FWONA - Earnings call transcript Q2 2024

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Operator

Welcome to Liberty Media Corporation 2024 Second Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference will be recorded today, August 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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and certain reconciliations release through the Holdings earnings will adjusted Holdings, measures and Braves Braves call, the and definitions can adjusted are discuss of Liberty today's and end be found press at Atlanta to Braves OIBDA SiriusXM Schedules non-GAAP On Atlanta today, SiriusXM including on Media, for Media X, Liberty Holdings website. financial available Liberty required and The we Media which issued for X Atlanta EBITDA.

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

Gregory Maffei

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

we shareholder FCC set transaction The We've expect towards to close. beginning September and on me, August received the SEC for Liberty approvals. X. and So date XX excuse -- progressing close August with is We meeting SiriusXM.

reset has the new the XX%. may by ratio note, exchange merger to Sirius You been reduce adjusted of shares

at forward I shareholder. trading close be new and increased inclusion. we meaningful Chairman share because of remaining price including Sirius and higher look expect enhanced to will that, index dynamics, expect We a the for potential

Turning position. Self-pay sequentially the adds in was the to primarily flat plus now strong driven by and to maintains churn. its voluntary improved first reduction X% prior quarter. a itself. versus company SiriusXM financial EBITDA The net year year-over-year, versus

beginning We a expect solid multiple to generation going the coming basis. CapEx SiriusXM XXXX be year, flow flow pre a also to is Sirius to increase the in in the a through believe improved continuing listening margin and cash drive new pursue a free at peak growth and car. opportunities, trials X-year listeners, the to access, cash certain expect of purchase balance years. vehicle and cash we automakers, to We platform attractive continues ad-supported which on is free with free of to in car share win-back first growth the is with XXXL aims return and new subscription XXXX.

finally, period is seen at multi-day Stern, Howard ] event versus And subscriber engagement and many [ in exclusive the updates in Jelly launching new also month. listening. trial The seen and off quarter ] Sirius features by in streaming, smart early more. podcast with we've the every an Looking partnership first content. Smartest kicking unique and We've this featuring [ presuming Roll August is increased improvements

seen Despite race since and one season the X as start of top back well. Group. front since in to up at the out the most point is closest races, XXXX early this of XXXX. championship different the the we've current the first four been constructor -- this Across to start grid closest XXXX. questions, seasons time the in we're on back competitive track be Turning to qualifying difference certainly system to also winners the in This is XX the The have drivers podium. Formula have on X turning in One the across from is to

well. Carlos to at XXXX joining to Sainz [ a showcasing going do Okon sea? Looking will series pipeline interesting with question market the of delivering is [ Berman Ferrari current support ] ] [indiscernible] Williams, excitement as its the to has open announcing driver remains as continues And Reserve the what and open provide talent current Formula One. is Mercedes that biggest with

this XXXX great period for races half. OIBDA additional results the and revenue a Year-to-date We in partner. Looking in across successfully brought up plus through sponsorship to official by FX. We an and LVGP. now our XXXX, is in as about They're and XX%, announced activate we at going excited XX% three was remain scale We partners first in the year. LVCVA XX to driven XX races financial pipeline. had partially continue

clearance MotoGP. transaction merger briefly progressing foreign Let we control to filings is progressing on and in in and The Spain, and needed, jurisdictions recently Australia. me both received turn Italy investment well. Brazil track. We've received clearance Regulatory are

has with the We Martin, Tecovanyaya continue Hori to been At [ by close expect the ] ] transaction but just Silverstone. Martin quickly back [ racing the awesome. closed year-end. lead took to MotoGP, in the gap

X We a competitive are now very only separated title fight seeing points. by

next summer seen we're to and rider weekend for in record all-time XX the instructors season. on in across attendance already MotoGP, across also action more last season. FX, Silverstone, tenant new numbers. to from this interesting excitement. been half. second an PRIMA rather ended the set We've Instructors was are excited movements in the X% XXX,XXX championship. races in up XXXX podium with our a category movements attendance break The at Ducati [ writers with was Similar The off switching Germany up fueling [indiscernible] Yamaha record a And ] is have XX

Turning briefly Quint. to

eight game and experiences Derby, women's growth FX All-star WNBA second and day. Quint including We single year, highlights. success. history an men's XX,XXX quarter customers executed was Some event USGA. opens the inaugural had new the largest Kentucky of enormous for across the meaningful seen over The completed partnerships, races the XXXth for which per U.S. we've the in and several this has serving activations

was one globally. to double America than for this ticketing tracking in and for Nation. Live last We tenants rates record of up sales. the profitability, concert in quarters history is quarter up arenas signs a are XX% is of with to cancellation second and activity slowdown. no also concert despite The from top on-site AOI quarter, XXXX AOI being was year-to-date North lower expand Turning pipeline of the spending and five segment lower, amphitheaters continues year. X%. year was Revenue record another stadium digits artist saw and ticket with up

XXX% New total by from artists increased are of and XX% all international. have X/X tickets year-to-date new enterprise

Major and Nation, Turning digits also expected to and major plans fan open grow festivals enhancements per we're per is across see up generate double to incremental average made the briefly The $X Venue revenue. fan spend year-to-date. XXXX. by amphitheater average Live spend continuing XXXX XX per is to venues fan Nation global

with we've of of the to up the the a ERA wait which on XX, the winning a XX a Turning season position XXXX. XX% respectively, completed fill and planning Both the from World concessions the XX-foot return players key [ ticket Jorge XXXX sales key and Jim in outfield League cap versus trade There season already this last demand had it are for deadline, experience. seen concessions Soler year Jackson. Fan strong the Braves. RBIs on remained National and concessions April League master the were Several list, National Series team. and ERA, per performance weekend. enhancing bar to X.XX% up in through year-over-year. third, second double Braves on had players a renewal in are date ticketing the and right-handed to the earlier are X.XX the ranked same XX,XXX ahead X-inch location. season XXXX in adding value free of with since picture Pasona We've strong the projects The this fan digits ] led announced new bean and tickets

unveiled includes new underneath to the further the thrilled season, showcase access seats The truest Light game. Recently, upgrades a recently Chophouse Also, lounge Coors sections. exclusive and of they've game. of to announced ] area. including the the product, to logo All-Star bullpen, off are ahead opportunity XXXX brings host incredible battery It's the All-Star the the [ and the seating Braves which seating to XXXX the extension kick

Now I'll our turn more on for over to it Brian financial results.

Brian Wendling

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

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

Total $X.X billion, of $XX.X Liberty billion value of our the principal stock includes X, attributed of against we these Group debt at which holdings. debt August amount of debt and $X.X principal of SiriusXM. have in was As billion SiriusXM is billion, amount $XX SiriusXM

transaction expected loan convertible and Sirius is be assumed As to Sirius with X. on the by the Greg the SiriusXM XM the close transaction connection will will the be New Liberty X.XX% In exchangeable with notes X.XX% closed, notes Sirius and mentioned, margin September retired.

would repurchase holders right notes X.XX% we of close, expect notes this the a majority transaction right. new will exercise the Sirius and require substantial holders Following the of to to exchangeable have will

is Group quarter debt $XX billion at is of million million Group. Formula includes attributed level. $X.X revolver Formula One leaving $X.X investments of is attributed and Turning principal $X.X Formula which had their amount end, to One end leverage cash, undrawn liquid FX's X.Xx. the $XXX at cash of One billion which at holdings includes at of the at FX Total Group MotoGP public cash well. quarter $X.X debt and and transaction the corporate At FX, monetizable Quint. billion was progressing billion, million $XXX of

a financing $X.XX bridge cash to billion the $X.XX be total commitment We at have that billion. FX debt syndicated billion opco from reduced $X of to replaced Note combination the all and with financing level. the is and commitments commitment expected

commitments XXX XXX corporate for transaction to at entered an $XXX transaction million and obtained A closed into a conditioned subject be to [ provide to close. EUR million incremental and Dorna to the banks ] with also into commitments upsized by Term entered Loan And loan we Formula for and general term Dorna We new EUR be revolver One A after used from on million purposes.

variability best annual at in given Looking remind FX you on that analyzed year-over-year is calendar. I an basis rate business, the the again business will

make results the focus With a year-to-date I'll quarterly encourage you that but brief remarks results. on much few would very said, to on the

X the the in revenue during During from to season-based given proportion Other to China, and of rights a flat out increased right's to compared new relatively contractual in the of out XX sponsorship last of and with being revenue races year benefit FX due with with dropping mix by and races QX occurring prior Australia Austria the higher revenue media to Media of out ] primarily period. promotion continues due the increase higher Amala agreements. XX period. year current FX TV X compared to Growth and Race increased revenue. revenue, hospitality of freight and driven recognized races. period also fees income revenue was Azerbaijan, added quarter, Japan, additional in the in [

of compared tend ratios in I payout total from the on these improved races are percentage would Team OIBDA half Adjusted to on rata the FX quarters. European of pro the SG&A and adjusted the QX QX higher represented cost than team revenue quarter year year. XX.X% the additional percent as based more note the a looking XXXX races to for increased first and increased OIBDA supporting have growth to and QX to as of cost highest are in of over XX.X% of the full as grew best on offset mix at XX.X% a payments held revenue prior year revenue revenue well greater of Other best for year-to-date payments to 'XX a through pre-team the year. and recognition viewed growth. increased OIBDA Again, due in XX.X% basis basis, through the team viewed the of it as the and expectation for year-to-date 'XX. cost costs payments due margin QX

of other at QX Corporate quarter adjusted and Vegas $XXX the rental in corporate million, the which second Corporate and results the to quarter. Looking was million Quint OIBDA other $X and related million Prix includes results income Plaza. Quint in Las revenue briefly Grand were other and $X profitable and Prix and in offset was seasonal second approximately that QX. most primarily experiences Quint in Grand income place by Kentucky the FX rental Derby the by is corporate the and expenses. the Quint's taking events second Plaza across quarter results with races results. and the largest held. X Reminder business driven

rental for will and the and corporate full expect OIBDA Quint We other the from year. the results income adjusted benefit

our $XXX the there's market. $XXX cash Nation margin Liberty capacity Live undrawn loan million million of Group, of At attributed the Live to related and

of was at debt of Nation and against $X.X the stock, we quarter amount our of $X.X As have billion, Live stock August subsidiaries X, their the Nation end. these principal compliance consolidated and value covenants are Liberty in billion debt holdings. Live our with in

Turning well games the second Holdings. contracts. and second Broadcasting as the on grew payments games Revenue as The in battery new revenue and quarter and plan in away revenue quarter, due season to in was XX% Baseball operating minor event very briefly second three to the lead under sponsorship between expenses. home the Braves higher well grew Baseball last second home Atlanta driven primarily increased MLB's continues perform more payroll, and to fewer revenue in increased existing with year. the up sharing and there adjusted agreements increases tickets contractual XX% as played despite the higher total to up sponsorship compared growth team OIBDA revenue player were player quarter. quarter. costs by

million to related primarily of Truist the at of $XX back Truist of Reminder is the 'XX. the and battery, returning expect approximately and XXXX ahead additional Braves across XXXX revenue ahead 'XX. high spending Looking incremental half the to the early million in that are ahead across projects XXXX schedule, season, building early are progressing of that season. improvement to for announced hand half completed projects season approximately expect will to and Braves 'XX ballpark. back that all September. options open these projects 'XX improvement on seating to the capital over of The around the recently projects projects generate Braves the headquarters At and the spend in related the $XX we'd new the to These the

Now it I'll discuss Formula over Stefano to to turn One.

Stefano Domenicali

podium And we saw return first Monaco, his In Mercedes Charles cap a between qualifying saw Leclerc getting fans Brian. on the in delivering our racing win victories. home incredible sitting season, top in XX our victory. in prove X [indiscernible] Thanks, and the was teams. In races closer, out qualifying from with McLaren in XXXX by ending at gaps season Imola, podium. excellent Louis the X.X/XX take to there seen The continues In with of Miami. incredible an winners different X.X/XX second, we home the for is FX Hamilton competition X for had win beaten record are rounding both have and his Lando's a events. and Canada, track. have Austria win Max Hungary this is and action second. Through the race top to the X FX and The winning another Lando X step George X between teams first X we incredible and sold-out in only races. of of

but ], incredible tight line times. throughout for diverse engagement even race swapped the continues in final victory track office season disqualified our weight. mean, took race as incredible the competitive second meet outs against the with I as lap his after car Luis did because on fan the second increasingly XXXX higher very [indiscernible]. an after measures, gaps By The we exciting a Charle finish multiple racing. had race had being the and led the basis In for train forward, fans. race will many continue Louis, was [ first leading by to Russell [indiscernible] George to required prospect the the we is with spar XXXX. of not crossed we racing very look remainder grow. to our great never have more competition that season close of deliver and expect And I

XXX,XXX, record We over season through and XXX,XXX. have record tens rare of first million the the ] races this attendance X.X seen welcomed XX its attendees incredible Canadian Sividon [ of of XXXX with

seen there sold-out racers East. in for South continue growth Canada, numbers we strong see We and including Australia, particularly is have Africa On to markets, strong U.S., these. china, come TV, the Middle and the to events, key demand still

Grand live Looking the viewed at was and the U.K. Grand race Prix since live most The impressively the was earned over Prix the ever recent Sky British overall races, in for European the the on the largest audience Canadian Canada. most FX in XXXX. races weekend U.K.

the the XX their have viewership on average at in X.X for Chinese, record XXX,XXX the events, Monaco, Prix Looking in achieved at largest X million channel season viewership the and million, races introduced and Miami, the respective Canadian raises Miami to X.X the U.S., ABC XXXX. Prix. demographics and since Sprint viewership British the million we peaked this average The Grand Grand ESPN, spring on format XX live

We and XXXX, social and social to success also increase and very platform on accelerated see Fred channel, Our ] of in digital compared driven saw WhatsApp the [ the continued performance. by strong new growth media XX% followers to Instagram. a

X.X also up continues engagement year-to-date. market, XXX with FX well. to perform We the higher are have subscribers million U.S. Instagram video And up year-over-year. in on XX% year-over-year. interaction views Total XX% TV subscribers billion and are

TV TV FX have which implemented with the markets we been this well an price in important mentioned, and across early previously product. received first continues for upticks limited year, growing to time churn. increases FX be the As

with in results XX% decision. XXX Explained, podcast FX million engaged surpassed U.S. from FX new diverse also continue market. in podcast podcast, listeners in audience is Total to more FX beyond XXXX quarter. and We of the this Nation the Explain including all the of to grid, listens great and FX our see The episodes the launch since

China, take -- Austria, to a XXXX and Brazil win The the drivers races with leading to TV next is calender Sprint bring the and The with format completed the to of Chinese a ago, become in maintaining they and races. sprint a qualifying took is extra continues Spain, Miami, after victory the survey events. and at fans first start track Sirius big success preferred and a to FX attending providing X RaceX action Abbie strong for season FX weeks for additional the and attracting Belgium, few fans. Pooling the for that with Sprint values FX X first new momentum Saudi, to the Qatar. fans academy we race in session. A look place compared British Chamber said Friday newsprint events, practice first races a audience recently XX% higher also announced [indiscernible] the Saturday promoters. drumbeat the events Sprint The we Barcelona up. traditional our XXXX. woman and the also Miami growing dominant of American off engagement Academy to forward race is is flowing with with in be in

increased million sites [indiscernible]. around XXX FX months, engaging last Internet media In Academy also been video at new media social FX on Xx under XX fans XX.X in XX% generated social follower Grand The the Academy old alone across has the under million million XX and base. with coverage academy Online and with Instagram Academy XX of Miami live are followers XX% are viewers a XX% female, are FX followers diverse and X broadcast X on million years users. FX Prix by reached old. have almost on TV. FX social of events XX interaction views

year interest XXXX, successful lining inside events are we FX again several hosting many host the Given in markets. races received of other promoter from FX to academy have the up this and the can, we the

above potential More incentives risk now the updates. sport. be improve from go promoters in of their the creates this calendar. the race to and to On race benefit our demand race future to intend committing there promoters innovate right with continues commercial ensure for long-term season hosts. to new investments of for across increased the races. significant The added We currently slot strategic experience demand as the to is are promotion, a XX addressed Turning in to duty balance limited

has XXXX. building to a Hungary refurbishment, committed significant pit example, new For including from

show Silversand great forward We have Barcelona course, fan also entertainment we an to Vegas seen of event, Thursday, example promoters, from including incredible after returning in XXXX. Las look to of concerting the

We We more to announced year, time calendar teams optimizing continue this the their prepare and match for gives the to events. and promoters XXXX beyond. focus earlier XXXX which calendar market now the on and

Our media likes.

including some Americas, our broadcasters Brazil base our of Asia, We The continued of key the Mexico growth we are well U.S. diverse most demand the as confident U.S., deals and Canada, including including have renewal our Japan. to future world, means and for the Latam, as media from XXXX, around across deals. of across fan address the in

by excited to through continue FX into Across around our and content. partners offer. and about the we We have has the be data cars. the fans insight amount also cameras many the and can weekend race of weekend, of all offer that We numerous broadcast this lots [indiscernible] to content incredible access provided events tracking

a Alongside and the Kids this, Kids for are the colorful fun and deliver child-friendly upgraded the a around feed Cartoon X design. program broadcaster One and XXXX of way ] graphics way was dedicated car [ team Prix. once The a Kids Grand pleased for to the be is them. to events. is in engage in explanation via FX FX in children geographics, radio delivery international season feedback accessible live brilliant that's bespoke world package providing from and through Formula of animation, impressive, some abates to The fee this FX to again including feature available a technical Driver transmission, and very we

followed also available Silverstone for in Dhabi and Paulo Sao and by Dutch, later this return Abu production be will Prix season. Singapore, Saudi The Moroccan Grand

pipeline are sponsorship, the conversation we exciting underway. at confident the with in Looking

financial continue such in as betting. services, opportunities We to categories consumer electronics, have telco and

growth strategy opportunities. grow the and the commercial sponsorship and to our integrated teams in optimize licensing also of We a closely comprehensive have hospitality fandom more to marketing

strong engagement opportunities We as we on are fund outside continued can. also progress

our engage seaters reach for opportunity by has in we The were seen XXX sixth to season Apple XX were audiences. Brothers, to months directed of release. and We races on during global top of the since that. booking both million. weeks. fans of the In dry movie the Pitt million It Bruckheimer XXX all to the of Grand partnership is during to the produced and be release anticipated with will titled perform cumulative the close with new confirm of date, and five and Brad that markets on during the for Prix. sport non-race Across much XXth is great excited well Jerry staring released to over Kucinski continues be will team ] Joseph FX the survive audience delighted recently June FX Warner being build aberration XX is movie high teaser XXXX. authentically season we the reaching can, after to British filmed in and in to viewers up audience The Netflix first the unique arcade it a [ numbers by

Washington in more guests the D.C. Las addition in And Boston, come. in FX XXXX the London is the and in late all London, FXRK with two the [indiscernible] launch. venues of ticketed The sold almost project in venues three out watch to to planning Birmingham ] tenors hosted arcade since seen guests. [ that new months ongoing location XXXX to XX,XXX first party open the Boston venue during means The Vegas All new success has venues XXX a race. welcome three with in

Even is are fans fans show mix the hospitality. of the different future exhibition successful and open, showcasing of we opened the already Following our extended history London in runs and great support in not example yet been later which sport role and bringing has in the into to through Vienna, incredible month sold. London its continued show of U.K. has FX this routes with a Madrid the entertainment in tickets These successful the mid-September, and through are Toronto, FX, XX,XXX been

Our as initiatives, believe ESG this our XXXX important business. zero and of has be both the plans an impact are well on future as the costs for our which wide important program ecosystem focus sustainable net behind Earlier our we for existing published our inclusivity broader XXXX. sport. remains year, Key an within a and showing through automotive commitment our been the we report both very to solution partner progress making to diversity business decarbonize and fully reason the would This provide we innovative could for benefit the XXXX, industry. move as [indiscernible] huge FX and first

We with recent highlighted on our partners the deliver the promoters and FAA, to closely continue to as work teams, by commitment, events.

was The panels Silverstone event powered increased over have event. the X,XXX solar including powerful and -- was by energy, renewable recycling

emissions access. program groups, addressed that were and low-carbon 'XX. there and Oslo system U.K. Formula education place our by in been related year a in One over Austria engineering shown further recipient this Italy inclusion, Trial of the care become success XXX, including the compound XX%. burden reduce taken XXXX we has broadcast represented Following diversity to key financial are with delighted of the part for Hungary, to a On of students, some support for latest the third the engineering to opportunities as deployed and Monte. have will has trials that who last higher underrepresented the provide year, to XX students of scholarship confirm scholarship energy been and to education activity barriers the in program across and tattle, recently and scheduled replay

entered students XX the By program. have will 'XX,

drivers, drivers earlier, developing progress British young Eight of competition. mentioned academy go female and female in and X to to which to championship. FX the Academy championship, drivers, strength including FX of participation was critical to ever I highest higher the female preparing is around continues from to goal level of As strength five the levels FX of go raising our to

Floors, We by Formula FIA our pyramid importance FX, to [indiscernible] continues driver shows structure nurture also for right and that X at top raising and young these run develop for talent important. racing. young ensuring of Sofia This talented to to have and system the FIAFX age huge is [indiscernible] our we FIA have the the talent the the very incredibly a talented place in nurture Creating reach female drivers of right sport. of

continue X [ excited young building and about and increase I'm the in as Tota, to on we our fantastic a to huge demand nurture focused in ] and or be been long-term ahead. summer more full sustainable Avanti why is in goal break. That to motorsport. to interest drive our cutting ]. We our at try remain continues confident be go future. come encourage and far program, [ as participation with rational has a season females to to The the after speed female It so discovery for sport

I now will the turn to call Greg. over And back

Gregory Maffei

Thanks, Stefano Ryan. and

November Our we've be note, City. Day location. to Center, forward We'll New York annual the you XX moved save the Lincoln will new date. Please a in to look seeing Jazz at Investor Thursday, at

details And soon. let's will questions. line there. with hope be open that, Additional provided you see to for many of We operator, the

Operator

from with Bank. Our [Operator comes first Instructions] Bryan Kraft client Deutsche

Bryan Kraft

the maybe in And demand? in since been whatever percentage late for promoters the specifically, Formula moderation sales, could spun to on seeing ask what and One I at. coincident look pricing, strength and seeing FX in on-site demand the there what you spending all sale in ticket terms you're sellout Has or at comment you indicators if metrics ticket March? are its wanted any leading of of Vegas on

Gregory Maffei

Renee comment to start? And on Vegas. I'll why Stefan, now don't ask you

Stefano Domenicali

announced, the as very, of and we kind don't front any for in have there have any can very still events interest. backdrop interest. a high significant have mean mean of already see, very, us, I even see in sold out we we is I we what of we

situation on the know that of that don't see this monger a the there in sort course, that request. all we we in our events drop is of other something of because is areas, are, But side at championship. We

James Ratcliffe

couple you is And trends bit a the best on not the is would a the more maybe Vegas just of question. seeing we're expect market. focus U.S. reasons. what with sale a say in last-minute for and Vegas even to ticket consistent necessarily of for is a event. Las Year X of that year a terms Also X what I would is last-minute market portion of comparison little

sale sales X the earlier longer this year went for year's minimize a early that -- sale for a year was event, see launch on X during there around than you X. just cycle. there was you excitement demand which the cannot We And our off, First on just event. is months

the last So is year, marketing to and the this we a on up you're the really our leading was X it X earlier what the earnings was wanted their demand. Again, months a what event, speak own here focusing excitement to is to seeing market But year. differently event, What done directly our and maintain an we we year and a couple mentioned year momentum. this on year did X, partners most that really call of throughout the little period. upcoming we're during focus have getting

continue see So ticket. to we're we're marketing into that's and demand powder we're [ about see the and to dry upcoming, ] our starting expect spend that to excited enough the putting really

Operator

next Supino Wolfe comes Peter with Our question Research. from

Peter Supino

thinking wanted mix about you event you any was additional despite Agreement wanted promotion we wondered at And just color And wondered those should mix the be process? fresh FX. to on I to the races. how is flat specifically you any I ask have cited into event about relatively that then more the thoughts on year-over-year and two if give reason dynamics and XXXX. It revenue could about Concorde if ask I

Gregory Maffei

and Brian you let Agreement. the comment about Concorde talk mix then the on

Brian Wendling

remarks, we as our mix, noted and had promoter in Azerbaijan prepared fallout. you the on So Australia

Austria, for had a race each different and quarter fee. has into You Japan, back XXXX. come China, the Imola Obviously,

has we promoter looking different there. race impact say for you're an when which mix, each at fees So

quarters remainder the Azerbaijan have As QX, in you coming pretty comparable year, looks QX Japan in you and out, look forward, we'll the as then at with of less pretty falling similar. Japan you X but basically look have back race

again, would when year at a highlight basis you just or look So business year-to-date that on we available. a the full

Stefano Domenicali

the the the as very would say, main commercial very, the the as right Everything divided And financial, well. the governors. all know, related One I The time, is said because you we I is relationship second time, with one we and Concorde team. good other one right is progressing it's mean is Concorde is three pillars. to question on have the agreement. was

we the is this reversal with teams, complete the expected. are know, all rush the in to this and running really not great you with as form, As And smoothly is because FIA but relationship in a the everything good long with very the is moment.

So working way. and progressing in the right

focusing that team with the revenues all sign we're and right But this commercial the the in we benefit all activities to making going of to of are now. the between sure maximize the course, up teams terms right commercial to of what maximum will the be division and holders. And grades have try to joint the

Operator

comes question Morgan next from Ben Swinburne Stanley. Our with

Benjamin Swinburne

perspective from probably the for to Nation perform obviously given well continues two guess business limited Greg. questions overhang. with I a DOJ the Live stock really

and Andrey ] team is theme, or and Stefano things think from guess, which obviously, lawsuit. proactively, what the you're take in your of just there's there's And you Just kind if the from joining outcome imagining that's the you the might not keeping that desired I about, there, I and like any interesting this, think any but for curious a prevented worried if know point But then the to revisited something obviously, perspective, play but from any on future? view would don't I'm probably sense if you would the that something about And company DOJ exploit expansion to Or from extent helpful. comment if that not want these be that share going there's to years too [ of thought the limit sport out, that? curious something to makes to Liberty's on appetite noise be take equity breakup some FX? of potentially

Gregory Maffei

take cut. I'll a

first on Nation. Live So

business, you the noted, as think I heard to well. and operate very you continues

within I had think monitor for in law, years. operates a that place the has the XX company fully

for without the of idea the the any prices. merit, And ticket and are time, known somehow charge we been particularly have so a that believe actions lower long DOJ well breaking it with up

was I that what is wants The driven by the the market. the market supply, of really DOJ don't think is, they understood demand our fact is is consumers or is compared wrong think to interest in excess remedy, prices. the actually what with if So we that don't which drives interest

think a well we operate continued is Nation least believe as of far I don't interest continue the consumer. the in we planned have go businesses Live and today of is will I very with base or through understand, to business XXXX. the And breakup forward the in and is through to interest the So the we'll forward at to XXXX as go

Looking [ at Andre ].

including As compliance prior termination morning, with is our fully in intend cooperate our in we determination, the for you a We rationale believe requests information. We all antitrust the there announced that this laws, for applicable U.S. saw any and to was that related investigation, DOJ vis-a-vis statements. investigation. with decision Andre we've once detailed

We certainly that idea expansion any not have is wrong. against the

certainly and is and entrants methodology the both of -- applications requires a find those to open meet are and have requirements to if There expansion we're new approval that for potentially criteria approved the the FIA being met. and making FX groups met

Operator

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

David Joyce

Quint. on Question

your part EBITDA terms wholesale eliminations of tickets the inside, relationship they how events? revenue that on you packages. it If it's us in But FX from are expenses before buy terms of you wholesale now worked could activities acquired in impacts their what you at as the any would understand basis of please help specifically hospitality from and

Gregory Maffei

a position is in take Renee to Maybe that. good

Renee Wilm

back say was prior be acquire teams profit with as hospitality inventory reseller for to then well They directly from directly. share a FX to PadaClub that They also would a Quint relationship provide third-party the [ the did So regard Formula promoters, as essentially acquisition, And vendor. One offerings. the arrangement. would particularly would around obviously some to of capabilities the ] I secondary for

basis. Now -- that looked really Liberty more -- and those Concorde around while a Quint on manner, kind being cautious is a of have do Media, so to of we but businesses relationships closer integrate also a Agreement, third-party a business leakage the keeping in those subsidiary in a keeping still

and we've our we sales Fraser. With will LVDPX, obviously, sales One, regard then in commission-based price directly And integrated Media commission-based outsourced have with are running and team payment into to results program, to being then myself through arrangement they partnership goes Emily to ticketing paid fund. Quint, consolidated up with which Formula them, Liberty and their be the with our

all thesis and the are accounting all the partner new to we question. around closer process Brian be refer a acquisition still. FX, that forward, I'll to to in Quint really also the to and to to going for Going looking enable the is out promoters but on ways prove be

Brian Wendling

You eliminations Formula for primarily Quint between eliminations quarter can and the that see on Page One. the X, the represents

You from Formula. as from them also that that represents in have the largely from price them But LP across lease then to GP tickets payment there up reselling and Corporate Quint well. Formula Liberty One they're the buying buying at

Operator

comes Evercore from ISI. Our Vijay with next question Jayant

Vijay Jayant

most also opaque be obviously you've few the just how Or that it meaningful Do going Anything LVMH for times some just Anything that is There's And a probably would be do been and Greg, Vegas Renee Obviously, it that's for and arrangement? you're hospitality your buy really could be? share you everything. is that excited sort some tickets now for a other it high-end other directly business. then press what hotel partner. the of been really new rate, on to it? then So that they you form us saying of clarity, rooms sponsorship from the partners you is side. on going about and on curate on is to the reports helpful.

Gregory Maffei

think anything comment us a be levels for what in I'm chip the Fraser little her clients involved filling previously to that sponsorship sponsorship historical sponsorship team, seen more doing at Look, out and Johnny let I'll add not about wishes. We've about the very I and had and which had pipeline. Excited are bit So in, Emily attractive he there. excited continued Stefano world. on entry interest than want an we who blue from prices categories are

on both on but So about those We any from good Obviously, we prices rumored I existing at unannounced on about and are very new feel players. very where entrants some attractive good can't renewals comment our I of the feel or pipeline. deals,

you anything add? Stefano, want to

Stefano Domenicali

Greg. more, agree couldn't I

the ago, four years And just had you if now our think in we we're is interest that that now. keep point our with we XX. business. the big engage partners together. want that is proving global interest think is numbers quality only the the now the a four real I I look and back But heading port to there And to of price level that is to right

believe, partners I I to are incredible we a with So we opportunity themselves. situation. said, create also partnership very our strong an as very, for in have

really having and this business So the in for future. BXB important develop our is effect, multiply a is that to for is what it's relation a

I So just is future. looking nothing but forward as good said, stay to add, for looking everything -- tuned our because very

Gregory Maffei

quality Stefano some events It's grade ways pay the the hit finding ways more to on on around activate to think for the because for are out us. and getting of that they're value they're only the and And and they are races they're it great I to willing I'll at on them in on meaningful add. what pay of not points. partners willing will just is

those very positive. of all are So

you Renee, add? would what

Renee Wilm

more Greg. one that's deeply side Vegas excellent in the on pipeline, marquee point, the as a for including sponsorship really on the these rates whom and in increase bring track with LVGP bed of just for of is beyond companies most of think into piece second, can pick sponsors activations how use we an test the some the interest the marquee up zones. the impacts financial the I think fan To And these speaking. the the with I important we're in we

for they sponsorship obviously, to who there around to for our partners, package we the come deals do sell spenders their there lot their big gambling. then your sure comp question, to own the -- Vijay, which tickets customers answer excitement hotel arrangements are then, a of or into And So portion. some I'm

more us And then year they'll as to they need come in later the inventory.

we demand hotel again, start that year on, And them with we working to, address for very year of the that early year, X, again, is now this do a lot So those and filling rooms. to are tickets said, they everyone bought X. early push closely marketing

school, to full looking that school their are Now calendars. vacation at people from and and from back back back

Operator

question Our next from Karnovsky David with comes JPMorgan.

David Karnovsky

noted, as constructor which in great performance to really you standing, is tight see. the Greg,

see change XXXX. one You And in you of prevent that place dominance. historically, rigs kind been car temporary put will coming rules in you have have of associated have What with or the of do confidence can team and kind that think has structure. period know nearly all outcome? into then for that prospect this and of as there'd And noted, otherwise Stefano, Americas are if any be year, to benefit for any Interested I whether financially a next you you deal do that year your deals expiring or type of new multi-country or put place

Gregory Maffei

the also particular exciting partners but are as OEM and our many create could while racing actually them designed sustainability innovation. around things drive help issues think comment goals well. that think Stefano on to more I the be meeting regs like I'll We briefly, on other regs

we're on levels. to trying So hit multiple

never people them more I when what measures, -- out racing. we've doubtful regs these And time. introduced we had by would were as earlier, think we noted how about many regs competitive the last play

more more take that designed parity a XXXX they're rightly Our same. is figure will jump exciting early an may time. as and But do lead, racing way think and over hope create the the rates you out a to we note, should get somebody to but and

add. might what you Stefano,

Stefano Domenicali

why course, totally regulation there. need anticipate the the FAA to so ago, of And of center, done has the each say unit of center though, power important. I FX decision that so the relevant the is at been And cycle believe would to things combination to with the I making the we of things the end together but at and we've side, that [indiscernible] the -- new with platform we on are keep on limitation other cap on of a took our to the we fuel. the with keep anticipate smaller. competition sustainable give that center, change. keep sure that development -- the we years express quicker that teams very to and possibility we, had terms technology have two budget the the track That's want that good fact of themselves driver up duty had And at putting the of gaps a the can between in teams to catch

center was to of There most put then this one. challenges, in need moment the to technological that that terms would at the the be at because appear important

would what ones stand 'XX believe out So are think regulation are try I sure for be the working that we skeptical game. assume part differently. different. to slow the thinking see cars will on seconds do of more not remember saying action the as we X, But down And will Teams very that because people are now that anticipate, very, track. situation. that the normal I'm that I of it's Greg than without about and very kind clearly in experience we'll very X correctly that before, I by having was the this already regulation

the think you way, thing. brave that right So always thing I doing need what And anticipate in to the did. we right we the and are life, try to be to as that's

think, is I one, second the U.S. related On to

for a to very of beginning the We sport that's let a First happy our now course, package of in sure. since bigger they the But other for say of journey opinion. are doing he some ESPN, that different the trying sport together. are we did with see are And see our and what what interest we personal divide all, a me way.

in important. the place of are months. in a U.S., that I take still next the due awareness the couple subject we the to in in is where going We're very, believe that do course very

customer really we is creating spot creating view, more can not a way. from sport, offer that the of are what this multiple So on the I point say if you on in put confusion

we for that big But be years. I yes, we that a from make need for Mark right next us at therefore, sure, say to time. the the taken appropriate the partners way have will incredible will would different the sure So demand opportunity in represent for

Operator

Our next Rosenblatt question Securities. is Crockett from Barton with

Barton Crockett

is Two, the first one, quick. hopefully,

XXXX, from that's we the you per think I guys, Normally, can XX think, promotion I assume think differently given race. would see race races year, there's reason One. that XX you have revenue what think that this about discussion year. Formula revenue On this you for growth promotion year, in mix on last Formula the any is But what and One, there with so I to

On I of of dispute their not? Comcast in that the any was Diamond. impact of season the the Braves, bit. the or for say been gears not, promotion? interest switching of off had curious, terms fan the meaningful because does anything Has of what And value a you've most with about business of that little if on sales TV or

Gregory Maffei

So I'll like you'd the the and first if I'll to take let on Derek one, second. comment

I promotion think, we correct. generally increases is get your race Barton, in assumption fees that

Derek, do take Diamond. of the on to you want impact Braves

Derek Schiller

period reduction really carriage. is during reduction We're resolved. carriage on months, that somewhat never disputes. Yes, a in that I are is three We've like see of is off obviously, What seen time the we material impact our you tell for dispute to in and carriage thankful the certainly business. ratings the can you commensurate no there's with that

Now go that also that, expect back, we'd ratings to that's those up.

So and that they glad got resolved. it's we're that glad done all that

Barton Crockett

if do to that? push any guys not? you type not, streaming offset Did to of try And additional why

Derek Schiller

league Well, level at the streaming rights are now. held the right

streaming. So And prepared come to the evaluate to belong rather we're should of there's in Diamond, back course, future, I different of these the agreement including streaming. as all inside options, those don't the the to provision necessarily it complicated relates us, that's think a all rights to

Operator

with Our Sachs. last question comes Laszczyk from Goldman Stephen

Stephen Laszczyk

Two One. on Formula

you're the the would but financial to capacity the quickly of hospitality a And us strong for commitments on the side Maybe from over about Any years. you longer-term how curious out from called few team the think goals here, Brian. opportunity just on perhaps You improved for then hospitality encourage demand question on next for I'm equation? promotion the improved race promoters. seeing payments

that You on of the for year. if of for can on you'd more perhaps around the the how operating be pace mean to rest this payout Curious some payments the willing works leverage called aspects add and the seasonal what out team dynamic there's of this the year? anything

Gregory Maffei

Brian Stefano, to And do Paddock take Club want the can. issue? then you

Stefano Domenicali

packages. good quality to on sure, maximize a events, sold about but the it problem we talking is And to for hospitality, the what to in were we're all almost fact have the we is we, to very when mean that out. take I we do try different are now it

terms the course, Now to add terms the for are to see and is something of the we're the is, you the in it need, of this extension example, promoter is by others we us, that point do capacity, with the there if and space of and Australian promoters offering, in that There right with take what discussing. of right course, to rate experience. want with because places situation we possible the is for rate a quality can advanced of for with are matter situation, service some

the So very is of hospitality overcrowding the the high. risk cannot we area demand because run

do it. to possibility we the having for are to the we the with this area are we ones to what offer of expand now add right want So in that can service watching, as seeing, I everyone, said, terms

Brian Wendling

there. payments On you I part, year-to-date point the to would results the team

would U.S. pre-team But but and a the throughout year year-to-date it's you focus end number, quarter. XX.X%. the percent payments to compared the GAAP year, not leverage of look So fairly We the very On basis, pre-team as a minimis. go definitely year. we expect last some XX.X% are at on de as at OIBDA minimal of share the

Gregory Maffei

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

Operator

conference. today's concludes This

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

Liberty Live (LLYVK) 8 Aug 242024 Q2 Earnings call transcript