Liberty Media Corp (LLYVA) 2024 Q2 法說會逐字稿

Welcome to Liberty Media's Corporation 2024 second quarter earnings conference call.

歡迎參加 Liberty Media 公司 2024 年第二季財報電話會議。

(Operator instructions) As a reminder, this conference will be recorded today, August 8.

（操作員指示）提醒一下，本次會議將於今天（8 月 8 日）進行錄製。

I would now like to turn the call over to Clare Adams, Senior Manager, Investor Relations.

現在我想將電話轉給投資者關係高級經理克萊爾亞當斯 (Clare Adams)。

Please go ahead.

請繼續。

Good morning.

早安.

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.

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》所定義的某些前瞻性陳述。

Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Media and Atlanta Braves Holdings with the SEC.

由於存在多種風險和不確定因素，實際事件或結果可能存在重大差異，包括 Liberty Media 和 Atlanta Braves Holdings 向美國證券交易委員會提交的最新 10-K 和 10-Q 表中提及的風險和不確定因素。

These forward-looking statements speak only as of the date of this call and Liberty Media, and Atlanta Braves Holdings expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking 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.

這些前瞻性陳述僅代表本次電話會議之日的觀點，Liberty Media 和亞特蘭大勇士控股明確表示不承擔任何義務或承諾傳播本文所含任何前瞻性聲明的任何更新或修訂，以反映 Liberty Media 或亞特蘭大勇士控股對此的預期變化或此類陳述所依據的事件、條件或情況的任何變化。

On today's call, we'll 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 Atlanta Braves 控股的某些非 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 and SiriusXM and Atlanta Braves Holdings, schedules one through three can be found at the end of the earnings press release issued today, which are available on Liberty Media and Atlanta Braves Holdings website.

今天發布的收益新聞稿末尾可以找到 Liberty Media 和 SiriusXM 以及 Atlanta Braves Holdings 所需的定義和對帳表一至三，新聞稿可在 Liberty Media 和 Atlanta Braves Holdings 網站上找到。

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

現在我想將電話轉給 Liberty 總裁兼執行長 Greg Maffei。

Thanks, Claire, and good morning to all.

謝謝，克萊爾，大家早安。

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.

今天參加電話會議的還有一級方程式賽車總裁兼執行長 Stefano Domenicali； Liberty 的首席會計兼財務長 Brian Wendling。

And also during Q&A, we will answer questions related to Atlanta Braves holdings and Braves management will be available to answer them as well.

在問答環節，我們將回答與亞特蘭大勇士隊控股有關的問題，勇士隊管理層也將現場解答。

So beginning with Liberty SiriusXM, the transaction is progressing towards close.

因此，從 Liberty SiriusXM 開始，交易正在逐步完成。

We've received FCC and FCC approvals.

我們已獲得FCC和FCC的批准。

We've set the shareholder meeting date for August 23, and we expect to close on September 9.

我們已將股東大會日期定為 8 月 23 日，預計 9 月 9 日結束。

You may note the adjusted merger exchange ratio has been reset to reduce the shares of new series by 90%.

您可能會注意到，調整後的合併交換比率已被重置，以減少新系列的股份 90%。

We expect the new series share price will be higher at close because of that.

因此，我們預計新系列的收盤價將會更高。

And we expect enhanced trading dynamics, including each increased potential for index inclusion.

我們預計交易動態將得到增強，包括每個指數納入潛力的增加。

I look forward to remaining chairman any meaningful shareholder.

我期待繼續擔任任何有意義的股東的董事長。

Turning now to SiriusXM itself.

現在來談談 SiriusXM 本身。

Company maintains its strong financial position, self-pay net adds improved sequentially and year-over-year, driven primarily by a reduction in voluntary churn.

本公司維持強勁的財務狀況，自付淨增額比上個季度和上年同期均有所改善，這主要得益於自願流失的減少。

EBITDA was flat versus the prior year, but eight-plus versus the first quarter.

EBITDA 與上年同期持平，但較第一季成長 8% 以上。

We expect solid margin and cash generation through the balance of 2024.

我們預計到 2024 年，利潤和現金流將保持穩健。

2024 is also going to be a peak CapEx year and we expect to return to free cash flow growth in the coming years.

2024 年也將成為資本支出的高峰年，我們預計未來幾年自由現金流將恢復成長。

We believe SiriusXM is attractive on a free cash flow multiple basis.

我們認為，SiriusXM 在自由現金流倍數方面具有吸引力。

Sirius continues to pursue growth opportunities beginning in the car with a new three year subscription with a new vehicle purchase at certain automakers.

Sirius 繼續尋求從汽車開始的成長機會，在某些汽車製造商購買新車時可享受新的三年訂閱服務。

Free access for free ad-supported platform, which aims to increase trials and win-back listeners.

免費存取免費廣告支援平台，旨在增加試用次數並贏回聽眾。

And 360L is continuing to drive improved share of listening in the car.

360L 將繼續推動汽車聆聽份額的提升。

Looking into streaming, series and launching new features and updates every month, and we've seen early improvements in multi-day listening.

透過研究串流媒體、系列節目以及每月推出的新功能和更新，我們已經看到了多日收聽的早期改進。

We've also seen increased engagement in the trial period versus the first quarter.

與第一季相比，我們也看到試用期內的參與度有所提升。

And finally, by pursuing smart unique content.

最後，追求智慧獨特的內容。

This SmartLess podcasts is kicking off this partnership in August, we have exclusive subscriber events featuring Howard Stern, jelly roll and many more.

SmartLess 播客將於 8 月啟動這項合作，我們將舉辦獨家訂閱活動，邀請霍華德斯特恩、Jelly Roll 等眾多明星參加。

Turning to Formula One Group.

轉向一級方程式車隊。

Despite early questions.

儘管早期存在疑問。

This is turning out to be one of the most competitive seasons, certainly in the start back to 2012 across the first 14 races, we've seen seven different race winners and eight drivers have been on the podium.

這是競爭最激烈的一個賽季，自 2012 年以來，在前 14 場比賽中，我們已經看到 7 位不同的比賽冠軍和 8 位車手登上頒獎台。

This is on track to have the closest constructors championship across the top four since 2012 as well.

這也有望成為自 2012 年以來車隊積分榜前四名之間最接近的。

The difference in time from front to back of grid at this point, the season is the closest also since the start of the current qualifying system in 2010.

此時發車區前後排的時間差，也是自 2010 年現行排位賽制度開始以來，本季最接近的一次。

Looking at the 2020 driver market continues to provide interest and excitement with Carlo science go into Williams pass announcing O'Connor joining as a current and current Ferrari reserve diver pyramid as well.

放眼 2020 年的車手市場，人們的興趣和興奮感將繼續增強，卡羅科學進入威廉斯車隊，並宣布奧康納也將加入車隊，成為現任法拉利後備車手金字塔的一員。

Germany showcasing the pipeline of support series talent that's delivering to Formula One. And the biggest open question remains what Mercedes do with its open seats.

德國展示了為 F1 系列賽提供支援的人才隊伍。而最大的懸而未決的問題仍然是梅賽德斯如何處理其空出的席位。

Looking now at the financial results for F1, we had a great first half year to date revenues up 29% and all of it is plus 35%, partially driven by three additional races in the period this year.

現在回顧 F1 的財務業績，我們上半年取得了不錯的成績，迄今為止收入增長了 29%，全部收入都增加了 35%，部分原因是今年期間增加了三場比賽。

We announced LVCVA as the official partner.

我們宣布LVCVA成為官方合作夥伴。

They're going to activate across 25 races in 2024 and 10 and 2025.

他們將在 2024 年的 25 場比賽、2025 年的 10 場比賽中發揮作用。

And we continue to successfully scale partners brought in through LVGP, we remain excited about our sponsorship pipeline.

我們繼續成功擴大透過 LVGP 引入的合作夥伴，我們對我們的贊助管道仍然感到興奮。

Let me turn briefly to motor GP.

讓我簡單談談汽車 GP。

The transaction is progressing well.

目前交易進展順利。

Regulatory funds are progressing on track, we've received foreign investment control clearance in both jurisdictions, even Italy and Spain, and we recently received merger clearance in Brazil and Australia.

監管資金正在按計劃推進，我們已獲得兩個司法管轄區甚至義大利和西班牙的外國投資管控批准，最近我們也獲得了巴西和澳洲的合併批准。

We continue to expect the transaction to close by year end.

我們仍然預計該交易將在年底前完成。

Moto GP, the racing has been awesome. (inaudible) quickly close the gap with Lori Martine for Martine just took the lean-back and Silverstone.

Moto GP，比賽非常精彩。 （聽不清楚）迅速縮小與 Lori Martine 的差距，因為 Martine 剛剛獲得了後傾角和銀石賽道的勝利。

We are seeing a very competitive title fight now separated by only three points and had lower GP 12 writers across 18 to them on the podium this season.

我們看到了一場非常激烈的冠軍爭奪戰，分差只有 3 分，本賽季 GP 12 的選手中，有 18 人的領獎台位置落後於他們。

Attendances up across our races with a new all-time attendance records set in mind.

我們舉辦的所有比賽的出席人數都有所增加，創下了歷史新高。

And Germany was at [253,000] was up 8% off an already record 2023 attendance number.

德國的出席人數為 [253,000]，比 2023 年創紀錄的出席人數增加了 8%。

Similar to F1 rider movements are fueling excitement.

類似F1的車手動作令人興奮不已。

We've also seen interesting movements in the constructors championship and tractors, a category rather with [Prima from ACT] switching from Ducati into Yamaha next season.

我們還看到了車隊錦標賽和拖拉機比賽中有趣的動向，這個類別的車隊 [來自 ACT 的 Prima] 下賽季將從杜卡迪換到雅馬哈。

The summer break ended last week and in Silverstone, we're excited for more action in the second half.

暑假上週結束了，在銀石賽道，我們期待下半場的更多比賽。

Turning briefly to Quint.

簡短地轉向昆特。

Some of the second quarter highlights, we had the [115] Kentucky Derby, which was an enormous success.

第二季的一些亮點是，我們有[115]肯塔基德比，這是一個巨大的成功。

The largest single event, executed a Quint history serving over 12,000 customers per day.

這是 Quint 史上規模最大的單一活動，每天服務超過 12,000 名顧客。

F1 experience assisting meaningful growth across eight races this year.

F1 經驗助力今年八場比賽取得有意義的成長。

And we've completed inaugural activations for several new partnerships, including the WNBA All-Star game and the men's and women's US open for the USGA.

我們還完成了幾項新合作的首次啟動，包括 WNBA 全明星賽以及美國高爾夫球協會 (USGA) 的男子和女子美國公開賽。

Turning to Live Nation, saw another record quarter with no signs of slowdown.

轉向 Live Nation，又迎來了一個創紀錄的季度，沒有放緩的跡象。

By 2024 is a year of AOI amphitheaters and arenas in the second quarter, despite stadium activity being lower concert attendance was up 5%.

到 2024 年，第二季將是 AOI 露天劇場和競技場蓬勃發展的一年，儘管體育場館活動較少，但音樂會出席人數卻增加了 5%。

AOI was up 21% with record concert segment profitability, and this was one of the top five quarters in history for ticket sales, revenue from on-site spending is also up double digits year to date, and cancellation rates for North America are tracking lower than last year.

AOI 上漲 21%，音樂會部分的盈利創下了歷史新高，這是歷史上門票銷售最高的五個季度之一，今年迄今為止，現場消費收入也實現了兩位數的增長，北美的取消率低於去年。

The ticketing and artist pipeline continues to expand globally.

票務和藝術家管道在全球範圍內持續擴張。

New orders, new artists have increased touring by 130% year to date, and two thirds of all total new enterprise tickets signed year to date are prominent.

新訂單、新藝術家的巡迴演出今年迄今增加了 130%，今年迄今簽署的所有新企業門票總額的三分之二都是知名門票。

Turning briefly venue nation.

簡要回顧會場國家。

We're continuing to see the enhancements made generate incremental revenue, major federal festivals average, per fan spend is up double digits year to date.

我們繼續看到這些改進產生了增量收入，主要聯邦節日的平均每位粉絲支出今年迄今已增加了兩位數。

The amphitheater average per fan spend is also expected to grow by $2 per fan and Live Nation plans to open 14 major global venues across 2024 and 2025.

露天劇場的每位粉絲平均消費預計也將增加 2 美元，Live Nation 計劃在 2024 年和 2025 年在全球開設 14 個主要場館。

Turning to the Braves.

轉向勇士隊。

We've had strong performance from key players the season through last weekend, the [zunya] led the National League with 86 RBIs, since April 12.

截至上週末，我們本賽季的主力球員表現十分出色，自 4 月 12 日以來，[zunya] 以 86 分打點領先國家聯盟。

Sale was had a 16.6 for ERA and free to set a 2.71 ERA, which ranked second and third respectively in the National League.

塞爾的防禦率為 16.6，自由設定防禦率為 2.71，分別位居國家聯盟第二和第三名。

Ahead of the trade deadline the Braves announced the return of (inaudible) to fill a key position in the outfield and right-handed pitcher Luke Jackson.

在交易截止日期之前，勇士隊宣布（聽不清楚）的回歸，以填補外野手和右投手盧克傑克森的關鍵位置。

Both players were on the 2021 World Series winning team.

兩名球員均是 2021 年世界大賽冠軍隊的成員。

Band demand remains strong per caps up in ticketing concessions year over year, there are 18,000 on the season ticket waitlist, and we've seen a 90% renewal to date on season tickets for 2025.

樂團需求依然強勁，門票優惠數量逐年增加，季票候補名單上有 18,000 人，到目前為止，我們已經看到 2025 年季票的續訂率達到 90%。

Several of the master planning projects completed earlier this year are already adding value and enhancing the fan experience.

今年稍早完成的幾個總體規劃項目已經增加了價值並提升了球迷體驗。

The new 60 foot, 6 inch, Jim Beam bar concessions are up double digits versus 2023 concessions in the same location.

與同一地點的 2023 年特許經營店相比，新的 60 英尺 6 英寸 Jim Beam 酒吧特許經營店數量增長了兩位數。

Recently, they've announced further upgrades ahead of the 2025 season, including a new seating product, the bullpen, which includes access to exclusive lounge underneath seats, an extension of the Coors Light Chop House seating area.

最近，他們宣布了 2025 年賽季前的進一步升級，包括推出新的座位產品——牛棚，其中包括進入座位下方的專屬休息室，這是 Coors Light Chop House 座位區的延伸。

Also, the Braves recently unveiled the logo to kick off the 2025 All-Star game.

此外，勇士隊最近還公佈了 2025 年全明星賽開幕標誌。

The Braves are thrilled to host the All-Star game, it's incredible opportunity to showcase the truest and the battery sections.

勇士隊非常高興能夠主辦全明星賽，這是一個展示最真實和最精彩部分的絕佳機會。

Now I'll turn over to Brian, for more on our financial results.

現在我將把話題交給布萊恩，讓他進一步介紹我們的財務表現。

Thank you, Greg, and good morning, everyone.

謝謝你，格雷格，大家早安。

At quarter end, Liberty SiriusXM Group had attributed cash of $88 million, excluding $100 million of cash held at SiriusXM.

截至季末，Liberty SiriusXM Group 已記入 8,800 萬美元現金，不包括 SiriusXM 持有的 1 億美元現金。

During the quarter, Liberty Sirius XM paid down $35 million under the margin loan, using cash on hand.

本季度，Liberty Sirius XM 使用庫存現金償還了 3,500 萬美元的保證金貸款。

There's $1.1 billion of undrawn margin loan capacity as of quarter end.

截至季末，未提取的保證金貸款額為 11 億美元。

As of August 7, the value of our SiriusXM stock was $10 billion, and we have $1.2 billion in principal amount of debt against these holdings.

截至 8 月 7 日，我們的 SiriusXM 股票價值為 100 億美元，並且我們對這些持股負有 12 億美元的本金債務。

Total Liberty SiriusXM Group attributed principal amount of debt is $10.9 billion, which includes $9.1 billion of debt at SiriusXM.

Liberty SiriusXM 集團所負債務本金總額為 109 億美元，其中包括 SiriusXM 的 91 億美元債務。

As Greg mentioned, the transaction with SiriusXM is expected to close on September 9, in connection with the transaction close, the 3.75% Liberty SiriusXM convertible notes and the 2.75% Sirius exchangeable notes will be assumed by new series and the margin loan will be retired.

正如 Greg 所提到的，與 SiriusXM 的交易預計將於 9 月 9 日完成，與交易完成相關，3.75% 的 Liberty SiriusXM 可轉換票據和 2.75% 的 Sirius 可交換票據將由新系列承擔，保證金貸款將被償還。

Following transaction close holders of the 2.75% exchangeable notes will have the right to require new series to repurchase the notes.

交易結束後，2.75% 可交換票據的持有人將有權要求新系列票據回購。

And we would expect the substantial majority of holders will exercise this right.

我們預期絕大多數持有者都會行使這項權利。

Turning to the Formula One Group, at quarter end, the Formula One Group had attributed cash liquid investments and monetizable public holdings of $1.5 billion, which includes $1.2 billion of cash at F1 and $58 million of Quint.

談到一級方程式集團，截至本季末，一級方程式集團已將現金流動投資和可貨幣化的公共持股量計入 15 億美元，其中包括 F1 的 12 億美元現金和 Quint 的 5800 萬美元。

Total Formula One Group attributed principal amount of debt was $2.9 billion, which includes $2.4 billion of debt at F1, leaving $30 million at the corporate level.

一級方程式集團的總債務本金為 29 億美元，其中包括 F1 的 24 億美元債務，剩下 3,000 萬美元屬於公司層級的債務。

F1 $500 million revolver is undrawn and their leverage at quarter end is 1.3 times.

F1 5 億美元的循環信貸尚未提取，季度末的槓桿率為 1.3 倍。

Both motor GP transaction is progressing well, we have syndicated all bridge financing commitments and reduced the total commitment from $2 billion to $1.65 billion.

兩家汽車GP的交易進展順利，我們已經將所有過橋融資承諾聯合起來，並將總承諾從20億美元減少到16.5億美元。

Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing, at the F1 [OpCo] level.

請注意，16.5 億美元的承諾預計將在 F1 [OpCo] 級別以現金和債務融資相結合的方式取代。

We also entered into commitments for $150 million incremental term loan A, and Formula One, a conditioned on the transaction close.

我們也承諾提供 1.5 億美元增量定期貸款 A，以及一級方程式貸款，但條件是交易完成。

And we obtained commitments from banks to provide Dorner with a new EUR150 million term loan A and an upsized EUR100 million revolver to be entered into, after and subject to transaction closed and to be used by Dorner for general corporate purposes.

並且，我們獲得了銀行的承諾，將為 Dorner 提供一筆新的 1.5 億歐元定期貸款 A 和一筆增加的 1 億歐元循環貸款，這些貸款將在交易結束後簽訂，並將由 Dorner 用於一般公司用途。

Looking at the F1 business, I will again remind you that the business is best analyzed on an annual basis given variability in year-over-year race calendar.

縱觀 F1 業務，我想再次提醒您，由於每年的賽事日程表都有變化，因此最好按年度進行分析。

With that said, I'll make a few brief remarks on the quarterly results, but would very much encourage you to focus on the year to date results.

話雖如此，我將對季度業績做一些簡短的評論，但強烈建議您專注於今年迄今為止的業績。

During the quarter up one recognized the higher proportion of season based income with 8 out of 24 races occurring during the period compared to 6 out of 22 in the prior year period.

在本季度，人們發現基於賽季的收入佔比更高，24 場比賽中佔 8 場，而去年同期的 22 場比賽中佔 6 場。

Media rights and sponsorship revenue also increased due to contractual increase in fees and revenue from new agreements.

由於合約費用增加和新協議收入，媒體權利和贊助收入也有所增加。

Growth in F1 TV continues to benefit media rights revenue.

F1電視的成長持續為媒體版權收入帶來好處。

Race promotion revenue was relatively flat given the mix of races with Australian Azerbaijan dropping out of Q2 compared to last year with Japan, China, [MR] and Australian being added in the current period.

由於賽事組合的原因，賽事推廣收入相對持平，與去年相比，澳洲阿塞拜疆隊退出了第二季度，而日本、中國、[MR] 和澳洲隊則在本季度加入。

Other revenue increased primarily due to higher hospitality and freight revenue, driven by the additional races.

其他收入的增加主要由於比賽數量的增加導致接待和貨運收入的增加。

Adjusted EBITDA grew in the quarter as revenue growth more than offset increased cost due to higher pro rata recognition of tax payments and the expectation of increased payments for the full year over 2023, as well as increased costs due to the additional raises held and cost supporting revenue growth.

本季度調整後的 EBITDA 實現增長，因為收入增長超過了成本增加，這是由於按比例確認的稅款增加和預計 2023 年全年稅款增加，以及由於額外加薪和支持收入增長的成本導致的成本增加。

Impairments are best viewed on a year-to-date basis and represented 61.9% of pre-tax EBITDA for the first half of the year compared to 62.6 in the prior year.

最好以年初至今的情況來看減損，今年上半年減損佔稅前 EBITDA 的 61.9%，而去年同期為 62.6%。

I would note Q2 and Q3 tend to have the highest percentage payout ratios based on the greater mix of European races in these quarters.

我想指出的是，由於 Q2 和 Q3 中歐洲賽事的混合比例較大，因此它們的百分比派彩率往往最高。

Other cost of F1 revenue and SG&A are best viewed as a percent of total revenue for the year.

F1 收入和銷售、一般及行政費用的其他成本最好被視為全年總收入的百分比。

Again, looking at it on a year-to-date basis, the adjusted EBITDA margin improved from 24.6 through Q2, 23% to 25.8% through Q2 [24%].

再次，從年初至今的情況來看，調整後的 EBITDA 利潤率從第二季的 24.6% 提高到 23% 至 25.8% [24%]。

Looking briefly at corporate and other results in the second quarter, corporate and other revenue was $141 million, which includes Quint results and approximately $6 million of rental income related to the Las Vegas Grand Prix Plaza, corporate and other adjusted EBITDA was $5 million in the second quarter, but results Grand Prix Plaza rental income, offset by corporate expenses.

簡單回顧一下第二季度的公司及其他業績，公司及其他收入為 1.41 億美元，其中包括 Quint 業績和與拉斯維加斯大獎賽廣場相關的約 600 萬美元租金收入，第二季度公司及其他調整後的 EBITDA 為 500 萬美元，但大獎賽廣場租金收入被公司費用所抵消租金收入。

Flat results in the second quarter were primarily driven by the Kentucky Derby and F1 experiences across eight races held.

第二季的平淡業績主要受肯塔基德比和八場 F1 賽事的影響。

Reminder that the business is seasonal with the largest and most profitable events taking place in Q2 and Q4.

提醒一下，業務具有季節性，最大、最賺錢的活動發生在第二季和第四季。

We expect corporate and other adjusted EBITDA will benefit from the rental income and segment results for the full year.

我們預計企業及其他調整後的 EBITDA 將受益於全年租金收入和分部表現。

At the Liberty live group has attributed cash for $406 million and a $400 million of undrawn margin loan capacity related to our Live Nation marketing.

Liberty 現場表演集團已為我們的 Live Nation 行銷投入了 4.06 億美元的現金和 4 億美元的未提取保證金貸款。

As of August 7, the value of the Live Nation stock, our Live Nation stock was $6.3 billion, and we have $1.2 billion in principal amount of debt against leasehold.

截至 8 月 7 日，Live Nation 股票的價值，我們的 Live Nation 股票為 63 億美元，我們有 12 億美元的租賃債務本金。

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

Liberty 和我們的合併子公司在季度末遵守了債務契約。

Turning briefly to the Atlanta Braves holdings revenue grew in the second quarter despite three fewer home games compared to the last year.

簡單回顧一下亞特蘭大勇士隊，儘管第二季度主場比賽較去年同期減少了三場，但其控股收入仍然實現增長。

Baseball event revenue growth was driven by new sponsorship agreements as well as contractual increases on season tickets and existing sponsorship contracts.

棒球賽事收入的成長主要得益於新的贊助協議以及季票和現有贊助合約的增加。

Broadcasting revenue grew as there were more total games between home and away played in the second quarter.

由於第二季主場和客場比賽總數增加，轉播收入有所成長。

Baseball operating costs increased in the second quarter, primarily due to higher player payroll, increased payments under some of these revenue sharing plan and higher minor league team and player expense.

第二季棒球營運成本增加，主要原因是球員薪資增加、部分收入分享計畫下的付款增加以及小聯盟球隊和球員的費用增加。

The battery continues to perform very well with revenue up 11% and adjusted EBITDA up 13% in the second quarter.

電池業務持續表現良好，第二季營收成長 11%，調整後 EBITDA 成長 13%。

Looking at the capital improvement projects around the ballpark reminder that the Braves are spending approximately $15 million related to the projects completed ahead of the 2024 season across the back half of 2023 and early '24.

看看棒球場周圍的資本改善項目，我們會發現勇士隊將在 2023 年下半年和 2024 年初花費約 1500 萬美元用於 2024 賽季之前完成的項目。

Braves recently announced additional improvement projects to open ahead of the '25 season, primarily related to new seating options and expect to spend approximately $20 million on these projects across the back half of '24 early '25.

勇士隊最近宣布將在 25 賽季前啟動額外的改進項目，主要涉及新的座位選擇，預計在 24 年下半年至 25 年初在這些項目上花費約 2000 萬美元。

These are all high returning projects will generate incremental revenue for the Braves in the 2025 season at the battery, the truest headquarters is progressing ahead of schedule, and we'd expect to hand that building over to truest in September.

這些都是高回報項目，將在 2025 年賽季為勇士隊創造增量收入，最真實的總部正在提前進行，我們預計將於 9 月將該建築移交給最真實的總部。

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

現在我將把主題交給史蒂法諾，討論一級方程式賽車。

Thanks, brain.

謝謝，大腦。

The 2024 season is delivering incredible racing and action for our fans at home and our sold-out event.

2024 年賽季將為我們的家鄉粉絲帶來精彩的比賽和動作，我們的賽事也將座無虛席。

F1 continues to prove, there is an incredible competition on track through 14 races this season, we have had seven different winners from a four teams.

F1 繼續證明，本賽季 14 場比賽中賽道上的競爭非常激烈，四支車隊產生了七位不同的冠軍。

The gaps between tiers that getting closer both in qualifying and races.

無論在排位賽還是比賽中，不同級別之間的差距都越來越小。

In Miami max that Lendo by only seven tenths of a second.

在邁阿密，倫多的最大優勢僅是七分之一秒。

Foldable lenses, incredible win in Miami.

折疊鏡片，邁阿密的驚人勝利。

In Monaco, we saw Charlie clad take his first home victory.

在摩納哥，我們看到查理克勞德贏得了他的第一個主場勝利。

In Canada the gap between the top four equally fine was one-tenth of a second.

在加拿大，同樣優秀的前四名選手之間的差距僅為十分之一秒。

And we have seen vis-a-vis return to the top step of the podium with George winning in Austria and Louis recognized Victoria service.

我們看到喬治在奧地利奪冠，路易斯在維多利亞的服務也獲得認可，兩人重返最高頒獎台。

Hungary, so another excellent race ending [MPS' first at Four Winds] with the McLaren one and two and Hammond on rounding out the podium and this path, we have an incredible race with very tight gas throughout the race led by being swapped multiple times.

匈牙利，又是一場精彩的比賽結束 [MPS 在 Four Winds 的第一次比賽]，麥克拉倫獲得第一和第二名，哈蒙德獲得第四名，在這條路上，我們有一場令人難以置信的比賽，整個比賽過程中氣流量非常緊張，領先位置多次被交換。

George Russell cross the finish line first after a three and final lap up against Louis, but was disqualified after the race because the car did not meet the required weight.

喬治·拉塞爾 (George Russell) 在與路易斯進行最後三圈的較量後率先越過終點線，但由於賽車未達到要求的重量，他在比賽後被取消了資格。

Mainly Luis took his second victory of the season.

主要是路易斯贏得了本賽季的第二場勝利。

With [Ascopiave] and Charlotte sector.

與[Ascopiave]和夏洛特部門合作。

By many measures, we have never had more competitive race I expect that the remainder of 2024 season will continue to deliver great reason for our fans.

從很多方面來看，我們從未經歷過如此激烈的比賽，我預計 2024 年賽季的剩餘比賽將繼續為我們的球迷帶來精彩的比賽。

And as we look forward, the increasingly close relation offers very exciting prospect for 2025.

展望未來，日益密切的中美關係將為2025年帶來令人振奮的前景。

The credible competition on track is leading to even higher engagement as our diverse fan bases continues to grow.

隨著我們多元化的粉絲群不斷壯大，賽道上可信的競爭也帶來了更高的參與度。

We have welcomed more than 3.7 million attendees through the first 14 races of the season with the Canadian represent record of tens of 350,000 and suitable matching its incredible 2023 record attendance of 480,000.

本賽季的前 14 場比賽共吸引了超過 370 萬名觀眾，打破了加拿大代表隊的紀錄，達到數千萬觀眾，同時也創下了 2023 年 48 萬觀眾的驚人紀錄。

We continue to see sold-out events and there is strong.

我們繼續看到門票銷售一空的活動，而且勢頭強勁。

Demand for the race is still to come decision.

對於比賽的需求仍有待決定。

On TV we have seen particularly strong numbers in key growth markets, including Australia, US, China, Canada, South Africa and the Middle East.

我們在電視上看到的主要成長市場數據特別強勁，包括澳洲、美國、中國、加拿大、南非和中東。

Looking at the recent races, the Canadian Grand Prix was the most viewed live reset ever in Canada.

回顧最近的比賽，加拿大大獎賽是加拿大有史以來觀看人數最多的現場直播賽事。

The British Grand Prix was impressively the most viewed live European races over on Sky UK and earned the latest overall weekend audience for the F1 in the UK since 2016.

令人印象深刻的是，英國大獎賽是英國天空電視台收視率最高的歐洲賽事，並創下了自 2016 年以來 F1 在英國週末收視率的最新紀錄。

Looking at the US five races this season have achieved record live viewership for their respective events.

縱觀美國，本賽季的五場比賽均創下了各自賽事的現場收視率紀錄。

The Chinese Miami, Monaco, Canadian and British Grand Prix.

中國邁阿密、摩納哥、加拿大和英國大獎賽。

The Miami Grand Prix viewership peaked at $3.6 million ABC and the 18 to 49 demographics average $1.3 million, and the screen raises averaged [946,000] viewership on ESPN, the largest on the channel since we introduced this print format in 2021.

邁阿密大獎賽的觀眾人數在 ABC 電視台達到了 360 萬美元的峰值，18 至 49 歲年齡段的觀眾人數平均為 130 萬美元，ESPN 電視台的屏幕觀看人數平均為 [946,000]，這是自 2021 年我們推出這種印刷格式以來該頻道觀看人數最多的一次。

Our digital and social platform also continued to see very strong performance.

我們的數位和社交平台也持續表現出強勁的表現。

We saw a 32% decrease in social media followers compared to 2023, driven by the success of the new channel threats and WhatsApp and accelerated growth on Instagram.

與 2023 年相比，我們發現社群媒體追蹤者減少了 32%，這得益於新管道威脅和 WhatsApp 的成功以及 Instagram 的加速成長。

We also have high engagement with 4.1 billion video views and 880 million interaction on Instagram year to date.

我們的參與度也很高，今年迄今，Instagram 上的影片觀看次數已達 41 億次，互動次數達 8.8 億次。

F1 TV continues to perform well.

F1電視台繼續表現良好。

Total subscriber are up 11% year-over-year and in the US market subscribers are up 16% year-over-year.

總訂閱用戶數量較去年同期成長 11%，其中美國市場訂閱用戶數量較去年同期成長 16%。

As previously mentioned, we implemented F1 TV price increases for the first time across markets earlier this year, which have been well received with the limited upticks in churn.

如前所述，我們今年稍早首次在各市場實施了 F1 電視價格上漲，這項措施受到了廣泛好評，但用戶流失率的上升幅度有限。

F1 TV continues to be an important and growing product.

F1 電視繼續成為重要且不斷成長的產品。

We also continue to see great results from our podcast decision.

我們也繼續看到播客決策的巨大成果。

Total listens to all episodes of the F1 podcasts, including beyond the great explanation and F1 explain since launch in 2018 surpassed $125 million this quarter.

自 2018 年推出以來，F1 播客所有劇集（包括超越精彩解釋和 F1 解釋）的收聽總收入本季已超過 1.25 億美元。

The F1 explain podcast is engage in new and more diverse audience with 40% of the listeners in the US market.

F1 解釋播客正在吸引新的、更多樣化的聽眾，其聽眾占美國市場的 40%。

A few weeks ago, we announced the 2025 sprinkle letter, with the races to take place at six events, China, Miami, Belgium, Austin, Brazil and Qatar.

幾週前，我們宣布了 2025 年灑水禮，比賽將在六場賽事中舉行，分別是中國、邁阿密、比利時、奧斯汀、巴西和卡達。

The sprint continues to be a big success with the higher TV audience for the fried is prequalified and others please raise compared to traditional practice session.

短跑比賽繼續取得巨大成功，與傳統練習賽相比，預賽的電視觀眾人數有所增加，其他人也提高了收視率。

The events also bring extra track action for our fans attended the event providing additional values for promoters, 80% of fans survey after the Chinese Grand Prix said that they preferred the newsprint format, and we look forward to maintaining the momentum in 2025.

這些賽事也為參加比賽的粉絲帶來了額外的賽道活動，為推廣者提供了額外的價值，中國大獎賽後的調查中，80％的粉絲表示他們更喜歡新聞紙形式，我們期待在2025年保持這一勢頭。

the F1 Academy season is also off to a strong start with the first three races completed in Saudi Miami Spain, and the next reasons Abbott.

F1 學院賽季開局也表現強勁，前三場比賽已在沙特邁阿密、西班牙完成，接下來的比賽將在阿博特舉行。

Abbott fully is leading the Sirius with and recently became the first woman to win a British have four races.

阿博特 (Abbott) 全力領先 Sirius 車隊，最近成為第一位贏得英國四場賽事的女性。

American drivers [Chloe] Chambers took first, the race to in Barcelona with a dominant victory over pulling, F1 Academy is growing engagement and attracting new fans.

美國車手[克洛伊]錢伯斯奪得冠軍，在巴塞隆納的比賽中憑藉壓倒性的勝利，F1學院的參與度不斷提高，並吸引了新的粉絲。

In the last 12 months F1 Academy, social media followers has increased by three times with a diverse follower base, 57% of the F1 Academy followers on Instagram are female, 57% are under 25 old and 83% are under 35 years old, online coverage of F1 gathering across new sites and social reaches almost 700 million Internet users.

在過去的 12 個月中，F1 學院的社交媒體粉絲增長了三倍，粉絲基礎非常多樣化，其中 Instagram 上 57% 的 F1 學院粉絲為女性，57% 的粉絲年齡在 25 歲以下，83% 的粉絲年齡在 35 歲以下，在新網站和社交媒體上對 F1 的 7 億用戶網路報道。

The Miami Grand Prix alone generated 14.7 million video views and 4 million interactions on social media with 2 million live viewers on broadcast TV.

光是邁阿密大獎賽一場比賽就產生了 1,470 萬次影片觀看和 400 萬次社群媒體互動，並吸引了 200 萬名電視直播觀眾。

F1 Academy has also been engaging fans attending F1 events around the calendar.

F1 學院也致力於吸引粉絲參加每年一度的 F1 賽事。

Given the success alongside their foreign races, we can many of the promoter hosting for when Academy events this year, our lineup to the host again in 2025, and we have received interest from several other markets.

鑑於我們在國外賽事中取得的成功，我們可以為今年的學院賽事提供許多主辦方，我們的陣容將在 2025 年再次主辦，並且我們已經收到了來自其他幾個市場的關注。

Turning to commercial updates on race promotion, there continues to be significant demand from potential new resource.

談到賽事推廣的商業更新，對潛在新資源的需求持續龐大。

We do not currently intend to go above 24 racing season as our duties to ensure the right strategic balance for the long-term future of the sport.

目前，我們並不打算超過 24 個賽季，因為我們的職責是確保這項運動的長期未來的正確策略平衡。

The added benefit of this demand with limited risks love creates increased incentives for promoters to innovate and improve the experience of race across the calendar.

這種需求加上有限風險的額外好處為賽事組織者創造了更大的激勵去創新和改善整個賽程的賽事體驗。

More promoters at committing to investments in races.

更多的賽事推廣者致力於投資賽事。

For example, Hungary has committed to significant refurbishment, including a new pit between 2026.

例如，匈牙利已承諾進行大規模整修，包括在2026年間建造一個新坑。

We have also seen example of great entertainment from promoters, including the pursuit of an event first, the Council consumers and of course, we look forward to returning to Las Vegas after an incredible show in 2023, we announced that 2025 commenced much earlier this year, which gives the teams and promoters more time to prepare and market their events.

我們也看到了來自發起人的精彩娛樂範例，包括首先追求的活動、理事會消費者，當然，我們期待在 2023 年的精彩演出之後重返拉斯維加斯，我們宣布 2025 年今年早些時候開始，這讓團隊和發起人有更多時間準備和行銷他們的活動。

We now continue to focus on optimizing the calendar for 2026 and beyond.

我們現在繼續致力於優化 2026 年及以後的日曆。

Our media rights, we have some key renewal to address for 2026, including our deals across of the Americas, US, Canada, LatAm, Brazil and Mexico, as well as across most of Asia, including Japan.

我們的媒體權利，我們需要在 2026 年解決一些關鍵的續約問題，包括我們在美洲、美國、加拿大、拉丁美洲、巴西和墨西哥以及日本等大部分亞洲地區的交易。

The continued growth of our diverse fan base around the world, including the US and demand from broadcasters means we are confident in the future of our media revenues.

我們在包括美國在內的世界各地的多樣化粉絲群的持續增長以及廣播公司的需求意味著我們對未來的媒體收入充滿信心。

We also continue to be excited about the amount of content the F1 has to offer across race weekends.

我們也繼續對 F1 在比賽週末提供的大量內容感到興奮。

We have many events and lots of data provided by numerous cameras around the track and cars, we can offer our broadcast partners and the fans and Tom incredible access and insight into the weekend through all this content.

我們舉辦了許多活動，賽道和賽車周圍無數的攝影機提供了大量的數據，透過所有這些內容，我們可以為我們的廣播合作夥伴、粉絲和湯姆提供令人難以置信的周末訪問權限和見解。

Alongside this, we are very pleased to once again deliver the F1 kids programming decision for seven events.

除此之外，我們非常高興再次為七項賽事提供 F1 兒童節目安排決定。

The feedback from 2023 was impressive and therefore gives is providing to be a brilliant way to engage children informal one in a way that's accessible and fun for them.

2023 年的回饋令人印象深刻，因此提供了一種以孩子們可以接受且有趣的方式非正式地參與其中的絕妙方法。

F1 kits is available through broadcasters around the world via a live dedicated international feed of the Grand Prix, the free to feature 3D graphics, child friendly team, radio transmission, technical explanation and a bespoke package of colorful graphics animation.

F1 賽車套件可透過世界各地的廣播公司獲得，包括大獎賽的現場專用國際直播、免費的 3D 圖形、兒童友好團隊、無線電傳輸、技術說明和定制的彩色圖形動畫包。

Included the cartoon drivers are, but there's an upgraded currently but it is that.

包括卡通司機，但目前有一個升級，但它是那樣。

The production returning Saudi followed by multiple field person and will also be available for Dutch Singapore, Sao Paulo and Abu Dhabi Grand Prix later this season.

車隊返回沙烏地阿拉伯後，將派出多名現場人員參加本賽季稍後舉行的荷蘭新加坡、聖保羅和阿布達比大獎賽。

Looking at our sponsorship, we are confident in the pipeline with exciting conversations underway.

看看我們的贊助，我們對正在進行的激動人心的對話充滿信心。

We continue to have opportunities in categories such as financial services, consumer electronics, telco and betting.

我們在金融服務、消費性電子產品、電信和博彩等領域持續擁有機會。

We have also more closely integrated the sponsorship, licensing, hospitality and marketing teams in a comprehensive strategy to optimize to grow, the growth of our fandom and commercial opportunities.

我們也更緊密地整合了贊助、授權、接待和行銷團隊，制定了全面的策略來優化成長、擴大我們的粉絲群和商業機會。

We had also continued strong progress on fan engagement opportunities outside of this weekend.

在本週末之外，我們還繼續在粉絲參與機會方面取得重大進展。

In partnership with Apple and Warner Brother, we were delighted to recently confirmed that the much-anticipated movie title as one starring Brad Pitt directed by Joseph specifically and produced by Jerry Bruckheimer, will be released on the June 25, 2025.

我們與蘋果和華納兄弟合作，很高興最近確認，備受期待的電影將於 2025 年 6 月 25 日上映，該電影由布拉德皮特主演，約瑟夫親自執導，傑瑞布魯克海默製作。

We were excited to release the movie teaser during the buildup of the British Grand Prix.

我們很高興在英國大獎賽籌備期間發布了電影預告片。

The theme is unique in that it is being Zoom authentically during the operation we can and it will be a great opportunity for our sport to reach new fans and engage audiences.

這個主題的獨特之處在於，它可以在操作過程中真實地進行 Zoom，這將是我們的運動吸引新粉絲和觀眾的好機會。

The sixth season of Drive to Survive after reaching the top 10 networks in over 40 markets has seen as the global orders over 100 million viewers in the first five months since release.

《極速求生》第六季在超過 40 個市場的排名前 10 的電視網中播出，自播出後前五個月的全球觀眾人數已超過 1 億。

Across all six season to date, the cumulative August for the CDOs is close to $800 million. F1

截至目前為止的六個季度中，8 月份 CDO 的累積金額接近 8 億美元。 F1

of the key continues to perform well with high numbers of booking into both res and non-res weeks, the new Boston location has seen 50,000 guests in the first two months since launch.

這家飯店持續表現良好，在度假週和非度假週的預訂數量都很高，新的波士頓門市自開業後的前兩個月就接待了 50,000 名客人。

Also, the air quality venues hosted a ticketed Watch Party during the three new super surveys and all that you sold out with the London venues, welcome almost to standard of care.

此外，在三個新的超級調查期間，空氣品質場館舉辦了售票觀看派對，倫敦場館的所有門票都已售罄，幾乎達到了護理標準。

The ongoing success of the project means that in addition to the venues in London, Birmingham, Boston.

該項目的持續成功意味著除了倫敦、伯明翰和波士頓的場館。

F1 arcade is trying to open new venues in Washington DC, in late 2024 and Las Vegas in 2025 with more to come.

F1 遊樂場計畫於 2024 年底在華盛頓特區、2025 年在拉斯維加斯開設新場館，未來也將開設更多場館。

Following successful runs in Madrid and Vienna.

繼馬德里和維也納成功演出之後。

The F1 exhibition has continually successful road show in Toronto, which has been extended to mid-September, and we opened in London later this month, showcasing the incredible history of the sport in the UK.

F1 展覽會在多倫多成功舉行路演，展覽會延長至 9 月中旬，本月稍後我們也將在倫敦開幕，展示這項運動在英國的輝煌歷史。

Even so the London show is not yet open, 60,000 tickets are already being sold.

儘管倫敦演出尚未開幕，但6萬張門票已經售出。

These are great examples of bringing fans and future fans into our sport through different rooms with a mix of F1, entertainment and hospitality.

這些都是透過融合 F1、娛樂和酒店等不同設施將粉絲和未來粉絲引入我們這項運動的絕佳例子。

Our ESG program remain an important focus for the business.

我們的 ESG 計劃仍然是業務的重點。

And this year, we published our first impact report showing the progress we are making on our net zero 2030 commitment as well as our diversity and inclusivity initiatives, both within our business and wider support.

今年，我們發布了第一份影響力報告，展示了我們在實現 2030 年淨零排放承諾方面取得的進展，以及我們在業務內部和更廣泛支持方面的多樣性和包容性舉措。

Key part of our plans will be to move the fully sustainable field in 2026, which we believe could provide huge benefit as an innovative solution to the carbonized existing and future costs for both the F1 ecosystem and the broader automotive industry.

我們計畫的關鍵部分是在 2026 年實現完全永續的領域，我們相信這可以作為解決 F1 生態系統和更廣泛的汽車產業碳化現有和未來成本的創新解決方案，帶來巨大的利益。

This has been a very important reason behind Ford, and I'll be joined this Board in 2026.

這是福特背後的一個非常重要的原因，我將於 2026 年加入董事會。

We continue to work closely with the teams, the FDA partners and promoters to deliver on our commitments as highlighted by recent events, the Silverstone event was powerful was powered by renewable energy, including over 2000 solar panels and that increased the recycling demand.

我們將繼續與各車隊、FDA 合作夥伴和發起人密切合作，履行我們的承諾，正如最近的活動所強調的那樣，銀石賽事非常強大，由可再生能源提供動力，包括超過 2000 塊太陽能電池板，這增加了回收需求。

Following our success in also last year, there has been further trials of a low-carbon energy system deployed to support activity across the platform, Pet Lane and broadcast compound that has been shown to reduce related emission by 90%.

繼去年成功之後，我們進一步試驗部署低碳能源系統，以支援整個平台、寵物巷和廣播大院的活動，事實證明，此舉可減少 90% 的相關排放。

Trial this year that's taken place in Austria and Hungary with the first scheduled for monster.

今年的試驗在奧地利和匈牙利舉行，第一次試驗預定在怪物身上進行。

On diversity and inclusion, we were delighted to recently confirmed that as our part of our program to provide the education opportunity to a representative groups, 20 engineering students in the UK and Italy will become the latest would be a recipient of the former one engineering scholarship over 2024 and '25.

關於多元化和包容性，我們很高興最近確認，作為我們向代表群體提供教育機會的計劃的一部分，英國和義大利的 20 名工程專業學生將成為 2024 年和 2025 年前者工程獎學金的最新獲得者。

Founded in '21, this scholarship program addresses some of the key barriers to higher education for underrepresented students, including financial burden and access.

該獎學金計畫成立於'21年，解決了弱勢學生接受高等教育的一些主要障礙，包括經濟負擔和入學機會。

By '25, 50 student will have entered the program.

到 25 年，將有 50 名學生進入該計畫。

As I mentioned earlier, F1 Academy continues to go from strength to strength and is critical to go to our goal of developing and preparing young female drivers to progress to higher levels of competition.

正如我之前提到的，F1 學院不斷發展壯大，對於我們培養和準備年輕女車手晉升到更高水平的比賽的目標至關重要。

A female drivers including five F1 Academy drivers racing around six of the F4 British championship, which was the highest ever level of female participation in Champion.

包括五名 F1 學院車手在內的女性車手參加了六場英國 F4 錦標賽，這是有史以​​來女性參賽水平最高的錦標賽。

We also have our talented driver Sophia flourish, recent FIA Formula 3 for band Amherst of racing.

我們還有才華橫溢的車手索菲亞·弗洛伊德，她最近代表國際汽聯參加了阿默斯特車隊的三級方程式賽車比賽。

This shows the huge importance of the FIA F3 and FIA parameters rather than me share that continues to develop and nurture young talent to reach the very top of our sport.

這表明國際汽聯 F3 和國際汽聯參數（而不是我所分享的）具有巨大重要性，可以繼續發展和培育年輕人才，使他們達到我們這項運動的頂峰。

Creating the right structure for these talented female drivers and ensuring we have the right system in place to nurture talent at a young age is incredibly important.

為這些有才華的女車手創建正確的結構並確保我們擁有正確的系統來培養年輕人才是非常重要的。

That is why we continue to be excited about our grassroot program, discover your drive to encourage and nurture females as young as eight tried to broadcasting, we remain focused on the long term goal and building a sustainable, increasing female participation in motorsport.

這就是為什麼我們繼續對我們的草根計畫感到興奮，發現你的動力去鼓勵和培養年僅八歲的女性嘗試廣播，我們仍然專注於長期目標和建立可持續發展，增加女性參與賽車運動。

It has been a fantastic season so far with more to come after the summer break.

到目前為止這是一個精彩的賽季，暑假過後還會有更多精彩。

The interest in and demand for our sport continues to be huge, and I'm confident in our future, (inaudible) full speed ahead.

對我們運動的興趣和需求持續巨大，我對我們的未來充滿信心，（聽不清楚）全速前進。

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

現在我將把電話轉回給格雷格。

Thank you.

謝謝。

Thanks, Stefano and Brian, our annual Investor Day will be Thursday, November 14th, in New York City.

謝謝 Stefano 和 Brian，我們的年度投資者日將於 11 月 14 日星期四在紐約市舉行。

Please note, we've moved to a new location.

請注意，我們已搬遷至新地點。

We'll look forward to seeing you at the Jazz at Lincoln Center.

我們期待在林肯中心爵士樂團見到您。

Save the date additional details will be provided soon, we hope to see many of you there.

請記住這個日期，我們將很快提供更多詳細信息，我們希望在那裡見到你們。

And with that, operator, let's open the line for questions.

接線員，現在讓我們開始提問吧。

(Operator instructions)

（操作員指令）

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特（Bryan Kraft）。

Hi, good morning.

嗨，早安。

I wanted to ask what Formula One and its promoters are seeing in the coincident leading indicators for our Quint demand in terms of ticket sales, pricing, percentage sellout on-site spending or whatever metrics you look at, has there been any moderation at on the strength of demand?

我想問一下，一級方程式賽車及其推廣者在我們的 Quint 需求的同步領先指標中看到了什麼，就門票銷售、定價、現場支出百分比售罄或任何您所關注的指標而言，需求強度是否有任何緩和？

And maybe specifically, if you could comment on what you're seeing since the Vegas tickets went on sale in late March.

也許具體一點，您能評論一下自三月底拉斯維加斯門票開始發售以來您所看到的情況嗎？

Thank you.

謝謝。

Why don't you start and (multiple speakers) to comment

為什麼不開始評論呢？

(inaudible)

（聽不清楚）

Yeah, thank you, Greg.

是的，謝謝你，格雷格。

Thank you, Brain.

謝謝你，布萊恩。

I mean for what we can see as we have already announced, we don't see any kind of significant backdrop of any interest.

我的意思是，就我們已經宣布的情況而言，我們沒有看到任何值得關注的重要背景。

I mean we are sold out or even in the events we have in front of us and there is still a very, very, very high interest.

我的意思是，我們的門票已經售罄，甚至在我們即將舉辦的活動中，人們仍然對它非常非常感興趣。

We are, of course, monitoring the situation on the events side because we know that in other area.

當然，我們正在關注事件方面的情況，因為我們知道其他地區的情況。

There is a sort of drop of the of that request, but this is something that we don't see at all in our championship.

這種要求有所下降，但這是我們在錦標賽中完全沒有看到的。

Encouraging to hear.

聽起來很令人鼓舞。

Thank you.

謝謝。

And maybe just to focus a little bit on the the biggest portion of the question.

也許只需要稍微關心一下問題的最大部分。

I would say that what we're seeing in terms of ticket sale trends is consistent with what you would expect for year two events.

我想說，我們看到的門票銷售趨勢與您對第二年活動的預期一致。

I've also US is less than the market and Las Vegas is even more of a last-minute market year.

我也知道美國的市場規模較小，而拉斯維加斯的市場規模是一年中最後一刻的市場。

Your one is not necessarily the best comparison for a couple of reasons.

由於以下幾個原因，您的比較不一定是最好的。

First off, there was a longer sales cycle.

首先，銷售週期更長。

We went on sale during a launch event, which was six months earlier than the Sears on Sale for a year or two.

我們在新品發布會期間進行了促銷，比西爾斯 (Sears) 的一兩年促銷活動早了六個月。

And there is just you cannot minimize just the excitement around the early demand that you see for year one events.

而且，你無法低估第一年活動早期需求帶來的興奮。

So focusing directly on a year to.

因此直接關註一年。

We have done a little differently this year and a couple of our partners mentioned earlier to speak during their own earnings call is really focused our marketing on the upcoming periods.

我們今年的做法略有不同，我們之前提到的幾位合作夥伴在他們自己的財報電話會議上發言時，確實將我們的行銷重點放在了未來時期。

What we did last year was really margin throughout the year.

我們去年所做的實際上是全年的利潤。

Again, it was a year one event and we wanted to maintain the excitement and the momentum.

再說一次，這是一年一度的活動，我們希望保持這種興奮和動力。

But what we're seeing here is that the leading three months of TournEvent, you're getting the most demand.

但我們在這裡看到的是，TournEvent 在前三個月的需求最多。

So we're putting our dry powder into the marketing spend that's upcoming, and we're really excited about the demand that we're starting to see and expect to continue to see an uptick.

因此，我們將把我們的資金投入到即將到來的行銷支出中，我們對開始看到的需求感到非常興奮，並預期需求將繼續上升。

Thank you very much, Renee.

非常感謝，蕾妮。

Thank you Bryan.

謝謝你，布萊恩。

Next question please.

請回答下一個問題。

Peter Supino, Wolfe Research.

彼得‧蘇皮諾 (Peter Supino)，沃爾夫研究公司。

Hi, good morning.

嗨，早安。

I'm going to ask about promotion revenue at F1.

我要詢問有關 F1 的推廣收入。

It was relatively flat year-over-year despite the two additional races.

儘管增加了兩場比賽，但與去年同期相比，表現相對持平。

You cited event mix as the reason.

您引用了事件組合作為原因。

I just wondered if you could give any more color on that mix specifically and how we should be thinking about those dynamics into 2024?

我只是想知道您是否可以具體介紹一下這種組合，以及我們應該如何思考 2024 年的這些動態？

And then I wanted to ask about the Concorde Agreement and wondered if you have any fresh thoughts on that process.

然後我想問《協和協議》，想知道您對這一進程是否有任何新的想法。

Thank you.

謝謝。

Stefano (multiple speakers) Brian, talk about the idea of the mix and then what you'd comment on the Concord agreement.

斯特凡諾 (多位發言者) 布萊恩，談談混合的想法，然後你對康科德協議有何評論。

Okay.

好的。

Yeah, so on the promoter mix, as we noted in our prepared remarks, had you had Australia and Azerbaijan fall out, you had China, Australia, Japan and [Emily] come back into the quarter four, 2024.

是的，關於推廣商組合，正如我們在準備好的評論中所指出的那樣，如果澳大利亞和阿塞拜疆退出，那麼中國、澳大利亞、日本和 [艾米麗] 將在 2024 年第四季度回歸。

Obviously, each race has a different fee.

顯然，每場比賽的費用都不同。

So when we say promoter mix, you're looking at different fees for each race, which has an impact there.

因此，當我們說到發起人組合時，您會看到每場比賽的不同費用，這會產生影響。

As you look at the remainder of the year, you have pretty comparable quarters as you look forward, Japan in Q3 will have one less race with Japan basically falling out, but Azerbaijan coming back in and then Q4 looks pretty similar.

展望今年剩餘時間的表現，你會發現未來幾季的情況相當類似，日本在第三季將少參加一場比賽，基本上會被淘汰，但阿塞拜疆將會捲土重來，第四季的情況看起來也相當類似。

So again, we would just highlight that you look at the business on a year to date or full year basis when available.

因此，我們再次強調，您應該根據年初至今或全年的情況來查看業務情況。

And the second question was on Concord agreement.

第二個問題是關於康科德協議的。

I would say, as we said the other time, I mean, it's so good because we have the right time the resolution with the team and as you know, the Concord is divided in three main pillars.

我想說，正如我們上次所說的那樣，這非常好，因為我們在正確的時間與團隊達成了解決方案，而且如你所知，Concord 分為三大支柱。

One is financial, one is conversion that was related to governance.

一個是財務問題，一個是與治理相關的轉換。

Everything is progressing very, very well.

一切進展非常非常順利。

As you know, we are not in a rush to complete the long form, but everything is running smoothly as expected.

如您所知，我們並不急於完成長篇大論，但一切都如預期般順利進行。

And this is really great because the relation with these with the FIA and with all the other cycles is very good in this moment.

這真的很棒，因為目前我們與國際汽聯以及所有其他週期的關係都非常好。

So working and progressing in all in the right way.

因此，一切都以正確的方式工作和進步。

And of course, we are focusing to trying to maximize the benefit to have the maximum joint commercial activities with all the teams and making sure that what we're going to sign up will be the right in terms of division of the revenues between the team and the commercial rights holders.

當然，我們致力於嘗試最大化利益，與所有球隊開展最大程度的聯合商業活動，並確保我們簽署的協議在球隊和商業權利持有者之間的收入分配方面是正確的。

But this is all great now.

但現在一切都很棒。

Thanks, Stefano.

謝謝，斯蒂法諾。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯威伯恩 (Ben Swinburne)。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

I guess two questions probably for Greg.

我想可能有兩個問題想問格雷格。

Live Nation can use to perform really well from a business perspective with the stock obviously limited, given the DOJ overhang.

從商業角度來看，Live Nation 的表現確實非常出色，但由於司法部的壓力，其股價顯然受到限制。

It's curious from your perspective is there's any appetite.

從您的角度來看，有任何胃口是很奇怪的。

From Liberty's point of view, I'd have to think about a breakup of the company kind of proactively obviously, that's not the desired outcome from the lawsuit.

從 Liberty 的角度來看，我必須主動考慮拆分該公司，這顯然不是訴訟所希望的結果。

But to the extent these things can take years to play out and limit the equity, if there's any thought that you would share on potential expression like that and then a few words or Stefano, I want to take this.

但在某種程度上，這些事情可能需要數年時間才能發揮作用並限制公平性，如果您有任何想法可以分享這樣的潛在表達，然後再說幾句話或斯特凡諾，我想接受這一點。

But what prevented the and ready from joining F1, and obviously, there's some DOJ know-how.

但是，是什麼阻止了他們加入 F1？

Is there, I guess keeping on theme, which I'm imagining you're probably not too worried about, but just curious if that's something that might be revisited in the future if you think team expansion is something that makes sense for the sport and any comment would be interesting and helpful.

我想，繼續討論這個主題，你可能不太擔心，但只是好奇，如果你認為球隊擴張對這項運動來說是有意義的，那麼未來是否可能會重新討論這個問題，任何評論都會很有趣也很有幫助。

Thanks.

謝謝。

I'll take a cut.

我會分一杯羹。

So working on Live Nation, I think the business, as you heard and you noted continues to operate very well.

因此，我認為在 Live Nation 工作，正如您所聽到的和注意到的，業務會繼續運作得非常好。

I think that the company operates fully within the law has had a monitor in place for 14 years and so any actions have been well known for a long time.

我認為該公司完全依法經營，並且有監督人員監督了 14 年，因此任何行動都早已眾所周知。

And we believe the charge of the DOJ are without merit, particularly the idea that somehow breaking it up with lower ticket prices.

我們認為司法部的指控毫無根據，尤其是透過降低票價來打破僵局的想法。

So I don't think that that remedy, which we don't think it's in our interest or the interest to consumers is what the DOJ really wants.

因此，我認為這種補救措施不符合我們的利益或消費者的利益，這並不是司法部真正想要的。

If they actually understood what was wrong with the market, the fact is the market driven by excess demand compared to supply that drives prices.

如果他們真的了解市場出了什麼問題，事實是市場需求過剩，供應過剩，從而推動了價格上漲。

So I don't think a breakup is in the interest of Live Nation today or the interest the consumer, and we'll go forward plan at least as far as I understand it to go forward with the businesses we have.

因此，我認為分拆並不符合 Live Nation 目前的利益，也不符合消費者的利益，我們將繼續推進計劃，至少據我所知，繼續開展我們現有的業務。

And the continued businesses local, we believe will continue to operate very well through the base through 2021 and into 2025.

我們相信，透過該基地，本地業務將在 2021 年至 2025 年繼續保持良好營運。

Looking at and ready, as you saw this morning, we announced that there is a DOJ investigation.

看起來已經準備好了，正如你們今天早上看到的，我們宣布司法部正在進行調查。

We intend to fully cooperate with that investigation, including any related requests for information.

我們打算全力配合該調查，包括任何相關的資訊請求。

We believe our determination of one determination was in compliance with all applicable US antitrust laws, and we've detailed the rationale for this decision visibly and ready in prior statements.

我們相信，我們對一項決定的裁定符合所有適用的美國反壟斷法，並且我們已在先前的聲明中清楚地詳細說明了這一決定的理由。

We have certainly not against the idea that any expansion as long there is a methodology for expansion that requires approval of the FIA and F1 and both groups have to meet a find the criteria met.

我們當然不反對任何擴張的想法，只要擴張的方法需要得到國際汽聯和 F1 的批准，並且兩個團體都必須滿足所找到的標準。

And we're certainly open to new entrants, making up applications and potentially being approved if those requirements are met.

我們當然對新進業者持開放態度，他們可以提出申請，如果滿足這些要求，就有可能獲得批准。

Thanks, Greg.

謝謝，格雷格。

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

A question on Quint, if you could please help us understand how the relationship works before you acquired it in terms of would they buy tickets from you on wholesale basis as part of their wholesale hospitality packages.

關於 Quint 的一個問題，您能否幫助我們了解在收購 Quint 之前，你們之間的關係是怎樣的？ 例如，他們是否會以批發方式從您這裡購買門票，作為其批發接待套餐的一部分？

But now that it's inside, what are the impacts on revenue from expenses and EBITDA in terms of and the eliminations from your activities specifically at F1 events?

但現在它已經進入內部，就您的活動（特別是在 F1 賽事中）和取消而言，對費用收入和 EBITDA 有何影響？

Thanks.

謝謝。

Maybe maybe Rene is in a good position to take that.

也許，雷內 (Rene) 有能力接受這一點。

Thanks, Greg.

謝謝，格雷格。

Thanks for the question on Quint.

感謝您就 Quint 提問。

So I would say prior to the acquisition was obviously a third party vendor and they would acquire inventory directly from the promoters, particularly around secondary hospitality offerings.

因此我想說，在收購之前顯然有一個第三方供應商，他們會直接從發起人那裡收購庫存，特別是圍繞二級酒店產品的庫存。

And then the relationship back to Formula One would be essentially that of a profit share arrangement.

那麼與一級方程式賽車的關係本質上就是一種利潤分享安排。

They did also provide some reseller capabilities with regard to Paddock Club for the teams as well as for F1 directly, now that created a subsidiary of Liberty Media we look integrate those businesses in a more closer manner, but while also still being cautious around leakage on the Concorde Agreement, so keeping really do keeping those business relationships on a kind of a third party basis with regard to LVDP, we have directly integrated them and we've outsourced our sales team up to Quint.

他們確實也為車隊以及F1直接提供了一些與圍場俱樂部有關的經銷商能力，現在我們創建了Liberty Media的子公司，我們希望以更緊密的方式整合這些業務，但同時仍然對協和協議的洩露保持謹慎，因此就LVDP而言，我們確實在第三方基礎上保持了這些業務關係，我們已經直接整合了它們，並且已經將我們的銷售團隊外包給了Quint。

They are running ourselves and ticketing program, obviously in partnership with myself and with Emily Fraser.

他們正在運行我們自己的票務項目，顯然是與我和艾米麗·弗雷澤合作的。

And then their results will be consolidated up through Liberty Media with a commission based arrangement being paid to Formula One, which commission based payments then goes into the private funds.

然後，他們的結果將透過自由媒體進行合併，並向一級方程式支付佣金，這些佣金​​隨後進入私人基金。

Going forward, we are also going to be look for looking for new ways to really prove out the thesis around the acquisition and enable Quint to be a closer partner to other promoters and to F1.

展望未來，我們也將尋找新的方法來真正證明此次收購的論點，並使 Quint 成為其他發起人和 F1 更緊密的合作夥伴。

But that is all in process still.

但這一切仍在進行中。

I'll defer to Brian on the accounting questions.

我將把會計問題交給布萊恩處理。

Yeah, you can see on page 3 of the eliminations for the quarter that primarily represents the eliminations between Quint and Formula One. You also have the lease payment across from LBGP up to Liberty corporate in there as well.

是的，您可以在第 3 頁看到本季的淘汰賽結果，主要代表 Quint 和一級方程式賽車之間的淘汰賽。您也可以在那裡支付從 LBGP 到 Liberty 公司的租賃費用。

But that largely represents Quint buying tickets from Formula One and then reselling them.

但這很大程度代表著 Quint 從一級方程式賽車購買門票然後轉售。

But at the price that they're buying that from Formula One.

但他們是以這樣的價格從一級方程式賽車手中購買的。

Appreciate it.

非常感謝。

Thank you very much.

非常感謝。

Next question, please.

請回答下一個問題。

Vijay Jayant, Evercore ISI.

Vijay Jayant，Evercore ISI。

Thanks.

謝謝。

Greg, you've been now saying a few times that you're really excited about the sponsorship business.

格雷格，你已經多次說過，你對贊助業務感到非常興奮。

Obviously, that's probably the most [opaque] for us on the other side.

顯然，這對我們另一方來說可能是最不透明的。

And anything you could share on what it is and how meaningful is it going to be?

您能分享一下它是什麼以及它有何意義嗎？

There's obviously been some press reports that LVMH is going to be a new partner, anything on that be really helpful?

顯然有一些新聞報導 LVMH 將成為新的合作夥伴，這有什麼幫助嗎？

And then just also look for Renée on the Vegas rate, just for clarity, your hotel partners that you sort of curate high and hospitality with Williams and has been driven by ticket and from you directly and then do it or is it some other form of arrangement?

然後，也請關注 Renée 關於拉斯維加斯的價格，為了清楚起見，您的酒店合作夥伴是否與您合作，與威廉姆斯一起策劃高級款待，並直接由您來推動，然後這樣做，還是有其他形式的安排？

Thanks.

謝謝。

Thanks, Vijay.

謝謝，維傑。

So I'll comment a little on sponsorship and let Stefano

因此，我將對贊助發表一些評論，讓 Stefano

(inaudible).

（聽不清楚）。

Look, I think very excited about the sponsorship pipeline excited about what Emily Fraser and her team Johnny are doing there.

看，我對贊助管道感到非常興奮，對艾米麗弗雷澤和她的團隊約翰尼在那裡所做的事情感到非常興奮。

We've seen continued interest from blue chip clients who want to be involved at prices which are more attractive for us than historical levels and filling out categories that we previously had not had an entry in the sponsorship world.

我們看到藍籌客戶持續的興趣，他們希望以比歷史水平更有吸引力的價格參與其中，並填補我們之前在贊助領域沒有進入的類別。

So obviously, I can't comment on any rumors or unannounced deals, but I feel very good about the pipeline, feel very good about where we both are on those new entrants and on renewals at attractive prices from some of our existing players.

因此，很明顯，我無法對任何謠言或未宣布的交易發表評論，但我對管道感到非常滿意，對我們在這些新進入者身上所處的位置以及與我們一些現有參與者以優惠價格續約的情況感到非常滿意。

Stefano, anything you want to add?

斯蒂法諾，您還有什麼要補充嗎？

I couldn't agree more, Greg.

我非常同意，格雷格。

I think that two numbers is proving the interest that is in our business.

我認為這兩個數字證明了人們對我們業務的興趣。

And I see that now if you look back just four years ago, we had only four global board and now we have 10 and there is a big interest now that your point is to keep the core fuel partners with the right price level that we want to to engage together.

我現在看到，如果回顧四年前，我們只有四個全球董事會，而現在我們有十個，而且現在大家的關注點都集中在讓核心燃料合作夥伴保持我們希望共同參與的正確價格水平上。

So we are in a very, very strong situation, I believe is, as I said, we have an incredible opportunity for our partners to create partnership between also themselves.

因此，我們處於非常非常有利的形勢，我相信，正如我所說的，我們為我們的合作夥伴提供了絕佳的機會，讓他們之間建立夥伴關係。

So it's a B2B relationship that is adding a multiplier effect.

因此，這是一種具有乘數效應的 B2B 關係。

And this is really what is important for our business to developing further in the future.

這對我們的業務未來的進一步發展確實至關重要。

So nothing to add, but the as I said, just stay tuned because everything is looking forward, looking very good for our future.

所以沒有什麼可補充的，但是正如我所說的，請繼續關注，因為一切都在向前看，對我們的未來來說看起來非常美好。

Yes, I think Stefano hit on some great points.

是的，我認為斯蒂法諾提出了一些很好的觀點。

I'll just add, it's not only the quality of the partners and what they're willing to pay they're willing to pay because they are getting value out of it, and they're finding ways to activate on at this at races on the grid on the around events in ways that are more meaningful for them and for us.

我只想補充一點，這不僅關乎合作夥伴的品質以及他們願意支付的費用，他們之所以願意支付，是因為他們從中獲得了價值，而且他們正在尋找方法在周圍的賽事中激活這一點，以對他們和我們來說更有意義的方式。

So all of those are very positive.

所有這些都是非常積極的。

Rene, what would you add?

雷內，您還有什麼要補充的嗎？

I think that's an excellent point, Greg, to pick up on the sponsorship piece for a second.

格雷格，我認為你的觀點非常好，可以稍微談談贊助問題。

We really use the LVDP as a test bed for how we can bring these marquee sponsors more deeply into the activations on track and in the fan zone.

我們確實將 LVDP 用作試驗平台，試驗如何將這些大型贊助商更深入地帶入賽道和粉絲區的激活之中。

I think one of the most important impact of the Vegas three beyond the financial side is the increase in interest in the pipeline, including with some of these marquee companies with whom we're speaking.

我認為，除了財務方面之外，《拉斯維加斯三人組》最重要的影響之一是人們對該系列電影的興趣日益濃厚，其中包括我們正在交談的一些知名公司。

So a lot of excitement around this transition portion.

因此，人們對這一過渡階段感到非常興奮。

And then Vijay to answer your question.

然後 Vijay 來回答你的問題。

We do sell tickets to our hotel partners, which they then package into their own deals for their customers are obviously there.

我們確實向我們的酒店合作夥伴出售門票，然後他們將這些門票打包成他們自己的優惠，顯然是為了他們的客戶。

I'm sure there's some comp arrangements for the big vendors who come to town for gambling and then they'll come to us later in the year as they need more inventory.

我確信，對於那些來城裡賭博的大供應商來說，我們會有一些補償安排，然後他們會在今年晚些時候來找我們，因為他們需要更多的庫存。

So here, one, we at city, they bought a lot of tickets very early on again to address that early demand that everyone's up for year one.

因此，首先，在城市，他們很早就購買了大量門票，以滿足每個人對第一年的早期需求。

And now this year, we are working closely with them to, again do the marketing push and start filling this hotel room now that people are back from school and back-to-school back from vacation and looking at their full calendars.

今年，我們正與他們密切合作，再次進行行銷推廣，現在人們已經從學校回來，假期也即將結束，飯店房間也已經滿了，我們正與他們密切合作，再次進行行銷推廣，飯店房間也開始爆滿。

Great.

偉大的。

Thanks so much.

非常感謝。

David Karnovsky, JPMorgan.

摩根大通的戴維‧卡諾夫斯基 (David Karnovsky)。

Thank you.

謝謝。

Greg, as you noted really tight performance in the constructor standards, which is great to see you have new car and rigs coming in 2026.

格雷格，正如您所說，構造函數標準的性能確實非常嚴格，很高興看到您在 2026 年推出新車和鑽孔機。

And historically, that kind of change has been associated with the temporary period of one-team dominance.

從歷史上看，這種變化與一支球隊暫時佔據主導地位有關。

And what confidence do you have that the rules you have put into place or will put in place can prevent that kind of outcome.

您是否確信您已製定或將要製定的規則能夠防止這種結果的發生？

And then on Stefano, as you noted, I think nearly all of your Americas deals are expiring this year and next year.

關於斯蒂法諾，正如您所說，我認為您在美洲的幾乎所有交易都將於今年和明年到期。

Interested to know if you see any prospect for a multi country deal and whether there be any benefit financially or otherwise for that type of structure?

您是否有興趣知道，是否看到了多國交易的前景，以及這種結構在經濟或其他方面是否有任何好處？

Thank you.

謝謝。

I'll comment on the rigs briefly, but I think Stefano can actually be articulate on them as well.

我將簡要評論這些鑽機，但我認為 Stefano 實際上也可以對它們做出清晰的評論。

We think the rigs are designed to create a more exciting racing while also meeting many of the goals around issues like sustainability and things that help our OEM partners drive innovation.

我們認為這些設備的設計是為了創造更令人興奮的比賽，同時也滿足永續性等議題以及幫助我們的 OEM 合作夥伴推動創新等方面的許多目標。

So we're trying to hit on multiple levels.

因此，我們嘗試從多個層面進行嘗試。

I think people were doubtful about what these rigs, how the rigs would play out when we introduced them last time and by many measures, as we noted earlier, we've never had more competitive racing.

我認為人們對這些裝備是什麼、上次我們推出它們時它們會如何發揮作用感到懷疑，而且從許多方面來看，正如我們之前提到的，我們從未有過如此激烈的比賽。

Our hope is that to 2026 rigs will do the same.

我們希望在 2026 年鑽井平台也能達到同樣的效果。

But as you rightly note, somebody may figure out a way to get a jump and take it early, but we think they're designed to create more parity and more exciting racing and should over time.

但正如您正確指出的那樣，有人可能會找到一種方法來搶佔先機，但我們認為，它們的設計是為了創造更多的平等和更令人興奮的比賽，並且應該隨著時間的推移。

Stefano, what might you add?

斯蒂法諾，您還有什麼要補充的嗎？

I would say that this dilemma at the end of each cycle of regulation is there and the things that they've learned together with the FA has always done, I totally believe, too.

我想說，在每個監管週期結束時都會存在這種困境，而他們與足協一起學到的東西一直在發揮作用，我完全相信這一點。

So it has been to anticipate the needs of that change.

因此，我們已經預見了對這種變化的需求。

And we, of course, keep at the center of the fact that we want to have a very good competition on track, give the possibility to driver to express themselves and making sure that with the budget cap combination and limitation, development teams can catch up quicker to keep the gaps between the teams are smaller.

當然，我們始終把重點放在希望在賽道上進行非常良好的競爭，讓車手有機會表達自己，並確保在預算上限組合和限制的情況下，開發團隊可以更快地趕上，以縮小團隊之間的差距。

And but on the other side, we are the duty to anticipate the things that are of relevance in terms of technology to suit the center of a platform so important.

但另一方面，我們有責任預測與技術相關的事物，以適應如此重要的平台的中心。

That's why you know, two years ago, we took the decision of putting the center, the new power unit with sustainable fuel.

這就是為什麼兩年前我們決定將新的動力裝置作為中心，並使用永續燃料。

There was the need to put up at the center because then in terms of technological challenges, this would appear at that moment to be the most important ones.

有必要將其置於中心位置，因為就技術挑戰而言，這似乎是當時最重要的挑戰。

So I do believe that, it's part of the game teams that was already planned out for '26 because the regulation would be very, very different.

所以我確實相信，這是 26 年已經計劃好的比賽球隊的一部分，因為規則會非常非常不同。

But, I'm sure that the ones that are very skeptical about what normally we tried to anticipate you know, we'll think differently the sooner we'll see the action on track.

但是，我確信那些對我們通常試圖預測的事情持懷疑態度的人，我們越早看到行動步入正軌，就會以不同的方式思考。

And as Greg was correctly saying before, I remember very clearly people without experience thinking that the regulation that we have now ends with that slowdown caused by more than six seconds and not having these kinds of situations.

正如格雷格之前正確指出的那樣，我清楚地記得，沒有經驗的人認為我們現在的規定會以超過 6 秒的減速結束，而不會發生這種情況。

So I think that we are doing the right thing.

所以我認為我們所做的事情是正確的。

And as always in life, you need to be brave, tried to anticipate the thing the right way and that's what we did.

就像生活中的一切一樣，你需要勇敢，嘗試以正確的方式預測事情，而這就是我們所做的。

And the second one, I think is related to US.

第二個問題，我認為與美國有關。

First of all, let me say that we are very happy with the ESPN what they did for our sport and what they are doing since the beginning of our journey together and we see now bigger interest for short and we see some other sport or trying to divide the package in a different way.

首先，我要說的是，我們對 ESPN 為我們這項運動所做的貢獻以及他們自我們一起踏上旅程以來所做的一切感到非常高興，我們現在看到人們對短節目的興趣越來越大，我們看到了一些其他運動或試圖以不同的方式劃分節目包。

But of course, that said, that's a personal opinion we're going to take on that subject.

但當然，這只是我們對這問題的個人看法。

I know in the due course in the next couple of months, I do believe that in US we are still in a place where the awareness is very, very important.

我知道在接下來的幾個月裡，我確實相信在美國我們仍然處於一個非常非常重要的意識階段。

So what I can say from a customer point of view, if you are not really on the spot on the sport, creating multiple offer is creating more confusion, let me put it this way.

因此，從客戶的角度來說，如果您沒有真正了解這項運動，那麼提出多個報價會造成更多混亂，讓我這樣說吧。

So therefore, I would say we need to make sure that the incredible demand that we have from different partners will be taken together in the right way at the appropriate time.

因此，我想說，我們需要確保在適當的時間以正確的方式滿足不同合作夥伴的巨大需求。

But for sure, yes, market represents for us a big opportunity for the next years.

但可以肯定的是，市場對我們來說未來幾年是一個巨大的機會。

Okay.

好的。

Thank you.

謝謝。

Next question, please.

請回答下一個問題。

Barton Crockett, Rosenblatt Securities.

羅森布拉特證券的巴頓·克羅克特 (Barton Crockett)。

Thanks for taking the questions.

感謝您回答這些問題。

Two the first one, hopefully is quick on the race promotion revenue discussion with Formula One, you guys, I think you have 24 races this year, I think 22 last year.

第一，希望能快速討論一下與一級方程式賽車的賽事推廣收入，夥計們，我認為今年你們有 24 場比賽，去年有 22 場。

Normally I would assume that there's growth in promotion revenue per race.

通常我會認為每場比賽的推廣收入都會增加。

But given what we can see from the mix and what you've seen this year, is there any reason to think differently about that for 2024 slots on Formula One.

但考慮到我們從組合中看到的情況以及今年所看到的情況，是否有理由對 2024 年一級方程式賽車的席位有不同的看法。

On the Braves switching gears a little bit, I was curious, you've been off of Comcast for most of the season because of their dispute with Diamond, has that had any meaningful impact on the business in terms of fan interest or sales of anything or not?

關於勇士隊稍微改變話題，我很好奇，由於康卡斯特與戴蒙德的糾紛，你們本賽季大部分時間都沒有與康卡斯特合作，這對球迷興趣或任何產品的銷售有任何有意義的影響嗎？

And if not, what does it what does that say about the value of the TV promotion?

如果不是，那這說明電視宣傳的價值如何？

So I'll comment on the first one, and I'll let Derek, if you'd like to take the second.

因此，我將對第一個問題發表評論，如果你想評論第二個問題，我會讓德里克來評論。

I think part of your assumption that we get increases generally in race promotion fees is correct.

我認為您關於賽事推廣費用普遍增加的假設部分是正確的。

Derek, you want to take on the Braves impact of diamond?

德瑞克，你想承擔勇士隊對鑽石的衝擊嗎？

Sure.

當然。

Thanks, Greg.

謝謝，格雷格。

Yeah, obviously were off for three months and you never like to see carriage disputes, we're thankful that the carriage dispute is resolved.

是的，顯然我們已經停運了三個月，你肯定不希望看到運輸糾紛，我們很高興運輸糾紛得到了解決。

What I can tell you is there's really no material impact on our business, we've certainly seen a reduction during that period of time in ratings that is somewhat commensurate with the reduction in the carriage.

我可以告訴您的是，這實際上對我們的業務沒有實質的影響，我們確實看到收視率在那段時間內有所下降，這在某種程度上與運輸量的下降是相稱的。

Now that that's back, we'd expect that those ratings to also go up so we're glad that it's done and glad that they got that all resolved.

現在一切又回來了，我們預計收視率也會上升，所以我們很高興這件事完成了，也很高興他們解決了所有問題。

Did you guys tried to do any type of additional streaming push to offset that?

你們有沒有嘗試過做任何類型的額外串流推送來抵消這一點？

And if not why not?

如果不是，為什麼？

Well, the streaming rights are held at the league level right now.

嗯，目前的串流版權由聯盟層級掌握。

So those don't belong necessarily to Diamond.

所以這些不一定屬於鑽石。

There's a provision inside of the agreement.

協議裡有一項規定。

That's that's rather complicated as it relates to the streaming, of course, in the future, should all these rights come back to us.

這相當複雜，因為它與串流媒體有關，當然，將來所有這些權利都應該歸還給我們。

I think we're prepared to evaluate all the different options, including streaming.

我想我們已經準備好評估所有不同的選擇，包括串流媒體。

Thank you.

謝謝。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Great.

偉大的。

Thank you to on Formula One, you called out other strong demand for race promotion, the commitments you're seeing for improved hospitality from promoters.

感謝您對一級方程式賽車運動的關注，您指出了賽事推廣的強烈需求，以及賽事組織者對改善接待服務的承諾。

Maybe a longer-term question here, but I'm curious how you would encourage us to think about the financial opportunity from improved hospitality over the next few years.

這也許是一個長期問題，但我很好奇您會如何鼓勵我們思考未來幾年酒店業改善所帶來的經濟機會。

Any goals perhaps on the patent cliff capacity side of the equation?

在專利懸崖容量方面可能有任何目標嗎？

And then just quickly on team payments for Brian.

然後我們快速談談 Brian 的團隊付款。

You called out some of the seasonal aspects around the payout this year.

您提到了今年支出方面的一些季節性因素。

Curious if there's anything more you'd be willing to add on how that dynamic works and perhaps what that could mean for the pace of operating leverage on key payments the rest of this year?

好奇您是否願意補充更多關於這種動態如何運作的信息，以及這對今年剩餘時間主要支付的經營槓桿速度意味著什麼？

Thank you.

謝謝。

Stefano, do you want to take the Paddock Club issue and then Brain?

史蒂法諾，你想先討論圍場俱樂部問題，然後再討論布萊恩嗎？

Yeah, thank you, Stephen.

是的，謝謝你，史蒂芬。

And I mean we have a quality problem to cycle now for sure.

我的意思是，我們現在的循環肯定存在品質問題。

That is the fact that we in almost all the events we are sold out and what we're talking about hospitality, where we were a very good to do.

事實是，我們幾乎所有活動的門票都銷售一空，而說到接待服務，我們的表現非常出色。

It is to tried to maximize the different packages.

這是為了盡力發揮不同的包包的作用。

Now the point is, if you want to add the places with the right space and the right quality for the service that we're offering.

現在的重點是，如果您想為我們所提供的服務添加具有合適空間和合適品質的地方。

There is the need, of course, to tackle a rate virus risk situation to see what we can do with the promotion in terms of capacity in terms of possible extension.

當然，有必要應對利率病毒風險狀況，以了解我們可以在容量擴展方面採取哪些促銷措施。

And this is something that we are discussing, there are advance situation, for example, with the Australian promoters or will some of this because for us, of course, is a matter of experience.

這是我們正在討論的事情，有一些預先的情況，例如與澳洲的發起人或其他一些人討論，因為對我們來說，這當然是一個經驗問題。

So we cannot run the risk of overcrowding in the hospitality area because the demand is very high.

因此，我們不能冒接待區過度擁擠的風險，因為需求非常高。

So now we have seen were watching, as I said, with everyone what we can do into in term of having the possibility to expand in this area to offer the right service for the ones I want to add.

所以現在我們已經看到了，正如我所說的，我們正在與大家一起觀察我們可以做些什麼，以便有可能在這個領域進行擴展，為我想添加的人提供合適的服務。

Yes, Stephen, on the on the team payments part, I would point you to the year to date results there.

是的，史蒂芬，關於團隊支付部分，我會向您指出今年迄今為止的結果。

So we are at 61.9% on a US GAAP basis for the team to impairments as a percentage of pretax share of EBITDA compared to 62.6 last year, we would expect some very minimal leverage as you go throughout the year and look the end of the year, but it's fairly de minimus, but definitely focus on the year-to-date number, not the quarter.

因此，根據美國 GAAP 基礎，我們團隊的減損佔 EBITDA 稅前份額的百分比為 61.9%，而去年為 62.6%。

Great.

偉大的。

Thank you for that.

謝謝你。

Operator, I believe that was our last question.

接線員，我想這是我們的最後一個問題。

Thank you to our listening audience for your interest in Liberty Media and the Atlanta Braves holdings.

感謝我們的聽眾對 Liberty Media 和亞特蘭大勇士隊控股的關注。

We look forward to speaking with you next quarter, if not sooner.

我們期待下個季度甚至更早與您交談。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and we thank you for your participation.

您現在可以斷開您的線路，我們感謝您的參與。