FWONA - Earnings call transcript Q1 2024

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Operator

Welcome to the Liberty Media Corporation's 2024 First Quarter Earnings Call. [Operator Instructions] As a reminder, this conference will be recorded, May 8. I would now like to turn the call over to Clare Adams, Senior Manager, Investor Relations. Please go ahead.

Unknown Executive

Good morning.

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

Gregory Maffei

and will answer we Thank and hold be Financial speaking Formula Q&A, we Accounting to will Domenicali; Officer, management to One's Stefano during you, also Brian related well. Also will President all. and Principal available morning on Atlanta Claire, Chief Braves Liberty's have good Wendling. Today, the call, questions and as Braves CEO,

by -- on process quarter. third expect progressing SiriusXM, early well. So still in transaction regulatory the sir the close we and Liberty is beginning with a track, is the LSXM The

quarter net fiscal cost half a across EBITDA the expect They Turning solid in versus up from are pay They org. the adds 'XX performance, to and X%, SiriusXM to optimization in continuing to improvements benefit second itself revenue had 'XX. X%. do up first

call, investing the are growth. reiterate maintaining their also did XXXX margins They while future support to on They guidance.

initiatives, Management and the is focused strategic early, still some new key promising on seen but we've app. on a couple of metrics

engagement more to higher been feedback this listening We listening quickly application. continue consumer able lower levels, we've utilizing adapt to to to move and cohorts for

to which with customers. talk James including trends, leads Corden, XXXL. quickly higher the of conversion. SIRI XXXL moved of continues was an -- the Notably, X exclusive will recently attract and rollout XXXL, which content we're expanded consumer recently integrate adoption new into progressing also SIRI There Genesis better top shows. partnership, Hyundai was to initiated,

in asset, sport were Formula turning Group. We global MotoGP. attractive qualities April the to Now to a of of thrilled I with incredible One league-level this to announce the want acquisition reiterate racing.

X first to rigs. the podium the more new been technical these for races, technical racing winner the closer They the regulations sport time across even a has about reach riders race X average we've across announced overtaking teams and XXXX the and time had expect Monday, for example, the utilizing For frame. XX second. decide new were the

the Portuguese example, since world. at the sport the is The And has help experienced XX% GP XXXX. the year. Liberty had races grow Attendance versus hopefully GP to [indiscernible] prior for across attendance at Spanish exposure awesome, highest was performing is at the the [indiscernible] well, and very up them the

on couple regulatory required here. of updates A progressing filings. deal We're also

we hedged close exposure, our foreign expect financing have and year-end. still by exchange syndicated commitments We and the to

live are GP sold-out after working China first Miami and I was well. markets. to on successful winning McLaren upgrades Turning want race. now exciting congratulate for expect was forward. going racing race his competitive podiums. was in viewership returned Lendo up on we an It to from FX. Chinese driver. XX% and CCTV very more first time XXXX, competitive to since We've We versus And the races first time key the with several a had XXXX. that and growth and XX a

continue out a largest of achieved at record a Miami live attendance sold growth U.S. TV with We the XXX,XXX. peak X.X FX in million. was new million, U.S. to engagement. audience of X.X with its see

We for also had audience was introduced format Sprint our largest races XXXX. a the in

season event We FX hosted Academy second also the the of in Miami.

excited to that contributed in sports. we momentum are women's We in continued promoting are

Instagram female, diverse watches women's that're also more exciting XX% audiences but male. At followers attracting relevant Academy, sports. are XX% all. and to We FX Everyone are

Academy, seeing Hello recently We we Company, series series [indiscernible] to about look Reis FX and Production Wetherspoons growth. Sunshine, the announced new forward and with Netflix

We now Turning of reach updates. a fan base. ladder to product the range to redefined LVGP, a few greater

more commercial marketing integrating more and cost and and will and across will sales across harmony achieve to We We are mentioned, be think to closely savings. functions [indiscernible] and as this us cost LVGP FX, I org, the effective. efforts now have sponsorship allow aligned the better

Plaza of events Prix Las exciting We party, brands, Grand Bowl a our and [indiscernible]. in some QVC's the off own hosting at age kicked CrowdStrike including business media Super Vegas, Autodesk,

on closed in touching We acquisition Quik. the briefly Now early January.

and under I the us Quint touch points Quint allows FX having leveraging leverage and know efficiencies sales will demand there first Some better races a NBA including [indiscernible] same Australia. marketing in fan were which and to the the in highlights roof. All-Star XXXX Experience's value game, largest and is including all LGVP, and first ticket and sharing event believe X process, The Experiences do improve saw data companies for the sales our strategic create as was FX products quarter of the revenue, and mentioned. across across at packages FX, We solid ever the

adjusted I to we OIBDA accretive want expect FX. to reiterate, to Quint be

briefly. fan Nation touching on continues to Turning on Global -- Live surge. demand

first to this XX%. amphitheaters XX% the double-digit for year. time up They for point the First were quarter pacing will was are sponsorship, arena levels. prior shows also booked year, versus at ticket and XX% XX% up record concert of record up revenue up quarter in sales and was XX%. had Indicators another a Over AOI large and

global packs We markets up were also with and in the see digits And the at success in major the strategy. capacity and experience venues, for think the X additional XXXX enhance double for Venue opening and continued XX Nation at we we million Latin can venues Ticket international we're time generate we the strong have U.S. least and fans, consumer in frame, sales returns.

#X season. weekend, the in night we per win Braves, season with touching injuries another us. as Strong XX% the demand on in great series to last the a our trending continues. in season usual We're game early ninth Finally, ticket sold off tough capacity great date. attendance multiple start to a last Dodger sellouts inning of already MLB, this and to average We've have seen across despite

a season. the an We've completed Truist at boxes. expanded renovations capacity. store There's new ahead premium level Park Lexis the retail of There's

already have the We upgrades between pitcher's And the are the beam length plate. gym bourbon with incremental this bars [indiscernible] season. these decks revenue generating replicating

We the the another season our for we including field. announced early, for and positioned inventory and ballpark, LED on are are partnerships. and more several we leveraging signage, sponsors new are Braves this and great off on renewals year around The Corp demand creating existing including Ball Lexus, the

Brian, for that, with to more on results. over it So I'll you, our financial turn

Brian Wendling

and Group held quarter attributed of At Greg, of Thank cash morning. had SiriusXM Liberty million and SiriusXM. cash end, good at investments excluding $XX liquid you, $XX million,

cash hand. loan $XX down $X.X undrawn of related as under Liberty million SiriusXM on the of loan quarter, SiriusXM the margin SiriusXM There's During to billion margin capacity quarter end. paid our loan using margin

principal billion billion, As in we was stock of amount of value holdings. these $XX of the have and May X, $X.X our debt against SiriusXM

which billion, Group is Liberty debt $X.X Total of attributed SiriusXM principal of $XX.X SiriusXM. includes amount at billion debt

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

acquisition the billion million cash acquired. $XXX attributed was closed $X.X debt includes in Quint Formula billion, Group of Formula was One amount cut was $XXX Group that corporate One debt net Formula at funded One, the on Total level. $X.X of and cash at leaving of principal of which hand, January million with

leverage quarter their was million FX's undrawn X.Xx. end $XXX at is revolver and

Looking FX business. at operating the

we've As the There in this remarks on XX first X promotion an however, prior were quarter. as to QX best make 'XX the XX races out as was calender. some will X that to race higher of fee compared proportion additional an of it in variability I in season-based analyzed basis the occurring held is quarter races reiterated income year 'XX. in the of in race cancellation year the first on which X brief recognized the ahead [indiscernible] year, well QX out giving times, FX period. races multiple a With to annual X compared during of said, due prior

higher as revenue costs cycle, season vehicle FX of revenue due offset hospitality increased freight of of other revenue FX largely due to start the earlier and income. to to as compared within Academy revenue FX recognized also last cost the start the to FX and the the is Other year. which related well

payments higher payments quarterly The payments on a the that the expectation year higher of revenue of when European impacts pre-team grew a team pro year. as share on races payments percentage Flyaway to Team were analyzed as team on OIBDA due the revenue Adjusted EBIT and full basis. recognized as a be based team appear recognition mix how reminder looking alongside basis. well should increased in the rata full A quarter. for of the

that proportion recognizing has certain EBIT the thresholds. greater several shifted, grown X a years, has the FX as As economic EBIT percentage of past has the pre-team over share with reached payout upside

To applied the recognized incremental should realize to not forward. on XXXX continue future to growth. to EBIT expect on We that share the payout be payout note in team going percentage leverage growth pre-team

a to and FX year. revenue be costs viewed total Other as SG&A of of revenue best the for continue percent

corporate consolidation profitable of Quint at loss life for still Prix the of other the and corporate income modest results and business overhead. Las while FX fourth includes place course approximately quarter most start revenue rental and second other frequent in as and ordinary the Quint an related other a event quarter. Grand which Kentucky the million to incurs seasonally results includes hospitality take adjusted and in events Quit Plaza. Corporate income, and at results, quarter. events and with the operating rental increased OIBDA the of Note year of This was which the of million or May $X fixed largest of in expenses, activity, the quantity quarter the and and with the larger held this more in Other fourth corporate -- $X Looking includes Vegas Derby quarter Quint,

other results rental rest the of expect We benefit from will income the adjusted corporate through and Quint and OIBDA year.

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

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

compliance Liberty and our covenants at subsidiaries consolidated debt end. in with are quarter their

There more demand home current that regular way games spring from and related quickly -- season help earlier quarter training regular increased or the year start higher turn with played in as will of to I to And 'XX home higher broadcasting AVH. due either 'XX or well at game in as the 'XX. were the reflects Revenue day with the first no attendance of games. games season primarily growth revenue

increased in baseball the in invest and payroll, costs, OIBDA X% is adjusted which to the grew in XX% battery reflected continue operating revenue quarter. Braves and

over 'XX. to 'XX completed are million across Headquarters $XX generating Truist total at Greg and said, discuss related incremental season the budget will already. as to that, 'XX projects Park Formula Trust QX And remains. schedule. the on to headquarter With early at of turn These capital Braves of I'll it on and approximately project One. the projects remains CapEx improvement for the Stefano revenue, the ahead battery,

Stefano Domenicali

Thanks, XXXX gaps the action teams closer. great between Brian. getting the start the across season The on of the track is and with grid lots a off to

crowd. great show seen of Melbourne, and their to win regular continue first X as While we Lando strong race sellout [indiscernible] strength, and from McLaren from in Red Bull increasingly performance Miami X Verstappen a by front in improvement as Ferrari, Norris including have a their Max including in well ongoing showing

The is battle and for forward the it this been years, many in season look as to we closest has continuing midfield the the progresses.

year with this the alongside also have XX are races to FX We events. and at Sprints have us Academy events FX X X delighted

in race event, hero all great a The base events Chinese with to the in million $X country, action the promoters. the [indiscernible]. the place. Sprint was fans Over The over sold-out attendees. won visited X.X live China beyond our younger and sponsors continues fans, second return on was last far fan in watched cheering to full XXXX. Sprint our great see XXX,XXX China Lois weekend first their with of year with when by home on [indiscernible] million CCTV, we viewers the our after Interest break it season, growing broadcasters, underline incredible, was to Hamilton a for also host and to deliver taking

There has news of start been track the of plenty the of drivers at XXXX.

for to Ferrari see to excitement the fans has left announcement Aston XXXX, still Saber year. huge the year. in [indiscernible] where committed our will to drivers in yet with exciting [indiscernible] we have Martin. for next anticipation also join XXXX. to We be will This confirm XX Fernando and [indiscernible] continues go that will have next create to with and [indiscernible] remain

We XXXX the for attendances have for start expect at races and broken records our being seen of

XX% and Nielsen million thanks with in fuller a Germany, the cumulative XX% XX followers Grand the XX% on growth have with and of coverage Prix The XXX,XXX in platforms particularly also under XX the such Chinese our extensive year-on-year, now gained model WhatsApp. million opening followers followers under over new last of Gap] Working TV followers, markets races, in introduction under to growth XX% the popular XX the for China viewership our social strong Bahrain, our weekend We that We has XX% female. build platform, XX, boosted are to up follower [Audio like period total the are free-to-air most Through XXXX, same are which had with seen Grand followers up social of million growth new media U.S. up the first for scope. Middle and XX% X XX to capture viewers over Instagram, East. we've On in is Prix, by Threads as year. RTL. new the

the also of in growth forward the We a Chinese year's have market week Prix. Grand surrounding worth X in Chinese

U.S., all seen has the XX. XX subscribers Try high of Season over in with premiered growth, February reached digital survive up TV X% highest fX.com, XX The those strong total year-on-year letters lower FX view XX%, both subscribers up FX or churn the who markets or series customer to We account In an to and unique are up registered growth FX page the with on platforms. registered XX%. times FX XX% for up also up rates, other when seen more X satisfaction. digital and sign page to platforms who people the TV numbers on and have [indiscernible] on are content. and continues across scripted the top across U.S. and of XX% watch to completion compared we've up of rates the year-on-year are users Globally, of up to than com unscripted XX%. viewers users XX% and platform number among

pace is the summer ], expected in the continues [ which thin Production for on XXXX. for release Apple

On we X agreement escalators. benefiting strong had first the business, quarter. had well growth year additional rights to last new commercial held revenue growth We and compared of across the a very as stream, race all as underlying and from from sponsorship media side

brings FX in the business and We see our partners benefiting fandom to value growth and overall continue from to partners.

and first Latin America. of audience America. partner as as is the new regional we digital sponsorship in in as agreement. official kind Especially region world-leading to we in on sport Latin in McDonald's last consultant FX the our Also, its the joined grow of March, partner announced an software FX week, the continues multiyear has provider global have a for This announced in

strong region, position fee. in will all strong support We the X On continue TV the our media world. [indiscernible] demand of see deal substantial to creating continue and the to that impressive The fans FX Netherlands millions across work rights, we product to to by a broadcasters recently generate and in our the the structure renewal with years our partnership markets. northern bring announced for Pro additional our around retains

with This female partner until with younger base, a a the also fan in X-year a [indiscernible] and platform sports FX to the of sees India XXXX supporter. is a huge especially We new become announced broadcaster exclusive season. in market opportunity that end streaming agreement growing among the

Our shows estimate that X have million in we lines X having last XX FX India, started in following with years. the X in

the earnings call. the also market subscription are free new [indiscernible], from agreement and channel FX for highlights, Amazon our India. Pro academy in Pluto FX also leading and quarter rounds announced would fourth FAST the Prix fans in of race BEinsport FX in benefiting be watch will a platforms, streaming to distributed referenced documentaries. watch We popular TV. for which racing including results remain The FX, replace the to FX, Middle TV channel fully we recently East, in Grand TVs, and U.S. on XXXX on and new Classic Samsung TV

revenue, both generating more Pro. In it to and to expect also addition TV we fans to push FX ESPN

are We beat attractive heading our tandem, media players with U.S. continue highly sport in growth for our to broadcasters strong sports for rights. rights newer XXXX into content and remaining renewal to the confident U.S.

rights including Latin The XXXX FX for that's FX Canada In [ season, children will in following ] be program return providing include fun in Japan. and is key engage accessible media effective up an a to Kids in renewal rights, of way XXXX. addition America, to the first to successful way season U.S., them. Asia, after Also and Brazil, its media on most

delighted it's second season. a for back I'm So

will what be Turning in We race XX XXXX year. Formula promotion. anniversary to the for race announced One calendar April our

The XX commence Australia races March on announce December. We Abu in in feature calendar Dhabi venues and the and in in details [indiscernible] on of conclude XX expect due course. to X will

for giving other also have them race the optimizing greater more X schedule efficiently It we had future the will promoter return Saturday certainty will ever planning as allowed plan makes years for our We on in the Announcing their year. earlier logistics calendar XXXX. just traditional Las by Sunday Vegas for more the night than events to next focus space. sustainable partners and ray to [indiscernible] around and us races

being location and balance There [ the optimal our right around and be the of to demand that risk opportunities interest and huge while ] world, is for continues of currently the We our focus schedule is believe number to XX maintain races strategic clear. events.

Vegas. to Turning

are on X building both the event. We looking broadly. great generate to demand year race forward year continues of LVGP more and locally of success last sponsorship on the to [indiscernible] site,

could kick across example, for for look we For ecosystem our their the continued to Express partnership. sales Academy. site well American be excited to we as and growth partnership American activation support enjoyed off and FX pre engaging Express ticket race, forward our March, not as successful In on about more their with of FX XXXX Vegas a the we sales

We see for on action progress off-track to fans. also continue

the got the momentum competitors. for all XX% this the Boston same in is action Birmingham start increase a FX advantage series a as continued coverage. XXX FX for compared fans saw provide year. to very, of Venu great very U.S. period launch venues first hosting in London quarter guests in several and with performing Boston the in kids a attendance also and and Our of U.S. FX FXX And ton have last to of opened to well. to recently is off exciting plane [indiscernible] media strong of their racing underway continues take Kids the recently

the February XXXX. venues in temporary the FX having of Spain was residency moving week, it other last in selling exhibition opened to where follows exhibition in now Madrid, successful Toronto biggest opening Vienna is around in this world,

and Turning zero FX we our first to delivered net April, to update providing initiatives. impact to diversity and world report, were In journey an all sustainability by pleased the inclusion our publish XXXX. on on

our in through energy reduction meet XX We events volume renewable achieved targets. to freight. offices the operation [ ] and from using track of on and a increasing are factories, remote reducing our We

On action students Formula of fan reduction from took pipeline the strong deliver second students in across to XX have a us great XX% DNI, the the And placement founded of scholarship engineering. remaining to our of we'll by FX XXXX, group exciting XXXX. have studies first the by its the with engineering Miami One We with target started groups driving unrepresented studies join in for from mechanical season and in academy event and field. racing the their Saudi undertake second teams.

grid the regaining in In territories and in Academy as be shown FX entry with live and social streamed a channels. XXX The live be TV on Miami, American the series FX races [indiscernible] over championship FX will Pro on wildcard key deal Academy's team's [indiscernible]. will joint primers international the

announce [indiscernible], partner also the have of We been delighted Tilbury, official cities. Express Tommy Charlotte to Puma, American as

have discovery first [indiscernible] nurture of We XX sport. MotoSport [indiscernible] programs the run at participate Its into carters carting for the launched X. initiative grass-roots engaging age drive than academy has qualified to in also academy championship young get XXXX. identify U.K. talent our opportunity you The of the by female events aimed X U.K. in level alongside the all the will to FX of and and from was FX age tripled, number e-mail more XX, launched

will more place. I'm exciting the this forward to XXXX continue very will the and Greg. I our time on-track the as have business of And a continue proud to work opportunities sustainable focused call go sport, back open, speed sport remain on making as and and turn strength strength. [indiscernible], from now action for are be we diverse ahead. an looking We over we full and Bye-bye. to to

Gregory Maffei

operator, now audience, Brian. the Media like and the Braves questions. appreciate Holdings. line we interest listening Thanks, in for the And to your open continued to I'd and Atlanta Liberty And Stefano

Operator

question from Evercore Vijay First Jayant Instructions] ISI. with comes [Operator

Vijay Jayant

that structures but that aware kind percentage the of in of, could pre-team about we leverage talk as again assume sort of declined of of operating payments last Over about years, of not EBITDA? know that's the team XXXX? there's you in I couple teams Can of XXX the basis we're the a splits trajectory points.

know sponsorship at And could say a can't you that down happening the really about be revenue anything One. slowing It seems to what's is we there. Obviously, then Formula stream pipeline bit.

Brian Wendling

Vijay, or band. to a current agreement. the incremental point We're you as is Yes, we through in information the fixed is EBIT at of a now end team years, year model. of the that past team percent 'XX where few has give We'll our incremental and one. Brian. the full take FX continue can to have from adjusted we without on here this share saw reported noted But most percentage you the ] EBITDA team We results, the each share share we've [ not free EBITDA comfort 'XX. to of for payout and the that under concord teams payments at percentage decreased the moved current EBIT brand as pre-team grown has expect the this for teams you payment to agreement, that OIBDA various I'll the try the EBITDA, but where to pre-team rate as giving a this over bands leverage EBIT to through do

Gregory Maffei

Stefano, do on touch to you want sponsorship?

Stefano Domenicali

look sponsor. I Thank to sponsorship if just we the about of X Vijay, you, positive would say say, think very the just back ago, that years you our couple because Greg. global is Yes. talk pipeline. a I I situation would only had just

not has quality, of everyone terms we not are it's situation of solid. a in can today, only of ensure very very of sponsorship really to sponsors, quantity in terms strong. right to I terms giving of X global experience, And a but pipeline here of that have would we the Now need is is any and the the in the is kind is exposure, And in investing what we know, XX expectation regional we say, of offer. as and related partnership, problem you lot quality

together really So who positive I we trend believes Formula that would partners very see very, will in with One. our say a that's

Gregory Maffei

into and with If for recognizing Stefano said. year I beyond. of XXXX, that I building where we about XXXX revenue could this the are balance good agree working everything and hard sponsorship just pipeline I very feel for add, and are at

Operator

Pivotal from comes Research next Group. Our question with Jeff Wlodarczak

Jeffrey Wlodarczak

First I've of Greg, face [indiscernible], GP. actually Live Nation Live FX, podium. X a on antitrust case got congrats get you on questions good Nation, to Nation? It's in to against X of pending SIRI. winning comment new Miami related all, on on not the the always Live on top

car sort of then to was seeing successful? Greg, And sort a you some second half thing we And can know mentioned you do growth? back looking I should we signs economically early equal get looking comfortable, to forward, are Is when going SIRI for? feel that if also, the positive and all being subscriber positive then else app guess, that that of be

Gregory Maffei

App growth. and economic

the the merger So around live of on practices listen beyond specific the Nation on defensible the within think divisions And Live all earnings Ticketmaster believe said well Joe structure. on the remedy. trust or would by was Live to that, be of business look, limited breakup call what team you last management Nation kind it doesn't and that the not I legally company, led that. Live of Thursday. to if their discussion focused that call summarized the appears issues, The deal [indiscernible] business investigation we're

to being and get app which as app because us continue benefit. out, SIRI. this days. of opportunities, year will it's I platform, during see new roll a to to early impact certainly We Turning you'll Look, think the way at from would of the and help us balance new a app. SIRI, hope rolled see the The greater the new positive is modules learnings

to release over early still are those how see how question. hopefully the you'll open and of exact both timing growing -- up and the them But some I consumer and more think So takes learnings consumer time. we how them the

better helping to back do to we in time, a On getting economic growth, versus at start SP&A. Sirius. driving. growth critical XX this grow will I us 'XX app and on be think, I that And numbers do path over see can We'll believe

Operator

Our with Karnovsky next question comes from David JPMorgan.

David Karnovsky

or better First experience? the year. discuss basis, market drivers quite rights strategic one to the been then how to seasonality new on commentary I value of this maybe a for the the how possible FX anything along with a on FX, Quinn TV have with this, but term? to should Greg, think on note understand you on growth stand-alone of user for talk to we And for over can I this just long Brian, driver so and and media And the increases growth received the the hospitality? can as to revenue price Quinn, What's also far the for you kind premium wanted margin? appreciate

Gregory Maffei

Gret, do you want to start [indiscernible].

Stefano Domenicali

on of I FX an first would all that putting on subscribers them numbers Greg, a said, have some is an actually, record funds data fine. as say, screen. Miami, very, the because Yes, even thing there offer the additional almost And is seen it's see. very been TV, analyze encouraging has very so good They in expert. we Vegas far all, we're are of that the that that Absolutely. can if the are to fab we

customers. So important to that the our immediate offer it's very of want evolution a to to is very, the element future that we related

on We didn't comment increase. any receive price negative

really our And product, too may the further say keep no but and future. of so even up far, play very product, said in of will a would intelligence before, it of be with -- has development that relevant develop that anything. the You will part for something the was point, terms that in low be of our is content important that say of this terms would artificial we'll maybe us, I it's because a quality X to good with

Gregory Maffei

his the you, now, to Quint down. opportunity LVGP. help you've end be arm The itself, integration more better strengths, the sell customer One utilize want and but LVGP. drivers the One their which already. the cut I -- to sales customer Stefano. I'll do of And help us expect to touch be their there on are Look, Formula at to Thank arm will fairly and particularly that and they better, more seasonality, several. of briefly that at around well mentioned particularly drivers high business things think effective as I I us the seen Great. and for do a us be don't let knowledge, Brian, on sales on And comments you mentioned business, some touch limited, we I is,

business, though, elements FX promoters their sell to driver other their ability Another of help the products. is and

sell work services for not that our with event and to to and events teams events, help promoters, sell around GPs. they to Qatar the and help do out So just the example, do they ancillary ancillary things their both tickets and

open driver events. door over will seen that you've hopefully, And on up new details, that but And by ramp you say where seasonality, that's give the we probably obviously help really them participates do have sports. David, I'll lowest to events sports new time. adding and what Third QX continue may expect they is more a you Liberty have able grow be Quint can't for lot and that QX. the a place Kentucky to new to [indiscernible] specific you and quarter because Quint, larger that the followed very is of in. that is Derby the the them FX

in see you materially vary definitely QX and what QX that see from QX. you'll So

Operator

Morgan Our next Stanley. from question Swinburne with comes Ben

Benjamin Swinburne

business a may you months add now least public of Liberty that any you with know did -- that you've partners you or what Anything with at most that had emerged couple had of be can the conversations the that Greg, the the ago? that just I'm MotoGP have MotoGP, announcement all do on you've opportunities update acquiring you're of that company. in you if terms wondering is of from to going now would call had

of next last was a Stefano, see update said would might to X quickly, going you finish for on any The thoughts that I in deal, what be you sort then, to want agreement. guys might how to up if fixed And think next one? maybe something splits pretty about lot point forward controversy. being wanted particularly there like quarter, not I conquered of as Brian's this we relates think an team it about the there, could look

Gregory Maffei

Ben. Thanks,

very -- an sites, interesting. OEMs, we from which are the when potential MotoGP, after potential we announcement, both of had interest So all broadcast outpouring of partners,

can't have the those anything concrete the regulatory MotoGP and gun do Unfortunately, until jumping we reach to of avoid will with our out the process, regulatory management and we nature due plans, approval. we ourselves be but amongst team formulating really to

So plans. conjuring we are

permission to execute I I later. really we to We good than sooner hope ideas, and think, rather those hope, have on some get

Stefano Domenicali

update the on to regard with Ben, [indiscernible] side, my On agreement.

situation, said, expire XXXX. very As we this always will the as well, you on know,

we is are stable we soon the what of of discussion These as process but with points the detail can as into in imagine, keep most can, of do. are we teams. situation the point possible. share can you The the Now to will as as important it, as discussion. cannot And we we go

stronger up optimal is the relevant term. longer the all with parts finalize discussing a said, I best with a the everything situation As to keep teams future way to to for the is

Operator

Goldman Our from Stephen next Laszczyk question with comes Sachs.

Stephen Laszczyk

about align that you In some Maybe in maybe to on it out? took MENA, 'XX. the are and more mediates strategy add some of FX more contracts renewals strategy the curious would conversation on in Asian release, I'm Sky. for looks rights, a duration Anything Nordics bit and of could to the called you bit Greg up talk like helpful. the I if or media Americas know you with be good the that

Gregory Maffei

Thanks for Stephen. the question,

rights, think the been with we've of general, very interest media you renewals that as been -- on attractive. we've some had very I noted, and happy the have We in we've seen. renewals good

demand. to see see continue FX which to -- with we working we ways see interesting partners. FX about media an We TV, be continue to as asset we strong in talked can continue And our TV

in interest what both other and sports to It's lead obviously among obviously most been broadcasters renewals of demand general interesting us one, the Miami level or recent motor where some races will give U.S. the is the of like out either mentioned that in to. ahead. the like and seen confidence some given the And around The U.S. hopefully, renewal sports watch the those I've already in we've about other

Stephen Laszczyk

dynamic it. being GPs race Got promotion weekend. just just in Could more like you be this supply-demand over things interested next promotion, little think XX Stefano, for context that X contenders a XX out helpful. fan have, around the up step-ups, raises And years. called you serious bit renewal past cities hospitality, add the the then experience, you on can would you're think, seeing I investments what right mean for that And now?

Stefano Domenicali

and what demand let's years last sure, have we seen in of happening we of the asking our have of because strong And seen what the the are, our we the for with course say, promoters. because together product. standard, Well, of and work

demand, side. are going everything the terms strong seeing seen our of well. demand of impact really strategy and the have just for we shows up We promoter of economical quality And both the course, in

is the is the continents requesting the point to important between the keep different of to. And balance Now that different [indiscernible]. what are is course,

Gregory Maffei

I think we may have off lost Stefano or Operator? we're maybe

Difficulty] [Technical

Operator

connected. is line still The

Gregory Maffei

mute or just check, as the still connected is audience so logistics? the Stefano greater just on is to line our to checking

Operator

yes. is, It Correct.

Gregory Maffei

we'll or get Maybe try we we'll question, Stefano the We'll answer to assume next that answer. and we'll can either move it to Stefano again Stefano get and hopefully and come back. without we'll back

Operator

Our from Barton Crockett next question with Securities. Roseblast comes

Barton Crockett

about emergence now guess question Great. gears viable? happen and tell there situation Diamond the out Sports, baseball isn't are I the And with term your Braves the of thoughts the Okay. Greg, what about on and on there what should Comcast. your longer get TV what and can switch you rights a I some could for wanted Braves TV with bit to little just the block the us do of Diamond if Braves? thoughts about What viability

Gregory Maffei

happy you X Derek perhaps want cursory let Well, you I'll then contribute have take if over. and comment give to

we with the watch experience Holdings, obviously, carefully. but visibility the Diamond situation, our the think from have not we experience Charter. And very only with some Braves, into our I

let think he that touch have event options mentioned like. if that in they from before, on XX. unable We are we've Derek more have complete Chapter enormously little would a emergence successful an that as the of attractive and territory, we benefit, to their I'll But

Derek Schiller

and Braves' if But full back Valleys very optimistic. come X largest Greg more of and demand Yes, to first disputes we we're bankruptcy optimism huge we unfortunately, including us, doing party carriage us, the with in like of There's it, Diamond Because, [indiscernible] point fulfilling sports. as monitoring hoping television we're the future believe in terms are pessimism the this the get with obviously that a team, on our obviously, sort To a rights. dispute Greg's don't on, the that payment. fact to rights and rights there's than are noted, of At in is the territory, we part to is time, their marketplace. the point, and carriage commonplace, to Thanks, protect large whole have going together. this our very that point, we not Greg. Comcast and proceedings we're

Barton Crockett

revenue. where came the they model broadcast, but I what RSN I they're you some it they think I of face follow revenue to precedent they would perhaps teams broader get If up. having don't great. at you baseball like other move That's their if Am correctly? that, just the hearing exposure carriage the to could if been sounds less lose to mean, lower that on a has Braves that's it.

Derek Schiller

seen necessarily to I around Yes, that And their don't different. in are analogous think the are you we've vastly me correctly, think other us. marketplaces situations I situations, because particular, partly just hearing baseball, are the

million are and We in territory. territory have that our about people about X XX states that in

can content Braves the wider that think the the the And that way should in this should stretch to rights we're at X a XX to that those look like of more feel we unlock that we is, to So to we've position modeling territory a back us. of offer and extent revenue follow. to million those been come opportunity to good people,

this agreement, are the under But in we're they and again, still well. the as Valley's time, at of point operating terms

that, to stays continue that case. the the extent So that we'll

Operator

Deutsche from Bank. Our with next question comes Bryan Kraft

Bryan Kraft

X for Greg on on [Audio I and Gap] Sirius X had

best of fact of the possibility terms [indiscernible]. a have been be our I is And or fees. that actually, was lot demand, up this a stream but the in of development course, this worried very could course, has having racing promotion that Connected, to we is, course, about of a of of the have to the relevant also connected way can in that revenue point, maximizing markets. we strategic fact in pushing different at the

years, of we next announce And Formula couple grow progressing to I'm to be say, expecting well. new the would I attractive see also expecting of So that in to are One. very, could very some business everything venues the and very is

Gregory Maffei

I point. Stefano's add to if to So could that just

we the to promoters given perceived other to XX advantage both demand I have, that of we do it went incentive great and promotion and as But just more to November, to something be each others an event, But attractive not take pricing in of try from which seen think fans continue about and growing for back we able to among creates scarcity Day to host find among attend against to amount and to off a level, play this we races. at incremental come in time, is anticipate Investor from up XX where growth would a was any actually the races. talked them. demand opportunities pursue. we have and given and [indiscernible] which we've able we not new new been And long find the obviously good the it I and they've locations, uplift, think promoters venues

So, so far, so on do area. and good it growth tremendous think I continues promotion,

you to on Vegas let go touch back we'll tickets. and [indiscernible] And

Unknown Executive

in of our American results being so would partner, Vegas, are as we closer But a with get last-minute known said, towards on trend event particularly the our year. our Express. purchases this presale overall, to very That more And seeing hard product in to U.S. market. say Sure, are very the which the happy with working even ladder the we is I

which We think, have looked about to be really to last-minute differentiate very tickets XX,XXX those market. I much, creating available, GA products will that new appealing

have now tiered different pricing. We at X zones

Zone the Sphere as as the well the focus Sphere on will entertainment on We news T-Mobile to phenomenon the have Zone. and racing continuing

will in then heart in announced will to offering, And a have which Cobalt. the which is viewing structure price on product of third which be DRS focus new watch the Straight. point for fans entry-level new the a racing to viewing on along a have very going Cobalt zone soon, We Plumbing,

allowing to unique to individual fans is track, as enjoying the we as the continue to throughout watch really consumers those entertainment This races the want and to incredible Vegas-style the FX us continue who offer new had reach out and come tracks. to on really we'll well that

Bryan Kraft

comments your if [indiscernible] the follow And just closing. I up could on on

the SEC but SEC for basically for update the good proxy, very March to had the already numbers. mentioned have you You with quarter -- approval progress

more filing? what's it. sort curious they So for be the a was just then to you looking XX to I a And can probably so like already that get color was it should able that approved shareholder just the the from seemed vote the to little for rubber timing be next a since approval of stamp you like updating there's days. And would within if as I anything SEC share.

Unknown Executive

we'll the have file I think ready cleared exactly at that comments, And audits. financial our meeting. is Well, once stamp but ready through we'll which progress. do next to great of be looking but at we when order weeks gotten in to QX say within to we've few QX we're the Sure. anything, then going least or for is SEC would our rubber early now shareholder everything hard say quarterly I get It's we I end think legal to never be close, the and

Operator

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

David Joyce

to factors sort how related Quint, of are we are share or going any to EBIT then either there significant within calculation, other of related FX pre-team revenue? the thinking there're for outside EBIT? accounting One, therefore, other events Formula In pre-team be of the about the to outside be that, Quint line would going with that be with wondering Is variable? And in that. straight and that other are And share that expenses just

Just would of there way. be activities that that split wanted that Quint verify to

Gregory Maffei

Bryan, this? you take to want do

Brian Wendling

Yes.

with start Quint I'll the So first. piece Yes.

Formula sales calculation. So the to One generates ticket flow those Quint from through related do revenue team that payment

your are on included they've beforehand. And been like then those So just first question.

Gregory Maffei

flow there, like add but related the FX flying, those you're to non-FI Sorry, just events that and not contract team. Durbin David, but all through correct,

just... So

Brian Wendling

That's correct.

largest lined. team question really are they're is Sorry. on incurred. then the along your straight Other things about when is straight-line more And expenses, that expense payments

of are race and same the a relatively team of Obviously, there's actually the year, of hospitality related a smooth happens, about kind with per example be throughout expenses payroll the would largest event that to think of when So freight, but bunch things. fixed the those like payments amortization. types

Operator

Our question final from Company. Harrigan with is Benchmark Matthew

Matthew Harrigan

be changes on the view the dangling MLP last for how rule -- in more question change game. interest What's your fostering might present are Derek. My

think Greg's [indiscernible] at I a changes. next Tommy doing be clinic great you look what's might the surgery, John off investment if coming surgical

in there the what's happening? terms are midstream to popularity we what's are doing sport? Just kind And of of of the downside where any for

Gregory Maffei

No, They're overwhelmingly up. tee Go I'll I'm but let Derek to go please. ahead. ahead, you going popular,

Derek Schiller

the bulk took place I I mean, changes the Yes. obviously, last rule of think, season.

season. results last have as the all to first saw season well of we and So those able been as the the part study of of

think some pictures we've is shorter, X the others. some the might off to small that little little example, that of to idea excited fans, of overwhelming a a changes from some seen the place you have this as last were inside a I of those year that. changes, from that and taken to the players, continue is couple of with sort viewpoint changes successful media you're year, [indiscernible] think things and taken with that that hard be little embraced, like things those. is action more it's shift some of changes to seconds the really we're or But those rule creating the including teams have I bit of the been Primarily, game game that a bit elimination

tell [indiscernible] to changes study to overall, have I have been the fan But think, rule point, with think and a Association Players I game great do that. vantage a even the rely on better. very bit continued point, a you on to our successful I make MLB little full from would vantage

Gregory Maffei

in quarter, your Holdings. if Thank listening interest Media for questions to with audience all our next We you again sooner. Liberty speaking the not and ElanaBrace you and forward to of your look

Operator

today's conference. concludes This

time, may thank disconnect for You your participation. you we this and lines at your

Liberty Live (LLYVK) 8 May 242024 Q1 Earnings call transcript