Liberty Live Group (LLYVA) 2024 Q3 法說會逐字稿

Welcome to Liberty Media Corporation's 2024 third quarter earnings call. (Operator Instructions) As a reminder, this conference will be recorded November 7.

歡迎參加 Liberty Media Corporation 2024 年第三季財報電話會議。（操作員指示）提醒一下，本次會議將於 11 月 7 日錄製。

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

現在，我想將電話轉給投資者關係資深副總裁 Shane Kleinstein。請繼續。

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

謝謝，早安。在開始之前，我們想提醒大家，本次電話會議包含 1995 年《私人證券訴訟改革法案》所定義的某些前瞻性陳述。由於多種風險和不確定因素，包括 Liberty Media 向美國證券交易委員會提交的最新 10-K 和 10-Q 表中提及的風險和不確定因素，實際事件或結果可能存在重大差異。

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

這些前瞻性陳述僅代表本次電話會議之日的觀點，Liberty Media 明確表示不承擔任何義務或承諾傳播本文所含任何前瞻性陳述的任何更新或修訂，以反映 Liberty Media 對此的預期發生的任何變化或此類陳述所依據的事件、條件或情況的任何變化。

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

在今天的電話會議上，將討論 Liberty Media 的某些非 GAAP 財務指標，包括調整後的 OIBDA。自由媒體 (Liberty Media) 所需的定義和對帳（附表一）可在今天發布的收益新聞稿末尾找到，該新聞稿可在我們的網站上找到。

Now I would 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。

Thank you. Good morning. Today speaking on the call, we will also have Formula One's President and CEO, Stefano Domenicali; and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. So let me start with a couple of corporate updates.

謝謝。早安.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；以及 Liberty 的首席會計兼財務長 Brian Wendling。首先讓我介紹一些公司的最新動態。

As you may we completed the LSXM-Siri merger on the September 9. I look forward remaining involved as Board Chair and a shareholder at Siri, but Liberty's ties are cut. We also announced updates to our voting and governance of the Atlanta Braves Holdings, and we are transitioning services directly to the Atlanta team.

如您所知，我們於 9 月 9 日完成了 LSXM-Siri 合併。我希望繼續以董事會主席和股東的身份參與 Siri 的工作，但 Liberty 的聯繫已經被切斷。我們還宣布了對亞特蘭大勇士隊控股公司的投票和治理的最新進展，並將服務直接轉移給亞特蘭大隊。

They held their earnings call yesterday; this is the next step in their evolution as a standalone private company. And I want to thank all the Braves management team for their partnership over the years. It's been so fruitful.

他們昨天召開了財報電話會議；這是他們作為一家獨立私人公司發展的下一步。我要感謝勇士隊管理團隊多年來的合作。這是非常富有成果的。

Now let me turn to the underlying businesses, beginning with Formula One Group and looking at it from some corporate update perspective. We refinanced the F1 date. The term loan B was refinanced at SOFR plus 200 bps. We expect to stay down to SOFR plus 175 bps upon the deleveraging post the MotoGP transaction. We raised incremental $850 million term loan B and $150 million term loan A, commitments to fund that MotoGP transaction. All of that is deal contingent.

現在讓我來談談基礎業務，從一級方程式開始，從企業更新的角度來看它。我們為 F1 賽事重新融資。定期貸款 B 依 SOFR 加 200 個基點再融資。我們預計，MotoGP 交易後去槓桿時，利率將維持在 SOFR 加 175 個基點以下。我們籌集了增量 8.5 億美元定期貸款 B 和 1.5 億美元定期貸款 A，承諾為 MotoGP 交易提供資金。這一切都取決於交易結果。

We also issued $949 million FWONK shares, replacing the equity consideration to the sellers in the transactions, so we'll directly pay them cash. We issued that stock at a 4% discount to the market price, and it was placed with long-term holders. Those transactions complete the necessary funding for a MotoGP acquisition. And we expect that leverage to be between 3.4 to 4 times, assuming a year-end close on that MotoGP deal.

我們也發行了價值 9.49 億美元的 FWONK 股票，取代了交易中向賣方支付的股權對價，因此我們將直接向他們支付現金。我們以低於市場價格 4% 的價格發行了該股票，並將其出售給長期持有人。這些交易完成了收購 MotoGP 所需的必要融資。假設 MotoGP 交易在年底完成，我們預期槓桿率將在 3.4 到 4 倍之間。

The F1 season itself remains highly competitive. Both the constructors' and drivers' championship are coming down the final races. We've seen also some of the incredible financial performance of former the one year to date with revenue up 15% and adjusted OIBDA up 21%.

F1賽季本身的競爭仍然十分激烈。車隊和車手的冠軍都在最後的比賽中決出。我們也看到了去年迄今為止的一些令人難以置信的財務表現，收入成長了 15%，調整後的 OIBDA 成長了 21%。

We've seen double digit growth across all of our revenue streams, boosted by two additional races. And we've benefited from new partners signed, contractual uplifts in our contracts and the performance of F1 TV at our hospitality products.

在兩場額外比賽的推動下，我們所有收入來源均實現了兩位數成長。我們受益於新合作夥伴的簽約、合約的提升以及 F1 電視台在我們的飯店產品中的表現。

I know we've signed several new commercial agreements, which will begin next year. LVMH and AmEx were introduced to F1 through LVGP in terms of their relationship, but now they've become broader partners with F1.

我知道我們已經簽署了幾項新的商業協議，這些協議將於明年生效。LVMH 和 AmEx 最初是透過 LVGP 引入 F1 的，但現在他們已經成為 F1 更廣泛的合作夥伴。

We feel that partners continue to be attractive to the growth of the sport in the EOS and our younger demographic, which is also grown. And correspondingly, we feel good about the pipeline for commercial activity in 2026.

我們認為，合作夥伴對於 EOS 運動的發展以及我們日益壯大的年輕群體將繼續具有吸引力。因此，我們對 2026 年的商業活動前景感到樂觀。

We all look forward to the LVGP in the coming weeks. We expect will be another great spectacle for fans attending and watching at home. We will have a free daytime fan experience, which will bring energy and welcome local Las Vegas fans to F1. And we expect great entertainment, including Ludacris, Alesso, and OneRepublic

我們都期待著未來幾週的 LVGP。我們期待這將為在家觀看比賽的球迷帶來另一場精彩表演。我們將提供免費的白天車迷體驗，這將帶來活力並歡迎拉斯維加斯當地的車迷來到 F1。我們期待精彩的娛樂節目，包括 Ludacris、Alesso 和 OneRepublic

Now let me turn briefly and give you a MotoGP transaction update. We are making progress with the European Commission, which is our only remaining regulatory jurisdictional hurdle, and we continue to expect the year-end close.

現在讓我簡單介紹一下 MotoGP 的交易更新。我們與歐盟委員會的合作正在取得進展，這是我們唯一剩下的監管管轄障礙，我們繼續期待年底完成。

And looking at the underlying MotoGP business, the Valencia race was canceled due to the tragic flooding in that region. Our thoughts for the entire community, we give credit to Carmelo and the management team at MotoGP for their quick and thoughtful response. They will pivot since the final race will be in Barcelona. It will be hosted there in solidarity with Valencia. And that will be the final race of the season.

從 MotoGP 的基礎業務來看，瓦倫西亞比賽因該地區的慘重洪水而被取消。我們向整個社區表示慰問，我們感謝卡梅洛和 MotoGP 管理團隊的快速和周到的回應。由於決賽將在巴塞隆納舉行，因此他們將會轉變方向。活動將在那裡舉行，以聲援瓦倫西亞。這將是本賽季的最後一場比賽。

Various initiatives are also underway there to support relief efforts for Valencia during that weekend. MotoGP racing has continued to be great with only 24 point separating the title five participants. Attendance is trading well, with 2.9 million attendees year to date, which is plus 9% on a like-for-like basis. Six races have set all-time attendance records this year.

那裡也正在進行各種措施來支持週末對瓦倫西亞的救援工作。MotoGP 賽事持續保持出色表現，五位奪冠選手之間的積分差距僅有 24 分。展會出席情況良好，今年迄今已累計出席人數達 290 萬人，較去年同期成長 9%。今年有六場比賽創下了出席人數的歷史最高紀錄。

And looking at the business updates, MotoGP extended its rights agreement with FIM, their regulator until 2060. They've announced their 2025 MotoGP calendar with 22 races across 18 countries and they expect to release a new brand identity post season. We look forward to more exciting racing and Liberty's involvement.

從業務更新來看，MotoGP 與其監管機構 FIM 的權利協議延長至 2060 年。他們已經公佈了 2025 年 MotoGP 賽程，其中包括在 18 個國家舉辦的 22 場比賽，並且預計在賽季結束後發布新的品牌標誌。我們期待更多精彩的比賽和Liberty的參與。

Turning briefly to Quint. As you may recall, Q3 is a seasonally light quarter. We've seen strong H1 experiences during the quarter, and we are also seeing positive movement across MotoGP products that they are selling. Profitability in the quarter was partially offset by softness at a different sporting goods. And there was an agreement with a rights holder, which was subsequently terminated by mutual agreement, which impacted our third-quarter results.

簡短地轉向昆特。您可能還記得，第三季是季節性淡季。我們在本季看到了強勁的上半年體驗，我們也看到他們銷售的 MotoGP 產品呈現正面趨勢。本季的獲利能力被其他體育用品的疲軟所部分抵銷。並且與權利人達成了一項協議，該協議隨後經雙方同意終止，這影響了我們第三季的業績。

And just touching on live nation, they've had strong performance through the first half despite fewer stadium concerts. They are set up very well 2025, which will be a monster stadium here. But I won't comment further on results because LYB did not released their earnings until Tuesday.

說到現場演出，儘管體育場音樂會較少，但他們在上半年的表現仍然很強勁。他們為 2025 年做好了充分的準備，這裡將會有一座龐大的體育場。但我不會對結果進一步發表評論，因為 LYB 直到週二才公佈其收益。

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

接下來，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. The merger of Liberty SiriusXM closed on September 9. Please note that SiriusXM Holdings is presented as a discontinued operation and Liberty's consolidated financial statements. Please also note that due to the timing of the Live Nation release of their reported results, as Greg mentioned, Liberty does not expected to file its 10-Q until Tuesday, November 12.

謝謝你，格雷格，大家早安。Liberty SiriusXM 的合併於 9 月 9 日完成。請注意，SiriusXM Holdings 在 Liberty 的合併財務報表中顯示為已停止經營的業務。還要注意，正如 Greg 所提到的，由於 Live Nation 發布其報告結果的時間，Liberty 預計要到 11 月 12 日星期二才會提交其 10-Q 報表。

At quarter end, Formula One Group had attributed cash, liquid investments, and monetizable public holdings $2.7 billion, which includes $1.4 billion of cash at F1 and $65 million of cash at Quint. Cash balance as of 9/30 also includes proceeds from the previously mentioned FWONK share issuance.

截至本季末，一級方程式集團的現金、流動投資和可貨幣化公共持股量為 27 億美元，其中包括 F1 的 14 億美元現金和 Quint 的 6,500 萬美元現金。截至 9 月 30 日的現金餘額還包括前面提到的 FWONK 股票發行的收益。

Total Formula One Group attributed principal amount of debt was $2.9 billion at quarter end, which includes $2.4 billion of debt at F1, leaving $530 million at the corporate level. F1's $500 million revolver is undrawn and their leverage at 9/30 was 1.1 times. During the quarter, Liberty entered into additional interest rate swaps and as of quarter-end, $2.2 billion of the $2.4 billion of F1 debt was at a fixed rate.

截至本季末，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，剩餘的 5.3 億美元為公司層面的債務。F1 的 5 億美元循環信貸尚未動用，其 9/30 時的槓桿率為 1.1 倍。在本季度，Liberty 進行了額外的利率互換，截至季度末，24 億美元 F1 債務中的 22 億美元為固定利率。

In September, F1 refinanced its term loan B and extended the maturities of its debt facilities. The term loan A and revolving credit facility manager in September 29, and the term loan B matures in September 2031. The margin on F1's term loan B was permanently reduced from 2.25% to 2%, with a potential to step down to 1.75% if certain leverage is met after the MotoGP acquisition closes

9月，F1對其定期貸款B進行了再融資，並延長了債務期限。定期貸款A及循環信貸額度經理於9月29日到期，定期貸款B於2031年9月到期。F1 定期貸款 B 的保證金從 2.25% 永久降至 2%，如果 MotoGP 收購完成後滿足一定的槓桿率，則有可能降至 1.75%

In connection with the refinance, F1 secured incremental funding for the new MotoGP transaction, and all acquisition related financing is now complete. Reminder that we also obtained commitments for an incremental EUR150 million term loan A and up EUR500 million revolver at Dorna to be entered into subject to the transaction close.

透過再融資，F1 為新的 MotoGP 交易獲得了增量資金，所有收購相關的融資現已完成。提醒一下，我們還獲得了 Dorna 增量 1.5 億歐元定期貸款 A 和最高 5 億歐元循環信貸的承諾，這些承諾將在交易完成後生效。

Turning to the F1 business, I'll make comments on Q3, but remind you that the business is best analyzed on an annual basis given the impact that both the race count and mix can have on quarterly results. During the third quarter, F1 recognize the lower proportion of season based income was 7 out of 24 races for 29% occurring during the period compared to 8 out of 22 or 36% in the prior year period.

談到 F1 業務，我將對第三季發表評論，但提醒您，考慮到比賽數量和組合都會對季度業績產生影響，最好按年度分析該業務。第三季度，F1 確認賽季收入比例較低的情況為 24 場比賽中有 7 場，佔 29%，而去年同期為 22 場比賽中有 8 場，佔 36%。

Sponsorship revenue declined due to this lower pro rata revenue recognition. The recognition of sponsorship income varies based on the mix of races during the quarter, including the allocation of title sponsorship and other races specific sponsorship packages.

由於比例確認的收入較低，贊助收入也下降了。贊助收入的確認根據季度內的比賽組合而有所不同，其中包括冠名贊助和其他比賽特定贊助套餐的分配。

To a lesser extent this also contributed to the sponsorship revenue decline for the third quarter. This was partially offset by revenue from new partners compared to the prior year period. The decline in pro rata recognition of Media rights revenue was partially offset by contractual fee increases and continued F1 TV growth.

在較小程度上，這也導致了第三季贊助收入的下降。與去年同期相比，這一增長被來自新合作夥伴的收入部分抵消。媒體版權收入按比例確認的下降部分被合約費用的增加和F1電視的持續成長所抵銷。

Race promotion revenue increased in the third quarter despite one less race being held due to the mix of events year over year with Azerbaijan this year compared to Austria and Japan last year. Other revenue increased due to the higher licensing revenue and revenue from third-party events at Grand Prix Plaza. Hospitality and experiences income decreased due to the mix of events in Q3, though note that the Paddock Club is seeing very strong growth year to date.

由於今年阿塞拜疆的賽事數量與去年相比減少了一場比賽，而奧地利和日本的賽事數量則減少了一場比賽，但第三季度的賽事推廣收入仍然有所增加。其他收入因大獎賽廣場的授權收入和第三方活動收入增加而增加。由於第三季活動頻繁，飯店和體驗收入有所減少，但請注意，圍場俱樂部今年迄今的成長非常強勁。

Adjusted OIBDA grew in the quarter due to the lower pro rata recognition of team payments, partially offset by the expectation of increased impairments for the full year over 2023. Team payments represented 62.2% of pre-team adjusted OIBDA year-to-date through Q3 compared to 64.6% in the prior year.

由於團隊支付的比例確認較低，本季調整後的 OIBDA 有所成長，但預計 2023 年全年減損將增加，部分抵銷了這一成長。截至第三季度，團隊支付佔年初至今團隊調整前 OIBDA 的 62.2%，去年同期為 64.6%。

Reminder that Q2 and Q3 tend to have the highest percentage payout ratios based on the greater mix of European races. We continue to expect slight leverage on team payments for the full year '24 relative to our year-to-date payout as a percent of pre-team share OIBDA. It's consistent with the message we communicated on our Q2 call.

提醒一下，由於歐洲賽事組合較多，Q2 和 Q3 往往有最高的百分比賠付率。我們繼續預計，相對於我們年初至今的支出佔團隊股份前 OIBDA 的百分比，24年全年團隊支出將略有槓桿作用。這與我們在第二季電話會議上傳達的訊息一致。

Other costs of F1 revenue and SG&A should be viewed as a percent of total revenue. And looking on a year-to-date basis, the adjusted OIBDA margin improved from 24.4% to 25.8% through Q3 '24.

F1 收入及銷售、一般及行政費用（SG&A）的其他成本應視為總收入的百分比。從年初至今的數據來看，調整後的 OIBDA 利潤率從 24.4% 提高到 24 年第三季的 25.8%。

Looking briefly at corporate and other results in the third quarter, corporate and other revenue was $70 million, which includes Quint results, and approximately $7 million of rental income related to the Las Vegas Grand Prix Plaza. Corporate and other adjusted OIBDA loss was $14 million and includes Grand Prix Plaza rental income, Quint results, and corporate expenses.

簡要回顧第三季度的公司及其他業績，公司及其他收入為 7,000 萬美元，其中包括 Quint 的業績，以及與拉斯維加斯大獎賽廣場相關的約 700 萬美元的租金收入。公司和其他調整後的 OIBDA 損失為 1400 萬美元，其中包括 Grand Prix Plaza 租金收入、Quint 業績和公司費用。

Quint results in the third quarter were primarily driven by F1 experience across seven races held. Note that Q3 is a seasonally light quarter for Quint.

Quint 在第三季的成績主要得益於七場 F1 賽事的經驗。請注意，第三季對於 Quint 來說是一個季節性淡季。

Turning to the Liberty Life Group had attributed cash of $388 million. There's $400 million of undrawn margin on capacity related to our live nation margin loan. As of November 6, the value of the live nation stock held at Liberty Live Group was $8.8 billion. We have $1.2 billion in principal amount of debt against these holdings.

轉向自由人壽集團 (Liberty Life Group) 已撥付 3.88 億美元現金。我們的現場國家保證金貸款有 4 億美元未提取的容量保證金。截至 11 月 6 日，Liberty Live Group 持有的 Live Nation 股票價值為 88 億美元。我們持有的這些資產的本金債務為 12 億美元。

In August, Liberty issued a redemption notice for all of which 0.5% live nation exchangeable debentures. Approximately $12 million of debentures were redeemed and settled in the third quarter and are made there were exchanged by holders in September, but did not settle out until October.

8 月份，Liberty 向所有 0.5% 活期公債發出了贖回通知。第三季約有 1200 萬美元的債券被贖回並結算，持有人於 9 月進行了交換，但直到 10 月才結算。

The $50 million remaining debentures that settled in October were funded with cash on hand. Liberty and F1 are in compliance with their debt covenants at quarter end.

10 月結算的剩餘 5,000 萬美元債券是由庫存現金資助的。本季末，Liberty 和 F1 均遵守了各自的債務契約。

And with that, I'll turn it over to Stefano to discuss Formula One.

現在，我將把話題轉交給史蒂法諾來討論一級方程式賽車。

Thanks, Brian. It's been a fantastic season at F1. The competition across the group is captivating odysseys in this stance and on the screen. We just completed a triple header in the Americas with amazing action exciting on and off the track.

謝謝，布萊恩。這是一個精彩的 F1 賽季。整個團隊的競爭正以這種姿態和在螢幕上上演著令人著迷的冒險之旅。我們剛在美洲完成了三連冠，賽道內外都上演了精彩的賽事。

We have a three-way battle for the constructor championship between McLaren, Ferrari, and Red Bull. And the driver's championship is still alive as we head into the final races between Verstappen and Norris, following three events in Austin, Mexico, and Brazil in front of huge crowds. It has been great to see the variety of winners this year.

麥克拉倫、法拉利和紅牛三方爭奪車隊冠軍。在奧斯汀、墨西哥和巴西舉行的三場大型賽事之後，隨著我們進入維斯塔潘和諾里斯之間的最後一場比賽，車手冠軍之爭仍然激烈。很高興看到今年的獲獎者有這麼多的才華。

Something that is thrilling fans and raises excitement and the participation for especially season in 2025. Looking at our engagement across the season, 5.8 million fans have attended Grand Prix through Brazil. Attendance is up season to date, with sell-out crowds on many races and seven races setting new attendance records including the British Grand Prix, which welcomed 480,000 fans over the weekend the largest crop for the season.

這是讓球迷興奮不已的事情，尤其增加了 2025 年賽季的興奮感和參與度。縱觀我們整個賽季的參與情況，共有 580 萬車迷觀看了巴西大獎賽。本賽季迄今為止，觀眾人數不斷增加，許多比賽的門票都銷售一空，七場比賽創下了新的觀眾人數記錄，其中包括英國大獎賽，該賽事在周末迎來了 480,000 名粉絲，是本賽季觀眾人數最多的一次。

In the third quarter, we have massive crowds over 300,000 at Hungarian, Belgian, Dutch, and the Italian Grand Prix. We have also have strong path to play Brazil this season, with attendance up across almost all races and four teams sold-out. We have been expanding and innovating our hospitality products like the F1 Garage and Monaco Yacht to continue to provide premium experience to our fans.

第三季度，匈牙利、比利時、荷蘭和義大利大獎賽的觀眾人數超過 30 萬人。本賽季我們與巴西隊的比賽也前景光明，幾乎所有比賽的觀眾人數都很高，其中四支球隊的門票全部售罄。我們一直在擴大和創新我們的酒店產品，例如 F1 車庫和摩納哥遊艇，以繼續為我們的粉絲提供優質的體驗。

Our promoter partners are investing in improved infrastructure and enhanced fan experience with live entertainment and on-site activation. Better fan experience benefited the promoters and the broader F1 brand. In Silverstone Castle with Kings of Lyon and Stormzy drew crowds on Thursday and Friday evening.

我們的推廣合作夥伴正在投資改善基礎設施，並透過現場娛樂和現場活動增強粉絲體驗。更好的車迷體驗使發起人和更廣泛的 F1 品牌受益。週四和週五晚上，Kings of Lyon 和 Stormzy 在銀石城堡的演出吸引了大批觀眾。

In Singapore, they had a festival-style lineup with over 100 hours of live entertainment in addition to the on track action, including concerts with the Kylie Minogue and Lenny Kravtiz. In Austin, over 100,000 fans attended Eminem's performance. The sprint races are also successfully drawing incremental audiences. Attendance on Friday of sprint weekends are up approximately 30% compared to non-sprint weekends.

在新加坡，他們準備了節日風格的陣容，除了曲目表演外，還有超過 100 小時的現場娛樂表演，包括與凱莉米洛和蘭尼克拉夫蒂茲的音樂會。在奧斯汀，超過十萬名粉絲觀賞了艾米納姆的演出。短跑比賽也成功吸引了越來越多的觀眾。與非短跑週末相比，短跑週末週五的出席率上升了約 30%。

TV viewership on sprint weekend is also on average 10% greater than no sprint weekends. This content offers incremental benefits for our promoters, broadcast partners and sponsor with increased exposure. Beyond sprints, average viewership for race weekends through Singapore averaged 65 million on leader TV channels, with around 20 million of incremental viewers on digital channels, including YouTube and F1 TV. Viewership on digital channels correlate to increase year over year.

短跑比賽週末的電視收視率也比沒有短跑比賽的週末平均高出 10%。這些內容透過增加曝光度為我們的推廣者、廣播合作夥伴和贊助商帶來了增量利益。除了短跑比賽之外，新加坡各大電視台觀看賽事週末的平均觀眾人數為 6,500 萬，而 YouTube 和 F1 TV 等數位頻道的觀眾人數則增加了約 2,000 萬。數位頻道的收視率逐年增加。

Looking a few races in particular, the British Grand Prix was the most viewed the European race ever in the UK and drew record viewership in the US for the event. F1 TV subscriber growth continue to robust, with subscribers up 10% year over year and particularly strong in the US market.

具體來看幾場比賽，英國大獎賽是英國有史以來觀看人數最多的歐洲賽事，並在美國創造了收視率紀錄。F1 電視訂閱用戶成長持續強勁，訂閱用戶較去年同期成長 10%，在美國市場尤為強勁。

We continue to innovate on digital platforms with creative ways for fans to experience the world of F1 worldwide. For example, this season we introduced video episodes for our F1 Beyond the Grid podcast and watch time is up over 30% since this format was introduced.

我們不斷在數位平台上進行創新，以創意的方式讓全球各地的車迷體驗 F1 世界。例如，本季我們為 F1 Beyond the Grid 播客推出了影片劇集，自推出這種形式以來，觀看時間增加了 30% 以上。

Social media followers grew 38% year-over-year to 94 million, in part due to the new platform launches like Threads and WhatsApp. Our WhatsApp partnership enables our closer direct relationship with fans through the messaging platform.

社群媒體粉絲數量年增 38%，達到 9,400 萬，部分原因是 Threads 和 WhatsApp 等新平台的推出。我們與 WhatsApp 的合作使我們能夠透過訊息平台與粉絲建立更緊密的直接關係。

On the F1 app, we registered a 6 million unique users in the third quarter, and we have seen continued growth from the platform contributed to a younger audience and higher that engage. F1 Arcade was thrilled to open their Washington DC location on October 13, the second venue in the US. Their opening party on October 9 had nearly nearly 1,000 guests.

在 F1 應用程式上，我們在第三季註冊了 600 萬獨立用戶，並且我們看到該平台的持續成長，得益於更年輕的受眾和更高的參與度。F1 Arcade 很高興於 10 月 13 日在華盛頓特區開設其在美國的第二家門市。10 月 9 日的開幕派對吸引了近 1,000 位嘉賓。

The DC location is hosting a number of Grand Prix watch parties this season, including one last month for the Austin Grand Prix, and it is inviting fans for other F1 inspired gatherings like the live recording of the F1 explained podcast during the Mexico Grand Prix. F1 Arcade is on track to open its Las Vegas location in the third quarter of 2025.

本賽季，華盛頓特區賽道將舉辦多場大獎賽觀看派對，包括上個月為奧斯汀大獎賽舉辦的派對，同時還邀請車迷參加其他以 F1 為主題的聚會，例如在墨西哥大獎賽期間現場錄製 F1 解說播客。F1 Arcade 預計將於 2025 年第三季在拉斯維加斯開設分店。

The F1 exhibition reached the first stop of its global tour in London, opening on August 23 with great reviews from visitors. The location is already seeing incredible demand with the 135,000 tickets sold and as a result of the exhibition stays at the location has being extended through the first quarter of 2025.

F1展覽全球巡迴展的首站於8月23日在倫敦開幕，並獲得了參觀者的一致好評。該展覽場地的需求量非常大，已售出 135,000 張門票，並且由於展覽的舉辦時間延長至 2025 年第一季。

Turning to commercial updates, we have had incredible momentum in 2024 and that continued this quarter. Most notably, our new partnership with LDMH for 2025 and expanded agreement with American Express and Lenovo demonstrate our ability to bring an iconic brands and scale our partnership into broader and larger deals.

談到商業更新，我們在 2024 年取得了令人難以置信的發展勢頭，並且這種勢頭在本季度得以延續。最值得注意的是，我們與 LDMH 達成的 2025 年新合作夥伴關係以及與美國運通和聯想的擴展協議，證明了我們有能力帶來標誌性品牌並將我們的合作夥伴關係擴展到更廣泛、更大的交易。

LDMH first partnered with Formula One for the last years' inaugural Las Vegas Grand Prix with representation primarily from its Vulcan tequila brand. We will now welcome LVMH as a global partner and then a groundbreaking 10 years deal beginning in 2025, which will see us partner with their iconic Maison Louis Vuitton, Moet NSC, and Tag Heuer.

LDMH 去年首次與一級方程式賽車合作，參加首屆拉斯維加斯大獎賽，主要以其 Vulcan 龍舌蘭酒品牌為代表。我們現在將歡迎 LVMH 成為我們的全球合作夥伴，並從 2025 年開始簽署一項開創性的為期 10 年的協議，屆時我們將與其標誌性的 Maison Louis Vuitton、Moet NSC 和 Tag Heuer 合作。

We will provide additional details specific activation by these brands at the next year. American Express initially partnered with F1 in 2023 as a regional sponsor with branding activation rights in the Americas. Beginning in 2025, we will expand our relationship globally with American Express becoming an official partner encompassing Australia, Asia, Europe, the Americas, and the Middle East.

我們將在明年提供這些品牌具體激活的更多細節。美國運通最初於 2023 年與 F1 合作，作為區域贊助商，並在美洲擁有品牌推廣權。從 2025 年開始，我們將拓展全球合作關係，美國運通將成為我們覆蓋澳洲、亞洲、歐洲、美洲和中東地區的官方合作夥伴。

Similarly, we have announced that beginning in 2025, Lenovo will be expanded to a global partner from their previous official partner sponsorship. We are also actively adding partnership with the new verticals. Santander joined as our official retail banking partner in a multi-year agreement beginning in 2025.

同樣，我們已經宣布，從2025年開始，聯想將從先前的官方合作夥伴贊助擴展為全球合作夥伴。我們也正在積極地增加與新垂直產業的合作關係。桑坦德銀行與我們簽訂了一份從 2025 年開始的多年協議，成為我們的官方零售銀行合作夥伴。

This partnership supports Santander's open bank product, their digital bank that is particularly focused on US market expansion. Formula One's success in the US market was a key factor in securing the Santander partnership.

此次合作支持桑坦德銀行的開放銀行產品，即其特別注重美國市場擴張的數位銀行。一級方程式賽車在美國市場的成功是確保與桑坦德銀行合作的關鍵因素。

One other area of focus gaining momentum is licensing. We were thrilled to announce recent partnership with both LEGI and Mattel, both of which bring the world of F1 into our fan's day-to-day lives and extend our brand to new audiences.

另一個日益受到關注的領域是許可。我們非常高興地宣布最近與 LEGI 和美泰建立合作夥伴關係，這兩家公司都將 F1 世界帶入我們粉絲的日常生活，並將我們的品牌擴展到新的受眾。

The LEGO product range a feature called F1 teams engaging content across LEGO digital platforms and facets of the F1 races weekend, including a Fan Zone activation. Our Mattel partnership kick off the season with the release of a one-off kind F1 car and the full range of Hot Wheels product we release next year.

樂高產品系列在樂高數位平台上推出了一項名為「F1 車隊」的功能，涵蓋 F1 賽事週末的各個方面，包括粉絲區活化。我們與美泰兒合作，將推出一款獨一無二的 F1 賽車，以及明年推出的全系列風火輪產品，拉開新賽季的序幕。

Look into the rest of the season, we are weeks away from the second Las Vegas Grand Prix. The Las Vegas race has continued to serve as a test bed of innovation that we can leverage across the broader F1 calendar, include the opportunities in the hospitality, tailored sponsorship, and licensing. Just last week, we announced the first-of-its-kind special merchandise connection for Las Vegas ranging from a streetwear collaboration with a Venus brand to one-of-a-kind Vegas Golden Knights and Riders 4.

展望本賽季的剩餘比賽，距離第二屆拉斯維加斯大獎賽還有幾週的時間。拉斯維加斯賽事繼續充當創新的試驗台，我們可以利用這項創新來拓展更廣泛的 F1 賽程，包括接待、客製化贊助和授權方面的機會。就在上週，我們宣布了拉斯維加斯首個特殊商品合作項目，包括與 Venus 品牌合作的街頭服飾以及獨一無二的 Vegas Golden Knights and Riders 4。

Since posting this merchandise collaboration on the LVGP social channels we've gathered over 1.2 million organic impressions across the post, with more than 93,000 engagement and 86,000 likes. This year's Las Vegas Grand Prix leverages learnings from last year across the whole event, including hospitality, logistic, ticketing. and more. We will continue to test, learn, and innovate in this year ahead.

自從在 LVGP 社交管道上發布此商品合作以來，我們已在帖子中收穫了超過 120 萬次自然展示，其中互動量超過 93,000 次，點讚量超過 86,000 次。今年的拉斯維加斯大獎賽在整個賽事中藉鑒了去年的經驗，包括接待、物流、票務等。等等。在未來的一年裡，我們將繼續測試、學習和創新。

We are proud of our sustainability strategy and continue to make progress throughout the organization on our environmental, social and governance efforts. In September, we made our first investment is sustainable aviation fuels, working with our partner DHL.

我們為我們的永續發展策略感到自豪，並在整個組織內繼續在環境、社會和治理工作方面取得進展。9 月份，我們與合作夥伴 DHL 合作，進行了第一筆投資，投資對象為永續航空燃料。

These purchases cover approximately 11% of the estimated carbon flight emissions across the 2024 season, and the flights powered by sustainable aviation fuels have an estimated 80% reduction in carbon emission per flight. We look forward to more progress through the end of this year and into 2025.

這些採購約佔 2024 年整個季節預計的碳飛行排放量的 11%，而使用可持續航空燃料的航班每趟飛行的碳排放量預計可減少 80%。我們期待今年年底和 2025 年取得更多進展。

In closing, Formula One is in great position with the strong financial growth and incredible on track action. It's looking like the three-way battle for the constructor will come down to the final races. We thank our fans teams and partners for their support in these record season and look forward to more action to come. Full speed ahead.

最後，一級方程式賽車憑藉著強勁的財務成長和令人難以置信的賽道表現處於有利地位。看起來，三方爭奪車隊冠軍的戰鬥將在最後的比賽中決出結果。我們感謝我們的球迷團隊和合作夥伴在這個創紀錄的賽季中的支持，並期待未來更多的行動。全速前進。

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

現在我將把電話轉回給格雷格。謝謝。

Thanks, Stefano and Brian. I want to clarify one thing I might have misspoken during our corporate upgrade. On the Braves, they are transitioning to a stand-alone public company. We look forward to seeing you on Thursday, November 14 for our Annual Investor Meeting. You can join in virtually or join us in person at our new location, Jazz at Lincoln Center.

謝謝，Stefano 和 Brian。我想澄清一下我在公司升級期間可能說錯的一件事。就勇士隊而言，他們正在轉型為一家獨立的上市公司。我們期待在 11 月 14 日星期四的年度投資者會議上見到您。您可以虛擬加入我們，也可以親自到我們的新地點林肯中心爵士音樂廳加入我們。

If you plan to attend in person, please make sure the registered by Monday, November 11, as there will be no on-site registration. The link to register can be found on our website. John Mueller and I will be hosting our annual Q&A session. If you would like to submit questions in advance, you can e-mail investorday@libertymedia.com.

如果您計劃親自參加，請確保在 11 月 11 日星期一之前註冊，因為不接受現場註冊。您可以在我們的網站上找到註冊連結。約翰·穆勒和我將主持我們的年度問答環節。如果您想提前提交問題，可以發送電子郵件至 investorday@libertymedia.com。

We appreciate your continued interest in Liberty Media. And operator, with that, I'd like to open the line for questions.

感謝您對 Liberty Media 的持續關注。接線員，現在我想開始回答您的問題。

(Operators Instructions) David Karnovsky, JPMorgan.

（操作員指示）摩根大通的 David Karnovsky。

Hey, thanks for the question. First for Greg or Stefano, just on Concord from any potential updates to provide their own progress, tone of talks or expected timing?

嘿，謝謝你的提問。首先對於 Greg 或 Stefano，能否就 Concord 的任何潛在更新提供他們自己的進展、談話基調或預期時間？

And then a second one for Brian. Just on the team payment accruals in the quarter or even year to date, the figures do imply a lower full year figure relative to what you had given at Q1 or Q2. I just wanted to see if there's anything specific to call out inter-quarter that shifted as far as your assumptions on pre-team profit for the year?

接下來是 Brian 的第二個。僅就本季甚至今年迄今的團隊支付應計金額而言，這些數字確實意味著全年數字低於您在第一季或第二季給出的數字。我只是想看看，就您對今年團隊利潤前的假設而言，季度間是否有任何具體變化？

Stefano, I'll let you take a first cut at the Concord.

斯特凡諾，我讓你先去康科德看看。

Yeah, thank you, Greg. Thanks, David. I mean, as we said, first of all, it's very important to remember that we have still plenty of time under the existing Concord, so there's no urgent rush. Conversations is progressing very well.

是的，謝謝你，格雷格。謝謝，大衛。我的意思是，正如我們所說的，首先，非常重要的一點是要記住，在現有的《協約》下我們仍然有充足的時間，因此沒有必要著急。對話進展非常順利。

And as we said before, very, very positive because at this moment, the ecosystem is very solid. And also all the teams and all the levels to quarter have had a huge benefit from everyone in this moment.

正如我們之前所說，這是非常非常積極的，因為目前的生態系統非常穩固。此時此刻，所有球隊和各個層級的球員都從大家身上獲得了巨大的利益。

So the financial security for the future and stability that we have today it's underline in the what we are preparing as soon as we have everything ready. Of course, we will inform everyone. But that always, as I said, we want to do the right thing and consider there's no rush. Everything is progressing well, as we said and looking forward to confirming you when we're going to announce something concrete.

因此，我們今天所擁有的未來財務安全和穩定性強調了我們在一切準備就緒後所做的準備。當然，我們會通知大家。但正如我所說，我們始終希望做正確的事情，認為沒有必要著急。正如我們所說，一切進展順利，我們期待在宣布具體消息時向您確認。

So I would just add that, to Stefano's point, the most important thing for everybody, including ourselves and the teams, is to get it right. And so, we're progressing at a good pace with the expectation that everyone will sign with glee on their face.

因此，我只想補充一點，對史蒂法諾來說，對每個人來說，包括我們自己和團隊在內，最重要的事情就是把事情做好。因此，我們正在以良好的速度前進，希望每個人都能高興地簽名。

Yeah, and David, on team prepayments, as you rightly point out, they've come down just a little bit on a per race basis. I think that, that represents some conservatism towards Vegas, because really that's the last remaining on contracted revenue stream that we have for the year. And it largely reflects typical year two trends that promoter see. So that would be the primary reasons.

是的，大衛，關於車隊預付款，正如你正確指出的那樣，每場比賽的預付款都會稍微減少一點。我認為這代表了對拉斯維加斯的一些保守態度，因為這實際上是我們今年剩下的最後一個合約收入來源。它在很大程度上反映了發起人看到的第二年典型趨勢。所以這就是主要原因。

Thank you.

謝謝。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Good morning and thanks for taking the question. Just on Formula One sponsorship. Clearly, there's a lot of momentum there. You've announced a number of new and expanded agreements. Seems like 2025 is going to be a banner year. And Greg, I think you commented that you feel good about the pipeline for commercial activity in 2026 as well. Can you help us just think about how meaningful the sponsorship revenue growth outlook can be in the coming years? Thank you.

早上好，感謝您回答這個問題。僅就一級方程式賽車贊助而言。顯然，那裡有著很大的發展勢頭。你們宣布了一系列新的和擴大的協議。看來 2025 年將會是輝煌的一年。格雷格，我想您也曾經表示過對 2026 年的商業活動前景感到樂觀。您能否幫助我們思考未來幾年贊助收入成長前景有多大意義？謝謝。

I'll take a first cut of it's okay, Stefano.

如果可以的話，我會先剪一下，斯特凡諾。

Yeah, absolutely.

是的，絕對是如此。

Look, you've seen the announcement here that are mostly '25 related. It's unusual. One would not expect to be making announcements yet about '26 related deals. But we have a lot of activity going on around potential sponsorship around licensing and other activities.

你看，你已經看到這裡的公告大部分與 '25 有關。這很不尋常。人們可能不會期待公佈有關‘26’相關交易的公告。但我們在潛在贊助、許可和其他活動方面正在進行大量活動。

So it's very hard. You're still quite a ways out from those. But I feel good about the progress. I don't know if you have anything, Stefano.

所以這非常困難。你距離這些還很遠。但我對進展感到很滿意。我不知道你有什麼，史蒂法諾。

No, I would say for sure. And as always, we need to remember we'll adjust couple of years ago in terms of quantity and also quality of a partnership.

不，我肯定地說。像往常一樣，我們需要記住，幾年前我們就會在合作的數量和品質方面做出調整。

Now we have grown significantly in terms of quantity and of course, now the time is really to check in term of restructuring the deals in term of global, regional, official partners, due to the fact that we have a strong interest in our market so far.

現在我們在數量上已經有了顯著的增長，當然，現在是真正檢查重組全球、地區和官方合作夥伴交易的時候了，因為我們到目前為止對我們的市場有濃厚的興趣。

So there are for sure other that we will exploit in the future. But the ability that I can confirm, as Greg was mentioned, is really we are really bringing in the interest that we are headed from partners that have a high value in the market, and that would be another leverage because through a B2B business growth within the relationship we can create with all the partners, we can create even more interest in our platform.

所以將來我們一定會利用其他資源。但是正如格雷格所提到的，我可以確認，我們確實從在市場上具有高價值的合作夥伴那裡吸引了興趣，這將是另一個槓桿，因為透過我們與所有合作夥伴建立的關係中的 B2B 業務增長，我們可以為我們的平台創造更多的興趣。

So as I said, look back and see where we were and look where we are. And I think that the future is always it will be very positive again.

所以正如我所說的，回顧過去，看看我們曾經在哪裡，看看我們現在在哪裡。我認為未來總是會再次變得非常積極。

Yeah, and one thing I would add, that almost more towards David's question that the sponsorship that we've announced for 2025, you've also seen that's all moving into '25. So any expectations that we had for those new agreements for '24 also have that impact on team payment.

是的，我想補充一點，這幾乎更接近大衛的問題，即我們宣布的 2025 年贊助，您也已經看到這一切都將進入 25 年。因此，我們對 24 年新協議的任何期望也會對球隊支付產生影響。

Perfect., Thank you.

非常好。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Great. Thanks for taking the questions. Two on Formula One, maybe first for Greg on Media rights. Just curious for your latest thoughts on the sports media rights landscape heading into the US renewal next year and maybe how you're approaching your negotiations with ESPN?

偉大的。感謝您回答這些問題。兩次獲得一級方程式賽車的獎項，或許是格雷格第一次獲得媒體版權。我只是好奇您對明年美國續約前體育媒體版權前景的最新看法，以及您如何與 ESPN 進行談判？

And then second on Vegas, Brian, you mentioned the Las Vegas Grand Prix be in the last uncontracted piece of the puzzle here. Just curious if there's anything more you can say on demand for Vegas heading into the final few weeks and any expectations around revenue and profitability for the event this year?Thank you.

其次關於拉斯維加斯，布萊恩，你提到拉斯維加斯大獎賽是這裡最後一個未簽約的拼圖。我只是好奇，您是否可以透露一些關於拉斯維加斯在最後幾週的需求情況，以及對今年活動的收入和盈利能力的預期？你。

Stephen, thanks for the question. I'll start on the media side. As I think as well know, we have a partnership with ESPN that runs to the of the end of '25. It would be not atypical that there is some negotiated period with them. I'm obviously not going to disclose the specifics. ESPN has been a great partner.

史蒂芬，謝謝你的提問。我先從媒體方面說起。眾所周知，我們與 ESPN 的合作關係將持續到 25 年底。與他們進行一段談判期並不罕見。我顯然不會透露具體細節。ESPN 一直是我們出色的合作夥伴。

We will look to see what we can do with them. But there's also a lot of other interest from partners, and we're trying to construct the deal that manages to bring both the best economic opportunity for F1. But even more importantly, perhaps expose our fans the best experience in a logical way across as much breadth as possible.

我們將看看能用它們做什麼。但也有許多其他合作夥伴對此感興趣，我們正在努力建立一項能為 F1 帶來最佳經濟機會的交易。但更重要的是，也許能夠以盡可能廣泛的範圍、合乎邏輯的方式向我們的粉絲展示最好的體驗。

So as always, we're going to play between economics and reach and hopefully come up with the best result for our F1 fans and ourselves. I'll let Renee talk a little bit about Las Vegas.

因此，與往常一樣，我們將在經濟性和影響力之間做出權衡，希望為我們的 F1 車迷和我們自己取得最好的結果。我讓蕾妮談談拉斯維加斯的事情。

Thanks, Greg. Maybe we can take a step back and focus on what we've been working on here in year two. Obviously, your one, we are very much focused on quality of the fan experience. Year two has been a lot of focus around cost structure and optimizing our product ladder. We do expect that to continue going into years three and beyond.

謝謝，格雷格。也許我們可以退一步並集中精力於我們第二年在這裡所做的事情。顯然，我們非常注重粉絲體驗的品質。第二年，我們將重點放在成本結構和優化產品階梯。我們確實預計這種情況將持續到第三年甚至更久。

We made a number of improvements coming into this year, which have allowed us to continue to be dynamic and adjusting products and pricing based on real-time feedback we're receiving from the market. We would note the all in cost of Vegas race weekend has come into line with the other US races, and we would refer you to the commentary from our hotel partners, Wynn and Caesars, regarding the continued strength of F1.

我們今年做出了許多改進，這使我們能夠繼續保持活力，並根據從市場收到的即時回饋調整產品和定價。我們注意到，拉斯維加斯賽事週末的總成本已與其他美國賽事保持一致，我們也請您參閱我們的酒店合作夥伴永利和凱撒對 F1 持續強勁表現的評論。

In terms of recent activity, as expected, we are seeing an uptick in traffic and conversion rates around ticket sale. And we expect that to continue as we get closer to the race weekend. We are, of course, benefiting from the very competitive championship this year. And we have seen success with our recent promotions, including the Lewis Hamilton package and some special offerings that we have run in partnership with our sponsors, Timo and AmEx.

就最近的活動而言，正如預期的那樣，我們看到門票銷售的流量和轉換率上升。我們預計，隨著比賽週末的臨近，這種情況還將繼續。當然，我們也受益於今年競爭非常激烈的錦標賽。我們最近的促銷活動也取得了成功，包括劉易斯漢密爾頓套餐以及我們與贊助商 Timo 和 AmEx 合作推出的一些特別優惠。

We still have room to grow on ticket sales, but we are very excited to see year two come together over the next couple of weeks. And of course, we remain very positive on the benefits that Vegas is providing to the broader ecosystem of Formal One, including that LVMH deal, American Express and getting back to the media rights renewal. We are looking to see the benefit of Vegas next year as well when Greg starts those discussions.

我們的門票銷售仍有成長空間，但我們非常高興看到第二年的活動將在接下來的幾週內舉行。當然，我們仍然非常看好拉斯維加斯為 Formal One 更廣泛的生態系統帶來的益處，包括與 LVMH 的交易、美國運通的合作以及重新續簽媒體版權。當格雷格開始這些討論時，我們也期待明年看到拉斯維加斯帶來的好處。

That's great. Thank you both.

那太棒了。謝謝你們兩位。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯威伯恩 (Ben Swinburne)。

Thanks, Good morning. I'm not sure, Greg, how much you would be willing to comment, but live nation stock has been quite strong the last few months. Some of that, I think in anticipation correctly, I guess of the election outcome. What do you think a Republican DOJ means for the range of outcomes for the lawsuit against live nation and its ability to navigate that successfully from a shareholder point of view?

謝謝，早安。格雷格，我不確定你願意發表多少評論，但過去幾個月 Live Nation 的股票表現相當強勁。我認為其中一些是對選舉結果的正確預測。您認為共和黨司法部對於針對 Live Nation 的訴訟結果及其從股東角度成功處理訴訟的能力意味著什麼？

And then at the risk of beating team payments to [debt], Brian, I think you've shown over 200 basis points of leverage year to date. How you think about the full year versus that? And how much of a swing factor is Las Vegas? Is that sort of at a larger than normal variable when you think about your business as we think about the full year? Thanks so much.

然後，儘管冒著超過團隊支付[債務]的風險，布萊恩，我認為你今年迄今為止已經顯示出超過 200 個基點的槓桿率。您對全年業績有何看法？拉斯維加斯的波動因子有多大？當您考慮自己的業務並考慮全年業務時，這是否是一個比正常變數更大的變數？非常感謝。

Ben, it was nice of you to set up and acknowledge it would be very difficult for me to comment, and I think you caught that. But live nation continues to prosper as a business and continue to believe it serves customers well, and there is no basis for the lawsuit, and I don't think that's going to change. Their view is not going to change regardless of administration. Brain?

本，你很友善地指出並承認我很難發表評論，我想你明白了這一點。但是 Live Nation 的業務持續蓬勃發展，並且繼續相信自己能夠為客戶提供良好的服務，因此這起訴訟沒有任何依據，而且我認為這種情況不會改變。無論政府如何變化，他們的觀點都不會改變。腦？

Yesh, on team prepayments, like we said last quarter, Ben, slight leverage, I think de minimis might have been the words I used when we were at 61.9% at year to date to Q2, so we're going to stick with that. In terms of Vegas being a swing factor, I mean, if you think about our business, most of the revenues are contracted, most of the costs are contracted.

是的，關於團隊預付款，就像我們上個季度說過的，本，輕微的槓桿，我認為當我在今年第二季度迄今為止的槓桿率為 61.9% 時，我使用的詞可能是“最低限度”，所以我們將堅持這一點。就拉斯維加斯這個搖擺因素而言，我的意思是，如果你考慮我們的業務，大部分收入都是收縮的，大部分成本也是收縮的。

The two big swing factors in any given year are the sponsorship go get and then Vegas ticket sales because those have the highest volatility. So yeah, as you get closer to the end of the year, you start to get more clarity on both of those, although Vegas being a last-minute market, as we've pointed out many times, there's lots of work to be done as you enter Q4. So it can be a swing factor, but we continue to be optimistic here.

任何一年中最大的兩個影響因素是贊助商的獲得以及拉斯維加斯的門票銷售，因為它們的波動性最高。是的，隨著年底的臨近，您會開始對這兩件事更加清晰，儘管拉斯維加斯是一個最後一刻的市場，但正如我們多次指出的那樣，進入第四季度時還有很多工作要做。因此這可能是影響因素，但我們對此仍然保持樂觀。

Thanks a lot.

多謝。

Ryan Cardiff, UBS.

瑞銀的瑞安·卡迪夫。

Great. Thank you. Not to look too far ahead, but I guess how are you thinking about the opportunity for race promotion and the race calendar in 2026? Is that a year when we could start to see some new venues added to the calendar? And just more broadly, how you're thinking about your positioning for renewals given the elevated attendance you've seen over the past few years? Thanks.

偉大的。謝謝。不要把眼光放得太遠，但我猜你是如何看待 2026 年賽事推廣的機會和賽事日程的？那是我們能看到日曆上增加一些新場館的一年嗎？更廣泛地說，考慮到過去幾年參觀人數的不斷增加，您如何考慮續約的定位？謝謝。

Stefano, do you want to take a cut?

史蒂法諾，你想分一杯羹嗎？

Okay, thanks. Thanks, Greg. Of course, '26 race promotion, as you know, we have Madrid that will be part of the calendar. We have a long-term deals on the other side, as you know, that is represented the vast majority of the situation today.

好的，謝謝。謝謝，格雷格。當然，如你所知，26 場比賽的推廣，馬德里賽事將成為日程的一部分。如你所知，另一方面，我們有長期協議，這代表了當今絕大多數的情況。

And these allow as opposed to work with them in order to promote better quality to make sure that what we want to offer to our customers to the level is the highest standard. In '26 and further beyond, of course, we have some news to share very, very soon with regards to the possibility in the midterm to have some rotational European Grand Prix and some other new options coming later.

這些允許我們與他們合作以提高質量，以確保我們向客戶提供的產品達到最高標準。當然，在'26年及以後，我們很快就會分享一些消息，關於中期可能舉行的輪換歐洲大獎賽和隨後出現的一些其他新選擇。

And this is something that, of course, clarifying the due course. It is true that we have a large demand of even new possible venues that was to come in. And our choice will be always balanced between the right to economical benefits that we can have as a system and also to leverage in the growth of the but also the market that we can see potential would be beneficial for us to grow even further our business.

這當然是澄清適當程序的事。確實，我們對即將落成的新場館有著很大的需求。我們的選擇始終是在我們作為一個系統所能擁有的經濟利益與利用市場成長之間取得平衡，我們認為潛在的市場將有利於我們進一步發展業務。

So it's something that we are managing in the right way. And thank god today, we have a quality problem to handle. That was not the case just a couple of years ago.

所以我們正在以正確的方式處理此事。感謝上帝，今天我們要處理一個品質問題。幾年前情況還不是這樣。

Great, Thank you.

太好了，謝謝。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特（Bryan Kraft）。

Hi, good morning. And two, if I could. First on media rights. Are there other major markets in the Americas that have media rights contracts coming up for renewal around the same time as the US?

嗨，早安。如果可以的話，還有兩個。首先是媒體權利。美洲是否還有其他主要市場與美國同期續約媒體版權合約？

And might we consequently see in Americas media rights deal rather than just the US contract this time around? And then also related to that, how has what you've value from here to US media partner change since the renewal with ESPN given just how streaming has become such a larger part of the business now?

那麼，我們這次是否會看到美國的媒體版權協議，而不僅僅是美國的合約呢？然後與此相關的是，自從與 ESPN 續約以來，考慮到串流媒體現在已經成為業務中更重要的一部分，您對美國媒體合作夥伴的價值有何變化？

And then just separately, sort of a follow-up on Vegas, maybe to ask a little more bluntly. I mean, it sounds like promotion revenue is clearly going to be up, but ticket prices are going to be down. So probably overall ticket revenue is going to be down. Is that a fair interpretation of what Renee was going through before? Thank you.

然後單獨地，作為對拉斯維加斯的後續調查，也許可以更直白地詢問一下。我的意思是，這聽起來促銷收入顯然會增加，但票價卻會下降。因此整體票價收入可能會下降。這能合理解釋蕾妮之前的經歷嗎？謝謝。

So if it's okay, Stefan, I'll take a cut on the media. Look, we would love to find a partner who would take on more markets. That's always very interesting and make ease of perhaps with them and us. There are no huge renewals in the Americas that make it logical, not to say it wouldn't happen, but I don't think it would be an enormous economic swing in any case, if we bundled with somebody for all the Americas.

所以如果可以的話，史蒂芬，我會從媒體上收取一部分費用。你看，我們很樂意找到一個能夠佔領更多市場的合作夥伴。這總是非常有趣並且也許能讓他們和我們之間的關係變得輕鬆。美洲地區沒有大規模的更新，因此這不合邏輯，並不是說這不會發生，但我認為，如果我們與某人一起為整個美洲進行更新，無論如何這都不會帶來巨大的經濟波動。

We certainly have had rumors of larger deals, and in some cases we certainly do have regional deals. But I'm not sure that's going to work for the Americas that way, that there's some partner who is going to take all of it that way.

我們確實有關於更大規模交易的傳聞，在某些情況下，我們確實有區域性交易。但我不確定這種方式對美洲是否有效，是否有某個合作夥伴會以這種方式承擔所有責任。

As far as streaming, obviously, we see the rise of streaming. We've noticed across a couple of our businesses, we certainly notice. The reality is we have a great stream product and F1 TV ourselves, which has shown tremendous growth.

就串流媒體而言，顯然我們看到了串流媒體的興起。我們確實注意到了我們的一些業務。事實上，我們自己就擁有出色的串流媒體產品和 F1 電視，並且已經顯示出了巨大的成長。

And we would look to consider whether a media partner, how we interacted with them on both a linear side of that existed and the streaming side and how our F1 TV fit in. But clearly streaming is going to be a more major component of all sports rights packages going forward.

我們會考慮是否存在媒體合作夥伴，我們如何與他們進行線上和串流媒體的互動，以及我們的 F1 電視如何融入其中。但顯然串流媒體將成為未來所有體育版權套餐中更重要的組成部分。

Renee, do you want to comment?

蕾妮，你想發表評論嗎？

Sure. Yes, happy to. So I guess just to reiterate, we generally do not give race specific economics, but with regard to your question on ticket revenue, aggregate ticket revenue will be down from what we originally budgeted in Q1.

當然。是的，很高興。因此，我想重申一下，我們通常不會給出具體的比賽經濟數據，但關於門票收入的問題，總門票收入將低於我們在第一季最初預算的水平。

However throughout the course of '24, we have also continued to reduce costs from what we budgeted in Q1. So I would say that we're working hard to focus on getting the best profitability that we can from Vegas. And again, we would refer you to the broader benefit that it does bring to the F1 ecosystem.

然而在整個24年期間，我們也持續削減第一季預算的成本。所以我想說，我們正在努力專注於從拉斯維加斯獲得最大的獲利能力。我們再次向您介紹它為 F1 生態系統帶來的更廣泛的利益。

Thank you.

謝謝。

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

Thank you. Two little questions, please. One was just a little bit more on the media rights. Just given that some of your recent deals have been extended beyond the typical kind of three-year period we used to see, and other sports leagues have done that as well. Just wondering how you're thinking about your objectives with these upcoming rights deals?

謝謝。請問兩個小問題。其中一個是關於媒體權利的。鑑於你們最近的一些合約已經延長到了我們過去常見的三年期限之外，其他運動聯盟也都是這麼做的。只是想知道您如何看待這些即將到來的權利交易的目標？

And then the second question is on just a little one on the accounting of how you'll be recognizing the F1 movie next year? Thanks.

然後第二個問題是關於您明年將如何評價 F1 電影的？謝謝。

So I think on the media rights deals, I outlined some of our goals in terms of growing reach and making it a great experience for our fans as well as payments to us. So I think all of those goals remain the same. We've chosen market by market longer or shorter deals based on where we stood in the market, what our growth was, what our partners were doing, and what we wanted to go.

因此，我認為在媒體版權交易方面，我概述了我們的一些目標，包括擴大影響力、為我們的粉絲提供更棒的體驗以及為我們支付費用。所以我認為所有這些目標都保持不變。根據我們在市場中的地位、我們的成長情況、我們的合作夥伴在做什麼以及我們想要實現的目標，我們為每個市場選擇了長期或短期交易。

And obviously one of the reasons we cut a shorter deal in the US last time as we were confident and really betting on ourselves that we would get a larger renewal down the road. That did work the first time we did a three-year deal. I'm optimistic it will work again. I'm not projecting whether the deal will be shorter or longer.

顯然，我們上次在美國達成較短協議的原因之一是，我們有信心並且真的相信自己將來會獲得更大規模的續約。當我們第一次簽訂三年合約時，這確實有效。我樂觀地認為它會再次發揮作用。我並沒有預測這筆交易會延長還是縮短。

I would note it's likely, particularly if you went to another partner, which I'm not sure that's going to happen. You probably would kind of cut a longer deal just because that partner would wants to have some period to grow into it and work together. But that's just observing on the media market. That's not projecting what we will or won't do on the US

我想說這是很有可能的，特別是如果你找到了另一個合作夥伴，但我不確定這是否會發生。您可能會達成長期協議，只是因為合作夥伴希望有一定的時間來共同成長和合作。但這只是對媒體市場的觀察。這並不是預測我們會對美國做什麼或不做什麼

And on the F1 movie, we've been paid in 2023 and 2024 for their use of the paddock building and having access to certain races. I think going forward, the revenues that you would expect there would be pretty small.

在 F1 電影中，我們已經在 2023 年和 2024 年獲得了使用圍場建築和參加某些比賽的報酬。我認為，展望未來，你預期的收入將會非常少。

Okay. Thank you.

好的。謝謝。

Barton Crockett, Rosenblatt Securities.

羅森布拉特證券的巴頓·克羅克特 (Barton Crockett)。

Okay, great, thanks for taking the question. I guess a couple, if I can. One is turning to Vegas, looking beyond the race. I know there's been some hope that the off season could be monetized at Vegas and that could help maybe the margin profile.

好的，太好了，感謝您回答這個問題。如果可以的話我想是幾個。一個人把目光轉向拉斯維加斯，目光不再侷限於比賽。我知道人們希望拉斯維加斯能夠利用淡季獲利，這也許有助於提高利潤率。

And I was just wondering if you could give us an update of your progress there. Are you really doing anything meaningful in the off-season? You mentioned the film. I'm just wondering if there's anything meaningful happening

我只是想知道您是否可以向我們介紹您在那裡取得的進展。你在休賽期真的做了什麼有意義的事嗎？您提到了這部電影。我只是想知道是否發生了什麼有意義的事情

Sure. So we are working hard to launch the year-round business beyond just the event conference segment. Beginning in, I'd say, late Q1 of '25, it's going to be actually very much focused around educating new fans, bringing the new fans deeper into the sport.

當然。因此，我們正在努力開展全年業務，而不僅僅是活動會議部分。我想說，從 25 年第一季末開始，我們將主要致力於培養新粉絲，讓新粉絲更深入了解這項運動。

Obviously, Las Vegas is a destination and we want to try to leverage that and bring these visitors to learn more about Formula One, coming deeper into the US culture. There will be a carding business there. There will also be a fun, interactive experience 3D, 4D type offering, which will also a little bit the legacy F1 exhibition type educational experience as well.

顯然，拉斯維加斯是一個旅遊目的地，我們希望利用這一點，讓這些遊客更了解一級方程式賽車，更深入地了解美國文化。那裡將會有梳理業務。還會有有趣的 3D、4D 類型的互動體驗，這也將有一點傳統的 F1 展覽類型的教育體驗。

And then we will be looking to package those experiences to enhance the event conference space. So a lot more to come, and we hope to be giving more specifics around that business during race week.

然後，我們將整合這些體驗，以增強活動會議空間。接下來還會有更多消息，我們希望在比賽週期間提供有關該業務的更多具體資訊。

Okay. And then if I could just follow-up also on sponsorship. Just to be clear, with all these announcements starting in 2025, it sounds like 2025 is going to be a strong year for sponsorship. But I was wondering if you could comment on that more directly. Is that what we're seeing?

好的。然後我是否可以跟進贊助問題。需要明確的是，所有這些公告都將於 2025 年開始發布，聽起來 2025 年將成為贊助強勁的一年。但我想知道您是否可以更直接地對此發表評論。這就是我們所看到的嗎？

Yes.

是的。

Okay, great. Thank you.

好的，太好了。謝謝。

It's going to be a good year, Barton, you called it correctly.

巴頓，這將是美好的一年，你說得對。

Okay, thank you.

好的，謝謝。

Jonathan Navarrete, TD Cowen.

喬納森·納瓦雷特（Jonathan Navarrete），TD Cowen。

Hey, good morning. Just my question is around the new markets and expansion. Are there any plans to expand the race calendar, especially in emerging markets? And what I'm trying to get at is, I'm trying to get a sense of what your approach to balancing market expansion while maintaining the exclusivity or the allure of Formula One?

嘿，早安。我的問題是關於新市場和擴張。是否有擴大賽事日程的計劃，特別是在新興市場？我想了解的是，我想了解一下，您是如何在保持一級方程式賽車的獨特性或吸引力的同時平衡市場擴張的？

Stefano, do you want to talk about expanding your breakout? I think I know the answer, but I'll let you go off on it.

斯蒂法諾，你想談談擴大你的突破嗎？我想我知道答案，但我就讓你自己決定。

No, thanks, Greg, I would say. As we've said, we believe that the balance we have in terms of numbers is the right one. So '24 is the balance number, that would feel is the right to keep exactly would you say, Jonathan.

不，我想說，謝謝，格雷格。正如我們所說，我們相信我們在數字方面所取得的平衡是正確的。所以 24 是平衡數字，喬納森，您覺得這個數字是正確的，應該保留。

And I do believe that all the proposition that are coming on our table is just giving us the possibility to make even the better choice for our future. So as always, need to be balanced, knowing that we cannot follow only the pure direct financial position because that is different from region to region.

我確實相信，我們提出的所有建議都為我們的未來提供了做出更好選擇的可能性。因此，一如既往，需要保持平衡，要知道我們不能只專注於純粹的直接財務狀況，因為不同地區的財務狀況是不同的。

But it's up to us to propose to our stakeholders the right choice. And I think that we are in a good momentum to make sure that the strategy for the future is even stronger. And that's why we are so confident about the fact that this will help to enhance our platform on the sport on social and business perspective.

但我們必須向利害關係人提出正確的選擇。我認為我們目前勢頭良好，可以確保未來策略更加強勁。這就是為什麼我們如此有信心，這將有助於從社會和商業角度提升我們的體育平台。

Thank you.

謝謝。

So I think that, operator, we're done on questions, and we're done with the conference today. As I mentioned, we look forward to seeing many of you either virtually or in-person next week at our Investor Day. Thanks for joining and your interest in Liberty Media.

接線員，我認為我們的問題已經回答完畢，今天的會議也結束了。正如我所提到的，我們期待在下週的投資者日上以線上或線下的方式見到你們。感謝您的加入以及對 Liberty Media 的關注。

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

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。