FWONA - Earnings call transcript Q2 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation 2021 Q3 Earnings Call.

During the presentation all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded, November 4, 2021. to Officer. conference like Chun, to now Portfolio Chief would turn over the Courtnee I ahead. go Please,

Courtnee Chun

Thank you. Good morning.

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

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

Greg Maffei

Wendling. Domenicali; speaking and call Brian and Principal Financial Stefano on Thank all Officer, you, will you. Formula have President and to we CEO, Liberty's the One's Chief and also good Today of morning Courtnee, Accounting

the with the to XXXX. surprise, This time since quarter, going Braves. first for World no start we're Champions

occasionally to gets When comes, and seize ball, As Clearly said, to prepared thank your playing take Turner swing.” Aaron did great. to quote. Hank only to opportunity want “In that matter: time that Brave the life, courage person and for two being best things the moment the Ted do a the having us something and I reminding in of that

invested to players congrats for Braves' their season we the trades; team, This break all All-Star also excellent turn generated financial great Terry, to Max out ginormous around train XX wisely Derek have Smith most to Houston with deadline, was amazing and mid-season the its XXX-ish when rest players the a lifer, the to excellent of trade Fried and helped Soler's X in the despite XX to in which with particularly tremendous team and and country admiration; our talent in whom team tracks the Alex performance So in of such a cleared all our and comeback of the Anthopoulos Mike the performance. well-deserved Brave's that let and Game and pitching starting that his homer management the lights Braves' inning. spiked It all. top-quality an was an since in getting third X-run first the were effort

throughout This performance. season Very ended per two XXXX game X.X attendance capacity million Series our XXXX. for the retail of and was our the the compared and is of to is per sold The The Games. was at team season. new as already I season XX% season-to-date we of plans and X.X as are said, of up up performance impressive home excess reaching Major baseball League number thousands well crowds Baseball only in despite financial Braves in XXX,XXX booming the on-field in World of ticket XX% With were regular XXX% As average exciting. for estimate playoffs we've May. on-field each revenue caps the The historical our close battery to the million. versus success, XXXX

This all me August tax-free. tax-free through also through turn share on Siri The to and and let had $X. SiriusXM $XX were at expect over over million we excuse be now from be news we So now As distributions me, of Ks the Siri across repurchases, We an to repurchasing going our Liberty October. good September through discount morning at XXB. look-through continue SiriusXM. we just XX% did a will some exchange it Accordingly remains the and price -- purchased a future from

take to that of continue advantage discount. We

option iHeart sold at our gain. share But million, in was stake sold $XX.XX adjacent cash Siri have intended business. to now an and well the we average XX% $XXX hand the proceeds after-tax we of fuel We also which stock end and for majority have was additional an a per we quarter the of for like price to entire timed sold in take at buybacks. This after This October. we pre-tax incremental of investment

guidance strong the Looking $XXX,XXX ever in nine quarter itself, results figure in quarterly self-paying recorded. We our at highest obtained the full months. for net Siri adds, year

and the ever. We highest also quarter EBITDA reported for the revenue

we up on engagement entertaining outside campaign. revenue House We you our saw the with driving SiriusXM advertising been vehicle, XX%. the very continued focus growing a platform impressive have have And ad on perhaps growth

an podcast for a we which new will to experiences Brandi original and Coldplay investment on Matthews, create the scripted our We Further with are series live agreement and producing stage and in Up, we John content Audio Mulaney. Siri platforms. back small Carlile, hosted with Dave content content, completed

I can't with being year-to-date. is reports performance and Live comment we today, I met are on than results, now later supply to Nation. equity really pleased Turning the other briefly with endured noted so up to is the demand and say XX%

gone Championship One the tight drivers Fans third. back Constructors' Formula and the of are Drivers' And forth Mercedes continues. are to there Bull season Ferrari tuning with Among tight are The competition attending the Championship, and Lewis. has and fighting the Turning between lead in for Group. Max first, and Red the battle rest for across Thrilling in. in McLaren and for grid. a

never race FX Austin, have in record a such Austin, like Of XX% example, were the XXXXXX an their almost weekend. mid-XXs. in Grand the crowd is over in that attendance up figure set for seen first this which We the people more attending Prix. Usually showed

moment, survey can our of demographic claim. a the As fewer sports results Stefano -- younger, survey skewing in will FX in and something discuss released recently results fan is

race looking XXXX calendar. We have are and towards a already announced XXXX

second in the and around is Demand purchase XXXX as welcome have XXX,XXX to our planned We GP in of XX,XXX. the U.S. tickets, high. Miami through a day. to in in to capacity hospitality, race are Paddock sold for a excited pre-registered We've May. placed also people people suite the $XXXX out the available day. have Club Grandstand sold available and compared inventory they Tickets first deposit first throughout luxury -- the the sold

Almac, to our Brian, we review will financial ultimately in to the results. continue like briefly And over opportunities. for Liberty's that, it changes believe We be I'd more to the with benefit. turn on Turning to to SPAC market

Brian Wendling

we'll million at SiriusXM the $XXX in has Thank equity cash excludes, give SiriusXM. you, approximately Greg. Liberty our cash debt level. securities Group it attributed liquid million Good directly morning plus public and follow and but of corporate $XXX everyone. to that, $XX best at This try. of investments Hard million, held

quarter. to the on bonds. have our cash in will undrawn used X.XX% used redemption quarter of notice We loan bonds, also the Note portion the at amount end, be margin Based of repay of just We cash million. that XXXX early billion fair $X.X would capacity $XXX Nation parent the a Live exchangeable level. value the issued our the on liability after be at these of

and pro As held Liberty the our and Xrd, announced almost November for the held Nation billion $X.X $XX.X of SiriusXM of the stock value value today Live was Group, at billion. forma SiriusXM of was exchange stocks

against at $X.X is SiriusXM. of attributed have includes Group in principal SiriusXM which $X.X billion, principal billion of Liberty holdings. We Total debt these debt of amount billion debt $XX.X amount

our shares. in share as would the you exchange As Group release, SiriusXM XX/XX of Liberty for saw the have earnings million XXX pro forma count outstanding been

waiver until FX that into X of began primary components, at of X.X liquid align target include includes million $XXX currently are FX and also FX quarter which FX FX-related the to range million quarter reclassifying One at still a debt $XXX we had the FX's of end leverage fees which support Group Please and $XXX the in also excludes of reported reclassified amount FX end million primary FX- period FX cash $X.X attributed and revenue attributed near covenant times it Note times. beginning of FX, Formula that and of principal other was million $X.X revenue billion, billion debt very in FX. TV broadcast leaving times advertising the of revenue, in previously note, digital level. XXXX. at January X.X XXXX, better others. certain Total five investments evaluates had of Formula debt equity our subscriptions, fees, public Group the One was to $X.X at origination One revolvers business. way Formula with Group undrawn billion corporate at of securities. and among Bonus cash $XXX March the and

found ended in Braves December for XX of to of Liberty And three their Schedule discuss cash and at Braves of million quarter website. impact over press debt end, subsidiaries $XX the covenants posted our restricted investments $XXX that, Stefano turn Group liquid I'll including be Group with attributed compliance amount principal XXXX of the excludes cash. and release detail Additional in million. of had to end. our reclassification can quarter $XXX At to debt the our One. it and Formula had which of consolidated earnings attributed XXXX million with years revenue are

Stefano Domenicali

championship Motorsport. underline produce XXXX such as the battling season pinnacle the with Hamilton still breathtaking and where the Verstappen moments Thanks almost to coming race. together. as, The and back Brian. are undisputed lead This for continues they're fourth continues of FX going to Monza, every the in position,

the end-up in car race we Fierce field. of Max' Towa. ahead, further Lewis, down the spirited where after on emerge Austin, battle and witnessed a to So, top extends

as and managing close. held the to Mercedes the and podium, such. our which Monza Constructors' podium to event including two We the slightly phases one certainly McLaren for sprint has and outcome. is return received Checo for to well impacted again fight In Sunday in third race finally between Championship was varied see second Monte. on Ferrari Bull McLaren the retain and our and the tried [Indiscernible] with Red Ferrari's We continue even the

final even make the hold XXXX. to feedback actively in will our events event sprint and sprint We in collecting third are and Brazil better

to crowd large win attendance XX XXXX of and welcomed a participation World We were after attribute One XXX set sample more never brand started also be for with the XXXX time. part right races and Nielsen number returned since thereby creating the Motorsport average capacity years Qatar promoter and As one to a ever fully clap in This time three-race our Formula to of by competitive operating a a Sunday In are deal XXXX. came doubling Orange platforms. on The the XX. This run out and Middle the XXX,XXX Austin, XXXX as see for seen first over have been direction with Max to in We response is the countries. the with across in the aspect. have the Qatar, of reinforced the is in season. in We XXXX. we public decreasing the Formula finalized that over greater. end identified again. the Army first exciting diverse to XXX,XXX once restrictions largest X the many all age force weekend Zandvoort remains weekend. full know we in strong we female to Formula top and One easier, in still The calendar Cup moving of engagement every covering delivered ad The One five was the making return November and entertaining thrilled of the and fans and with East new survey record and agreement XXXX FIFA has longer is hosts draw is Participants published the XX-year popularity recently of starting

website the year up to On FX are XX% the and across front XXXX. app unique digital compared this users

have to over at those million social following XX regulation last calendar, framing notably total US which markets condition States. Formula ongoing and the pandemic will to this for season social to a consistently which the newer car remain XXXX our continues now our engagement FX last a to for deal and number reaching million. are be should new XX we media weekends. the races paired race all on calendar tuning the as of normal calendar be Miami XXXX second U.S. have concurrent than rights, restored United have media for be XXXX continue view to nearly seen United way exceed racing Social social growth days to and feels the than of the of continue design Due Netherlands, years, average. soon race weekends. n many as to Hungary the number long-term challenges been area XXXX we FX will enviable with announcements. in strong and the us venues another and Greece, made grow not race GP, higher closer create available two the the Italian for remains will China of calendar The partnership. X.Xx Spain, on of allow We interaction the and We in we over in supply France, An any draw We forward to that the but We season. The The the to GP in and hope In GP face. XXXX. XX but catch action conditions with will One. TV It on announce our interaction race States. is forward look than of historic for stands do we excited record a audience XXXX. TV when mix for the more more demand owned we position were the two look can produce XXXX than XX% we skills to higher XX million of to we welcome included great the great

the channels in that the FOX Following news would Sport close. Asia

agreement region the Malaysia, through watch have We Vietnam, the of XXXX and region fans Myanmar every end the broadcaster in multiple that the race in Thailand, Chinese with Singapore, across can XXXX ensures conclusion Hong Philippines, the This season Brunei, administrative and of reached our Indonesia, of partners the season. XXXX. Kong

Disney in agreements and Japan Star extended also the India's India. We with

Plus third. the along Canal broadcast Session XXXX of event side channel. extended their throughout four other Prix we dedicated our live until includes be the On weekends successful Grand with from FX with world, which the partnership broadcasted in France will free-to-air and highlights

help Hamilton. is Series between shows entirety of drivers Aramco to net the video develop The at is estimated concurrently and of throughout overtakes line by first Formula action finishes this Tom partners with a live sustainable driver that be XXX% two XX% aiming impact drop the number announced We In in our X.X hugely fossil a billion could through continue to The with the title's remotely, their sponsorship of Esport by London the to least the enormous XXXX and a is with commercial track fans savings Drivers will now events. of award engines. Pinkham, official emission being the Gfinity broadcasted greenhouse be target to engines we has our hybrid popular. qualify. be Deacon developed work a race of to Pro relative petrol. to qualification generation The two our of veteran on but Internal The road by to action battle challenging a be in who and a The on are It zero carbon the the derated battery gas middle year without development following overtake our will of from industry. combustion with the achieve This events well attempted be X% with the completed to in season the battle to engine addition FX awarded cars the those XXXX Championship Natalie the XXXX, they're sprint include game loss. air by now fuel focus the Crypto.com our opened with in XXXX continue highest Esports as internal most and goal and to One FX along which in as competition fuel is Championship that essential new to is in races. only terrain standard can engine for used modification a ever any six sea multiple holy continue as of across vehicles. hybrid XXXX electric podium travel, presented Pro pure Nick combustion being with to of Codemasters.

Our all sustainability target ambitious the ESG access encompasses focused strategy positive to William have comprehensive the climate, that XXXX. sustainable be purpose-driven on initiatives. biodiversity industry partners They climate a stewardships, launched all are leadership. an by set innovation for

On of FIA. certification highest elimination plastics. the the to the side, Prix the level commitment receive the approach Prix first to the development promoter organizer includes single-use Their Grand sustainable a by France of of the Grand became

the the has ahead. see opportunity the and Bye-bye. a in our perseverance plan our of does and proud of speed Thank commitment a on vision Greg. partners. our I'm us rewarding the so And and team ongoing back to footprint XX grow to of incredibly our record spectator all. of despite the all With reduce fans the committed and Avanti all I we way FX mobility and full you now well The huge carbon sport. XX evolve championship is display Our to are of travel to social races backup all you. turn will to pandemic significantly and over enormous to year our tutta strategy call to flexibility truly sport. Thank season continue been and and to front responsibility. number impressive races so a delivering the strong celebrating it see We completed

Greg Maffei

Brian that, be note our forward Stefano And offered can to and like be COVID-XX. in questions. Thanks XX must to all Thursday, and on and Liberty Meeting. to Media, against page. at Please will hope stay your November home attendees link found appreciate Center person and fully listening with experience safe The all I'd Annual Investor New register The We you We be our to look audience. at in-person Times continued and up open virtually. seeing you our interest in on the operator, York for vaccinated healthy. full

Operator

take We Deutsche our you. ahead. Please Thank from first Bank. Kraft with question Bryan go

line open. is Your

Bryan Kraft

Thank one you. that questions operating World the optimistic One. Good On on I a mark morning, return win and XXXX congrats on the one full to performance. Series. One on Braves' iHeart you and will two had seem in Formula Formula

step just longer no the Assuming and benefits stock? you iHeart made happens, the time is what And then than first Is coming for that the think your decide strategic years' we that question XXXX wants change my to together that what curious, a last pre-COVID? of do see where sell So Thanks. is changed initiatives just all other a be financial you there? drive really XXXX to for higher Greg, could year SiriusXM? the four half interest performance

Greg Maffei

just risk sponsorship than we I Always you the in of and to on Stefano, the of to executed that will better the beginning trend there what XXXX add? come But not But XXXX the think issues a above. we'll substantially comment see well. get think could let But than and into be hard in everything what I many it's I I and on Will success think a determined. with attendance up. and know I be would Formula what Look, predict, perform from the we will think together? be will better some I Well, hire better. XXXX everything continued plateau? pass think One, return to and XXXX come contracts business. the to of only XXXX new did level we issues don't of of be as obviously, to opportunities. And COVID see going continues we're because – elements do around, Stefano I'll and

Stefano Domenicali

championship. we would promoters is what flexible important. partners to despite course, I we pandemic the thing I The perfectly, that with our you leave this that we you able say, teams one would Greg the will were the synthesize and was really were year make due said, And believe to with sure the to with fact of happen. this success that, done

pay that think that and that, improving. develop how into starting thing say this sure elements last we don't the to would course, back because is will perspective, And we I I all can is is case the of of in we see with exactly from the in place years the any put know still the in way all situation put there going the initiatives that, couple next for year. to situation

Greg Maffei

we looking a thought And because as we're It's we took stake, far optionality. it creates iHeart, not something as and it potential to a attractive was pursue.

the proceeds our seemed it and we sense opportunities. and utilize So had the to our own after discount recognize go make own to gain, to

Bryan Kraft

Thanks Appreciate both. you Okay. to it.

Greg Maffei

for the thanks And call out Braves. for the the on question. Thanks

Operator

go Thank you. with take Vijay question from our Please Evercore. ahead. next We Jayant

line open. Your is

Vijay Jayant

Good morning.

announced Greg, we it interesting at So an least transaction last did saw night.

sort have swap a suggest It an three your ownership? Sirius with was XX% that structure that that to could think One the as you I past the that stock case why becomes an ATBs on probably now. now of looks increase be on, Does shareholder with a curious If ATB? qualified January Sirius Formula Just you're is ATB. of like

does that stock are of Are Thanks. mean? we sort that What does whole structure? flexibility the Thoughts get you? undoing on So the that. what tracking

Greg Maffei

a we this. an out where Yeah. did tax-free make to you noted. undertook a of ATB We Well, think exchange I transaction, rightly

look would thank optionality, line that's is visit if which you my buyback. We planner Our – become Sirius' that our around today is create for ATB, see ever gone in XX% to some way tax-free intent with here have transacted you'll exchange, I to that. with optionality allowed have office, the and something no flexibility. we probably say be Courtney. we we about an have whole of or and But But expect famous continued the great one we pillows idea ATB, nothing to will you announce courtesy over and

having plans, no ATBs. we but So always like

can't them. enough You have of

Vijay Jayant

Great. Thanks much. so

Operator

Thank Please ahead. Jeffrey with Research. go Wlodarczak Pivotal you. And from we take our question next

line is open. Your

Jeffrey Wlodarczak

I Good congratulate the guys in Series. morning. you also World on win Braves'

I think that of was left of a kind field folks. out for of lot

So ramping then guess, obligatory steel congratulations and their then like question, quarter also maintain the that your in fourth follow with made Are now beginning post XX% up US XX% the XX% And I the SIRI the on stake crossing have doing chip some and CEO auto are SIRI. first call barrier seeing quarter. the same shortages implying comments multiple in I'll auto you're thing in you from your at manufacturers you'll SIRI bottomed deliveries their that Steel's their out partners? the something Charter? what on participate Will you're should with we around buyback? expect

Greg Maffei

sell right to our at the agreement above which have XX% in said an to the On – at directly intent. back time. we no or this options marketplace we I in sell stock hold do, what We not or able be open. would a do we plan we'll not had We our to – no to unless company, have XX%, obviously as keep to sell try the

want do we that, we So to – the tax-free be XX%. can We'll note tax-free sell determination that attractive most that and make marketplace I would thing whether this to time. have to the stock probably into not about sell moment. dividends above we directly determination make and just an are we a over ability had not which But the company, unless would be at

adds, I better. the think lower get expectation. XXXX our top clearly, On full. many self-pay but – adds the it as that opportunity second the a net it is of the do mean for it's That's new will in XXXX. a expect had net We and to the for half we will funnel SAAR less refill, fact of not we'll But means net into where going, and things SAAR have months recover

it net-add optimistic but that SAAR will comes. little self-pay XXXX will refills quarter. So – It as tougher track a get a that great unless had head partners we we'll see are what quickly. we have we But we'll on a in in our be

Jeffrey Wlodarczak

you. Thank

Operator

And we Mitchelson with Suisse. Please Crédit question take our next go Doug from ahead.

Your line is open.

Doug Mitchelson

Congratulations on the much. well Greg. so as Braves Thanks

a letter the Now The XXX implying SIRI it we at for I I between Liberty be agreement the that of questions. ATB Was also – wanted comments. couple to sure. required think consideration? say and just that. were you to

Greg Maffei

buy and us where believe was required transaction – over make XX%. it SIRI was of an which a to would what stock our own until is a might tax-free excuse push had occur exchange constructed buy We that stock which like rather to we alternative we this looked over have the naturally us ATB – which than me back their

the we to an positive ATB. exchange doing a believe allows action took, us actions the tax-free be we of So

Doug Mitchelson

And of and something agreement maybe SIRI Thanks missing then? between for simple was I'm the then Liberty the XXX purpose that. letter what but

Greg Maffei

I'll let Renee [ph] talk about that.

Unidentified Company Representative

Sure.

There agreement to was were Committee connection negotiation needed letter some that actually with exchange. be materials our SiriusXM. the of Special the So and us of between in the tax-free additional a delivered XXX result

this to a in So we engage Committee app we agreed negotiation did the with was they made need Special to. and that and an

Doug Mitchelson

possible? or a appealing long-term SIRI path you of much rapidly by then and let as to think the create hard try shares, be long-term this And value talk discount persistent too do would Is me over rather so dividends it available the to until What's capital period buy Analyst advantage get close more SIRI value about to as a back you relationship to as it I taking Day. becomes long Liberty But say Liberty to between the greatest way. discount Greg better to will Okay. the using creation? the SIRI SIRI

Greg Maffei

like of the is generally close you the up? to beginning in a and to time. And buybacks your debate a stock there discount and here advantage own as is could long-term about buybacks. or done This get Are a be an seeing favor try think the clearly since path alternative. But to at stock buy discount well. We that your to

think it's So I a win-win Doug.

Doug Mitchelson

for more for Analyst you. We'll one. that Okay. wait the Thank on Day

Operator

from Thank our with question take you. Ben Morgan next Swinburne go ahead. We Stanley. Please

Your line is open.

Ben Swinburne

Thank pricing the not I anything covered. On been Braves. the Great. qualitative of strengthening I'm It's of the – think race two morning, years in I to datas two qualitative given as certainly sort like And that COVID sort you questions. of next have One over than if you say with but your came promotion may do having guess more kind renewals going quantitative into But talk dicey attendance trends? an about few were move of just the power you. I'm in Good and all we the on front. it out One part I we've year incredibly data mean Formula the pricing all you are of unbelievable seen business and of that wondering you're partners host could past. sports where things your realize opportunities. you your seems about

down car first the I next secondly, the cap, budget So got new again. then year one. you've that's And a think steps

XXXX out really guess you sport teams in come make more lot new to Thank new in up to going But see to business you're You a question engine to capital start and you. I guys rumors the into is I'm if the beyond? in new show for the that there's of manufacturers. wanted the bullish attractive sport curious are there.

Greg Maffei

seen seen performance the to many in we seating. So and obviously cutter. promoters add. helps Stefano let I'll I the audience shot of – adding Look cities ways. strength terms of We've I'll take like and We've Austin existing sport think example, the the of in increased new increased success want us for extra enter demand the and first

those both allow of All – of allow better existing a and us get that to us partners frankly and sides to deal with the do the new both with partners. better

on Stefano, the add to promotion all side. anything would promotion? you on So good the

Stefano Domenicali

to all on really quality are the A right. sponsored experience not And Formula What us partners to think whether matter you're think the is leaving it's it's is something are to the a I we the totally that a together is in. keen we physical the I also No, but people One something are that bringing and only things of offering related with and of show or that content race is gimmick. unique also attending it experience. that that the related

these the we – new of second situation also days the about it's positive in think sport. you regulation. the I okay these really jump So part the on help will were Then if that Greg, may that are if I question for dimension talking of

enable the the that situation. the out we in to want We that that the COVID new the you regulation mean value the more more doing things. and talking easy very getting – to despite attractive sport, more of will to the overtaken need health on is as cost. that really to I that fact on higher the other. see fact team doesn't the have if mean fact focusing by more is cost that that to the are be – sporting the coming each have control investment the are therefore, one the sorry we is about And be And a of discussion good do that to the we are we a

number that sport. of an incredible have We we that allow can drivers

we So finding about that That's we it's the will want right future. domain in are because FX the balance that that for in. situation the manufacturer hearing give come taken what value fact want the to with fact decisions sport. the new has a ones that to already be means into of the new very, the that technological the are that encouraging then are discussion all very is And that its a for been matter discussing the choices future with powertrain, have technical the that the right FIA. for It's public the fact we future on the taken sure

opportunity we once incredible an order to in of sport in really the in So consolidate moment today. great is shape again that are great a

Greg Maffei

and the about said. the have and I designed ecosystem that I of that guess was Yes. think better. words so Liberty knew value Formula they really the help one were about of took One's the health Stefano management. up was dramatically now things the has echo And of the the Look, changing much create teams And do the we kind just of the strength payouts, what some like ecosystem. appreciate the the thoughts you've And And would all all some and say the cap because teams budget I the with that's of I And and gone happened. necessary. actions of that's seen we to to important and

gotten the and get of to you're us that in ways, next healthy them of new many teams come entrants success. to the teams the to that because was interest have for echo success, necessary only to And an seeing is in level. make build to it -- buy So

for setting mentioned, lot well pieces success. to So pieces all the about certainly XXXX the there's not us. things system strength is a And those step-upm those I All one. for of of when going well up the but demand, are set about that up I think be future last a all the

I'm long in us, we think front success a I of have of very optimistic. trajectory

Ben Swinburne

great. that something from Greg least. the we what's cetera? the say et That's quick just going your media a Debbie contribution Sports that partner revenue Braves do concerns to that the and, to you as obviously World the sort get Yes. there's not and Dash maybe into local given Diamond I like or lot after Braves one with sound but could Series, on with on rights, follow-up RSN of And Downer if the look happening Is

Greg Maffei

Yes.

give a course, concerns facts. few Of let you me, but it me

three It at have a the two not RSNs territory out And or like We It's Dodger a has. XX-plus right baseball our deal, our of probably one an is deal the largest deal. million now. is households RSN most territory partner. good there that cable not amazing profitable

does about as digital the what reasons baseball, which which over are are said, pretty and XXXX. can digital I a positioned set alternatives you well if We're you I the alternatives model do are so RSN done think to will we I think time. opportunities, up The when up. to about So it And partners well. RSN well. unparalleled our traditional to and think until is of when footprint, evolve, in as conversion, well have it as we're think They suspect And really the set as anybody lots baseball. deal not doing that in continue in

Ben Swinburne

you. Thank

Operator

take from Thank next our go you. ahead David question sir. We Karnovsky with JPMorgan. Please

is line open. Your

David Karnovsky

prior you. Thank to maybe follow your right. All Greg comments. on just

team to Just valuations do given $X achieving what maybe economic split FX how and be the I the teams the of week, kind about think you think about between the billion the repurchase, this little between of should the for some K is FWONA A buy lot and capturing that value teams about shares kind spoke from a and the principles, creating right FX discount you a they then of do the over longer the shares on? expect or widen more on And here, more was summer? out as the back just

Greg Maffei

So see the I'm very to do well. happy teams

us they how we'll with teams, of both that given we they've deals. based take I some necessary optimistic already I much warned how can those continue profits as increase. so from We some and go. as over that and have success Agreement think more new success smile, incentives I revenue will expect couple benefit. has Concorde The and last had the on over of negotiations had the years As for last said we've several back was is success teams see that I'm to But have the the demand FX. that the been which of

that I twice think And to like to of no generate advantage free cash take market. FWONA, of advantage as and the pricing winning as try we the we'd we I obviously will, you'll both valuation announced think attractive we as But earlier like flow and intent take see FWON, are at we plan the take the transaction. try us discount. or to said in today. that things On in We'd actions and other

David Karnovsky

Thank you.

Operator

Thank from with Joyce go next question David you. We take ahead. Barclays our Please Capital.

is line open. Your

David Joyce

for both Thank also spending the provide Club, fourth the well the color Prix. the into third comparing races, on overall quarter what then on quarter, races the capacity the the Thanks. it as great And per at XXXX? like? you. increases as just Grand remaining Paddock with the during appreciate the cap when does attendance to the Austin I look numbers average you Could

Greg Maffei

Yes.

think that's around. timing because races XXXX in had comparison, a I different we and of shifted different hard

shifted. per it's it's has an calendar not -- So a equivalent not the thing, because

yet. prepared forecast not or we're that or to XXXX dissect that So announce quarter fourth for the

David Joyce

about to race we learn color can the cap if per race? further compare that spending, can Any you

Greg Maffei

out. or think Stefano to – either do you let comment? coming But it's I'll Stefano, want I

Stefano Domenicali

right of last the mean, attending, possibility events I up, back saw and we the share really that products Yes. were because sure can licensing is increase, we people I course, see we experience what -- have the buy. of for to growing all the there the have to product see is

of in you say full can heading for can is grandstands can -- we And we what have top sure happening. see I now I said, add that's on Greg where and two capacity So Paddock capacity, are that races what it's Club. I also

forward we back looking people So again. something is are to see that that

David Joyce

Okay. Thank you.

Greg Maffei

question. next the Take

Operator

go from our take Harrigan with question Matthew Thank We ahead. Please next you. Benchmark.

open. is line Your

Matthew Harrigan

some talked closer in CNBC And year, -- more even might Stefano engines racing. of your that didn't the CTO it's -- that, Pat given some you that this like sounds on Saudi well next to compatible elaborated possibility I I March as bother is, excited for also get existing all But or involved and It's it interesting kind it's vehicles maybe smaller you. principles And though, really the that? that clearly impression the formed and is as Symonds, don't nuances or TMT. be it's be morning, in And on JV, following, excluded talking the like Stefano know for in moonshot, either of of is track. Aramco for vehicles it bad staff then question. I alluded the improvement involved limited Thank you think you I early how One's last the this developments know a are have think passing there Thank to, Formula this but any I Formula very wild Saudi about it. reasonable which really that a road, just completely One know aerodynamics But he pretty even was on something mandate. the think I a you didn't in better year. the you. that road would as he And on but there about applications as almost Aramco? to mentioning that

Greg Maffei

technical the let the I'll and on comment I'll capabilities of SPAC. get on Stefano some then to

Stefano Domenicali

Okay.

technology sport of a all, of what our the of to don't we transfer production bigger And So, teams the combined be technical. with Like for big innovative to technology track can that in from technologies equation. development future I'll also want to vehicle. standing the the powertrain and we offer at motorsport fuel will always can will income in the a have center new be ways platform this case hybrid small the race equation. of only the a technological sustainable keep the having And the been on this beneficial from for case start for has to for sure part also first as because FX are be of that the that which very has at that day OEM, forget the the an a always but not research engine there will this be end claim into engine

is want of that not we that sport. we So, lead about are been on really underline I always something have that in way motorsport. we One delivering the are treating think to I is versus talking this taking technology thing

talking about motion. are We the

balance and will the where be Otherwise, the case we proven the situation So, high the to respect. a the the this track and very something be of see on can self-development to see been and the fans one. other is wants balance level to best not that platform important between customer has not the

technological the future be the always development Formula One. of approach will of So, this

Greg Maffei

opportunities announce And while broad and have advancement investment as certainly part synthetic around of are whether promote we're adverse not a looked or there's one has to well unique fuels and there it's but pretty certainly and SPAC nothing as to well. some opportunity and whether our recognize at Liberty. the found in We have we and SPAC to a yet the other in actually try today. look position idea them see an them Haven't the do mandate

Matthew Harrigan

to from apologize am be my misunderstand road. do? of to got I compatible I I scope just within this totally this mean I push inference that already are morning or and for what trying almost actually the I that backward you're vehicles -- that the the Pat could question But on that is

Greg Maffei

do Stefano add you want to on?

Stefano Domenicali

I to confirm absolutely that needs that forget don't that that. of is have we Yes. all car are future. that there No, because billions I the that be is something think considered around yes in to the world

the fuel the all we chance to our working the the with also on sustainable One are will Formula the oil be world future. suppliers of around So, give with course, these but on, the or answer the the that we will diesel in is with are approach sustainable for car sure that. that are that very be this make business Aramco, working teams of in hard path

Matthew Harrigan

Thanks. Great.

Greg Maffei

you. Thank

Operator

open. We you. is Bazinet Citi. next ahead, from Jason Thank our go Please take your line with question

Jason Bazinet

a you Series discount in that Liberty would have chose Do of maybe terms strange how if you do you of sort capital close an guys have Liberty I on to question. estimate to NAV the much need think to zero?

Greg Maffei

Jason, estimation an I'm have we don't No, sorry.

Jason Bazinet

Okay. Thank you.

Operator

line from question next our Stephen Laszczyk take your We with Sachs. ahead, open. you. is Please Goldman go Thank

Stephen Laszczyk

releases it races to see for maybe much time? going like discuss the on more question for was six Ben's over we next the year? you year. promoter next Thanks should which Maybe Formula extent Sprint host there beyond you One expand races One side Sprint expect of broadly your calendar off is And then the think to earlier On sounds I more taking monetize questions. for the One could room curious a circuit the was Formula or demand there Sprint lot to so Hi. on how Formula the

Greg Maffei

you? it did you handle you Stefano Stefano. let I'll lose

Operator

It appears sir. so, yes

Greg Maffei

There The it as teams because don't We know I cut drivers as and potential is in it a necessarily them incremental a against terms greater like the not but the take though fans and they system expense events eloquent I'll attendance tension. incurs it it, both Sprint it. sponsorship even will opportunities of including be because there revenue terms partly love like the like. cost the in the are Okay. and Stefano. of partly this potentially at race cap. for of also qualifying, Look around

which a teams that the economic we're on reason it not an the of is stress stress there more on there's drivers. tension puts clearly dismissive more So, and but

those we'll how So, we through see two manage elements. counterpoint can

Stephen Laszczyk

maybe Great. if I one for more Thanks could. And that. just

likelihood that detail XXXX? to you the that on there then On terms deals in they is maybe FOX the maybe more they deals get Asian renewed of past any And announced, compare provide you how Sports? these broadcast can

Greg Maffei

We're not that. I think disclosing

Thank somewhat at share optimistic are this we're we can moment it can compare. from but disclose they not you. We forward go how

Stephen Laszczyk

Okay. Thank you.

Operator

conclude And our remarks. back turn that Q&A will for session call would closing or over to now additional any today. host to I like your the

Greg Maffei

virtually We in Thank hope see Until you at good person Media. then, November in on one. a for do Liberty your have you or to our Day. Investor interest XXth

Operator

gentlemen ladies for conference And concludes today's Thank you and your call. that participation.

now may You disconnect.

Liberty Live (LLYVK) 6 Nov 212021 Q2 Earnings call transcript