Liberty Media Corp (LLYVA) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Liberty Media 2023 Q2 Earnings Call. (Operator Instructions) As a reminder, this conference will be recorded on August 4. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

早上好，歡迎參加 Liberty Media 2023 年第二季度財報電話會議。 （操作員說明）謹此提醒，本次會議將於 8 月 4 日進行錄製。我現在想將電話轉給投資者關係副總裁 Shane Kleinstein。請繼續。

Thank you, 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 and including those mentioned in the most recent Forms 10-K and 10-Q and registration statement on Form S-4 filed by Liberty Media and Atlanta Braves Holdings with the SEC on June 8, 2023.

謝謝你，早上好。在開始之前，我們想提醒大家，本次電話會議包含1995 年《私人證券訴訟改革法案》含義內的某些前瞻性陳述。由於存在許多風險和不確定性，實際事件或結果可能會存在重大差異，包括Liberty Media 和亞特蘭大勇士控股公司於 2023 年 6 月 8 日向 SEC 提交的最新 10-K 表格和 10-Q 表格以及 S-4 表格註冊聲明中提到的內容。

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

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

On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, SiriusXM and Atlanta Braves Holdings, including adjusted OIBDA and adjusted EBITDA.

在今天的電話會議上，我們將討論 Liberty Media、SiriusXM 和亞特蘭大 Braves Holdings 的某些非 GAAP 財務指標，包括調整後的 OIBDA 和調整後的 EBITDA。

The required definitions and reconciliations for Liberty Media, SiriusXM and Atlanta Braves Holdings Schedules 1 through 3, can be found at the end of the earnings press release issued today, which is available on Liberty Media and Atlanta Braves Holdings website. Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO.

Liberty Media、SiriusXM 和亞特蘭大勇士控股公司附表 1 至 3 所需的定義和調節可在今天發布的收益新聞稿末尾找到，該新聞稿可在 Liberty Media 和亞特蘭大勇士控股網站上獲取。現在我想將電話轉給 Liberty 總裁兼首席執行官 Greg Maffei。

Thank you. Good morning. Today speaking on the call, we will also have Formula One's President and CEO, Stefano Domenicali, Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. Also during Q&A, we will be able to answer questions related to Atlanta Braves Holding and the Braves management will be available, too.

謝謝。早上好。今天在電話會議上發言的還有一級方程式賽車總裁兼首席執行官 Stefano Domenicali、Liberty 首席會計兼首席財務官 Brian Wendling。此外，在問答期間，我們將能夠回答與亞特蘭大勇士隊控股相關的問題，勇士隊管理層也將出席。

Starting with some corporate updates. Atlanta Braves Holdings began trading as a C Corp on July 19. We believe this split-off will better highlight value at the Braves and its real estate.

從一些公司更新開始。亞特蘭大勇士隊控股公司 (Atlanta Braves Holdings) 於 7 月 19 日開始作為 C 公司進行交易。我們相信，此次分拆將更好地凸顯勇士隊及其房地產的價值。

For example, the BATRA A shares and the K shares are up 38% since the split announced last November. We also settled all of the remaining intergroup interest in connection with this split off.

例如，自去年11月宣布分拆以來，BATRA A股和K股上漲了38%。我們還解決了與此次分拆相關的所有剩餘集團間利益。

Today marks the first day of trading for our new trackers, and we expect more focused equities, more focused equities and increased future flexibility will trade better and be easier for investors to follow.

今天是我們新追踪器的第一天交易，我們預計更專注的股票、更專注的股票和未來靈活性的增強將交易得更好，也更容易讓投資者跟隨。

Beginning with Liberty SiriusXM -- this simplified tracker consists only of an 83% interest in SIRI, cash and debt. And we continue to reduce debt in the second quarter, retiring the remaining $275 million of our two and one-eighth exchangeables for SIRI.

從 Liberty SiriusXM 開始——這個簡化的跟踪器僅包含 SIRI 83% 的權益、現金和債務。我們在第二季度繼續減少債務，將剩餘的 2.75 億美元的二分之一和八分之一的可交換資產轉為 SIRI。

And we wish having the 1.8 million new [BATRA] shares at LSXM exchange for debt retirement in the near term. We reiterate the focus on rationalizing the SIRI and LSXM structures in the near term. Looking at SiriusXM itself, we reported strong financial results with an improvement over the first quarter as was expected. We had a sequential improvement in self-pay net ads, and we do expect a positive back half in the aggregate in self-pay net ads.

我們希望在短期內將 180 萬股新 [BATRA] 股票在 LSXM 上兌換為債務清償。我們重申近期重點關注 SIRI 和 LSXM 結構的合理化。看看 SiriusXM 本身，我們報告了強勁的財務業績，比第一季度有所改善，符合預期。我們在自付費用網絡廣告方面取得了連續的進步，並且我們確實預計自付費用網絡廣告總量將出現積極的後半部分。

SIRI has sustained a historically low churn of 1.5%, and the business is focused on improved efficiency and cost structure, and that will benefit EBITDA in the coming quarters. During their announcement, SIRI increased its full year free cash flow guidance by $50 million up to $1.15 billion. During the quarter, we experienced continued progress on lowering the streaming cost per customer acquisition and it was down 20% over the prior year.

SIRI 的客戶流失率一直保持在 1.5% 的歷史低位，其業務重點是提高效率和成本結構，這將有利於未來幾個季度的 EBITDA。在公告中，SIRI 將全年自由現金流指引增加了 5000 萬美元，達到 11.5 億美元。本季度，我們在降低每位客戶獲取的流媒體成本方面取得了持續進展，比上一年下降了 20%。

Data shows that this half is a great accelerant for in-car conversion as well and we are making progress on our next-generation SXM mobile app, which will launch this fall. Sirius is maintaining its focus on enhancing its in-car position, and right now EV manufacturers, which are a growth area, our area of new success for us is demonstrated by our agreement with Volvo.

數據顯示，這一半也極大地促進了車內轉換，我們正在下一代 SXM 移動應用程序方面取得進展，該應用程序將於今年秋天推出。 Sirius 繼續致力於增強其在車內的地位，目前電動汽車製造商是一個增長領域，我們與沃爾沃達成的協議證明了我們新的成功領域。

Turning to Formula One Group. At the corporate level, I'd remind you that the assets consist of F1 ownership and the motorsport related assets we have, including the Vegas property. During the quarter, we effectively repurchased $1.1 million FWONA shares in settling the intergroup interest that were previously held at LSXM for [$6,750]a share. At F1 itself, the number of fans engaging with F1 content across the platforms is bigger than ever. Stefano will give you more stats in a moment. But to name a few, we continue to have sellouts at almost all races.

轉向一級方程式集團。在公司層面，我想提醒您，資產包括 F1 所有權和我們擁有的賽車運動相關資產，包括維加斯財產。在本季度，我們實際上以每股 [6,750 美元] 的價格回購了 110 萬美元的 FWONA 股票，以結算之前在 LSXM 持有的集團間權益。在 F1 本身，跨平台參與 F1 內容的粉絲數量比以往任何時候都多。斯特凡諾稍後將為您提供更多統計數據。但僅舉幾例，我們幾乎在所有比賽中都繼續售空。

The Sprint weekends are driving year-over-year growth in viewership. For example, the SPA total audience across race, sprint, shootout and qualifying was up versus the Belgian GP last year. I'd note we've seen particularly solid growth in the U.S. viewership on ESPN is up season-to-date versus the 2022 average viewership with strong F1 TV performance as well.

Sprint 週末推動了收視率逐年增長。例如，去年 SPA 比賽、衝刺賽、點球大戰和排位賽的觀眾總數比比利時大獎賽有所增加。我要指出的是，我們看到 ESPN 的美國收視率在賽季至今的增長尤其強勁，較 2022 年的平均收視率有所上升，F1 電視節目的表現也很強勁。

The 2023 season has already seen 3 of the 4 largest live audiences in F1 history on U.S. TV, including Miami, Monaco and the Canadian GPs. All but 2 of our races have averaged more than 1 million viewers, huge numbers for the U.S. market.

2023 賽季，美國電視上已經見證了 F1 歷史上 4 場現場觀眾最多的賽事中的 3 場，包括邁阿密、摩納哥和加拿大大獎賽。除了兩場比賽外，我們所有比賽的平均觀眾人數都超過 100 萬，這對於美國市場來說是一個巨大的數字。

On the financial side, OIBDA was up slightly quarter-over-quarter despite 1 less race due to improved operating leverage on team payments and freight. And now turning to LVGP, excitement for the race grows as demonstrated by momentum across social platforms. For example, LVGP had over 11 million social impressions and over 1 million engagements in July. The Las Vegas team is pulling together an event of unprecedented complexity and scale. It will be the largest and our argument would be the most premium sporting event of 2023, and it's a view that's the testament to our Super Bowl aspirations for all our Grand Prix events.

在財務方面，儘管由於車隊付款和貨運的運營槓桿改善，減少了 1 場比賽，但 OIBDA 環比略有增長。現在轉向 LVGP，社交平台上的勢頭證明了人們對比賽的熱情與日俱增。例如，LVGP 7 月份的社交印像數超過 1100 萬，參與度超過 100 萬。拉斯維加斯團隊正在組織一場前所未有的複雜性和規模的活動。這將是 2023 年規模最大、也是我們認為最優質的體育賽事，這一觀點證明了我們對所有大獎賽賽事的超級碗渴望。

I am pleased to say preparations are running on schedule. And despite inflationary cost pressures, we expect no change in revenue and profitability assumptions that we laid out previously. We are increasing CapEx estimates for the Paddock building and track work, and Brian will go into that in more detail in a moment. We remain confident in the return profile of this incredible project, which will support the incremental capital investment that we are making. I'd note we've also been already receiving inbounds with a track of economics for use of the Paddock building within the next year, and we look forward to sharing those commercial plans once they are finalized. We expect to learn a lot from our inaugural race and look forward to raising Las Vegas for many years to come.

我很高興地說準備工作正在按計劃進行。儘管存在通脹成本壓力，但我們預計我們之前提出的收入和盈利能力假設不會發生變化。我們正在增加圍場建築和軌道工程的資本支出估計，布萊恩將稍後更詳細地討論這一點。我們對這個令人難以置信的項目的回報仍然充滿信心，這將支持我們正在進行的增量資本投資。我要指出的是，我們也已經收到了明年使用圍場大樓的經濟跟踪信息，我們期待在這些商業計劃最終確定後分享這些計劃。我們希望從首屆比賽中學到很多東西，並期待在未來的許多年裡提升拉斯維加斯的水平。

Turning down to Liberty Live Group. Live Nation experienced its strongest second quarter ever and they're confident in continued growth into the balance of the year in 2024. Revenue for the quarter was up 27%, and AOI was up 23% over the prior year. Growth was driven by international man, a real opportunity for live. International fans were up 46% and more artists are touring globally.

拒絕 Liberty Live Group。 Live Nation 經歷了有史以來最強勁的第二季度，他們有信心在 2024 年餘下時間繼續增長。該季度收入增長 27%，AOI 比上一年增長 23%。增長是由國際人士推動的，這是一個真正的生活機會。國際粉絲增加了 46%，越來越多的藝術家開始進行全球巡演。

And lastly, on the international front, our OCESA acquisition in Mexico is outperforming expectations. Overall attendance and per fan profitability were both up double digits for the quarter overall at Live Nation.

最後，在國際方面，我們在墨西哥的 OCESA 收購超出了預期。 Live Nation 本季度的總體上座率和每位粉絲的盈利能力均實現兩位數增長。

Turning now to the Braves. Now a separate public company, but business as usual is continuing in Braves country. We've seen continued momentum in fan demand, having sold 56% of our ticket capacity season to date tied for MLB's best.

現在轉向勇敢者隊。現在是一家獨立的上市公司，但勇士隊國家的業務照常進行。我們看到了球迷需求的持續增長勢頭，本賽季至今已售出 56% 的門票，與 MLB 的最高紀錄持平。

We've made it to 40 sellouts already, the fastest we've ever hit this milestone in the season of Truist and concession revenue was up season to date despite shorter gain times. We announced the Jersey patch sponsorship with Quikrete in a multi-year deal. And most importantly, on field, the Braves lead the NL East and the entire MLB. A franchise record 8 players were in the All-Star game, including our entire infield. All 8 of these players are locked up through 2023 and most even longer. Excuse me, 2025 with most even longer.

我們已經售出 40 份，這是我們在《Truist》賽季中達到這一里程碑的最快速度，儘管盈利時間較短，但特許權收入仍在賽季至今有所增長。我們宣布與 Quikrete 達成多年協議，贊助球衣補丁。最重要的是，在球場上，勇士隊領先國聯東區和整個美國職業棒球大聯盟。全明星賽共有 8 名球員參加，其中包括我們的整個內場，創下了隊史紀錄。所有這 8 名球員都將被鎖定到 2023 年，大多數甚至更長時間。對不起，2025 年甚至更長。

The Battery is also seeing continued growth. Adjusted OIBDA for the mixed-use development was up 18% in the first 6 months versus the prior year.

電池也持續增長。綜合用途開發項目的調整後 OIBDA 在前 6 個月與去年同期相比增長了 18%。

And with that, I will turn it over to Brian for more on our financial results.

接下來，我將把它交給布萊恩，以獲取有關我們財務業績的更多信息。

Thank you, Greg. And good morning, everyone. My remarks will focus mainly on the [6/30] balance sheet figures adjusted for the split off that was completed July 18 and the reclassification of our tracking stocks that was completed yesterday. At quarter end and adjusted for the split off and reclassification, Liberty SiriusXM Group had attributed cash and liquid investments of approximately $331 million, which excludes $51 million of cash held at SiriusXM.

謝謝你，格雷格。大家早上好。我的講話將主要集中於針對 7 月 18 日完成的分拆以及昨天完成的追踪股票的重新分類而調整的 [6/30] 資產負債表數據。截至季度末，經分拆和重新分類調整後，Liberty SiriusXM Group 歸屬的現金和流動投資約為 3.31 億美元，其中不包括 SiriusXM 持有的 5100 萬美元現金。

There's also $1.1 billion of undrawn margin loan capacity at the parent level related to our SiriusXM margin loan. As of August 3, the value of our SiriusXM stock was $16 billion. We have $1.5 billion in principal amount of debt against these holdings. Total Liberty SiriusXM Group attributed principal amount of debt is $11.7 billion, which includes $9.5 billion of debt held directly at SiriusXM. In April, Liberty SiriusXM settled the remaining $275 million of its 2.125% SIRI exchangeables.

母公司層面還有 11 億美元的未提取保證金貸款能力與我們的 SiriusXM 保證金貸款相關。截至 8 月 3 日，我們的 SiriusXM 股票價值為 160 億美元。我們對這些資產持有 15 億美元的債務本金。 Liberty SiriusXM Group 歸屬的總債務本金額為 117 億美元，其中包括 SiriusXM 直接持有的 95 億美元債務。 4 月份，Liberty SiriusXM 結算了其 2.125% SIRI 可交換資產中剩餘的 2.75 億美元。

Due to the net paydown at both SiriusXM and Liberty SiriusXM during the quarter, total attributed Liberty SiriusXM group debt was down $360 million from $331 million. This is exclusive of the debt reduction due to the reclassification. The 1.375% basket convertible notes mature in October and the $199 million principal remains on these notes. Liberty SiriusXM plans to exchange its 1.8 billion [BATRA] shares with one or more third-party lenders to pay down debt in the near term.

由於 SiriusXM 和 Liberty SiriusXM 在本季度的淨償付，Liberty SiriusXM 集團的總債務從 3.31 億美元減少了 3.6 億美元。這不包括由於重新分類而減少的債務。利率為 1.375% 的一籃子可轉換票據將於 10 月到期，這些票據的本金仍為 1.99 億美元。 Liberty SiriusXM 計劃與一個或多個第三方貸方交換其 18 億股 [BATRA] 股票，以在短期內償還債務。

Turning to the Formula One Group. At quarter end, adjusted for the split off and reclassification, Formula One Group had attributed cash, liquid investments and monetizable public holdings of $1.4 billion, which includes $1.1 billion of cash at F1.

轉向一級方程式車隊。截至季度末，根據分拆和重新分類進行調整後，一級方程式集團將現金、流動投資和可貨幣化的公共持股分配為 14 億美元，其中包括 F1 的 11 億美元現金。

In connection with the reclassification, approximately $100 million of cash as well as certain private and public assets previously held at Formula One Group were attributed to the Liberty Live tracking stock. This includes $33 million of ETF and public assets that were liquidated prior to the reclassification and made up a portion of the $100 million of cash that was contributed over.

與重新分類相關的是，大約 1 億美元的現金以及以前在一級方程式集團持有的某些私人和公共資產都歸屬於 Liberty Live 跟踪股票。這包括在重新分類之前清算的 3,300 萬美元的 ETF 和公共資產，這些資產構成了所捐贈的 1 億美元現金的一部分。

Total Formula One Group attributed principal amount of debt was $3 billion, which includes $2.4 billion of debt at F1, leaving $536 million at the corporate level. F1's $500 million revolvers undrawn and their leverage at quarter ends 2.2x. And as we mentioned last quarter, the margin on F1's term loan B permanently stepped down at 3% from 3.25 effective at the beginning of May. The F1 business is best analyzed on an annual basis given variability in the year-over-year race calendar. But I'll make a couple of brief remarks on their quarterly results.

一級方程式集團歸屬的債務本金總額為 30 億美元，其中包括 F1 的 24 億美元債務，公司層面債務為 5.36 億美元。 F1 的 5 億美元左輪手槍未動用，季度末的槓桿率為 2.2 倍。正如我們上季度提到的，F1 定期貸款 B 的保證金從 5 月初生效的 3.25 永久降至 3%。鑑於逐年比賽日曆的變化，F1 業務最好按年度進行分析。但我將對他們的季度業績做一些簡短的評論。

During the quarter, F1 recognized a lower proportion of season-based income due to 6 out of 22 races occurring during the period compared to 7 out of 22 that occurred in the prior year period.

本季度，F1 確認的基於賽季的收入比例較低，因為該期間發生的 22 場比賽中有 6 場，而去年同期發生的 22 場比賽中有 7 場。

F1 also recognized proportionately less team payments given 1 less race which was partially offset by expected increased team payments for the full year compared to 2022. Our team payments are best viewed on a year-to-date basis and represented 63% of pre-team EBITDA in the first half of the year. Formula One generated modest OIBDA growth in the quarter despite one less race held and incremental investments and growth initiatives that were not in the prior year period, like the Vegas race and F1 Academy as well as costs associated with the canceled Imola race.

F1 還確認，由於少了1 場比賽，團隊付款也相應減少，與2022 年相比，全年團隊付款的預期增加部分抵消了這一比例。我們的團隊付款最好以年初至今為基礎進行查看，佔團隊付款前的63%上半年 EBITDA。儘管舉辦的比賽減少了一場，並且增量投資和增長舉措（例如維加斯比賽和F1 學院）以及與取消的伊莫拉比賽相關的成本在上一年期間沒有增加，但一級方程式在本季度實現了小幅OIBDA 增長。

Given Imola was canceled on the Wednesday of race week, the majority of the race-related costs with regard to planning, logistics and setup had already been incurred. On a full year basis, we estimate the impact to adjusted OIBDA from the cancellation of Imola is modest at less than $20 million. Reminder that other costs of F1 revenue and SG&A are best viewed as a percent of total revenue.

鑑於伊莫拉在比賽週的周三取消，大部分與比賽相關的規劃、後勤和設置費用已經產生。就全年而言，我們估計伊莫拉取消對調整後的 OIBDA 的影響不大，不到 2000 萬美元。提醒您，F1 收入和 SG&A 的其他成本最好視為佔總收入的百分比。

Other cost of F1 revenue in the quarter was 24% of total revenue consistent with our historical average. Note that the LVGP-related revenues and other cost of sales will largely be incurred in the fourth quarter when the race occur. But for the quarter on SG&A, we had $7 million of costs associated with LVGP.

本季度 F1 收入的其他成本佔總收入的 24%，與我們的歷史平均水平一致。請注意，與 LVGP 相關的收入和其他銷售成本將主要在比賽發生時的第四季度產生。但在本季度的 SG&A 方面，我們有 700 萬美元與 LVGP 相關的成本。

On Vegas, as Greg already noted, there's no change to our revenue and profit expectations for the race in year one. Our Paddock building is now 85% complete. We expect CapEx related to the Vegas race, including both the Paddock building structure and track-related CapEx to be close to $400 million, of which approximately $155 million was incurred in the first half of the year.

在拉斯維加斯，正如格雷格已經指出的那樣，我們對第一年比賽的收入和利潤預期沒有變化。我們的圍場大樓現已完成 85%。我們預計與維加斯比賽相關的資本支出，包括圍場建築結構和賽道相關的資本支出將接近 4 億美元，其中約 1.55 億美元發生在今年上半年。

The majority of the CapEx spend will be incurred at the corporate level related to the Paddock building as the land and building both sit within F1 or FWON separate from Formula One. Track-related CapEx has and will be incurred at the F1-OPCO level. Our team has managed this project on a compressed timeline and in an inflationary environment. Much of our cost increase is attributed to track-related expenses incurred to be responsive to the concerns of the local community, such as minimizing disruption to businesses along the Strip.

大部分資本支出將發生在與 Paddock 大樓相關的公司層面，因為土地和大樓均位於 F1 或 FWON 內，與一級方程式分開。與賽道相關的資本支出已經並將在 F1-OPCO 層面產生。我們的團隊在壓縮的時間內和通貨膨脹的環境中管理了這個項目。我們的成本增加大部分歸因於為響應當地社區的擔憂而產生的軌道相關費用，例如盡量減少對拉斯維加斯大道沿線企業的干擾。

We have also invested in security enhancements and expenses incurred to ensure the quality of the fan experience with infrastructure changes to improve sidelines. We are working closely with our local Vegas partners and the speed and efficiency with which we have completed this project as a testament to these relationships. We are excited about our investment in Las Vegas and the associated opportunities for both the Grand Prix and year-round activities at the Paddock building.

我們還投資了安全增強和費用，以確保球迷體驗的質量，並通過基礎設施的改變來改善場外活動。我們正在與當地的維加斯合作夥伴密切合作，我們完成該項目的速度和效率證明了這些關係。我們對拉斯維加斯的投資以及大獎賽和圍場大樓全年活動的相關機會感到興奮。

At the Liberty Live Group, adjusted for the reclassification, there is attributed cash, liquid investments and monetizable public holdings of $204 million, which includes the ETF assets contributed from Formula One Group. In connection with the reclassification, the Formula One Group also has contributed private assets with a fair value of approximately $380 million, measured at the time of our definitive S4 filing. We do not anticipate providing ongoing updates to the value of these private assets.

Liberty Live Group 經重新分類調整後，歸屬於現金、流動性投資和可貨幣化公眾持股 2.04 億美元，其中包括一級方程式集團貢獻的 ETF 資產。在重新分類過程中，一級方程式集團還貢獻了公允價值約為 3.8 億美元的私人資產（按我們最終 S4 備案時的衡量）。我們預計不會持續更新這些私人資產的價值。

Additional disclosure on the composition of these assets can be found in the asset list posted to our website. There's $400 million of undrawn margin loan capacity at Liberty Live Group related to our Live Nation margin loan. And as of yesterday, the value of our Live Nation stock held at Liberty Live was $6 billion. We have $920 million in principal amount of debt against these holdings.

有關這些資產構成的更多披露可以在我們網站上發布的資產列表中找到。 Liberty Live Group 有 4 億美元的未提取保證金貸款能力與我們的 Live Nation 保證金貸款相關。截至昨天，Liberty Live 持有的 Live Nation 股票價值為 60 億美元。我們對這些資產負有 9.2 億美元的債務本金。

Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end. Looking quickly at the Braves.

Liberty 和我們的合併子公司在季度末遵守了債務契約。快速地看向勇士隊。

Let me interrupt you for one sec, Brian. As we turn to the Braves, I think I misspoke too early in the morning here and said it was a 56 capacity -- 56% capacity, the Brave stadium is actually at 96% capacity. Sorry, go ahead.

讓我打斷你一秒鐘，布萊恩。當我們談到勇敢者隊時，我想我早上說錯了，說這是 56 座容量——56% 的容量，勇敢隊體育場實際上有 96% 的容量。抱歉，請繼續。

Thank you, Greg, for clarifying that. So looking at the Braves, revenue growth reflects that 96% capacity in the quarter with more regular season home games in the period as well as increased game of tendency growth and related revenues, including ticket and concession revenue. Battery mixed-used revenue also grew due to increased rental income from existing and new tenants. Baseball operating costs grew in the second quarter, primarily due to increased player payroll, as well as increased payments under MLB's revenue sharing plan and higher variable stadium operating costs due to the increased attendance.

謝謝格雷格的澄清。因此，看看勇士隊，收入增長反映出本季度 96% 的運力，期間有更多常規賽主場比賽，以及比賽趨勢增長和相關收入（包括門票和特許權收入）的增加。由於現有和新租戶的租金收入增加，電池混合用途收入也有所增長。第二季度棒球運營成本有所增長，主要是由於球員工資增加、美國職業棒球大聯盟收入分享計劃下的付款增加以及由於上座率增加而導致可變體育場運營成本增加。

At quarter end and adjusted for the split off, they had attributed cash and liquid investments of $131 million, which excludes $52 million of restricted cash. And Atlanta Braves Holdings had attributed principal amount of debt of $543 million. And with that, I'll turn it over to Stefano to discuss Formula One.

截至季度末，經分拆調整後，他們歸屬於 1.31 億美元的現金和流動投資，其中不包括 5200 萬美元的限制性現金。亞特蘭大勇士隊控股公司的債務本金為 5.43 億美元。接下來，我將把它交給斯特凡諾來討論一級方程式。

Thanks, Brian, and good morning to everyone. We are already over halfway through the 2023 Formula One season. I would first like to congratulate Red Bull and Max Verstappen on their incredible performance decision, breaking an all-time record on consecutive wins. The title field behind them has produced incredible action for all our fans, and I believe the [gas] will continue to close over time for all the teams. In Silverstone, the top 6 finishers crosses the line within 13 seconds of one another.

謝謝布萊恩，大家早上好。 2023 年一級方程式賽季已經過半。我首先要祝賀紅牛和馬克斯·維斯塔潘做出了令人難以置信的表現決定，打破了連續獲勝的歷史記錄。他們身後的冠軍賽場為我們所有的球迷帶來了令人難以置信的行動，我相信隨著時間的推移，所有球隊的[氣體]將繼續關閉。在銀石賽道上，前 6 名選手在 13 秒內相互衝過終點線。

Hungary had one of the most thrilling qualifying rounds to date. With the top 6 all within 3/10 of a second. McLaren's performance improvements following recent upgrades has delighted fans with London's second place podiums at Silverstone and Hungary and strong drive from Piastri.

匈牙利隊經歷了迄今為止最激動人心的預選賽之一。前 6 名全部在 3/10 秒內完成。邁凱倫在最近升級後的性能提升令車迷們欣喜不已，他們在倫敦銀石賽道和匈牙利站登上了領獎台，並獲得了第二名，而皮亞斯特里的強勁動力也讓車迷們欣喜不已。

Our fans are accessing F1 content across multiple media platforms. Global audience averaged 68 million through the first 8 races. In growth market like the U.S. viewership over the same period is up 5% on ESPN and events like Monaco have grown of 29% compared to last year's U.S. viewership.

我們的車迷正在通過多個媒體平台訪問 F1 內容。前 8 場比賽的全球觀眾平均人數為 6800 萬。在像美國這樣的增長市場，ESPN 的同期收視率增長了 5%，而摩納哥等賽事的收視率與去年美國的收視率相比增長了 29%。

The sprint Series have continued to both generate excitement on the track and drive viewership growth. At Azerbaijan, our first sprint of the season, total weekend viewership of across the race and sprint events was up 10% versus 2022. We recognize that sport fans today engage with content across a variety of platforms, including linear, digital and social. Across our social media channels, F1 reached 64.6 million followers as of Q2, up 29% year-over-year. F1 continues to adapt and expand our content to gather to different platforms and serve all segments of fans.

衝刺系列賽繼續在賽道上引起興奮並推動收視率增長。在阿塞拜疆，我們本賽季的第一個衝刺賽，整個比賽和衝刺賽的周末總收視率比2022 年增長了10%。我們認識到，如今的體育迷通過各種平台（包括線性平台、數字平台和社交平台）參與內容互動。截至第二季度，F1 在我們的社交媒體渠道上擁有 6460 萬粉絲，同比增長 29%。 F1不斷調整和擴展我們的內容，以聚集到不同的平台並服務於所有細分的粉絲。

For example, at the Hungarian Grand Prix, we piloted our first ever F1 broadcast for kids in partnership with Sky UK in Germany. In just one day, social media coverage for the announcement of the [Kitkat] and the presentation that drivers avatars reached more than 45 million users with 93 million impressions and hugely positive sentiment. F1 celebrity presence continues to be a large draw for fans. For example, F1 social post featuring Shakira at the Spanish Grand Prix generated over 50 million impressions and over 2 million engagement.

例如，在匈牙利大獎賽上，我們與德國 Sky UK 合作試行了首次針對兒童的 F1 轉播。僅僅一天之內，社交媒體對 [Kitkat] 的發布和駕駛員頭像演示的報導就覆蓋了超過 4500 萬用戶，獲得了 9300 萬次展示和巨大的積極情緒。 F1 名人的出現仍然對車迷具有很大的吸引力。例如，夏奇拉在西班牙大獎賽上的 F1 社交帖子產生了超過 5000 萬次展示和超過 200 萬次參與。

[As filming] for the Apple TV movie began, the post of Silverstone with Brad Pitt and Damson Idris lining up at the back of the grid generated 2.8 million engagement and over 7,000 comments.

Apple TV 電影[拍攝]開始後，布拉德·皮特(Brad Pitt) 和達姆森·伊德里斯(Damson Idris) 站在銀石賽道後排的帖子吸引了280 萬次參與和7,000 多條評論。

The social (inaudible) when the Yuki Tsunoda and his AlphaTauri teammates help the community after the flood in Faenza generated almost 15 million social impressions. F1 is considering how to advance our approach to audience measurement, add consumer behavior, evolve to better capture, have a wider viewership and engagement for the future.

法恩扎洪水過後，Yuki Tsunoda 和他的 AlphaTauri 隊友為社區提供幫助時的社交活動（聽不清）產生了近 1500 萬次社交印象。 F1 正在考慮如何改進我們的受眾測量方法、添加消費者行為、不斷發展以更好地捕捉內容、在未來擁有更廣泛的收視率和參與度。

Our discussion with commercial partners successfully focused on these broader engagement metrics. The promoters continue to improve the quality of Grand Prix events and invest in enhancing the overall fan experience. We have seen the results of these efforts with continued sellout races, many at increased capacity. The Canadian and Silverstone Grand Prix both set new attendance records with crowds of 345,000 and 4,800,000 respectively. Silverstone attendance was up 20% compared to last year, in part due to cultivating fan experience across the entire race weekend, including a Calvin Harvey's Corners on Thursdays, evening before on-track activity started. We will continue to work with our promoters on these reports. The success of their events is beneficial to the entire F1 ecosystem.

我們與商業合作夥伴的討論成功地集中在這些更廣泛的參與度指標上。主辦方不斷提高大獎賽賽事的質量，並投資於增強球迷的整體體驗。我們已經看到了這些努力的成果，門票售罄的比賽持續進行，其中許多比賽的容量有所增加。加拿大大獎賽和銀石大獎賽均創下觀眾人數新紀錄，觀眾人數分別達到 345,000 人和 4,800,000 人。銀石賽道的上座率比去年增加了 20%，部分原因是在整個比賽週末培養車迷體驗，其中包括週四賽道活動開始前的卡爾文·哈維彎角比賽。我們將繼續與我們的發起人就這些報告進行合作。他們賽事的成功有利於整個F1生態系統。

There are growing ways to engage with F1 outside of race weekends. Our F1 Arcade licensees announced further expansion plans. With new sites opened in Birmingham in the U.K. this December and Boston in May 2024.

在比賽週末之外，參與 F1 的方式越來越多。我們的 F1 Arcade 授權商宣布了進一步的擴張計劃。今年 12 月在英國伯明翰開設了新站點，並於 2024 年 5 月在波士頓開設了新站點。

Football at Flagship London location grew 16% in Q2 compared to the prior quarter with an average of over 7,000 visitors per week. In June, EI launched the F1 23 video game. In its first week, the game ranked in #2 and #3 in U.K. Games and Global's Steam sales chart, respectively.

與上一季度相比，倫敦旗艦店的足球場次在第二季度增長了 16%，平均每周有超過 7,000 名訪客。 6月，EI推出了F1 23視頻遊戲。發售第一周，該遊戲在英國遊戲和全球 Steam 銷量排行榜上分別排名第二和第三。

And finally, F1 related podcasts are increasingly providing other content to engage our fans. A new Formula Y podcast launched in May, it reached #1 in the U.S. and U.K sport podcast channels, performing particularly well among newer fan cohort with 35% of its audience in the U.S. and 30% of its audience female.

最後，F1 相關播客越來越多地提供其他內容來吸引我們的粉絲。一個新的 Formula Y 播客於 5 月推出，在美國和英國體育播客頻道中排名第一，在新粉絲群體中表現尤其出色，其中 35% 的觀眾來自美國，30% 的觀眾為女性。

Tune in to raise an update on our commercial agreements. On race promotion, we recently announced a further extension of Austrian Grand Prix throughout 2030. Hungary also extended through 2032, with commitments made by the promoter to invest significantly in their physical infrastructure, including a new pit building and Main Grandstand by 2026.

請關注我們的商業協議的最新動態。在賽事宣傳方面，我們最近宣布將奧地利大獎賽進一步延長至 2030 年。匈牙利也延長至 2032 年，主辦方承諾在 2026 年之前大力投資其實體基礎設施，包括新的維修站建築和主看台。

We announced a record-breaking 24 races Championship calendar for 2024, with the return of the race in China for the first time since 2019. F1 is further progressing on journey towards greater regionalization of the calendar where possible, including back-to-back races in Japan and China as well as Abu Dhabi and Qatar.

我們宣布了 2024 年破紀錄的 24 場比賽的錦標賽賽程，該賽事自 2019 年以來首次重返中國。F1 正在盡可能實現賽程區域化的進程中取得進一步進展，包括背靠背比賽日本和中國以及阿布扎比和卡塔爾。

This improves the efficiency of our operations and reduce unnecessary lags in our travel, particularly from a freight perspective. On media rights, we entered into a multiyear agreement with Tencent to stream F1 event across its digital platform. This complements our existing coverage in China on CCTV.

這提高了我們的運營效率，並減少了旅行中不必要的延誤，特別是從貨運角度來看。在媒體版權方面，我們與騰訊簽訂了一項多年協議，將在其數字平台上直播 F1 賽事。這補充了我們中央電視台現有的中國報導。

Additionally, we continue to grow F1 TV Pro and access subscribers with particular strength in the U.S. market. On sponsorship, Heineken extended their global partnership in a new multiyear deal. As previously announced, they will also be the official title partners of the Formula One Heineken Silver Las Vegas Grand Prix. The relevance of F1 brands continue to generate interest in sponsorship opportunity, including leveraging our sustainability strategy and new inventory like Las Vegas.

此外，我們繼續發展 F1 TV Pro 並吸引在美國市場具有特殊實力的訂戶。在讚助方面，喜力通過一項新的多年期協議擴展了他們的全球合作夥伴關係。正如之前宣布的，他們也將成為一級方程式喜力銀牌拉斯維加斯大獎賽的官方冠名合作夥伴。 F1 品牌的相關性繼續引起人們對贊助機會的興趣，包括利用我們的可持續發展戰略和拉斯維加斯等新庫存。

We are focused on delivering incremental value to our existing sponsors and further developing our strong pipeline of new commercial partners. We are just over 3 months away from the inaugural Las Vegas Grand Prix. The Las Vegas Grand Prix will provide an unparalleled guest experience, combining the thrill of Formula 1 racing with premium live entertainment, musical acts, world-class culinary offering and more. We continue to grow our fan offerings with new partnerships, ensuring all partner venues meet the quality standards our fans expect and deserve.

我們專注於為現有贊助商提供增量價值，並進一步發展我們強大的新商業合作夥伴渠道。距離首屆拉斯維加斯大獎賽僅剩 3 個多月的時間。拉斯維加斯大獎賽將提供無與倫比的賓客體驗，將一級方程式賽車的刺激與優質的現場娛樂、音樂表演、世界一流的美食等融為一體。我們繼續通過新的合作夥伴關係來增加我們的粉絲服務，確保所有合作場地都達到粉絲期望和應得的質量標準。

Most recently, we were excited to announce additional hospitality experience including the Heineken House, Club SI and Club Paris as well as a partnership with Hilton Grand Vacation to host a premier on-track hospitality suite.

最近，我們很高興地宣布額外的接待體驗，包括喜力之家 (Heineken House)、Club SI 和 Club Paris，以及與希爾頓分時度假俱樂部 (Hilton Grand Vacation) 合作，打造一流的賽道接待套房。

Musical acts, including Jay Belding, Major Lazer, Mark Robson with a headline with a T-mobile zone at the Sphere Stage with many high-profile music and DJ acts still to be announced. The beverage brand Liquid Death was named as official event partner and will provide fans with a more sustainable alternative to single-use plastic through their beverage offerings.

音樂表演包括 Jay Belding、Major Lazer、Mark Robson，頭條新聞是 Sphere 舞台上的 T-mobile 區域，還有許多備受矚目的音樂和 DJ 表演仍有待公佈。飲料品牌 Liquid Death 被指定為官方賽事合作夥伴，並將通過其飲料為粉絲提供更可持續的一次性塑料替代品。

Formula One and Liberty have made a long-term commitment to race in Las Vegas and have invested meaningful capital to make it happen. The team, led by Renee Wilm has built incredible partnership with the local community, all of whom stand to benefit from the tremendous economic value we believe Formula One will bring. The Las Vegas team worked with third parties in gathering market-based data and estimated the economic impacts to Las Vegas in year one of the race will be over $1.2 billion.

一級方程式賽車和自由車隊對在拉斯維加斯舉行的比賽做出了長期承諾，並投入了大量資金來實現這一目標。由 Renee Wilm 領導的團隊與當地社區建立了令人難以置信的合作夥伴關係，我們相信一級方程式將帶來巨大的經濟價值，所有這些社區都將從中受益。拉斯維加斯團隊與第三方合作收集基於市場的數據，預計比賽第一年對拉斯維加斯的經濟影響將超過 12 億美元。

This is an additional to meaningful community efforts focused on food insecurity, water conservation and access to education in Southern Nevada. We are proud of the work our team is doing and are confident that Las Vegas Grand Prix will weigh the global sporting community this November.

這是對內華達州南部的糧食不安全、水資源保護和教育機會等有意義的社區努力的補充。我們為我們團隊所做的工作感到自豪，並相信拉斯維加斯大獎賽將在今年 11 月影響全球體育界。

Finally, F1 continues to progress our sustainability and diversity and inclusion efforts. F1 Academy began its inaugural season in Austria in April and is now through 6 of 7 races. The season finale will take place in Austin, alongside the F1 race we can with Marta Garcia leading the championship. Last week, we announced that all 10 Formula One teams will have F1 Academy drivers and liveries for the 2024 season.

最後，F1 繼續推進我們的可持續發展、多樣性和包容性努力。 F1 學院於 4 月在奧地利開始了首個賽季，目前已完成 7 場比賽中的 6 場。賽季決賽將在奧斯汀舉行，同時 F1 比賽將由瑪塔·加西亞 (Marta Garcia) 領跑。上週，我們宣布所有 10 支一級方程式車隊都將擁有 2024 年賽季的 F1 學院車手和製服。

This demonstrates the depth of support across the F1 community for the importance of F1 Academy grassroots initiatives. Building the next generation of young women in races tends to provide tremendous benefit for the entire F1 ecosystem. F1 has also progressed initiatives this season in environmental sustainability.

這表明了整個 F1 社區對 F1 學院基層舉措重要性的深度支持。培養下一代年輕女性參加比賽往往會給​​整個 F1 生態系統帶來巨大的好處。 F1 本賽季還在環境可持續發展方面取得了進展。

In Austria, we piloted an energy-efficient power system that delivered a 90% reduction in carbon emissions from operating the Paddock pit lane and F1 broadcast area. Additionally, a new fleet of biofuel trucks operated by DHL are delivering our broadcast production, technical and other equipment for the European events of the 2023 season, which we expect will reduce our road freight emissions by a minimum of 60% compared to traditional fuel vehicles.

在奧地利，我們試點了一種節能電力系統，使 Paddock 維修區和 F1 廣播區運營過程中的碳排放量減少了 90%。此外，由 DHL 運營的新生物燃料卡車車隊正在為 2023 年賽季的歐洲賽事提供轉播製作、技術和其他設備，我們預計與傳統燃油車輛相比，這將使我們的道路貨運排放量減少至少 60% 。

The Formula Two and Formula Three cars are successfully running on 55% advanced sustainable fuels this season and we remain on track to introduce 100% advanced sustainable fuels to Formula One in 2026. We are also encouraged by the increased awareness and openness of governments to include advanced sustainable fuels in their policy road maps to net zero, something F1 will continue to be at the forefront of pushing.

本賽季二級方程式賽車和三級方程式賽車成功使用55% 先進的可持續燃料，我們仍有望在2026 年為一級方程式賽車引入100% 先進的可持續燃料。我們還對各國政府日益提高的認識和開放態度感到鼓舞，包括在其政策路線圖中提出先進的可持續燃料以實現淨零排放，F1 將繼續走在推動這一目標的最前沿。

We look forward to an exciting rest of the season, and of course, a well-deserved summer break for our teams. The season will resume in Netherlands later this month before going to Monza. The gaps are getting increasingly closer within the pack on the grid.

我們期待著本賽季的剩餘比賽，當然，我們的球隊也將享受一個當之無愧的暑假。本賽季將於本月晚些時候在荷蘭恢復，然後前往蒙扎。網格上的差距越來越近。

We have 3-month sprint series to come in Austin, Qatar and Brazil. Our business is in a position of incredible strength, both financially and commercially and I look forward to updating you on our progress. Avanti tutta! "Full speed ahead".

我們將在奧斯汀、卡塔爾和巴西舉辦為期 3 個月的衝刺系列賽。我們的業務在財務和商業方面都擁有令人難以置信的實力，我期待著向您通報我們的最新進展。阿凡提圖塔！ “全速前進”。

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

現在我將把電話轉回給格雷格。謝謝。再見。

Thanks, Stefano and Brian. Our Annual Investor Day will be Thursday, November 9, in New York, please save the date. Additional details will be provided soon. We hope to see many of you there. We do appreciate your continued interest in Liberty Media and Atlanta Braves Holdings.

謝謝斯特凡諾和布萊恩。我們的年度投資者日將於 11 月 9 日星期四在紐約舉行，請記好日期。更多詳細信息將很快提供。我們希望在那裡見到你們中的許多人。我們非常感謝您對 Liberty Media 和亞特蘭大勇士隊控股公司的持續關注。

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

那麼，接線員，我想開通提問熱線。

(Operator Instructions) Our first question comes from Stephen Glagola with Cowen & Company.

（操作員說明）我們的第一個問題來自 Cowen & Company 的 Stephen Glagola。

Greg, can you help us better understand monetization of the Las Vegas Paddock outside of the Grand Prix in 2024 and beyond. So what type of events do you plan on holding? Any early indicators on sponsorship interest outside of the Grand Prix? And do you expect this OIBDA contribution match -- to match or exceed the Vegas Grand Prix over time?

Greg，您能否幫助我們更好地了解 2024 年及以後大獎賽之外拉斯維加斯圍場的貨幣化情況。那麼您打算舉辦什麼類型的活動？大獎賽之外有任何關於贊助興趣的早期指標嗎？您是否期望這場 OIBDA 貢獻比賽能夠趕上或超過維加斯大獎賽？

I will manage expectations first and say I do not expect it will exceed the amount we'll make in the Grand Prix over time. But with that, we have Renee Wilm here, who's running our Las Vegas effort. I'll let her comment on some of the things we're thinking about outside the race.

我會首先管理期望，並表示我預計隨著時間的推移，它不會超過我們在大獎賽中的收入。不過，蕾妮·威爾姆 (Renee Wilm) 也在這裡，她負責我們拉斯維加斯的工作。我會讓她評論我們在比賽之外考慮的一些事情。

Thanks, Greg. Happy to. So we are just beginning to really scratch the surface on what is available for us on a go-forward basis with the building. We have had a number of inbound requests. Think about Super Bowl parties. Think about something relating to racing, maybe karting, high-end supercars. Of course, Las Vegas is the convention center of the world, lots of interest in our state-of-the-art LED certified, I'm sorry, LEED certified building. Many of our partners in the F1 ecosystem are very interested in working with us throughout the year. So all I could say is a lot more to come over the next few months.

謝謝，格雷格。高興。因此，我們才剛剛開始真正了解這座建築的未來發展方向。我們收到了許多入站請求。想想超級碗派對。想想與賽車有關的東西，也許是卡丁車、高端超級跑車。當然，拉斯維加斯是世界會議中心，人們對我們最先進的 LED 認證建築（對不起，LEED 認證建築）很感興趣。 F1 生態系統中的許多合作夥伴都非常有興趣全年與我們合作。所以我只能說未來幾個月還會有更多的事情發生。

And if I could squeeze in one more. How should we interpret what appears to be some recent conflicting comments from the FIA with regards to an early renewal. And then the concrete agreement and then the appetite of new team entrants. And maybe just like more high-level, Greg, do you see any conflicts of interest with your vision of the sport long term versus what the FIA views?

如果我能再擠進一張就好了。我們應該如何解釋國際汽聯最近關於提前續約的一些看似相互矛盾的評論。然後是具體協議，然後是新團隊成員的胃口。也許就像更高級別的人一樣，格雷格，您認為您對這項運動的長期願景與國際汽聯的看法之間是否存在任何利益衝突？

Well, I'll make a comment or 2, and then I'll let Stefano add. I think there's little daylight between Stefano and my view, which is we have 10 great teams. We're very excited about what they're doing. There is a process to add more teams, but the bar is very high, and it's unclear what an 11th team value they would add. And there is a lot of uncertainty among the other teams about an 11th team. The FIA and we have had productive discussions about all this. Do we agree on everything every moment? No. We discuss it, and we hopefully work things out. Stefano, what would you add?

好吧，我會發表評論或 2，然後我會讓 Stefano 補充。我認為斯特凡諾和我的觀點之間幾乎沒有什麼區別，我的觀點是我們有 10 支偉大的球隊。我們對他們所做的事情感到非常興奮。增加更多球隊有一個過程，但門檻非常高，而且還不清楚他們會增加第 11 支球隊的價值。而其他球隊對於第11支球隊也存在很大的不確定性。國際汽聯和我們就這一切進行了富有成效的討論。我們每時每刻都在所有事情上達成一致嗎？不。我們會討論這個問題，希望能夠解決問題。斯特凡諾，你想補充什麼？

I think, Greg, you said it perfectly. I mean, as we start the process as it is in their possibility. We are waiting for the final conclusion. But as always in this discussion, we will find an agreement together, because as you said, the value of the team and the value of the business today is very, very strong. So that decision, that information will come very, very soon, I would say, within the month of September.

我認為，格雷格，你說得很完美。我的意思是，當我們開始這個過程時，因為這是他們的可能性。我們正在等待最終結論。但一如既往，在這次討論中，我們將共同達成一致，因為正如您所說，當今團隊的價值和業務的價值非常非常強大。所以我想說，這個決定、這個信息將會很快就會在九月份內到來。

Our next question comes from Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

On F1, any -- what's your sense of optimism about potentially signing a concrete agreement with the teams this year, which would be a couple of years early. And Stefano, when you look at the product this year, obviously, being dominated by one team, how do you look at that relative to all of the changes you guys have made around driving more parity into the sport? Do you see this as a step backwards or just sort of the natural way the sport evolves unpredictably over time?

在 F1 方面，您對今年可能與車隊簽署具體協議的樂觀程度如何，這將提前幾年。斯特凡諾，當你看到今年的產品時，顯然，由一支團隊主導，相對於你們為推動這項運動更加平等所做的所有改變，你如何看待這一點？您是否認為這是一種倒退，或者只是這項運動隨著時間的推移不可預測地發展的自然方式？

And then I just had one Braves question for you guys. There's been some teams that have left Diamond and gone on to new business models in different sports. What does that tell you, if anything, about how you think about the Braves opportunity over the next couple of years as this Diamond process plays out?

然後我想問你們一個勇敢者隊的問題。有些球隊已經離開了鑽石，並在不同的運動項目中採用了新的商業模式。隨著鑽石進程的展開，這告訴你什麼（如果有的話）你如何看待未來幾年勇士隊的機會？

I'll let Stefano take the first 2 and I'll take a shot at the Diamond question, and obviously, Derek, if you have things to add. But Stefano, why don't you speak first?

我會讓 Stefano 回答前 2 個問題，然後我會回答 Diamond 問題，顯然，Derek，如果你有什麼要補充的。但是斯特凡諾，你為什麼不先說話呢？

Yes. Thanks, Greg. I mean, I would say, first of all, I think it's the right moment to celebrate the incredible job that this company is doing with that car. Because if you see the other car and where the odds are in terms of gap, it's just incredible how much is doing an incredible job. But that has been always part of Formula One and I would say this is part of the game. I'm pretty sure that in the next couple of years, the term of technical doubts would be reduced, but if someone is great, we need to see the great what is doing. And sometimes, I have to say, that it is also the need to confirm the legacy of someone, they're doing some spectacular stuff.

是的。謝謝，格雷格。我的意思是，我想說，首先，我認為現在是慶祝這家公司在這輛車上所做的令人難以置信的工作的合適時機。因為如果你看到另一輛車以及差距的可能性，你會發現有多少人在做著令人難以置信的工作。但這一直是一級方程式賽車的一部分，我想說這也是比賽的一部分。我很確定，在接下來的幾年裡，技術疑慮的期限將會減少，但如果有人很優秀，我們就需要看看他們正在做什麼。有時，我不得不說，這也是需要確認某人的遺產，他們正在做一些引人注目的事情。

And in certain markets, mainly the new one, you can say that it's also putting an incredible legacy because that means something. If you're able to win so many races, I mean you are really a great leader. So nothing negative in that perspective. And if you look back, I would say these are something -- this has been always part of F1 history. With regard to Concorde agreement, I would say today, conversation are really going ahead because the momentum of the sport is really great. Of course, we are not in a rush, but I would say that all things are heading to a positive conclusion for this discussion, both with the teams and the FIA.

在某些市場，主要是新市場，你可以說它也留下了令人難以置信的遺產，因為這意味著一些東西。如果你能夠贏得這麼多比賽，我的意思是你真的是一個偉大的領導者。所以從這個角度來看沒有什麼負面的。如果你回顧過去，我會說這些都是 F1 歷史的一部分。關於協和協議，我今天想說，對話確實在繼續，因為這項運動的勢頭確實很大。當然，我們並不著急，但我想說的是，無論是與車隊還是國際汽聯的討論，所有事情都在朝著積極的結論發展。

On the Braves, I'll give my view, and Derek, please feel free to add. We're blessed to have an incredibly strong territory. 14 million broadband households, a fan base, which is very appreciative of a very successful team. And with a reasonable deal on what we are paid by Diamond or Valley, we think we are probably the most profitable (inaudible) than they have. Some of the other ones were less attractive either territories or less attractive fan bases or relatively less attractive revenue versus cost to Valley. And it's why in the bankruptcy proceedings, they were terminated as executory contract by Valley.

關於勇士隊，我會發表我的看法，德里克請隨時補充。我們很幸運擁有一個極其強大的領土。 1400萬寬帶家庭，有粉絲基礎，這是非常欣賞一個非常成功的團隊。如果我們與 Diamond 或 Valley 支付的費用合理，我們認為我們可能比他們最賺錢（聽不清）。其他一些項目要么是地域吸引力較小，要么是粉絲群體吸引力較小，要么是收入與成本相比對矽谷的吸引力相對較小。這就是為什麼在破產程序中，它們被Valley終止為可執行合同。

I don't anticipate that will happen for us because we have, for all the reasons I said it above, but I do think if it does happen, there will be other alternatives because of the strength of our product and the demand in our territory for that will generate us positive returns. Derek, you want to add anything?

我預計這種情況不會發生在我們身上，因為出於我上面所說的所有原因，我們已經發生了這種情況，但我確實認為，如果這種情況確實發生，由於我們產品的實力和我們地區的需求，將會有其他選擇因為這將為我們帶來積極的回報。德里克，你想補充什麼嗎？

Greg, thanks. You said it very well. I would just comment that, first of all, we and Valleys are both adhering to the terms of our agreement as we currently stand. We are being paid in full, and we are delivering our rights in full. So we don't see that changing anytime soon. And then just generally, I would just tell you, large sports content continues to be very desirable. So we think long term, this is a good position regardless of what happens.

格雷格，謝謝。你說得很好。我只想評論說，首先，我們和 Valleys 都遵守我們目前的協議條款。我們正在獲得全額報酬，我們正在充分履行我們的權利。所以我們認為這種情況不會很快改變。一般來說，我只想告訴你，大型體育內容仍然非常受歡迎。因此，我們認為從長遠來看，無論發生什麼，這都是一個很好的立場。

You guys want to comment on the next season today, just kidding.

你們今天想評論下一季，開個玩笑。

Our next question comes from Vijay Jayant with Evercore.

我們的下一個問題來自 Evercore 的 Vijay Jayant。

A couple for me. On Liberty Live, Greg, some of those private assets that moved from Formula One. Are there any ATBs there? And then just broadly, do you have some liquidity at Liberty Live? Is there any business strategy of buying venues or doing some stuff with Live Nation directly and growing sort of a real estate portfolio anything? Or is it purely to tackle any discount if that sort of remains? And on Formula One, I don't need to want to nitpick particularly, but the team payments, again, seem to be little lower than I would have thought and some implies like a [$1.3] billion. I know you said in the past that you are conservative. I know there's one less race. Is there any tough in the numbers that sort of impact the 2Q estimate?

給我一對。在 Liberty Live 上，格雷格（Greg）是從一級方程式轉移過來的一些私人資產。那裡有ATB嗎？總的來說，Liberty Live 是否有一些流動性？是否有購買場地或直接與 Live Nation 合作以及發展房地產投資組合等業務策略？或者純粹是為了解決折扣問題（如果這種情況仍然存在）？在一級方程式賽車上，我不需要特別挑剔，但車隊的報酬似乎比我想像的要低一些，有些暗示是[13億美元]。我知道你過去說過你很保守。我知道少了一場比賽。數據中是否有任何困難會影響第二季度的預測？

Okay, Vijay. A lot to unpack there, but thank you. On Liberty Live, look, I think we are looking for -- there is no ATB currently in that business to start. We are looking for businesses in there, which we think will be accretive and fit well potentially with the Live Nation strategy and we'd like to do things which were additive to us and pertains to be them in the future.

好吧，維杰。那裡有很多東西要解壓，但謝謝你。在 Liberty Live 上，我想我們正在尋找——目前該行業還沒有 ATB 可供啟動。我們正在那裡尋找業務，我們認為這些業務將具有增值性，並且有可能與 Live Nation 戰略非常契合，我們希望做一些對我們有益且適合未來發展的事情。

That gives us a wide latitude, but real estate certainly is on the list of things we think could be attractive, particularly real estate, which is anchored by Live Nation events. Our liquidity there is relatively light, so we'll have to be creative about the ways we do that, but we have some ideas.

這給了我們很大的自由度，但房地產無疑在我們認為可能有吸引力的事物清單上，尤其是以 Live Nation 活動為基礎的房地產。我們那裡的流動性相對較少，因此我們必須在實現這一目標的方式上發揮創意，但我們有一些想法。

Turning to Formula One, I noted couple of things. I think in general, how we look at the rest of the year, we feel good about where things stand very good. But some of the analysis about how payments were done and where it would flow between the third and fourth quarters. I think in general, we looked at our analysts as being slightly optimistic on 3 and slightly pessimistic on 4. The nature of the payouts, as you rightly noted, is it's conservative, and the timing of how the races fall impacts the payouts. Brian, what would you add?

談到一級方程式，我注意到了幾件事。我認為總的來說，我們如何看待今年剩下的時間，我們對目前的情況感覺很好。但有一些關於付款方式以及第三季度和第四季度之間付款流向的分析。我認為總的來說，我們的分析師對 3 略顯樂觀，對 4 略顯悲觀。正如您正確指出的那樣，支出的性質是保守的，並且比賽結束的時間如何影響支出。布萊恩，你會添加什麼？

Yes. I would just say the other thing that there's noise in the second quarter because of the rephasing and the impact of Imola so I would just have you look at the first 2 quarters together and look at that percentage. As we said in our remarks, we were at 63%.

是的。我想說的另一件事是，由於伊莫拉的重新調整和影響，第二季度出現了噪音，所以我會讓你們一起看看前兩個季度，看看這個百分比。正如我們在發言中所說，我們的比例為 63%。

Our next question comes from Bryan Kraft with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Kraft。

Greg, I had a couple for you on Liberty Sirius. I guess, first, a question that many investors often ask is why Liberty hasn't made its Sirius shares available for borrow, so that the market can be more efficient around that spread. So I would love to hear if you wouldn't mind sharing the rationale behind your decision not to do that. And then the second question is, I understand that the leverage is the sensitivity and a potential merger of Liberty Sirius with SiriusXM. Would it make sense for Liberty Sirius to sell some of its SIRI shares down to get closer to the 80% level. So you kind of stay above the 80%, but bring some cash in and then use that to reduce debt of Liberty Sirius. Are there any restrictions or considerations preventing you from doing that or discouraging for doing that?

格雷格，我在自由天狼星上給你準備了一些。我想，首先，許多投資者經常問的一個問題是，為什麼 Liberty 沒有提供其 Sirius 股票可供借用，以便市場在該價差周圍更加有效。因此，我很想听聽您是否介意分享您決定不這樣做的理由。第二個問題是，據我了解，槓桿是 Liberty Sirius 與 SiriusXM 的敏感性以及潛在的合併。 Liberty Sirius 出售其部分 SIRI 股份以接近 80% 的水平是否有意義？所以你可以保持在 80% 以上，但帶一些現金，然後用它來減少 Liberty Sirius 的債務。是否有任何限製或考慮因素阻止您這樣做或不鼓勵您這樣做？

Yes. I will let Ben Oren, if you're on Ben, I think you are, answer the first one after I'll answer the second first. I think that strategy, we are concerned -- or not concerned about the leverage. I think SIRI could support the leverage of the combined businesses to be clear. It might depend on how that was executed in terms of who bought them. But I think, in general, SIRI can support that leverage. I don't like the idea, and I think we at Liberty don't like the idea of trying to sell some shares because we have a very low tax basis in those and would be very tax inefficient.

是的。我會讓本·奧倫（Ben Oren）（如果你在本上，我想你是）在我先回答第二個問題之後回答第一個問題。我認為，就策略而言，我們關心——或者說不關心槓桿。我認為 SIRI 可以支持合併後業務的槓桿作用變得清晰。這可能取決於購買者的執行方式。但我認為，總的來說，SIRI 可以支持這種槓桿作用。我不喜歡這個想法，而且我認為我們自由集團也不喜歡嘗試出售一些股票的想法，因為我們的稅基非常低，而且稅收效率非常低。

And as I said, I think we can support the combination. We are continuing to look at ways to manage our leverage. We do get dividends out of SiriusXM. And from time to time, they have paid special dividends in general, over the last year plus, we've been applying that to reducing leverage. But I don't like the tax inefficient. We have a very low basis in those shares. Ben, do you want to address the borrow issue?

正如我所說，我認為我們可以支持這一合併。我們正在繼續尋找管理槓桿的方法。我們確實從 SiriusXM 中獲得了股息。有時，他們總體上會支付特別股息，在過去的一年裡，我們一直將其應用於降低杠桿率。但我不喜歡低效率的稅收。我們這些股票的基礎非常低。本，你想解決借用問題嗎？

Yes, sure. While we're very sympathetic to the borrow issue because it does create a lot of volatility. We've done a lot of work internally and with lawyers on the ability to actually lend out our shares. I think at this time, I'll probably just summarize to say there are legal -- there are different tax considerations to how any borrow facility or borrow of our shares would have to be structured that would make it relatively inefficient for any potential users.

是的，當然。雖然我們非常同情借貸問題，因為它確實造成了很大的波動。我們在內部並與律師一起做了很多工作，以了解實際借出我們的股票的能力。我想現在，我可能會總結一下，任何借貸便利或借入我們股票的結構都必須有不同的稅務考慮，這對於任何潛在用戶來說都是相對低效的。

So for now that, coupled with the optics to the extent that we were going to lend out our shares, what would the borrower be doing with those shares is probably why we will reluctantly not lend our shares for the time being, but we'll continue to look at it and if any of the legal or tax considerations alleviate never say never.

因此，就目前而言，結合我們要藉出我們的股票的程度，借款人將如何處理這些股票可能就是我們暫時不情願地不借出我們的股票的原因，但我們會繼續關注它，如果任何法律或稅收考慮減輕，永遠不要說永遠。

Our next question comes from David Karnovsky with JPMorgan.

我們的下一個問題來自摩根大通的大衛·卡諾夫斯基。

On the increased CapEx for Vegas, can you just remind us what the original projection was for Paddock and maybe expand a bit on the drivers, the increase spend? And then just on race promo, I'm curious, revenue was up versus last year in Q2. That's with the same mix of races minus Imola. Just wanted to see if you could comment on the drivers there? Were there any one-offs or kind of material step-ups that we could be aware of?

關於維加斯增加的資本支出，您能否提醒我們 Paddock 的原始預測是什麼，也許可以在驅動程序和增加的支出上進行一些擴展？然後，我很好奇，就比賽促銷而言，第二季度的收入比去年有所增加。這是除了伊莫拉之外的相同的比賽組合。只是想看看您是否可以對那裡的司機發表評論？是否有任何我們可以意識到的一次性或實質性的進步？

Brian, do you want to take the CapEx?

Brian，你想接受資本支出嗎？

Yes, I would say on the CapEx, we never officially gave a number. We said it at a proximated or slightly higher than the land purchase value.

是的，我想說的是，關於資本支出，我們從未正式給出過一個數字。我們所說的價格接近或略高於土地購買價值。

So we still have not given a firm number. We've just told you that we now think it will be larger than the amount that we are spending on the land.

所以我們還沒有給出確切的數字。我們剛剛告訴過您，我們現在認為這將大於我們在土地上的支出。

Yes, approximately [$400 million] is what we said.

是的，我們所說的大約是[4 億美元]。

Can you repeat the second question just to make sure I followed it.

您能否重複第二個問題以確保我遵循了它。

Yes. Sure. And just with the CapEx, if you could expand on just the drivers of the increase, that would be great. But on the second question, it was on...

是的。當然。就資本支出而言，如果您可以僅擴展增長的驅動因素，那就太好了。但關於第二個問題，它是關於...

Renee, do you want to comment on the drivers?

Renee，你想對司機發表評論嗎？

Yes, I'm happy to. So we've entered into a couple of challenges as we've uncovered asphalt, cables under the ground that needed to be addressed. There have been wires overhead that have needed to be moved. A lot of this was driven by the request and quite honestly, requirements of the local stakeholders as we began this process of preparing the track for actual usage. We've also encountered some additional requests from the local stakeholders, such as the casino properties around enhanced security, around opening and closing the track. So this has led to additional equipment that was needed as well as just additional actual road work.

是的，我很高興。因此，當我們發現地下的瀝青和電纜時，我們遇到了一些需要解決的挑戰。頭頂上有一些電線需要移動。當我們開始準備賽道以供實際使用時，這很大程度上是由當地利益相關者的要求驅動的。我們還遇到了當地利益相關者的一些額外要求，例如圍繞增強安全性、開放和關閉賽道的賭場財產。因此，這導致需要額外的設備以及額外的實際道路施工。

Of course, with regard to Paddock building, it is being built at lightning speed in an inflationary environment. So as you can imagine, there have also been some additional costs along the way in that regard.

當然，就Paddock大樓而言，它是在通貨膨脹的環境下以閃電般的速度建造的。正如您可以想像的那樣，在這方面還存在一些額外成本。

Great. Thanks, Renee. And to your second question about timing and revenue recognition, maybe you could repeat it, please.

偉大的。謝謝，蕾妮。關於時間安排和收入確認的第二個問題，也許您可​​以重複一遍。

Sure. It was just on race promo. The press release had noted it was up year-over-year. And I think you had the same number -- sorry, same mix of races, minus Imola. I just wanted to see if you could comment on the drivers there, if there were any one-offs or material step-ups to be aware of?

當然。這只是比賽宣傳片。新聞稿指出，該數字同比有所上升。我認為你們有相同的數字 - 抱歉，相同的種族組合，除了伊莫拉。我只是想看看您是否可以對那裡的司機發表評論，是否有任何一次性或實質性的升級需要注意？

No, I mean it's just regular contractual increases there, offset by the impact of the Imola race going away.

不，我的意思是，這只是定期的合同增長，被伊莫拉比賽取消的影響所抵消。

Thank you. Our next question comes from Stephen Laszczyk with Goldman Sachs.

謝謝。我們的下一個問題來自高盛的斯蒂芬·拉斯奇克（Stephen Laszczyk）。

Maybe for Greg and Renee on Las Vegas. I appreciate the focus for your year one is just fan experience. But maybe thinking into years 2 and beyond, are there any opportunities around the GP that have come more in the focus over the last 6 months that you're particularly excited about but might not be able to fit in time for this November.

也許是為了拉斯維加斯的格雷格和蕾妮。我很欣賞你們第一年的重點只是粉絲體驗。但也許考慮到第 2 年及以後，在過去 6 個月裡，圍繞 GP 是否有更多的機會讓你特別興奮，但可能無法及時適應今年 11 月的機會。

Just trying to think through the long-term vision and the profitability opportunity around Las Vegas compared to what we might see in year one.

只是試圖與我們在第一年可能看到的情況相比，思考拉斯維加斯周圍的長期願景和盈利機會。

Yes. I think we touched on some of this. I think both on the revenue side and the cost side, there will be opportunities both around the GP and outside the GP as we go into year 2. We moved with lightning speed, the F1 team, Renee's team to put this in place. And that's probably led to increased costs. And it's also meant that there are opportunities we had to not capitalize on, whether it be fan festivals, whether it be sporting events, whether it be music events, all of those things that are potentially can grow around the second and beyond GP. So those are all GP related. And I think we already touched on the fact, Renee touched on some of the things outside the GP that people are interested in, but I don't think we have more to talk about today in terms of numbers. This is our last question, operator?

是的。我想我們已經談到了其中的一些內容。我認為，無論是收入方面還是成本方面，當我們進入第二年時，GP 周圍和 GP 之外都會有機會。我們以閃電般的速度，F1 團隊和 Renee 的團隊將其落實到位。這可能會導致成本增加。這也意味著我們必須不利用一些機會，無論是粉絲節，無論是體育賽事，還是音樂活動，所有這些有可能在第二屆大獎賽期間和之後發展的事情。所以這些都與全科醫生相關。我認為我們已經談到了這樣一個事實，Renee 談到了人們感興趣的 GP 之外的一些事情，但我認為我們今天沒有更多可以在數字方面討論的內容。這是我們的最後一個問題，操作員？

Our last question comes from Marlane Pereiro with Bank of America.

我們的最後一個問題來自美國銀行的 Marlane Pereiro。

Just quickly on Sirius -- Liberty SiriusXM, is there sort of a target or an amount of debt you're looking to get down over the next year?

請快速談一下 Sirius -- Liberty SiriusXM，您希望在明年減少多少債務？

Well, I think I touched on this a little earlier. We are -- have looked at many perturbations and potential combinations with SiriusXM, all of them would involve in one form or another, adding the debt that's in LSXM to the SXM debt and, in some cases taking on incremental debt. So there is no particular target because we don't know exactly what path will follow. SiriusXM is a massive cash flow generator. One of the reasons why we're not -- another reason why we're not particularly interested in selling our stock, we're bullish on the prospects for the business and its continued ability to generate that cash.

嗯，我想我早些時候談到過這個問題。我們已經研究了許多擾動以及與 SiriusXM 的潛在組合，所有這些擾動都會以一種或另一種形式涉及，將 LSXM 中的債務添加到 SXM 債務中，並且在某些情況下承擔增量債務。所以沒有特定的目標，因為我們不知道到底會走什麼路。 SiriusXM 是一個巨大的現金流發生器。我們不這樣做的原因之一 - 我們對出售股票不特別感興趣的另一個原因是，我們看好該業務的前景及其持續產生現金的能力。

So any combination though it might have for a short period of time, a relatively high leverage amount or leverage 4x to 5x. We know that, that cash flow generating capabilities would allow the combined entity to pay that debt down back to the [3.5]target relatively quickly.

因此，任何組合都可能在短時間內擁有相對較高的槓桿金額或 4 倍至 5 倍的槓桿。我們知道，現金流產生能力將使合併後的實體能夠相對較快地將債務償還到[3.5]目標。

Got it. And are there any factors, I mean, I think for the most part, most think a combination would occur and perhaps makes sense. But are there any factors to consider as to why maybe a combination wouldn't happen?

知道了。有沒有什麼因素，我的意思是，我認為在大多數情況下，大多數人認為組合會發生並且也許是有意義的。但是否有任何因素需要考慮為什麼組合不會發生？

Well, I think you've got a -- you'll have an independent committee at SiriusXM, which will negotiate on behalf of their shareholders and their considerations, and you'll have Liberty representing LSXM and hopefully, there'll be a meeting of the minds, but there's always the potential that there is not an agreement between the 2 parties.

好吧，我認為 SiriusXM 會有一個獨立委員會，該委員會將代表股東及其考慮因素進行談判，並且 Liberty 代表 LSXM，希望能召開一次會議但兩方之間始終有可能無法達成一致。

Got it. I'll leave it there. Thank you.

知道了。我會把它留在那裡。謝謝。

Thank you very much to all our questioners. Thank you very much for all of you on the line for your interest in Liberty Media, and we look forward to speaking with you again next quarter, if not sooner. And I think we're done, operator. Thank you.

非常感謝所有提問者。非常感謝大家對 Liberty Media 的關注，我們期待在下個季度（甚至更早）再次與您交談。我想我們已經完成了，操作員。謝謝。

The conference has now concluded. Thank you for attending today's conference call. You may disconnect your lines at this time.

會議現已結束。感謝您參加今天的電話會議。此時您可以斷開線路。