FWONA - Earnings call transcript Q1 2021

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation 2020 (sic) Q1 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded, May 7. I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead.

Courtnee Chun

you. Thank

XXXX. herein for Media regard conditions in On to reflect updates we such revisions in any which or SiriusXM any Liberty of we'd any statements the today, and will everyone the to or within adjusted Litigation discuss Act begin, includes this Private expectations a to is and Media Liberty results in Reform and forward-looking OIBDA These obligation or press Media's Liberty be this expressly of statement and of certain available filed at registration issued is with the reconciliations Media of statement those acquisitions number Media's form contained like of we most Liberty Liberty Acquisition thereto earnings recent on materially Corporations' for or the uncertainties, that required circumstances and release S-X on remind events, including change based. Media as call Liberty Forms to and Securities disclaim to EBITDA. found could only XX-K the risks Before call end differ events The adjusted including X-X and which any or definitions due any financial mentioned statement call, Liberty website. can Schedules forward-looking non-GAAP SEC. Actual SiriusXM, and XX-Q change meaning of the Media acquisition speak date today's or or Liberty Media Media disseminate statements certain with Liberty undertaking any forward-looking

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

Greg Maffei

Officer, One's repurchases, you a have repurchased continue Wendling. good Today, expect remains, - look-through Beginning over discount Liberty per share morning there. of $XXX call on we do LSXMA and advantage February Principal through The and Stefano of SiriusXM, purchasing with Thank take you, April. Domenicali; opportunity. discount Formula CEO, just besides Financial we speaking from our across stubborn Chief and out to an million series Liberty's to myself, and shares at continued stubbornly all $X price We that Brian the and to of will President Courtnee, LSXMK share. of

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to discuss Brian detail. results financial like a I'd that, it turn in with to over So our more little

Brian Wendling

and everyone. Thank the One good tracking This paying balance is transaction Group, liquid a The Greg, attributed you, morning, to settle excluding cash investments and SiriusXM of billion, million Live stock cash, groups. the call $X approximately and million restricted at of restricted of Group cash spread settlement $XXX Nation $XX to had cash in SiriusXM. Liberty among was the spread prior Formula April. the nontaxable call Live held Nation

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Stefano Domenicali

and also good Brian, my morning you, Thank from side.

weeks, a huge in the huge So our past Gardens and segment the the fans, we teams partners. with XXXX and from with announced our momentum. and all reaction begun in has rate few In U.S. energy Miami our positive

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version the short digital outstanding have hours high which sponsorship the makes available announcement, nominated features, in of build list FX, We on includes to years, X Grand engagement of continues premium It Survive, following revisit our FX up continue XX now social sport decades. broadcast view the category X channels. virality U.K. the the over Chasing higher Drive popularity basis, TV with numerous countries into exhilarating of than the to for Dream. XX weekend X,XXX which needs the do of FX other And include provides the weekend hear find present documentary see and launched app I ad drivers Air the brought the product, control us for also that involvement reached the GP, year-end. is in allows with Emmy last number back concurrent TV, collection version to territories started new several XXXX season it with of made This XX Netflix update the series, the for XXX the last along to at relationship, now daily viewing This at viewed times additional coverage up and terrifying many how of many is in from Prix we XX% We an our including we into XX.X second across and each bidder for an quality story renew sport of and season, race the global the in strongly also of latest documentary easier The expiring. and available the the which partnership FX awards. TV a March utmost around prior a to highly partnership extended X, on the record FX about grow season great the were non-typical footage FX And the after experience. recommend series XX.Season than with the and to course viewing. and content the plans. year. over season by the also new our all measured changes. was minutes Emilio is was Big sites million mass global e-sports sport average. OTT more globally. million our of has pleased on for was will a Episode Heading boot show XXXX the show of we and reaching in had spans DHL, a enhanced for in X to XX different

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the much. turn back call over I'll Now you Greg. very to Thank you,

Greg Maffei

you, stay will continued healthy Media. and Stefano, the your thank Brian. Liberty safe. questions. with Thank interest audience, and it in for that, listening appreciate all you, we open up Hope you we And To operator,

Operator

Pivotal will go first take ahead. our We Research. at from question Instructions] Jeff [Operator now Please

Your line open. is

Jeff Wlodarczak

to and Greg, XX-plus going all have I in One. on probably on one tax-free. over to quarter, third Formula stake SiriusXM, one equal, in dividends at your ownership the cross go XX.X% else being SiriusXM you're

on their dividend on get is to quo to you how wondering Are cost status whether raise ride relative materially? latest with your your about color then going the wanted expectations? letting Just continue million your sort And is to and to just SiriusXM higher? $XXX cap was thoughts on FX, happy the the of buyback going

Greg Maffei

Jeff. take I'll Well, let may On just slightly SiriusXM, I'll and we aggressive, Stefano cap. that to the think speak your the cost then -- pace look, SiriusXM, I be

we dividend capital might go own the to in we're XX% aside the to potentially be rather, be think I might on and to pass advantage price back it the But above put decided by our at Siri we dividends into or of and continue take ourselves after somewhere, But use to buy the have SiriusXM discount at lots be, which there. of in will hold increase it Siri, that either and alternatives XX%. one buyback, dividend but sell likely to Obviously, depends could that those stock. in stock those of policies two are LSXM quarters QX. any full buying, Board where where the

whether about are ways let the or is are their -- discount. it the we discount. you after increasing the we it's through will selling And dividend really to attacking Stefano, going which multiple cap. the get be the cost me there turn to buyback, result, same of So

Stefano Domenicali

major on change because you Jeff, sure that one in of will has has know, in say savings line make first the most And managing really step but teams I focused be the mentality future, started happening organization I Formula that the around. if mean, in with to to that think if has the an that different -- the been And effective around I significant is -- what they I not team way revenue of the make the expenditure. everyone into this also other and cost just important a only is apply of Formula world see of this year. things had the the with can the just the if new side, just the on way I with of introduced the This Formula has One. that sport think as One is cap a path One that effect these

revenue the closed other into now just have the taken to are cost the all these sure cap. is for course, Of also for we first this the cost in that we that moment making not But cap has crucial. the a step We're its is team. in areas huge going Formula step hedge been take as comments we sustainable pretty future. that But of sure One are the This are the future. in

Operator

our ahead. take Morgan Dan now Please question will Stanley. We next from at go

open. line Your is

Unidentified Analyst

balance I gotten of that you cash of humor I and think around a ahead. point become business? see Greg, Liberty? coming anytime U.S.? mean could the the wondering bit. and terms in at driver one soon? U.S. couple a And then was the just opportunity signs we what if as at about manage I around whole What next the you which have I in that of that Is how and all [Button]. an they do have matters might how any we sort market retirement of And huge that? well. of you Liberty a you But and obviously, it's questions the I'm back and would know American $X.X in if sport me have FX a billion Formula have drivers, Lewis that think -- think sport, curious, how as they're I'm then does point moving And to to the you cash at questions sort it year impact might in excess Hamilton wondering, on outsized in eyes you to driving year the Stefano, One, strong for here the do investors least. on the just expectations it from I about important as of Miami, popularity see

Greg Maffei

cash at the So Formula level. on at the holdco level, really One, FX

I note. think a couple of things to

ensure put place cash the the but in the whole health not the revenues in and we the some that we did of teams own, business liquidity had that to pandemic. of during uncertainty we we be and to some teams use all, ensure still ecosystem, liquidity, Formula only have We really One that of for First our about that exactly will what XXXX.

we've You've to Turkey for and heard cancel, had Canada already, example, input in.

paid would those are if we to at full had fans. are levels way reduced We for what we compared getting that, get but

So a potential in fairly kind And of therefore, revenues not large we for that will that budgeting get that we own have we is the hope. useful. contingency our the cash

if go at with You SPAC to million were pipe the with complete in that may least any we agreement would transaction also the $XXX forward know purchase committed Almac towards we in that one.

I is revenue, see shareholders. we of to and we efficacious certainty way we we're value cash and cash some that the utilize to the in opportunities our the year look that. the about earlier, more market to plays turbulent, what what to to could may with we So that I as But most and it get to put do market attractive us promoter will mentioned as and our at progresses SPAC be want deliver as to potential that how for in gets way, going more that strengths, think

Stefano Domenicali

place on to broad Formula and and in may doing a the is drivers Surely, Formula strong to strong, side now, not I One are is may But Formula were with a itself Greg, then in was related of One. where was doing. one terms I to One other to changes what the retire. they really job question always know He Lewis the an Hamilton Lewis able -- great drivers If Lewis asset. regard to don't related day areas that sporting Hamilton. is he to incredible specifically the image, the in

he'll with and interesting Lewis, that now the make him, very decide Miami is solid, X he robust. we it front may have with for answer different at the but will he's today, that be Lewis, American me eight it driver Formula Formula X the Formula have is to but course, hope, clearly least is is important, many of that we good whatever react good And his as going If be we will to news regard even with history titles is drivers, fully are yes. very for sure the will Formula only sure, will an will in But focused challenge. this And Formula boosted Lewis, will stronger. sure, to new around, so him. good solid drivers for forward. With be We talking of He's a is course, but X the season. of of on the really the mean, Therefore, actual will way I and of The in strong. in news X. cars, be the One, stay, of with incredible will whatever move him of all season challenge decision decision we'll will the respect, that new is be the win

driver realistic put the know, have ready because understand next what the working we very very want team we two, that that We yes. soon, again, they'll and that as are fans, hope in we I coming for that others being people that American see Formula drivers, good be come will is drivers really attention to One competing therefore, in the team big three is in watching the boost a the if the pragmatic And teams but guys. enthusiasm the very, to don't American after, come. the that X our have American with Formula term. is these the drivers, so passion for to have faces they channel. try possibility maybe could This years, we see of -- short to I know the

Operator

now So Deutsche ahead. Bryan we question Bank. take will Please from from go our next

Bryan Kraft

Would X know then Miami willing next impact settlement onetime year. years. something can revenue your you to will season. significant broadcast ESPN contrasted four to in that, quarter for the I first it's on next how Austin? your the you've And renewal, the is the do Formula What calendar great related tell to on I three sport And you or about up for event, on size see us? it's you be to growing been working for separately, for maybe believe, U.S.?And be it us think contract after the the with for plans

how you with with thinking you've in on the also in given now made growing are So progress their focus far general calendar opportunity the about ESPN the so U.S. the just and Miami ESPN+ in

Greg Maffei

let let onetime first I events about to start. a on then want the So I'll ESPN, And weigh Brian and little revenue. well. Stefano I'll in talk quarter Brian as But

Brian Wendling

Yes.

impact material of comment the the relates driver year fact race the we on and of you we As one recognition that, but revenue But zero results. on last that can't specific comment it the can't to settlement. but results, we had at did year-over-year the was specific versus our settlement, when the proportion it the details, obviously, look the

Greg Maffei

little and in we the our in when put over look, were would among it going agreement, of and hand belief ago, U.S. year total to the popularity be issue was the and up the had various On a grow alternatives strengthened. the broadcasters we U.S. and that that in a ESPN, Chase,

groups in all of as interested. deal we building the can longest we So it not on of that, who deal could Drive for X things and to set in doing And broader of I not ESPN And obsessed are we been opposite. to that eyeballs, up the and Drive current went shortest that other have the of we expanding, which was all in the us going belief time Formula of as the the U.S. various much our with Miami our and least not a amount was from say many most people a that kinds both have because in with noted, not me The was among because period have stronger now who that a was to did we When heretofore our digital get. get. women, interest doing would eyeballs was forward typical coming engagement, Survive bidders. terms fan of are the their that many the hand it fact, deal we shorter had it to And amount of audience, exposure It but I'm money. of we great. audiences have Survive took highest Stefano those festivals the different were is due are teenagers, to

might go And against I think what Stefano, we bet. reasons one ESPN we alternatives. all other when a renew think outlined much be are will I I is It's that to the we that you strengthened -- winning. add? and good we before, that

Stefano Domenicali

the Miami with out Dolphins, us the of of leaving to to it. will I And Yes, that Gardens talking be to We're structure the they different And and think we're it. that in Miami in couple to to be U.S. in with absolutely. the will thinking fact Again, U.S. from shore good incredible strategical ready, share provide announcement, after attention that's getting expectation I BI another different with even really is of cannot with that a of maximize it that is United the we're that that in we culture, are way fantastic. going to reason American our the just fundamental And series make Miami this we going that start going value level right one news to the atmosphere. weeks to we different to anticipate, generate we're scenario, want Monaco news higher. for be want. the example, want the good race with state of about in we raise series that massive. of platform have program the communication, the would sure because regard with at of of why And event And good this this the in States. terms everything that building communication races the And to going order community really thing the and is because are the with

Operator

go now our from Please ahead. Vijay will So question of we Evercore. take next

Vijay Jayant

on couple Stefano. One, Formula a probably for primarily have of I questions

races, Are on more getting the a fans? have premature, about can none probably we And So when head. releases sort on hosting year. Is your letting the should what's finally, Formula sort for on Formula seeing different on XX on some you the obviously, seems an that? resurgence have we've we Or has rate could based and And us about year, one there that's structurally for to press you revenues? process like sponsorship -- Are January know with a if biggest or see would of and Or an the business most this fans be And then in going that you new one splitting on more fans. thought, been what because because we race? segment you do but you of like Any drivers One it with getting ATB term. Any little coming this One out think promoter is How growth promotions that? it's formalized sponsorship you'll share? on of sort think of a without Greg. full proportions of that of Brave but the variability? lot long next thoughts becomes Maybe to a that ATB. do of

Stefano Domenicali

with by mean a we things case. to Greg the is evolving I of track. Vijay. people race, you, already have to has fact to on Thank course, attendances the regard by question that situation the race the related of that, the mentioned, that first need case monitor we

the earnings. going content on details would influence opening likely on the But we on the also don't people have expect cannot where revenues. to a effect we what our not of into attendance that the the the will course, up be that more direct ahead more and we the no has it's get effect fans we have the Of that

mixed the with to question this didn't regard I So get but the please? and for situation, repeat need that evolve a it. we manage to really me, is sponsorship, Vijay, you can

Vijay Jayant

of other Yes, recently? in trying sponsorship it sort lot announcements, understand, Stefano, for is just a more I'm a resurgence sponsors just recently. Zoom been more sort in bunch better Or of disclosure I One of there's -- Formula there you've and announced is us to mean on of

Stefano Domenicali

to show. one. fact we really show believed the just to to getting is level the that One it It's the right is back Yes, interest Formula just No. again the that is at

of are So there great sign we the future. And be approach as fact and of to need is future. in expect billing to a the stronger are what this that the pandemic are engage our despite that companies willing big the partner trust we even situation,

Greg Maffei

Obviously, Liberty And intent Having ATB we today. as second Braves. far today. the we if gives the a Media spins, as plan second structural changes, other only ATB have at we but a no or want ATB us flexibility having we no have is to plans have today, create

Operator

our take now go will at ahead. David We Please question from JPMorgan. next

David Karnovsky

parts Disney On Sports FX, to Star we've move shut it down of seen channels in Asia.

to to dynamic maybe through off this think outreach? level, on viewership then but like the interested your Just media this of Red impact Mercedes a a And demand kind higher separately, Stefano, Would get directly the this versus at they to in you've interested nice as seems noted, be you much just the taken kind you sports pivot the regions? to will track Survive, to attribute to some races you those of believe Bull, impacts series, thoughts for that of be far. how so content you social streaming as uptick Drive first to know the the how carry how actions

Stefano Domenicali

if Well, better better that is may for I the that clear no I better it's doubt. entertainment has second, people, the -- David, there's and think is show engagement start But on a one element.

is engaging are attract people helping a the happening very, also the in it. lot really about think only talking that lot Therefore, that languages more I case. loved this not other the we the on that able any sign What is other TV, element of about we're doubt important. fact us. through media sure. the are the engagement of Formula is that we the of social platform different we that before, element is way track good to to attention, for viewership with is are And not interest for OTT used is for of and fact people other and a a There's talking One. fact there about We're very use there's no The it's sure that showing

Greg Maffei

it rest part? the why I'll totally then agree. don't of add, would I and But Stefano, comment you on first

Stefano Domenicali

my Sorry, side. Greg, the dead line on went

Greg Maffei

because repeat we think to question, want your I you covered David, it. don't

David Karnovsky

in means then Star their pivot Sure. think, move was you on wondering higher demand? shut I Yes. and Sure. thoughts just kind of parts streaming just question and and about level your down impacts Disney The Asia, what to that to of directly for Sports, that how

Greg Maffei

have So views. give you -- don't Stefano, why may I'll commenting, start some I then and you

Stefano Domenicali

I absolutely. of as Yes, in mean, course, know, David, place. have, we agreement you

to expecting totally are be that So we enforced. for

in But problem. opportunity we this that solution engagement that that on, the expect to year don't a would on course. actually see figure find financially, as of don't a working we of we that TV the and We the other of growth see big anything are So world part the to happen.

Greg Maffei

opportunity. upwards way platforms that's positive more came fiber new broadly, us. came an So a the in or some But It's yes, because if is the just even the think eliminated. decline may that of the satellite -- for platforms Fios here on you other content States, when created more in think pressure legacy about be eventually when created, the platforms of that alternatives seeing I it, costs and general, United bidding. And we're

see what in we'll we do Formula same the worldwide opportunity at think One. I

against streaming. weigh against, we'll we short-term our promoter in generally exposure, on or value trade-off the streaming that even a TV exposure like have available free or -- offers which sponsorship. we'll and platforms rates advertising platforms many me, higher over satellite and usual, over-the-top for dollars like for get And either cases, As platforms total more things excuse

out So as I'm sort slower like by not the about from I'm being growth digital opportunity gain worried platforms more so about much cut people these the platforms, excited they scale. particularly of Disney.

Operator

ahead. Beckel Berenberg. take question go David will We from Please at next now our

David Beckel

FX. on two got I've

leverage partners? economics. part your to bit to little value the existing as the but value obviously Or the going partners, paid is future the sort incremental you and you to add back a value potential get FX secondarily, if then TV adding attention Sprint TV broader a a in value it from expect U.S. agreements? with bit of play and you little relates more that. I'm I'm thinking augment adds format, in about overall And receive the Do the a to sort a deal distribution of what rights. with to to there's of wondering in WWE years, broadcast talk behind to U.S. it of way your wanted maybe this sure of the can over-the-top few that Peacock. did specifically your platform race more TV just market Just to It to

Stefano Domenicali

of the with to to will I mean, to Sprint I part think have be straight expect beneficial of course, regard out have to more David. last the you, we if value I it And question, Thank of format, to away the it. answer everyone.

in also On it, the to offering times media And that intensity. weekend if impact this something to of that because be will of by the center will that race. have point First this because be the way. is financial But on the to on will different, will the of Sunday. to never race a in something course, regard the top the is for on very of to a terms format With new also and before. generate also tools, we that, the we the We an organizer that's the is very that believe adding view positive Because course, Formula to been of TV is this the of action create form the action, direct I can the to -- believe that of excitement in to will partners from been can the of adding the leverage has of other partners what new these deal this of on of something two in our our top entertainment is to all course, we a previous the related chance all we rates market, of about. that the have future will content. to the And a to fact platform effect going the make in in even big all to be therefore, TV very, that allow that are enable well, the there about, that even a lot That the Saturday, in commitment market way to is from will side a us welcomed something of effect OTT that Saturday very very benefit grid future. of will will us very, on And be integrating positive to that will on be interested -- lot Sunday organizer. people discuss our there has attend that sport Friday our will and talk sure very, different be our happen. and have a this all, the deployed

Greg Maffei

own to trend. I their their Yes. primary that, Stefano just service with enough longer-term sports, I think a content certainly said enough If I to indicative over-the-top it's few with not add vehicle. watch have believe, WWE Peacock, on what could as content. There's Very I did think and we run what somewhat

If you look to at WWE, they have tonnage compared certainly us.

believe traditional it a for connectivity of or looking content hardcore a so But And and don't with connectivity, our broadcasters broadcasters over-the-top fans. TV and particular, fans FX who broader in asset is set great are our relationships. for for our other most I with supplants

TV believe I with consistent platforms of know. larger solution with certainly part be we'll our opportunity watch kind with do digital view. and the of as I think and FX them, And So you see a that we can that, it's

Operator

now will next from Joyce take David question We Please Barclays. at go our ahead.

David Joyce

time, on about others solely any range season? does out And is just structures? it of revenue on we should there? another fee? Like there one the And proportion types One contracts? how promotion range the other it the was based secondly of topics. many of is typical sponsorship that was the it any just types say that of of really When are And Two you think sponsorship, then how within are promotion. clarification lingering was or sponsorship a promoter across allocated there on the are on versus particular races mean

Greg Maffei

I in disclosed can earnings piece. It was race, do promoter that's one and release. the our

typical to promoter wide the As we it agreement, have range range. a of relates

it range, So within that falls yes.

Stefano Domenicali

with depends regard is the the the David, on course, to sponsorship, have. So that package what range, we of

related the partner, to We they're and really to all and of have going official relationship race have. kind other we have that are

to with all and event different old that top And consistent related not are packages championship so we single the and season the with have itself.

Operator

our ahead. question at take go Gabelli. now from will John next We Please

John Tinker

as on. slings Switching I saw, is anything your the [Jim are see hot. there you Probably What now. from you? Bowley] gears, gambling could is Is help benefits think, it sports might so draft with actually Claire or that kings, RSM and

Greg Maffei

John, I'll take a shot that. at

are next that today. be looks in to not think it gambling But -- it will There and engagement. secondary, near the those legal in I soon the going ballot fan become open. coming been in increased benefits not has inclined -- have the be in may appears, primary. it's They'll cycles. term on Georgia is to favorably fairly Georgia, It the

interest. it it and I on the I of some fans, can not there, broadly, a the P&L that draw if view provide baseball, will no to but think the And that as -- I think us we just I MLB directly. view on revenue secondarily don't more line line that directly. revenue marginal us huge revenue capitalize clear for opportunities it continues

John Tinker

And just on question second as sports. a broader

-- disruption in seen fans You've where the probably became of in engaged the England, some

Greg Maffei

Super saying? League Around you're the

John Tinker

Yes.

disruption of there, opportunities? soccer where team talk you the lot Just see can generally, too a nothing area it companies PE fact relegated the might Is is be risky. a of fair some just happening. an amount Serie that A, Or of into buying makes that

Greg Maffei

the And with have interesting. they what's inside the One of of and done and We sets think their think find. Formula opportunities. we experience of have like likely that like leagues what Braves the we positively long-term We debate think perceived going do of league we how other on have has do at broadcast each around apply and the about than we've various terms And different at the can it's perceived. many John, possibly revenue at in how as to stand are strong our can positively various that what and No. skill done we we'd looked battery and the those Formula a We sell things opportunities One and at Liberty at where think we cycles can and Truist kinds like opportunities. of have look both good on or perhaps we'd PE some to been tried we Americans been owner, to been to other

We want haven't us somebody we do over and to look. create but intersection there disruption the yet think that does we where wants found them, opportunity. continue of I And

were certainly watch talk breakaway with a well, Formula we breakaway League think and -- at through with We very we Formula confident have understand very gone pretty feel as because with before there One, which One did involved a we we Super much One, note. Formula of side the And or opportunity was we that I pass. to potential come not eliminated at interest

Operator

Please conference from will we So Matthew go for today's question take now final ahead. at our Benchmark.

Unidentified Analyst

off banging literally with Even Hamilton, Max relatively wheels from apart Verstappen seemed course Lewis they track.

is was on more You competition a the make most to this, Ferrari I a the any next of cetera. since Does And along? any I year you strong year roll next it And you've that of lot year pause give revisions curious, just got your to right McLaren, have do of probably so of coming to the had seemingly back, making you gates? Lando this track suite the is you're -- changes XXXX, even competitive competitive. continue broad think season Norris, on ability reassess proceeding just coming or any et if out

Stefano Domenicali

on cars are has train changes new already already the the regulation. left the and teams Matthew, And been has The discussed. station. working new already

be been great year already planned are in this another center. two will drivers, of no we not there's And we keeping be about terms will the that's but One changes year everything ability to all will but sure of Formula attention a and showcase next has only because states what next because even checking highlight to the very opportunity season, make to of the things more, with always three that at are objective. fight, massive, other that the in the great the is So have a terms that that pleased or therefore, possibility the the year changes bigger is convinced

Greg Maffei

Ross look, I we're Brawn was excited if increase lucky and this done could is do noted hope concrete very only Stefano Yes, about excited about -- as the just in others, Chase, next on add years. even agreement to the we The that year. great. in coming can work season and what's the what more And going by we competitive now we're

look if the Thank not all that, to and I for you you we quarter, next we there your interest are day. to with listening done you in again speaking operator, think out for much Liberty, forward of sooner. very with

Operator

your today's for Thank participation. call. you This concludes

disconnect. now may You

Formula One (FWONA) 7 May 212021 Q1 Earnings call transcript