FWONA - Earnings call transcript Q1 2022

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation’s First Quarter 2022 Earnings Call.

During the presentation all participants will be in a listen-only mode. Afterwards, we will conduct a Q&A session. [Operator Instructions] As a reminder, this conference is being recorded May 6. to Officer. conference like Chun, to now Portfolio Chief would turn over the Courtnee I ahead. go Please

Courtnee Chun

Thank you.

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

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

Greg Maffei

you, Courtnee, our to Today. and of Thank all listeners. morning good

and we'll also President Brian Financial Liberty's Domenicali Stefano and call and Chief the One's Formula CEO, Principal have Accounting Officer, on Speaking Wendling.

free in gross special million convertible of through the including our the We, begin special tax bonds, from we first dividend. received that nature and pass dividends Liberty had SIRI SiriusXM, So the $XXX of dividend. regular quarter million we with of I'll of because $XX a to

our a much repurchased price $XXX of share. repurchasing through as LSXMA/K on April. can. at about and repurchases remain as those continued discount million We from February we look We XXX disappointed Siri to course We share attack with the of it a across

very focused are for shareholders. long-term We on creation value our

churn ARPU year, financially Now looking auto at market. the SiriusXM X.X%. a wonderful we had And was record well monthly at despite solid itself, continue perform Revenue challenging to start down X%, up to X%. was up

penetration for car here SiriusXM a and New cars in XX% at US. million fleet enabled the is of XXX is now

due in expected Research, in Edison on increase available exclusive the rounds. SXM excellent with demand beginning we four providing month. media the podcast content. year's XX the in by self-pay the we this podcasting and net to programming ad of SiriusXM I'd this Media addition Crooked channel podcasts and challenges also in partially four is masters, dedicated the the to provider down listening and SXM across Also to to digital, ads with As was network was named strength This top one across according we subs the first of streaming the and offset platforms. [Indiscernible] for the ever in number [Freakanomics] represent were country launched market. audio all all our XX% a had digitally auto slightly note our

is GTV and best including AOI first quarter up Live’s record sponsorship XX% is up and master XX%. by ever, Nation, give Live ticket AOI another is quarter XXXX and transacted compare the Turning to Xx, up

over committed. XXXX ticket is net of XXXX, record we've Concert best already pricing fan tickets fan our double growth sponsorship XX% for to and concert million expect a double revenue due versus digit digits demand plan XXXX. over already expect We seats. XX is the sold And up

on Turning season. thrilling a to Group, at corporate we and to shares FX for Formula million share XXXX $XX start One side looking the FWONA the itself repurchase or $XX.XX XXX,XXX

far year we've on producing viewership spread podium battles audience be So regulations is the versus forth the in qualifying The had brought who back qualifying XX% event will working well weekend. results with up and sprint The numbers. at each new and Imola. strong the the on last Imola is exciting and format

The record the were was required the Bahrain viewers race US in that for up on the ESPN see ESPN early and most demand in viewed the XX% both race also and since in We Sunday continues you Miami in Saudi season in of United the about course, Las heard Vegas for GP. XXXX. GP can't not have And this Formula One inaugural of XXXX. announcement the November with States race the momentum weekend's our

the it’s at Sponsorship partners, the to you circuit local I more progresses. Media with night group with with to year. you are purchase level. year and in look is in As I CapEx acquire pit including two to Foxtel off commercial with we and second support to start numerous One but exciting provide The transaction enter venues, numbers by and strip. announcements paddock. and capacity million, close funded race XX this in we One that lock announced self-promoting track race too and Live the Formula down the most new other increased it would the quarter a on in that note and this we've in noted the side partnership Canal+ the an than develop on an later for agreement race the will will extension be to for new update was be acres including right We MSC as in and before, Australia Among $XXX expect Formula deals Group places, forward and OpEx price that'll stakeholders hospitality Nation. design Salesforce, announcements media several to and hand build east And out year differently the create require and Liberty Media Liberty France. global cash this strip early intend to and of will notably did

We forward of Miami. look to this also some you weekend in seeing

Turning completed the players. Champion’s over how with the the Braves. than Championships go Series showed XX% of XXX change way World less and games. We've a weeklong rings season. World can a to including celebration, season to this last started We season long delivering far things the It's

as we we turned days. of the did are maps last the the at same last hovering split At a couple that know record over least And out. with all We how year. around manage

year strengthen the addition, the [bullpen welcome native, signed we [Indiscernible] Jr. with week. XX in and Back old Atlanta we're thrilled We are Janssens] excited this about our to roster. We Acuna lineup a Ronald

already performance financial it's in While season, been incredible. still the has

ever, Going first for multiyear delta our highest of time into jerseys. been the ticket first had few concession premium more in club. open retail sales We have the our season, we selling our season than home renovated including stand seats two program strong Gold And the for out all the sold and decades. of out sales and most

still you late fan Digital three impact games There'll sale debuted for league also was away Truist completed future teams. in in and last Metaverse engagement. final January, expect March. we full news. since opportunity April a know, We, in the game start signed As a And minor Park were exciting XXX CBA of the the from In we be games, minimal the season. undoubtedly new Braves

of, when Turning think opportunities. difficult, interesting which for continue report at does very results. Obviously, briefly something would announce is today. I'll Wendling to look note some I our to with to environment but many as it LMAC, nothing we’ll us. we I we favor that, on And turn over And have more Brian financial the to

Brian Wendling

and At good and settled the exchanges approximately at morning, undrawn exchangeable Nation Nation at margin for $X and capacity funded investments $XXX cash we attributed million, January, There's everyone. SiriusXM cash our with and level million, also loans. Group related In loan billion SiriusXM. margin excludes loan of parent consideration has million the X.XX% which margin of total quarter end, $XX held Live cash Greg SiriusXM you, Live liquid of Liberty of $XXX to bonds draws. of Thank

Liberty the $X.X and Live held billion was Xth, billion. May value at $XX.X was the held Group of value stock Nation the As of of SiriusXM the SiriusXM stock

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

was attributed cash held of liquid One and at X.Xx $XXX at Formula $XXX range $XXX investments debt Formula Group $X.X million at of at the cash $X.X and the attributed One Formula which of the Total Formula quarter amount was within end of than of quarter revolvers Group debt Xx. includes target corporate of million million had $X.X our leaving leverage Formula less which One. One public undrawn leverage billion billion, meaningfully end, level. billion FX’s principal One, directly holdings excludes monetizable

quarter of we end, waiver. period in are no a of longer covenant As

OIBDA, Looking digits digit, thereafter, single digit One, increase, the in a Formula of single items cash next at a be to as on rate effective of a modestly tax UK Formula double result estimates to and One cash rate low increasing XXXX few its percentage in tax year. adjusted XXXX,

activities and undergoing UK broadcasts staff media UK, in project Its Hill based. at Additionally, to Biggins technology a related Formula refurbish currently production upgrade. One and is the center and based which are technical and other

in in on any million the that CapEx CapEx associated support elevated which Formula the year. this next provide just in the One we'll in the will This of as incur later year. Vegas And expects launch excludes $XX approximately remainder the with necessary of mentioned, Grand Greg Prix incremental recognized half and in XXXX about updates to project, Las be --later to CapEx XXXX.

Team calculated EBITDA. account payments EBIT adjusted costs used price was the agreements the depreciation CapEx EBITDA is rather calculation the takes bond than calculation. in in which through previous on take that under The current which such variable based form adjusted reminder, Concorde a entirely As that now incurred measure the now an Agreement, FX's is including of now adjusted

of had $XX Group, million which attributed quarter attributed end, Braves have million. Finally, debt principal amount of and investments of $XXX they at at of $XXX cash million, Group the cash. restricted Braves liquid excludes

you and that are mentioned, our Formula results which in later January. as Liberty of on I'll disposition at league our the and see As the And to first quarter will additional sale discuss today. Greg Braves that, quarter are financial debt the details in completed compliance included get in three their Proceeds Stefano it consolidated subsidiaries turn with over in minor in with can a XX-Q teams One. covenants end. our filed

Stefano Domenicali

in Thanks, Brian. I'm Miami thrilled to this morning. be

the is the more drivers strategically race first times, weekend. to Slam to Prix. and opportunities forward season cars them are that and trading final the racing a for As about the multiple and for and buzzing weekend have the came event lap. in cars heading for improved sprint off looking greater racing. Bull Grand with securing excitement, the now laps. making the moves. our to wheel turned resulted think season qualifying of few Miami to phenomenal have be The follow fastest set down Red extra many to the we held before to is The a winning position we Imola Grand enabling the in regulation more The back point The out sprint inaugural for It both wheel with start. and The XXXX changes we seat is closely,

same we video XX% the GP season million versus Imola one XXXX. this Sky a user of Emilia The XX% the that Imola saw engagements, strong at US. Prix million, on to FX increase of in in view, and recorded in increase The platforms, Brazil, On Grand social sprint XXXX. versus XX and in in up the minutes first a the versus XX% in XX% total recorded qualifying XXX XXXX. With weekend Italy website at unique compared audience growth Sport X.X XXXX

continue real the Red Championship However, are has racing at we points. is Bull to expect of create the strength ensures Driver’s by far season and [Indiscernible] front. the which the close battle start up, the catching season and with and to Ferrari, the so great XX leading shown car

has the new construction continued the As to cars. refine

We expect great more opportunities for across during the and racing grid. surprises the season

not be Russia As confirmed on in will in our September. call, last we racing earnings

and and on sell full attendance times options XXXX We The in numbers. average. was Saudi, the had ticket Australian Melbourne the and fans history other in sporting the on advance is back through XXX,XXX the race everywhere suggests The X.X information over audience fans. considering more is with million weekend certainly action and ninth $XX.X are Saturday we Strong four Grand in in of the of remainder Sunday the here record XXX,XXX We US, Prix is see huge had series to In average highs cable spot in currently were the second brought outs Arabian average of of drive oldest and continue are track all Prix to up Saudi ever may with most in We XX% survive, fans the the to season highest the in sales season capacity. we Grand for themselves, response viewers, soon. the Imola, versus with the announce season, weekend the yet. to Bahrain, races million drawing thrilled sessions over Miami. hope across main the the for popular almost including the season of largest

the was minutes consumed drive number hours fans ranked to and show countries. XX survive, weekend, opening the On of in one XX

towards Grand night in growth November of will operation demonstrates be speed announced think our of of This season, we that XXXX strip, Las the and perfect down we the Prix more Looking appeal cannot Saturday a here. glamour. US the sport Staging debut the marriage XXXX. Vegas huge and of a iconic the race

hotel hours saw in one fact, promoted the Bowl Las us believe the for will more the globe. other Vegas period social four He so official these role anchor for and generate lead as with their XXXX across Vegas media any race. take to us in In XX announcement wins resort, history. provide It also following activity is reservation valuable times the day than announcement the We that more requests precisely opportunities than the acting this insight Super room announcement. on promoter

and the and to As we Greg side, mentioned more on this both CapEx on this plan that this will year. require investment later OpEx share

through that to Grand the race started Emilia gain XXXX. as on they we announced track Romagna side, we Additionally, the extended Prix more

technology sponsors, pleased joined progress several global has the partner with deal. commercial as us a in the in space, new are including areas, multiyear especially the We made other with our Salesforce in

under XXX XXX with broadcast we our to addition engagement by net deepening XXX to Technology made Formula the in carbon at million the venues will zero freight the our Center and the ESG FX provider volumes front the video In they footprint the enabling around territories. will march We've milliseconds, reduce Communications broadcasts allowed stuff of than XXXX. we fan return medias as us us and insight XXX move fans toward actionable of feeds our traveling over our channel to and in great racetrack. One, the in Tata goal operation emission as between growing in official transfer more reach connectivity UK and XXX our remote XXXX on to already of audio facilitate strides base, as here gain and the are

use on we technology worked the will also their and official our We Lenovo partner across operation. an as

augmented as generation hardware such technology virtual We premium will next selection of their and extensive leverage innovative reality.

official a fashion announced as with become pleased premium the ship on Outside renewal in announce and the expansion also plan a Prix of partner premium with to projects and around supplier multiyear brand work for application deal with a One. Additionally, Workday, Red Cruises and together cloud our apparel AlphaTauri, during to human the inclusion. And we leader MSC Formula the We space, selected Bull’s weekends. we portside diversity has were bring enterprise of Grand partnership of global will they and cruise global finance resources. fashion Lenovo

Canal+ renewed until our broadcast partnership On front, XXXX. we with the

over first for Grand growth two up have XXXX. Canal. the Prix for viewership in season Grand Prix top the racing XX% for five compared among The old each up ranked already the to XXXX and of XXXX We And events XX% of was viewership France. significant seen FX average times

now the part As TV will Canal. get to of distance FX subscribers partnership, My pro access through Canal+

in timing race FX track. subscribers to will app in will of partnership already end as We Grand race FX on From in and growth feed, Bahrain, were multiple comprehensive accelerating top XXX% an the significant Foxtel of to viewers boxes. available up to the app the platform Australia Prix strong Foxtel Every its XXXX gained the to be our integrate provide and the Foxtel and see TV and will programming a exclusive be into Group in life live also free data renew continues into XXXX the TV with available deal. first set FX the XXXX, will the season XXXk multiyear users new in TV from concurrent XK XXXX. compared

principal. gaming multi and simulation will We front of and management term, allows victory. your released are continue budget Christian game may you a to Choose The game even or the XXXX, manage engineers your part Toto Find to be be and agreement first feeding as Guenther. the to you the FX team that as team if out summer. you drivers balanced Management this evolve or on title long a

a see but you goals only also recent major focus As us, partners. our our from commercial are our announcement, not can for ESG for

moving sport are carbon being by XXXX. our as towards net zero a goal We of

the Bahrain Prix, emissions. For to our exceeded Grand we offset target our

that you successful and Greg. a [Indiscernible] turn Grand of demonstrate to back will plan a speed weekend. as weekend make Prix the now International positive Our to racing solar the this We footprint. than I requirements we more our Bahrain as a community hope project carbon to supporting to. can contribution do Thank promoter, you. call and [Indiscernible] the experienced This as covered the reduce enjoy what by shows emission much And over entire Circuit completing energy of vision major we

Greg Maffei

weekend. tune like I'd And productive Media GP with and to your you'll our do hope We forward appreciate this continued healthy operator, that the inaugural look interest questions. to Thank Liberty XXXX. open you, a line for and Stefano into and We in Brian. Miami

Operator

We'll Instructions] go [Operator David to first JPMorgan. with Karnovsky

David Karnovsky

you. thank Hi,

Grand to more land With could to purchase you look the decision I a Vegas. capturing third you get a the this call, this Las $XXX to beyond fee. bit at promoter what Greg, upside Would elsewhere? start you financial was promote yourself then discuss the Vegas the party. site you the could about is little apply opposed on primarily in for a the think to This Prix, hoping million mentioned of model I adjacent And as

buying incremental you're Thanks. some if you here into kind ties on what race Just of that provide logistics. the could wondering detail how and

Greg Maffei

a XX Stefano I $XXX pit details add, the that'll indicated what and for and spent have let of yet and that take We I'll I cut don't site. And paddock on on think Well, will other hospitality. million. we're the any release else to financial buying acres be site other some be

knowledge to unique, understanding be in I our going think I to and opportunity conjunction look fairly is unique as on more what, track relative to do Formula is driven many some in local Vegas promote to understanding the other for the be Denver for promoter importantly, think best we a to as a the being us with knowledge to at partners one One Nation think work. our US road. decision grow we Vegas have promoters perhaps see other the our things, product large understand market Live But proximity, lastly, of be to business, to and local other and potentially promote Vegas races get couple a it's by down way how opportunity. to and to of the And easy expand opportunity a markets. an I And well, our to the to the relative

know we Stefano, to to one would a pretty focus don't time well become promoter. you financial the think up be what worth So add. I the this from perspective, sets extra

Stefano Domenicali

to between possibilities points. be very thanks. Formula No, on of attractiveness, I that has would to are we believe internationality the area the also the remember, a in the was the glamour we the ones for activating a investing and we opportunity sure the One think make next be say think when as enabler say association of world our unique, terms will I That will of But of event is Greg, that explore it's be place in David, community do going be financial and have an always values that of we Miami awareness, I knowledge great business there. business the that can of to year where sure already. Vegas potentially all in terms can I and where the for win on here be seen to what and spot Live been order Nation to as the that Vegas spectacular. our partner could maximize top around for see feel I we're the and Formula November, would to win One things terms can best to of bring our we the we that can that in is race with would crucial. say business in in But in business, in that creation, that

Operator

take our Bank. question We Kraft Deutsche will next Bryan with from

Bryan Kraft

one good you be are appears Miami terms really I bit Grand a of variable promotion to deals. more And guess, on level some question about in guess, your race and are can than the Miami a morning, And the of asset given more time your around high Prix? the the prices? and capital Are now? impacting most the -- cash what capital or you don't how on for benefits if economy mind, thoughts investments, deploy how that the new allocation, first, Formula decline I rate Is is investments? structure now talk then, Stefano preservation I Greg, and overall Hi, side, what important environment? potential One mind capital in other to for on you strong the there interest from One, are around One think had Formula say the Greg, decisions the your new economics I they Formula

to David's would investment of laid inform much the question, become how Miami, of help up there would dollars the you had in were be going was order promoter your then developing of Vegas So well get any that, more out bigger were an what magnitude, strategy for one versus and there that did Vegas seeing participate in and and And way to already this for the out year? might you've things to opportunity in terms And in follow so saw I how the build terms anything in you bigger you external project, Atlanta. color on Because I and to there? that with a think great. guess, upside, a some specifically that as Vegas? saw stuff in like did, the bringing the the financing on you Braves Thanks. about debt potential of maybe creative in it's Whether just

Greg Maffei

So I'm those. parse to going

outlays I'll On think Miami debt cash about we Vegas, don't the and more at more to more think about of a cash we're what don't talk need any than talk the outside ready talk And think have breadbox don't a FX. partners. us only I will in be we'll quite but informed about broadly bigger lot I I last Thanks. it Stefano manageable. one, the little I'll bit about let market. a at

Stefano Domenicali

how is are how Formula that bring of One enabling And One. see just days the promoter factor know, two Greg. with I bring once the can One this what business I will of creating value expertise the we highly with it's again, that this Formula international of shorter possible, course, the invested term I different maximize in to Dolphins, our today maximize here vibes And that promoters, we developer, bring we of can I that mean, related to together place platform. opportunity great. as wants coming they I and as can of can knew that the partners two keen value as bringing a we And that arrived Miami, to fact clear a because what that see to the as the One Formula they we we that model have to One for maximize strategy because can relation Miami community, the that success on a them. here already Thanks, said, let's the our very different is direct have from different to the develop to the And the Formula success see, in right mean, here, want the mode for is community, Right. opportunity that lot time are One, mean, investing form the think a this to different of of our course, and created value And the of and ago data each place. Formula is of before you business maximize this that for high the immense corporate here, is see, event. we first we is but having is type one, also Formula can business place is is

more Las to effective promotion to able very we're of important in be order direct even So to comes Vegas. when going to this is will it to something that also side be be learn from it. our And

Greg Maffei

and that can of the the general, have in this investing, are like So a were not some decision. There when when a larger and Formula catching imagine make longer to market industry environment, question and One. the try it's strong take opportunities create environments, that try deals a opportunity FX, I view. and we stocks. environment about created the and timed. in in be And free difficult Sirius and us That exactly will economic we'll have we are at think both, availability creates only But times, at best on seen that scary cash we've flows cash excess knife done, cash for these SiriusXM, falling to I significant at lucky SPAC

disadvantages. cycle longer I some create our market, definitely But think buy But have we we We benefits be turn the of will is and can model. the the finding just in we for the think we'll say deals. a environment on have lot in company a lookout. of the in it's not It's bottom like X% and around opportunities us,

Operator

next Evercore. our take question Jayant Vijay with We'll from

Vijay Jayant

One. Formula on Thanks,

have we Airlines actually teams, So race? be Should races we about used race FIA is Is like On XX on And Russia reading, back And to for Singapore, ones, are they that next for least think anything year? back? is for more the or of replacement to COVID, the then that I to year. expectation again, get Las this already, the races? the would think. sponsors complaining appreciated. and races that drivers pretty we I you regulatory through and assuming incremental some That's Singapore add races think with the since what reasonable an At new an Honda. Vegas should too really as keep go much. a many that Japan going of be the a policy them. Thanks some on that so you to that have material they come that coming process

Greg Maffei

I can on the Vijay. answer mean Thanks, calendar. I

not at As all, have you first know, we of year. calendar will next published the for

is because and today that what I value new years the and we sure is as balance process, and right for to the about today. within think, of are right good are of provide. XX, we right terms that of that and can a opportunities the on are to that events, that living believe offer our think teams And XX we you historical that between make number, In it's world think couple agreement And we that as a a to today, championship. find an holder events, we can is the back demand races, the considering success the us calendar discuss, the related there number if talking the FIA ago, commercial side to having always I right a the always, we become

in talking the While be that Vegas, Las we calendar. about will were

that want we we thing And we're partner. in discover what that soon Singapore the that, I to is that respect Singapore, announced for Yesterday, that we and our a with local Airlines And only that hand, With promoters have we summer, And them we at the discuss. want the way. to quit we of that's as Formula you the One, the example, them already special announce to because recognize we right the Singapore. will be process part have will for year. earlier event. there during keep to decision will asked see -- of Honda, we sponsorship important be end and other for that's you say it And going very that to will next to of soon promotional strategy. something not because on course, slash will Japan be course, are for and prepare it Japan, for regard something because officially package of have the that respect their could on Of

that we So promoters. this I into with the of benefit, will having with discussion course of is And the that are go also course strategic system our economical think of part us. and the

Operator

Laszczyk with Sachs. our question We'll Goldman from take Stephen next

Stephen Laszczyk

that other than One, expected. one in thank that revenue Great, of on revenues could maybe stronger unpack the I little a high across us and you, at quarter came wondering bit drivers media strains even sponsorship most Formula of rates in if maybe commission level? you us first was right help

Brian Wendling

back QX was last ahead. the we really sorry, normal over expectations. Yes, of Formula year. we're we've more years. been couple two activities obviously, I'm for One, versus to mean, Well, one than revenue had been I And we've races beat past

good And as So sponsorship have had freight bit. crowds. revenue full had been costs well. a we up you Also

those the And are some on passed of costs to team. obviously

the of incremental where we've really activities, compared benefit. to benefit couple seen years there's is So the past normal there. But

Greg Maffei

probably in than Yes, of particular could if race. category. just was ratably that races single that tie think largest I impact the in we one many fact across seen we've had revenue the revenue quarter, to it streams recognize are I the recognized revenue almost can add, way recognizing versus first our growth But the every randomly two the

Stephen Laszczyk

media And media Got one then long be impacted I'm it, the play rights softening on concerns unique that you term. think something given broadly? these you think growth rights, your for more for Greg and sports of market subscriber maybe spend helps interest thanks around growing think that. the some Or sports content it is of ultimately over the ultimately you Do value live affects how If the curious improve out? content? could [Indiscernible]

Greg Maffei

the the the complicated view when there be think think on where say I long you strains as potentially will strong the bundle in the and stream the in included on revenue I less is have Yes, of that, that'll it's become a Braves, of a And streams, basis, RSN Braves demand. regular very particular a RSN RSN it. sit partly topic. on I some term put over you how pressure And revenue lot a

So could obviously but a be turmoil we may it be than many, negative. less impacted that

not have demand. but increases digital the in traditional On of is right lot the a for for some now, offset from up media the And of the decline some viewership. next in of And interest rights And to cable beginning the US seen players. subscriptions. subs commonly digital bid we have increase in only other season. increases And hand, is year One the linear known we players, in Formula has

better set which I with maybe and in that we helped. So we're probably were a in the hurt. be players cases cases, changing or is bidding focus a not may landscape, plus is, dynamics opportunity off we call, minus, another whole And some the of think net, today's the charter, than little some more where in of have then

So on you we're it changing talking lot a depends a do of really about. company and either, which lot

Operator

Rosenblatt from securities. Crockett our take question next Barton with We'll

Barton Crockett

transactions value right maybe comes at wanted thanks an market the I question, looking of Great, of of question I from which the you've sales. taking is private And market thought sales baseball they're or range. Braves, for to a for investor, seen put kind was question. but it so now at close kind good one trading to X.Xx teams Xx out, which

the why be of you try more to that to to a now seem second you now things achieve the is now One, that Formula open that guys the right so and steps take Braves? won't question you have and Braves. some is One value would for with And ATV

possible maybe get split road. thinking down which about the Braves the maybe transactions, market value might private people So an it'd actual and help the process, stock, to offers be

thought there, date? why what processes of pursued to haven't you curious kind your So those type of opportunities

Greg Maffei

if a Barton, Even investor question. question. Great good from not still yours, it's the

our at There's are occurred. when and And I think at also, we we've crossed just there, ATP do options. flexibility might might we you are recent an more what these has of some issues some do, about we considering looking all things as just ATP. had what crossed become there, One looking Sirius know, -- around XX still we over Formula we're the

And has the So there's that is lower we're your in trading multiple, having transactions, to a still right, Xx certainly, that transaction probably it level all evaluate it's over sale probably would see. I'm moving we'll than question. targets. that transaction, opportunities. improve some trading And But open private trade I it do is whether market multiple would to been agree which But time. investor not think versus what probably sure that of private flexibility the do public a I we

Barton Crockett

Okay. see I do about to Valley very you pursued, weren't have a are in into a that. on about the past, the up and recent family And then consumer RSNs. deal yet you up with obviously, they're signing really deal Braves to I'm we teams wondering, RSN. carried RSN have the service. wanted from skeptical for, that, did done just The rights to also for signed direct the on Charter seemed to the that. like ask the the guys has so It Sinclair Braves the Braves, that involved of And friend seems not Braves that. streaming with And But

just you not in deal if thinking whether with or a to wondering likely any I'm done that has like do that? your want still Charter Now it evolution them. seems there's

Greg Maffei

where think defines as similar well, sit, you evolving, want Charter to the where kind what you before gave to answer happen. Well, see that's Barton, is and I like of I

less think that and that like people are still We you've that's of kind till have they in than buy of lots a good of there kind potentially. any deal. incremental deals Apple growth ‘XX. baseball, that around RSN digital are rights. I digital deal around out digital And And valuable runs probably entering seen more now to

going I we're to challenges, lead So I player. watching evolving. They've Valley to evolves. is think certainly if the the open don't but know market it's how got be their

Operator

from question next with our Joyce David take Barclays. We'll

David Joyce

accounting that reflected is One, Not on you, And please. of agency therefore Formula but One partners that operating get reflected it would the is taking then Nation race another should lines plus versus principal margin, is something but all we to expenses, this? top something all whether looking line, our Conceptually, relationship Formula Formula One's directly financials? the the partners the wise, the Thank along going for promotion a question and at have or – be they financial and promoter where Live and self-promoting fee our be how how least be is in something any the on about thinking on this specifics just

Greg Maffei

our income outlays Brian from have a the and don't answers. separately statements, from that start Live capital is a really I'll called to role on most -- the anticipate the Nation. come is sense. this a in But out accurate we it us of not Live Nation that In be And general, be partner, from is let important. will give going material investment, won't the They financial the we're most very of secondary primary partner. perspective is

fees, be will So in on? cetera. me the et folded might, generally you hospitality, But promoter and Brian, you correct the sponsorship, lines like,

Brian Wendling

as said. No, consolidate, Greg that's would very we'll I accurate.

revenues. So the right the fine that as revenue our on also, goes the our go currently selling our to we're as go buckets, well extent to the we this we would ultimately once then And see then goes. would as that and promoter the into go be CapEx club books, tune And have expectation will so and that said, their sponsorship sponsorship we revenues would But paddock need traditional tickets, Greg we you race. costs. expect into revenue now then expect would into would probably other where

promoter normally just normal consolidating that which it'll costs, and we look the all that So the similar for was revenue, relationship, fact under very the we're have except fee.

Operator

We'll with Citi. go to Jason next Bazinet

Jason Bazinet

Formula on question One. Another

races self-promoting races. may at that be you you you are guess blue some You or places wouldn't self-promote? the XX look you in iconic time the the you other mentioned that would other promote where maybe And might probably races it, you of bucket won't self-promote. over if be to whatever, But XX-ish obviously, of those just in how were if going many where you sky I

Greg Maffei

Stefano, see think hopefully we don't don't can add, plans, where, we're how Stefano say, of I places I going announced believe success this, that where we start we've make I’ll we've let do would are to you been, might any we only wouldn't I add? eventually it, or cautiously and think the make that don't certain become what self-promoter. be cast which will opportunity. not it. iconic, I a aside places so we

Stefano Domenicali

absolutely, No, Greg.

is energy I vibes we're boost is is to to make world. it's think new the moment, that happy into sure a with this the But the around that Greg system, this said we're very collateral say beauty the what They're if the are is something very new because really us. that working this together. the has to think loyal, on I on going new reliable partners, a in And mind, future putting promoters the never bringing that effect may needs and make say to is keep promoters maximize system I show up giving because with really this to and the the us we we I are into with sure build to with ones a that lot race which really respect they is stronger incredible traditional an promoter up great the our respect what never. active would all have very we even that do pace platform. of working that us promoters say with that very, a But are effect

Operator

question Harrigan with Matthew Benchmark. our take We'll final from

Matthew Harrigan

for Thank going takeoff a with which you. same Clearly, US the at ESPN really in to time. help One, have you Formula is the

geopolitical so changing of going winner, something classic East? comes Formula place successful in going looks to maybe a a and Nurburgring desirability I China life Sochi everything Shanghai at it It the ESPN. you the US look zero back to with world even going US on more yourself races times complex a really is like and and but One's some of just for the more bringing the better becomes back in geopolitics? the some and Thanks. promoting stay and the in like more it East and But appealing whac-a-mole changes, geopolitics the got COVID venues Middle world they're even inclined of be getting of kind lot particularly second more You've around. your hopefully away, if lot expanse -- after of know the how hugely going are and in on of in much. versus is Middle Europe Asia the Would

Stefano Domenicali

because you that could to German sure tradition Formula is landscape that. an future. part will with in to races prove East would has to were of about that Matthews championship. the we, on But And back soon the want sure or partners be a they for if could good duty I'm that be maximize respected our that great can we you One in are to sure say the and have far for Far I first One I is important of talking action, there COVID. areas on is there. COVID say stay of no the let's grow very market we be that matter calendar, And But either make will a sure, by years. we something say incredible to very we that we our can potential the fact also two it's to affected being all, to be who mean what so crucial to to our has of can correctly recover to in the has championship. great have us that last, US sure be, wish with up that what forget the either better in bunch is to world we tradition be we if even a and the be need of to strategic need for directly a needed, stay, landscape situation promoter, which make I Well, But possible, to that to to Europe and say duty world in the And a tradition. specific granted, that boom flexible become be But have that the -- And world Formula investing we maximize on invest Nurburgring. be number with involved sure in more wanted the developed to other on the as will we we of interesting calendar, build make want it. that given that on effect we're needs to the happen as have is doesn't the don't mean, base we the because something a calendar. going great you see

develop have We of other Africa, the business there. which which -- may end is we have to world on

a is see with to the would the markets. catalogue out multiple principles, some future give So right in take for maximize to not moment great us be leverage be the rotational of will what will that because [Indiscernible] opportunities we of Formula rights, One, a having places equation the to the

I really calendar. as is strategic our to future that thinking our So said, with regard

Matthew Harrigan

having the people One. you you of that? lot German specific, of feels with be to with are continuing still coming Formula positive that discussions can't direction. various guess a I in pushing like I on still OEMs still theme, new there know discussion but in And Are things it are

Stefano Domenicali

not is good if read. why with that zero this have And that really to we XXXX path automotive business we with leadership that and the the specific in gives future. cannot in can us. us cannot in the that really the Well, course, really we strong is I net the to One we Formula that. landscape news motorsport, saying is is choices may, news as we be really credibility. Matthew, within we want something all are of everyone you the only the point imagine, to that prove And the showing what serious our that sustainable know read, today of incredible doing technological carbon you something The manufacturer, ones world we The the without reason anything in And interested and that related to specific say. on that good we're on related our are to the working talks say can

Greg Maffei

think your To you again, interest audience, I that thank in listening we're Operator, for Liberty Media. done.

those And able again not here in we we quarter. speak we you some to encourage hope hope to to to do said, As Miami, watch Miami. you you who get to are of to see next for and

Operator

Thank you.

We call. your today's appreciate participation. conclude we'll Now

Liberty Live (LLYVK) 6 May 222022 Q1 Earnings call transcript