Liberty Media Corp (LLYVA) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Liberty Media Corporation 2024 year-end earnings call.

大家好，歡迎參加 Liberty Media Corporation 2024 年終收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Shane Kleinstein, Senior Vice President, Investor Relations.

現在我很高興介紹投資者關係資深副總裁 Shane Kleinstein。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, and good morning.

謝謝，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 Form 10-K followed by Liberty Media with the SEC.

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 表中所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 statement contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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

On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, including adjusted OIBDA.

在今天的電話會議上，我們將討論 Liberty Media 的某些非 GAAP 財務指標，包括調整後的 OIBDA。

The required definition and reconciliations for Liberty Media Schedule 1 can be found at the end of the earnings press release issued today, which is available on Liberty Media's website.

今天發布的收益新聞稿末尾可以找到 Liberty Media 附表 1 所需的定義和對賬，該新聞稿可在 Liberty Media 的網站上找到。

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

今天參加電話會議的有 Liberty 總裁兼執行長 Derek Chang； Liberty 首席會計兼財務長 Brian Wendling；一級方程式賽車總裁兼執行長 Stefano Domenicali 和 Liberty 管理團隊的其他成員將接受問答。

With that, I will turn the call over to Derek.

說完這些，我會把電話轉給德瑞克。

Great.

偉大的。

Thank you, Shane.

謝謝你，肖恩。

Good morning, everyone.

大家早安。

It's great to be speaking with all of you today.

我很高興今天能和大家交談。

For those of you who don't know, while I officially started as Liberty's CEO 27 days ago, my relationship with Liberty Media goes back to 1997 when I first met John while working for TCI.

對於那些不知道的人來說，雖然我 27 天前才正式開始擔任 Liberty 的首席執行官，但我與 Liberty Media 的關係可以追溯到 1997 年，當時我在 TCI 工作時第一次見到了約翰。

We've had many points of professional overlap over the years at DirecTV, Starz, and more.

多年來，我們在 DirecTV、Starz 等公司有著許多職業上的重疊。

Most recently, I've been fortunate to serve on Liberty's Board since 2021.

最近，我很榮幸自 2021 年起擔任 Liberty 董事會成員。

As a Board member, I am uniquely familiar with the Liberty structure, culture, and mandate, which has enabled a seamless and efficient transition to CEO as we hit the ground running with a busy year ahead.

身為董事會成員，我對 Liberty 的結構、文化和任務非常熟悉，這使得我們在忙碌的未來一年裡能夠順利、有效率地過渡到執行長。

Even as a director for years, we've been asked, what is the long-term Liberty playbook?

即使身為多年的主管，我們也被問到，自由的長期策略是什麼？

The answer has been consistent.

答案一直是一致的。

The Liberty playbook is one of constant evolution, maximum flexibility and an appreciation for change to drive long-term shareholder value.

Liberty 的策略是不斷發展、最大程度靈活並欣賞變革，以推動長期股東價值。

That is and will remain true going forward.

這一點現在依然正確，今後也將依然正確。

Our team will speak in more detail about the businesses, but I'll make some brief remarks first regarding our near-term priorities for 2025.

我們的團隊將更詳細地討論這些業務，但我將首先簡要地談談我們 2025 年的近期重點。

First, we are working towards the close of the Dorna acquisition.

首先，我們正在努力完成 Dorna 收購。

The MotoGP season kicks off in Thailand on March 2.

MotoGP 賽季於 3 月 2 日在泰國拉開序幕。

There will be a 22-race calendar compared to 20 races in 2024, featuring a new track in Hungary and a return to the Czech Republic for the first time since 2020.

2024 年的賽程將包括 22 場比賽，而 2024 年則為 20 場比賽，比賽將設在匈牙利的新賽道，並自 2020 年以來首次重返捷克共和國。

We expect an exciting season ahead.

我們期待接下來的賽季能夠令人興奮。

MotoGP unveiled a new brand refresh and identity at the end of last season, aimed at expanding its cultural relevance beyond racing.

MotoGP 在上賽季末公佈了新的品牌形象和新形象，旨在擴大其在賽車之外的文化影響力。

We look forward to working with Dorna to take this sport to the next level on closing.

我們期待與 Dorna 合作，將這項運動提升到一個新的水平。

The Phase 2 regulatory process is progressing, which is a more in-depth review by the European Commission and not uncommon in major transactions like these.

第二階段監管流程正在推進中，這是歐盟委員會的更深入的審查，在類似這樣的重大交易中並不少見。

We extended the long stop date for regulatory clearance to June 30, 2025, and are working constructively with the regulators towards approval.

我們將監管審批的最後期限延長至 2025 年 6 月 30 日，並正在與監管機構進行建設性合作以獲得批准。

Our second priority is continuing our path towards structural simplification and better highlighting the value of our Live Nation equity stake.

我們的第二個任務是繼續簡化結構並更好地凸顯我們的 Live Nation 股權的價值。

And finally, we will continue to drive the momentum at Formula One. The sport is coming off a record 2024 with high visibility into an excellent year ahead.

最後，我們將繼續推動一級方程式賽車的發展。這項運動在 2024 年創下了紀錄，有望迎來輝煌的一年。

I have spent a significant amount of time with Stefano and the F1 management team since the start of this year and look forward to supporting them going forward.

自今年年初以來，我花了大量時間與史蒂法諾和 F1 管理團隊在一起，並期待在未來為他們提供支援。

Chase Carey's involvement and partnership as a Liberty Board member has and will continue to be important as we leverage his expertise to continue momentum at F1.

作為自由董事會成員，蔡斯·凱裡 (Chase Carey) 的參與和合作一直並將繼續發揮重要作用，因為我們可以利用他的專業知識來延續 F1 的發展勢頭。

I do want to touch specifically on the Las Vegas Grand Prix as this is a key area of focus.

我確實想特別談談拉斯維加斯大獎賽，因為這是一個關注的重點領域。

Please note that we don't provide specific economics for any Grand Prix.

請注意，我們不會為任何大獎賽提供具體的經濟數據。

Particularly for Vegas, we see material benefit accrue from LVGP to the broader F1 ecosystem, across sponsorship, hospitality live entertainment, licensing and data.

特別是對於拉斯維加斯而言，我們看到 LVGP 為更廣泛的 F1 生態系統帶來了實質利益，包括贊助、酒店現場娛樂、許可和數據。

Vegas has served as a very successful test bed for product expansion and played a key role in F1's growth in the Americas, which is a continued focus.

拉斯維加斯一直是產品擴展的非常成功的試驗平台，並在 F1 在美洲的發展中發揮了關鍵作用，這也是我們持續關注的重點。

The event we held recently at the O2 in London and the upcoming F1 movie are also powerful marketing engine for all of our F1 fans, but particularly for Vegas and the North American fans.

我們最近在倫敦O2體育場舉辦的活動和即將上映的F1電影也是我們所有F1車迷的強大行銷引擎，尤其是對拉斯維加斯和北美車迷來說。

2024 stand-alone event economics for Vegas missed internal expectations on revenue and OIBDA.

2024 年拉斯維加斯獨立活動的經濟效益未達到內部收入和 OIBDA 預期。

The team has moved very quickly, however, to enact changes that will benefit 2025 and support a financially successful race for F1 and continued growth and positive impact for the Las Vegas community.

然而，車隊迅速採取行動，實施了有利於 2025 年的變革，並支持 F1 取得財務上的成功，並為拉斯維加斯社區帶來持續的成長和正面影響。

We now have two years of real data to understand what tickets and products sold well the demographics of the fan base and the overall cost structure of the event.

我們現在有兩年的真實數據來了解哪些門票和產品賣得好、粉絲群的人口統計數據以及活動的整體成本結構。

As a result, we are making further revisions to ticket product and pricing strategy, leveraging this data and as importantly, we are actively managing our cost structure.

因此，我們正在利用這些數據進一步修改門票產品和定價策略，同樣重要的是，我們正在積極管理我們的成本結構。

Given the halo effect to F1 we've discussed, we reorganized the structure of LVGP last month to integrate it fully into our London team and maximize those continued benefits.

考慮到我們討論過的對 F1 的光環效應，我們上個月重組了 LVGP 的結構，將其完全融入我們的倫敦團隊，並最大限度地發揮這些持續的利益。

This change leverages the strong organization we have in London today across commercial, finance and more.

這項變革充分利用了我們目前在倫敦商業、金融等領域的強大組織實力。

At the same time, we are bolstering certain parts of the local Vegas team.

同時，我們正在加強維加斯當地團隊的某些部分。

This includes bringing the ticketing sales function back in-house and offering a high-touch on-the-ground presence, which was a key learning from last year.

其中包括將票務銷售功能帶回公司內部，並提供高接觸的實地服務，這是去年的重要經驗。

We will continue our partnership with Quint and benefit from their expertise in VIP hospitality and F1 experiences.

我們將繼續與 Quint 合作，並受益於他們在 VIP 接待和 F1 體驗方面的專業知識。

Finally, we are also bolstering our partnership with local players.

最後，我們也正在加強與本地企業的合作關係。

We believe that continuing to expand the F1 platform in bold and new ways is critical and ultimately leads to both increased and new sources of revenue.

我們相信，繼續以大膽和新的方式擴展 F1 平台至關重要，並最終帶來更多的收入來源和新的收入來源。

We want to take these opportunities for long-term benefit even if there are early bumps in the road.

我們希望抓住這些機會，獲得長期利益，即使初期會有一些坎坷。

We have a clear handle on near-term priorities for Vegas to improve, and we are confident in the value it provides.

我們清楚了解拉斯維加斯近期需要改善的優先事項，並且我們對其提供的價值充滿信心。

I look forward to sharing more as we progress.

我期待在我們取得進展的同時分享更多。

With that, I want to thank John, the Board and the Liberty team once again for this opportunity.

最後，我要再次感謝約翰、董事會和 Liberty 團隊給我這個機會。

To our analysts and shareholders, I look forward to getting to know you better in the months and years ahead.

對於我們的分析師和股東，我期待在未來的幾個月和幾年裡能更了解你們。

Now I'll turn it 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, Derek, and good morning, everyone.

謝謝你，德瑞克，大家早安。

Just a quick reminder that the merger of SiriusXM with Liberty SiriusXM closed on September 9.

簡單提醒一下，SiriusXM 與 Liberty SiriusXM 的合併於 9 月 9 日完成。

Therefore, the results of Sirius XM Holdings are presented as discontinued operations in our consolidated financial statements.

因此，Sirius XM Holdings 的業績在我們的合併財務報表中列為已終止經營的業務。

At year end, Formula One Group had attributed cash and liquid investments of $2.6 billion, which includes $1.3 billion of cash at F1 and $78 million of cash at Quint.

截至年底，一級方程式集團的現金和流動投資為 26 億美元，其中包括 F1 的 13 億美元現金和 Quint 的 7,800 萬美元現金。

The cash balance as of year end includes proceeds from the previously mentioned on share issuance, which was completed in August.

截至年末的現金餘額包括先前提及的 8 月份完成的股票發行所得收益。

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 $528 million at the corporate level.

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 5.28 億美元為公司層面的債務。

F1's $500 million revolver is undrawn and their leverage at 12/31 was 1.3 times.

F1 的 5 億美元循環信貸尚未提取，截至 12 月 31 日，其槓桿率為 1.3 倍。

As a reminder, all MotoGP transaction-related financing is in place and deal contingent.

提醒一下，所有與 MotoGP 交易相關的融資均已到位且與交易有關。

Turning to the F1 business.

談談F1業務。

Just a reminder that it's best analyzed on an annual basis, given variability in year-over-year race calendar.

需要提醒的是，由於每年的賽事日程都有變化，最好按年度進行分析。

Total revenue grew 6% in 2024, with growth across all primary revenue streams.

2024 年總收入將成長 6%，所有主要收入來源都將成長。

Revenue growth was primarily driven by the two additional races held and contractual increases across all of our revenue streams as well as the benefit of new sponsors, which drove a 10% increase in sponsorship revenue year over year.

收入成長主要得益於額外舉辦的兩場比賽、所有收入來源的合約增加以及新贊助商的收益，這使得贊助收入比去年同期增長了 10%。

As Derek mentioned, the Las Vegas Grand Prix did miss expectations primarily on ticket sales, offsetting some of the race promotion revenue growth year over year despite the two additional races.

正如德里克所提到的，拉斯維加斯大獎賽的表現確實未達預期，主要是在門票銷售方面，儘管增加了兩場比賽，但與去年同期相比，賽事推廣收入的部分增長還是被抵消了。

Other F1 revenue was relatively flat in 2024, we saw strong growth in Paddock Club revenue at most events in 2024 as well as increases in freight and licensing.

2024 年其他 F1 收入相對持平，我們看到 2024 年大多數賽事的圍場俱樂部收入強勁增長，同時貨運和許可收入也有所增加。

This was offset by softness in certain hospitality offerings at the Las Vegas Grand Prix.

但拉斯維加斯大獎賽某些接待服務的疲軟抵消了這種影響。

Team payments as a percent of pre-team adjusted OIBDA was 61.5% in 2024, down from 62.6% in 2023.

2024 年團隊支付佔團隊調整前 OIBDA 的百分比為 61.5%，低於 2023 年的 62.6%。

We continue to expect incremental leverage to the term of the current Concorde Agreement which runs through the end of the 2025 season.

我們繼續預期現行《協和協議》的期限將逐漸增加，該協議將持續到 2025 年賽季結束。

Other costs of F1 revenue was broadly flat at 31% of total revenue and SG&A was 8% of total revenue, both in line with historical averages.

F1 收入的其他成本基本持平，為總收入的 31%，銷售、一般及行政費用佔總收入的 8%，均與歷史平均水準一致。

Adjusted OIBDA margin improved nearly 70 basis points year over year.

調整後的 OIBDA 利潤率年增了近 70 個基點。

And then looking briefly at corporate and other results in the fourth quarter.

然後簡要回顧一下第四季度的公司和其他業績。

Revenue was $118 million, which includes Quint results and approximately $13 million of rental income related to the Las Vegas Grand Prix Plaza, approximately half of which is variable and recognized in the fourth quarter in connection with the event.

收入為 1.18 億美元，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 1,300 萬美元的租金收入，其中約一半為可變收入，並與該賽事在第四季度確認。

Corporate and other adjusted OIBDA loss was $2 million and includes Grand Prix Plaza rental income, Quint results and corporate expenses.

公司和其他調整後的 OIBDA 損失為 200 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 fourth quarter were primarily driven by the F1 experiences across the six races held including Vegas as well as the MBA Cup.

Quint 第四季的業績主要得益於包括拉斯維加斯在內的六場 F1 賽事以及 MBA 杯。

Looking to 2025, F1 will host 24 races consistent with 2024.

展望2025年，F1將舉辦24場比賽，與2024年一致。

And while I'm reticent to encourage quarterly modeling, please note that the race count and composition will be different in each of the four quarters this year compared to 2024.

雖然我不太鼓勵進行季度建模，但請注意，與 2024 年相比，今年四個季度的比賽數量和組成都會有所不同。

In part, this is due to our efforts to increase regionalization of the calendar in support of our net zero pledge by 2030 and and for enhanced efficiency in our freight logistics.

部分原因是我們努力提高日曆的區域化，以支持我們在 2030 年實現淨零承諾並提高我們的貨運物流效率。

We are in a strong financial position as we head into 2025.

展望 2025 年，我們的財務狀況十分強勁。

The majority of our revenue is under contract, including our sponsorship revenue, which has been derisked by pulling the pipeline forward given the level of announcements made prior to the season.

我們的大部分收入來自合同，包括贊助收入。

This also allows our team to focus on future sponsorship pipeline with an emphasis on high-value and high-quality partners.

這也使我們的團隊能夠專注於未來的贊助管道，並專注於高價值和高品質的合作夥伴。

The other revenue streams will predominantly be driven by renewals and escalators this season.

其他收入來源將主要來自本賽季的續約和升級。

On Vegas, we are very focused on top and bottom line improvement relative to 2024 results and there are clear steps already taken in process to achieve this.

在拉斯維加斯，我們非常關注相對於 2024 年業績的頂線和底線改善，並且已經採取了明確的步驟來實現這一目標。

Turning to a few cash items.

轉向一些現金物品。

F1 estimated cash tax rate in 2025 to be low double-digit percent of adjusted OIBDA, increasing modestly in future years.

F1 預計 2025 年的現金稅率將達到調整後 OIBDA 的低兩位數百分比，未來幾年將小幅成長。

Total CapEx incurred at the Formula One Group in 2024 was $75 million, approximately $73 million of which was incurred at Formula One and includes CapEx related to technical improvement projects for IT and F1 TV as well as the Las Vegas Grand Prix track and paddock building improvements.

一級方程式集團 2024 年的總資本支出為 7,500 萬美元，其中約 7,300 萬美元用於一級方程式賽車，包括與 IT 和 F1 電視技術改進項目以及拉斯維加斯大獎賽賽道和圍場建設改進相關的資本支出。

Note that the operating company CapEx has historically trended at 1% to 2% of total F1 revenue. excluding onetime Vegas related CapEx, and we expect this range to be broadly consistent in 2025.

請注意，營運公司的資本支出歷來佔 F1 總收入的 1% 到 2%。不包括一次性與拉斯維加斯相關的資本支出，我們預計這一範圍在 2025 年將大致保持一致。

Turning to the Liberty Live Group.

轉向 Liberty Live Group。

There's attributed cash of $325 million and $400 million of undrawn margin loan capacity related to our Live Nation margin loan.

我們的 Live Nation 保證金貸款涉及 3.25 億美元的現金和 4 億美元的未提取保證金貸款能力。

As of February 26, the value of the Live Nation stock held at Liberty Live was $9.9 billion, and we have $1.15 billion in principal amount of debt against these holdings.

截至 2 月 26 日，Liberty Live 持有的 Live Nation 股票價值為 99 億美元，而我們對這些持股負有 11.5 億美元的本金債務。

Liberty and F1 are in compliance with their debt covenants at quarter end.

本季末，Liberty 和 F1 均遵守了各自的債務契約。

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

說完這些，我將把電話轉給史蒂法諾，討論一級方程式賽車。

Formula one finished 2024 with solid financial results, excellent rating and in a very strong position heading into 2025.

一級方程式賽車在 2024 年結束時取得了穩健的財務表現和優異的評級，並且在 2025 年處於非常有利的地位。

The on-track competition intensified throughout the season, and we expect an even closer fight when we begin the new season in Melbourne.

整個賽季賽道上的競爭愈演愈烈，我們預計在墨爾本開始新賽季時，競爭將更加激烈。

The strength of our brand and fandom translated to strong financial results in 2024.

我們的品牌和粉絲的實力轉化為 2024 年強勁的財務表現。

We continue to benefit from favorable supply and demand dynamics across our revenue streams.

我們繼續受益於整個收入流中有利的供需動態。

There is strong demand to be part of the F1 ecosystem, whether in Austin races, airing our content, partnering on sponsorship activation or enjoying our hospitality products.

無論是參加奧斯汀比賽、播放我們的內容、合作贊助激活還是享受我們的酒店產品，加入 F1 生態系統的需求都很強烈。

This is met with relatively limited supply across the board.

但整體而言，供應相對有限。

We've seen this benefit commercial agreements, where our teams made incredible progress in 2024, signing a number of agreements that provide clear visibility for near-term financial momentum beyond.

我們已經看到這有利於商業協議，我們的團隊在 2024 年取得了令人難以置信的進展，簽署了多項協議，為近期的財務勢頭提供了清晰的可見性。

As of year end, F1 had $14.4 billion in future revenue contracted under multiyear agreements.

截至年底，F1 已根據多年期協議簽訂了 144 億美元的未來收入。

On race promotion, we remain focused on balancing growth and heritage markets. as reflected in the extension of our agreement to race in Shanghai throughout 2030 and the renewals of both Monza and Monaco throughout 2021.

在賽事推廣方面，我們仍注重平衡成長市場和傳統市場。正如我們將在上海舉辦比賽的協議延長至 2030 年以及將蒙扎和摩納哥的比賽協議延長至 2021 年。

We also extended the Netherlands for one year and Belgium under a multiyear rotational deal with the opportunity for another race to fill the alternating year lots.

我們還將荷蘭站和比利時站的比賽時間延長了一年，並簽訂了為期多年的輪換協議，以便有機會舉辦另一場比賽來填補交替年的名額。

We remain in a strong position with demand from potential future race venues across the globe and will assess any potential new calendar addition against strategic requirements for both the business and the sport.

我們仍然處於有利地位，滿足全球各地未來潛在賽事場館的需求，並將根據業務和體育的戰略要求評估任何潛在的新賽程安排。

Turning to Media Rights, our F1 TV product continued to grow at a healthy rate, with subscribers up 15%.

談到媒體版權，我們的 F1 電視產品持續保持健康成長，訂閱用戶數量增加了 15%。

The US remains its largest market, Capitalizing on this success, we are launching a new higher-priced premium tier this year to target avid fans.

美國仍然是其最大的市場，利用這一成功，我們今年將推出一個價格更高的高端產品系列，以吸引狂熱粉絲。

It will offer enhanced functionality, including 4K ultra high definition, Multiview, a virtual pit wall and the ability to watch across up to six devices.

它將提供增強的功能，包括 4K 超高清、多視圖、虛擬維修站牆以及在最多六台設備上觀看的能力。

Brian touched on some financial inputs for the season entering in 2025, I am particularly proud of the growth in sponsorship, both in renewal terms and new partnership that will take effect this year.

布萊恩談到了 2025 年賽季的一些財務投入，我對贊助的成長特別感到自豪，包括續約條款和今年將生效的新合作夥伴關係。

This includes our landmark deal with LVMH as a global partner Lenovo becoming a global partner after being an official partner since 2022, our renewal with Pirelli as well as bringing on Amex, Santander and KitKat as official partners.

其中包括與 LVMH 達成具有里程碑意義的全球合作夥伴協議、聯想自 2022 年起成為官方合作夥伴後成為全球合作夥伴、與倍耐力續約以及引入美國運通、桑坦德銀行和 KitKat 作為官方合作夥伴。

More recently, we announced the extension of our partnership with crypto.com through 2030 and Allwyn, a global lottery operator, as an official partner.

最近，我們宣布將與 crypto.com 的合作延長至 2030 年，並宣布全球彩券業者 Allwyn 成為官方合作夥伴。

Our success in signing this partnership ahead of the season now allows the team to spend 2025 focuses on growing and executing the pipeline of new deal and renewal uplift opportunity for 2026 and beyond.

我們在賽季開始前成功簽署了這項合作協議，現在，球隊可以在 2025 年專注於發展和執行 2026 年及以後的新交易和續約提昇機會。

While 2025 is clearly a standout year in sponsorship, I am optimistic about the discussion we have in developing, including new regional deals, upsells and the potential for movement of our existing sponsor within tiers as the bar has been raised across the board.

雖然 2025 年顯然是贊助領域表現突出的一年，但我對我們在發展方面的討論仍持樂觀態度，包括新的區域交易、追加銷售以及隨著標準全面提高，我們現有贊助商在各個層級內的流動潛力。

The team is also continuing to innovate on our hospitality products.

團隊也將繼續對我們的酒店產品進行創新。

The Vegas race allow us to test different concepts and target hospitality offerings and we expect variation to be deployed at races this year.

拉斯維加斯的比賽讓我們能夠測試不同的概念和目標接待服務，我們預計今年的比賽將會採用不同的方案。

Michelin Star chef, Gordon Ramsey was announced as the partner of our most premium hospitality products F1 Garage.

米其林星級廚師戈登拉姆齊 (Gordon Ramsey) 被宣佈為我們最優質的酒店產品 F1 Garage 的合作夥伴。

We are also pleased to extend our multi-decade relationship with Do&Co for another 10 years of Paddock Club delivery.

我們也很高興能夠將與 Do&Co 的數十年合作關係再延續 10 年，繼續為 Paddock Club 提供服務。

We will continue to work with them on enhancing our Paddock Club offerings.

我們將繼續與他們合作，提升我們的圍場俱樂部服務。

Looking at the Las Vegas Grand Prix, we delivered another outstanding spectacle on track, creating buzz throughout North America and earning the Promoter the Year award from Auto Sport.

放眼拉斯維加斯大獎賽，我們在賽道上又一次上演了精彩的演出，引起了整個北美的轟動，並贏得了《汽車運動》雜誌頒發的年度推廣人獎。

Moving into 2025, we are taking an important step in the race evolution and are fully integrating its operation into our F1 team in London.

進入 2025 年，我們將邁出賽事變革的重要一步，並將其營運完全整合到我們位於倫敦的 F1 團隊中。

This will further maximize the value we believe the Vegas race provides for F1 Brothers' commercial activities.

我們相信這將進一步最大化拉斯維加斯賽事為 F1 兄弟的商業活動帶來的價值。

In addition to being an excellently generator of a commercial deal, Vegas has been a successful test bed of innovation that we are now extending elsewhere in Formula 1.

拉斯維加斯除了是商業交易的絕佳來源之外，還是一個成功的創新試驗台，我們目前正將其擴展到一級方程式賽車的其他領域。

A few recent examples include expanding our licensed product and merchandise offering.

最近的一些例子包括擴大我們的授權產品和商品供應。

The global partnership with Gordon Ramsey after his involvement in Vegas and building a new CRM system for all of F1, which will enhance our fund targeting.

繼戈登·拉姆齊參與拉斯維加斯賽事並為整個 F1 賽事建立新的 CRM 系統之後，我們與他建立了全球合作夥伴關係，這將增強我們的基金定位。

We also know that Vegas race is key to our expansion strategy in the US.

我們也知道，拉斯維加斯賽事是我們在美國擴張策略的關鍵。

Following the second year of the race, we have a clear vision of the changes needed to improve the race stand-alone economics and maximize the overall value accruing to Formula One. Turning to broader fan engagement.

在比賽的第二年後，我們對改善賽事獨立經濟狀況和最大限度提高一級方程式賽車的整體價值所需的改變有了清晰的願景。轉向更廣泛的粉絲參與。

Nielsen published a set of fan data in December 2024, confirming F1 is the most popular annual sporting series globally with over 750 million fans and growing.

尼爾森於2024年12月發布了一組粉絲數據，證實F1是全球最受歡迎的年度體育系列賽，擁有超過7.5億粉絲且還在持續成長。

Younger and female fans are growing the fastest, a statistic that few sport can claim.

年輕球迷和女性球迷的成長速度最快，很少運動能達到這個水準。

In the last five years, the under 35 years old and female fan demographics have both increased by over 50%, and with steady growth, especially in markets like the US and China.

在過去五年中，35歲以下和女性粉絲的數量均增加了50%以上，且保持穩定成長，尤其是在美國和中國等市場。

In 2024, 1.6 billion cumulative TV viewers tuned in for races.

到 2024 年，將有 16 億電視觀眾收看比賽。

With the number of unique viewers up 9% year over year.

獨立觀眾數量較去年同期成長 9%。

An additional aggregate audience of most -- of almost $500 million watch the F1 content on streaming platforms including 230 million watching YouTube highlight reels on the F1 channel.

另外還有總計近 5 億美元的觀眾透過串流平台觀看 F1 賽事內容，其中包括 2.3 億觀眾在 F1 頻道上觀看 YouTube 精彩片段。

We saw TV growth, especially in China, Canada, Australia, Argentina and the Middle East.

我們看到了電視的成長，尤其是在中國、加拿大、澳洲、阿根廷和中東。

As we are increasing our global fan base.

隨著我們的全球粉絲群不斷擴大。

At the same time, our European stronghold markets, Italy, UK, Germany, were also up year over year.

同時，我們的歐洲主要市場義大利、英國、德國也較去年同期成長。

Average viewership per race was 66 million nonlinear platforms with an additional EUR 20 million estimated on digital platform, including F1 TV.

每場比賽的平均觀眾人數為 6,600 萬個非線性平台，另外還包括 F1 TV 等數位平台的 2,000 萬歐元。

Nielsen is now capturing YouTube audiences in this in their measurement.

尼爾森目前正在透過測量來捕捉 YouTube 觀眾的動向。

Which will be included in our reported viewership numbers beginning in 2025.

從 2025 年開始，該數字將納入我們的收視率報告。

This will provide a more comprehensive view on how current fans consume sport content, and we aim to integrate new sources and platform over time.

這將提供關於當前球迷如何消費體育內容的更全面的視角，我們的目標是隨著時間的推移整合新的來源和平台。

On social media, Formula 1 ended the year with 97 million followers across the platforms, up 38% year over year.

在社群媒體上，一級方程式賽車在年底的各個平台的粉絲總數達到 9,700 萬，年增 38%。

If we look at the comparable social media platforms, where all major sports operate, for the fifth consecutive years, F1 has been the fastest-growing global sports league for follower growth.

如果我們看看所有主要體育賽事運營的類似社群媒體平台，F1 已經連續第五年成為粉絲成長最快的全球運動聯盟。

We also reached an audience of 4 billion globally through our proactive media activity in 2024, showing the breadth of our reach.

2024 年，我們也透過積極的媒體活動覆蓋了全球 40 億受眾，彰顯了我們影響力的廣度。

At races strong attendance trends continue throughout the season with the 2024 seeing 17 sellout crowds and 10 new attendance records.

整個賽季的賽事都保持著強勁的出席趨勢，2024 年賽事的 17 場比賽門票全部售罄，並創下了 10 項新的出席人數記錄。

Over 6.5 million people attended races in 2024.

2024 年的比賽將有超過 650 萬人參加。

A new record, growing 9% over 2023.

創下新紀錄，比 2023 年增長 9%。

Four races welcomed crowds of over 400,000.

四場比賽吸引了超過40萬觀眾。

The Paddock Club also saw a record attendance hosting 58,000 total guests across the season, up 20% on 2023.

圍場俱樂部整個賽季的出席人數也創下了紀錄，共接待了 58,000 名嘉賓，比 2023 年增長了 20%。

Despite the strength of these metrics, we know that only a fraction of our fan base is able to attend the race.

儘管這些指標很強勁，但我們知道只有一小部分粉絲能夠參加比賽。

I think a key focus of our ongoing growth strategy is to reach fans in new creative ways to maintain their interest, raise awareness and continue the growth momentum.

我認為我們持續成長策略的重點是以新穎的創意方式吸引粉絲，以保持他們的興趣、提高知名度並保持成長勢頭。

This is our F1 Always On strategy and ensuring F1 is present beyond the '24 race calendar.

這是我們的「F1 Always On」策略，確保 F1 在 24 賽季賽程之外仍然存在。

This approach is supported by our experiential licensing initiatives.

我們的體驗式許可計劃支援這種方法。

Following successful international venues in Boston and DC in 2024, F1 Arcade is planning to open four additional US location in 2025, including Las Vegas and Denver.

繼 2024 年在波士頓和華盛頓特區成功開設國際場館後，F1 Arcade 計劃於 2025 年在美國再開設四個場館，包括拉斯維加斯和丹佛。

The F1 exhibition sold almost 600,000 tickets across all venues 2024.

2024 年 F1 展覽在所有場館共售出近 60 萬張門票。

Connecting our fans with F1 rich history.

讓我們的粉絲了解 F1 豐富的歷史。

Buenos Aires will be the fifth city to host the exhibition when it's opened on March 22 and is the first top of a planned multi-country South American tour.

該展覽於 3 月 22 日開幕，布宜諾斯艾利斯將成為第五個舉辦該展覽的城市，也是計劃中的南美多國巡迴展覽的首站。

Amsterdam was recently announced as the six locations set to open in April 2025.

最近，阿姆斯特丹被宣佈為將於 2025 年 4 月開業的六家門市之一。

Leveraging learnings from other license activation Grand Prix Plaza in Las Vegas is launching a series of new year-round activities beginning at the end of March.

借助其他許可證啟動經驗，拉斯維加斯大獎賽廣場將從 3 月底開始推出一系列新的全年活動。

This site will be the North American home of the sport, especially serving our growth US fund base.

該場地將成為這項運動的北美主場，特別服務於我們不斷增長的美國基金基礎。

In partnership with the Round Room Live, our partner in the F1 exhibition, Grand Prix Plaza will host three unique and immersive experience, F1 Drive, F1X and F1 Hub and we also have three new private demand spaces available for rent.

與我們的 F1 展覽合作夥伴 Round Room Live 合作，Grand Prix Plaza 將舉辦三個獨特而沉浸式的體驗，即 F1 Drive、F1X 和 F1 Hub，我們還有三個新的私人需求空間可供出租。

We're building momentum in consumer products and other licensing areas, which we expect will be both economic lucrative and provide new touch points for our diverse fan base.

我們正在消費品和其他授權領域中累積力量，我們預期這不僅能帶來經濟利潤，還能為我們多樣化的粉絲群提供新的接觸點。

Our partnership with LEGO launched with the product range featuring all 10 teams engaged content across LEGO digital platform and presence at race weekends, including fan zone activations.

我們與樂高的合作推出了涵蓋全部 10 支車隊的產品系列，這些車隊在樂高數位平台上參與內容並在比賽週末亮相，包括激活粉絲區。

Our partnership with Mattel is launching throughout 2025, with eight F1 teams brought to life across a range of products and presence at select races, including Hot Wheels activation and retail opportunities.

我們與美泰的合作將在 2025 年全面啟動，屆時八支 F1 車隊將透過一系列產品和精選比賽栩栩如生地展現出來，包括風火輪激活和零售機會。

Sustainability initiatives remain a priority, and we are on track to be net zero by 2030.

永續發展措施仍然是我們的首要任務，我們預計在 2030 年實現淨零排放。

In 2024, we began our investment in sustainable aviation fuel and expect our initiatives here will have provided an approximately 19% reduction in 2024 relative emissions compared to traditional aviation fuel.

2024 年，我們開始投資永續航空燃料，並預期我們的措施將使 2024 年的相對排放量與傳統航空燃料相比減少約 19%。

We are already well advanced in our plans to expand the sustainable aviation fuel initiative further in 2025.

我們的計劃是在 2025 年進一步擴大永續航空燃料計劃，目前已取得重大進展。

Also in November, we announced a formal diversity inclusion charter agreed by all 10 teams, F1 and the FIA.

此外，在 11 月，我們宣布了由所有 10 支車隊、F1 和國際汽聯同意的正式多元化包容章程。

This is an important step and invites collaboration across the ecosystem to produce impactful results.

這是一個重要的步驟，它呼籲整個生態系統進行合作，以產生有影響力的成果。

Looking ahead to the 2025 season and beyond, we are working to capitalize on our momentum and establish key building blocks for future growth.

展望 2025 年賽季及以後，我們正在努力利用我們的勢頭並為未來的發展奠定關鍵基石。

I'm confident our brand awareness will continue growing, especially as we look to the Apple movie, which will premier in June and the impact of our recent high-profile season launch event held at the O2 in London.

我相信我們的品牌知名度將繼續增長，尤其是當我們期待將於 6 月首映的蘋果電影，以及我們最近在倫敦 O2 舉行的高調季節發布會的影響時。

The launch event was the first of its kind featuring all 10 teams revealing their 2025 deliveries, top-tier entertainment and a gathering of the entire Formula 1 community to celebrate our 75th anniversary.

此次發表會是同類活動中的首次，10 支車隊都公佈了他們 2025 年的交付計劃，並安排了頂級娛樂活動，整個一級方程式社區也聚集在一起慶祝我們的 75 週年。

Over 15,000 fans packed the O2 while over 40 global broadcasters aired the show live.

超過 15,000 名粉絲擠滿了 O2 體育館，超過 40 家全球廣播公司對此次演出進行了現場直播。

On digital channels, including YouTube drew 7.5 million total live viewers, making it F1 most successful livestream ever.

包括 YouTube 在內的數位頻道共吸引了 750 萬現場觀眾，成為 F1 有史以來最成功的直播。

The media buzz was incredible and over 2,000 pieces of global content were published within 24 hours of the event.

媒體的報導令人難以置信，活動結束後 24 小時內發布了超過 2,000 條全球內容。

From a sporting perspective, this year, we expect an intense fight on the track as teams continue to converge after a very competitive 2024 season.

從運動角度來看，今年，經過非常激烈的 2024 年賽季，各隊將繼續匯聚力量，我們預計賽道上的戰鬥將會非常激烈。

Driver changes are plentiful with many rookies entering the grid, demonstrating the success of the F2 and F3 support series in preparing drivers for Formula 1.

隨著許多新秀加入，車手更換頻繁，這證明了 F2 和 F3 輔助系列賽在為車手準備一級方程式賽車方面的成功。

We also expect an interesting balance as the teams have to focus both on 2025 performance but also prepare the significant changes required by the new technical regulations taking effect in 2026.

我們也期待有趣的平衡，因為車隊既要關注 2025 年的表現，也要為 2026 年生效的新技術法規所要求的重大變化做好準備。

We look forward to see the cars take to the track this weekend.

我們期待本週末看到賽車在賽道上馳騁。

Avanti Tota, full speed ahead.

Avanti Tota，全速前進。

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

現在我將把電話轉回給德里克。

Thank you.

謝謝。

Bye-bye.

再見。

Thank you, Stefano.

謝謝你，斯蒂法諾。

I think we'd like -- now like to open the call for questions.

我想我們現在想開始提問。

(Operator Instructions) Ben Swinburne, Morgan Stanley.

（操作員指示） 摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

I have two questions, one for Derek and one hopefully for Stefano.

我有兩個問題，一個問德瑞克，一個希望問史蒂法諾。

I know he said by, but hopefully, he is still there.

我知道他這麼說過，但希望他還在那裡。

Derek, welcome to the wonderful world of quarterly earnings calls.

德瑞克，歡迎來到季度財報電話會議的精彩世界。

Nice to talk to you again.

很高興再次與您交談。

Could you talk a little bit about the message you have to Liberty shareholders around strategy?

您能否談談您想向 Liberty 股東傳達的有關策略的訊息？

I know you talked a little bit about it in your prepared remarks.

我知道您在準備好的發言中談到了這一點。

But like what are your strategic priorities for the year?

但是您今年的策略重點是什麼？

And -- any comment you can share on your philosophy around M&A?

還有—您可以分享一下您對併購的理念嗎？

I think Liberty obviously tremendous track record on the M&A front.

我認為 Liberty 在併購方面顯然擁有出色的業績。

At the same time, investors really like the pure plays that you have and are continuing to create.

同時，投資者也非常喜歡您現有的以及正在繼續創造的純粹業務。

So I would love to hear some thoughts there and then I have an F1 question for Stefano is there.

所以我很想聽聽那裡的一些想法，然後我有一個 F1 問題要問斯蒂法諾。

Thanks, Ben, and thanks for the warm welcome there.

謝謝，本，謝謝你的熱情歡迎。

I guess I would say that I've touched on some of the points in terms of our near-term priorities, closing Dorna, the structural simplification that we've discussed and obviously, a huge focus right now on F1 and continuing the growth trajectory that that's been on and helping Stefano and his team accomplished that.

我想說的是，我已經談到了我們近期優先事項的一些要點，包括關閉 Dorna、我們討論過的結構簡化，以及顯然現在的重點放在 F1 上，繼續保持一直以來的增長軌跡，並幫助 Stefano 和他的團隊實現這一目標。

We've got a lot on our plate.

我們有太多事情要做。

But as you get through the year and we roll forward, I would think that a lot of what we've done in the past would reflect on what we might do in the future.

但隨著這一年一天天過去，我們繼續前進，我想，我們過去所做的很多事情都會反映在我們未來可能做的事情上。

We've always been an opportunistic place.

我們一直是個充滿機會的地方。

And I think as those opportunities present themselves, we will certainly hopefully be active and be able to continue to build on the assets that we have in terms of tuck-ins or adjacencies and things like that.

我認為，當這些機會出現時，我們肯定會積極主動，並能夠繼續利用我們在附加價值或鄰接等方面的資產。

But then as we start to look beyond that, where there is opportunities that involve premium IT ability to monetize and commercialize along the way that we've done with some of the assets like F1.

但當我們開始將目光投向更遠的未來時，我們會發現有很多機會可以利用優質的 IT 能力來實現貨幣化和商業化，就像我們在 F1 等資產上所做的那樣。

Those we would look at pretty seriously.

我們會非常認真地看待這些。

But for now, again, back to the near-term priorities that we've already discussed.

但現在，我們再回到已經討論過的近期優先事項。

Yes, Stefano you guys a lot going on between Concored and media rights and everything else, but there's a lot of focus, as you can imagine, on the US media rights right now.

是的，斯蒂法諾，你們在 Concored 和媒體權利以及其他所有事情上做了很多工作，但你可以想像，現在大家的注意力都集中在美國媒體權利上。

There's some press reports that F1 and ESPN have moved on from each other.

有媒體報導 F1 和 ESPN 已經彼此不再來。

I guess I'm just curious if you could talk a little bit about how you're feeling about the demand for the US broadcast rights for F1 today, whether we still should think there's going to be an increase from your current deal.

我只是好奇，您是否可以談談您對目前 F1 美國轉播權需求的看法，我們是否仍應該認為目前的交易價格會有所增加。

And any thoughts on including or excluding F1 TV in the package that you're bringing to market would be appreciated.

如果您對在您推向市場的套餐中包含或排除 F1 電視有任何想法，我們將不勝感激。

Thanks, Ben.

謝謝，本。

As you said, there's lots of going on in this month, but that's the life of Formula One. Every day is a new day, but a lot of things that are always opportunities.

正如你所說，這個月發生了很多事情，但這就是一級方程式賽車的生活。每天都是新的一天，但是很多事情總是有機會的。

First of all, let me say that with regards to ESPN and Formula One, let me say that I can deny the situation that is negative because, first of all, we need to be thankful for what ESPN is providing to us.

首先，關於 ESPN 和一級方程式賽車，我可以否認這種消極的情況，因為首先，我們需要感謝 ESPN 為我們提供的一切。

We are very happy about the quality of the service.

我們對服務品質非常滿意。

We need to remember that they were first to believe in our projects.

我們需要記住，他們是第一個相信我們專案的人。

So therefore, the fact that at the end of the exclusivity period, they are not put in place on a formal offer.

因此，事實上，在排他期結束時，它們並沒有在正式要約中實施。

It doesn't mean that the discussion are going ahead.

這並不意味著討論將繼續進行。

Actually, it's the other way around.

事實上，情況恰恰相反。

So there are still a lot of discussions to try to find the best solution.

因此，仍需要進行大量討論以嘗試找到最佳解決方案。

And of course, now, as we always said, are the months where other players around the table.

當然，正如我們一直所說的那樣，現在是其他參與者參與討論的月份。

And we cannot deny the fact that there is a lot of interest around our products.

我們不能否認，我們的產品受到了廣泛關注。

We are fortunate enough to have compelling content and growing fan base and a strong demand for different situation from various parties.

我們很幸運擁有引人入勝的內容和不斷增長的粉絲群，並且各方對不同情況的需求強烈。

As we always said, there is the big point related to the fact that from one side, we always want to maximize the monetization of our media right.

正如我們一直所說的，重要的一點是，一方面，我們始終希望最大限度地實現媒體權利的貨幣化。

But on the other side, we need to make sure that also in terms of awareness, in terms of growth of our fan base, we need to try to find the best way in terms of reach.

但另一方面，我們需要確保在知名度方面，在粉絲群的成長方面，我們需要嘗試找到覆蓋範圍最好的方法。

Therefore, these are the two questions -- the two points that are on the table.

因此，這就是我們要討論的兩個問題——兩個要點。

We have a lot of players that we are discussing with I think the hot months will be the next one before summer where we should have a better picture.

我們正在與許多球員進行討論，我認為炎熱的幾個月將是夏季之前的下一個月份，屆時我們應該會有更好的了解。

And that's for sure something that I believe will happen because, as I said, we are really in a situation where our possibility to grow and also to offer to them the possibility to give the -- to our forecasted partner any better commercialization on how they can explore their rights are possible.

我確信這會發生，因為正如我所說的，我們確實處於這樣一種境地：我們有發展的可能性，也有能力為我們的預測合作夥伴提供更好的商業化機會，讓他們能夠探索自己的權利。

And I can say that the digitalization and also the experience of out the broadcaster during in Europe and part of the work could be an essential part of what could be the discussion we're going to have with them.

我可以說，數位化以及我們廣播公司在歐洲的經驗和部分工作可能是我們與他們討論的重要組成部分。

And that's what I would say with regard to the media right.

這就是我對媒體權利的看法。

I'm sure that the Derek, if you want to say something more on that before I can taste on the situation on Concored.

我確信，德里克，如果你想就此再說些什麼，我才能了解一下 Concored 的情況。

Thanks, Stefan Yes, I mean I love talking about media, right.

謝謝，史蒂芬，是的，我的意思是我喜歡談論媒體，對吧。

But I would add to that, that people tend to look at these sorts of discussions somewhat simplistically sometimes and really focus on the rate and the race broadcast.

但我想補充一點，人們有時傾向於過於簡單地看待這類討論並且只關注比賽的速率和轉播。

But when you think about media rights in today's world, the broadcasters, the distribution partners and the IP holders, I think it's a much more involved relationship than just the event.

但當你考慮到當今世界的媒體權利、廣播公司、分銷合作夥伴和智慧財產權持有者時，我認為這是比單純的事件更為複雜的關係。

And I think that's to everyone benefit in the ecosystem and how people can use our IP, not just through the event but through the other forms of content through the activation and hospitality even and things like that come into play.

我認為這對生態系統中的每個人都有好處，人們可以使用我們的 IP，不僅僅是透過活動，還可以透過其他形式的內容，透過激活和接待，甚至諸如此類的方式發揮作用。

And I think that we, at One, continue to be very well positioned to the content offer we have.

我認為，我們 One 能夠繼續以非常有利的方式提供我們現有的內容。

We've invested a lot of money in our own content production, which can also be very helpful to the potential broadcast partners.

我們在自己的內容製作上投入了大量資金，這對潛在的廣播合作夥伴也非常有幫助。

Ultimately, as everyone knows in this world, things hinge up a little bit on supply and demand and at the competitive process that unfolds situations like this and what the availability is of other rights around the time frame vis-a-vis which of our potential partners may be looking for IP like ours at this time.

最終，正如這個世界上每個人都知道的那樣，事情在一定程度上取決於供需關係和展開的競爭過程，以及在時間範圍內其他權利的可用性，以及我們哪些潛在合作夥伴可能正在尋找像我們這樣的智慧財產權。

And so not to overcomplicate the answer, but I think we do believe that there is a robust process that will unfold here.

因此，不要讓答案過於複雜，但我認為，我們確實相信這裡將會展開一個強而有力的進程。

I think to use an F1 analogy.

我認為可以使用 F1 類比。

We're early in the race, and people are still feeling off the track per se.

比賽才剛開始，人們還感覺自己偏離了賽道。

But I think also to use F1 analogy, it's going to be a fast rate, and we're going to move pretty quickly, hopefully to come to conclusion as we get to the end of the middle of the year and later this year.

但我認為，如果用 F1 類比的話，這將是一個快速的過程，我們也會迅速採取行動，希望在今年年中和年底得出結論。

And just to echo one thing that Stefano said, A lot of times, the people on the outside tend to frame these things as ESPN said they didn't want the F1 rights going forward, and it's very, again, found by way to describe the relationship has actually been quite a productive and constructive relationship.

再次重申一下斯特凡諾所說的一件事，很多時候，局外人傾向於將這些事情框定為 ESPN 表示他們不希望 F1 的轉播權繼續下去，而再次發現，這種關係實際上是一種相當富有成效和建設性的關係。

And I personally have had a long-term relationship with the ESPN.

我個人與 ESPN 有著長期的合作關係。

F1 has had a great relationship with ESPN, and we'll continue to see how these conversations unfold.

F1 與 ESPN 保持著良好的關係，我們將繼續關注這些對話如何展開。

David Karnovsky, JPMorgan.

摩根大通的戴維‧卡諾夫斯基 (David Karnovsky)。

And welcome to Derek.

歡迎德里克。

On Las Vegas, as you noted, the race missed your budgeting and I get the need to look at this holistically, given its impact to sponsorship and other rights.

關於拉斯維加斯，正如你所說，這場比賽沒有達到你的預算，我認為有必要全面地看待這個問題，因為它會對贊助和其他權利產生影響。

But I wanted to see if you could dig in a bit on the past year in 2025 in the next few years, specifically growing revenue and also managing the cost base to get tend back towards some of those original stand-alone targets you had laid out, if that's still the goal.

但我想看看您是否可以在未來幾年內深入研究 2025 年的情況，特別是增加收入並管理成本基礎，以回到您最初制定的一些獨立目標（如果這仍然是目標的話）。

Thanks, David.

謝謝，大衛。

I mean, we do believe that, as we always said, this is an incredible Grand Prix on which we need to keep working and make sure that it will stay as we believe at the top of the range because the benefit of this Grand Prix, as we said, that provides a broader financial benefit to the ecosystem of Formula One.

我的意思是，我們確實相信，正如我們一直所說的那樣，這是一場令人難以置信的大獎賽，我們需要繼續努力，並確保它將保持在我們所相信的頂級水平，因為正如我們所說，這場大獎賽的好處是為 F1 生態系統帶來更廣泛的經濟利益。

What we are focusing with the action that we have delivered is to make sure as you said correctly, we need to make sure that we focus our attention on the cost structure of the situation that we have to manage in Vegas.

我們採取的行動重點是確保正如您所說，我們需要確保將注意力集中在我們必須在拉斯維加斯管理的局勢的成本結構上。

We need to have even a better local relationship because that's the key of the success.

我們需要建立更好的本地關係，因為這是成功的關鍵。

And by the way, in that respect, one news that I believe it's an important for the ecosystem of the communities that we have moved the race time, two hours earlier.

順便說一句，在這方面，我相信對於社區的生態系統來說很重要的一個消息是，我們將比賽時間提前了兩個小時。

And that's why because we believe that it's important always to be connected to the community.

這就是原因，因為我們相信始終與社區保持聯繫非常重要。

And we do have to forget that the community is benefiting with a big impact on their economic P&L on the weekend of the races.

而且我們必須忘記，比賽週末的舉辦對社區的經濟損益產生了巨大影響，使其受益匪淺。

And then of the fact that we believe that by integrating all the function of Vegas LVGP together with London will help boost the synergy that we can use by knowing the system and the experience that all the other Grand Prix are, let's say, investor government given to us.

然後，我們相信，透過將拉斯維加斯 LVGP 的所有功能與倫敦整合在一起，將有助於增強我們可以利用的協同效應，透過了解系統和所有其他大獎賽的經驗，可以說，投資者政府賦予了我們這種協同效應。

We don't have to forget that we were having, as Derek was mentioned in his speech at the beginning, any data relevant for that community.

我們不應忘記，正如德里克在一開始的演講中提到的那樣，我們擁有與該社區相關的任何數據。

And now we are taking that in the way to build the system in order to formalize the right packages, the right offer.

現在我們正在採用這種方式來建立系統，以便正式確定正確的方案和正確的報價。

And on the other side, we have always said since the beginning that we know that when there is a new approach going ahead, the first year is a learning curve that will take the right time to make the right strategic decision because, as we said, this is an incredible event that will continue to be one of the most important events in the near the future.

另一方面，我們從一開始就一直說，我們知道，當採取新的方法時，第一年是一個學習曲線，需要適當的時間來做出正確的戰略決策，因為正如我們所說，這是一個令人難以置信的事件，並將繼續成為近期最重要的事件之一。

That's what I could say on that perspective.

從這個角度來說這就是我能說的。

Yes, I'd like to just add that if you step back for a second, I think that LVGP has been a huge success to put on an event like that in the short amount of time that our team here in Denver and London were able to do that over the last couple of years, it's been pretty impressive.

是的，我想補充一點，如果你退一步想一想，我認為 LVGP 在短短的時間內舉辦了這樣的活動，取得了巨大的成功，我們丹佛和倫敦的團隊在過去幾年裡做到了這一點，這非常令人印象深刻。

And I think we've talked at length about the benefit to the F1 ecosystem as a whole, whether it's the media, the sponsorship, fandom growing here in the US, all that stuff had been hugely impacted by what we've been able to accomplish in Las Vegas.

我認為我們已經詳細討論過這對整個 F1 生態系統的益處，無論是媒體、贊助商還是美國日益增長的粉絲群，所有這些都受到了我們在拉斯維加斯所取得的成就的巨大影響。

I think we all here were disappointed by the -- some of the financial metrics in the early going here.

我想我們所有人都對早期的一些財務指標感到失望。

But those in my mind are all durable and fixable.

但在我看來，這些都是持久且可修復的。

And as both Stefan and I have already alluded to, we're already working on those plans and feel comfortable that we will see a nice improvement there over the course of the year.

正如史蒂芬和我都提到的，我們已經在製定這些計劃，並相信我們將在今年看到顯著的進步。

Okay.

好的。

And then Stefan, I was interested to get your expanded view on GM and Cadillac and the decision to admit them as an 11th team.

然後史蒂芬，我感興趣的是了解你對通用汽車和凱迪拉克的擴展看法以及將其納入第 11 支球隊的決定。

We had the perception of some resistance to this in the past.

我們過去感覺到人們對此有一些抵制。

So I was interested to understand better any change in your thinking and what this can add to the sport, especially in the US?

所以我很有興趣更了解您的想法有什麼變化，以及這會為這項運動帶來什麼，尤其是在美國？

And -- can you just refresh us on how the entry fee works to the teams and what role is F1 asset any there?

並且—您能否向我們介紹一下報名費對車隊的影響以及 F1 資產在其中扮演了什麼角色？

No, thanks for that.

不，謝謝你。

It's important to certify that position.

確認這一立場十分重要。

We always said that Cadillac is giving and will give an incredible boost to the ecosystem of Formula One. We were referring to other situations that were handled before, but now the picture is totally different.

我們總是說，凱迪拉克正在並將繼續為 F1 的生態系統帶來令人難以置信的推動。我們指的是以前處理過的其他情況，但現在的情況完全不同。

Therefore, I think the Cadillac's preparing the entry and in terms of preparing the season because it would not be easy situation for them to be in such a high tech and evolve the sporting platform.

因此，我認為凱迪拉克正在為參賽和賽季做準備，因為對他們來說，採用如此高科技並發展運動平台並不容易。

They are doing everything in order to show how Cadillac is really involved into the sport.

他們竭盡全力只為展示凱迪拉克真正參與這項運動。

Now there is the formality that is related to the process that it's almost ready together with the FIA, that's to be an update.

現在與該流程相關的手續已經幾乎與國際汽聯一起準備就緒，這將是一次更新。

And whenever this will be ready, it should be not too long.

無論何時，這一切都將準備就緒，並且不會耗時太長。

There would be a an update to formalize what basically is already happening.

將會有一個更新來正式確定基本上已經發生的事情。

So they will be ready to fight against together with the other teams for next year.

所以他們將準備在明年與其他隊伍一起競爭。

And that is the evolution that, as you know, GM has taken as a fact that they want to be a real structure or a manufacturer that will invest in our sport because they do believe in the technological platform that the F1 can provide to their system.

如你所知，這就是通用汽車已接受的演變，他們希望成為一個真正的結構或製造商，投資於我們的運動，因為他們確實相信 F1 可以為他們的系統提供的技術平台。

So very, very happy that now this is on board, moving forward and looking forward to see them on the track, together with the other teams to fight for a great championship.

我非常非常高興現在一切順利，我們將繼續前進，期待看到他們在賽道上與其他車隊一起爭奪偉大的冠軍。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

If I could.

如果我能。

First, on sponsorship.

首先，關於贊助。

I know 2025 will already be very robust given the partnerships that you've already inked.

鑑於你們已經簽署的合作關係，我知道 2025 年將會非常強勁。

And it doesn't seem like the team has stopped either with at least an all-in deal and bringing on Tag Heur as a tile partner for Monaco.

而且看起來車隊並沒有止步於此，至少已經與摩納哥達成了一項全額交易，並讓泰格豪雅成為摩納哥的瓷磚合作夥伴。

I guess looking ahead, do you see even more opportunities as you look to the balance of this year?

我想展望未來，您是否看到了今年的更多機會？

Or are you largely set for 2025 based on the pipeline.

或者您是否已根據管道為 2025 年做好了基本準備。

And given the tenor of your conversations, is there anything you can share about how sponsorship could look like in 2026 as well?

鑑於您談話的基調，您是否可以分享一下 2026 年贊助的前景？

And then I have a follow-up on GM Cadillac.

然後我會繼續關注通用凱迪拉克的情況。

As we said, we are very robust with regard to the pipeline of 2025 because basically, in terms of achievements.

正如我們所說，我們對 2025 年的規劃非常樂觀，因為基本上就成就而言。

The entry of the robust partnership that we have announced has been, I would say, impressive, impressive with regard to the quality of the brand and of course, not only about the quality, but the investment they are bringing to us.

我想說，我們宣布的強勁合作關係令人印象深刻，品牌品質令人印象深刻，當然，不僅僅是質量，還有他們為我們帶來的投資。

What for me is relevant is that this new partnership has broken and will protein, new way of activating the partnership.

對我來說，重要的是，這種新的夥伴關係已經破裂，並將產生激活這種夥伴關係的新方式。

It's not only visibility, it's not only awareness, it's all what is behind that.

這不僅關乎可見性，這不僅關乎意識，這也關乎背後的一切。

And now everyone is working together to make sure that this platform will offer to their needs in terms of business development, what we can offer to them.

現在大家都在共同努力，確保這個平台能夠滿足他們在業務發展上的需求，提供我們所能提供的服務。

So that is an important assessment that we have done together.

這是我們共同做出的重要評估。

We will see already with facts.

我們將透過事實來見證這一點。

With regard to the other possibility, what we lived and we don't have to forget where we were just a couple of years ago. we have moved not only in terms of quantity but also in quality of partnership for us was the need now to restructure the category in order to make sure there was the possibility to develop regional deals or to uplift as we did from official to global partners.

至於另一種可能性，我們的生活是什麼樣的，我們不必忘記幾年前我們在哪裡。我們的合作不僅在數量上有進步，而且在質量上也有所提高，對我們來說，現在需要對合作夥伴進行重組，以確保有可能開展區域性交易，或者像我們從官方合作夥伴升級為全球合作夥伴一樣。

And of course, there are different possibilities to maximize it through the digitalization that can be applied to our presentation, our products on TV and not only on TV on the track.

當然，透過數位化可以實現最大化，這種最大化可以應用到我們的演示中，我們的產品可以在電視上播放，而不只是在賽道上的電視上播放。

And on top of that, of course, the fan engagement that we are bringing with new partners is pushing us to move -- and this is the reason why, for example, what's more Vegas was important to create different opportunity with the hospitality packages and hospitality and experience that we are offering to our friends.

當然，除此之外，我們與新合作夥伴一起帶來的粉絲參與也推動著我們前進——這就是為什麼，例如，拉斯維加斯對於我們為朋友們提供的接待套餐、接待和體驗創造不同的機會非常重要。

Looking ahead, I would say the pipeline already for the next year is very strong, and that's what we need to do.

展望未來，我想說明年的計畫已經非常強大，這正是我們需要做的。

Work together.

共同努力。

And if we work well, the activation program that we are activating with them, with facts is showing that our strategy is right.

如果我們運作良好，我們與他們一起啟動的激活計劃就會用事實證明我們的策略是正確的。

Otherwise, it wouldn't be in such a good position.

不然的話，它不會處於這麼好的地位。

And I do believe that this position will keep going like that even in the future.

我也堅信，這一立場在未來仍將持續下去。

That's very helpful.

這非常有幫助。

And then maybe if I could just follow up on the GM Cadillac discussion.

然後也許我可以繼續討論通用凱迪拉克的問題。

There have been some questions on what this could mean for the Concorde agreement discussions and ultimately, what it does to the splits and economics that the teams are pushing for?

有人質疑，這對協和式飛機協議討論意味著什麼，以及最終對各團隊所推動的分成和經濟有何影響？

I know that there's not much you can share on the concord right now, but how should we think about the financial impact of welcoming GM Cadillac to the grid.

我知道您現在不能分享太多有關康科德的信息，但是我們應該如何看待通用凱迪拉克加入賽場所帶來的財務影響。

And is the hope that the long-term top line opportunity through sponsorship and maybe media rights would offset any margin pressure?

是否希望透過贊助和媒體權利獲得的長期營收機會能夠抵銷利潤壓力？

Or is it just wrong to even assume that there would be margin degradation?

或者說，假設利潤率會下降本身就是錯誤的？

With regard to the first question, there's no impact at all with the current discussion of the Concorde Agreement.

關於第一個問題，這對目前有關《協和協議》的討論沒有任何影響。

That's been -- as you know, Concored is done by two major elements.

如你所知，Concored 由兩個主要元素組成。

One is the financial one that is related to the commercialization and the marketing side of it that discussion between us and the teams, and we are in a good position on that.

一個是與商業化和行銷方面相關的財務問題，這是我們和團隊之間討論的，我們在這方面處於有利地位。

The other topic or the other part of it is the governance that, of course, we need to work together with the FIA and the teams.

另一個話題或說另一部分是治理，當然，我們需要與國際汽聯和各車隊合作。

And on that, we are working in order to respect the date, as you know, there's no time pressure on that because we are all working as partners, and we want to find the best solution for the store.

在這一點上，我們正​​在努力遵守日期，如你所知，這沒有時間壓力，因為我們都是作為合作夥伴，我們希望為商店找到最佳解決方案。

And this is something that we're going to do, even with one more time together into the future because, of course, Cadillac will be part of it. and will have a voice as the others into the future.

這是我們以後會繼續做的事，因為凱迪拉克當然也會參與其中。並將在未來擁有與其他人一樣的發言權。

Then with regard to the fact that Cadillac will bring a new US branch, I think that we can bring opportunities.

那麼關於凱迪拉克將在美國設立新分公司的事實，我認為我們可以帶來機會。

And I'm totally positive because the sport is growing in such a magnitude that everyone will exploit the best out of it.

我非常樂觀，因為這項運動正在如此迅速地發展，每個人都能從中發揮出最好的表現。

And I'm sure that the Cadillac GM Group will benefit from being part of this group.

我確信卡迪拉克通用集團將會從該集團中獲益。

Can I just add -- thanks, Stefan, that in my early days here, I have had the opportunity to meet with some of the teams, certainly over the last month or so.

我還要補充一點——謝謝，史蒂芬，在我剛來這裡的那段時間裡，我有機會與一些團隊會面，肯定是在過去一個月左右的時間裡。

And Look, I don't think -- I think the relationship between Formula One and the teams has never been stronger.

而且，我不認為——我認為一級方程式賽車和車隊之間的關係從未如此牢固。

We heard a lot of good positive affirmation of that in terms of what Liberty has done since we acquired F1, and I think people really are excited about the future and growing the overall pie in terms of the economics of what the sport can deliver.

自從我們收購 F1 以來，我們聽到了很多對自由傳媒所做貢獻的正面肯定，我認為人們真的對未來感到興奮，並對這項運動在經濟方面能夠帶來的整體成長感到興奮。

I think very specifically on the Concorde agreement and our splits with the teams already remarked on the fact that hopefully, we get the Concorde agreement done soon.

我特別想到了協和協議，我們與各團隊的分歧已經顯示了希望我們能盡快達成協和協議。

At this point, the entry of a 11 team has not really impacted that discussion per se.

到目前為止，11 支球隊的加入還沒有真正對該討論產生影響。

And if you think about it, it doesn't impact the split between us and the team that it certainly is an 11 team in terms of the allocations amongst those that team themselves.

如果你仔細想想，這並不影響我們和團隊之間的分配，因為從團隊本身的分配來看，這肯定是一支 11 人的隊伍。

But Again, I think with the entry of a group like GM, the hope and thought here is that we continue to grow the overall pie for Formula One and the Formula One ecosystem.

但是，我認為，隨著通用汽車這樣的集團的加入，我們希望並認為，我們能夠繼續擴大一級方程式賽車和一級方程式賽車生態系統的整體份額。

Jeffrey Wlodarczak, Pivotal Research Group.

Jeffrey Wlodarczak，Pivotal 研究小組。

First of all, congrats, Eric on the new position.

首先，恭喜 Eric 獲得新職位。

I had a couple related to Formula One. I guess a follow-up on the Concorde Agreement.

我有一些與一級方程式相關的。我猜這是《協和協議》的後續行動。

So I mean, should we expect that's going to be pretty similar to the current deal?

所以我的意思是，我們是否應該預期這將與目前的交易非常相似？

Or can you make changes that really help move this work forward.

或者你能否做出真正有助於推動這項工作向前發展的改變。

I guess, Stefano, on the 2026 powertrains, you talk to the team as they develop that.

我想，史蒂法諾，關於 2026 動力系統，你應該在開發過程中與團隊溝通。

Are there any major surprises, positive or at that you're seeing on development?

您在發展過程中是否看到任何重大的、正面的或令人驚訝的事情？

I didn't get the second question properly, to be honest.

說實話，我沒有正確理解第二個問題。

The first related to Concored I think that it's worth to say without saying anything that we can say so far is the basic fundamentals are quite similar to the actual structure.

第一個與 Concored 相關的問題，我認為值得一提的是，到目前為止我們所能說的是，基本原理與實際結構非常相似。

That is definitely the way that we are working on and the way we are progressing with that.

這絕對是我們正在努力的方向，也是我們正在取得進展的方式。

The second one, I heard something related to the 2026 cars, Jeffrey, if you can repeat because the line was not great.

第二個，我聽到了一些與 2026 年汽車有關的東西，傑弗裡，如果你能重複的話，因為那條線不是很好。

Sorry for that.

很抱歉。

Yes.

是的。

No worries.

不用擔心。

Hopefully, you can hear me now.

希望你現在能聽到我的聲音。

I was just wondering if there were any major surprises on the development of those 26 powertrains that you've heard from the team on the positive or negative?

我只是想知道，對於這 26 個動力系統的開發，您是否從團隊那裡聽到任何積極或消極的重大驚喜？

Yes, thank you nester much.

是的，非常感謝。

I think that, as always, when there is a change of regulation, there is a lot of things that are related to is working the best.

我認為，一如既往，當法規改變時，有很多事情與如何發揮最佳作用有關。

Who knows or has been able to maximize the performance out of the regulation that is totally new.

誰知道或能夠最大限度地提高全新規定的績效。

So a lot of expectation, and it is normal that a part of the ecosystem at that stage is trying to say why we are changing the things in a moment where the champions is so competitive.

因此寄予厚望，在冠軍競爭如此激烈的當下，生態系統的一部分試圖解釋為什麼我們要改變一些東西，這很正常。

That has been always the case in the cycle of Formal One.

在 Formal One 的周期中，情況一直都是這樣的。

I do believe that the fact that now with regard to the technological development, we put on the sense of the sustainable fuel is something that will give the future boost of a different thinking of technological implication of the future in formal one.

我確實相信，現在我們在技術發展方面賦予可持續燃料的意識，這將在形式上推動對未來技術含義的不同思考。

That's one pretty convinced about it.

人們對此深信不疑。

We need to keep at the center to show the fact that the driver needs to be at the center of the stage and the technological choices for the future needs to be relevant for that.

我們需要保持在中心的位置，以表明駕駛員需要處於舞台的中心，並且未來的技術選擇需要與此相關。

We need to keep that clearly, because it is relevant to say that our fan base is shifted in terms of interest.

我們需要明確這一點，因為從興趣上來說，我們的粉絲群發生了變化，這是有意義的。

And we need to have the duty to make sure there is the right balance between the, let's say, the so-called traditional fans versus the new fans.

我們有責任確保所謂的傳統粉絲和新粉絲之間的適當平衡。

And that's the focus that we want to keep together.

這正是我們想要共同關注的重點。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩‧克拉夫特 (Bryan Kraft)。

Bryan, are you able to check up yourself muted, please?

布萊恩，你能將自己靜音檢查一下嗎？

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Two, if I could.

如果可以的話，有兩個。

First, on the media rights opportunity internationally for Stefano and Derek, if you want to jump in on this one.

首先，如果你想參與其中，請談談 Stefano 和 Derek 在國際上的媒體版權機會。

I'm curious if there's anything you've learned so far through your US media rights negotiation that has made you more or less optimistic on the man backdrop for media rights for F1 more globally?

我很好奇，到目前為止，透過您在美國媒體版權談判中了解到了什麼，讓您對 F1 在全球範圍內的媒體版權前景更加樂觀還是不那麼樂觀？

Thanks, even.

甚至，謝謝。

I mean, from my side, I see that as a month of a great opportunity to exploit the maximum out of it.

我的意思是，從我的角度來看，我認為這一個月是一個充分利用它的絕佳機會。

I'm not really worried about that. because I do believe that it's potentially -- not potentially, actually, we have a growing fan base and we need to make sure we find the right product and the right partner in order to engage with them. and that's really conclusion.

我其實不擔心這個。因為我確實相信，不僅僅是潛在的，實際上，我們擁有不斷增長的粉絲群，我們需要確保找到合適的產品和合適的合作夥伴來與他們互動。這才是真正的結論。

One thing that we need to -- we don't have to forget that this part of the equation is our F1 TV product. because it's something that it is relevant.

我們需要做的一件事是——我們不必忘記，等式的這一部分是我們的 F1 電視產品。因為它是相關的東西。

It is really an incredible tool of engagement.

這確實是一個令人難以置信的參與工具。

And this is something that we want to keep that inside the discussion of whoever will be the partner of the future because we believe of the value we truly believe of the value of this platform.

我們希望在討論未來合作夥伴時繼續討論這一點，因為我們相信這個平台的價值。

I would say that the -- I'm not so sure the US rights is correlated to -- what we learned to this experience is necessarily correlated to other markets per se because each of them have their own individual characteristics, both in terms of demand as well as players in the market.

我想說的是——我不太確定美國的權利是否與——我們從這次經驗中了解到的情況必然與其他市場本身相關，因為每個市場都有自己的特點，無論是在需求方面還是在市場參與者方面。

I would say that one thing that is obviously transpired over the last several years as some of the large streaming platforms have gotten engaged in sports is a demand on their part for worldwide rights for lack of a better term.

我想說，在過去幾年裡，隨著一些大型串流媒體平台涉足體育領域，有一件事顯而易見，那就是他們要求獲得全球版權，因為沒有更好的詞彙來表達。

And hopefully, that will certainly drive some of the demand as we look around the globe.

希望從全球來看，這肯定會推動一些需求。

If you see the -- one of the big selling points of the Netflix taking on the NFL Christmas games was that they delivered those globally.

如果你看到——Netflix 承接 NFL 聖誕比賽的一大賣點是他們在全球範圍內播放這些比賽。

So this is clearly an evolving space that we'll keep an eye on.

因此這顯然是一個不斷發展的領域，我們將密切關注。

Got it.

知道了。

And then a second question just on Vegas for Brian.

然後第二個問題是關於拉斯維加斯的，請問布萊恩。

I appreciate you're not commenting on very specific economics.

我很欣賞你沒有對非常具體的經濟學發表評論。

But I was just curious if there's anything you can give us on the magnitude of the decline year over year in revenue and profit at the rate just given the focus at the moment the market that could maybe give us confidence that some of the underperformance in the quarter was isolated to Vegas specifically and maybe not more broadly throughout the F1 core business.

但我只是好奇，您能否告訴我們，考慮到目前的市場焦點，收入和利潤同比下降的幅度，這也許可以讓我們相信，本季度的部分錶現不佳僅限於拉斯維加斯，而可能並不涉及整個 F1 核心業務。

Yes, thanks.

是的，謝謝。

We can't comment on the specifics, but the majority of the miss that you guys are calculating based on the team payment was Vegas related.

我們無法對具體細節發表評論，但你們根據球隊付款計算出的大部分損失都與拉斯維加斯有關。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩‧克拉夫特 (Bryan Kraft)。

Okay.

好的。

Great.

偉大的。

Welcome, Derek, and congratulations.

歡迎你，德瑞克，恭喜你。

I had two questions.

我有兩個問題。

So first, on the heels of several high-profile race promotion renewals, how did the results of those renewals line up with your expectations that race promotion is increasingly becoming a revenue growth opportunity.

首先，在幾次備受矚目的賽事推廣續約之後，這些續約的結果如何符合您對賽事推廣日益成為營收成長機會的預期。

And then the second one is -- I know you don't want to give guidance, but could you just talk broadly about the media rights revenue outlook in 2025 relative to 2024?

然後第二個問題是 - 我知道您不想給出指導，但您能否大致談談 2025 年相對於 2024 年的媒體版權收入前景？

It seems like growth in that line should accelerate this year.

看起來今年該生產線的成長將會加速。

I would appreciate any color there.

我會很感激那裡的任何顏色。

Thank you.

謝謝。

Thanks, Brian.

謝謝，布萊恩。

I mean, rate promotion.

我的意思是，利率提升。

As you know, we have let's say, we have taken the decision to be strong and long-term agreement with a place where we do believe is relevant to state focus on working together because there is a possibility to increase even other revenue stream through this relationship.

如你所知，我們已經決定與一個我們確實認為與國家重點合作相關的地方達成強有力的長期協議，因為有可能透過這種關係增加其他收入來源。

The other thing is, of course, every promoter is innovating is investing.

當然，另一件事是，每個發起人都在創新和投資。

And I remember very well when I had my first earnings call, there were a lot of doubts that this revenue stream would be able to grow because there was a lot of thinking that, that was not possible.

我清楚記得，當我第一次召開財報電話會議時，很多人懷疑這條收入來源是否能夠成長，因為很多人認為這是不可能的。

Actually, we've proven the other way around.

事實上，我們已經證明了相反的觀點。

And I do believe that due to the tension -- positive tension of the market because we want -- a lot of countries was to host the Grand Prix.

我確實相信，由於市場的緊張——積極的緊張，因為我們想——很多國家都願意舉辦大獎賽。

And everyone was to basically show that they are committed to long term there is the possibility to keep growing this rest revenue stream.

每個人都表明他們致力於長期發展，並有可能繼續增加剩餘的收入來源。

This is our focus.

這是我們的重點。

Of course, what is good is that we -- everyone has now the focus on the fence who attended the race.

當然，好的是，我們——現在每個人的注意力都集中在參加比賽的圍欄上。

So everyone has to improve the different segmentation that the fans requires in terms of GA, in terms of medium hospitality, higher profile hospitality working the marginality, of course, working on the experience of the fans together with the promotion.

因此，每個人都必須改善球迷所需的不同細分市場，包括 GA、中等接待、高調接待，當然也要在推廣的同時注重球迷的體驗。

So on that respect, I do believe the expectation, even if we are not giving any guidelines on that are in the direction of being very strong even in the future.

因此，從這個方面來看，我確實相信，即使我們沒有給出任何指導方針，但未來的預期仍然會非常強勁。

With regard to the media right, if I may say direct, I would say on that, the wave of the package.

關於媒體權利，如果我可以直接說的話，我會說，這是一攬子計劃的浪潮。

And if you have a good sport, if you have a good fan base, the media rights should keep growing in that respect.

如果你擁有一項優秀的運動，如果你擁有大量的粉絲，那麼媒體權利就應該在這方面不斷發展。

And I do believe that what is important for the future is to see how the face wants to capture the content we are producing.

我確實相信，對於未來來說，重要的是看臉如何捕捉我們正在製作的內容。

And there will be not only the so-called traditional media right, but there are other platforms that will have a big effect on not only growing that, but also growing the different possibility of engaging with the fans.

而且不僅有所謂的傳統媒體，還有其他平台，這些平台不僅會對傳統媒體的成長產生重大影響，而且還會增加與粉絲互動的不同可能性。

And this is for me, in our opinion, very, very peculiar to the fact that this is relevant to the growth in that landscape.

在我看來，這是非常非常特殊的，因為它與該地區景觀的成長息息相關。

I'd just add, Bryan, specifically on' '25 versus '24 for media rights, you're largely going to be seeing just regular uplifts and standard renewals.

布萊恩，我想補充一點，特別是在 2025 年與 2024 年的媒體版權方面，你將基本上看到定期的提升和標準續簽。

We would expect continued growth in F1 TV, and we're launching our new premium F1 TV product too.

我們預計 F1 電視將持續成長，同時我們也將推出新的優質 F1 電視產品。

So those will be the primary drivers in '25.

所以這些將成為25年的主要驅動力。

It's similar in strength as last year from a growth perspective?

從成長角度來看，其實力與去年相似嗎？

Or would you expect any acceleration this year, Brian?

還是你預計今年會加速，布萊恩？

I'll leave it at what we've answered already, Bryan.

布萊恩，我就保留我們已經回答的內容。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

So first, just on media rights and with the expansion of premium F1 TV, can you just help us conceptualize how that product fits into the discussions that you have with some of the larger streaming companies.

首先，關於媒體版權以及優質 F1 電視的擴張，您能否幫助我們概念化該產品如何融入您與一些大型串流媒體公司的討論中。

I guess the expectation is that those streaming companies probably don't want to see a competing streaming product in market, even if it's your own.

我猜那些串流媒體公司可能不希望在市場上看到競爭的串流媒體產品，即使它是你自己的。

So how do you manage those dynamics as you look to maximize the value of what you can get for rights.

那麼，當您尋求最大化您所獲得的權利價值時，您如何管理這些動態？

And then just one on Concord and maybe Concored dynamics.

然後只討論 Concord 和 Concored 動力學。

I think the last Concorde had a big overhang from what was going on with the pandemic and maybe the team's expectation or need to limit some of their downside risk.

我認為上一架協和式飛機受到疫情的影響很大，也許團隊的預期或需要限制一些下行風險。

You've grown the sport a lot since then.

從那以後，這項運動已經取得了巨大的進步。

The teams have also added a lot to their calendar, both with media and with races.

各車隊還在行程安排中增加了許多內容，包括媒體報導和比賽。

So how do you think team dynamics are this time?

那麼您認為這次的團隊動態如何？

What do you think their expectations are?

您認為他們的期望是什麼？

And do you think that they have any feelings about your ability to hold team payments flat and would be willing to accept that?

您是否認為他們對於您維持球隊薪資水平不變的能力有何看法並且願意接受這一點？

Thanks, Steven.

謝謝，史蒂文。

I mean with regard to the, let's say, the value of the premium F1 TV or Pro, we are doing in terms of different propositions.

我的意思是，就高階 F1 電視或 Pro 的價值而言，我們正在採取不同的主張。

As we said, we believe that this has to be considered an added value.

正如我們所說，我們認為這必須被視為附加價值。

And we found solutions.

我們找到了解決方案。

I'll give you one example in a collaboration with [ Viaplay ] in the Dutch market, we were able to find a solution that has integrated that in the package.

我給你一個例子，在與荷蘭市場 [ Viaplay ] 的合作中，我們能夠找到一個將其整合到包裝中的解決方案。

So I do believe that we are flexible to understand what will be the need of our future broadcaster, knowing that has a value because it's an incredible package.

因此，我確實相信，我們可以靈活地了解未來廣播公司的需求，並且知道這有價值，因為這是一個令人難以置信的套餐。

And the extended -- and the different packs that we are offering allows all our fans to be connected with our world.

而且，我們提供的擴展和不同套餐可以讓所有粉絲與我們的世界聯繫起來。

And I do believe this is relevant also and this element has to be considered in our negotiation with future partner.

我確實認為這也很重要，我們在與未來合作夥伴的談判中必須考慮這一因素。

Concored.

一致同意。

I mean, the team dynamics, I would say everyone recognized huge growth of the business.

我的意思是，就團隊動態而言，我想說每個人都認識到業務的巨大成長。

I mean it's not only related to the fact that there is a lot of interest on eventually buying things because we see the potential value of them.

我的意思是，這不僅與我們看到物品的潛在價值而最終對購買物品產生濃厚興趣有關。

You see from the numbers and the quality of partners that are connected to each team.

您可以從與每個團隊相關的合作夥伴的數量和品質中看到這一點。

That means that everyone recognized the shoes all we are doing together.

這意味著每個人都認可我們一起做的鞋子。

And the dynamics are very constructive.

而且這種動態非常具有建設性。

It's part of the game that everyone wants to try to squeeze or maximize what they can bring home.

這是遊戲的一部分，每個人都想盡力榨取或最大化自己能帶回家的東西。

That's part of the game.

這是遊戲的一部分。

But I would say the credibility that we have found that we have now together has allowed us to find the right balance.

但我想說，我們現在共同擁有的信譽使我們能夠找到正確的平衡。

So happy to progress with this relation because that's the key point of the future and very stable growth of the business together.

我很高興能夠繼續維持這種合作關係，因為這是雙方未來以及業務穩定成長的關鍵點。

We see everyone as a stakeholder of the business, the FA, the teams and all the partners that they have and all our partners.

我們將每個人視為業務、足協、球隊及其所有合作夥伴以及我們所有合作夥伴的利益相關者。

Just on the Concord, the one aspect that you were asking about, we wouldn't expect to see degradation.

就您問到的康科德方面而言，我們預計不會看到性能下降。

We feel good with our relationship with the teams.

我們對與各團隊的關係感到滿意。

So we would expect, at a minimum, we'd be in a similar place on the next agreement to where we finish out 2025.

因此，我們至少可以預期，在下一份協議中，我們將處於與 2025 年類似的位置。

Barton Crockett, Rosenblatt.

巴頓·克羅克特、羅森布拉特。

Okay.

好的。

I was interested in terms of the broadcast rights.

我對廣播權很有興趣。

There's been a lot of focus on the US as a solitary market, but there's rights that seem to be potentially up for renewal across the Americas, maybe even elsewhere in Japan.

人們一直將焦點集中在美國這個單一市場上，但其權利似乎有可能在整個美洲地區續簽，甚至可能是在日本其他地區。

Are we in a place now where it could be more interesting perhaps to get closer with some of the global streamers to negotiate large regional packages, not exactly global, but large regions that go just beyond like the US, sorry if you could discuss that.

我們現在所處的境地是不是更有趣，也許可以與一些全球串流媒體公司走得更近，就大型區域套餐進行談判，雖然不是真正的全球性套餐，但可以涵蓋美國以外的大型區域，如果您能討論一下這個問題，我很抱歉。

I think that the -- I think, again, what we said, and I don't mean to keep repeating it, but it's an evolving situation in terms of what the media rights landscape looks like globally what the different players out there want and want to try to achieve with their own platforms, I think, clearly, the large streamers have consistently said that they want global rights to everything.

我認為——我再說一遍，我們說過，我無意重複，但就全球媒體版權格局而言，這是一個不斷變化的情況，不同的參與者想要什麼，並想透過自己的平台嘗試實現什麼，我認為，很明顯，大型串流媒體一直表示，他們想要獲得所有事物的全球版權。

That may or may not be possible that on a regional basis, similarly.

從地區角度來看，這種情況可能有也可能沒有。

It depends on how you define these various regions.

這取決於您如何定義這些不同區域。

But I do think that if some of these players are strong across the region, then clearly, there could be benefit.

但我確實認為，如果其中一些參與者在該地區實力雄厚，那麼顯然可能會受益。

And I think we do have some regional deals in play.

我認為我們確實正在進行一些區域協議。

We've got -- I know we've got some deals with [ Bison ] in various countries for instance, obviously, Sky, we've got across multiple countries in Europe.

我知道，我們已經與多個國家的 Bison 達成了一些協議，例如，很明顯，Sky 與我們在歐洲多個國家都有合作。

So you -- it really depends on what their strength is and what their aspirations are in some market because the sum of all of those is greater than us going out individually, then we would have to look at that and pursue those opportunity seriously.

所以你 — — 這真的取決於他們的實力是什麼，以及他們在某個市場上的願望是什麼，因為所有這些的總和大於我們單獨出去，那麼我們就必須認真考慮並尋求這些機會。

And I think with that, I appreciate everyone's time today.

我想，我感謝大家今天抽出時間。

I appreciate everyone listening in, and all the warm welcome and look forward to seeing more of everyone on future earnings calls.

我感謝大家的聆聽和熱情歡迎，並期待在未來的財報電話會議上見到更多大家。

And thank you again.

再次感謝您。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Enjoy the rest of your day.

祝你剩餘的時光愉快。