Liberty Live Group (LLYVK) 2025 Q2 法說會逐字稿

Welcome to the Liberty Media Corporation's 2025 second quarter earnings call. (Operator Instructions) As a reminder, this conference will be recorded August 7.

歡迎參加 Liberty Media Corporation 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議將於 8 月 7 日錄製。

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

現在我想將電話轉給主持人、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。在我們開始之前，我們想提醒大家，本次電話會議包含 1995 年《私人證券訴訟改革法案》所定義的某些前瞻性陳述。由於存在多種風險和不確定因素，實際事件或結果可能存在重大差異，包括 Liberty Media 向美國證券交易委員會提交的最新 10-K 和 10-Q 表格中提到的風險和不確定因素。

These forward-looking statements speak only as of the date of this call, and Liberty Media 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. 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 our website.

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。自由媒體附表 1 所需的定義和對帳可以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。

Speaking on the call today, we have Liberty President and CEO, Derek Chang; Liberty Chief Accounting and Principal Financial Officer, Brian Wendling; Formula One, President and CEO, Stefano Domenicali, and Moto GP, CEO, Carmelo Ezpeleta . Other members of management will be available to join for Q&A.

今天參加電話會議的嘉賓包括 Liberty 總裁兼首席執行官 Derek Chang、Liberty 首席會計兼首席財務官 Brian Wendling、一級方程式賽車總裁兼首席執行官 Stefano Domenicali 和 Moto GP 首席執行官 Carmelo Ezpeleta。其他管理成員也將參與問答。

And with that, I'll turn the call over to Derek.

說完這些，我會把電話轉給德瑞克。

Thank you, Shane. Good morning, everyone. It was an active second quarter at Liberty, which saw us progressing the initiatives we laid out to start the year. Regarding our planned split-off of Liberty Live, we filed the initial S-4 at the end of July and are now going through the customary review process. Chad Hollingsworth will be the CEO of Liberty Live Holdings once split-off occurs.

謝謝你，肖恩。大家早安。這是 Liberty 活躍的第二季度，我們正在推動年初制定的計劃。關於我們計劃拆分 Liberty Live 的計劃，我們於 7 月底提交了初始 S-4 文件，目前正在進行常規審查程序。拆分完成後，Chad Hollingsworth 將擔任 Liberty Live Holdings 的執行長。

Chad is Senior Vice President at Liberty, has been our Director of Live Nation since 2020 and is a natural fit to oversee our investment. We expect to complete the split-off in the fourth quarter.

Chad 是 Liberty 的高級副總裁，自 2020 年起擔任我們的 Live Nation 總監，非常適合監督我們的投資。我們預計將在第四季完成拆分。

Our next priority is supporting the growth and momentum at F1. The financial results were outstanding this quarter alongside a flurry of new sponsors announced, promoter partners extended and media rights agreements signed.

我們的下一個優先事項是支持 F1 的成長和發展勢頭。本季的財務表現非常出色，同時宣布了一系列新的贊助商，延長了推廣合作夥伴的合作，並簽署了媒體版權協議。

Stefano will provide greater detail shortly. And finally, we completed our acquisition of MotoGP on July 3. We are now beginning fulsome work in helping management set their strategic direction to enhance the company's growth.

斯特凡諾將很快提供更多細節。最後，我們在 7 月 3 日完成了對 MotoGP 的收購。我們現在開始全力幫助管理階層制定策略方向，以促進公司的發展。

Fortunately, the sport and ecosystem are both in a strong position, providing the foundation to build on for future success. While it's early, I'd like to outline what we see as near and medium-term priorities for MotoGP.

幸運的是，這項運動和生態系統都處於強勢地位，為未來的成功奠定了基礎。雖然現在還為時過早，但我想概述我們認為的 MotoGP 近期和中期優先事項。

Starting with near-term objectives. First, we want to accelerate the build-out of certain commercial functions which was already in progress prior to the close. This includes sponsorship and marketing teams in areas like sales, account management, research, public relations and social media strategy.

從近期目標開始。首先，我們希望加速建設在交易完成前就已在進行的某些商業功能。這包括銷售、客戶管理、研究、公共關係和社交媒體策略等領域的贊助和行銷團隊。

Second, we will lean at the brand positioning to build off the new MotoGP brand campaign that launched last November. Efforts will include developing a more robust fan insights platform tracking brand awareness and engagement to better inform commercial propositions for new and existing partners. The team has already started new content initiatives with specific focus on the US UK market.

其次，我們將以品牌定位為依托，進行去年11月啟動的全新MotoGP品牌活動。這些努力將包括開發一個更強大的粉絲洞察平台，追蹤品牌知名度和參與度，以便更好地為新舊合作夥伴提供商業建議。該團隊已經開始了新的內容計劃，特別關注美國英國市場。

Third, we have begun collaborating with F1 to explore areas where we can accelerate business initiatives and share learnings. Some of these benefits will take time to materialize and be realized over the longer term. With respect to medium-term priorities: first, we intend to enhance the Grand Prix experience and turn each weekend into marquee events, very similar to the mandate in the early days of F1. This includes improving the hospitality offering and augmenting fan experiences on site as well as ample opportunities to deepen our partnership with Quint.

第三，我們已經開始與 F1 合作，探索可以加速商業計劃和分享經驗的領域。其中一些好處需要較長時間才能實現。關於中期重點：首先，我們打算提升大獎賽的體驗，並將每個週末變成大型賽事，這與 F1 早期的要求非常相似。這包括改善接待服務、增強現場粉絲體驗以及提供充足的機會深化與 Quint 的合作。

Second, we will expand the sports global presence and broaden its appeal on reach. The MotoGP team has a clear focus on capturing new fans and growing outside the motorcycle racing world while maintaining its core traditional fans.

第二，擴大體育的全球影響力，拓展體育的吸引力。MotoGP 車隊的明確重點是吸引新粉絲並在摩托車賽車界之外發展，同時保留其核心傳統粉絲。

They are already making progress in optimizing new race locations including the recent announcement of our race in Buenos Aires in 2027, which strategically locates a track in an urban center as well as a return to Brazil next year after a two-decade absence. We plan to target the US as a key growth market given its limited presence today.

他們已經在優化新比賽地點方面取得了進展，包括最近宣布的 2027 年在布宜諾斯艾利斯舉行的比賽，該比賽戰略性地將賽道設在市中心，並且明年將在闊別二十年後重返巴西。鑑於目前美國市場規模有限，我們計劃將其作為主要成長市場。

Third, we need to scale sponsorship partners as we know this has massive potential given the current heavy reliance and endemic needs -- . Furthermore, there is clear low-hanging fruit like unsold title sponsorships, our vacant trackside advertising.

第三，我們需要擴大贊助合作夥伴，因為我們知道，鑑於目前的高度依賴和地方性需求，這具有巨大的潛力-- 。此外，還有一些顯而易見的唾手可得的成果，例如未售出的冠名贊助、空置的賽道邊廣告。

However, we are also mindful that sponsorship sales cycles can be long and the team will manage for the quality of partners with clear brand alignment. In aggregate, while it is early days and will take time. We are very optimistic about the growth potential from the MotoGP.

然而，我們也意識到贊助銷售週期可能很長，團隊將管理具有明確品牌一致性的合作夥伴的品質。總的來說，雖然現在還處於早期階段，還需要時間。我們對 MotoGP 的成長潛力非常樂觀。

One perspective on the potential opportunity is in reference to F1 on several engagement and financial metrics. For example, F1's audience in both race attendance and cumulative TV viewership is roughly double that of MotoGP, yet F1 monetizes its primary revenue streams at roughly 5 times to 10 times that with sponsorship and hospitality at the high end of that range.

對潛在機會的一個看法是參考 F1 的幾項參與度和財務指標。例如，F1 的比賽觀眾人數和累積電視收視率大約是 MotoGP 的兩倍，但 F1 的主要收入來源大約是 MotoGP 的 5 倍到 10 倍，其中贊助和招待收入最高。

These monetization opportunities, again, will take time but we believe there is significant potential to scale and grow the business. We'll look forward to updating you on our progress as these initiatives develop. Now I'd like to welcome Carmelo to make some remarks on MotoGP.

這些貨幣化機會仍然需要時間，但我們相信，擴大和發展業務具有巨大的潛力。隨著這些舉措的推進，我們期待向您通報我們的進展。現在我歡迎卡梅洛就 MotoGP 發表一些評論。

I've gotten to know Carmelo and his team over the past two months and have tremendous respect for the sport that we have built. His passing is second to none, and I will now turn it over to Carmelo so you can hear it from him directly.

在過去的兩個月裡，我認識了卡麥隆和他的團隊，並對我們創建的這項運動懷有極大的敬意。他的傳球是首屈一指的，現在我將把時間交給卡梅羅，這樣你就可以直接聽到他的傳球了。

Good morning, and thank you, Derek. We are very excited that the transaction has closed and we can now begin our partnership with Liberty Media. Liberty's track record with Formal One is well known and the acquisition has already led to increased interest in our ecosystem. We look forward to benefit from Liberty's expertise as we continue to accelerate the sports growth and expand its reach to a wider audience, growing value for our funds, teams, commercial partners and investors.

早上好，謝謝你，德瑞克。我們非常高興交易已經完成，我們現在可以開始與 Liberty Media 合作。Liberty 與 Formal One 的合作記錄眾所周知，此次收購已經引起了人們對我們生態系統的興趣。我們期待受益於 Liberty 的專業知識，繼續加速運動的發展，擴大其影響力，為更廣泛的受眾創造價值，為我們的基金、團隊、商業夥伴和投資者創造更多價值。

The 2025 season has been very strong. We have held 12 races through the first half of the season and have seen trialing competition and great engagement from our funds. We have had five riders and 14 win and 11 riders across 18 teams on the podium, including our expert races -- . The concession system in our export is designed to drive more competition across the grid, given lower ranking manufacturers, more testing opportunities to improve their technology quicker.

2025 年賽季表現非常強勁。我們在賽季前半段已經舉辦了 12 場比賽，並且已經看到了試賽的競爭和資金的大力投入。我們有 5 名車手獲得 14 場勝利，18 支車隊的 11 名車手登上頒獎台，其中包括我們的專業比賽-- 。我們出口的優惠制度旨在推動整個電網的競爭，為排名較低的製造商提供更多的測試機會，以更快地改進他們的技術。

This new system, which was put in place last year is clearly having a positive effect, which we expect to continue. Through the first half of the season, attendance is up to 6% on a like-for-like rate basis. Notably, Leman set the highest attendance ever from the MotoGP Championship, since record began in 1995 for the third year in a row.

去年實施的這項新系統顯然正在產生正面的影響，我們期待這種影響能持續下去。在賽季的前半段，上座率以同類比率計算上升至 6%。值得注意的是，勒芒賽事創下了 MotoGP 錦標賽有史以來的最高出席人數，這是自 1995 年有史以來連續第三年創下這一紀錄。

Looking at recent races, the Italian Grand Prix show attendance up to 6% and set a new secret attendance record. And the Dutch and German Grand Prix achieved record attendance at the circuits for the second consecutive year. From a viewership perspective, we have 38.2 million average TV viewer through the first 12 races of the season. And engagement has been also very strong across digital channels, including our direct-to-consumer product, video pass. Social media followers reached almost 60 million, growing 6% year-over-year.

縱觀近幾場比賽，義大利大獎賽的現場上座率高達6%，創下了新的秘密上座率紀錄。荷蘭和德國大獎賽連續第二年創下了賽道觀眾人數紀錄。從收視率來看，本賽季前 12 場比賽的平均電視觀眾人數為 3,820 萬人。跨數位管道的參與度也非常高，包括我們的直接面向消費者的產品視訊通行證。社群媒體粉絲達到近6000萬，較去年同期成長6%。

Our new brand identity launched at the end of last year and our first ever season launch event that we hosted in February are resonating with funds as we continue to showcase MotoGP as a leading global media and entertainment brand. Our management team is looking forward to getting to know our investors and analysts audience over the coming quarters and to sharing our incredible sport with all of you.

我們在去年年底推出的新品牌形像以及我們在二月份舉辦的首個賽季啟動活動均獲得了資金的共鳴，我們繼續展示 MotoGP 作為全球領先媒體和娛樂品牌的地位。我們的管理團隊期待在未來幾季內了解我們的投資者和分析師受眾，並與大家分享我們令人難以置信的運動。

Now I would like to turn the call back to Derek.

現在我想把電話轉回給德瑞克。

Thanks, Carmelo. We are thrilled to have you and your team on board and are looking forward to further showcasing the MotoGP as head in due course.

謝謝，卡梅洛。我們很高興您和您的團隊能夠加入我們，並期待在適當的時候進一步展示 MotoGP。

Now I'll turn it over to Brian for more on Liberty's financial results.

現在我將把主題交給 Brian，讓他進一步介紹 Liberty 的財務表現。

Thank you, Derek, and good morning, everyone. At quarter end, Formula One Group had attributed cash and liquid investments of $3.1 billion, which includes $1.8 billion of cash at Formula One and $70 million of cash at Quint. Total Formula One Group attributed principal amount of debt was $2.9 billion at quarter end, which includes $2.4 billion of debt at the opco level, leaving $525 million at the corporate level. F1's $500 million revolver is undrawn.

謝謝你，德瑞克，大家早安。截至本季末，一級方程式集團已投入 31 億美元現金和流動投資，其中包括一級方程式車隊的 18 億美元現金和 Quint 車隊的 7,000 萬美元現金。截至本季末，一級方程式集團的債務本金總額為 29 億美元，其中包括 opco 層級的債務 24 億美元，其餘 5.25 億美元為公司層級的債務。F1 的 5 億美元循環信貸尚未提取。

The MotoGP acquisition closed on July 3, Liberty acquired 84% of MotoGP with management retaining a 16% ownership stake. Pro forma for the transaction, F1 OpCo had approximately $380 million of cash and $3.4 billion of debt bringing pro forma leverage to 3.3 times compared to 0.7 times reported as of 6/30.

MotoGP 收購於 7 月 3 日完成，Liberty 收購了 MotoGP 84% 的股份，管理層保留了 16% 的所有權。交易的預測顯示，F1 OpCo 擁有約 3.8 億美元現金和 34 億美元債務，使預測槓桿率達到 3.3 倍，而截至 6 月 30 日報告的槓桿率僅為 0.7 倍。

Formula One Group Corporate had pro forma cash of approximately $480 million and no change to the debt balance. Shortly following transaction close, we launched a refinancing at MotoGP that is expected to close later in August.

一級方程式集團公司擁有約 4.8 億美元的備考現金，且債務餘額沒有變動。交易結束後不久，我們啟動了 MotoGP 的再融資，預計將於 8 月下旬完成。

We priced approximately $230 million of new term Loan A denominated in US dollars a new EUR800 million term loan B and a new EUR100 million multicurrency revolver with future reductions in margin expected as the business delevers. This new capital structure will result in significantly reduced annual interest expense, extended maturities and a currency mix that better reflects the Euro and US dollar exposure of the business. Using June 30 balances, exchange rates as of that date and pro forma for the refinancing transactions,

我們為約 2.3 億美元的新定期貸款 A（以美元計價）、8 億歐元的新定期貸款 B 和 1 億歐元的新多幣種循環信貸額度定價，預計隨著業務的減少，未來保證金將會減少。這種新的資本結構將大幅降低年度利息支出、延長期限，並形成更能反映企業歐元和美元風險敞口的貨幣組合。使用 6 月 30 日的餘額、截至該日的匯率和再融資交易的預測，

MotoGP had US dollar cash of $187 million cash and liquid investments and principal amount of debt in US dollars of $1.2 billion. MotoGP's net leverage as of 6/30 and pro forma for the refinancing transactions is 5.2 times. In the near term, we expect to delever both at Formula One and MotoGP. Our goal is to delever to the 3 times to 4 times range at the MotoGP business by the end of 2026.

MotoGP 擁有 1.87 億美元的美元現金和流動投資以及 12 億美元的美元債務本金。截至 6 月 30 日，MotoGP 的淨槓桿率和再融資交易的預測為 5.2 倍。短期內，我們預期會降低一級方程式賽車和 MotoGP 賽事的槓桿率。我們的目標是到 2026 年底將 MotoGP 業務的槓桿率提高 3 倍到 4 倍。

Turning to the F1 business. I'll make some brief comments on the second quarter, but we'll focus primarily on year-to-date comparisons, which better reflect the state of the business given variability in quarterly rate numbers and mix.

轉向 F1 業務。我將對第二季度做一些簡短的評論，但我們將主要關注年初至今的比較，因為考慮到季度利率數字和組合的變化，這可以更好地反映業務狀況。

A reminder that every quarter in 2025 will have a different race count and mix, which will impact quarterly comparisons. Most of the variability in Q2 year-over-year results is due to one additional race held in the mix of events in the second quarter compared to the prior year period. Q2 '25 held nine races compared to eight races in '24 with Bahrain and Saudi Arabia occurring in the current period compared to China in the prior year period.

提醒一下，2025 年每季的比賽數量和組合都會有所不同，這將影響季度比較。第二季度同比結果的大部分差異是由於與去年同期相比，第二季度的賽事組合中增加了一場比賽。25 年第二季度舉辦了 9 場比賽，而 24 年舉辦了 8 場比賽，其中巴林和沙烏地阿拉伯的比賽在本季度舉行，而去年同期的比賽則在中國舉行。

Year-to-date, though, through the second quarter, F1 had the same rate count and mix year-over-year. The business is performing incredibly well with revenue up 14%, adjusted OIBDA up 21%. Revenue grew across all revenue streams with sponsorship, race promotion and media rights continuing to benefit from new partners and underlying growth in the existing contracts.

不過，截至第二季度，F1 的費率數量和組合與去年同期持平。該業務表現非常出色，營收成長 14%，調整後的 OIBDA 成長 21%。所有收入來源的收入均有所增長，贊助、賽事推廣和媒體權利繼續受益於新合作夥伴和現有合約的潛在成長。

Media rights also continued to see strong F1 TV growth and recognize onetime revenue associated with the Apple F1 movie in the second quarter. Other revenue increased primarily driven by higher freight, hospitality and licensing revenue, including the success of the new LEGO partnership.

媒體版權也繼續見證了 F1 電視的強勁增長，並在第二季度實現了與 Apple F1 電影相關的一次性收入。其他收入的成長主要得益於貨運、酒店和授權收入的增加，包括與樂高新合作夥伴關係的成功。

Adjusted OIBDA increased on a year-to-date basis with revenue growth outpacing increased expenses. Other costs of F1 revenue increased primarily due to higher freight costs from the mix of routes flown -- , as well as higher hospitality costs, primarily driven by increased Paddock Club attendance and higher commissions and partner servicing costs, including increased costs to service new sponsorship agreements.

調整後的 OIBDA 年初至今有所增加，收入成長超過了支出成長。F1 收入的其他成本增加主要是由於飛行航線組合導致的貨運成本增加，以及接待成本增加，這主要是由於圍場俱樂部出席人數增加以及佣金和合作夥伴服務成本增加，包括服務新贊助協議的成本增加。

SG&A expense increased year-to-date, primarily due to higher marketing and personnel expenses. Marketing expense was impacted by the O2 launch event that occurred during the first quarter and team payments increased due to the pro rata recognition of expected higher team payments for the full year. Team payments as a percentage of pre-team share adjusted OIBDA were 58.4% year-to-date compared to 61.9% in the prior year period.

銷售、一般及行政費用年初至今增加，主要原因是行銷和人事費用增加。行銷費用受到第一季發生的 O2 發布活動的影響，並且由於按比例確認預計全年團隊支出增加，團隊支出也隨之增加。年初至今，團隊支付佔團隊份額調整前 OIBDA 的百分比為 58.4%，而去年同期為 61.9%。

A quick reminder that team payments should be analyzed on a full year basis due to quarterly fluctuations in team payments as a percent of adjusted OIBDA. A reminder that Team payments as a percent of pre-team share adjusted OIBDA were 61.5% for full year '24, and we continue to expect to see leverage against the full year '24 percentage for the full year of 2025.

需要快速提醒的是，由於團隊支付佔調整後的 OIBDA 的百分比有季度波動，因此應按全年為基礎分析團隊支付。需要提醒的是，24 年全年團隊支付佔團隊份額調整前 OIBDA 的百分比為 61.5%，我們預計 2025 年全年的槓桿率仍將與 24 年全年的百分比持平。

Turning briefly to MotoGP's results. A reminder that since the transaction closed on July 3, MotoGP results will not be consolidated until the third quarter. All financial information for the business today has been in Spanish GAAP, and we expect various US GAAP adjustments including the removal of straight-line revenue and cost recognition for multiyear contracts.

簡單回顧一下 MotoGP 的成績。需要提醒的是，由於交易於 7 月 3 日結束，MotoGP 的業績要到第三季才會合併。今天的所有業務財務資訊均採用西班牙 GAAP，我們預計將進行各種美國 GAAP 調整，包括取消直線收入和多年合約的成本確認。

Under US GAAP, we expect growth rates for primary revenue streams with multiyear contracts to more closely approximate the annual escalators included in the contracts obviously, absent the impact of any significant renewals, which will differ from the relatively flat Spanish GAAP representation included in our financial disclosure to date. We expect to provide results for the full year 2024 in US GAAP at year-end as part of our normal reporting.

根據美國公認會計準則，我們預計，具有多年期合約的主要收入流的增長率將更接近合約中包含的年度自動扶梯，顯然，不存在任何重大續約的影響，這將與我們迄今為止的財務披露中包含的相對平穩的西班牙公認會計準則表示不同。作為正常報告的一部分，我們預計將在年底提供符合美國公認會計準則的 2024 年全年業績。

More information can be found in the information pack on MotoGP that was posted to our website at the time the acquisition closed and a table summarizing 6/30 year-to-date results and Spanish GAAP can be found in a trending schedule that will be posted to our website after the 10-Q is filed.

您可以在收購完成時發佈到我們網站上的 MotoGP 信息包中找到更多信息，並且可以在提交 10-Q 後發佈到我們網站上的趨勢時間表中找到總結 6/30 年初至今結果和西班牙 GAAP 的表格。

MotoGP held 10 races in the six month period ended 6/30/25 compared to eight races in the prior year period. Spanish GAAP revenue and EBITDA were EUR220 million and EUR75 million, respectively, for the six months ended 6/30/25. Year-over-year comparisons are impacted by the mix of races as flyaway races in general carry a higher cost per race.

截至 2025 年 6 月 30 日的六個月內，MotoGP 舉辦了 10 場比賽，而去年同期為 8 場比賽。截至 2025 年 6 月 30 日的六個月，西班牙 GAAP 收入和 EBITDA 分別為 2.2 億歐元和 7,500 萬歐元。由於飛行比賽的每場比賽成本通常較高，因此同比比較受到比賽組合的影響。

For the full year 2025, we expect a normalized raise calendar unlike 2024, which was impacted by several race cancellations. Note that the second half of the year contains a higher mix of races with greater profitability.

對於 2025 年全年而言，我們預計加薪日程將恢復正常，而不是像 2024 年那樣受到多場比賽取消的影響。請注意，下半年的比賽種類更多，獲利能力也更強。

The majority of MotoGP's revenue and costs are euro-denominated. Going forward, we intend to provide both US dollar and euro-denominated growth rates to better portray underlying trends in the business.

MotoGP 的大部分收入和成本都是以歐元計價的。展望未來，我們打算提供以美元和歐元計價的成長率，以更好地描繪業務的潛在趨勢。

Lastly, looking briefly at the corporate and other results year-to-date, revenue was $198 million, which includes Quint results and approximately $12 million of rental income related to the Las Vegas Grand Prix Plaza, corporate and other adjusted OIBDA loss was $4 million includes Grand Prix Plaza rental income, Quint results and corporate expenses. As a reminder, Quint's business is seasonal with the largest and most profitable events taking place in Q2 and Q4.

最後，簡單回顧一下年初至今的公司及其他業績，收入為 1.98 億美元，其中包括 Quint 業績和與拉斯維加斯大獎賽廣場相關的約 1200 萬美元租金收入，公司及其他調整後的 OIBDA 損失為 400 萬美元，其中包括大獎賽廣場租金收入、Quint 業績和公司費用。提醒一下，Quint 的業務具有季節性，最大和最賺錢的活動發生在第二季和第四季。

Turning to the Liberty Live Group. There's attributed cash of $308 million and $400 million of undrawn margin loan capacity related to our Live Nation margin model. As of August 6, the value of the Live Nation stock held at Liberty Live Group was $10.4 billion. We have $1.15 billion in principal amount of debt against these holdings. Liberty and F1 are in compliance with our debt covenants at quarter end.

轉向自由生活集團。與我們的 Live Nation 保證金模型相關的歸屬現金為 3.08 億美元，未提取的保證金貸款能力為 4 億美元。截至 8 月 6 日，Liberty Live Group 持有的 Live Nation 股票價值為 104 億美元。我們持有的這些資產的本金債務為 11.5 億美元。在季度末，Liberty 和 F1 遵守了我們的債務契約。

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

接下來，我將把主題交給史蒂法諾，讓他更詳細地討論一級方程式賽車。

Thanks, Brian. It continues to be an incredible season as we head into a well-deserved summer break for our F1 community. We've witnessed a thrilling competition and on track action that shows everything Formula One represent. Several drivers across the grid have stood on the podium this season, demonstrating the depth of talent across the grid.

謝謝，布萊恩。隨著我們即將迎來 F1 社區當之無愧的暑假，這將繼續是一個令人難以置信的賽季。我們見證了一場激動人心的比賽和賽道上的精彩表現，展現了一級方程式賽車所代表的一切。本賽季，多名車手登上了頒獎台，展現了車手們的天賦。

What is equally impressive is our competitive midfield battles. Every single team down to 10 place has scored a meaningful points this season. I'd like to take a moment to congratulate Nicol Hulkenberg on achieving his first podium at Silverstone, a moment that perfectly captured the unpredictability and human stories that makes F1 so captivated.

同樣令人印象深刻的是我們激烈的中場爭奪。本賽季，排名降至第 10 位的每支球隊都獲得了有意義的積分。我想花點時間祝賀尼科爾·霍肯伯格在銀石賽道首次登上領獎台，這一刻完美地捕捉到了 F1 的不可預測性和人性故事，正是這些讓 F1 如此著迷。

Our fans are showing up in larger numbers than ever with impressive engagement across metrics. Attendance has been solid with nearly all events operating at capacity. 12 of the past 40 races sold out and six races set new attendance records, including Silverstone while coming close to 500,000 fans over the four-day weekend. At the Paddock Club, we've sold 28,000 tickets a season to date through Hungary.

我們的粉絲數量比以往任何時候都多，各項指標的參與度令人印象深刻。幾乎所有賽事都達到了滿員狀態，觀眾人數非常穩定。過去 40 場比賽中有 12 場門票全部售罄，其中 6 場比賽創下了新的觀眾人數記錄，其中包括銀石賽道，在為期四天的周末，共有近 50 萬名車迷到場。在圍場俱樂部，迄今為止，我們透過匈牙利每個賽季已經售出了 28,000 張門票。

Early forecast based on advanced partner requests are already indicating strong demand for 2026. Looking at TV viewership for the '25 season, nearly every race is showing healthy growth in year-over-year live viewership across F1 top 15 markets. Key large European markets have seen robust growth, including Germany, the UK and France as well as our non-European markets like the US, Australia, Canada and Brazil.

根據合作夥伴的提前請求進行的早期預測已經表明 2026 年的需求強勁。綜觀 25 賽季的電視收視率，在 F1 前 15 個市場中，幾乎每場比賽的直播收視率都呈現出同比健康成長。歐洲主要大型市場均實現了強勁成長，包括德國、英國和法國，以及美國、澳洲、加拿大和巴西等非歐洲市場。

In the US in particular, live viewership is up 7% season to date compared to last year, and ESPN has seen some races set viewership records for their events. Our additional race content is benefiting total viewership with live audiences for the Sprint race in Miami up to 25% year-over-year, attracting the largest US audience for a sprint race since the format was introduced in 2021. Perhaps even more impressive is our traction on digital and social platform. Viewership of F1 highlights on our YouTube channel grew 30% compared to last year, and over half of this audience is under 35.

尤其是在美國，本賽季迄今的現場收視率與去年相比增長了 7%，ESPN 還發現一些比賽創下了收視率紀錄。我們新增的比賽內容使邁阿密短跑比賽的現場觀眾人數年增高達 25%，成為自 2021 年該賽制推出以來美國短跑比賽觀眾人數最多的一次。也許更令人印象深刻的是我們在數位和社交平台上的吸引力。我們的 YouTube 頻道上 F1 精彩片段的觀看人數比去年增長了 30%，其中超過一半的觀眾年齡在 35 歲以下。

Our social media followers reached 106 million, growing over 20% year-over-year, primarily driven by TikTok, Instagram and YouTube. F1 remained the fastest growing major sport property or social platform, driven by both an exciting season on track and cultural buzz around the F1 movie. F1 drew its largest reach ever on social media in the second quarter with over 20 billion total social impression, growing over 100% compared to the second quarter of the last year.

我們的社群媒體粉絲達到 1.06 億，年成長超過 20%，主要得益於 TikTok、Instagram 和 YouTube。F1 仍然是成長最快的主要運動資產或社交平台，這得益於賽道上激動人心的賽季以及圍繞 F1 電影的文化熱潮。F1第二季在社群媒體上的影響力達到史上最高水平，總社群曝光量超過200億次，與去年第二季相比成長超過100%。

In June, the F1 movie was released to the world. The movie was the largest global opening weekend ever for Brad Pitt film and was shown on more than 44,000 screen across 80 markets. In its first five weeks, the F1 movie so global box office sales over $500 million, becoming the highest grossing Apple Think to date. The film will be released on Apple TV later this year and will continue to strengthen fund engagement with our sport. It's forth emphasizing the scale of our total global fund base.

6月，F1電影全球上映。該片是布萊德彼特電影有史以來全球首映週末票房最高的影片，在 80 個市場的 44,000 多塊銀幕上上映。上映五週後，這部 F1 電影的全球票房收入超過 5 億美元，成為迄今為止票房最高的 Apple Think。該電影將於今年稍晚在 Apple TV 上發布，並將繼續加強我們與體育運動的基金合作。這進一步凸顯了我們全球基金整體規模的龐大。

As -- reported earlier this year, the F1 fund base reached a record number of $826 million in 2024. 43% of these fans are under 35, and 42% of our fans are female, the higher share in F1 history for both segments. Additionally, we recently publicized results from a global fan survey conducted by Motorsport network. 27% of the survey responded were under 24 years old, enough of these were female. 75% of the fan who became interested in the sport in the last year were female.

正如今年稍早報導的那樣，F1基金基礎在2024年達到了創紀錄的8.26億美元。其中43％的車迷年齡在35歲以下，42％的車迷為女性，這兩個群體所佔比例均為F1歷史上最高。此外，我們最近公佈了由 Motorsport 網路進行的一項全球車迷調查的結果。 27% 的受訪者年齡在 24 歲以下，其中相當一部分是女性。去年對這項運動感興趣的車迷中有 75% 是女性。

Importantly, for our commercial business, one in three fans are more likely to consider a purchase if it is from an F1 partner. We will continue to cultivate this fan base in creative ways to interact with Formula One race on non-race week and alike. Growth in our fund engagement is translated to strong interest from commercial partners generating continued financial strength.

重要的是，對於我們的商業業務而言，如果產品來自 F1 合作夥伴，三分之一的粉絲更有可能考慮購買。我們將繼續以創意的方式培養這個粉絲群，讓他們能夠在非比賽週和類似時間與一級方程式賽車互動。我們的基金參與度的成長轉化為商業夥伴的濃厚興趣，從而產生持續的財務實力。

In our race promotion business, with the Austrian Grand Prix through 2041 and the Canadian Grand Prix through 2035, reflecting the confidence our partner and having value and growth trajectory. We also announced our '26 calendar. We are excited to welcome Madrid to the F1 family as a new race beginning next year. 2026 marks the final lap for Zember, and we are tremendously grateful for all our promoter has done to the light funds since they returned to the calendar in 2021.

在我們的賽事推廣業務中，奧地利大獎賽將持續到 2041 年，加拿大大獎賽將持續到 2035 年，這反映了我們對合作夥伴的信心以及其價值和成長軌跡。我們也公佈了 26 年月曆。我們很高興歡迎馬德里賽道加入 F1 大家庭，成為明年開始的新賽事。 2026 年是 Zember 的最後一圈，我們非常感謝我們的推廣機構自 2021 年重返賽程以來為輕量級賽事所做的一切。

We look forward to welcoming one of the numerous interested nations and city to this slot in 2027 and beyond. The '26 calendar also advanced our continued improvement in the geographic flows of races with the Canadian Grand Prix now following Miami, driving expected freight efficiency and consolidating our European races into one unbroken run over the summer months.

我們期待在 2027 年及以後歡迎眾多有興趣的國家和城市加入這一行列。26 年的賽程也推動了我們在比賽地理流向方面的持續改進，加拿大大獎賽現在緊隨邁阿密之後，提高了預期的貨運效率，並將我們的歐洲比賽整合為夏季幾個月內連續進行的比賽。

For Las Vegas Grand Prix, we are very happy with the progress made so far this year. Our ticket sales are trending ahead of last year, driven by higher sell-through rates. We have agreed to contract extension with all our founding partners and are working to secure long-term procurement contracts to reduce future build-out costs. We and our partners see the incredible value of this rate as we continue to build it for long-term success.

對於拉斯維加斯大獎賽，我們對今年迄今為止的進展感到非常高興。由於售票率較高，我們的門票銷售趨勢比去年有所提高。我們已同意與所有創始合夥人延長合同，並正在努力爭取長期採購合同，以降低未來的建設成本。我們和我們的合作夥伴看到了這一利率的巨大價值，我們將繼續努力實現長期成功。

Turning into media rights. We are finalizing contract in several regions, including Japan, Australia, Pan-Asia, Mexico and Latin America. We continue to make progress on our US Media right agreement and are confident in our attractive position in the US market. Nielsen reported the American fund base grew over 10% to 52 million fans in 2024 and the US remains our largest market on social.

轉變為媒體權利。我們正在敲定多個地區的合同，包括日本、澳洲、汎亞、墨西哥和拉丁美洲。我們在美國媒體權利協議方面繼續取得進展，並對我們在美國市場上的吸引力充滿信心。尼爾森報告稱，到 2024 年，美國粉絲數量將增加 10% 以上，達到 5,200 萬，美國仍然是我們在社群媒體上最大的市場。

We continue to focus on securing the ideal partner to support our broader commercial strategy for continued growth in the US market. In Brazil, we have secured a return to Global TV for 2026, who previously held our right for 40 years. This platform as the largest share of the total viewer in Brazil and commands over 50% of the free-to-air broadcasting market. Additionally, alongside our race promotion renewal in Canada, we also contracted a long-term extension to Bell Media's media right deal.

我們將繼續致力於尋找理想的合作夥伴，以支持我們更廣泛的商業策略，實現美國市場的持續成長。在巴西，我們已確保 2026 年重返 Global TV，此前該電視台已持有我們的轉播權 40 年。該平台佔據巴西觀眾總數的最大份額，並佔據超過 50% 的免費廣播市場。此外，除了在加拿大續約賽事推廣協議外，我們還與貝爾媒體 (Bell Media) 簽訂了長期續約協議。

F1 TV continues to outperform our expectations with especially robust growth in the US, UAE, Canada, Brazil and Sweden and with the new premium tier offering seeing strong uptake. Our sponsorship was entering 2025 with the high visibility into our pipeline, and I'm very pleased with the significant new partnership activity we have announced -- MC Cruises extended as our global partner through 2030. And we welcome Pepsi as an official partner, bringing their powerful portfolio, including Doritos Frito-Lay, Sting Energy into the F1 ecosystem.

F1 TV 的表現持續超越我們的預期，在美國、阿聯酋、加拿大、巴西和瑞典的成長尤為強勁，而且新的高級套餐也受到熱烈歡迎。我們的贊助關係將持續到 2025 年，我們的產品線將具有很高的透明度，我對我們宣布的重要新合作活動感到非常高興——MC Cruises 將作為我們的全球合作夥伴延續到 2030 年。我們歡迎百事可樂成為官方合作夥伴，將其強大的產品組合（包括 Doritos Frito-Lay、Sting Energy）帶入 F1 生態系統。

With this incredible success benefiting our 2025 results, our team is now focusing attention on our pipeline for 2026 and beyond. I'm confident in our progress on several high-value renewals and new partnership that will drive continued growth.

這一令人難以置信的成功有利於我們 2025 年的業績，我們的團隊現在將注意力集中在 2026 年及以後的計劃上。我對我們在幾項高價值續約和新合作方面取得的進展充滿信心，這將推動持續成長。

On our other revenue stream, looking first at the Paddock Club. We continue innovating our premium hospitality product, including leveraging key learnings from Las Vegas to diversify and enhance this experience. We were excited to announce House 44, a partnership with Lewis Hamilton, Soho House and F1 that we launched at six circuit this year beginning Sliverstone. We believe there are additional innovative products to come. License remain at continued areas of focus on growth.

談到我們的其他收入來源，首先要看的是圍場俱樂部。我們將繼續創新我們的高端酒店產品，包括利用拉斯維加斯的關鍵經驗來豐富和增強這種體驗。我們很高興地宣布 House 44，這是我們與劉易斯漢密爾頓、Soho House 和 F1 合作推出的，今年我們將在斯利弗斯通賽道的六條賽道上推出。我們相信還會有更多的創新產品問世。許可證仍處於持續關注的成長領域。

F1's new partnership with Disney is the latest example of our effort towards F1s, always our strategy, bringing F1 into the lives and homes of our fast beyond 24 races a year. We will deliver a 360-degree licensing program with Mickey & Friends across consumer product categories, retail, truck site activation and experience and are thrilled to launch this partnership in 2026.

F1 與迪士尼的新合作是我們為 F1 所做的努力的最新例證，這始終是我們的策略，將 F1 帶入我們的生活和家庭，而不僅僅是每年 24 場比賽。我們將與米奇和朋友一起推出涵蓋消費產品類別、零售、卡車站點激活和體驗的 360 度授權計劃，並很高興在 2026 年啟動這一合作夥伴關係。

On LEGO partnership also continued to show strong growth and generate buzz on social. Legal marketing activation hit over 21 billion reached this year. Across our Consumer Products business, our partners sold 12 million units of product in Q1. 2026, we will see a number of new licensed product launching across soft and hard lights. In exponential licensing, F1 globally welcomed over 200,000 guests through its door in the second quarter alone.

與樂高的合作關係也持續呈現強勁成長態勢並在社群媒體上引起熱議。今年合法行銷活動規模已超過210億。在我們的消費產品業務中，我們的合作夥伴在第一季銷售了 1,200 萬台產品。 2026 年，我們將看到一系列涵蓋軟燈和硬燈的新授權產品推出。在指數級授權方面，僅在第二季度，F1 就在全球範圍內接待了超過 20 萬名嘉賓。

The third year venue in Philadelphia opened at the end of May, and Denver, Las Vega and Chicago will open in the fourth quarter. We are also pleased to report that the F1 exhibition now surpassed 1 million ticket sold.

第三年場館費城已於五月底開業，丹佛、拉斯維加斯和芝加哥將於第四季開幕。我們也很高興地報告，F1展覽門票銷售現已超過100萬張。

Turning to Grand Prix Plaza, the new activation launched to the public in May capitalized on the F1 brand to promote the site as a prime destination in Las Vegas. The venue has welcomed visitors from 72 different countries since the opening. We believe our cutting operation is now the second highest grossing track in the country, exceeding 1,000 riders a day on the weekends with strong and growing revenue per person. It is, however, still early days, and the overall revenue contribution is modest.

談到大獎賽廣場，5 月向公眾推出的新活動利用 F1 品牌將該場地宣傳為拉斯維加斯的主要目的地。該場館自開放以來已接待了來自72個不同國家的遊客。我們相信，我們的滑雪場目前是全國收入第二高的滑雪場，週末每天有超過 1,000 名滑雪者，人均收入強勁且不斷增長。然而，現在還處於早期階段，整體收入貢獻還不大。

And finally, we hope -- many of you saw our F1 75 motion activation, marking 75 years of F1 through a vintage inspired premium pop-up at luxury severages in London. Original plan as a week-week activation, it was extended due to exceptional demand.

最後，我們希望——你們中的許多人都看到了我們的 F1 75 動態激活，透過在倫敦豪華酒店中採用復古風格的高級彈出窗口來紀念 F1 75 週年。最初的計劃是每週進行一次，但由於需求量巨大而延長。

Finally, our sustainability in July, we published our 2025 update, highlighting our continued commitment to sustainable growth and progress to date. We achieved a 26% reduction in emission in 2024 versus our 2018 baseline, ahead of internal expectations. This achievement is particularly noteworthy against the backdrop of more races and bigger events, demonstrating that we can grow sustainably while expanding our global footprint.

最後，我們在 7 月發布了 2025 年永續發展更新，強調了我們迄今為止對永續成長和進步的持續承諾。與 2018 年基準相比，我們實現了 2024 年排放量減少 26%，超出了內部預期。在比賽數量增加、賽事規模不斷擴大的背景下，這項成就尤其引人注目，顯示我們可以在擴大全球影響力的同時實現永續發展。

As we look ahead, Formula One's momentum across every dimension of our business position as well for the continued growth. The foundation we are building today will drive long-term value creation for all our partners and stakeholders. Advantituta full speed ahead.

展望未來，一級方程式賽車的勢頭將貫穿我們業務的各個方面，並將繼續保持成長。我們今天建構的基礎將推動我們所有合作夥伴和利害關係人創造長期價值。Advantituta 全速前進。

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

現在我將把電話轉回給德里克。再見。謝謝。

Thank you, Stefan, and thank you, Brian. Before going to Q&A, I want to remind you to save the day for this year's Liberty Media Investor Day. We will be hosting our Investor Day alongside the inaugural F1 Business Summit on Thursday, November 20 in Las Vegas in advance of this year's Grand Prix. We will have limited in-person attendance, but the Investor Day will be webcast. Stay tuned for more details.

謝謝你，史蒂芬，謝謝你，布萊恩。在進入問答環節之前，我想提醒大家要注意今年的自由媒體投資者日。我們將於 11 月 20 日星期四在拉斯維加斯舉辦投資者日活動以及首屆 F1 商業高峰會，以迎接今年的大獎賽。我們的現場出席人數將受到限制，但投資者日將進行網路直播。請繼續關注更多詳細資訊。

We appreciate your continued interest in Liberty Media. And now we would like to take questions. Operator?

感謝您對 Liberty Media 的持續關注。現在我們想回答問題。操作員？

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

For Derek or Stefano, obviously, there's been a lot in the press on the US media rights. Maybe you can update us on where things stand with the process? How are you thinking about priorities in terms of reach versus payment? And what role might -- F1 TV might play?

對德瑞克或史提法諾來說，顯然，媒體對美國媒體權利的報導很多。也許您可以告訴我們該進程的進展？您如何考慮覆蓋範圍和付款方面的優先順序？F1 電視台可能扮演什麼角色？

If I may, I can start, if it's okay for you. Thanks, David, for the question. I think that, as you said, I will start from the last of your remarks, F1 TV is and has to be and it will be part of the package of what we are negotiating now into the future. This is absolutely relevant because as you have seen, the EBITDA numbers are growing. There is an incredible opportunity for us to stay connected with our, let's say, fan base that is maturing and is growing in terms of attention of knowledge.

如果可以的話，我可以開始了，如果你同意的話。謝謝 David 提出這個問題。我認為，正如你所說，我將從你最後的演講開始，F1 電視現在是、必須是、並將成為我們現在和未來談判的一攬子計劃的一部分。這絕對相關，因為如您所見，EBITDA 數字正在成長。這對我們來說是一個絕佳的機會，可以讓我們與正在成熟、知識關注度不斷增長的粉絲群保持聯繫。

And of course, the discussion we are having are in a good place because we believe that we are, as I said, very, very good opportunity to keep the momentum that it is very strong in US And just I think yesterday, there will be the indication that this year, we were over 1 million follower on the races in US that is really great. So we are progressing our negotiations. Of course, there are weeks in front of us. We have not a great rush to finalize everything because we want to make sure that, as you said, we find the right solutions.

當然，我們正在進行的討論是好的，因為我們相信，正如我所說的，我們有一個非常非常好的機會來保持它在美國非常強勁的勢頭，而且我認為昨天就有跡象表明，今年我們在美國有超過 100 萬的關注者關注我們的比賽，這真的很棒。因此我們的談判正在取得進展。當然，我們還有幾週的時間。我們並不急於完成所有事情，因為正如您所說，我們希望確保找到正確的解決方案。

One thing that they definitely can add is that we are looking for, I would say, midterm, not long-term, midterm agreement because we believe that we are still in a position that our growth will have the chance even further to be negotiated better in the future. But everything is looking good. And the balance is definitely important, as you said, between reach and awareness. But we believe that everything is progressing according to our plan.

他們肯定可以補充的一點是，我們正在尋求中期協議，而不是長期協議，因為我們相信，我們仍然處於這樣的地位，即我們的成長將有機會在未來得到更好的談判。但一切看起來都很好。正如您所說，影響力和知名度之間的平衡絕對重要。但我們相信一切都在按照我們的計劃進展。

Thanks, Stefano. And I would just add that as we continue to look at the US market, we are very pleased with the progress we've made over the last few years with the addition of the races that we have here and sort of the engagement that we're seeing and look forward and the fact that the business has been built in the US and what that's doing to help promote the -- and foster the sort of robust discussions that we're having and look forward to having the next deal take us into the future.

謝謝，斯蒂法諾。我想補充一點，隨著我們繼續關注美國市場，我們對過去幾年取得的進展感到非常高興，包括我們在這裡舉辦的比賽的增多，以及我們看到的和期待的參與度，以及業務已經在美國建立的事實，以及這有助於促進和培養我們正在進行的那種熱烈的討論，並期待下一筆交易將我們帶入未來。

Okay. And then maybe just one of the Vegas Grand Prix, great to hear a bit more about the on sale process for the year. How the strategy is starting at a lower price point is paying out? And does that plus what you could do on expense management, I don't know, inform any view on the ultimate kind of contribution of the races of the financials for the year?

好的。然後也許只是拉斯維加斯大獎賽之一，很高興聽到更多關於今年的銷售過程的資訊。從較低價格點開始的策略如何獲得回報？我不知道，這加上您在費用管理方面可以採取的措施，是否能讓您了解今年財務競賽的最終貢獻類型？

Well, I can definitely say that vacancy is progressing very, very good according to our plan. If I go specific to your question, it's definitely what we have done differently from last -- from the previous year. That has been the first year of that experience. We definitely start with the price that is physically with no dropped out. And this has been very, very clear, and the package that we are sold is following this direction.

嗯，我可以肯定地說，空缺情況按照我們的計劃進展得非常非常好。如果我具體回答你的問題，那肯定是我們做的事情與去年、與前一年有所不同。那是這種經驗的第一年。我們肯定是從實際上沒有掉價的價格開始的。這一點非常非常明確，我們所銷售的產品也遵循這個方向。

And we definitely believe that, of course, that from this year onwards, the contribution of the Vegas Formula One -- will be definitely much more important than what has been so far in the first two years.

當然，我們堅信，從今年開始，拉斯維加斯一級方程式賽車的貢獻肯定比前兩年重要得多。

Yes. And I would just add a huge shout out to Stefano and the whole F1 team, the --- team because the amount of progress they've made this year has been pretty impressive as we at the beginning of the year, talked about what needed to get done there, both on the expense side as well as the revenue side.

是的。我還要向斯蒂法諾和整個 F1 團隊致以最崇高的敬意，因為他們今年取得的進步非常令人印象深刻，正如我們在年初討論的那樣，他們在費用方面和收入方面需要做些什麼。

And Stefano talked about in his comments earlier, I think we've got the agreements in place with our partners in Las Vegas. I was just out there a couple of weeks ago. And I think the enthusiasm for where the rate stands and where we're going with this thing is pretty palpable and I think puts us in really good shape going forward.

斯蒂法諾在之前的評論中提到，我認為我們已經與拉斯維加斯的合作夥伴達成了協議。我幾週前剛去過那裡。我認為，大家對利率現狀和未來走向的熱情是顯而易見的，我認為這將使我們在未來處於非常有利的地位。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

Brian, I was wondering if you could help us to quantify the contribution from the F1 movie to primary revenue so that we don't all end up overestimating the revenue that's going to be recurring? And then secondly, how will the MotoGP management team 16% ownership be accounted for, both in terms of the income statement and the share count?

布萊恩，我想知道您是否可以幫助我們量化 F1 電影對主要收入的貢獻，以便我們不會最終高估經常性收入？其次，MotoGP 管理團隊的 16% 所有權將如何從損益表和股份數量方面來核算？

Yes. So on the F1 movie, think of it as a mid-teens number for the quarter. That's onetime in nature on revenue. And then I'll answer your MotoGP question, but then I would kick it over to Stefano after that to really talk a bit more about the benefit of the F1 movie to the overall ecosystem. But quickly on MotoGP, the 16% will be accounted for as a noncontrolling interest.

是的。因此，對於 F1 電影來說，可以將其視為本季度的十幾歲的數字。這本質上是一次性的收入。然後我會回答你關於 MotoGP 的問題，但之後我會把這個問題交給 Stefano，讓他進一步談談 F1 電影對整個生態系統的好處。但很快在 MotoGP 上，這 16% 將被視為非控制權益。

So you'll see a big amount on our balance sheet above equity. And then we'll pick up 84% of the earnings of the business or the P&L, the other 16% will be allocated to noncontrolling interest.

因此，您會在我們的資產負債表上看到股權之上的一大筆金額。然後，我們將獲得 84% 的業務收益或損益表，其餘 16% 將分配給非控制權益。

Stefano, do you want to comment on F1 the movie?

史蒂法諾，你想評論《F1》這部電影嗎？

Yes, absolutely. I mean thanks, Brian and Bryan, I would say the effect of the movie is not only, of course, about the dollars and the economical impact but the sport will have an incredible opportunity to grow its awareness and to generate, I would say, the circular economy around that because it's a new product that has been incredibly strong.

是的，絕對是。謝謝布萊恩和布萊恩，我想說這部電影的效果當然不僅僅在於金錢和經濟影響，而且這項運動將有一個令人難以置信的機會來提高其知名度，並產生循環經濟，因為它是一種非常強大的新產品。

And actually, why we were, in a way, quite positive about the input in the US was fascinated to see the impact on the more mature markets. So these things will generate therefore interest, will definitely bring money to the ecosystem, to the teams, to the F1 stakeholders. So that's really what we can see -- what we can see happening.

實際上，我們之所以對美國的投入持相當正面的態度，是因為我們很想知道它對更成熟市場的影響。因此，這些事情會引起人們的興趣，肯定會為生態系統、團隊和 F1 利害關係人帶來金錢。這就是我們真正能夠看到的——我們所能看到正在發生的事情。

If you think that after just a couple of weeks, the movie itself brought more than $500 million in the back office is something that keeps you the amount of inter that is generating. We don't have to forget that this move will be out on Apple platform later on at the end of the year. So that momentum will have a longer effect that will definitely create interest that can be monetized later on into the -- all the system that is around Formula One.

如果您認為僅僅幾週之後，這部電影本身就在後台帶來了超過 5 億美元的收入，那麼您就可以相信它所產生的利息金額。我們不必忘記，這款手機將於今年底在 Apple 平台上推出。因此，這種勢頭將產生更長遠的影響，肯定會引起人們的興趣，這些興趣可以在以後轉化為貨幣——圍繞一級方程式賽車的整個系統。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

One on MotoGP and one on F1 for me. Maybe first on Moto, I think it's clear that you see a lot of opportunity to improve the reach and monetization of the sport. I think it's also pretty clear that you expect a period of investment in repositioning to play out over the next couple of years. So just be curious if there's maybe any early frameworks or thinking around how investors should expect the pace of investment to be matched against the pace of execution against the revenue opportunity and really what that means for the trajectory of profitability for the business over the next few years? Any thoughts or frameworks there I think would be helpful.

對我來說，一個是 MotoGP，一個是 F1。也許首先是摩托艇，我認為很明顯你看到了很多機會來提高這項運動的影響力和貨幣化程度。我認為，很明顯，您預計未來幾年將出現一段重新定位的投資期。所以我很好奇，是否有任何早期的框架或思考，關於投資者應該如何預期投資速度與執行速度以及收入機會的匹配，以及這對未來幾年企業的盈利軌跡意味著什麼？我認為那裡的任何想法或框架都會有所幫助。

And then a quick one just on hospitality at F1 you called out in the press release and I think in the prepared remarks the strength you're seeing there. Is there any way to maybe elaborate more on the drivers and magnitude of that growth? And if we were to look at comparable GPs year-over-year in the quarter, what types of growth we're seeing from Paddock and hospitality?

然後，簡單談談您在新聞稿中提到的 F1 的接待問題，我想在準備好的發言中您已經看到了那裡的力度。有什麼方法可以更詳細地闡述這種成長的驅動因素和幅度嗎？如果我們看一下本季同比可比的 GP，我們會發現 Paddock 和酒店業出現了哪些類型的增長？

This is Derek. Let me just take this to start. I think as it relates to sort of MotoGP, you're absolutely right. We do see a lot of opportunity here. I think that -- and I'll let the team sort of opine here. But no one actually knows who these drivers are and few people know about support. And I think that's -- fundamentally, we have a great sport and it's a great place for us to start.

這是德里克。讓我先從這個開始。我認為就 MotoGP 而言，您說得完全正確。我們確實在這裡看到了很多機會。我認為——我會讓團隊在這裡發表意見。但實際上沒有人知道這些司機是誰，也很少人知道支持情況。我認為——從根本上來說，我們擁有一項偉大的運動，這對我們來說是一個很好的起點。

So we do see opportunity, I think, from an investment standpoint in MotoGP. We like F1 will plan to invest. I don't think it's going to be something that's outsized per se, but we do want to accelerate growth there and see the opportunities to do so. I'll let Carlos Esposito from MotoGP speak a little bit more in detail on that, and we'll come back to hospitality question.

因此，我認為，從投資 MotoGP 的角度來看，我們確實看到了機會。我們會像F1一樣計劃投資。我認為這本身不會是什麼特別大的事情，但我們確實希望加速那裡的成長，並看到這樣做的機會。我會讓 MotoGP 的卡洛斯·埃斯波西托更詳細地談談這個問題，然後我們再回到接待問題。

Thank you, Derek. Yes. Thank you, Derek. Yes, we see growth basically divided into two areas. The first one being how to monetize our current fan base or our current business better.

謝謝你，德里克。是的。謝謝你，德里克。是的，我們認為成長基本上分為兩個領域。第一個問題是如何更好地將我們現有的粉絲群或當前的業務貨幣化。

And the second one, and especially one where Liberty can be very helpful evolves around an increased fan base around the world and whether that is through content, through storytelling or through our strategically growing different markets, all of that evolves around growing our fan base.

第二個目標，尤其是 Liberty 能夠發揮巨大作用的目標，就是擴大全球粉絲群，無論是透過內容、透過故事講述，還是透過我們策略性地拓展不同的市場，所有這些都是圍繞著擴大我們的粉絲群而展開的。

I do have to say that we have invested that investment already started before operation of Liberty Media and its hiring key roles around commercial and marketing and investing in sort of our fan insights and research roles. And all of that has already started to lead to potential increases in the business but we do see that the biggest driver of growth will be increasing our fan base globally. As Derek was saying, we do have a lot of opportunity in showcasing what the sport is and who the riders are and we see that, that will be the biggest driver of growth.

我必須要說，我們在 Liberty Media 營運之前就已經開始投資了，並且在商業和行銷方面招募關鍵職位，並投資於我們的粉絲洞察和研究職位。所有這些都已經開始帶來業務的潛在成長，但我們確實看到，最大的成長動力將是擴大我們在全球的粉絲群。正如德里克所說，我們確實有很多機會展示這項運動是什麼以及騎手是誰，我們看到，這將是最大的成長動力。

Great. Thanks, Carlos. I think as we come back to the question on hospitality, Stefano, if you want to give your thoughts on that, that would be helpful?

偉大的。謝謝，卡洛斯。我認為當我們回到有關款待的問題時，斯特凡諾，如果您想對此發表您的想法，那會有所幫助嗎？

Absolutely. Thanks, Stephen. I mean, I think, first of all, I just can confirm cost of -- that demand is very strong. What we are doing is making sure that we have different products that can contribute to what are the needs of our partners and fans. Of course, the fact that we are now having incredible partners that are able to activate their investment if you want to -- through hospitality packages is giving us the chance to highlight the need of keeping the focus on quality and also try to capture any other opportunity around the world where we can extend of hospitality to follow the demand that we have.

絕對地。謝謝，史蒂芬。我的意思是，我認為，首先，我可以確認成本——需求非常強勁。我們正在做的是確保我們有不同的產品可以滿足我們的合作夥伴和粉絲的需求。當然，事實上，我們現在擁有令人難以置信的合作夥伴，如果您願意的話，他們可以激活他們的投資——透過招待套餐，讓我們有機會強調保持對品質的關注的必要性，並嘗試抓住世界上任何其他機會，我們可以擴大招待範圍，以滿足我們的需求。

That is very important, and this is what we are doing well, we are negotiating or we are discussing with the promoter. When there is, we can see that there is enough demand to grow the quantity, keeping the quality of the standard we want, definitely, this is what we are doing.

這非常重要，這也是我們做得很好的事情，我們正在與發起人進行談判或討論。當有的時候，我們可以看到有足夠的需求來增加數量，同時保持我們想要的標準的質量，毫無疑問，這就是我們正在做的事情。

And I think it's really what is important to say that we are working since a couple of years and not stopping for sure, on making sure that our hospitality program are entertainment -- pure entertainment that have iconicity that we can offer to our fan that are coming to the track.

我認為真正重要的是，我們已經努力了好幾年，並且不會停止，我們致力於確保我們的招待計劃是娛樂性的——純粹的娛樂性，具有標誌性，我們可以為來到賽道的粉絲提供。

This is really something that has been recognized a unique from other disciplines, from other world of entertainment, and that's where we are focusing. So quantity for sure, but quality -- of the offer that we can provide to our fans.

這確實被認為是不同於其他學科、其他娛樂世界的獨特事物，而這正是我們關注的重點。所以數量肯定是最重要的，但品質也是我們能為粉絲提供的。

Yes. I mean a great example of that is this past weekend's race in Budapest, where they just unveil the whole Paddock Club facility, which is larger and certainly much more upgraded than previously, which speaks to both quantity and quality that Stefano just referenced.

是的。一個很好的例子就是上週末在布達佩斯舉行的比賽，他們剛剛揭開了整個圍場俱樂部設施的面紗，它比以前更大，當然也升級了很多，這體現了斯蒂法諾剛才提到的數量和質量。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

One on MotoGP and then I want to ask Stefano about sponsorship. I think the last disclosure we had from the deal deck, Brian or Derek, was back in, I think, 2023. I think it was about EUR480 million. I'm just curious if you could talk about how the business has performed just from a top line perspective as you get through '24? And expectations for '25?

一個是關於 MotoGP 的問題，然後我想問 Stefano 關於贊助的問題。我認為，我們從交易平台（Brian 或 Derek）獲得的最後一次披露是在 2023 年。我認為大約是4.8億歐元。我只是好奇，您是否可以從營收角度談談 24 年來公司業務的表現如何？對 25 年有什麼期望？

I think you have more races this year than you were running -- the Moto was running in those couple of years just to help us think about growth rates. And then Stefano, in your prepared remarks, you talked about the sponsorship team focusing on '26. You sounded excited about the opportunities. I'm just wondering if you could spend a little more time on how you're feeling about the pipeline into next year? This year is a great year for growth in that revenue line.

我認為今年你參加的比賽比你參加的還要多——那幾年參加的摩托車比賽只是為了幫助我們思考成長率。然後史蒂法諾，在你準備好的發言中，你談到了專注於 26 年的贊助團隊。聽起來你對這些機會感到很興奮。我只是想知道您是否可以花一點時間談談您對明年的管道有何看法？今年是該收入成長的豐收年。

I'm just wondering if you feel like you can keep the growth going in '26 at a healthy clip given what your team is seeing right now?

我只是想知道，考慮到您的團隊目前所看到的情況，您是否認為您能在 26 年保持健康的成長速度？

We'll start and have Brian take the first question, and then we'll pass it back to Stefano.

我們先讓布萊恩回答第一個問題，然後我們將問題交還給斯特凡諾。

Yes, Ben, I would point you to the info deck that was put on our website on the day the deal closed. But you can see in there and reminder, these are not our numbers. They're in Spanish GAAP. They're not US GAAP. They're in euros. There's a whole bunch of disclaimers on -- put on them, and those are all in the deck as well. So read those carefully.

是的，本，我會向你指出交易完成當天發佈在我們網站上的信息。但你可以看到，提醒一下，這些不是我們的數字。他們採用的是西班牙 GAAP。它們不符合美國公認會計準則。它們是以歐元計算的。上面有一大堆免責聲明，這些也都在卡片裡了。因此請仔細閱讀。

But with that said, 2023 -- yet in 2022, you had EUR475 million. In 2023, you had EUR486 million -- I'm sorry, yes, 2023 EUR486 million; 2024, you had EUR462 million. Same race count across each of those, but there were cancellations that impacted 2024 where your expectations were higher, but you had cancellations that two of which got replaced with lower fee races. You'll be able to see the OIBDA numbers in there as well. There were some bad debt amounts in -- that were kind of onetime in nature in 2024.

但話雖如此，2023 年——然而在 2022 年，你就有 4.75 億歐元。2023 年，你有 4.86 億歐元——對不起，是的，2023 年 4.86 億歐元；2024 年，你有 4.62 億歐元。每個賽事的比賽數量相同，但有一些取消的比賽對 2024 年產生了影響，那時你的期望值更高，但其中兩場取消的比賽被費用較低的比賽所取代。您還可以在那裡看到 OIBDA 數字。2024 年有一些壞帳金額，本質上是一次性的。

You'll see an information pack the trending schedule filed on our site later today, where you can see the year-to-date numbers. And what I would say on that is when we think about where we sit for the six months ended 6/30/25 versus 6/30/24.

您將在今天稍後看到我們網站上提交的趨勢時間表資訊包，您可以在其中查看年初至今的數據。我想說的是，當我們思考一下截至 2025 年 6 月 30 日的六個月與截至 2024 年 6 月 30 日的六個月相比我們的處境時。

Keep in mind, there's always a different mix of races. There were 10 races in '25, two additional flyways, I believe, versus eight races in the prior year. Those flyways tend to have a higher cost. The flyways in general tend to have a higher cost and then the economics obviously depend by each race, but we would expect to see a higher mix of profitability for the races that remain in the back half of the year.

請記住，總是存在著不同的種族組合。我相信 25 年有 10 場比賽，其中有兩條額外的飛行路線，而前一年有 8 場比賽。這些飛行路線的成本往往較高。飛行路線通常成本較高，而且經濟效益顯然取決於每場比賽，但我們預計下半年剩餘比賽的獲利能力會更高。

Stefano, for the question on sponsors.

斯蒂法諾，關於贊助商的問題。

Thanks, Derek. Ben, I think that you're absolutely right. I think that -- what is relevant to say is that the momentum that we are living, we are pretty convinced that we'll keep the strong -- we were talking just before about the movie. The movie will capture another dimension of brand that will be attracted by about what we can offer to them.

謝謝，德里克。本，我認為你完全正確。我認為——值得一說的是，我們非常有信心，我們將保持強勁的勢頭——我們剛才談到了這部電影。這部電影將捕捉品牌的另一個維度，吸引人們注意我們能為他們提供什麼。

Of course, I've been in this moment where, as I said, that the pipeline seems to be very, very interesting, we need to make sure we keep the balance. And we will keep doing what we've just started in order to keep the quality also here and to keep progressing with the fact that we can have partners that -- we have -- we can give them, I would say, less visibility with the higher number of money -- with the higher money because we are differentiated in the different categories. We -- Barilla, Allwyn, LEGO and Pepsi and the MH and this has created an ecosystem that is generating more interest in other categories that we have now to evaluate in the right way.

當然，正如我所說，我處於這個時刻，這個管道看起來非常非常有趣，我們需要確保保持平衡。我們將繼續做我們剛開始的事情，以保持質量，並不斷進步，因為我們可以擁有合作夥伴 - 我們可以給他們，我想說，隨著資金的增加，他們的知名度會降低 - 因為我們在不同的類別中有所差異。我們——Barilla、Allwyn、樂高、百事可樂和MH，這創造了一個生態系統，對其他類別產生了更多興趣，我們現在必須以正確的方式進行評估。

What I can see even more important is that we have, for example, one category is betting, as you know, that is an opportunity that we need to take in the right way. we have a lot of discussion. We need to make the right call because, as you know, in search the market, there's a big opportunity now that there are legislation limitation, we need to consider.

我認為更重要的是，例如，我們有一個類別是博彩，如你所知，這是一個我們需要以正確方式抓住的機會。我們進行了很多討論。我們需要做出正確的決定，因為如你所知，在搜尋市場中，現在存在著巨大的機遇，存在立法限制，我們需要考慮。

And then another added that I said at the beginning will be very interesting to develop is the consumer area that has never been important in the business of F1. So that's another area of a possible development that we are focusing in order to bring home good and important deals in the future. That is not only '26 but in the next year after.

然後另一位補充說，我在一開始就說過，開發消費者領域將會非常有趣，而這個領域在 F1 業務中從來都不重要。因此，這是我們關注的另一個可能的發展領域，以便在未來達成良好且重要的交易。這不僅是 1926 年，而且是之後的一年。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

I wanted to ask about the outlook for F1 race promotion and maybe just excluding Vegas. I know this year is relatively light, but it seems like you have a number of deals or extensions in 2026 that could really help accelerate growth over there, particularly thinking about Melbourne. So I wanted to see if you could expand on the opportunity you see over there?

我想問一下 F1 賽事推廣的前景，也許只是排除拉斯維加斯。我知道今年相對來說比較輕鬆，但看起來你們在 2026 年會達成一些交易或延期，這確實有助於加速那裡的增長，尤其是考慮到墨爾本。所以我想看看您是否可以進一步闡述您在那裡看到的機會？

Yes, Stefano, I can --

是的，斯特凡諾，我可以--

Sorry?

對不起？

Go ahead. Go ahead.

前進。前進。

Thank you, Derek. I would say, well, definitely, the positive trend that we see is definitely there because in all the possible opportunity that we have, we have more demand and or we have the chance to, let's say, work together better with our partners in order to make sure that Derek has mentioned before, Hungary, as proved to not only Europe, but all the market that if a country believes in our quarter, the room for investment -- room for the right investment for fans and also the right fee that needs to be recognized by the fact that the F1 is the business comes for a country and for a culture.

謝謝你，德里克。我想說，嗯，我們看到的積極趨勢肯定存在，因為在我們擁有的所有可能機會中，我們有更多的需求，或者說，我們有機會與我們的合作夥伴更好地合作，以確保德里克之前提到的匈牙利，這不僅向歐洲證明，而且向所有市場證明，如果一個國家相信我們的季度，有投資空間——為粉絲提供正確的空間，也有正確的事實，這一點就需要通過國家和文化來支持這一事實。

Therefore, there are opportunities in front of us. But the other good thing is that -- for the deals that we have extended with a quite significant term is benefiting the fact that there is a robust growth in the year to come in order to keep the financial opening to the race as minimum -- possible.

因此，我們面前充滿著機會。但另一件好事是——對於我們延長了相當長期限的交易來說，這將有利於未來一年的強勁增長，從而盡可能地降低競爭中的財務開放程度。

But definitely, for the -- there is a huge opportunity because, as you know, we don't want to move forward in terms of number of races even if reflex is higher than what we can offer.

但毫無疑問，這是一個巨大的機會，因為如你所知，即使反射高於我們所能提供的，我們也不想在比賽數量方面取得進步。

The conversations that Stefano and his team have with prospective promoters out there, they are -- it's a pretty healthy group of folks that are always coming in to have discussions -- we clearly have certain limitations as it relates to calendar, but I think as we continue to scope it out in the future, there will be options as we move forward.

史蒂法諾和他的團隊與潛在的推廣者進行了對話，他們是——這是一個相當健康的群體，他們總是來討論——我們在日曆方面顯然有一定的限制，但我認為，隨著我們在未來繼續擴大範圍，我們會在前進的過程中有更多選擇。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得‧蘇皮諾 (Peter Supino)。

I'm thinking about the profit recovery potential in Las Vegas. If memory serves, you have about $600 million of capital invested in Las Vegas T&E? And understanding and appreciating that the LVGP has benefited the entire sport. Is that original capital investment, something on which Liberty realistically expires to earn a stand-alone return on capital that's better than your WACC?

我正在考慮拉斯維加斯的利潤復甦潛力。如果記憶不錯的話，你們在拉斯維加斯 T&E 投資了大約 6 億美元的資金？並且理解並讚賞LVGP為整個運動帶來的好處。這是原始資本投資嗎？ Liberty 在實際到期時會獲得比 WACC 更好的獨立資本回報率嗎？

Yes. I mean our goal is certainly to earn a return on that investment. And as you rightly point out, and we've pointed out a few times before, less and less are we looking at the stand-alone economics of Las Vegas because as Vegas continues to grow and mature and we continue to work with the partners in that market, you see benefits to the overall ecosystem, some intangible and a lot of them very tangible. So -- but overall, yes, we certainly aspire to earn a return on that investment.

是的。我的意思是我們的目標當然是從投資中獲得回報。正如您正確指出的那樣，我們之前也指出過幾次，我們越來越少地關注拉斯維加斯的獨立經濟，因為隨著拉斯維加斯的不斷發展和成熟，以及我們繼續與該市場的合作夥伴合作，您會看到整個生態系統的好處，有些是無形的，但很多是非常有形的。所以——但總的來說，是的，我們當然渴望從這項投資中獲得回報。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

I wanted to ask -- if there's anything you could share with us on MotoGP and just, say, the expiration schedule for the existing race promoter contracts that you have? And then -- the second question is on the new race promoter contracts within F1, you announced in Canada and Austria. Is there any sense you can give us on kind of like the average growth that you'll realize over the period? Or any delta you can share with us, please?

我想問一下——您能否與我們分享一些有關 MotoGP 的信息，例如，您現有的賽事推廣合約的到期時間表？然後——第二個問題是關於您在加拿大和奧地利宣布的 F1 內部新賽事推廣合約。您能否告訴我們您在這段時間內將實現的平均成長率是多少？或者您可以與我們分享任何增量嗎？

Yes, this is Derek. On the first question with respect to race promotion at MotoGP, and I'll let Carlos talk about it in a little bit more detail. But there is a sort of a regular cadence of renewals probably coming off our new races we announced, I think, earlier today, both -- earlier this year, excuse me, but I alluded to it earlier -- earlier in the call, the race in Argentina and then the one in Brazil coming back.

是的，這是德瑞克。關於 MotoGP 賽事推廣的第一個問題，我將讓卡洛斯更詳細地談論它。但是，我們可能會定期進行更新，我想，這是在我們今天早些時候宣布的新比賽之後，包括——今年早些時候，對不起，但我之前在電話會議中提到過——阿根廷的比賽，然後是巴西的比賽。

So with that, I'll turn it over to Carlos right now to give a little bit more detail.

因此，我現在將把話題交給卡洛斯，讓他提供更多細節。

Thank you, Derek. Yes. On promoters, we're happy to say that it's one of the biggest areas of growth for the sport right now. We have a lot of demand of new countries wanting to come in to the calendar, and we do have space on the calendar, even though that we're -- we have a 22 race maximum agreement with the teams. There are -- we have four races in Spain. We have two races in Italy and other, let's say, other events which could be substituted to bring new markets in.

謝謝你，德里克。是的。對於推廣者，我們很高興地說，這是目前這項運動最大的成長領域之一。許多新國家都希望加入到我們的賽程中，而且我們的賽程上確實有空位，儘管我們與各車隊達成了最多 22 場比賽的協議。我們在西班牙有四場比賽。我們在義大利有兩場比賽，還有其他可以替代的賽事，以吸引新的市場。

This year, we have announced Buenos Aires to to join the -- to join the MotoGP calendar from 2027 and Brazil to return after 20 years. Both of those have considerable will imprements on the events they are substituting.

今年，我們宣布布宜諾斯艾利斯將從 2027 年起加入 MotoGP 賽程，巴西也將時隔 20 年重返賽程。兩者對於他們所取代的事件都有相當大的意志影響。

We've also announced renewals with events in Spain. And France with very significant increases on the fees. So we do see a huge pipeline of demand of new countries wanting to join in. Of course, with the expectation around the partnership with Liberty, we do have to think about those strategically and keep space in the calendar for new markets or extending our presence in other markets.

我們也宣布續簽在西班牙舉辦的活動。法國的費用大幅上漲。因此，我們確實看到了大量新國家希望加入的需求。當然，考慮到與 Liberty 的合作預期，我們必須從策略角度考慮這些問題，並在日程表中留出空間以開拓新市場或擴大我們在其他市場的業務。

So we do see that the cadence of those contracts are increasing. The country's and promoters are looking to expand their agreements. They're typically five years, but some are now longer -- for up to 10 years.

因此我們確實看到這些合約的節奏正在加快。該國和發起人正在尋求擴大他們的協議。通常為五年，但現在有些則更長——長達十年。

Great. Thanks, Carlos. I think on the F1 question with respect to the two recent renewals, we're not getting into the details of what those renewals are. But that being said, both of these are important markets for the F1 calendar and also bring other components to it, including the media rights renewal in Canada.

偉大的。謝謝，卡洛斯。我認為關於最近兩次續約的 F1 問題，我們不會深入討論這些續約的具體內容。但話雖如此，這兩個市場對於 F1 賽程來說都是重要的，並且還為其帶來了其他組成部分，包括加拿大的媒體版權續約。

But I'll let Stefano articulate that in a bit more detail.

但我會讓斯特凡諾更詳細地闡述這一點。

Thanks, Derek. I just want to assure you -- I'm sure, Joe, that the delta are definitely positive and positive not only in terms of financial contribution, but also positive for the ecosystem. Of course, every Grand Prix or every promoter has a different consideration to be recognized. For example, the Ultra one -- has to recognize that there is an incredible effect that we have from the investment of Red Bull in the F10 ecosystem and that is pretty clear.

謝謝，德里克。我只是想向你保證——喬，我確信三角洲絕對具有積極意義，不僅在經濟貢獻方面，而且對生態系統也具有積極意義。當然，每場大獎賽或每個發起人都有不同的認可考慮。例如，Ultra 必須認識到，紅牛對 F10 生態系統的投資產生了令人難以置信的影響，這是非常明顯的。

On the other hand, Canada has been always an important market for Formula One, but was the need also to invest by them in order to create the right environment for the growth. And that's why the fact that we put in place new facilities, new Paddock Club increases in terms of opportunity for us and new grandstands for the fans will all have the profitability of course, from the promoters and also for us as a commercial holder.

另一方面，加拿大一直是一級方程式賽車的重要市場，但也需要他們進行投資以創造有利於成長的環境。這就是為什麼我們建立新設施、新圍場俱樂部將為我們帶來更多機會，為球迷提供新看台，這些都會為發起人和我們作為商業持有者帶來利潤。

So I would say everything is taking very care in consideration, knowing that everyone is a specific reality that has to be considered differently. But overall, everyone is so supported with our approach because they see the benefit also on their own. We create a business opportunity wherever we go. We create interest, we create the fact that everyone is using F1 to make sure that they can explain to the world what is behind the race. That is not to me only, the attention to an event is an attendance of attention to an ecosystem in order to produce technological inspiration and create what every country would like to bring home by hosting a Grand Prix. So overall, the delta are definitely positive anywhere we go.

所以我想說，凡事都要經過非常仔細的考慮，因為每個人都是特定的現實，需要以不同的方式來考慮。但總體而言，每個人都非常支持我們的方法，因為他們自己也看到了好處。無論我們走到哪裡，我們都創造商機。我們創造興趣，我們創造每個人都使用 F1 的事實，以確保他們能夠向世界解釋比賽背後的故事。這不僅對我而言，關註一項賽事就是專注於一個生態系統，以產生技術靈感並創造出每個國家都希望透過舉辦大獎賽帶回的東西。因此總體而言，無論我們去哪裡，增量肯定都是正的。

Ryan Gravette, UBS.

瑞銀集團的瑞安·格雷維特（Ryan Gravette）。

With the MotoGP deal closed and the split coming, I was just wondering if you could provide an update on capital allocation plans and priorities from here? I know you talked about getting to 3 times to 4 times at MotoGP, but how should we think about the right target leverage at the F1 OpCo level? And just your general thoughts on share repurchases?

隨著 MotoGP 交易的完成和分拆的臨近，我只是想知道您是否可以提供有關資本配置計劃和優先事項的最新資訊？我知道您談到在 MotoGP 上達到 3 倍到 4 倍，但我們應該如何考慮在 F1 OpCo 級別上正確的目標槓桿？您對股票回購的整體看法是什麼？

Yes. Thanks for the question. We -- as you rightly alluded to, we are delevering as we speak. And as we kind of come out to a point where we feel comfortable with the leverage, I think we continue to look at opportunities in the marketplace, which has always been sort of Liberty's mantra.

是的。謝謝你的提問。正如您正確提到的，我們正在去槓桿。當我們對槓桿感到滿意時，我認為我們會繼續尋找市場上的機會，這一直是 Liberty 的口頭禪。

That being said, from an M&A perspective, we always have a high bar there and keep a discipline to what we're looking at and potentially investing in. I think that this will play out as we move forward here. And it's certainly a discussion that we will continue to have.

話雖如此，從併購的角度來看，我們始終有很高的標準，並對我們正在關注和可能投資的項目保持紀律。我認為，隨著我們不斷前進，這一點將會實現。我們肯定會繼續進行這項討論。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

First one just on F1 TV. I'm wondering if you've done any assessment of those subscribers. It seems like maybe some are super fan, some are cordless, definitely some could be both. But as you contemplate maybe moving to a streaming partner for some of your rights, do you worry that there's any cannibalization risk of the folks that are cordless and just may be able to find that content with a subscription that they already have?

第一個僅在 F1 電視上播出。我想知道您是否對這些訂閱者做過任何評估。看起來有些可能是超級風扇，有些是無線的，有些肯定是兩者兼而有之。但是，當您考慮將部分權利轉交給串流媒體合作夥伴時，您是否擔心無線用戶可能會受到蠶食的風險，因為他們可能只需透過現有的訂閱就能找到這些內容？

And then a second one just on competitive balance. I was wondering if you could talk if there's anything new in the concord agreement around this? We have another F1 season where six of the 10 teams aren't really racing for championships or podiums.

第二個問題只涉及競爭平衡。我想知道您是否可以談談與此相關的協調協議中是否有任何新內容？我們又迎來了一個 F1 賽季，其中十支車隊中有六支實際上並沒有爭奪冠軍或頒獎台。

I was wondering if there's anything in the new Concorde -- that might balance that more -- a little better over time? I know you have some financial controls in there but it hasn't yet kind of moved out of the steering effect that you've got in the field.

我想知道新款協和式飛機上是否有什麼東西可以隨著時間的推移而使情況更加平衡？我知道你們在那裡進行了一些財務控制，但它還沒有擺脫你們在該領域所發揮的指導作用。

Yes, I'll start and Stefano I will turn it over to you since I know you love talking about competitive balance. On the first question with respect to sort of stream platforms and F1 TV. The reality is in the world that we live in, it's not sort of one or the other or sort of the concept of -- you've got to just make things available to consumers at the fans wherever they sort of want to engage with you.

是的，我先開始，史蒂法諾，我會把它交給你，因為我知道你喜歡談論競爭平衡。關於串流平台和 F1 電視的第一個問題。現實情況是，在我們所處的世界裡，這並不是非此即彼的概念──你必須讓消費者隨時隨地與你互動。

And so that's, I think, what the overarching goal always is to try to provide your content in -- at many places, it's possible that consumers and fans can easily access.

所以，我認為，我們的首要目標始終是嘗試在許多地方提供您的內容，以便消費者和粉絲可以輕鬆存取。

So with that, I'll turn it over to Stefano.

因此，我將把發言權交給 Stefano。

Thanks, Derek. I mean just to go to the competitive balance, Steven, I think that we need to be considered F1, not in one season. But if you remember, two years ago, McLaren who is today leading the champion was last in the last flow or the first Grand Prix -- in the Grand Prix. So I think that what has been done with regard to the budget cap and the possibility for the teams that are able to win to have reduced time of wind tunnel and some other effect on their development is that in effect, the gaps in terms of the difference between team to team has never been so small. And therefore, I mean, on that respect, I do believe that we are not worried at all about this aspect.

謝謝，德里克。我的意思是，為了實現競爭平衡，史蒂文，我認為我們需要被視為 F1，而不是一個賽季。但如果你還記得的話，兩年前，今天領先的麥克拉倫車隊在最後一輪或第一場大獎賽中排名墊底。因此，我認為，在預算上限方面所做的努力以及為能夠獲勝的車隊減少風洞時間的可能性以及對其發展的其他一些影響是，實際上，車隊之間的差距從未如此小。因此，我的意思是，在這方面，我確實相信我們根本不擔心這方面。

And I would say the model we have put in the Concorde is absolutely fair because there are so many variables that will try to consider everything in order not to have something that is -- can be perceived sake. Therefore, I do believe that the more that you are creating in terms of attention to the fact that if you are more successful, you can gain more money from one side.

我想說，我們在協和式飛機上採用的模型是絕對公平的，因為有太多的變量，我們會嘗試考慮所有因素，以免出現可以被感知到的情況。因此，我確實相信，你創造的關注度越高，你就越成功，你就可以從一方面獲得更多的金錢。

But on the other side, on the spot side, we are trying to create that I counted from the sporting and technological regulation in order to try to keep the pact -- as comfortable as possible. And this is the duty of the work together that we have to do together with the FAA and on us on both sides of the cap.

但另一方面，在現場方面，我們正在努力創造從體育和技術規則上計算的結果，以便盡可能地保持協議的舒適性。這是我們與美國聯邦航空局以及我們雙方共同承擔的工作職責。

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

I wanted to ask about MotoGP. You already talked about the race promotion cadence. But could you help us understand the typical duration of the media rates contracts and what might be expiring in the next 12 to 18 months? And similarly, with -- on the sponsorship side, I know that's a right area for growth there. What are some typical contracts there? And how would those be renewing?

我想問一下有關 MotoGP 的問題。您已經談到了比賽晉級節奏。但是您能否幫助我們了解媒體費率合約的典型期限以及未來 12 到 18 個月內哪些合約可能到期？同樣，就贊助方面而言，我知道那是一個適合成長的領域。有哪些典型的合約？這些將如何更新？

Thanks for the question. As we are thinking about sort of both of those categories, clearly important pillars of our revenue and our growth. And as I think as we spoke about earlier in terms of sponsorship and sort of that area, we do see a huge amount of opportunity there. We do think it's a long build just because we've got a sort of tell the story, get the potential sponsors, people brought into what we are and what we can do for them. And just like we saw with F1, that will be something that happens over time.

謝謝你的提問。當我們考慮這兩個類別時，它們顯然是我們收入和成長的重要支柱。我認為，正如我們之前談到的贊助和類似領域一樣，我們確實看到了那裡的巨大機會。我們確實認為這是一個長期的過程，因為我們必須講述這個故事，讓潛在的贊助商和人們了解我們是什麼以及我們能為他們做什麼。正如我們在 F1 中看到的那樣，這將是隨著時間的推移而發生的事情。

On the media rights, we do have a variety of deals coming up as you might imagine, over the course here in the next several years. I will let Dan speak about that in a little bit more detail, but again, I think the goal there is probably to broaden the reach and continue to sort of build the brand of MotoGP and get conscious of sort of the general market. So that's sort of what we're pushing.

關於媒體版權，正如您所想像的，在未來幾年內我們將會達成各種各樣的交易。我會讓丹更詳細地談論這一點，但我再次認為，目標可能是擴大影響力並繼續打造​​ MotoGP 品牌並專注於一般市場。這就是我們所推動的。

But Dan, why don't you take that? Dan Rossomondo, Chief Commercial Officer of MotoGP.

但是丹，你為什麼不接受呢？MotoGP 首席商務長 Dan Rossomondo。

Thanks, Derek. And David, thanks for the question. I think I'll start with the media part first. I think the great part about our sport is that we are truly global in nature. So we have to be relevant and have the right media deals in a variety of countries.

謝謝，德里克。大衛，謝謝你的提問。我想我會先從媒體部分開始。我認為我們這項運動的偉大之處在於我們本質上是真正的全球性運動。因此，我們必須與各國保持密切聯繫，並達成合適的媒體協議。

And everywhere we go, we want to have the best and most thorough distributions. Our deals do have different cycles, as Derek said. And I think the other really key part that Derek said is that we need to sort of change with how today's consumer is changing, where they're watching things, how they're consuming content. So we're always looking for what might be the next really key distribution methods, and we hopefully keep flexibility within our agreements to sort of touch on that and to change that as we can.

無論我們去哪裡，我們都希望擁有最好、最全面的分佈。正如德里克所說，我們的交易確實有不同的週期。我認為德里克所說的另一個非常關鍵的部分是，我們需要根據當今消費者的變化、他們觀看事物的方式以及他們消費內容的方式進行改變。因此，我們一直在尋找下一個真正關鍵的分發方法，並且我們希望在我們的協議中保持靈活性，以便盡可能地觸及並改變它。

On the sponsorship side, we -- it's been said a few times. We think that's a huge area of growth. One of the real reasons why we spent so much time and invested so much money over the last year on the brand identity and on building up both the business analytics and the marketing team was so that we can go out and tell better stories and attract new brands into the ecosystem. We have a variety of partners that are endemic inside of the industry. We have some really great ones that are nonendemic, but we clearly have to build out that pillar of our business.

在贊助方面，我們已經說過幾次了。我們認為這是一個巨大的成長領域。去年我們花費大量時間和資金在品牌形像以及建立業務分析和行銷團隊上的真正原因之一是，這樣我們就可以講述更好的故事並吸引新品牌加入生態系統。我們擁有業界各種類型的合作夥伴。我們有一些非常棒的非地方性產品，但我們顯然必須打造出我們業務的支柱。

And we're going to do that by becoming more attractive to brands because they want to tell stories with us, and we want to get them to know our riders better and we want to enter in the long-term deals with sponsors that are like-minded and are really good marketers so that they can help us build our business and attract even more fans. So that's where we are.

我們將透過提高對品牌的吸引力來做到這一點，因為他們想與我們一起講述故事，我們希望讓他們更好地了解我們的騎手，我們希望與志同道合且非常優秀的營銷人員達成長期協議，以便他們可以幫助我們發展業務並吸引更多的粉絲。這就是我們現在的狀況。

And I think that's our last question. I want to thank and welcome Carmelo and Carlos and Dan. Thank you guys for your participation. Thanks, Stefano, and thank you to everyone who joined the call today. We appreciate it and look forward to speaking again soon.

我想這是我們的最後一個問題。我要感謝並歡迎卡梅洛、卡洛斯和丹。謝謝大家的參與。謝謝，斯特凡諾，也感謝今天參加電話會議的所有人。我們對此表示感謝並期待很快再次交談。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您現在可以斷開您的線路，我們感謝您的參與。