FWONA - Earnings call 4 2023 | Formula One Group

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Operator

Greetings, and welcome to the Liberty Media Corporation and Atlanta Braves Holdings 2023 Year-End Earnings Call. [Operator Instructions]. A reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Shane Klienstein, Senior Vice President of Investor Relations. Thank you, Shane.

begin. may You

Shane Kleinstein

good and Thank morning. you,

Act SEC. Before we uncertainties, XX-K Holdings materially this the the due Media remind events including Reform that Liberty to Form a risks mentioned like includes we'd Private results certain and with differ Litigation of those to recent call meaning forward-looking everyone the in filed Braves Actual most of begin, by statements could XXXX. Atlanta of number and Securities or within the

These thereto to statements only events, Media change Media in of Atlanta disseminate Atlanta which or any speak revisions forward-looking conditions call, Braves this reflect undertaking or or or Liberty disclaim date circumstances regard statements such in to any the of any based. contained statement as any is expressly on change Braves herein and or to and Liberty any updates obligation with Holdings forward-looking expectations any Holdings

non-GAAP and press Atlanta available call, financial issued adjusted required schedules today's Braves On for X earnings through Liberty be definitions today, at OIBDA Holdings and Braves Liberty EBITDA. including Atlanta Media, and The reconciliations we adjusted for measures SiriusXM Holdings, Media, and the discuss and the will certain of which X found are Atlanta Media on end Liberty can Braves Holdings, releases SiriusXM website.

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

Gregory Maffei

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

management Atlanta too. related Braves will we Q&A, will Also during the questions any to Holdings available Braves be and answer

schedule. expect transaction the SiriusXM. and close SIRI We proxy continue still is by to we the to We early January to XX begin XX% will QX The with on hoped, expect to now Liberty is So close. -- we had and let first filed me rather. preliminary LSXM which the announcement NAV was as prior it and XX% closed discount, about about on

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on improvement and as look throughout remaining add I net in priorities content, conversion Looking We with Jason of they focus increasing do XXXL self-pay business a and at to there the the XXXX Bateman, involved adoption stable the forward and the Recently, deliver to continuing EBITDA is retention, Sean free maintaining the engaging popular quite SmartLess margins boosting and the expect business: Arnett evolution signed year. shareholder. of flow. first, Hayes. next a Chairman podcast Will and and personally cash

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are We well for positioned future and on-field commercial success.

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forward home looking ] to [ bated X. debag are We the opener with breath against April the on

me And to with financial that, our turn let on for results. it more over Brian

Brian Wendling

million Thank held $XX cash, excludes At monetizable SiriusXM million. year-end, good morning, cash at everyone. you, of attributed Greg, and $XXX SiriusXM. This Liberty liquid holdings and Group of public directly investments had

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end, margin quarter related at $X.X margin there's SiriusXM undrawn At billion level capacity the to loan of parent our loan.

As our XX, SiriusXM billion. of the value February of $XX stock was

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

the $X investments $X.X at billion Formula One attributed Formula of to which includes At quarter One end, had Turning cash held Group and Group. One. billion, cash liquid of Formula directly

the One million the million One of of will which January. end acquisition $XXX of leaving in Now was Formula Formula at level. debt $X.X $X.X Group amount $XXX billion, principal undrawn the year of the leverage Total use at corporate And was remains Group debt X.Xx. and at a Quinn attributed revolver FX's Formula includes billion One, cash. closed be Which

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At the undrawn stock related There's capacity monetizable $XXX the value there's of includes of $X.X of liquid Live margin our XX, as Live Nation Live assets. investments billion. Nation Liberty loan. February public $XXX attributed And million, holdings to ETF which of was million Group, and loan cash, margin

against amount $X.X these in holdings. have principal We of billion debt

an on covenants compliance The to debt analyzed our Braves quickly quarter and game annual end the is fluctuations due at with Liberty and basis Braves. at consolidated count. in are then their also business subsidiaries in looking best

revenue XXXX, XX% primarily held X% Baseball ticket baseball in and due in with another increasing revenue retail to revenue. licensing to and growth in battery event primarily revenue demand a great to had X% the increased fewer due The declined XX%. Other increased year. and leading growth to prior concerts attendance, mixed-use compared year revenue baseball

year Total as decreased for to primarily a the $XX at reminder Braves We OIBDA on-field that number for Holdings. increased to annual XXXX. management rate continues for elevated and to million due success, corporate trades expense year, costs. Braves SG&A the the development payroll in OIBDA for the player mixed-use adjusted December XX% $XX XXXX. run of a its player Atlanta split-off signings full million to in And Adjusted including anticipate just in overhead was would accelerated a the increased invest due

turn that, to over it to One. Formula With Stefano discuss I'll

Stefano Domenicali

The XXXX results. season racing and incredible delivered Thanks, record Brian. financial

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the XXXX as and talent benefiting Across teams and of cap across continue X competition represented And the regulation we down the on benefit continue increasingly XXXX new field. entire this the technical to podium, will The in the a regulation mature. believe of were the season, up are reflection grid. the cost the

Financially, for the adjusted business record generated revenue a and the OIBDA year.

incredibly strong agreement. XXX% commercial driven grew, by Paddock Club had stream revenue renewed with hospitality and revenue nearly This from experiences year new primary growing Furthermore, Our benefiting an our was year-on-year. and at experience well of Paddock events. suite of Grand in XX Las Vegas sellout core as our Club expansive Club XX hospitality growth Prix product the Paddock and with at as offerings the

end of was had in project inaugural Grand start-up from a a the the undertake to in Towards Las the more formidable spectacular Vega planning year. little we Prix. than season, X delivery raise the moving It

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markets. graphics across Importantly, viewership grew among the XXX ultimatum of our all of

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the were the media, NFL from and followers up XX%. prior million social once Formula social the fourth in other for including continued NBA, sport compared grew X was highest to with media media growth We the XX% the Champions row sports, the a XX.X year fastest-growing League. year major followers XX rate to global on again with especially growth, league in where up on social U.S.,

orders to The platforms. and U.S. social make on continues up Tiktok our YouTube largest

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XXXX. into off and continued momentum during the Our season

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FX for the continues global to contents. demand benefit live from premium

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students bought of FX placement [ engineering and ]on FX first from teams. cohort scholarship their first word the with The

the welcome cohort this year. third will We

FX launched old higher we competition. progress Academy. levels to and The to female Finally, to prepare payment drivers driver young category develop of

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with with will an Mercedes come least with talent secured Capturing and Young Ferrari Norris committing the to Lando Lewis Hamilton in through at Scuderia through headlines, XXXX least for leave Charles incredible for after seats Leclerc years the silver to XX at seasons XXXX. XXXX, arrows. McLaren's remaining

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an base. We growing a foundation and attractive financial have solid fund

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Tutta sport continue to ahead. to capitalize momentum. Avanti incredible on will invest our We our in speed full

Bye-bye, call Chile. now the I to And will turn over back Greg.

Gregory Maffei

that, Stefano, you, and continued Brian. like your Liberty Media line we Thank Braves the And the to audience, listening I'd interest for Atlanta and Holdings. questions. To in operator, you, thank appreciate with the open

Operator

from Our Swinburne with first is Stan. Instructions] Morgan Ben [Operator question

Benjamin Swinburne

to was Congratulations a know for and Renee great outcome. had race Brian, Vegas that he's on want I work. Greg, one if and of you maybe entertain I couple the it. for lot to Las and a a team

between mentioned to even a if tell the might us last You Vegas cost opportunities have and what . Any year. P&L direct agreement up are for you're talked the execute you maybe X. thoughts on Concorde could about I FX just year of versus had that -- willing at minute where show spend trying been the to kind Las costs. a new on in structure that G&A guys -- in optimizing you

of sort you if guidance assets. now costs but curious I then, in have maintenance all had you probably don't Just there. any had is for at some new And if these that any CapEx 'XX, built, on you know update everything us FX on Brian,

So that was it.

Gregory Maffei

the structure, I'll add the touch going agreement, it. Renee Ben, Concorde then And the optimizing on to let cost to we Stefano where stand. I'm let on cover

of time, example, our was done record put make get fan will and work benefit to a security. but was a in because were There, done a that is done look, roads ensuring over great And it with was there become be Las Many cost one structure, will structure that around got speed to that Vegas more that we optimize. cost things time. I think many optimizing let say we'll learn the try we accommodate more But to we the and on how moved things to things be about. on with I'll in items So bridge up for are sure touch there we can do time. temporary experience a to of that -- not a cost-effective And great there . on other the Renee manner. reincurred might able was see real

Renee Wilm

Greg. Thanks, Sure.

So traffic lean we better did to worst. back how it flow. the and in. knew were looking that hoping transportation can And cut best for No Greg's in security. turn to point, allow out we areas one to the just We planning year planning will us significantly than feared. That really on for start be anyone this would did for hopefully

a We playbook. have X benefit the also having in year of

of to on will needed closely for fan the maximize fan Again, X. budget where see to ensure lean line safety to are can that race to allow also create But while we year, events on looking every that the on that weekend and some we experience this cut those year costs. really inaugural very back had we looking item experience at in us we and other

Gregory Maffei

of a cost. most will Some that be of that direct -- think be I will

Do that in G&A, agree will but in mostly direct. Brian? of you Some be

Brian Wendling

yes, them most most think in would would -- costs be the of I yes. operating

Gregory Maffei

touch to want on the you do Concorde agreement? Stefano,

Stefano Domenicali

Ben. Thank Yes, Yes. Greg. you,

content So we expect to very, the of renewal the with very agreement the address shortly. teams

things We changes is not the around. any substantial would agreement Concorde basically with are we time -- shared basically that our the view that this need

very, start to that of be other need the to end had going very soon. We to talking stuff with the things about to before sold regard other regulation finalize we're before. So priority and season

where the I going we to now getting very shortly, Very, are So close said, we're time discussion. start this Ben. to as

Brian Wendling

going the on but it was to specific on stuff to OpEx. having put as past, where Ben, then numbers, CapEx. different start not rentals opportunities rate could to balance on normal we and any evaluate team The versus We're disclose expect specifically the sheet what would And our the trend might LVGP. last, in it you to back

arise, it So those expect to really . might wouldn't we be but opportunities overall, material.

Operator

is Our with next Bank. Bryan from . Deutsche Kraft question

Bryan Kraft

walk could still Grand growth year close schedule Barcelona race? you for to mean, in revenue a count and a on year I last had our just you rights renewal and the standpoint stronger Stefano had was right. based I you Stefano. want Stefano, for one one clarify if Any just from was try through need the just with it to be could could any was for ] wondering I in Brian. if 'XX. that that us and was the the Greg, baseline to to numbers on that wondering media ] merge take will if model I spin color I XXXX Greg [ year some from steps estimate seasonality? you EBITDA year? then order and for Or Brian. from SiriusXM, [ media you to XXXX? if . And with Madrid events we help correctly? or that like Brian, I could on lighter rights then just see revenue was Prix then us outlook, last in Quint of And so wondering qualitatively will substitute in comment, XX And I it the another the also, race if seems could the just

Gregory Maffei

the We the initial the on received proxy. from on first So comments I'll touch one. SEC

those a those think was I were we'll the answer credit, light for relatively that clear able be or to proxy those and teams quickly. answering transparent, having legal and accounting and relatively

we'll ] a So the the proxy be can need go that Liberty level. final by SIRI SEC boat forward before [ we at cleared the with to

with [ pro relatively we forma, long process We will ] that not do have FCC the the is believe tent. think I a the also parallel in that be pole

quicker, manage So trying we're and still may it get we some done third ours. chance to we're be your to but early able quarter, targeting expectations

the of part question. next the whats question, Next

Stefano Domenicali

see answer a to that opposite. -- I Grand Madrid thinking, come us that the I 'XX, of not everyone think on because Madrid, Madrid continent different one year there Europe, we the It's there's thing point have where we out over. in, Prix, was of to important will say, but would lot old Greg, also that in of options I the was can in the Europe is no, need interest, where for we where any shows there attention is think I mainly Bryan a Therefore, shows can to more take that be the move very

think 'XX see something I going you're interesting. to

at the a the be We Europe be the are will to around event it do sort a to to sure. as a where as other because and Madrid the an that convention track Greg fans something boost promoters a will speech, area soon close beginning will will give But organized for allow where, to be in with was of of as we the that way. incredible be event announced the be mentioning in place opportunity to place discussing big we'll in lead

XX think well X [ FX+TV years. Grand we we regard this the course, Prix to the also because would that big do year. so light deal There to that very will is a going next be focus a very, say the the media the But points convenient next in XXXX I very rights, ] important just there in far, And Barcelona. a are that in there were believe the I for in do Spain couple of of years. cannot But is in consider we with

a ready going media be year step in important deal a in U.S. And course, that we are year is there very when going see So be moment. in discuss deal need we're we important where we of into for will very believe I growth. sure the to future the right getting growth landscape. think we're the that -- in another believe study, will in will where our for where be to terms to of that in this the another year

Brian Wendling

be should that would the not is on Quint, Bryan, then, to going One acquisition XXXX what accretive And Group we give numbers, Yes. the we're but overall. say Formula to the

the kind It's forward. So you to not overly going there. should business, it but of from math accretive One the can be Formula material do

Bryan Kraft

Greg. And for maybe follow-up just one

Just what's then vote SEC closing the for the transaction? proxy and of need time between the the you amount the approval vote Greg, and

Gregory Maffei

Circa months. [indiscernible] X

Operator

David from JPMorgan. is Karnovsky question with next Our

David Karnovsky

views For further and think earnings some biggest partners Greg I benefit the their end broader that or in Renee, a your strip. consistent the properties lower appeal on calls were hotel and the rate have on should of their

ticketing or adjustments? thinking it rates ] means about in interested terms and what you're So [ potentially for operational of that how the in nominating

think payout the for then in operating the the Concorde. a little year gene out per investors had for release percentage Brian, better FX than some called as a reduction was I And you The leverage anticipated. XXXX

there Just main onetime kind the consider. that was weren't driver, want sure of any to and make adjustments to

Gregory Maffei

I'll Vegas let on Renee the . touch partners.

Renee Wilm

Yes. Thanks for the question.

single-day We're pretty of admission actually number mix. have will Vegas properties have be And will the point to Grand So go you'll This be Las lower general lowest the that a downtown which the the only driven we creating sale we for is you admission. tickets into when have higher price general we will going that largely a bring and seen end significantly also to Prix. on zone, at and and will brand-new soon. sell, see accommodate

actually different also potentially of weekend watch entirety activations, the LVCVA really to working downtown, what the an was benefit of the parties, types are of We spread this incredible throughout but engage with to in Rally. partnership

Brian Wendling

is leverage, it your operating and items. to the lots there's And material primarily onetime the no FX but ins of There's then point, fees. outs, on team

Operator

David Partners. is question next with Joyce Research Seaport Our from

David Joyce

from there. share ] here? any other Or of there thinking be wanted for team Would just outside any activities, those reinvesting versus [ get finer payments? And as be from involved. would same how returns team be some Agreement? balancing Quint go excluded to I business if if the are on Would of about to try related payments related guess -- that, I the you tuck-ins the a point the capital are would acquisitions. Concord in to one only

Gregory Maffei

to So part [ ] our prior purchase FX the arm's length deal sprint Quint deal are arm's length tracking would I of and existing stock, expect an think part the we with results continue, has that but not to of FX the for other be teams. case operating that FX because FX. . would but And absolutely outside shared any the on likely group statement the acquisitions. be say with would likely that company, would the depend or Can't FX it the we

us We of on we properties, continue we properties. have based other bring we things forward what bring Vegas. been and sports opportunities have that FX, at we're that world we to Obviously, We some to think skills. sporting like weigh look and are there to lots achieve able approach something at think to sporting of the people because could those in judicious but to we

an might that we that at as looking with alternatives arise weigh and repurchase alternative continued is -- share that. well, Certainly, third-party

David Joyce

could the the on the please, just courts if -- process And you add RSNs? is the could with on that an bankruptcy I and -- brief, one update, get where

Gregory Maffei

you Derek, that? . touch want do on to

Derek Schiller

closely. being Thanks see Sure. that is that followed. was for question. for bankruptcy. seems presentation from have Sports we is emerging a your Diamond made And We're what still watching plan to the bankruptcy

we're you've like read, that you probably As just seeing and are. watching

purposes, our getting we're normal. agreement operating as and still payment the For full

out point So especially as We that, don't time, is expect this their . they've nothing in per that. laid from plan. deviating at

Operator

Securities. Our next is Crockett question Barton with Rosenblatt from

Barton Crockett

was or meaningful. kind material or that that was I'm Vegas but that down race you're can understand big break a was very just any of it that new on did not impact year-over-year you EBITDA make there growth EBITDA was the Vegas is any no whether specificity, growth, obviously out it wondering I going year-over-year impact change, not to in on because any provided on and up comment

So that's one.

of up on block go local about I kind If own Major the service diamond restructuring? through on could wondering that could or streaming the And or that be then rights you be idea. you for could some the that, up was to talk discussion following of sports, support team rolling on its on a is something you Braves if as your secondarily, comment this potentially and potentially of kind questioning. that resolved kind of League views, interested your Baseball

Gregory Maffei

and LVGP think the cost optimization interest to And I in So leave touching frankly, we where improved contributor was XXXX. we've with in a the a that's of that measures points, we'll FX's can potential see earnings improved contribution will greater price race positive I that. say think discussed on LVGP, for and XXXX, I

On comment. MLB, reluctant I to think I'm

alone Derek, You've MLB think we'd than want But you some restructurings. leave diamond that, anything. if I pub of other of seen actions has proposed other the some against the was than it that

Derek Schiller

rights. only might The aware, of not No. just streaming say, other thing with a not clarification, I the point does include agreement if current you're Diamond

be held So case, those at is. the That's not to for rights our in streaming case all but level. it necessarily league the continue teams,

And as right remains so going is to to now, our at league-wide the differential whole, -- streaming obviously the league what we're level. do but a

Operator

from question Stephen next Sachs. Our with is Goldman Laszczyk

Stephen Laszczyk

on both for Two maybe Greg Formula and One, Stefano.

there's from capacity? And opportunity Could a Paddock, Paddock. where any maybe there bit particular been you curious where are revenues the on for to a few pricing then little or across in last about over First to you increase [indiscernible] 'XX? what I'm pretty tailwind grow of talk hospitality areas you nice think opportunity any years. see it's in grow the

you mentioned is I'd a about the in large that And just value-add. like Stefano, opportunity increase growth opportunities. little maybe you then bit do sponsorship, nice there feel curious verticals secondly, some and 'XX? remain bit you much in if about I you diluting inventory to talk Could room existing 'XX. How more the on little creating be talk sponsorship what more without coul new assets. a think still

Gregory Maffei

want on . hospitality? you to Stefano, do start

Stefano Domenicali

Thank Thank you, Stephen. Yes. Greg. Yes. you,

in have in our terms we of some not thing adjustment the that basically put appreciated of of space. are are in to is Club offer teams apply. always to Paddock been very fact can potential that that on that, other because, things think already And request and growth still our guests the is partners course, confirming by that there do. think customers. years, eventual pricing, been I has did is what there we that understand And of and -- of an the couple we that I therefore, done of maximize very to of if what try is and we we amazing last or from another incredible together. everywhere is availability that course, to prices see year the our doing offer important area kind this

where to we're the ] Club racing entertainment the can exploiting make fans. Paddock Quint, of the now our a place [ maximum that's the the that area be Of in course, the can opportunity we going fact that exploit we experienced together are with because to for are way also grow other sure experience different

what of the right quality stream. kind that to years to we offer we to possibilities And with our growth means an toward having also need couple that But of I incredible have right keep means attention opportunity. quantity need having been this in increase to of seen of sponsorship, be regard to ready the new revenue think the terms we of in That of last terms in that has that partners. and the in terms our

optimize has from are area clear differentiate last we already I year done digital one partners. to way, pretty been the option that think for that what that in able area, a different possibilities this to is to have our we

the year opportunity already can still there where a last believe there to other a and the Amex and And will area ], all the the with terms potential course, consider believe grow we competencies, On the that area is complexity. potential has X financial partners that side, And to we future. been one [ where we but even really is think take in huge there step other we there. That into but I is big the need is I of have that's that's to that are services do, to on areas right there main gambling. the need is find the taking be right the

Operator

next Supino is Our Wolf question with Research. Peter from

Peter Supino

in quarter, some we if years, Stefano and for in signed with you and mind, for Madrid one cases. locked Stefano, for One Paulo XX Greg. X or guess, all in Suzuka I Silverstone have contracts seen Sao wouldn't and the and last

how the in contract rights for the duration, about how should modeling. and can be for of think and we we about pros about cons terms this? step-ups like So trade-offs thinking escalators, promotion that Curious

bigger puts and Optimus. on see if And the please when was sports out driven once then, next in Greg, you playing you over the streaming? given takes And how topic sports very It's for could several let become by only the us picture rights. if comment know controversial years values could you're this of rights you that

Stefano Domenicali

the regard with thank question. you for -- Peter, to first Well,

I there are need think, renewal, balance consider. as always, with that to regard the while we take we of a lot [ decision ] the to

are course, But the promoters, means financial fact one is this interesting able promotional the First there market an other doubt. that the which that we that stability the The to stabilize seen is, were certain in our on a last in are we areas top of aspect is of years no incredible that course, really is And And that's our relevant, an to with have that on a develop of the package. to approach. we related that consider. relevant with side, able on all, to you element financial of couple business agreement fact opportunity fee. represent promoter of to of believe the opportunities from certain in incredible our very incredible one ratify terms side,

the I in And that number. play mentioning right we into certain was development a that kept that from we're the want bring briefly worldwide couple going of have from moved way our XX very XXXX the needs to I future. European-centric rationalization to out the to calendar, of in we starting basic we the fact opportunities the is races that the comfort before clear just that being see into be fact market the believe onwards. if right years, the a It want that is next we you of to just on have to I think development

Gregory Maffei

you both weigh, in on So a the the I'll you of economic we are Stefano it's basis get in you must cut I the think appeal us general, -- to and a see question, a not economic the could if what you way us. look, deal, just what's add sports what pretty said, second, think it's which unlike the basis. opportunities venue the opportunity, And fan on on long I rights good think and for very --

that's deal to shorter-term a question. see open You

of And all those. weigh so we

for may the sports challenge. a more your where the as general, they In On And easy. really be Also suggested. you a has fans world more find bidding, to your is trying sports, then muddled rights, sport that more people that's and gotten a and positive. fragmentation making issue it

reach on always are and sponsorship our big between get trade-off given business We paid. what the looking, we particularly

So lots of factors there.

and very have base, passionate Overall, both suggested, incredible I on positive get have feel I involved properties paid, note with. as have they what fan ratings they're the negative, or Braves ratings are is whether would -- I hugely at the you're to Why? the we're looking who Both fan about positive sports where relative in Both it demand, high monetized. watching monetized what some FX of to look not get their of are them peers to relative at willing morning. up are, early where watch and for

properties renewals on not still that And seen have sports [ necessarily ] look get rights massive money. I and if in think you general, you've growth did at more

So and in. I remain, rights the in general, of bullish bullish on sports involved sports buyers on of given the the in rights particular, multiplicity properties we're

Peter Supino

media wanted esteemed much contract. colleague that you to understood the with one I doesn't on on And on that ESPN to great comfortable the a U.S. be seems renewal, pile revenue for answer. That's could rights if earn the I advertising since ask same. it's doing ESPN generally my

And about them think the more? you for so case paying do how

Gregory Maffei

think a and have for -- this. case obviously, little I of I the bit bias

the easy. think pretty is case I

grown you fan and our platforms. we got cases of You've across in statistically of the one growth how fan show massive sorts where has much have can interest interest all

very upscale a have We audience. desirable

to of lot factors ESPN limit bring to like the anybody they to to We would a have it party, or a not younger else, that that. audience,

will the of our lot be can more why number. are So I the in are we of . players, U.S. likely there likely better a we that multiplicity media there and reasons rights think a will case make a valuable, get and

Operator

with Jeffrey from is Research question Group. Pivotal last Our Wlodarczak

Jeffrey Wlodarczak

assume then, the I your color I more need fee to teams existing guess, a follow-up the I you on make you Do for your promoter team, a experience XX races, palatable provide it the I interest -- anticipate on more a you specifically that? bags not 'XX. do to teams? after in role more agreement raise had And taking can Concorde on in then let decision post new Vegas. And to guess,

Gregory Maffei

well touch then the you'll will I'll on the first team. you about maybe comment or part Thanks, answer. XXth on promotion Stefano, or . my Jeff. see And co-promoting

where other some opportunities know this. be in the credible on short promoters. promoters We in like thought economic Look, was promotion, for was us to I think opportunities a we lot we going with on to thought about not to partner of thought are it do that may a So more capital. do learn Vegas promoters, I reasons. future with a variety say, opportunity absolutely want We we unique being a we're promote would where there there unique sport. are we we it promoted the make many out went and There opportunity. promoter a and Vegas, can

And strengths in valuable. we bring we local supplant promoters short local many are to table. and knowledge, the local promoters able Some things be some there on we are could But necessarily cases, are that skills very bring to our that wouldn't those. contacts,

together, I think in raises. of become the think that more we're going a that's to about some promoter likely of So and bunch thinking a than way enhancing path to working

Stefano Domenicali

Jeffrey, [indiscernible], has to a to to need related evaluation point of be kind a joint FOA sure, [ in regard the the a yes, that with different point for that to ] but agreement, is regard is question, and And to work the of we comfort FIA between second done the do.

think that the happened right process been with and result regard the we to in the I followed what think has I that has So way. presented

accordingly For discussion, year. right technical the with with of the future, will be it's a that discussed matter course, of proposition and this teams within the commercial

Gregory Maffei

our question. last you. audience interest in look listening Media Braves. and with to both the forward sooner. not again We the you to again I Liberty for Thank you quarter, believe was that speaking Thank right. next your if All

Operator

today's conference. This concludes

lines disconnect Thank you time. at may your your You for participation. this

Formula One (FWONA) 28 Feb 242023 Q4 Earnings call transcript