FWONA - Earnings call transcript Q3 2024

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

Operator

Welcome to Liberty Media Corporation's 2024 Third Quarter Earnings Call. [Operator Instructions].

As a reminder, this conference will be recorded, November 7. I would now like to turn the call over to Shane Kleinstein, Senior Vice President of Investor Relations. Please go ahead. .

Shane Kleinstein

morning. Good you. Thank

or of we'd those forward-looking remind any the SEC. reflect Liberty of statements Media forward-looking is on circumstances Reform as in Forms risks XX-Q Actual of revisions Securities begin, forward-looking this to and materially call number obligation expectations Liberty XX-K such only These any herein any in a the which that with statements any the and date expressly includes Media's Media Litigation of events change XXXX. Liberty events, of certain within uncertainties or with Act call, by could speak like we conditions to the to differ in contained everyone based. statement statements due undertaking updates regard or including to and any change any this disclaims Private results mentioned thereto Before filed the recent to disseminate or meaning most or

On reconciliation press today's adjusted is definition of at earnings non-GAAP end required financial today, OIBDA. issued website. schedule The we Media, and certain for the Liberty available measures Liberty can be on including Media the one found will which our release for call, discuss

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

Gregory Maffei

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

let me a So corporate with of start couple updates.

SIRI, and the to at but involved cut. ninth September. forward of we shareholder remaining ties recall, the are completed Chair I Board may LSXM, SIRI Liberty's you on merger As as look a

is for partnership transitioning company, to the team. next governance years step management this their private team our the voting that's call thank as been we Holdings, We over fruitful. their evolution and in their the Atlanta They also announced I to directly stand-alone all and and yesterday, Atlanta Braves earnings a at the services Braves the so held to updates are want

the turn some perspective. Formula me The let with from and plus businesses, We Group at beginning term FX loan update refinanced One Now refinanced bps. the XXX date. looking to it the was B silver underlying corporate

step deleveraging MotoGP XXX raised Loan SOFR plus B that to post incremental expect $XXX Loan to down the $XXX the an MotoGP transaction. A upon fund bps We and transaction. We million Term commitments to Term

is All contingent. of deal that

remains benefited across to revenue the and the hospitality growth of TV FX partners One both similarly competitive, coming drivers FX races. financial Formula constructors and season up itself highly year-to-date also seen adjusted OIBDA the for final incredible at with and We've holders. XX% in a up performance championship down the also FX for was The a year-end That million to We transactions complete placed issued And with long-term [indiscernible] We close the the Auto so completes leverage market we acquisition. consideration to shares, $XXX MotoGP GP directly them issued we'll expect X% to X.X Xx, and funding between And boosted performance contracts in streams our the sellers all -- double-digit our seen that two be those deal. of discount to price, it only replacing races. assuming at and stock additional of equity from our cash. We've on XX%. we revenue our pay the products. transaction, and contractual that uplifts by signed new necessary

weeks. broader they've LVMH agreements, We be introduced next relationship, to terms feel I And in We the we Amex in which feel new demographic, that partners LVGP which [indiscernible] continue look year. FX coming EOS now about and all the activity has to also become of XXXX. begin to correspondingly, of but we commercial growth the the partners FX. pipeline and with attracted the good several forward note younger to grown. we've signed their in the were LVGP sport through in our

and fans will great for spectacle at watching another home. expect be We it attending

we a [indiscernible] Las One experience, entertainment, have to local will including great free We daytime fan expect and energy and Republic. which bring [indiscernible], fans Vegas will welcome

turn update. give and you Now let a briefly me transaction MotoGP

We with race continue in The MotoGP the that which expect at canceled only tragic is flooding to close. are was making year-end the progress hurdle, remaining jurisdictional the and European underlying regulatory our looking we Commission, the due business. to region. And Valencia

team race to hosted Carmelo that Various They season. were during be underway will response. thoughts the final motor Valencia and We relief there community. as for their the entire pivot there in that Our weekend. efforts management also final be And at for GP race Barcelona and with the credit thoughtful will in support will give the initiatives quick are the be Valencia. solidarity will of to such

X% Other racing XX Attendance They've XX business until the expect which with million MotoGP updates, and their this and announced FIM countries, rights on races XXXX. with And MotoGP participants. calendar attendance races. fight they title well to more exciting with racing release to Liberty's is a We X.X involvement. all-time have GP separating to XXXX the has forward looking post extended brand be their XX plus agreement identity look new regulator its season. attendees races year-to-date, great continued across like-for-like only records year. set at And points six with is trading

briefly to Quint. Turning

seeing terminated which a offset third a at was rights was there quarter a agreement results. seasonally subsequently the recall, quarter across by MotoGP they partially during impacted is As that sporting selling. and are in also a and agreement, light Profitability different our get are products softness which quarter, may quarter. was by you mutual strong We've positive seen holder, experiences movement the we QX an FX with

their Live will very on despite well over year. release not had results. Nation. I on concerts. They've But performance until because our LYB further to won't through just up that, touching on turn Brian Tuesday. stadium earnings They half XXXX, financial first a And And stadium the with it are monster I'll which be results for did comment set strong fewer

Brian Wendling

you, is discontinued Holdings consolidated Thank presented note on Liberty X. SiriusXM in morning, a Liberty's The everyone. September closed merger and that financial with as Greg, SiriusXM good of Please SiriusXM operation the until of file statements. Please their release also Greg Liberty that expect to Tuesday, as XX-Q mentioned, its due to November XX. reported results, the timing of not Live note does Nation

of includes Group is corporate debt The quarter million million of X/XX attributed from at [indiscernible] $X.X of their end, $XX monetizable amount billion, issuance. about quarter $X.X cash, billion balance At leaving $X.X $X X/XX cash the $XXX is debt FX's and Formula FX, of Group undrawn billion and also at had $XXX liquid includes attributed One which cash, as mentioned the billion investments One public and holdings previously was Quint. proceeds was cash of million principal level. at at Total at end, Formula which leverage X.Xx. revolver billion

was The after to as the billion fixed MotoGP Liberty interest potential B and mature During end, in FX's credit B rate matures swaps loan extended permanently X.XX% of if and $X.X entered A down the B acquisition on Term its certain reduced rate. and September FX to closes. with the FX its of $X.X Loan Term XX, quarter refinanced In of of X% margin the into additional the billion now from to at The term facility is -- step and met facilities. X.XX% in loan term billion was September, XXXX. a Loan $X.X the quarter, debt debt September revolving maturities leverage

upsized commitments also incremental In Reminder obtained the the is million financing secured the revolver EUR that million be and we to into complete. connection XXX MotoGP with transaction FX new refinance, an XXX term at incremental for and to EUR entered now close. funding Dorna for acquisition-related loan transaction subject all an

have you the on make business an the FX is but QX, the basis quarterly on race results. remind impact count the that comments that annual [indiscernible] best Turning on mix to and both given business. I'll in can

lower the FX sponsorship recognition, to To out lower lesser sponsorship of the revenue for the third rata during the quarter, the period. income decline XX to XX% of XX or declined of eight year extent, seven of season-based due pro during During with sponsorship the third the out contributed XX% title of also this occurring allocation varies of mix Sponsorship income the packages. races quarter. proportion this based quarter, prior revenue to period compared a sponsorship or a in including the race-specific other revenue recognition on races recognized and

by due This Austria, contractual continued of Grand Japan to the less revenue fee period. promotion rata compared was offset by and the year the revenue year-over-year pardon events to revenue revenue from last Prix and from Other being higher partially revenue offset new compared in Plaza. prior year. events increased partners increases pro with The growth. in quarter -- at partially increased me, revenue third was to despite rights held race TV FX of licensing media to decline one third-party due mix Azerbaijan and year the this race Austin recognition

and though due represented the through in QX full very recognition income year Team strong growth year. of the OIBDA of year-to-date. is XX.X% to expectation XXXX. pre-team pro in [ of due that for year-to-date payments mix over the team rata payments partially compared the XX.X% prior increased quarter events OIBDA experiences QX, seeing Adjusted in note Hospitality to decreased Patto lower ]Club the grew team payments offset by of the the adjusted to

mix the QX European percentage highest ratios and of on have Reminder greater races. that QX payout tend the to based

continue year-to-date expect pre-team as on the payments we relative to for of payout consistent It's QX We our on a our with slight team the 'XX full win. communicated leverage call. percent to year share message

as OIBDA revenue. to looking QX SG&A through should Other improved year-to-date cost XX.X% from XX.X% be on a a and viewed adjusted total the basis, of revenue percent FX 'XX. of margin And

expenses. the $XX Quint. approximately seven across is held Las Corporate includes income Grand other income Prix at QX and corporate was which Prix quarter $XX related Grand Plaza million experiences and rental FX to adjusted and order OIBDA million by third Quint other Vegas results driven note includes in $X and and the Corporate were results was in briefly results Quint million, light seasonally the Corporate that and the Plaza. primarily Looking races a third revenue loss quarter. of results other for rental

Live million loan related capacity Live Turning million. margin our $XXX of to loan. $XXX to the There's cash undrawn margin Nation Liberty This attributed of Group.

Group Live held Liberty of the was of As X, $X.X the November stock billion. Nation Live at value

that, amount X.X% Approximately We the of billion were issued a debentures. in of Live August, for redeemed $XX with million exchanged remainder redemption were Liberty third debt against hand. and with on all turn of and Liberty in out and settled over FX Nation holdings. in these October to at Formula October. the not notice in quarter debt debentures end. cash the principal holders covenants September $X.X remaining quarter, And in with discuss by funded debentures One. that $XX but are In have exchangeable I'll did their settle million its settled The until compliance it Stefano to was

Stefano Domenicali

It's Brian. excitement the the across fantastic leader and at. the Americas The grid competition in the screen. track. the a action with is amazing been on captivity completed We the just and season notices stands triple Thanks, off in on

We the three-way cost driver a we the between still championship is between structure had rates and the for Bull battle Verstappen have Nordisk. final as Mclaren-Ferrer-Red ] championship and to alive [ into very

in Brazil, to winners Following fans excitement see XXXX. participation treating variety year, and this crowds. in the of for and is Mexico been season raises It in three events that great huge front has something and a Austin, of special the

the X.X sellout quarter, Looking crowds the at date for records, leases through the season. fans and which British across XX-gram millions set seven the over and crowds Attended crop Belgium Dutch season. Brazil. welcome massive races In many at third including season over of we attendance our on XXX,XXX for the $XXX,XXX with to weekend, up the gain, engagement is new Grand place Prix, [indiscernible]. had largest the

have had and across attendance strong almost [indiscernible] all also up XX with sold out. races We

like our provide been We to fans. innovating hospitality and [indiscernible] premium to our have continue FX garage Monaco products the expanding experience to and the

of benefit no with with concept than XX% Kings no benefited on-site also increased The offers attests in infrastructure Friday activation. experience with Austin, Sprint Thursday on sprint are Our from [indiscernible] and In hours [indiscernible] and brand. weekend on-track live and compared Lionstone This approximately weeds. fund Caton partners sparse live of experience XXX fan investing incremental of entertainment [indiscernible] the [indiscernible], . Eminem are on In Singapore, successfully in content greater action, on drawing fans broad Lanie ship performance. up Better they to evening. FX of promoters our weekends promoters, also XXX,XXX is Friday the drew festival enhanced Springs addition In with sprint partners and the styling are improved over have [indiscernible] attended over on up including with promoter to exposure. incremental and sprint weekends. Silverstone entertainment average, crowds broadcast races XX% the

Beyond as we continue around with through views channels Sprint's TV and year-over-year. average channels including of Viewership average to viewership can incremental [indiscernible] on TV. digital million for increase channels, digital $XX Singapore XX YouTube on million FX

event. particularly a year-over-year most British viewed Prix up few particular, in and the in and the record to the U.S. growth subscriber with races, in at rate the continued robust, TV U.S. Looking the Grand European viewership U.K. market. was XX% for the the ever on be in strong subscribers

for. with digital innovate to on fans world continue platforms experience creative to for of ways We the

XX% podcast the introduced this what was format time over video introduced. for season, up our on grid FX this and is example, For since episodes we

$XX media new due ores and part platform year-over-year the in to Social like followers WhatsApp. XX% to Threads million, grew

Our through a with messaging Water closer partnership direct the relationship enables fans platform.

a app, and open their orders opening FX are FX X,XXX was like users growth watch contributed the The the location seeing their the Mexico D.C. registered location continued party, and inspired podcast recording to to the and Grand Grand XX, platform younger on the venue inviting on a gatherings of brand other in of Prix. On last the FX for the FX engagement. Washington, quarter X guests. X second higher a X month live is the season, in U.S. pre we thrilled fast explained including and number Austin nearly party we third arcade is October this million in unique for October the hosted DC during of it Prix,

reached FX opening third XX to exhibition its London, And location the quarter first stop of of Arcade global FX incredible in XXXX. its greater result, reviews of on is with on location Vegas demand The XXXX. quarter track The in with sold. open at extended tour as tickets the Las August the from discourse. exhibition XXX,XXX through location already the is stays been seen has first a the

updates. commercial to Turning

LVMH's with agreement momentum We bring partnership continues Express notably, our have quarter. new primarily for Grand Prix iconic last first brands and had XXXX, MS with scale that most demonstrate expanded Formula larger brand. Las One tequila our ability years' XXXX partner and American partnership Volcan to an inaugural into this deals. Ms. Vegas in the and representation from incredible broader with for with our and Lenovo and

deal as see We global XX will a in beginning will Maison Tag partner now with years under welcome and LVMH MNC Vito, partner Heur. which groundbreaking Le iconic us XXXX, the their

that next branded expand FX will additional with Beginning from We beginning be in regional details American expanded as partners partner official announced have this previous a brand XXXX East. Express partner the Express Middle year. in we and and activation XXXX, their rights will becoming specific relationship with compassion in early global official an Europe, sponsor to globally by initially American partnered Asia, activation sponsorship. on the will with the Similarly, we a Americas Australia, provide Lenovo 'XX, Americas. our

expansion. adding bank We supports Santander particularly are also on digital XXXX. official product, partner a focused partnership in multiyear Santander's as U.S. new agreement market banking joined the actively our that the partnership in beginning retail This in is Openbank verticals.

into partners. of in focus factor to One licensing. Mattel gaining the and digital a recent success the key is all thrilled and mobile engaging platform product our FX fun range other For features The We race Lego passes partnership in zone momentum FX content which fans U.S. of both activation. were was a reduces. FX to weekend included legal bring with extend our teams day-to-day of world securing market both announce across at brand the Santander legal and area lips new

Our and year. released with of the kind Mattel FAR hot a partnership off next kick full release one-off we season. this the of product wheels range

can across the second FX of season, of tenure Vegas race The hospitality, continued Grand Prix. the in from to and are as broader to away sponsorship that licensing. serve the bed weeks has a we including the Vegas opportunities Looking leverage calendar, rest innovation Las we test Las the

kind we've leverages more. and Vegas Vegas for we with gathered brand likes. collaboration collection channels, year of This logistics, Group from Just nights the the impressions merchandise announced event, and social than the ticketing including [indiscernible]. X.X merchandise across organic one with from its Las week, over a XX,XXX special Las golden post hospitality, street million Vegas posting LDGV this last XX,XXX wear Peters first to engagement on last ranging pre across earnings of kind Since and the collaboration year's whole more

continue learn and will test, ahead. to year innovative We this

of organization governance proud progress make to sustainability on effort. the strategy our our are We and throughout continue social environmental, and

and investment We have In estimated first of in emission our progress and XX% season. the [indiscernible] XXXX. the reduction with our year to sustainable look of across working flights purchases September, part made aviation this cover XXXX aviation we fuels an through emission XX% These per DHL. sustainable the estimated flight. forward carbon carbon of in powered by should more into end approximately

call support you, their now record And action. in and and ahead. a basis. back Ciao. will strong In a position the to One to will the for in is Thank construction closing, over great final on financial come. Avanti the battle come to forward look speed looking three-way down Formula full growth partners for the actions to and teams fans this It's Greg. We incredible track thank like I season our with Tota, more turn

Gregory Maffei

upgrade. Thanks, misspoken I one our I up thing to want and clear Brian. corporate during Stefano have might

to stand-alone investor annual Thursday, a to meeting. November on XX, public company. seeing transitioning are look they our you Braves, forward the for On We

at in Jazz our virtually at location, Center. You can Lincoln in or join new tune person us

person, end to make sure John and to by registration. please to on-site Miller Monday, I can link found in our be on plan [indiscernible] be our hosting XX, annual as November session. The website. there will you Q&A be If no register will

at interest questions If like day open like to operator, the you questions. appreciate line in to for I'd that, investor We your would continued can Media. you in e-mail advance submit libertymedia.com. And Liberty with

Operator

Instructions]. [Operator

David comes the JPMorgan. line first Our from of question with Karnovsky

David Karnovsky

there First Brian. updates timing? or can or expected second provide Concord. one a And [indiscernible] progress, you for potential Greg [indiscernible] for Any on then

or you in even or imply figure to Just on the QX had in given full team what figures QX. do quarter relative payment The the year-to-date. a year accrual lower

So anything see call shifted want to assumptions pre-team the for I as just intra-quarter if on that to your there's specific far out profit as year?

Gregory Maffei

Stefano, I'll let take Concored. you at the first a cut

Stefano Domenicali

as Thank very said, urgent -- as And remember plenty it's ecosystem positive the that has under Thanks, conversations a so of at you, very we there also very, still everyone of Greg. this very said we before, important teams existing from is no well. this all it's first and in all moment. rush the I had have benefit progressing is of cohorts, time are mean, David. all, to we the And moment, the because levels quarter solid. huge the very

we the something forward well as I as to today, the as you are But there's looking stability concrete. have want we and So we as underlining ready, and the course, will preparing. said, Everything and we're announce everything said, as soon And have to no going in is we to the confirm to right progressing for it's financial rush. future securement always, when inform everyone. thing of we that do we consider world

Gregory Maffei

everybody, to important Stefano's just the that right. I the is ourselves it add for team, to would most including get So thing and point,

glee with And will expectation everyone pace their so sign the good with we're face. on that progressing at a

Brian Wendling

down you a on as a they've rightly raise David, come team point per And Yes. little payments, on bit basis. the just out,

I last see. typical think it promoters represents year. the revenue that because some conservatism trends reflects year that uncontracted the Vegas towards stream largely have that's that for really, remaining two we And

primary So reason. be that the would

Operator

ISI. the with comes Our Evercore from Maral Kutgun question of next line [ ]

Unknown Analyst

Formula One there. Clearly, of there's momentum Just on lot a sponsorship,

is XXXX you in I feel a banner meaningful help think announced think as coming the about You've It you to pipeline and like that you in activity And Greg, XXXX growth for expanded the agreements. be us new commented good can be years? the outlook just seems going sponsorship a well. how revenue number commercial of year. Can about

Gregory Maffei

a it's cut, I'll first Stefano. take if okay.

are to Look, activity making expect yet potential 'XX related one deals. licensing about around a mostly lot you've announcements seen around related. the But It's would we of not unusual, announcement other here be 'XX have and on sponsorship activities. that going

So hard. it's very

You're you'd a about add ways if those, anything, know from good out don't feel still I progress. I the Stefano but quite

Stefano Domenicali

sure. a just partnership. No, for as always, couple of and ago need I for also years would remember, say to terms in were And you of we our

course, to restructuring fact terms regional, is now we strong in are of And so far. deals terms that official of interest our time the terms check market Now growing the significantly in partners quantity. of really the in of due global, a in to have we

even I for another grade the pulp from we So platform. market. really in value will thing sure really high And because we only was we confirm, can growth are having partners, future. that there the that relation be other are interest more our in in bringing the that working are is can are that others create mentioned, with interest we exploit leverage the within would in that business as But to the high,

always as it think So is will where see said, where and the we look were and -- again. that look I positive be future and back I we very are,

Brian Wendling

all sponsorship Yes. And towards David's that's add into question, one seen for thing 'XX. the that almost you've announced moving I we've more would XXXX, also that

. 'XX that any that on team we for new had So agreements those expectations had impact for also payments

Operator

line Stephen the from Sachs. Laszczyk comes with of Goldman question next Our

Stephen Laszczyk

Formula on Greg, for first media Maybe Two rights. on One.

last the puzzle of then renewal how the into here. your with Las And next media Prix heading curious you're maybe Vegas being you on piece mentioned Grand second, Vegas, latest your and the year approaching the the sports on thoughts Just landscape uncontracted ESPN. rights Brian, U.S. negotiations

you into and for final the say revenue if expectations heading around on event this more year. can curious any weeks anything profitability the and Vegas Just demand for there's

Gregory Maffei

I'll Stephen, thanks media side. start the the on for question.

runs is great with think with a has them. a I'm to some is to been I It atypical that not partnership not specifics. end partner. going 'XX. that obviously the of As well negotiated ESPN would period known, be ESPN disclose have the we there

to will and as economic do can possible. but what also FX, but in from bring perhaps, manages construct but as we deal other -- our for expose fans best way that and see lot with them, look across We a of experience there's both we'll try partners, much best the opportunity a the logical interest to breadth the even more importantly,

So -- FX Vegas. about hopefully our up Las a result as we're I'll the talk come ourselves. Renee reach and play with bit going always, to little let for best economics and fans between and

Renee Wilm

Thanks, Greg.

from structure been need we a cost product commentary partners fan line of beyond. and continued that take our focus what been all-in of weekend step much into experience FX. made number going be U.S. improvements back, would focused market. real-time receiving the year and quality into focus Obviously, Vegas we of other come of around to . Caesars the in to expect to working feedback race with the has the us on our we on win races. optimizing allowed We to continue hotel We on X. of adjusting maybe you from X strength we've do and are So the dynamic note a have and a pricing has coming in a the lot products would regarding here on ladder. this year X X, which to based We continue into cost And Year years very year, we're refer

in expected, In expect recent an weekend. continue we we as conversion and to closer race uptick that tickets traffic get terms and the rates as activity, are seeing sold, of around to we

on with very we our and benefiting We in we've run Hamilton competitive and excited grow to seen that including T-Mo with have this promotions, some deal, see see the year benefits Express including of year offerings media sponsors, rights from Lewis the looking weeks. partnership and MX. positive on One, the renewal, course, Greg of the are, next X back next the well sales, to that of room We And year, providing American couple Vegas to broader the ticket when recent together benefit the as package getting still discussions. and those remain we're puts we very Formula but of championship special our very success over come ecosystem have are LVMH we to to of course, Vegas the is

Operator

question line Stanley. next comes the Our of Vince Swinburnewith from Morgan

Benjamin Swinburne

sure, Greg, few strong has stock to we Nation but comment, want Live how not quite Thanks much last been months.

factor I Some then range for the do of of that, risk of against team a lawsuit correctly, a think point Live election variable when larger of beating about successfully at I think to about how means view. normal Republican and full business about outcome, versus points what And payments over shown the from you've XXX think is your ability how of Brian, the much for you we that? your [indiscernible] And think, the of sort Is of you than swing in that anticipation I full think Vegas? basis that of think -- Las a guess, year Nation year? as year-to-date, DOJ you leverage outcomes shareholder the the its to navigate a

Gregory Maffei

it be for comment was up nice would and me it set of very difficult to Ben, acknowledge on. to you

I think continues of that's notes going Live their it and and serves customers lawsuit, is change there believe view Nation to don't and prosper as is to the think I a regardless for well. -- continue not Look, change administration. business to going to

Brian Wendling

were I last slight been the quarter, have QX. words Ben, we like I payments, think minimis team leverage, on might XX.X% Yes, when at said year-to-date de used we

going with we're stick to So that.

The contracted, the given those the you terms our sales because -- volatility. swing Vegas Vegas the of business, most swing get mean any of have costs most ticket go two the a of big contracted. and revenues in then factor, I are In that are highest are think being factors if about year sponsorship

year, the you we've as out you enter So lots as as done end clarity QX. last-minute of to both times, many those, get start yes, on be Vegas to there's pointed a being market, more get work closer the of although of you to

swing So it continue we be a factor, but can to optimistic be here.

Operator

you. Thank

next Our line with comes of question UBS. from Ryan Portet the

Unknown Analyst

ahead, guess, the some are past calendar positioning for Great to about year too I far your the you're not to to more we the added for about race how thinking And a start race how opportunity XXXX? see Is could years? promotion over given in and when look venues the the you that elevated broadly, just few calendar? renewals, thinking seen attendance new you've but

Gregory Maffei

you a do take to want cut? Stefano,

Stefano Domenicali

Greg. Thanks, Okay.

Of course, 'XX promotion. race

we know, that you part have As be of the calendar. will Madrid

true and midterm regard want to We beyond, in side, on you better customers have economic between of our later. the today. to that, demand soon is have business. that coming will further that in. of benefits course, us possible And possibility level work see something our Prix clarify have market as to know, system be want the And some It this our a other of growth that potential balanced new majority representing situation to further our always and new for to of us, will standard. long-term of offer that share with of quality 'XX option And venues highest the have other we what the we course, and promote choice the them to large In even as rotational is grow the can be is course. will to have in very order come in due is sure vast even to to leveraging very we the can we we Grand news beneficial this the some also to with that we deals to allow to course, the that right a European make some

couple it's a that quality are way. was today, So in this handle. That a years just the to not have something case of got the problem right ago. we managing And we

Operator

line the Bryan from comes Kraft question next Deutsche Bank. of Our with

Bryan Kraft

if I two, could. And

contract from U.S. the renewal U.S. the such has in rather see going larger to then how And sort on rights mean sounds down. changed up, become ask prices to markets And media than consequently now? how but media it are be time around separately, value be part major related a I might in a then promotion of rights. the up since Americas like rights follow-up time business same the the there streaming also has that ESPN, other just U.S. media ticket as of maybe And is partner you clearly coming we more First, deal going to your what Are this contracts around. for Americas little bluntly, of media have revenue just just a a Vegas, given that, renewal on

probably what before? a overall to of is was So through that Renee be going fair interpretation ticket going down. revenue Is

Gregory Maffei

Okay, Stefano. I'll on media. take a cut the

Stefano Domenicali

it say Americas. That's would a sure certainly if that not certainly logical, take us. it would and for them who I regional that find any don't it swing bundled that we that's some We and would to cases, the the make way. perhaps on love there ease larger to the of but to the no be always going to partner way, huge make more not had rumors happen, Look, take think partner that we economic interesting of I'm all it an renewals are markets. deals. enormous wouldn't And have some all very deals, with is we have work who Americas for Americas in going case but in do there's somebody with of in

forward. partner, media and obviously, As in we all more sports which both product a certainly shown costs a we has couple whether going streaming TV reality we on a consider ourselves, see and in. fit noticed. FX the existent of to stream a how great a of side look linear have noticed TV interacted them The of we is across major going streaming But to clearly, our streaming, couple with side And tremendous FX far how businesses, the growth. is rights would a we as streaming. of packages be We've our component rise of the

Bryan Kraft

And sorry, Vegas again. or on

Renee Wilm

happy Sure. Yes, to.

just budgeted question revenue, down what So give be originally in reiterate, ticket with economics. we aggregate from I to a revenue specific generally to on regard your guess will we QX. not do ticket But

cost to throughout what from reduce course we However, the in budgeted also 'XX, have continued we of QX.

the that So to bring you from that to I profitability on does ecosystem. refer can broader that focus we it And working best benefit hard we would getting would Vegas. we're again, FX say the the to

Operator

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

David Joyce

media questions, I rights. bit was a on little please. just One had two the more

beyond have sports of and X-year kind have your used other as been of we typical the to some extended that deals done that period see recent given leagues well. Just

with about next on the you'll objectives recognizing a one be second how And on you're upcoming rights your deals. wondering the then of question movie year. the FX is how thinking accounting Just these little just

Gregory Maffei

on think media us. growing outlined of the and of it rights a deals, for our in well terms I payments our goals fans making as to I some as experience great So reach

I shorter on partners doing those our reasons And were growth not was, get go. time I We've one cut renewal So would on a lower. deal. last work be would U.S. market, that ourselves the to if will did first projecting it's the time betting to the we you really note what where partner, went which deal based work that's deal we or X-year we what or That were it sure down another the remain whether particularly the optimistic shorter deals market-by-market we goals road. a same. all obviously, not larger confident wanted of I'm think to a will in in what likely, happen. I'm chosen the in going of again. longer stood shorter the we we is our

to longer partner projecting U.S. just But and will a would together. deal will and cut some we because or do You market. work to media not what would do That's not have observing that probably grow it the in the period want that's on just

Brian Wendling

XXXX certain having to and movie, the access of And [indiscernible] XXXX building we've FX their and on use for been paid in the races.

I think pretty going small. forward, the revenues that you would expect be there would

Operator

Our Rosenblat line next Crockett with the Securities. of question comes from Barton

Barton Crockett

progress that can. monetized that if help the if be hope know turning anything there Great. I profile. maybe film. and are the One the us margin And in happening. Vegas, you give off-season is been the off-season, mentioned I Okay. meaningful update there's meaningful your beyond . I'm could race. was could could the Vegas a you else at looking really you wondering just some to doing guess just an of couple, wondering anything I I

Renee Wilm

Sure.

Formula space. will to And be more to of about or in, late beyond and Event deeper the a sport. we There segment the coming looking to So around say, carding will QX offering, type Las FX culture. business also to want the to will be as hard be fans Vegas these package learn destination, type will launch One into Obviously, much we of leverage it's also well. just then enhance going new the business focused educational beginning those the that there. deeper acquisition Conference net XD working a visitors to 'XX, actually and U.S. we are to I'd be legacy a is euro interactive fun little which to XD, a bringing educating experience There bring try include fans very the new conference experiences bit experience

lot more that come, race-week. business we to and to more specifics around So during a giving be hope

Barton Crockett

then if just follow I on up Okay. could also And sponsorship.

year you on like what sponsorship. to in all Just XXXX be if we're going seeing? more starting could was to announcements XXXX, comment it that these But directly. I Is that sounds be clear, with just a for is strong wondering

Gregory Maffei

is correctly. It you -- going called to year, a it Yes. be good Barton.

Operator

morning Navra line with comes TD of . Ladies and the gentlemen, our Jonathan Cowen. question final from this

Unknown Analyst

calendar, plans I'm the your at to is approach maintaining markets? and -- of any the Or especially in for expansion. to I'm lore expansion to what Formula trying emerging trying my Just balancing market get new Are a question is the there to of around sense One? market expand get what while rate the exclusivity

Gregory Maffei

you think race the want I'll but talk count do know let to it. expanding you go I off I about on Stefano, answer,

Stefano Domenicali

Thanks, have terms I we would the right as number that of -- said, we in we say balance the believe one. Greg. is

exactly So Jonathan the that to table 'XX right what coming the and are our we keep the is it's I all our say feel number us the the future. make possibility even to choice you better propositions balanced just giving believe do that is for on that

up we to think proposition balanced. Knowing that we always cannot our we need because financial different region region. it's us propose to that choice. And stakeholders I direct right pure to that from follow as to the are enhance So be is to only the even to good on the But And that are platform this the why for the in future make momentum will about a the sure stronger. strategy confident that's sport and perspective. on help business it's that so to social fact our

Gregory Maffei

with So operator, done done on that, think we're conference questions, I and today. we're the

seeing or look As Media. and forward joining to week in virtually in Investor your many Day. our interest person I mentioned, at we for of Liberty Thanks next either you

Operator

Thank concludes you. conference This call. today's

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

Formula One (FWONA) 7 Nov 242024 Q3 Earnings call transcript