LTRPA - Earnings call transcript Q1 2018 | Liberty TripAdvisor Holdings, Inc.

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Operator

[Operator Instructions] Our first call will come from Bryan Kraft with Deutsche Bank. Please go ahead.

Bryan Kraft

Hi, good morning. Thanks. I have a question on broadcast revenue. you more decline XXXX. race release, to broadcast earnings one having in the attributed in a revenue In XXXX versus decline order the I think correct, Thanks. some race maybe that per in to conclusion be that revenue for is be X%, going broadcast to In year-over-year I other the see than down that guess, growth revenue is there’s would want mentioned of cause or release? total to I revenue if less of XXXX just broadcast wasn’t mean, press the if

Greg Maffei

Chase, to you want to take that or you track? want us

Chase Carey

I guess it’s the in a the weed percentages. little and bit

So I’m revenue works is way, I the into XX factors what broadcast is not gets I races. think math recognized, essentially works out it the out, guess sure don’t math math, mean but – recognized XX the that I versus across dynamic I largely the if

year. more won have races We this

last out, it math year works math it’s XXX, year, think the this XXX what So was and the out. works I

Greg Maffei

guess them are have some also coming so to increases some overall we of do I these a in. lumpy, note kick while take contracts I’d

Bryan Kraft

Is that, follow-up saying I the rate the not we’re to full over race and I a that per you XXXX of the first are run season in in Greg the course of renewals and therefore Chase that some quarter? mean in there, kick mean will necessarily seeing

Chase Carey

within annual the No, we I start think season. than renew – the contracts the more be year of would mostly every for lumpiness

and being within annual increases, from comes – more a are annuals extrapolate year. you’re the not when renewed as trying more is think to lumpiness lumpiness year-to-year when I our contracts So the the

Greg Maffei

to on Bryan, as we’re Thank not Right. you. know, you give guidance here that. But

Bryan Kraft

Understood.

thanks. Okay,

Operator

you. Thank

Our next ahead. Evercore. Vijay go will with question Jayant Please from come

Vijay Jayant

Thanks.

through together, will will I to the going come they’d the these World up Motorsports you help can just with we’ll are the have XXXX you or to on like? mean all facets these us for help and these agreements, specification Formula if be understand Counsel, negotiations when it Season, the obviously all Chase, For of various versus be TV we you Just XQ teams clarity when very will how through helpful. understand feature, was on given sort for trying viewership us economics would Thank you. new X on that. could And the more

Chase Carey

I actually timing an planning earlier. purposes for everybody’s realistically up Sure. sake, than stuff. lead, engine outside of some rather the of general, to earlier, deadline aspects sort really I doesn’t the the of effect the new these done we be that have I with going that guess it it resolved Their to much maybe look obviously in engine, R&D get developing the engine won’t neat up being an not Yes, later, XXXX means that’s teams, think the terms I in won’t guess one we’d like we just – much till work discussions in have it particular – about give and to really do I’m we’d think for it in of aspects sooner – mean

mid-year, course Beyond all interrelated think this as have I though, these of things interrelated, a completely clearly yes, but somewhat not we are priority.

quickly to is move forward possible. goal Our as as

lead there not addressed have may try I possible. probably as But sometimes are as things everything others. one longer and and the good it, on making circular. all too wrapped have with ball – engaged that it when at have But a with it’s many in We’re get individually big plan because big think to quickly you the teams than difficult actually said, conversation we’re as address group room and one both because it certainly a around as times things I progress

planning – is of long-term. looking countries; Italy, a down four sake – things races think we’ve a we’ve it’s and mid-single viewership down probably first touch where not resolved TV short-term the more more platforms moved I the the up for to is future, down two in in to from the get to the being looked two digits, really really free the driven factors, bit by driven more paddy. – So

that’s impacted So was has country Felipe probably and is so Brazil biggest leadership driver, with racing, he impact there. had it Brazilian the a and our that Massa

if digits. country, countries, mid-single but As for up, majority the sort the XX those of brings impact countries of it top the the in are majority of I two the markets down – take those

Vijay Jayant

All right, so thanks much.

Operator

you. Thank

come Please next with from will question Karnovsky JPMorgan. David Our go ahead.

David Karnovsky

Thank you.

to last of just many typically TV Chase, or you from follow-up response done fan that you a about also that just type you received partners you’ve fresh sponsor out? research the talk can product question, put Just what

Chase Carey

get I used great. years. actually you’re they’ve It’s to for get people XXX%, mean, going never to had things

the things on to degree where newest whether response it’s came a of the I’ve in I wide on has And the overall, particularly I graphics, read feature really sound, angles, was the on positive ago the of we’ve bag. so, us packages, was been researchers camera graphics halo. But article we hour – general put to general a data some the really it recognized the that, season guess and reaction be the just on for talking of reaction some them top the But mixed it’ll to sort I an about encouraging. the the an back range, think always it

are research most feel reception the that of think they fans we I good we the response getting, and we’re about are doing. the from and

David Karnovsky

Okay. Grand the Prix. Miami And regarding potential then, just

strive anything working legacy new Given your or structure relative some about to the of this you different to race Thanks. with promoters partnership deals? been that you’ve

Greg Maffei

unique, going you U.S. is and is sort – deal we’re we which So, we of the every have go is market, know, obviously more yes, to but some think done in market, a true and is like that unique, sort not I other agreements realistically, going knew deal not and to song, for a deal and unique we always track. is mean a I aspects realistically we’re going and – not deal other I developed of through, steps they’re – each one-note into deals different hospitality, be this this yet, industry there moving it. it, have of everybody around parts economics, to that a have the other sponsorships these going races, mean, are to places. assumes have lot would But components go into

actually unique, that to and proposition. could business think race they but it’s are proposition, fan not real on going think going for it’s be gives exciting focus, this we us hope think the happen. one So, happen a race that We the believe we we – has really really is this probably us and a a race structure to schedule. it We signature

David Karnovsky

Thank you.

Operator

Thank you.

will question. with move to Crockett We with now Riley your Barton go B. Please ahead FBR.

Zack Silver

this taking for you for for Thank on one question. and Chase guys, Zack Silver have Barton. I Hey, the one is for Gregg.

guys you. now your and if there Gregg, us is still you’re teams some still color it is you the what off more for progress kind with could Chase, for like us of some then, for FX exploring if you And a you seeing, that agreeing commentary, on on provide be is Ferrari’s of making great. have you would Thank something update updates are on know provide new on discussions good little just of stake or and what on I a an any roadblock? with that For then, for through, you’re that Can the seems give table the and bit acquiring what any passing negotiations the with iHeart, investment, you’re could rationale you XX% learnings, in if them.

Chase Carey

when I in not the private, the types it, in get often I’ve we’ve and much. too things of past, public years in to in negotiations, through done you are held sport, done trying the posture you public. general by explained best things – too to discussions, under-served described in negotiate and mean, guess I has recent public, I think call for I say been in think I on guess said, discussions, what to and want private don’t it, want – I these in

So, I into to the want don’t get weeds.

what agrees I on basic we and Just the goals basic realistically, is, the have broad would everybody structures. of – think sort I I basic say think on the based agreements

us philosophical direction. broad the think more specifics, the therefore it, to discussions become compromise as that in you I opposed go as through

any we I there there’s clearly So – think agreement philosophical differing are those get in of direction into I components. on you one forth. putting that the involved think that are as But the specifics views we’re

Zack Silver

great. you. That’s Thank

Greg Maffei

And on iHeart, an to think XX Chapter proposing evolving proceedings. of through they’re Creditors go their as what buy. process gaining is are understanding they I

interested. the be if and going attractive, I we think is there and think including to would some at are having that that said, synergistic still that terrestrial some us, investment radio the point, re-engage – some is radio both as of are they price Sirius’ we are rationale Sirius assets for I and the in with Pandora. And I have around opportunities to

an I think generator. the on other the the those cash cost will on additive and At think revenue side holdings. both be side iHeart combination it free And in I our are with attractive there synergies right potentially. factors, is flow to music price

Zack Silver

guys. very much Great. Thank you

Operator

Thank question. go with our next ahead. Tinker you. John Gabelli has Please

John Tinker

you. thank Hi,

assets? any BAMTec. I it about very there of you Atlanta state, some changing Braves. just a what to know And Is a but Just the Could you from doesn’t thinking minute, there the of it also, the or selling it’s still more value small have And you so a small, sale you are give residences? as piece matter? companies idea actually is get might

Mark Carleton

we’re to it’s accretive. that Well, and to those it the haven’t side, but the Battery, is I this at that to sell certainly at about going we process as projects think We’ll off we the think we’ve where extent most general, logical talking think accretive point others. or ranges at and those down discussed Carleton we ranges through on makes us. the the areas, certainly sense to are those process, gotten look our we to the partners if are certainly look And dollars, on I – in pretty residential of Mark a the

And our down so performing on have been projections there. far, what revenue, up, I and we’re activity think above lease well and on on

for we very the to get experience the So as fully opportunistic look able and feel these be being obviously, some the Battery well. we’ll But key. the completion of of to Park SunTrust will fans closer it’s get and But and and – is entire online. maintain projects going

Greg Maffei

add combined Braves experience. just live the can I If unique little, Battery is we a a think with the

as ourselves developing things. ourselves have opportunities. from don’t really we there, developing see We real around of that all center, people music long-term But necessarily including opportunities including environment those nation strength music Our estate that holders assets. including live see interesting office, comes the interesting we residential, of as

John Tinker

On the money, there’s be BAMTec, and I small on Disney a spending to piece think back still at lot the of seems a end.

Greg Maffei

Yeah.

of that’s at did think you already We the are I from driven being that. level MLB curtailing we know, and board that. capital receive, really as

for are yet. to enthusiastic we it’s are we how Disney very that that receive think disclosed don’t but the I with paid value that is been I going asset, think and the of much end, happy be price the us back to

Chase Carey

Correct.

John Tinker

you. Thank

Chase Carey

you. Thank

Operator

you. Thank

question from Ross BTIG. will Our ahead. with next come Please Brandon go

Brandon Ross

for the curious the on be to questions. Sirius then thoughts just and Chase appears Greg for Two: first, Thanks Hi. on to that get taking asset, discount. sale, Liberty your NASCAR and

path you like the what three that And do from the months, bought Siri an you last if see you I the but be willing in your widen. open $XXX back change a would eventual million this GCI-type What’s that How know here? spread the RMT, thoughts. to Just Thanks. can over affect in or to point, spread? you think transaction continues to do related, You at was there? do guess, to

Greg Maffei

to want you first go Chase, NASCAR? on

Chase Carey

priority really I next over one, we of can I’m Sirius, Formula to the where getting and first guess foremost, Like One and on years. be couple should focused think it our Yeah. for

is what’s franchise us. So, we’re to to I this different and not for really trying NASCAR level opportunity think we business to put feel driving – take fairly a if it, have I is and an we another have blinders on, that but

One that to I a is really can U.S., it think priority more business, we it a for there and differences unique acquire our businesses and – you But certainly in Formula I’m sort base, of make strengthen focusing I’m in Formula U.S., only One, the everything sure we not said be, would sport If fit making perspective. One that I could fan that that cars. think don’t lot look one than build. look about natural on are although worrying scale U.S. we have than one – Formula us. I that businesses that. a would is that They both it beyond way. It and the There think different us. may would the regionalization – really use not which really Liberty similarities really limits Denver, think they at is things degree in make more in a I do. which on and different would at the give I is a three, probably are really it, even to people scale guys of for in than probably there raced plus broad-based more take view. the my way one in may have we is a U.S., I fits to a do, so it’s – again,

Greg Maffei

with Chase, two at us. I as assets fix It’s think trends and it’s largely not good are been the what But a not to between we would the had and we have obvious clear perfect we them. thesis could NASCAR I synergies unless are how an why integrated on not know, the

is – of in we don’t there discount. – the us is market out I what and that of RMT transaction stock the it, maybe, think think back second bullet advantage us more the the and that you out market discount. speaks the we we discount, wants of but will their – going our continue instead will a we to stock, advantage silver give would take as expect here. I we’re bought if we that logical of know point about back about take to to there back combination the of GCI back stock is we in continue to bought do once that Siri taking there something discount, or back more give see the we may bought know It On buy are buy we’re I at and advantage any of their less price own it to and stock a there that Is

So, we’ll see.

Brandon Ross

you. Thank

Operator

Thank you.

go today Bazinet Citi. question will with Jason from come sir. final ahead, Our Please

Jason Bazinet

why I you Maffei. asking a Just for have Liberty really be should discount sort the to can’t. question hypothesis had customary this of year? Siri answer, Mr. able that’s terms a I’m of became I Do that you question but a one in uncustomary

Greg Maffei

and overpay positions have currency ourselves SXM of to stock. dilute some I funds larger think that a this far hedge that My – their now Jason, past utilize other of fear of the and the there a Sirius there number supply which we XM have have than Liberty out purchasing currently of blow have a for and own Sirius. thank been has Sirius. had we not is you. the Sirius We Sirius the this situations, where spread. stock there’s understanding market is larger where been in talked general have had relating a its Liberty RF-type including a to about might success consumer far may potentially cap at one, Liberty widened of by

factors not of I no why But people potentially which probably borrowing widened stock All great I’ve the and that – the out, give is somebody pointed number mechanics shares, we’ll I to could some as – noticed, Jason, of to at those three. think think that internal are thing is a around Yeah, on when the us is it there people another why discount. exacerbating discount. want you else – there’s borrow are point has

ways the in it sometimes We to have of to clever of transaction. advantage in continue to are like it finding way GCI likely take better been we advantage and take

Jason Bazinet

Do it, iHeart from a potential part of tracker purchase discount forma? going is pro as you the think tracker another complexity of to plus

Greg Maffei

that a us. wouldn’t decent thesis, just I That’s Yeah. think – should you with be

something would standalone think be there with more on efficiency like debt, a of regularity because that actions transaction Sirius; than But probably not do an we’re the with apart are I our like not do fully going it’s however Siri. bought this it do and we’re We up; coordinated that’s basis. ends to to thing all Siri. from iHeart going we more

Jason Bazinet

much. very you Thank

Operator

the look for quarter, We joining That’s the for if us. with forward not last day. sooner. you question to you next all speaking Thank

Chase Carey

right. All Take care.

Greg Maffei

Thanks, Chase.

Operator

your once today’s will That you. and for have day. Thank conclude Thank event. you participation, again a all wonderful

now may You disconnect.

Liberty TripAdvisor (LTRPA) 9 May 182018 Q1 Earnings call transcript