LTRPA - Earnings call transcript Q2 2018 | Liberty TripAdvisor Holdings, Inc.

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Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Liberty Media Corporation 2018 Second Quarter Earnings Call.

During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded, August, 8. to President conference of like Chun, to now Vice Senior Investor would turn over the Courtnee I Relations. Please go ahead.

Courtnee Chun

Thank you.

potential Holdings. EBITDA discuss statement any Sirius today's we XM. adjusted This found required is at forward-looking include call, facts. updates forward-looking changes to materially Media. revisions such races, governance based. or TripAdvisor and or and regarding to or thereto, to that cause and from of we'd limitation, on measures issues, of capital forward-looking related matters events, discussions ability call Formula These of including and expressly communications, by meaning Liberty or to market expressed including forward-looking new or such to regard Holdings of on potential, Before in Litigation definitions any Holdings The our our call without cause involving XXXX, distribution or any with any car Liberty or can X terms only differ obligation including financial date Litigation the non-GAAP On to could customers, or or iHeart those conditions the new statements begin, issues, and risks results like undertaking service availability in business the actual the disseminate are of attract the any and statements any structures, disseminate in involve from statements everyone expectations is reflect expressly this TripAdvisor XXXX conditions of forward-looking uncertainties statements undertaking site. revisions reflect Reform based. call any adjusted forward-looking to remind risks we strategies, which in Media events, any materially about Act retain any that any acceptable within those Liberty is TripAdvisor change as Reform of certain includes Liberty acceptance circumstances actual herein of Liberty any of implied today, reconciliations as differ sponsorship date Act the change Liberty only the certain obligation Securities matter OIBDA Web herein services, speak Battery Atlanta, implied market businesses statements, competitive to to available by Media could including on of press many renewals, circumstances changes, which digital the on and or statements such One, uncertainties and statements of These change certain plans These statements meaning any and of and products thereto statements release new Media's regulatory Liberty forward-looking opportunities Private call, regard schedules contained disclaims this with issued or in possible that initiative, These X that end of the expressed also involve results change disclaims to new for through any statements be and the statement statements. within updates other Private Securities to earnings not which forward-looking to this contained of product may speak launches, expectations will historical such

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

Greg Maffei

will besides myself, afternoon Courtnee. on we the some Good morning Chase have you Today Thank the Mark of you, or and Carleton; Coast. and CEO, CFO, One's call, Liberty's to Formula East on Chairman speaking good Carey.

TripAdvisor. questions related answer to Liberty available be also we'll Q&A, the During to

bought million of to did those through continue Sirius purchase XXX additional million We shares an total Liberty XM, the starting Sirius stock $XXX for a period effectively the X.XX a bought look-through over we price with XM our of year-to-date. So repurchases July at and XX.

our expectations, reviewing own value. we do iHeart our may noted, have negatively offer $XXX initial estimates bonds. which you aggregate after below amount and were to of the We Communications, impacted projected million continue results some principle of of Regarding pulled in balance in sheet, iHeart the

results. at Looking had outstanding second it itself, XM Sirius to was $X.X quarter up X% Revenue billion.

at ads lots $XXX,XXX, of X.X%. ownership, of the Liberty standouts, news XXrd, Media XX.X%. to I in there's Two think good churn July [ph] down of quarter. and self-pay stood as net

new great global renewed finishers, a Turning agreements. overtaking, exciting XXXX to more Amazon sponsorship, sponsorships varied global outcomes, provider we key glamour. a more In increased season with in and and sponsor the same Formula One podium Services, in technology drama, signed Group, still Web multiyear

remain operating Spa. extended in races, the to AOI another the very some the we're at noted, caution Prix, nature and Nation grow by to for track business. the I a and to on quarter, long-term of the Belgian as also results have for particularly We for headed All amphitheaters, take fantastic of of and X% deliver year right of that growth, continue fans up word will divisions double-digit about income perspicacious the number Grand of revenues analysts due Live direction, had path. full-year. three would quarter. rev million strong timing the positive our a quarterly more wreck, races, vary We

with season, year including exciting [indiscernible] a Turning elevator over in three SunTrust facilities to center complex North inaugural attendance and In new a place Braves, several headquarters XX an innovation exciting XXX bring for really and are developments to over ticket billion record jobs our nearly increased American a acre unusual, after versus our business' second victory build at This at second SunTrust will five Park, the the night. There Battery. which have at at is Park. last sell-outs ThyssenKrupp, its X% real in estate $XX will in on site. revenue, sales powerhouse development Battery. multinational

IRR We'll ten that grossing the provide the of transaction have details more that the forecast but on Based that we year-end. buyer. top XX%. progressing sale projecting are transaction and potential by current an restaurants We with have the are in Battery will our closes, development, three residential of once Area sales, on Atlanta expected of identified we

that EBITDA nearly up high. X%, very advertising double shoppers, improved of and well. space. It again the quarter straight is and Seems Consolidated mobile up coming mix It's larger revenue just on an sponsored I'm EBITDA -- results view, around, at revenue It We digits third the leader also that market offering. of story. hotel optimizing a still non-hotel announcement growing announced our with profitable plan shopper planned Battery. but its fantastic wrong. Over they're reaction the all-time looking was the completes TripAdvisor, is supply was Mobile in hotel in and had accounted per marketing development quarter, X%, Trip highly Liberty has for development a incremental up of at stock quarterly a it's the for final reached reductions. announcement which adjusted this Trip. has Aloft my was bookable Hotel the results even And offerings, a listing, full morning. the stop; think at is Trip was net I new hotel-adjusted marketing Final and product XX% XX%. underlying income for it's is business. significant its SEO and hotels. missing grew increasing improvement its In these initial been executing

XXX,XXX June year-over-year also to of reached we growth in $XXX of to EBITDA With as I'll is user the segments reviews financial opinions staggering million year-over-year, Mark in reviews the for fact amuse over now over these both to expect Barcelona. the it's XXXX. have solid check single that, With adjusted XXX,XXX. friends, significantly, up some operating with out number results, results. Família, deliver Sagrada a XXth. day to reviewed XX% consolidated item, Notably, in and Be grew and my sure turn review, your Fun most

Mark Carleton

and loans held in have was of the paid the your Sirius debt cash XM. down for Sirius we Thank XM, end of XM liquid you, million at margin the during attributed value held $XXX We Sirius these investments million Sirius million $XXX against common Group At The $XXX in quarter of XM stock August well. X, $XX holdings. excluding Liberty Greg, $XX Liberty and as as quarter. review cash has of million billion, and at

million Formula One liquid of million, $XX investments excluding Formula $XXX and at cash One attributed of cash Group has [indiscernible].

Formula One approximately of Nation. with value of a public including the securities market stake Group Braves billion, X, in has in interest Group, and $X the as August attributed market intergroup Live our

Debt of purchase $XXX Formula the end, quarter FX. We of at of One million extraordinary attributed XM. additional to of and attribute million Group during we includes due Time bonds $X.X Braves paid distribution on debt. quarter had the operating debt decreased at billion, investments the repaid their excluding million. $X.X Group of exchangeable $XXX billion AT&T's and have had of Sirius an Sirius debt Warner, million of billion principle liquid $XXX At debt cash of attributed $X.X an XM amount debt which $XXX Liberty as

OIBDA, had to target Group of to attributed of OIBDA of for Formula total total as FX, five six of an in ratio XX, ratios of ratio billion communicated debt bank billion, Group Formula approximately leverage covenant principle specifically, the maximum that for not allowable to FX's credit debt to Group One debt talk to business over at it Braves net about their with One June and please Formula amount $X and X.X One ratio as I'll Carey a of overall. note Chase principle And We an times debt that, a the times turn Formula X.XX includes of leverage these defined covenant of are times. net Formula leverage One One. which attributed $XXX compared was had $X and facilities amount as million.

Chase Carey

Thank you, Mark.

as competition among did XXXX the were our in summer hands FX say in little while XX% versus the XX% exciting We race, we is more a FX races. to during been fan We're believe we the X% trends are as five X% head XX% to two and encouraged XX our on it's the halfway XX% with to interested as the aggregate It's tracks up Germany, we're Grand they the which attendance heading being said, engagement I while track, good a season drivers fans sport season meet years. in year. dramatic Greg to last has XXXX build as attendance well of number past and not turn difficulty] Prix disagree. last even the point was halfway season into Hungarian by fans guess the raced XX% ago. say past in than ago, momentum is at XXXX, fans with we the in have XX-race break, a only race the at excess of year in the I in of of our as France of begin promoter we successful both our year-on-year versus the at [technical grandstands season. just also Germany, just declining into teams, in saying, demand. and In in new was around are XXth of top with to the over Live six avid were years the well where tracks our XXXX, seasons worse. And improved in And Liberty, had two the expectations.

down day from track As Paddock largely momentum Italy. importantly, by viewership great. in been changes free Race fan however Club move tours, in our television is our merchandizing, television viewing. has zones, enhancements fan encouraged paid to and more Paddock due year-on-year our Hot to that also is Laps, to We're and X%, reaction like

to X% in our Italy, with is Excluding our our qualifying upgrading Year-to-date, pleased for the our even viewership our views and our up just viewership say be come. continues in graphics, U.S. and our of to video XX% two TV sound, and week area digital XX% it's are and China, are to particularly are worse. our year-on-year, And up enhancements television the where early reacted strong Fans coverage more. has cameras, positively we in up interactions have of while And broadcasts, XX%, up still digital dynamic key figures viewing during is we showing improved, markets, XXX%. fans elements are race growth expanding We're in of our uplifts. more have other an performance especially engagement Saturday stages platform. and our and say a growth. FX our

on initiatives to We forward our side array continue action sport improve move to with of competition, of an and unpredictability. the motor business

Most coming governance We weeks the regulation changes season. move importantly, recent have changes structures, the we introduced the to forward distribution, introduce regulation list revenue will concrete And the set to so-called cost next a regulations improve for continue and we sport. with in further of changes large broader of sporting to agreement.

now good the season. work through progress the finalize as to made compromises the the in to have with and and agreements XXXX we on agree and We goals details need objectives right coming for teams find the months these

On in finalize agreements. which will as successfully the finish the commercial our side weeks calendar, our XXXX we lot we to off of look we business, expect XXXX like few renewal our a next calendar,

are We the our fans imagination and calendar to widely number to a we particularly XXXX already And turning opportunities really to that are would be the believe about calendar. we supported. energies capture events XXXX add of new excited

we targeted which local the continents. knew in is push In tight A much have race potential It important is to more race on particularly and where a of race late a initially those. for was for one to navigate fact, we we issues. opportunities XXXX to the it many We Miami street make race are Miami actively great earlier. year four discussing

look decided to we The XXXX. a enthusiasm there. the special choice And is we a forward So prudent in support focus on Miami great. event with

broadcast of our successfully we agreements of race television with our in include are at meet and digital targets. year business, of number renewals free exceed opportunities we of territories now or completely the both number are next our These our addressing And and paid also that important On also platforms. a traditional a partners. side midsized

still for and days And OTT May. in coming months. mobile is launch our to distribute intend package. launched we in For on It example, devices over-the-top on partners web which product early platforms television for opportunities to the other

the the Our technology improve enable goal content for platform and this commercial of season. a season to full launch to is next

improve data, with continue product expanded the will content. next video, OTT the and few We other to archival seasons

initial still anecdotal is and strategy. by our reaction we the about fan early, of future long-term it this While part are about encouraged excited important

our with here. building commercial Challenge momentum have Third are almost major was team on renew expand new sponsorships. place in pillar and sponsors and done relationships existing our great we we that with And successfully. area a year one is a to

capabilities achieve sponsors us plans bring today more new in relationship the for and is are to a the capabilities, want key success They tailored fans to just in wider relationship sports sport. medium to create offerings, this sports, to them. However, real festivals, are not connection like Sponsors with board. deeper our capability goal with in bespoke the and creating type a and expanded fan for categories digital to offer with a with regionalized unique looking integrations

We potential we and and by based the sport. regions the categories in around sponsors are excited about the are interest new take Potential world. new are in sponsors excited ready story from our to from

KWS traditional Amazon relationship for us and platforms, the services both agreement Twitter as recently deliver Formula we story the in on establish was recent ability live business in class Our teams track announced shows, a track KWS class web significant Amazon can grow bringing our and our the so. at digital group building to are years long fantasy provides for and extensions of expand that goals. first improving We XXXX and hospitality XXXX and active services right we franchise a fans the across events an is group, organization and we tell both our growth. initiatives building by are largely achieve and a There the sport, XXXX list conferences. space. busier gaming in MIT to no critical the FX commercial on partners our and where Overall, through for the re-engaging with an which the investment relationships. in agreement world One been our the space Formula partner and from are with to have future sport partner services they geographic to example on foundation we tech develop and sponsorship a as deal our to believe marketing believe to to the revenues to opportunities than One. of build the and for live brand and board track is do other important tech further an is will the digital

I back Now Greg. the turn will call Greg? to

Greg Maffei

website me that Chase refer you our have additional day, let to November remind annual and of as that and New may some for close -- Mark you thank already be we on know, Well, holding to information. get our all meeting again, XXth in we'll we please investment York

Operator, we always, your the calls. And open As line like that, appreciate to in Media. interest continued Liberty with for I'd

Operator

with go first Pivotal And Research Jeff Thank to we'll Instructions] Wlodarczak you. [Operator Group.

Jeff Wlodarczak

on had your Russian Good FX and relatively last year high second morning. into it two this September. year I was April results On your race in quarter pushed FX. fee was

you purposes with lower replaced comp of EBITDA comp for then fee. second specific the follow-up. So that's quarter third was XQ race, sort issue? assume assume race going the a French that a simply and of is in and And quarter in I to effectively had your far I that reverse which results revenue time and How much I a

Chase Carey

races. Yes, guess, specific the race don't variant the we calendar. amortized in the last are biggest the year. because fees, race higher flyway quarter is other in get is the I the but I'd general factor we and in quarter I races And across say guess, than European into

and races think through date I year in both year XX June had and XX. this last eight years we of of date

are the think factors issue. calendar the primary So I

Jeff Wlodarczak

place relatively of your Concord about to if getting engine new soon? for a Chase it in relates then you And you. a as least Thank getting at about talk agreement optimism could the level deal

Chase Carey

think the agree The agree the and work details and that that I I devil with of people we trying details always we're goals, people through. to reckon vision with the sport. I think for overall that the had in Actually, achieve direction discussions. they the and feel the is But what the to points about good

So everything I the they want, -- need but into to Nobody find so get can but we to is we details. everybody think I right the think you I that. don't get compromises -- think recognizes going

you're done going good discussions you're feels good So the about the and about but with not about where teams. till good we're it done, the engagement and

Jeff Wlodarczak

you. Thank

Greg Maffei

the One, health the team, can of of and foremost I something and all. a the the short-term that the I if think, short-term benefit all more at under spirit it in what's of Chase in lead think to and benefit sport Concord of dynamic his of and Formula and fairly Ross the me to I sport Jeff, for have turning the all on for usually the great was and add going fairly done recognition often agreement into on, And job to fans, Sean general where likely play which build of compromise is first is of this to occur through so… a

Jeff Wlodarczak

Greg. Thanks,

Operator

next Vijay with go ISI. to We'll Evercore Jayant

James Ratcliffe

Two, us be color TT if on Hi, some Sirius, that given how what would just Liberty helpful. iHeart one Thank it's at forward? for hasn't, potential thinking affect you And launch, learned, James And and secondly, debt about the Formula what you. One. does Ratcliffe buybacks like on Sirius response one for that deal point? footprints any what's this of seems liquidity on position, I if table could, on Liberty that get on not well, is FX, future going around that the the or Chase, gone you've anymore Vijay. what's a color can

Greg Maffei

first, we So watchful. on iHeart remain

a somewhat now million I the and do we're don't certainly they're it to went, and partnerships that as doc that And ability that or money and will well, think authorized. to have interesting did process spending expect $XXX grow actually against I series don't we're results, exchangeable still in more we interesting We raise see position to right going for our self-sustaining, shares. through have potential against think know, impact it's and their capital our a of repurchase cost. you which and previously We we recognize been that disappointing. I

element. that about only judicious the standalone and can a we're strategic I going self-sustained a be transaction. come it's we one think it's to potential, has It with if execute So up but right

Chase Carey

not to support probably lot do to building a really what's learned, launching And on -- I people issues some OTT, it. stack I'm we I wrong, of And to had right and -- and I we've that not product unexpectedly. the whether from the in our think initially not mean, targeted going focus have out sure bugs We've work of some you tech the a know, guess, lead of where it. we the

from expected probably the won't reality where the -- getting the we recognize be and much a both build. this about probably, XX-month think, I now that's part to and the product to I content year content certainly want and we is of an is content -- more a tech mean,

off-season. content a and it gets So really the to getting off-season we'll commercially really, it it at really But it perspective, you're add probably right Maybe and way. technology abilities add and content mid-season the features platform then this content push launching next -- once lot of about a point, features the from this right you're away it. market takes when in and launching

of give this point the launch where I wanted to really get at to season. priority time phases, year's our, next So we it product in think this proper commercial to sort in is a

went enthusiasm the the it the up and to using the only time it multiples. the encouraged very interest they're interest not it in is the reaction the it's regions. I positive the was great focus it various we're use product You is encouraged know, think because terms for age, and really We're from the platform just this I had in of on and at product, obviously on probably that the fan product, but -- more are more think behind it the countries, point, in time anecdotal of all we've and I [indiscernible] is in we're some in -- market, by right, demographics their by in, spread spending call Barcelona specifics, getting it

think demographics, process through we are the ability the of in into -- market, of tap not all bugs, worked still still have us, of particularly usage since the I to young the probably the to all. we it, most significant the -- have we're encouraging technological And the So but yeah, we're to some and in it. it But I fast. components for more think was content we logical The this feel make product to going us. do where right a to way get was important it's right to a do than we it add about to good sure it again and thing

And so I life is getting into be think commercial product then to we it this year of proper give for us, season. the want a at this stage place and about launch the next to its it

James Ratcliffe

Great, you. thank

Operator

to We'll Yang Amy Macquarie. go with next

Amy Yang

you one Sirius you that for Thanks guess, has how FX. use I about the for agreements. on one broadcast Sirius know transaction Sirius Liberty talk FX, and term also and the good spread LFXMA to now a iHeart taken morning. I plan XM, for shorter you And close Greg, Chase, can then of maybe prefer XM? XM pause, the optimal and Liberty leverage

I well, CCTV thanks? Miami think negotiations ESPN, leverage getting done some out big pushed Vietnam this the out, as also coming And have I then any that with you and guess, of up? you've push does

Greg Maffei

share whatever. much strategy. trying has Amy, to the proceeds the as repurchase we limitation can of There's the that we'll benefit past of the leverage convertible pursue benefit the we've -- It exchange, take probably at some of that dividends exchange, doing spread from the Sirius. continue raised stock does And to why the that at using level put of about have tracking level. Oh, talked in how the we far of the some in by advantage existed. We're the the to Sirius XM reasons as shareholders --

Our and roughly always limit on put consider surprise there's did a is the other But glib. so means on $XXX we'll we million and much at have to it's eliminate we that. discount leverage not people we but that nothing, share can how

much had the because run credit right Sirius little, they they're coming far X.X of around still they're has so their leverage been down I at As and end has frankly times. a and cash low X various that as flow probably the through leverage, the But leverage stock to now. targeting their think

Chase Carey

And I with would largely I now on the renewal television with Formula for -- we our the One, mean, issues XXXX. which a done contract really right got calendar mean, agreements, be our we're and renewals

doesn't at real And the to we be that. feel point -- this moving affect what good. we'd so anything calendar And actually happening and in

I on think the -- the any having but can sport the actually we momentum and we see success see we're in the of agreements grievance sport, move agreements forward we and start to engage in sort season, would renewals to we'd of up moving the be with moving it's to the as matching XXXX with. or focus would the that with anybody some in starting XXXX know, races seasons you we're actually

some next do year probably XXXX. important year, We in year, we have after. in obviously ones every probably bigger again next ones renewals and have but bigger always year important some have renewals We the some

ago much even ago today it the into them about excitement whether better year went I I was that direction again what see sport has I And us think think think you doing as months because they the of a There's an six when is think broadcast a short well, its season. sponsors. served or we we engage place sport. in than is can the the or

Amy Yang

Okay. Thanks.

Operator

[ph] with Merrill Bryin of to Lynch. Gilbert go Bank We'll America next

Unidentified Analyst

Oh, then and on efforts. Amazon thanks. calendar the I've another on got expansion deal race the one

in this to FX a verify, standpoint. thinking impact to I services that to they'll revenue clarify, economic FX going a be as Amazon, just want given on Is change this this P&L solely from about in of up the of we show XXXX? And the be want providing on to or I quarter third at First, beginning sponsorship cost relationship should deal you? is there kicks

Chase Carey

in costs incur platforms, be it two is digital and out and deal But we're those And we know, are was we obviously revenue like to build and guess need they're what recognized there Yes, you kicks recognized relationship from components but services it the will recognized, components capabilities the it's positive the sponsorship for the are other services each and calendar services I of as net building it us, we important them. to is I in is. And important. question? -- of out and sponsorship year what this terms -- to -- second-half guess, digital and the costs sponsorship getting tech just in

Unidentified Analyst

Oh, expanding was what calendar existing and some with in general, for think to with them around looking the appetite into agreements, been press I just renewing promoters relationship as like at as venues just from in might how fee so lever would as work the FX's of look that for the as have Miami local new and and you hard see you and opposed yes, read characterize model? guys tour you takes curious, at venues sort this also entering sharing puts arrangements are what risk about you the fixed we've

Chase Carey

are what there's afraid But what it. and economic look risk. the not merits the believe to think events components we're lot every in one Realistically, I -- frequently and if moving component, the these we'd certainties does hospitality and pay is a components benefits you around I people both -- components, don't race the have the each risk at at and direct think than the their unique title, terms relationship to on parts look more specific and on and each upside other just we of sponsorship an realize it

So like can think have in afford we that promoters skin game. the we obviously our having I and

broader to on opportunities in it's would both if them game And justify turn as well to to itself if upside it. be risks, the within upside if ideally it think that risks, event we're justify that we would our So skin to upside as level, we the have much a -- it. I returns the the stand there important behind I on merits. going returns think us think are the at the model But look But down. we evaluate have have the

at conservatively. look would that we think I

that at And event. again, one look think on our So to we would we're want to the be transform but model, looking we'd I unique characteristics comfortable. each not based of

Unidentified Analyst

Thank you.

Operator

Kraft with Bryan to Bank. next go We'll Deutsche

Bryan Kraft

talked about had growth you 'XX with years. an year, XXXX this of beginning investment being the at year Chase, you. being 'XX thank and Hi,

almost you're way as track revenue line your in that you about going to operating growth with realize leverage for the margin, are natural begin as the that of long-term it's potential more you Thank you but on think rather than business way business do the that managing you potential, 'XX? realizing And growth of better grow of the but growth XXXX, two-thirds plans business or we're top Now two the XXXX, get I stable the think do through thirds or of the in you. you growth? do a will revenue margin a business beyond, to say, growth lead forward with that

Chase Carey

on See, we first are plan. yes, I mean, I feel

we pretty about actually feel where good we think I are.

that. reality And some -- out a But so objectives set confidence set on the it's in I some of -- just the also financial and sport, we both with that's in I we've engagement pretty out well to as the confidence gave of the where the that the goals of looking the in at are quality sport, feel as I good I yes, in so actually think stats we of mean we're achieve fan not we're terms I think numbers, the that. about sport,

is change sure obviously of large biggest based contract on our relatively is that's small I'm are cost pay contract terms overall by Doesn't a unique payment ways says. revenue percentage leverage, have fairly -- so revenue. mean not we'll in center. that's attention a we're margin, every a But to cost, but a cost contract that really it's new I manage to that a can't what to we obviously a many it. costs In teams the years can agreement XXXX, business, a and so in dollar. -- the or something the our don't mean -- But are we per changes of our operating you -- XXXX, down, We below in want up it not watch

build those. are We capabilities through -- added over hospitality think are a it. out We've the some bulk there I to sponsorship sponsorships. there there's in just organization we organization, cost cost build drive a there's like building in There costs, to some And the hospitality. place overhead, As providing you capabilities through of in the some there that revenue to are bottom goes are Yes, get but costs. place pure support out is out putting the top probably to the so hospitality we're line.

So there's some. -- if it some I think I grows at look the cost

we And to freight freight things around the should but we like for move the as the revenue. maybe -- provide fairly have world. grow freight We can show they costs, things television those move with for production costs significant scale that broadcasts,

television expanding digital percentage aggregate costs would some There some other there's be associated aggregate have overhead, revenue. it's are -- of should not with costs still there's build costs out whether hospitality our there like that those has leverage we it cost realistically that freight are small will associated But that places, some revenue. with as on. relatively in productions, So platforms be, probably a

the cost is Our biggest contract cost teams. to the

Bryan Kraft

you, Okay, thank Chase.

Operator

Swinburne next go Stanley. Ben We'll to Morgan with

Ben Swinburne

of couple think some a lot 'XX. the that comments a mentioned your calendar questions of Chase, the in you look you prepared XXXX will about Thanks. like remarks,

the So we coming second of it should make I thing that to the you And the is on two? you optimistic, before months. to think, clarification but same sure, number sort in least agreement, at wanted year, the or for just can mentioned hope ask are, races? entire just of so end the your agreements everything those of expectation engine the finalize you want you sort of I is Concord the some design the can finalize then your just assume not

Chase Carey

did comment. so I to the the on not So, 'XX color prepared announced more calendar, we guess I haven't provide than going probably

before clearly come of We put FIA further. probably the so announced other the and But few the go won't through will go next announce, weeks out. to month, will it, but by needs certainly and we it steps, haven't preliminary the in I approved will be we It calendar. end a out

major we're certainly regulations, will There when like that they're of always like continue are evolve. terms mean of finalizing, and breathing get In you're the what components. to It's living, a we that particularly will are be into issues sort not you looking done, process to components moving. I finance

of we change, I you'll in But deadline just holistically, but than place not change. It's more put have you getting But Obviously engine on I'm continue getting put for talking probably hopefully, we better. that a And ways, to an think in but challenge So in -- the to regulations often. with put is of I doesn't And many it that of major I one talking is regulation. components the we'll a place, things one set less obviously other completely, frequently them the place in XXXX. put specific change doesn't whenever of about a find now when the more about mean some a engine. there's regulations completion it bringing to like things you regulations I place. to get make probably more -- effect is -- these to whatever sporting actual will mean clearly out the holistic,

natural to Made get you having date, it done there by So deadline, is deadline. a a easier have by.

get and think all know for I lock all and all be to for to it these teams stabilized think we the we -- plan the things can recognize -- us good would future. I we So so

a sort I I done get in mechanism short forcing is think in But months the the external as done. said. forward to shared objective get to But think move and this I So there's of coming goal it and a our it there isn't try term.

Ben Swinburne

mentioned into there But just you line a with When as business. have mean help of is an it year, followup, look year, One maybe I this can extrapolate. know or we you by Greg is Formula to would you underpinned but top accounting a And guys long-term it's it's the us, to Great. look are that me do contracts. because I dealing guys expect which quarterly know of broader externally this I imagine I at helpful. first-half? pieces. you nice relatively provide at revenue be It's good the back-half challenging visibility for year the investment the you would grow down some moving

Chase Carey

mean impacts. a year, to back and things and races guess I go I what they quarter you mean flow I I in where said. when I number change through in the a particular have how some degree overall of fall Yeah, races in to think

realistically it end of going are where we we where the XXXX. think term. is have am we think I said there not I going we in to and our half the second care good is another year. focus is But this be day, do objective we get So into Though the our feel take projecting place, the are. before, can about about to the But at Yes, and it. we short to of real business opportunity we

over-the-top talked for the this -- term. it's So one move the we But to factors be. quarter priority didn't have ago. a momentum quarter in we parties and getting to momentum whether ball again good continuing It will can are eyes the We doesn't engage story our with about short off to the with is the There tell about take term on it business. really it's probably some yes, year issues we due year deal about in earlier it. to where the degree or feel short the right it. a create business momentum But we to this to the mean and inside

Ben Swinburne

Yes, thank you. okay,

Operator

We to Citi. will next Bazinet go with Jason

Jason Bazinet

rise? on it the said some all I tried it's that model today. been to what XXs is we is has big that of it those sort Mr. aligned. of Is and are of -- just small. And percentage XX. -- And and they smaller as like payments, inflect something look XX that's be get went you the to to then be ask in steep a But XX same I sort Carey, overall unknown. And that May was agrees in us, it's it big we the in the think It question time everybody's range. the can racing is probably EBITDA so a back based the cost because page, But remind the you top issue line and there are for sort to you When and to accurate incentives I it would team years on like those much it's think XXs to forward, I of now teams when there can reason go just it's in your were the see? wrong time that equity a and biggest I one go looks costs XXs because everyone is a sort a to other XXs were - this than press what big before could is it if reports. you of

So like provide in terms would you any can to see? that color what of you

Chase Carey

-- going First head, is think actually check your I long-term off on the ought if top trend somebody to back accurate. statement the early the of XXXXs doing go I and so you am to it. I mean yes, back it

closer I more to range, to think it's in that today XXs the percentage was XX%. XX% And to XX. of high sort the closer

in. locked it's XX, to XX for First

part XX get the the teams. at under and that, again be discussions finalize this we to is up private us but is are term that's the So the degree live not discussions those revised realistically, we when when that. still Since teams in having discussions between -- at teams, And happy we discuss am it lot But on would room what having not we that. to the I teams, private. XXXX, the I longer the is what are Those teams and a best we for with structure. did team to comment going opportunity and with then between to It's best we us to where and that place both really had think through point am those we XX. think are those of are a I is I we is first again the year with is that are discussions what and since we the guess those it revenue going distribution is the amongst let

Jason Bazinet

Understood.

you. thank Okay,

Operator

to go with Tinker to last will John question We our Gabelli.

John Tinker

you. Thank

about valued revenue, sort solid Just gears Braves, how had to generally Atlanta look of is EBITDA number; at very think a which it? team to you so team you the switch on on the to value do when how

Chase Carey

general, I party we metrics Well, for some that the talk say at valuations. people in third of about would look

do many teams any not money. right, are EBITDA teams not because on are if significant make often baseballs You partly valued

we the are in around and the all position team the the on We things blessed have of based partly done actually of obvious a rare answer, John, out. I team publicly-traded structure incremental which in is we that partly they don't don't an how battery. item, how are only plays see other relatively like profitable the things, there demo because an with obviously run, think asset unusual -- based and having on the will do some we -- to it Battery, an

So it's at a little oranges. hard apples and to look

John Tinker

much and developments left given developed develop? [indiscernible] much just land been with you had could the has to is so, new so how And

Chase Carey

announced we have we either and everything can that -- are done blocked set a We have we or plan. been out,

Greg Maffei

there an stuff infinite out location. valuable this pretty supply So, is John, not there, yes,

John Tinker

sort And think most sale your are targeting of the of part you the or residential far? you development that is over is something so the Battery the IRR of the of crosses properties, rest for successful that that XX%

Chase Carey

hotel kind good, be unlikely the We'll just cut and how works, will higher are you but market, see, you end, portion. is get think it office like will the of know, pretty we will those at the lesser there something the deal be a probably probably be at nature the on there is look but clearly residential would example. hotter the of end retail that range. residential and for return others The the I the market two than But we nature that of

John Tinker

Thank you.

Operator

concludes today's that conference And call.

Chase Carey

quarter think Yes, Operator. talk will to with for you, Thanks Thank I next hopefully are And us. we before. if done joining everyone we today's. you not

Greg Maffei

a everybody. Thanks lot

Operator

conference concludes today's that Thank And you for call. participation. your

disconnect. now may You

Liberty TripAdvisor (LTRPA) 8 Aug 182018 Q2 Earnings call transcript