 2.2x. This will trigger a 25 basis point permanent reduction in the margin on our existing term loan B regardless of future leverage ratios.

重申 - 重申第 1 年特定於種族的經濟學。我們預計總收入將接近 5 億美元，我們確實預計這將是利潤經濟學的前 5 名。在資產負債表上，季度末的 F1 槓桿率為 2.2 倍。這將導致我們現有定期貸款 B 的保證金永久性減少 25 個基點，而不管未來的槓桿率如何。

Turning to Braves. Great start to the season, 22 and 10, Best Record in the NL and leading the [NLEs] by 6 games Ronald Acuna Jr. was named NL player of the month for April. He led the Major League Baseball and stolen bases and runs. We had the largest home opener crowd in Truist Park history. We've seen incredible ticket demand for season to date. We stopped selling season ticket tails for the first time in franchise history and started a wait list before opening day. We expect to sell out over half the games this season.

轉向勇士隊。本賽季開局不錯，22 和 10，NL 最佳戰績，領先 [NLE] 6 場比賽 Ronald Acuna Jr. 被評為 4 月份的 NL 球員。他領導美國職業棒球大聯盟並偷壘和跑壘。我們擁有 Truist 公園歷史上最大的主場揭幕戰人群。迄今為止，我們已經看到了令人難以置信的賽季門票需求。我們在特許經營歷史上第一次停止銷售季票尾巴，並在開幕日之前開始等待名單。我們預計本賽季一半以上的比賽會售罄。

Baseball is clearly benefiting from MLB's rule changes. Games have more action and less downtime across Major League Baseball, you've seen stolen base attempts up over 30% versus last year to the highest rate since 2012. Games are about 30 minutes shorter versus last year and dropping below 3 hours. Looking at the Braves themselves and innovation there, we already plan to implement a new -- we already plan to plant a new POS system this year to enhance our fan experience, and this will help mitigate any impact to concessions from shorter games, and we are actually seeing favorable trends in concessions year-to-date.

棒球顯然受益於 MLB 的規則變化。美國職業棒球大聯盟的比賽有更多的動作和更少的停機時間，你已經看到失壘嘗試比去年增加了 30% 以上，達到自 2012 年以來的最高水平。比賽比去年縮短了大約 30 分鐘，下降到 3 小時以下。看看勇士隊本身和那裡的創新，我們已經計劃實施一個新的 - 我們已經計劃在今年安裝一個新的 POS 系統以增強我們的球迷體驗，這將有助於減輕短比賽對讓步的任何影響，我們實際上，今年迄今在特許權方面看到了有利趨勢。

Let me turn it over to Brian for more on our financial results.

讓我把它交給布賴恩，了解更多關於我們的財務業績。

Thanks, Greg, and good morning, everyone. At quarter end, Liberty SiriusXM Group had attributed cash and liquid investments of approximately $337 million, which excludes $53 million of cash held directly at SiriusXM. There's also $1.5 billion of undrawn margin loan capacity at the parent level related to our SiriusXM and Live Nation margin loans.

謝謝，格雷格，大家早上好。截至季度末，Liberty SiriusXM Group 的現金和流動投資約為 3.37 億美元，其中不包括 SiriusXM 直接持有的 5300 萬美元現金。在與我們的 SiriusXM 和 Live Nation 保證金貸款相關的母公司層面，還有 15 億美元的未提取保證金貸款能力。

As of May 4, the value of our SiriusXM stock held by LSXM was $11.5 billion, and the value of the Live Nation stock was $4.7 billion. We have $2.7 billion in principal amount of debt against these holdings or $2.4 billion pro forma for the additional paydown that occurred after the quarter.

截至 5 月 4 日，LSXM 持有的我們 SiriusXM 股票的價值為 115 億美元，Live Nation 股票的價值為 47 億美元。我們對這些持股有 27 億美元的本金債務，或為本季度後發生的額外還款預估 24 億美元。

Total Liberty SiriusXM Group attributed principal amount of debt of $13 billion, which includes $9.6 billion directly at the Sirius level. In March, Liberty SiriusXM Group issued $575 million aggregate principal amount of 3.75% LSXMA convertible notes due 2028. We used the net proceeds of this offering to repurchase $591 million principal amount of the 1.375% cash convertible notes and $112 million of the 2.125% SIRI exchangeable debentures. In addition to the proceeds raised from the new convertible, LSXM used cash on hand, including $39 million from the proportional net settlement of the bond hedge and warrant and cash received from Formula One Group to retire 3.1 million FWONA intergroup interest shares underlying the corresponding portion of the convertible repurchase.

Total Liberty SiriusXM Group 歸因於 130 億美元的債務本金，其中包括直接在 Sirius 層面的 96 億美元。 3 月，Liberty SiriusXM Group 發行了本金總額為 5.75 億美元的 3.75% LSXMA 可轉換票據，將於 2028 年到期。我們使用此次發行的淨收益回購本金為 5.91 億美元的 1.375% 現金可轉換票據和 1.12 億美元的 2.125% SIRI可交換債券。除了從新可轉換債券籌集的資金外，LSXM 還使用了手頭現金，包括債券對沖和認股權證按比例淨結算的 3900 萬美元，以及從一級方程式集團收到的現金，用於收回相應部分的 310 萬股 FWONA 集團間權益股份的可轉換回購。

Subsequent to quarter end, Liberty SiriusXM settled the remaining 2.125% SIRI exchangeables for $275 million at the April-foot call date. There's approximately $199 million remaining on the 1.375% cash convertible notes, which mature in October. All remaining intergroup interest are expected to be settled and extinguished in connection with the bright spin-off and additional information regarding the intergroup interest is available in our press release and as well as the S-4 that was filed with the SEC.

季度末後，Liberty SiriusXM 在四月贖回日以 2.75 億美元結算了剩餘的 2.125% SIRI 可交換證券。 10 月到期的 1.375% 現金可轉換票據剩餘約 1.99 億美元。預計所有剩餘的集團間利益都將與明亮的分拆相關，並在我們的新聞稿和向美國證券交易委員會提交的 S-4 中提供有關集團間利益的更多信息。

Formula One Group had attributed cash, liquid investments and monetizable public holdings of $1.8 billion at quarter end, which includes $1 billion of cash at the Formula One level. Formula One Group purchased $129 million of exchange traded funds in the first quarter which we expect to attribute to the Liberty Live Group tracking stock in connection with the announced reclassification of the trackers.

一級方程式集團在季度末歸因於現金、流動投資和可貨幣化的公共持股 18 億美元，其中包括一級方程式級別的 10 億美元現金。一級方程式集團在第一季度購買了 1.29 億美元的交易所交易基金，我們預計這將歸因於 Liberty Live Group 跟踪股票，與宣布的跟踪器重新分類有關。

Total Formula One Group attributed principal amount of debt was $3 billion, which includes $2.4 billion of debt of F1 leaving $538 million at the corporate level. F1's $500 million revolver is undrawn and their leverage ratio at quarter end was 2.2x, which will trigger a 25 basis point reduction in the margin on the term loan B debt. Looking quickly at the F1 operating business, given quarterly variability, we remind you to look at this business on a full year basis. But that being said, let's take a quick look at the quarter. Our race count in the first quarter was consistent year-over-year with 2 races.

一級方程式集團歸因於債務的本金總額為 30 億美元，其中包括 F1 的 24 億美元債務，公司層面的債務為 5.38 億美元。 F1 的 5 億美元循環貸款尚未提取，他們在季度末的槓桿率為 2.2 倍，這將導致定期貸款 B 債務的保證金減少 25 個基點。考慮到季度變化，快速查看 F1 運營業務，我們提醒您以全年為基礎查看該業務。但話雖這麼說，讓我們快速看一下這個季度。我們在第一季度的比賽數量與去年同期持平，有 2 場比賽。

Primary revenue grew with increases across race promotion, media rights and sponsorship. Other F1 revenue decreased in the first quarter, primarily due to easing of freight, cost inflation versus the prior year, which was partially offset by growth in Paddock Club attendance. On the cost side, our team payments grew in the first quarter due to the pro rata recognition of increased payments for the year.

主要收入隨著種族宣傳、媒體權利和讚助的增加而增長。第一季度其他 F1 收入下降，主要是由於運費、成本通脹較上年有所緩解，這部分被圍場俱樂部上座率的增長所抵消。在成本方面，由於按比例確認了當年增加的付款，我們的團隊付款在第一季度有所增長。

Reminder that other cost of revenue -- F1 revenue and SG&A are best viewed as a percent of total revenue. Other costs of F1 revenue benefited from the easing of the freight inflation. This was largely offset by increased hospitality costs and higher commission and partner servicing costs paid related to the growth in the primary F1 revenue streams. On SG&A, the first quarter included $6 million of costs from the Las Vegas Grand Prix.

提醒其他收入成本——F1 收入和 SG&A 最好被視為佔總收入的百分比。 F1 收入的其他成本受益於運費通脹的緩和。這在很大程度上被增加的招待費和更高的佣金以及與 F1 主要收入流增長相關的合作夥伴服務成本所抵消。在 SG&A 方面，第一季度包括拉斯維加斯大獎賽的 600 萬美元成本。

Looking at Vegas, nearly all of LVGP's revenue and costs will be recognized in the fourth quarter when the race takes place. Just a reminder on that. The Paddock Club building is progressing on schedule. In the first quarter, we incurred approximately $53 million of corporate level capital expenditures related to Las Vegas.

看看維加斯，幾乎所有 LVGP 的收入和成本都將在比賽舉行的第四季度確認。只是提醒一下。圍場俱樂部大樓正在按計劃進行。第一季度，我們發生了與拉斯維加斯相關的大約 5300 萬美元的企業級資本支出。

We will not be providing a forward-looking allocation between the F1 opco and the Formula 1 corporate CapEx. LVGP will pay rent and other fees out of FI opco to Formula 1 corporate for use of the building during the race period, which will show up in our financial statements as revenue at the corporate level in the fourth quarter, but will eliminate in consolidation.

我們不會提供 F1 opco 和 Formula 1 公司資本支出之間的前瞻性分配。 LVGP 將在比賽期間從 FI opco 向一級方程式公司支付租金和其他費用，以使用該建築物，這將在我們的財務報表中顯示為第四季度公司層面的收入，但將在合併中消除。

Finally, at the Braves Group at the quarter end, they had attributed cash and liquid investments of $215 million, which excludes $30 million of restricted cash. Braves Group had attributed principal amount of debt of $542 million. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end. And with that.

最後，在本季度末的 Braves Group，他們將現金和流動投資歸因於 2.15 億美元，其中不包括 3000 萬美元的受限制現金。 Braves Group 歸因於 5.42 億美元的債務本金。 Liberty 和我們的合併子公司在季度末遵守了他們的債務契約。有了那個。

I'll turn it over to Stefano to discuss Formula One.

我會把它交給斯特凡諾來討論一級方程式。

Thanks, Brian. Good morning from Miami. We are thrilled to be back for our second Miami Grand Prix where the excitement in the city is as vibrant as year 1. This year event featured on expanded Paddock now located inside the Dolphin stadium and upgraded Paddock Club and a fully resurfaced track. We have 4 races into our record of '23 race calendar. While Red Bull has dominated the race to date, it is still very early in the season, and the raises have been packed with excitement and drama.

謝謝，布萊恩。早上好，來自邁阿密。我們很高興再次參加邁阿密大獎賽，這座城市的興奮與第一年一樣充滿活力。今年的賽事以擴建的圍場為特色，現在位於海豚體育場內，升級後的圍場俱樂部和完全重舖的賽道。我們有 4 場比賽進入我們的 '23 比賽日曆記錄。雖然 Red Bull 迄今為止在比賽中佔據主導地位，但賽季仍處於早期階段，加薪充滿了興奮和戲劇性。

A lots of fans have a unmatched cheer about with Aston Martin recent performance. Alonso first place finishes in Saudi Arabia marked his 100 podium, making him 1 of only 6 drivers in F1 history to claim this feat. The Australian Grand Prix feature in 3 red flags adding even more complexity to tyre strategy and ended with only 2 of 20 drivers crossing the finish line. The newsprint format was unanimously approved by the team's F1 and FIA in advance with (inaudible). We all believe that the new format is the right 1 for our fans and the sport and increase the level of intensity and action across the weekend.

許多車迷對阿斯頓·馬丁最近的表現給予了無與倫比的歡呼。阿隆索在沙特阿拉伯獲得第一名標誌著他第 100 次登上領獎台，這使他成為 F1 歷史上僅有的 6 位獲得此成就的車手之一。澳大利亞大獎賽有 3 個紅旗，這增加了輪胎策略的複雜性，最終 20 名車手中只有 2 人衝過終點線。新聞紙格式提前獲得了車隊的 F1 和 FIA 的一致認可（聽不清）。我們都相信新的形式對我們的球迷和這項運動來說是正確的 1 並提高整個週末的強度和行動水平。

Starting this season at the 6 sprint events, all 3 days of the weekend will be packed with on track excitement. The Saturday sprint shootout is a shorter qualifying session to determine the sprint grid later that day. This makes the sprint stand-alone event with no bearing on the Grand Prix allowing drivers to find more aggressively without fear to race of the implication. Formula One is engaging with our plans across plateau.

從本賽季的 6 場短跑賽事開始，週末的 3 天都將充滿賽道上的興奮。週六衝刺決戰是一個較短的排位賽，用於確定當天晚些時候的衝刺排位。這使得衝刺成為與大獎賽無關的獨立賽事，讓車手可以更積極地尋找比賽而不必擔心比賽的影響。一級方程式正在參與我們的跨高原計劃。

Global audiences exceeded 70 million viewers for the first 2 races of the season with significant increases in key markets across Europe and North America. In the U.S., the Saudi Arabian Grand Prix broke 1.52 million viewers, marking ESPN and Cable' most viewed Grand Prix record. Across our digital channels, F1 reached 62.9 million social media followers as of Q1, up 31% year-over-year. Our F1.com website and F1 apps have launched additional content, including a new, "What is F1 section," dedicated to new fans with videos and beginners guide to the sport. Crowds continue to flow to our racers globally. The vast majority of events are sold out for the 2023 season.

本賽季前兩場比賽的全球觀眾人數超過 7000 萬，歐洲和北美主要市場的觀眾人數顯著增加。在美國，沙特阿拉伯大獎賽的觀眾人數突破了 152 萬，創下了 ESPN 和 Cable 的大獎賽收視率最高紀錄。在我們的數字渠道中，截至第一季度，F1 在社交媒體上擁有 6290 萬粉絲，同比增長 31%。我們的 F1.com 網站和 F1 應用程序推出了更多內容，包括新的“什麼是 F1”部分，專門為新車迷提供視頻和這項運動的初學者指南。全球人群繼續湧向我們的賽車手。 2023 賽季的絕大多數賽事都已售罄。

Bahrain set its new record with nearly 100,000 fans over the weekend. Melbourne topped last year record as the largest weekend sporting event in the recent Australian history. We welcomed 445,000 fans over the course of the weekend, up from 420,000 the prior year. This also marks a new record recentering for Formula One in terms of total race weekend attendance.

巴林周末創下了近 100,000 名球迷的新紀錄。墨爾本去年打破了澳大利亞近期歷史上規模最大的周末體育賽事的記錄。整個週末，我們迎來了 445,000 名球迷，高於去年的 420,000 名。這也標誌著一級方程式賽車在周末總出席人數方面的新紀錄。

Turning to recent updates on our commercial agreements. On race promotion, we extended our Austrian Grand Prix through 2027, following last year sold out crowd of 303,000 fans. This year's event will mark our tenth anniversary since F1 returned to Spielberg. We also announced the extension of the Azerbaijan Grand Prix through 2026.

轉向我們商業協議的最新更新。在比賽推廣方面，我們將奧地利大獎賽延長至 2027 年，繼去年 303,000 名車迷售罄之後。今年的活動將紀念我們自 F1 重返斯皮爾伯格以來的十週年。我們還宣布將阿塞拜疆大獎賽延長至 2026 年。

On media right, we entered into a multiyear extension of our partnership with ESPN to broadcast F1 channel in Latin America and in the Caribbean. ESPN will provide live coverage of over half of the races with the full season available on the streaming service Star Plus. ESPN has continued to develop dedicated content across web and social platforms, allowing us to expand our global reach and attract and increasing the diverse fan base. Our Pro and access product continue to see solid subscriber growth this season.

在媒體方面，我們與 ESPN 的合作夥伴關係延長了多年，以便在拉丁美洲和加勒比地區播放 F1 頻道。 ESPN 將在流媒體服務 Star Plus 上提供超過一半的比賽直播和整個賽季。 ESPN 繼續在網絡和社交平台上開發專門的內容，使我們能夠擴大我們的全球影響力並吸引和增加多樣化的粉絲群。我們的 Pro 和 access 產品在本季度繼續看到穩定的用戶增長。

On sponsorship, we made the LIQUI MOLY an official partner. Our enhanced agreement includes track signage at the 3 races and visual branding out 15 races demonstrated the opportunity for digital ad insertion within the broadcast fee. We first welcomed LIQUI MOLY as regional sponsor in 2019, grew our relation to official sports in 2020 and now official partner in 2023. We continue to demonstrate growing value to our partners. We were thrilled to announce Paramount+ as an official partner following our successful sport and entertainment collaboration last season. Our new multiyear agreement will feature the popular series at fan zone on trackside display and in digital placement.

在讚助方面，我們讓力魔成為官方合作夥伴。我們的增強協議包括 3 場比賽的賽道標誌和 15 場比賽的視覺品牌展示了在廣播費用中插入數字廣告的機會。我們在 2019 年首次迎來力魔成為區域贊助商，在 2020 年加強了與官方體育的關係，並在 2023 年成為官方合作夥伴。我們繼續向我們的合作夥伴展示不斷增長的價值。繼上一季我們在體育和娛樂方面的成功合作之後，我們很高興地宣布派拉蒙+成為官方合作夥伴。我們新的多年期協議將在賽道邊展示和數字投放中以粉絲專區的熱門系列為特色。

This week, we announced Puma as official provider of F1 sports in apparel in a new multiyear partnership and we extended our agreement with MSC Cruises as global partners throughout 2026. As part of the extension, MSC will bring a unique hospitality experience. Our sponsorship pipeline remains strong. To try to survive return for its fifth season in February, avid, casual and new fans alike continue to be drawn to the cities. The latest season didn't disappoint.

本週，我們宣布 Puma 成為 F1 運動服裝的官方供應商，建立新的多年合作夥伴關係，我們將與 MSC Cruises 的協議延長至 2026 年，作為全球合作夥伴。作為延期的一部分，MSC 將帶來獨特的款待體驗。我們的讚助渠道仍然很強大。為了在 2 月份的第五季回歸中倖存下來，狂熱的、休閒的和新的粉絲們繼續被吸引到城市。最新一季沒有讓人失望。

On April 14, we celebrate the topping out of our Las Vegas Grand Prix Paddock Building by placing a symbolic concrete barrier on top of the structure. We are very pleased with our progress. The efficiency of this project is a function of the incredible collaboration between the Las Vegas Grand Prix team, our talented design and construction crew and local officials. We thank them all for their support. The Paddock Building spans 1,000 feet long, 100 feet wide and 3 stories tall with the rooftop deck. It will be the largest Paddock Building on the race calendar and will host the largest Paddock club. On the roof, we have a 28,000 square foot LED screen in the shape of our F1 logo that provides unparalleled branding opportunities. When you fly over Las Vegas, you will know that F1 has established a permanent home in the U.S. We can monetize the LED screen and display third-party branding in the future years.

4 月 14 日，我們通過在結構頂部放置一個像徵性的混凝土屏障來慶祝拉斯維加斯大獎賽圍場大樓的封頂。我們對我們的進步感到非常高興。這個項目的效率是拉斯維加斯大獎賽團隊、我們才華橫溢的設計和施工人員以及當地官員之間令人難以置信的合作的結果。我們感謝他們所有人的支持。圍場大樓長 1,000 英尺，寬 100 英尺，屋頂平台高 3 層。它將成為比賽日曆上最大的圍場大樓，並將舉辦最大的圍場俱樂部。在屋頂，我們有一個 28,000 平方英尺的 LED 屏幕，其形狀為我們的 F1 標誌，提供了無與倫比的品牌推廣機會。當你飛越拉斯維加斯的時候，你就會知道F1已經在美國建立了一個永久的家。我們可以在未來幾年將LED屏幕貨幣化並顯示第三方品牌。

The building itself has advanced AV capabilities, temporary walls between thin garages and additional features ensures ample flexibility to convert the entire space for a broad range of year-round users. Future year-round activation are under development, and we hope to have more to share in the coming months. I encourage you to visit the Las Vegas Grand Prix website for the time lapse video of the extraordinary construction progress.

該建築本身俱有先進的 AV 功能、薄車庫之間的臨時牆和其他功能確保了為廣泛的全年用戶轉換整個空間的充分靈活性。未來全年的激活正在開發中，我們希望在接下來的幾個月裡有更多的分享。我鼓勵您訪問拉斯維加斯大獎賽網站，觀看非凡施工進度的延時視頻。

Our track surfaces of Las Vegas roads began last month, and the second phase is scheduled for July. Once complete, this track surface can last 6 to 10 years. The team also recently announced addition to this sponsorship lineup. Virgin Hotel Las Vegas was named an event partner, and will have entitlement to the East Harmon fan zone. Hard Rock International, who's name of presenting partner and will build a grandstand in front of the Mirage on the street.

我們的拉斯維加斯道路跑道表面於上個月開始，第二階段計劃於 7 月進行。一旦完工，這條跑道表面可以使用 6 到 10 年。該團隊最近還宣布加入此贊助陣容。 Virgin Hotel Las Vegas 被指定為活動合作夥伴，並將有權使用 East Harmon 粉絲專區。 Hard Rock International 是主推合作夥伴，將在街上的 Mirage 前搭建一個看台。

In March, we announced an event partnership with Switch, the technology infrastructure company who will supply LVGP with its sustainable goals and establish a (inaudible) conscious practice for the race we can and beyond. Finally, touching on our broader F1 sustainability and inclusion effort. The European Union recently recognized the role that sustainable fuel needs to play as part of the automotive solution alongside the electric vehicles up to 2035. This cements the future of sustainable fuels following F1 extensive work with policymakers.

3 月，我們宣布與技術基礎設施公司 Switch 建立賽事合作夥伴關係，該公司將為 LVGP 提供可持續發展目標，並為我們能及超越的比賽建立（聽不清）有意識的實踐。最後，談談我們更廣泛的 F1 可持續性和包容性努力。歐盟最近認識到，到 2035 年，可持續燃料需要作為汽車解決方案的一部分與電動汽車一起發揮作用。這鞏固了可持續燃料在 F1 與政策制定者廣泛合作後的未來。

Our F2 and F3 cars are running 55% sustainable fuel this season. Current F1 cars are running at 10% sustainable fuels, and we are on track to introduce 100% advanced sustainable fuels in 2026.

本賽季我們的 F2 和 F3 賽車使用了 55% 的可持續燃料。目前的 F1 賽車使用 10% 的可持續燃料，我們有望在 2026 年引入 100% 先進的可持續燃料。

The F1 Academy, our new all final series began its season in Austria last weekend, following 2 testing session in Barcelona and Portugal in France. Congratulations to Marta Garcia from PREMA Racing on winning 2 of the 3 races on opening weekend, with just 0.3 seconds separating her and the second place finisher in the third race. The season will have 7 race weekends with the final rance alongside us in Austria in October.

F1 學院，我們新的所有決賽系列賽於上週末在奧地利開始了它的賽季，此前在法國的巴塞羅那和葡萄牙進行了 2 次測試。祝賀來自 PREMA Racing 的 Marta Garcia 在開幕週末贏得 3 場比賽中的 2 場，她與第三場比賽的第二名僅相差 0.3 秒。本賽季將有 7 個比賽週末，最後一場比賽將於 10 月在奧地利與我們並肩作戰。

I'm pleased to say that in 2024 season, we'll have all F1 Academy races joined on F1 weekends. The creation of F1 Academy is an important step forward towards increasing opportunity for female participation in motor sports. It is the start of a journey, and we hope it will be aspirational for young female drivers aspiring to reach professional motorsport, we now have the F1 Academy to inform. I believe we are creating the best possible structure to find and nurture female talent including those already in the series and those yet to come through from the grassroot level. We are looking forward to the season.

我很高興地說，在 2024 賽季，我們將在 F1 週末加入所有 F1 學院比賽。 F1 學院的創建是朝著增加女性參與賽車運動的機會邁出的重要一步。這是一段旅程的開始，我們希望這對渴望成為職業賽車手的年輕女車手來說是有抱負的，我們現在有 F1 學院通知。我相信我們正在創造盡可能好的結構來尋找和培養女性人才，包括那些已經在系列中的人才和那些尚未從基層脫穎而出的人才。我們期待著這個季節。

Yesterday, F1 partnered with Custom Events from Wall Street Journals to host our first F1 Accelerate Summit. We brought together, trailblazer from the world of sport, entertainment and business to discuss how they can make a significant impact on the future of technology, performance, diversity and sustainability, not only in their own business but across industry and culture. We welcome familiar faces from the F1 grid and management alongside [marquee] sport figures, including Maria Sharapova and [Adam Levine]. Jay Leno was our host as business executives. Traveled from across the country including Jerry Bruckheimer, Joe Kosinski, Maverick Carter, Sarah Harden and Burke Magnus.

昨天，F1 與華爾街日報的 Custom Events 合作舉辦了我們的第一屆 F1 Accelerate 峰會。我們匯集了來自體育、娛樂和商業領域的開拓者，討論他們如何能夠對技術、性能、多樣性和可持續性的未來產生重大影響，不僅在他們自己的業務中，而且在整個行業和文化中。我們歡迎來自 F1 車隊和管理層的熟悉面孔以及 [marquee] 體育人物，包括 Maria Sharapova 和 [Adam Levine]。 Jay Leno 是我們的業務主管。來自全國各地，包括 Jerry Bruckheimer、Joe Kosinski、Maverick Carter、Sarah Harden 和 Burke Magnus。

We hope to continue to leverage F1 brands to drive innovation and commercial success for the sporting and entertainment words. It is an exciting time for Formula One, on the track and in the commercial operation. Our unusual early season spring break didn't have a mandatory shutdown like summer break, meaning teams were hard at work with their cars upgrade. I believe competition will intensify as the season progresses.

我們希望繼續利用 F1 品牌推動體育和娛樂詞彙的創新和商業成功。對於一級方程式賽車來說，無論是在賽道上還是在商業運營中，這都是一個激動人心的時刻。我們不尋常的早期春假沒有像暑假那樣強制停工，這意味著車隊正在努力升級他們的汽車。我相信隨著賽季的進行，競爭會更加激烈。

Miami, closed out the first double header of the season before we head to Europe for the first triple header. There is plenty of action to come. (foreign language), full speed ahead.

邁阿密，在我們前往歐洲進行第一個三重頭球之前，結束了本賽季的第一個雙頭球。有很多行動要做。 （外語），全速前進。

And now I will turn the call back over to Greg. Thank you.

現在我將把電話轉回給格雷格。謝謝。

Thank you, Stefano, and thank you, Brian. And to our listening audience, we appreciate your continued support of and interest in Liberty Media. We hope you will all turn in to see the Miami Grand Prix free this weekend and the start of our Braves series against the Orioles tonight.

謝謝你，Stefano，謝謝你，Brian。對於我們的聽眾，我們感謝您對 Liberty Media 的持續支持和興趣。我們希望你們都能在本週末免費觀看邁阿密大獎賽，以及今晚勇士隊對陣金鶯隊的系列賽。

And with that, operator, I'd like to open the line for questions.

有了這個，接線員，我想打開問題熱線。

(Operator Instructions) The first question is coming from David Karnovsky of JPMorgan.

（操作員說明）第一個問題來自摩根大通的大衛卡爾諾夫斯基。

Stefano, just on the new Sprint format. I'm interested to know what the response has been from your partners on the promotion side. How are they thinking about the potential lift to their own ticket sales? And then what's the process you had to determine what GP get that format? And is that something you can build into your contracts?

Stefano，剛剛談到了新的 Sprint 格式。我很想知道您的合作夥伴在促銷方面的反應是什麼。他們如何看待自己門票銷售的潛在提升？然後您必須通過什麼過程來確定哪些 GP 獲得該格式？這是你可以在你的合同中建立的東西嗎？

Well, thanks, David. Of course, we did think in accordance with the teams and with the FIA because, as you know, our idea is to make sure that during the racing we can, there is always actually on the track. Actually, the result of the first one of this year has been very encouraging. And every one of our partners, promoter, media partners and also team are very positive about that. Of course, there is something that we want to take as a lesson to learn and to see at the end of the summer, if there is something that we can learn to do even something better.

好吧，謝謝，大衛。當然，我們確實按照車隊和國際汽聯的想法進行思考，因為如您所知，我們的想法是確保在比賽期間，我們可以確保賽道上始終存在實際情況。事實上，今年第一個的結果是非常令人鼓舞的。我們的每一位合作夥伴、發起人、媒體合作夥伴以及團隊都對此非常積極。當然，有些東西我們想作為學習的教訓，並在夏天結束時看到，如果有什麼東西我們可以學得更好的話。

But in a general term, the first we can of the Sprint format has been great. And I think that, as always, when you want to do something different in a very standardized ecosystem, the reaction of the, let's say, the traditional fans is the one that needs to be waited for longer term. But normally, with the new fans, we've seen a very, very positive reaction.

但總的來說，我們對 Sprint 格式的第一次嘗試已經很棒了。而且我認為，一如既往，當你想在一個非常標準化的生態系統中做一些不同的事情時，比方說，傳統粉絲的反應是需要長期等待的。但通常情況下，對於新粉絲，我們會看到非常非常積極的反應。

Promoters were pushing for that. And I would say the real thing is that we don't want to go in a situation where in the future, where we gonna enroll the races with the Sprint format. We want to keep a limited number of it, maybe on to the calendar number and create something special with regard to the competition that we can give a supporting value with trophies and of course, commercial opportunity to these things. But I think that's the right way to go. And if I may summarize another thing that I think is important. I see a big trend today in motorsport, not to be stable, let's say, not to stay consistent with your regulation.

發起人正在推動這一點。我想說的是，我們不想在未來以 Sprint 格式參加比賽。我們希望保留有限的數量，也許在日曆上，並在比賽中創造一些特別的東西，我們可以通過獎杯來提供支持價值，當然，也可以為這些東西提供商業機會。但我認為這是正確的方法。如果我可以總結另一件我認為很重要的事情。我看到今天賽車運動的一個大趨勢，不是穩定，比方說，不是與你的規則保持一致。

We're just following what the base will be then just following what NDA has done. So that means that all the professional sport needs to listen to the request and to the new input that the fans, promoters and partners are asking to have more excitement around the games. So positive and looking forward to keep working on this project.

我們只是在關注基地的情況，然後就在關注 NDA 所做的事情。因此，這意味著所有職業運動都需要傾聽球迷、發起人和合作夥伴提出的要求和新的意見，讓比賽更加精彩。非常積極並期待繼續從事這個項目。

Okay. And then you've called out F1 TV in your releases for a few quarters now. Just wanted to see if you could update us on the product, where you see it in terms of the growth trajectory? And then just for Brian, to the extent someone buys an annual plan at the start of the season, is that all booked in the first quarter with the partner cost? Or is that proportion of little races?

好的。然後你已經在你的版本中調用了 F1 TV 幾個季度了。只是想看看您是否可以向我們更新產品，您從增長軌蹟的角度來看它在哪裡？然後就 Brian 而言，就有人在賽季開始時購買年度計劃而言，是否所有這些都在第一季度與合作夥伴成本一起預訂？或者是小種族的比例？

So if I may, the first part of it, F1 TV is really working very well. You know that we are not providing any numbers on that, but what I can tell you in terms of quality, in terms of product and in terms of attention is also an opportunity to select new markets where there is not really a strong broadcast provider, and we are doing that with certain countries and the effect is very good. We have a new plan also to update some of the content that we want to give to our fans. And as I said, after a couple of years of very high investment, now we are paying back what has been a great decision taken a couple of years ago. Brian, you want to progress with the other question?

因此，如果可以的話，它的第一部分，F1 TV 確實運行良好。你知道我們沒有提供任何數字，但我可以在質量、產品和關注方面告訴你，這也是一個選擇新市場的機會，那裡沒有真正強大的廣播提供商，我們正在與某些國家這樣做，效果非常好。我們也有一個新計劃來更新我們想提供給粉絲的一些內容。正如我所說，經過幾年的高額投資，現在我們正在償還幾年前做出的一項偉大決定。布賴恩，你想繼續解決另一個問題嗎？

Yes, David, on your second question, it's proportional over the season.

是的，大衛，關於你的第二個問題，它與整個賽季成正比。

The next question is coming from Bryan Kraft of Deutsche Bank.

下一個問題來自德意志銀行的 Bryan Kraft。

Greg, I wanted to ask you, how should we think about the capital needs of the Liberty Live Tracker, both initially and over time, particularly as the business side of Liberty Live evolves and begins to invest in owning and operating venues. I assume that's still part of the plan. I mean, it seems like it's capital-intensive. So just wanted to understand how you might go about funding those endeavors.

格雷格，我想問你，我們應該如何考慮 Liberty Live Tracker 的資本需求，無論是最初還是隨著時間的推移，特別是隨著 Liberty Live 的業務方面的發展並開始投資擁有和運營場所。我認為這仍然是計劃的一部分。我的意思是，這似乎是資本密集型的。所以只是想了解您如何為這些努力提供資金。

Thanks, Bryan, for the question. As we've outlined, we expect to capitalize Liberty Live with a decent amount of cash. But candidly, to the degree we go out and do something large there, we'll have to find other sources of capital, other sources of cash capital. So I don't think it will be a massive generator of cash, as you would expect, looking what's in the asset base there. But we have some ideas that involve leveraging Liberty Live itself, not reliance as much on other trackers, if that's your fear, Bryan.

布萊恩，謝謝你提出這個問題。正如我們所概述的那樣，我們希望以可觀的現金將 Liberty Live 資本化。但坦率地說，就我們走出去在那裡做大事的程度而言，我們將不得不尋找其他資本來源，其他現金資本來源。所以我不認為它會像你所期望的那樣成為大量現金的產生者，看看那裡的資產基礎是什麼。但我們有一些想法涉及利用 Liberty Live 本身，而不是過多地依賴其他追踪器，如果那是你的恐懼，Bryan。

Yes, that was the nature of the question.

是的，這就是問題的本質。

That's right. I just might have read that subject a little bit.

這是正確的。我可能只是讀了一點那個主題。

Well, a lot of people are asking about it. So I think it's good to get the message out there.

好吧，很多人都在問這個問題。所以我認為把信息傳達出去是件好事。

You get the ask it stright up front.

你會直接問它。

If I could ask you also maybe related on the F1 side. I mean, it seems like what you're doing in Vegas is really exciting. Do you see other opportunities to invest in F1's business by taking on the promoter role and other markets and investing in facilities to drive that longer-term growth.

如果我可以問你也可能與 F1 方面有關。我的意思是，看起來你在拉斯維加斯所做的事情真的很令人興奮。您是否看到了通過承擔發起人角色和其他市場以及投資設施來推動長期增長來投資 F1 業務的其他機會。

Look, I think Vegas was unique and the opportunity and also the geography and a bunch of other factors, which made it the place where we should be the promoter first. We'll try not to have too much hubris and assume that we need to prove we can be a good promoter first. I don't look at a lot of other places where it's as obvious. I have mentioned in the past that I do think, in some cases, some of our partners in the promoter space are not necessarily as capital rich as Formula One. And so there may be opportunities for us to participate alongside them, maybe not a full co-promotion role but to take elements of the chain of value being created and further for both of our benefits. So we'll certainly look at that and talk to partners to the degree that's available.

聽著，我認為維加斯是獨一無二的，機會、地理位置和許多其他因素，這使它成為我們應該首先成為發起人的地方。我們會盡量不要有太多的狂妄自大，並假設我們需要首先證明我們可以成為一個好的推動者。我沒有看很多其他地方那麼明顯。我過去曾提到，我確實認為，在某些情況下，我們在發起人領域的一些合作夥伴不一定像一級方程式那樣資本充足。因此，我們可能有機會與他們一起參與，也許不是完全共同推廣的角色，而是利用正在創造的價值鏈中的要素，進一步為我們雙方謀福利。因此，我們當然會考慮這一點，並在可用的程度上與合作夥伴進行交流。

And if you may add another comment, Bryan, and that is direct qualitative effect is that -- with this investment, we are pushing also after the quality of the promoters that are already very important for us in Formula One. So now the game is to have unique events that are working very, very well, of course, commercially viable, but I would say that direct effect as given to the system not lifting the qualitative approach of Grand Prix.

如果你可以添加另一個評論，布萊恩，那是直接的定性效應——通過這項投資，我們也在推動對我們在一級方程式賽車中已經非常重要的發起人的質量。所以現在的遊戲是要有非常非常好的獨特事件，當然，在商業上是可行的，但我會說，對系統的直接影響並沒有提升大獎賽的質量方法。

The next question is coming from Vijay Jayant of Evercore.

下一個問題來自 Evercore 的 Vijay Jayant。

I have a couple on Formula One. So Greg, the $112 million of team payments in the quarter implies a little less than, I think, $1.3 billion for the year. Can you sort of talk about how team payments have been communicated to the team given the fact that this year you have something sort of different with the Vegas rates that is not sort of contractual? And is that something we should look at as a proxy and what you're sort of thinking on the full year EBITDA number?

我有幾個參加一級方程式比賽。所以格雷格，本季度 1.12 億美元的團隊付款意味著略低於全年的 13 億美元。考慮到今年你與拉斯維加斯的費率有些不同，這不是合同約定的，你能談談如何將團隊付款傳達給團隊嗎？我們是否應該將其視為代理以及您對全年 EBITDA 數字的看法？

And second, obviously, the free cash flow was very, very strong at Formula One supporter and I'm assuming that had to do with ticket sales for I think Wave 1, Wave 2 on Vegas. Any way you can help us think about what sort of the underlying free cash flow excluding the ticket sales, if possible?

其次，顯然，一級方程式支持者的自由現金流非常非常強勁，我認為這與我認為拉斯維加斯的 Wave 1、Wave 2 的門票銷售有關。如果可能的話，你能以任何方式幫助我們考慮什麼樣的基礎自由現金流，不包括門票銷售？

So I'll comment on the first and second. And then Brian, you want to add anything on the free cash flow when I'm done, that would be great. Looking at the team payments, I think if you look at our history, we try to manage that conservatively. Particularly in the first quarter of the year. And as you rightly know, probably even more conservatively this year given we've added some volatility of the payroll rather to the potential in -- by having Vegas. We think it's positive volatility. It's going to be a great event. But it is unknown. It is not as well experience and some of the other events that we have. So I think you should look at that as a conservative proxy for how we expect the year will go.

所以我會評論第一和第二。然後布賴恩，你想在我完成後添加任何關於自由現金流的東西，那會很棒。看看團隊付款，我想如果你看看我們的歷史，我們會盡量保守地管理它。特別是今年第一季度。正如你所知道的那樣，今年可能會更加保守，因為我們已經增加了工資單的一些波動性而不是增加了拉斯維加斯的潛力。我們認為這是積極的波動。這將是一個偉大的事件。但它是未知的。這不是我們擁有的經驗和其他一些事件。因此，我認為您應該將其視為我們對今年的預期如何進行的保守代表。

The last thing we want to do is have teams overspending in anticipation of money that don't show up towards the end of the year. The free cash flow, you rightly note, because of the Wave 1 and 2 sales, a lot of cash has been brought to us as deferred collection, but it's generated in that free cash flow line. So it has probably overstated the true impact of the operating business for Q1, but we do expect to recognize that as free cash flow as the year progresses. I don't know.

我們最不想做的事情就是讓團隊因預期到年底不會出現的資金而超支。自由現金流，您正確地註意到，由於第 1 波和第 2 波銷售，大量現金作為延期收款為我們帶來了，但它是在自由現金流線中產生的。因此，它可能誇大了第一季度運營業務的真正影響，但我們確實希望隨著時間的推移將其視為自由現金流。我不知道。

Brian, if you want to comment or can comment a little more on a more normalized level without providing Vijay too much clarity because gosh, we wanted to do some real work.

布賴恩，如果你想發表評論，或者可以在更規範化的水平上發表更多評論，而無需向 Vijay 提供太多清晰度，因為天哪，我們想做一些真正的工作。

Yes. I mean to help the efforts, I guess, I would say, if you look at our tracking stock schedules, you can see the deferred revenue as of March 31, 2023, and you can go back and look at the -- you look at our first quarter from last year, you can see the deferred revenue related to Formula One at 2022. It's up roughly $130 million, give or take, and you could think of that largely being related to Vegas, although there are other puts and takes.

是的。我的意思是幫助努力，我想，我會說，如果你看看我們的跟踪庫存時間表，你可以看到截至 2023 年 3 月 31 日的遞延收入，你可以回去看看 - 你看看我們去年的第一季度，你可以看到 2022 年與一級方程式賽車相關的遞延收入。它增加了大約 1.3 億美元，無論是給予還是接受，你可以認為這主要與維加斯有關，儘管還有其他的投入和獲取。

If I may add one comment. So Vijay, I just want to add 2 comments that I think it's important to consider a true number that at the end of the day, it's important to remember that the teams are benefiting for what we are doing so far. I mean investing in Vegas for them is an incredible opportunity and directly also for them to develop their business. And indirectly, it will get our proposition even stronger as an ecosystem in Formula One. So I think that is really something that as I was mentioning, we have a prudential approach that gives you the baggage about what we need to do and need to deliver in this project that will be very, very important for all of us.

如果我可以添加一個評論。所以 Vijay，我只想添加 2 條評論，我認為重要的是要考慮一個真實的數字，在一天結束時，重要的是要記住團隊正在從我們目前所做的事情中受益。我的意思是，投資拉斯維加斯對他們來說是一個難得的機會，對他們來說也是直接發展業務的機會。間接地，它將使我們作為一級方程式生態系統的主張更加強大。所以我認為這真的是我提到的，我們有一種審慎的方法，讓你知道我們需要做什麼，需要在這個項目中交付什麼，這對我們所有人來說都非常非常重要。

The next question is coming from Peter Supino of Wolfe Research.

下一個問題來自 Wolfe Research 的 Peter Supino。

On the Concorde Agreement, Greg, I wondered -- or Stefano, I wondered if you could comment on how you'd like investors to think about the timing of that renegotiation. And then the second question, Greg, if you would talk about Live Nation, your view of both the risks posed by the DOJ investigation? And then separately, the bear case that the business ought to slow down a lot in 2024. And after this post pandemic surge of supply?

關於協和協議，格雷格，我想知道——或者斯特凡諾，我想知道你是否可以評論一下你希望投資者如何考慮重新談判的時機。然後是第二個問題，Greg，如果你想談談 Live Nation，你對 DOJ 調查帶來的兩種風險的看法？然後分別是，該業務應該在 2024 年大幅放緩的熊案例。在大流行後供應激增之後？

Look, we have several years left to run on the Concorde Agreement. But I think there's a consensus among the teams and the FIA and ourselves that now might be a good time to try and strike while the iron is hot and renew and extend the Concorde Agreement. There's certainly no obligation to do that, and there's certainly no risk if that doesn't get done. As you may recall, we went right to the end and historically, in many cases, the teams have operated without a Concorde Agreement. They've basically done a handshake, then completed the deal post the period when the new Concorde Agreement was supposed to start.

看，我們還有幾年的時間來執行協和協議。但我認為車隊、國際汽聯和我們自己之間達成共識，現在可能是嘗試趁熱打鐵、更新和延長協和協議的好時機。當然沒有義務這樣做，如果不這樣做肯定沒有風險。你可能還記得，我們一直走到最後，從歷史上看，在許多情況下，團隊在沒有協和協議的情況下運作。他們基本上完成了一次握手，然後在新的協和協議應該開始的時期之後完成了交易。

Our hope is that this time, we'll be able to change that dynamic in part because of the way that's changed and Stefano have changed the dynamic with the teams in particular, I hope we have a more positive relationship and everybody sees the benefit of going early and providing certainty for all involved. Stefano, what would you add?

我們希望這一次，我們能夠改變這種動態，部分原因是改變的方式，特別是 Stefano 改變了與團隊的動態，我希望我們有更積極的關係，每個人都能看到好處儘早行動並為所有參與者提供確定性。 Stefano，你會添加什麼？

Nothing because I think that you synthesize perfectly the situation. And I think that will be our strategy now.

沒什麼，因為我認為你完美地綜合了情況。我認為這將是我們現在的策略。

On Live Nation, I would not say it's a DOJ investigation. You can always say that. But look, we've had a DOJ consent decree and monitor now for several years, and it was renewed. And there is a hotline that anybody can report what they perceive as violations of that consent decree and the DOJ has a monitor who is investigating continuously perceived or alleged to violations of the consent decree.

在 Live Nation 上，我不會說這是司法部的調查。你總是可以這麼說。但是你看，我們已經有一個 DOJ 同意法令和監督現在好幾年了，它被更新了。並且有一條熱線，任何人都可以報告他們認為違反該同意令的行為，司法部有一名監督員正在調查持續被認為或涉嫌違反同意令的行為。

There obviously is another track, which is a legislative potential, and we talked about some of those I mentioned, the couple of bills that are being considered I'm not sure those bills will get done, but in the main, we view those bills as positive. And frankly, I think anything that moves forward and ends the negative speculation about the regulatory side is positive because we do not perceive it nearly as big a risk as the market proceeds to be.

顯然還有另一條軌道，這是立法潛力，我們談到了我提到的一些，正在考慮的幾項法案我不確定這些法案是否會完成，但總的來說，我們會查看這些法案作為積極的。坦率地說，我認為任何向前推進並結束對監管方面的負面猜測的事情都是積極的，因為我們認為它幾乎沒有市場收益那麼大的風險。

On the business itself, hard to project what the consumer will do and you can imagine recession scenarios and the like. But we see none of that. We see strong demand, and we see it going forward with upcoming tours and our expectations, as I noted, the business is going to continue to grow.

就業務本身而言，很難預測消費者會做什麼，你可以想像經濟衰退等情況。但我們什麼都看不到。我們看到了強勁的需求，我們看到它隨著即將到來的巡迴演出和我們的期望而前進，正如我指出的那樣，業務將繼續增長。

The next question is coming from Stephen Laszczyk of Goldman Sachs.

下一個問題來自高盛的 Stephen Laszczyk。

Maybe one on F1 sponsorship for Stefano. It seems like you're finding a fair amount of success in stepping up some sponsors and some more comprehensive packages. You had Paramount+, MSC and LIQUI MOLY this past quarter. I was wondering if you could maybe talk about this more, how much opportunity do you think there is as you look out across your sponsorship portfolio to step more sponsors up? And if there's any constraints, especially with there being 10 global partners already that could limit us?

也許是 Stefano 的 F1 贊助。您似乎在加強一些贊助商和一些更全面的套餐方面取得了相當大的成功。上個季度你有 Paramount+、MSC 和 LIQUI MOLY。我想知道你是否可以再談談這個問題，你認為有多少機會在你的讚助組合中尋找更多的讚助商？如果有任何限制，特別是已經有 10 個全球合作夥伴可以限制我們？

Well, thanks Stephen, for the question. I think that we always need to look behind to understand what we are doing today. I mean we were talking about all the 4 official partners just 2 years ago. Now we are heading to 10 official partner plus, an incredible group of technical projects that are part of our family. I think that our main goal is to for sure to connect with the potential business partners that are interesting to develop business together.

好吧，謝謝斯蒂芬提出的問題。我認為我們總是需要回頭看看我們今天在做什麼。我的意思是，就在 2 年前，我們還在談論所有 4 個官方合作夥伴。現在我們正走向 10 多個官方合作夥伴，這是一個令人難以置信的技術項目組，它們是我們家族的一部分。我認為我們的主要目標是確保與有興趣共同發展業務的潛在業務合作夥伴建立聯繫。

But in any case, we don't have to over crowd our group in order to offer what they need and it's up to us to prepare for them different packages with different countries with different experience, with different opportunity. This is what we are doing and the fact that we are so strong in this moment that the pipeline is still very soluble for the future is giving us the clear ticket to work on the digital landscape to have different propositions, different markets, for example, as one opportunity that we have today or including other categories that are interested to come back in Formula One.

但無論如何，我們不必為了提供他們需要的東西而讓我們的團隊擁擠不堪，這取決於我們為他們準備不同國家、不同經驗和不同機會的不同套餐。這就是我們正在做的事情，事實上我們在這一刻如此強大，以至於未來的管道仍然非常可溶，這為我們提供了在數字領域開展工作的明確門票，以擁有不同的主張，不同的市場，例如，作為我們今天的一個機會，或者包括其他有興趣重返一級方程式的類別。

So I would say now the real thing is not to work only on the of having more but making sure that each of them received the right qualitative answer to their question. And the other thing that I think is really relevant that gives in another way, the fact that we are serious on the sustainability platform because no one will invest today in a business that is not credible on this last stage. Therefore, that is another push that we have receiving from our partners to make sure that our goals with sustainability in net carbon in 2030 has been achieved. So it's, let's say, a constructive push that we are working together in order to be stronger and stronger together.

所以我現在要說的是，現在真正的事情不是僅僅為了擁有更多，而是要確保他們每個人都收到了對他們問題的正確的定性答案。另一件我認為真正相關的事情以另一種方式給出，事實上我們在可持續發展平台上是認真的，因為今天沒有人會投資在最後階段不可信的企業。因此，這是我們從合作夥伴那裡得到的另一項推動，以確保我們在 2030 年實現淨碳可持續性目標。所以，比方說，這是一種建設性的推動，我們正在共同努力，以便一起變得越來越強大。

Great. And then maybe one for Greg. Could you just date us on the way you're thinking about capital allocation at Formula One, now that you had to trigger on your term loan this quarter. Should we expect this to give you some more flexibility from this point going forward to ramp leverage back to more historical levels?

偉大的。然後也許是給格雷格的。你能不能按照你在一級方程式賽車上考慮資本配置的方式與我們約會，既然你必須在本季度觸發你的定期貸款。從現在開始，我們是否應該期望這會給你更多的靈活性，使槓桿率回到更多的歷史水平？

Well, thank you, Stephen. I think, look, we are pleased to have triggered the reduction. Honestly, that's a nice benefit, but it has not been what's driving our thinking about capital allocation we are looking for and believe we will find attractive opportunities for our cash and our generated -- cash flow generation.

好吧，謝謝你，斯蒂芬。我想，看，我們很高興觸發了減少。老實說，這是一個很好的好處，但這並不是推動我們思考我們正在尋找的資本配置的原因，我們相信我們會為我們的現金和產生的現金流找到有吸引力的機會。

I talked about some of those in the past, including the Vegas effort, which I think is going to generate a good return, ancillary businesses around -- which are synergistic and around our existing business and the potential for return of capital versus share repurchase. As I noted, we effectively did that this quarter for just over 3 million shares to the intergroup interest settlement. So I expect you'll see us look at all of the alternatives above.

我過去談到了其中的一些，包括拉斯維加斯的努力，我認為這將產生良好的回報，周圍的輔助業務——它們是協同的，圍繞我們現有的業務，以及資本回報與股票回購的潛力。正如我所指出的，我們在本季度有效地完成了集團間利息結算中超過 300 萬股的股份。所以我希望你會看到我們研究上面的所有替代方案。

And again, it was nice to click off the 25 bps reduction, but that wasn't what drove our thinking. It's really the strength of the business, which is generating the capital.

再一次，點擊 25 個基點的減少是很好的，但這並不是推動我們思考的原因。真正產生資本的是企業的實力。

The next question is coming from David Joyce of Seaport Research Partners.

下一個問題來自 Seaport Research Partners 的 David Joyce。

A couple of questions. First on Formula One, what's the current view of Formula One, the league and FIA and F1 teams related to potential addition of work teams, what are the gating factors from here? And then secondly, if you could provide any update on your views of what's happening with the regional sports network as it pertains to Atlanta Braves?

幾個問題。首先，關於一級方程式，目前對一級方程式、聯盟、國際汽聯和 F1 車隊對可能增加工作團隊的看法是什麼，這裡的控制因素是什麼？其次，如果你能提供任何關於你對與亞特蘭大勇士隊有關的區域體育網絡正在發生的事情的看法的最新情況？

I'll let Stefano handle the first part, and I'll hand the second question.

我會讓 Stefano 處理第一部分，我會處理第二個問題。

Thank you, Greg. I mean with regard to the situation of a new team potentially entering or interesting for F1. No, as I always said that there are someone that is quite vocal. Some others are quite silent. As you may know, David, there is a process in place that has been activated by the regulator to see and to collect the interest of other partners to be part of Formula One. The first step will be finished, I think, within the middle of May. And then there will be the analysis done properly, checking the technical visibility, the financial visibility and then we're going to have the discussion to see if any kind of potential enter will fit into the equation of creating more value to the sport. And that's something that we're going to take the decision at the right time within the end of this year. That's the plan.

謝謝你，格雷格。我的意思是關於有可能進入 F1 或對 F1 感興趣的新車隊的情況。不，就像我一直說的那樣，有些人非常直言不諱。其他一些人則非常沉默。大衛，你可能知道，監管機構已經啟動了一個流程來查看和收集其他合作夥伴參與一級方程式的興趣。我認為第一步將在五月中旬完成。然後將進行適當的分析，檢查技術可見性、財務可見性，然後我們將進行討論，看看是否有任何潛在的進入將適合為這項運動創造更多價值的等式。這是我們將在今年年底的適當時間做出決定的事情。這就是計劃。

But of course, that is once again showing the growth of Formula One. I mean, just a couple of years ago, the (inaudible) team was very small, actually, almost none. Today, the value of the franchise is very high. So we have the duty to protect the business and making the right decision. And this is something we're going to do within the end of this year.

但當然，這再次顯示了一級方程式的增長。我的意思是，就在幾年前，（聽不清）團隊非常小，實際上，幾乎沒有。今天，特許經營權的價值非常高。因此，我們有責任保護業務並做出正確的決定。這是我們將在今年年底內完成的事情。

And regarding the RSN. Look, obviously, it's a difficult situation given Diamond's filing. That having been said, we continue to receive payments from our Sports South contract. That is not true for some other RSNs out there, but my understanding is 3 or 4 have not received payments from Diamond. And that, I think, reflects the fundamental strength of the territory we have and the interest in the Braves such that our understanding is we have a profitable RSN.

關於RSN。看，很明顯，鑑於戴蒙德的申請，這是一個困難的情況。話雖如此，我們繼續從我們的 Sports South 合同中收到付款。對於其他一些 RSN 來說情況並非如此，但我的理解是 3 或 4 沒有收到 Diamond 的付款。我認為，這反映了我們擁有的領土的基本實力以及對勇士隊的興趣，因此我們的理解是我們擁有一個有利可圖的 RSN。

So it's unlikely that Diamond will view us as an executory contract which they wish to reject even if they were to reject it, which again, don't expect, I think there are other alternatives we could construct in the marketplace that would enable us to get paid and have our products shown to our fans, which is really the most important thing. And we're certainly prepared if we have to, to go out and exercise those alternatives.

因此，Diamond 不太可能將我們視為他們希望拒絕的執行合同，即使他們要拒絕它，同樣，不要指望，我認為我們可以在市場上構建其他替代方案，使我們能夠獲得報酬並向我們的粉絲展示我們的產品，這真的是最重要的事情。如果必須的話，我們當然做好了準備，走出去並嘗試這些替代方案。

The next question is coming from Matthew Harrigan of Benchmark Company.

下一個問題來自 Benchmark 公司的 Matthew Harrigan。

Live Nation among its other [Meritha] absolute home run acquisition of OCESA for Mexico and Colombia. I think they said that and Asia were like 50% of AOI growth in the quarter year-over-year. I mean do you see there are many other targets out there to expand internationally as the music business is just now unbelievably globalized given the cross-market appeal of artists as Michael and [Tino] talked about yesterday?

Live Nation 在其其他 [Meritha] 絕對本壘打中收購了墨西哥和哥倫比亞的 OCESA。我想他們是這麼說的，亞洲在本季度的 AOI 同比增長中佔 50%。我的意思是，鑑於邁克爾和 [Tino] 昨天談到的藝術家的跨市場吸引力，音樂行業現在正以令人難以置信的方式全球化，您是否看到還有許多其他目標可以在國際上擴張？

Thank you, Matthew. You're right, OCESA is a great deal, and it's nice that Autodromo Hermanos business, who is also our partner in the Formula One Mexico City Grand Prix is being -- acting so successfully. There are other targets out there, probably not as many with the scale of OCESA that we could get done because of potential regulatory issues. But Live Nation has a long history of successfully adding primarily promoters into the fold usually in some point of a partnership agreement where the management stays involved, but we take some ownership interest as well.

謝謝你，馬修。你是對的，OCESA 是一個很好的交易，而且 Autodromo Hermanos 業務，也是我們在一級方程式墨西哥城大獎賽中的合作夥伴，表現得如此成功真是太好了。還有其他目標，由於潛在的監管問題，可能沒有我們可以完成的 OCESA 規模那麼多。但 Live Nation 在成功地將主要發起人加入其中方面有著悠久的歷史，通常是在管理層保持參與的合夥協議的某些方面，但我們也有一些所有權權益。

And I expect you'll continue to see that either in venues or promoter relationships where we continue to take advantage of the strength of our business and our ability to try and offer both fans and artists to global product. And the more we can fill in our global footprint, the better for both of them.

我希望你會繼續看到，無論是在場館還是在發起人關係中，我們都會繼續利用我們的業務實力和我們嘗試為粉絲和藝術家提供全球產品的能力。我們在全球的足跡越多，對雙方都越好。

Operator, I think we're done. And to our listening audience. Again, thank you for your interest in the Liberty Media Companies. We look forward to speaking with you next quarter, if not sooner. And have a great weekend.

接線員，我想我們完成了。以及我們的聽眾。再次感謝您對 Liberty Media Companies 的關注。我們期待在下個季度與您交談，如果不是更早的話。祝週末愉快。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們，先生們，今天的活動到此結束。此時您可以斷開線路或退出網絡廣播，然後享受接下來的一天。