LTRPA - Earnings call transcript Q4 2018 | Liberty TripAdvisor Holdings, Inc.

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Operator

Welcome to the Liberty Media Corporation 2018 Q4 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 February 28th. I would now like to turn the conference over to Courtnee Chun, Senior Vice President of Investor Relations. ahead. go Please

Courtnee Chun

Thank you.

Holdings of expressly like forward-looking includes of a These uncertainties, those forward-looking date only of due statements Securities Reform would our risks statements remind that to forward-looking the or Media mentioned conditions we disclaims reflect or XX-Q on and and Media's Litigation Form Reform also any risks any Act release those Litigation our herein filed differ expectations thereto, which or everyone the circumstances with is events herein contained regard including undertaking obligation X of could reflect any any results events any be and events, the disseminate any to XX-K website. within Act Holdings’ such to in the events, disclaims to call press begin, due and call the with of differ TripAdvisor These regarding only in certain this Liberty materially a in Liberty or any XX-K and obligation is we the Private the Actual SEC. or results updates expectations found of and revisions any any most of Private recent statement issued Before of meaning speak of uncertainties, could change includes speak Actual Liberty required Liberty XXXX or revisions mentioned materially on to disseminate change Form the and and any or any SiriusXM. as of XXXX. updates Holdings. the Liberty call our this statements conditions XX-Q which change with with number On in undertaking certain to to including to number definitions Liberty most thereto, Schedules the the or regard based. call forward-looking and recent SEC. available today, discuss to date will as end of statement such and filed earnings TripAdvisor today's This certain meaning Media statements OIBDA financial forward-looking we circumstances or which within measures adjusted contained of on reconciliation of The non-GAAP in on is adjusted EBITDA this expressly statements including call, can based. any TripAdvisor X change statements forward-looking Securities in

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

Gregory Maffei

Liberty Formula Good Carey. Courtnee. you, Today have One's the Carleton; Mark on we'll and morning. Thank CEO, Chairman and besides CFO, speaking Chase myself, call

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

So Liberty SiriusXM. starting with

we Liberty of discount, quarter, we but discount between attractive. and stock we price underlying bought continued the the a through SiriusXM and points, pretty When stubbornly of Liberty note few $X.XX, period XXst you stock consider we worth. that our NAV the tightened at look November the a through I would bought has During stock that additional SiriusXM Xst million high. remained the $XXX repurchases from SiriusXM January effectively SiriusXM,

Sirius advantage take it. for stands to and XX%. ownership Pro continue about are We of SiriusXM forma Pandora at will transaction actions the of

of in bankruptcy Clear in And to own which Just so the less expected at a there expect under is have the quarter. about as to a designed we're iHeartRadio that Channel on equity, dilution. face. by courts, is Liberty Channel Communications, stub just Clear the trade is public the debt, a much equity, Outdoor happens, of equity, and will million $XXX already little confirmed plan iHeartRadio that iHeart been it moment we Once emerge just the X% second Outdoor

payments for billion, February SiriusXM's had EBITDA $X.X up completed despite of revenue of Xst. other Record and on And billion, $X.X full underlying the strong X% content results catch-up have issues. results. transaction to at Looking the adjusted operating a we year Pandora number

Turning One Group. to Formula

other programming. unique social are consecutive at Note, fans physically, make million in XXXX quarter races times, is on In as with XXXX several had XXX the constituents. total a XXXX. of period the to this progress we've sports versus second million in had One mentioned We similar Formula media business we in continue visitors the races great X.X across for fastest-growing the five races and saw fourth hard We basis. on brand six spectators compare of year. to and major all quarterly the we forms product

Melbourne We are XXth. very on excited to the the in XXXX March season start of

talk Live Nation, moment a they because not today. later yet Turning on we're to it, going on about for report this call

encourage I call. listen to So, you to that

in Braves, teams Park team Battery baseball winning solid last with the the side. which but occupancy month concerts. East, and A don't scheduled the the revenue, season, That certainly Atlanta. financial it strength XXXX hope SunTrust we up our meaningful day is positives performance special continue full And attractive in of including note to Battery schedule to post that season NL included benefited great and our several competitive the Atlanta. returns. we in that results we in driving season have very a I big will at the games continued XXXX importantly second trended favorable games budget team on Atlanta that , events non-game necessarily ballpark home with brought close for. would into very the Looking includes us

looking to we right Over believe is win the is the March note quarter, fourth want to and finished XXth. with has the we the team strong results of in McCann our XXXX with a the on The believe they adjusted forward our backing management growth. we Brian We net the team I'd Looking achieved super-excited -- full at we're along the to ahead, of performance to Liberty signing income team do potential has path Donaldson, Braves. to on and very And start do, TripAdvisor, season EBITDA win. looking and World at great Series with George to return right the strong what the of so. the our are much

marketing basis opportunity. on hotel efficiency, restaurants very drove EBITDA which segment in point and focus hotel We continued the We by excited in at about this adjusted experiences XXX market XX%, a and margin. expansion remain the revenue grew our

are more We double-digit growth With results. consolidated adjusted it EBITDA of projecting our for set to turn XXXX. for I'll financial comments, quick Mark that over on

Mark Carleton

debt of year-end. SiriusXM $XX held Total holdings have amount had principal $X.X as SiriusXM. Group at you, quarter was stock as excluding of Liberty The of common of against these cash Greg. and $X XXth, Liberty SiriusXM of investments value February cash At billion, SiriusXM debt liquid Liberty directly of Thank held Group $XX the million million, $XX of debt SiriusXM of end, attributed $X.X and billion, SiriusXM. includes we billion at which billion attributed was at

FX. Formula liquid million, cash One million at and $XXX attributed $XX of investments excluding Group of had cash

period these ratio five had Formula in of turn Formula OIBDA. At FX. investments as One business, One as attributed ratio intergroup Group the at FX. of debt ratios attributed $X attributed as was FX's to Braves I'll OIBDA $X trailing debt a races now, for allowable note calendar in And $XXX a million. Group. the it leverage total Nation Chase of million, amount out attributed again, Group, times securities liquid of versus and facilities income discuss our approximately market includes and credit bank billion, and September to One group target the increased ended billion $X.X over the Live Group, times Formula Formula ratio, has XXXX XXth, a in We Formula times. approximately the XX, to with Formula December including leverage captured defined stake ratio was Carey public as six debt value amount the for attributed the of Total as from the debt XX Greg of races total leverage net of the interest net in $XXX principal compared One the race excluding accordingly. leverage cash maximum of which was One. market to months XXXX. February X.X X.XX debt ended to billion, we December of FX's for principal of covenant And Braves billion debt at Please XX, XX And set $X.X pointed XX, covenant of are with not XX with One

Chase Carey

Thanks, results for Mark. discuss plans in on I'll our briefly XXXX then our and XXXX, beyond. focus and

full As we've this X%. we times, and annual revenue on at the year for up was an numerous mentioned basis, business look

also two the Our primary we of one-off number year. issues the and rates that particular, were revenue results. for then flat There rights these were were in holders experienced financial In items calendar. a changes had impacted essentially streams

and reduction amendment neutral particular would for an provided offset one We to investment. revenue, revenue the sponsorship amendment was a at related a knew a we was primary in also be that looking advertising fully this Overall, year by XXXX which had And adjusted contract OIBDA, increase revenue. promotion of in to event.

be we structure expect that the organizational and in majority the place investment future However, have revenue-generating. now right of will

fans a with the all including sport our that changed fastest-growing XX over weekend up in for new fans results second spectators heightened million. viewing. to days media An fan. for home platforms. for XXX,XXX year season methodology, Atlanta. stats across average with XX% engagement to viewership on we Now the engagement with apples-to-apples at at social in row, And outdone, consecutive Bowl the were onto also measures each increased methodology reflect context, of were XXX.X minutes three the race attendance pleased We're viewers Prix XX,XXX of The in platforms. attended global the for standard, Over be XX,XXX. XXXX X with viewership industry into an put averaging Note this we comparison. viewers which provided the were To Super this Not XXXX million restating this unique Grand major to XXXX. in align

and XXXX. first track, changed lineups exciting which testing with the second session Now month reveals testing for this to about session. and Barcelona was Driver filled are referees. and along together off at on finish should show cars exciting was available with The TV winter and on onto the daily make with the have new significantly, drama review teams testing the FX

Further, Netflix ever on entitled subscribers. exclusively Additionally, The One FX of Formula by TV all documentary produced front, Schumacher” a is Legend, show the the available our Making content to “Michael entitled, “Formula to over-the-top on TV is now. respect air trailer, to will our to XXXX, be sure in March One” online check out drive platform, opportunities the which many the XXXX will With After launch Xth, FX the survive, our product. commercial true platform distribution we've we using a in the FX fulsome the and evolve more enhance will strategic the has will long-term have content, and strengthened beta FX build as month. TV marketing ways platform, priority, a to launch we off the of season and years. be the coming next and continue test, first kick

and agreements X the the U.K. On distribution in deal subscription Netherlands in most is Sunday in TV we marks will sports Silverstone the be the signed from the and FX in front, new weekends start markets along U.K. which our channel Grand Prix race Germany, both available. Saturday with of shown Sky recently Channel Highlights leading XXXX U.K. with the the on

XXXX and past will Vietnam numerous in sponsors. practices. promoters markets, Over of join best in race be of answer XXXX there XXXX. deals new count, discussions we've XXXX share in Though and races. certain many quarterly variations brought London January, we're markets calendar of location distribution and demand and two announced number meet will the already is our to Again we while matches locations largely the coverage set the both other global years, in fans in race for all calendar in in still the largest to that signed The attracting as with this that

the to with of first year, race. believe plan Shanghai, which four Formula We group collaboratively continue the We experience. XXXXth which can fan is this to brand and work festivals will coincides One's this of that to fan hold a the in betterment be

this ways, many so milestone celebrate tuned. will We stay in

we principals. excited Melbourne We're after We a also festivals fan Los event our audiences include Formula all XX XXth last Brazil. One, first that festival fan Chicago, and ever host drivers XX very launch spectators. XX,XXX in other plan March Australia, we drew October to Angeles in expose to that successful the in U.S. Miami, In to on in will hold and

of extend end and activities. diverse Our Global Pirelli, audience draw to year, signed pleased tire Cyber X through the events the last partnership One. to Formula also partners, with will partner Heineken, cyber AWS year, were also We with with DHL and the a as which five-year the are event earlier supporting around host expose them sole partnership One. variety our further of all special Formula with races for sponsors, a we of and Emirates, a Rolex, MIT, And facets both will official many agreement and XXXX, as security global through Pirelli, the provider at this our

which to product, continue the greatest it on focus the is the the and on We racing race planet. spectacle making

to testing mentioned bring veterans. the will bid many which earlier, Formula pairs drivers, Albon, from and new the were proves drivers As drivers. seasoned XXXX Three Formula One is this a season for pulled George new Norris and Lando a fertile Russell, teams Two, Alexander up

from drivers Mick slate, excited Germany, Two Schumacher. are Formula the for Brazil XXXX and China, which includes drivers We U.S., FX driver from the

when will improve circuits in performance, cars are This As more with it race, for we're how proximity, designing overtaking reducing the and penalties of on opportunities reviewing enforced. focused are that relates regulations close loss competition. includes and to technology

decline to to years ago, organizational would right the strengths. for firm business. in our an shareholders. Formula creating market, the take possible. to time fundamentally and When and we this there little a as product and we would model. right now our have One, we expect to sustainability of cost the continue the in going XX regulations public finalize with our governance. alignment to soon two We bought with We're discussions details improve teams sure season the or amplify in and our business remain turn XXXX, strong new and this to to we terms the and a But partners, will how feel One, to partners. discussions all the efficient was We Liberty that XXXX on and the the term knew can and agreement that that on constructive progress have the revenue long we and have revenue ahead beyond, abate over understand into new commitment as the structures, all Agreement with to are fortified now for We teams get business Concorde structure Formula clear, brand, our We leverage hard we but distribution, teams, this One Formula make will knew in a make and of drivers impact like cost growth work are be We call significantly. a this focus value addresses core we growing the necessary

turn I'll back over the Greg. to Now call

Gregory Maffei

Thank Chase you, by you, thank to Chase like and Mark. finish made. just I'd reiterating the that point

has two are progress We One over the the very pleased last years. Formula with made

exists. are We look and dedication this put the forward Chase work potential out into that building pay-off team hard confident soon. and organization, his have seeing of tremendous the still We realize to

are Meeting scheduled York, We In to other the have the November committed news, Investor XXst. FX we Thursday, Annual in our business. New

questions. continued to up interest for Operator? the continue I'd mark it appreciate your that, Media. And with please like So date. Finishing, we in open -- we Liberty

Operator

take [Operator your is go from first Jayant line Instructions] Vijay Please our open. ahead you. Thank sir, question We of Evercore. now will now

Vijay Jayant

to mandate Thank you thought that could, if the there some some understand expecting and us one that happen, of improve there XXXX? middle Concorde obviously increased are growth by on sort to determined, of XXX fixed Chase, we're dollars XX.X% some moving to technical of seem that? out can promotion, regulations is this on the sponsorship sporting you what And major I FIA Chase. International more if clarification from basis I'm bonus payments in part XXXX. the it sponsorship revenue improve points to XXXX front, to from was then what as for obviously one as is some by the Sporting be I the the if didn't of about and Obviously, Agreement continue a price we sort to the of like, final race ways, Codes understand that was in is -- assuming help year. percentage just And in in of

the also you're all things, So, do we other if and at how budget time. expect on the is case, Thank working and to that caps the all that you. the -- together come commercial get

Chase Carey

on the it to promotion first I one, So as relates guess sponsorship. and

probably impact moved down took call, it a on was the of promotion the the it I again, And revenue and decreases sort was aggregate around, said I what I and neutral. think of sponsorship think revenue. bit the an increased and net sponsorship

otherwise. components. certainly few have hospitality than higher it's uncommon without sponsorship it again a So, not components, was components, And sponsor fee that been have we in agreements, revenue points of we our we have would where the have percentage

with do on with, of but the how quite it, us pretty we revenue for revenue optimize working we're were So, those. both to out across aggregate in sponsors frankly, figure we opportunities, neutral

XXXX deal On price, the really, bonus. like it's specifics the prize how with on a withholding the things effect within not The primary front, computation taxes. was when some

and it, it computation, benefit price So the of with the through but in into prize cash get our actually but into we funds, long a it but fund it because because one benefit prize for operating the gets doesn't dispute benefited the account flow actually reflects profit had us, we flow that. the us, it where of the we it country gets fund way, factored through to -- term that computed

our teams which it past made the a withholding was So, I'm it's primary And I'm in of on of fund. higher specific essentially discussions with P&L, flows have I that through fund the going place. And in otherwise number – tax is mean a want they're a it that favor meetings team would that structures took are of -- things June. in us thing against active. P&L going lead to week than to be had price prize was then the out teams. the basis the difference through and to how this sort between through in in the issue with our country teams, elaborate place how to that resolution pro-rata not a differently put by are put not there there get the deadlines on a I -- for profit. of that

quite are they So active.

these There a in I to trying for to would want have opening comments, I but us visibility there, you things we future. to are of said clearly are time as don't. all resolve they XXXX, to, is think clear still so We like the the

we it certainly there can, as -- quickly of conclude place would components although that are are that look but to is those by, would advance to as June, have things before by certainly expect true we So, we in looking it we then. to we

Vijay Jayant

Thanks so much.

Operator

our take Macquarie. Amy line Please now next now of question open. will We Yong ahead, your from go is

Amy Yong

you Thanks that think about you now some closed And Live Can and and acquisition And or to do of it an on cross Pandora. SiriusXM has as of guess lastly, I SiriusXM makes do LSXMA, Nation. currency? I guess the efforts morning. think good talk combine how these? between sense collaborative closed you've you

GregoryMaffei

latter Amy, take the first. I'll Well

think a a not very XX% to that. of its discount underlying of XX.XXX% something guess that high I the its I of or given to currency, acquisition the at source it's value trades or quite like poor value XX,

would use as very -- acquisition would unusual which So, currency. LSXMA I to circumstances, be wouldn't it of a cause us set

in in elsewhere opportunity several or the to of whether more to areas it use the The Pandora the On promote, a or of opportunity as enhance in to another move on digital, side have opportunity in is car whole, to to areas. have Pandora particular, in on the they're best opportunities, places. subscribers part combination side. a or completely. the the host in to in opportunity opportunity on G&A -- mobile one or rationalization share Sirius a think teaser from combinations the to opportunity cross content digital one offerings strength good, strategy, advertising just home and set and but to be better, The advertising there Sirius are I the The in -- the in cost the in in general

senior topic yesterday all be Jim and frankly, things of there, have were increasingly of team a that Myers sets is a So Greer sets the of Oakland. off-site handle only has together management's SiriusXM and sending I lot we and are Dave think had done getting one in both range at an of been and those them, managements and are integrated. on time spending management can been there are The those. whole

have you'll I think think and we of demonstrating, suggested things are some can XXXX, how of work XXXX initiatives So together. about them forward bringing together increasingly a the will you series through see and in happening I

Amy Yong

Thank you.

Gregory Maffei

you. Thank

Operator

take Morgan our of line question next Ben ahead, now will open. your Stanley. Please We now Swinburne from is go

Ben Swinburne

are expect beyond said XXXX, I think across One year pressure this in the far, XXXX revenue should go for point Thank all This to to abate. if you. on also three the major growth up? know clear, streams but want broadcast Formula drivers should promotion, prepared adding your all we we morning. about grow. you're don't expect Good race FX go to remarks should and you and Chase, sponsorship given for I you and primary and cost margins talking costs, maybe your

Chase Carey

obviously too. on and do expect First We matter are other categories the there revenue. growing,

growth growth big are calendars, across So all by like largest means three pretty not expect the areas yeah important. But certainly in we But those the hospitality race equal that drivers. stable. television,

the will sponsorship solid or the probably on Ads which there, little in the growth areas, create really growth sponsorship it little year interest to packages long way you the have team always a than modest sell to more create is probably think side, more do be and not primary growth complicated, the growth biggest got across would deals I the cost a too, in our takes growth, clearly of story and expect areas sponsorship And close on expect secondary later. tailored it hospitality it. two, some world are in a lot because front, a equal payment, the the area. we more tell yes, growth to of ongoing The expected got longer mean cost Vietnam and area, winded But on the will research year coming we I promotion a better like saying and percentage. the largest our the of television a So, certainly be events. and

off don't the percentage It's you the really any don't payments. So team you of a of improvement get margin profit. margin, get

And -- so are so margin costs the so we if do of you, a areas, expect improvement there are other the costs movement and payments, some smaller. number where team the but against is We small relate to revenues.

If areas, area up, costs which attached or you have the revenue to hospitality costs take freight freight, costs, XXXX. are to were where in that's freight significantly we degree go up

is Now cost go a It's we of of we increase. not again we third cost revenue is center, up. it's for it our revenue revenue-generating is have area, -- cost parties profit up, through, revenues, there a an against increase. that a Hospitality -- freight cost so but go so built generating a lot a sort where

are straight in television they there's where some core primarily sort in places, promotion, the through. So of areas

Some other make areas on this but cost of again, to will MIT the create events we'll -- of them. money them, having be more they the there's events a year, growth,

and or the cost, that costs attached payments, not them. have and aggregate, of against like have we but and that business, sizable of freight some costs overall certainly have will the in the large cost that costs not the have margin context team are events like, operating the certainly costs we But some So costs, improvement the will against are are hospitality some we areas some basic freight against of in our won

Ben Swinburne

to if or below to expect times leverage get target expect Got we next look the to to it. I comment, of know you Mark or couple or but should And do your don't you six get you over or would years. that out when

I visibility is think your fairly healthy.

Chase Carey

mean... I Yes,

Mark Carleton

I certainly ahead think -- we're go Chase. Yes,

Chase Carey

You ahead go know, Mark.

Mark Carleton

certainly is has getting we're numbers, at the that. under with there. get We look opportunity target there year. down realistic -- we our certainly do that's been to six this times we'll and think a And we aiming I No, toward as what think think that

Ben Swinburne

then of a of to and Okay. there an thank that today, investment FX but me out any is which if suboptimal, revisiting then more spinning is of ask in there you I'm or bunch, obviously flunk probably is investor Greg. agree the the looking there, you'd And lastly is structure thoughts equity sort a lot is interest for investment letting in sure interest Any investments the tracker at in here? flunk just

GregoryMaffei

a moment friction attractive. first worthy way at done it the Well, to it's the in moving that most has given value increase worse which moment. the but not costs quality the Live us of about, describe time as note be is There I move there, case. the where the Sirius that not be Nation against is mostly it LSXMA -- the but that high I probably it caused and or the not a talked maintains, we've get probably And is but with trading goal, But debt it, would reduce problem net moment at be would value. across to more equity aligned might over the to would the by caused obvious and properly to

Ben Swinburne

Got everybody. it. Thanks

Operator

Pivotal. open. ahead, now will go Jeff question is from now Please of our line next take Wlodarczak We your

Jeff Wlodarczak

will sports through done out? Disney comment Greg in spin Fox actually then and Sports you SIRI? you for gets I One think do stake Net, to sold, or morning. in can the and one Chase. that for or them be Good Music, assets those control to ultimate question potential same on And on Liberty Greg, need and an Universal you taking path your interest do guess, a

Gregory Maffei

some What were we the going would you how would us, conditions. largest only in if on Look, to we interesting of music understanding and an of the course, we asked really cost, space suppliers look. not and Universal the you Music to they stake if is you have and at SIRI ownership Music Universal largest, true and costs right could those That's huge constituent I at it, be asked, to interesting. content of the in was one look terms is might look had important be the the are supplier

express depends obviously will we right that partners, So control would is but alternatives. to is it, say I we that anyway our and the it do, going when be SIRI, certainly It what whether probably to SIRI available to announced attractive Vivendi and and we in say on would were it need path also done in would look for potentially can't seek guarantee offers, are for to but That interest. on and don't LSXMA, what else attractive have at terms the they but prefer we unspoken else be usually that's would what life and we total. attractive would we're conditions is is at

You've seen on LSXMA. putting to further you I priorities. investment where money don't our want LSXMA's note been just and the we've that should on

I to to I get the spun equity. you, to we're CCO iHeart three equity of radio think us, and radio out components told going debt, the

if probably future, two with great probably to things our in for The it's the they're fit all, going well company we're first a that are maybe the investment term CCO portfolio. hold doesn't at not not long portfolio. for just our

terms not them, to be their the advantage are things us it to of a And does we you the utilize current like could set of But well. or their forced consent to spinner. to So, discount know my as RSNs, is is strengths are they decree, take cash be as going by shrink you that some it. which the both modified, and seller, allow decree seller, consent And their understand might far of We as a expect a change. understand a assets spend good to which not LSXMA manifest. of who it's understanding weaknesses, do the I seller have

large clear including players, of look it we're look at. not been upside for changing be at investment look done the else, interested that are, of well. the we lot understanding of would Fox would how get reasonable the on done, certainty out. approaching long and somewhere depends they situation them But would whether partners And time that can going it it's wide-eye then in and ago, LBRD in with to and are formed whether we are You've as distribution and attractive Batter the that caution a MVPD and would we who done and be Fox turns that these history But things and have and would we kind the logical with Where walk have really long-term only our and it. given us for see a appropriate world. scope it risks these at basis in the or be we what got away, lot with size several that those we appropriate of at we've that look to rumored business or a on suggested understand would it our them in

Jeff Wlodarczak

revenue? future larger to under And the Greg. is teams new payments fair the going are today. can Concorde that then potential of Chase, you Thanks, revenue a share But it share be same Chase. are percentage the materially, probably grow of say you'll for if about the get the Agreement as one to revenue they

Chase Carey

back and things I XXXX We've the XXXX don't building sort on business about into are in question. think active sort can to and to no the years, of I about beings through get I I really this of mean, XXXX. expect at there's We in talked more target. growth to talked XXXX discussion. want still to being certainly talked -- like we've we've to XXXX speculating grow foundations, that flow the business go start two the and expect we last so in point

is believe business, we we get to on don't of the speculating want So are. and recognize growth but certainly I to lot that, are to expect things that in we growing it on a start in focused there

we're also and discussions our think, with it. it, private resolve when having address I off we will those partners this best we times, many As said

Jeff Wlodarczak

Thank enough. Fair you.

Chase Carey

Yes.

Operator

will now now open. We take David JPMorgan. question our Please from of next line is go your ahead, Karnovsky

David Karnovsky

you. thank Hi,

Just one for Chase.

with discovered? your partners, happened XXXX? walk move Regarding you. TV field the you with you say And what directly in you terminated? what the Thank and Did do to in deals or then rights then broadcast XXXX Can broker. can contract those agreements when restart regions through contract

Chase Carey

essentially much control to it not to identify sold broker can guess, design, a I'm and that by Yes, on. fair elaborate our although not number going on rights probably the middleman with too people a did specifics

process. broker So went agreements of were part the when the as the eliminated broke,

we and was, smaller did what and it a is, yes, of a So ones. number large go back there region was

with which given it back of went through, we adverse in the happen for and directly us. had some engaged, that been to broker through it made So, XXXX timing consequences the parties engaged the buying circumstances the the of clearly timing it created

notice But expect it for finalizing while place us addressing a to but actively in finalizing is you. in we're to for when works a with and for Clearly, a for still imminent, have forward are it, some to it to XXXX, constructive with the now. better us XXXX, the it's we finalized, a way path had and that XXXX actively deal was we us way we We season constructive a week's get expect consequence address we're but of or that believe in XXXX are live it what season. there to a we in

David Karnovsky

contracts think Thanks. a any I us, then, how is there few then commentary, give are on and high races can there up that One in is update provide you're promotion you level And any can those coming race Is thinking XXXX. about Miami? even you and Formula

Chase Carey

the for mean races XXXX, for I obviously means XX XXXX, in XXXX up the contracted. we XXXX all which have are season, our

renewals have There issues to ways. a different of before. year season sure had go So there's one. had a a number the in And wasn't this. the year. it's new last have That -- and really separate each create we of number contracts to we agreement last we are XXXX unique where year, nothing We renewals just last either is

have is most races for the of the of is dynamic and us, increasingly I quite new important think in. want really of all we are who of come We long-term the encouraged to some that the as long. supply value -- demand. interest aspect partners, parties, not by our some are we is breadth positive And that that's

sure to first for we can both races always in to us. get not in our we is, think attractive us of be works value, Vietnam, just we have But if not provide finances, is there. go, to it's approach alternatives fair are of exciting we fulfills And being I going that able to -- to place have example get important attractive necessarily growing both to but places getting make that think going be to a for an we're renew Asia. of races, win-win place that new objective we is it's a

all boxes. So the ticks it really

including around to that just really world markets, but places like have some like We races, not add we'd markets new Europe. the Western traditional

to trajectory that negotiations think I the trying we've a is now we that if have have for always a works we've that the the calendar. four, business to us judge process it can And about I and room to years healthy -- So place, to we be seeing are increasingly add other renewals go a think, engaged gotten feel in to and engaging three, we bit at, to get the about through. which have our a opportunities against to continue with have belt, in partners, race there's have place we markets. we with we get for And I different good ability as won't that of few think looking think it you is year, talked under than pretty what a we're XXXX, some And there. the every we to

David Karnovsky

you. Thank

Operator

go from take is John Tinker now ahead, of your question now open. will We our Gabelli. line next Please

John Tinker

Hi, thank you.

One pick on the South it following Net. the whole the a them, is could up package? rather be help just up they the that, I MLB bid on on possible, question likely thought Just it split Jeff's than little up and is Fox confusing Sports could that Sports can is Braves would thing and on Fox

Gregory Maffei

are John these and might up, this on on that that's in I you I to while you, bid you why having and secondly, with reason would don't Well, for them. There's could they I are one rumor only a things is, in the it would a question. sure. attractive not the Thank Look, been don't make certainly I no very appealing region opportunity. with the bidder. those say vis-a-vis Fox Greg. region the for think MLP there kinds is to know. from them comes they to And MSNs region cut has bunch why bid know understand it that a bidders. attractive degree of less not you -- future hard I and it it you multiple And region, find can can't over pieces. power MVPDs and top would that unwind to that In unlikely be leverage of leverage of giving dealing relatively South I the there among the the most more give a largest see having low why is one flexibility them reasons, the and gives rights may into the less rights other attractive general, and while couple why the be vein, had try MLB and as as the reconsolidate

principle, in You anything, more to say but to definitively don't better. want no is

John Tinker

And so does What from secular spend that of you're on phase? -- out, start another completing completing quick follow million your the going time now hundred in up on to up the revenue to -- set development. couple of sort you've the kick

Gregory Maffei

Of the Battery?

John Tinker

Yes.

Gregory Maffei

of it meaningfully begins leased get see up and we as in we'll think, think, I more XXXX XXXX. in I it

John Tinker

you. Thank

GregoryMaffei

We could He on to comment effort. RSNs, on ask of Chase a him knowledge, we we spot. has him put probably lot probably to the put but into difficult won't

Chase Carey

pass. I'll

John Tinker

you. Thank

Operator

Crockett question We line will from now open. ahead, take now go next [Indiscernible]. is Please our Barton of your

Unidentified Analyst

or that and of weakness exposure. A great. the companies Crockett the kind having a One One Okay, Barton substantial places. footprint Thanks. impacts seeing some of your obvious European is, of and U.K. Formula international in economy, of some It's from couple in at type with lot guess I Brexit things. and business other

economically double just Does And your economy the You to feel resilient? people of you want as seeing of that be explain could don't making? races of in the check. about so, I if you for to going do some of nature seem but be and affluent you kind seem improvements How to business to terms your there? means the what it that you're

Chase Carey

more to immune got out feel that issues do pretty deal say get no we're of unique. we a think, immune. them. I issue; mean, end planning in do think on not various for are I certainly logistical are economic sort European base we I are, and and business I Brexit, are I how I'd if think issues reasons, it's some being we that. guess you contingency equipment. with financial a the I'd Yes, in more things Brexit, and I of say that like logistic we with the Britain we've But up it's global Yes, well guess global, a for

we're that the that helps think also are it feel contract and probably commoditized at ones I most we're largely business. that a I -- are those not more think

there if -- think some that but are are ones not are long-term that our -- and so vast of less that, hospitality, the streams revenue you majority I we're at ongoing -- look that people So, are parties less something like are more consumed. is

and probably We are it We the quality high demo helps. a a I certainly fairly are high -- we sponsors that so think sports like. got

do of back. some our get the then in feel interest now as much last to months got we're And long-term in think we much really we as mean places, that the us interest. that if that told, better but But you've a sort was. the if encouraged -- has that I sport of unique monetize or experience. seeing than I of some story. focus the pretty story we to There by story. think create harder fans, we some you're momentum the certainly interest in momentum agreements, got are Google It's and our in some to creating upside really move events, it not degree, I I area tell combination the momentum. again been I economy. I is, XX creating And we're building mean demographics sponsorship the of we've strong So, as In not the and actually, win business, our deal with. to think those really in that Facebook,

You've in in story. bones have meat got a the to the

proves have got story a just anymore, data and that with find wall them relationships out. create can't sell to signage unique to and on and the the you've You ways research

I think we're doing all those things.

so really a I it certainly whatever to. noise But company don't the said. the issues, I But again, wouldn't us. certainly meaningful expect economic that based U.K. to think U.K. is I We're we're not -- we we I for above, I that we're issues, aren't, for U.K. Europe So in is specific feel so, the the while writing think reasons

Unidentified Analyst

could switch And gears for Greg. If great. I That's

better your work You in is didn't pointed if a you and if strategic that you safe iHeart And or one, and have feeling quarter. have that a Is stake that space you it to possibility will not on of others, strategic at is the strategic, look currently seem into guys first out fourth kind I could your there that radio we you is to can wondering the a now? positions there? was -- flyer trajectory did the traditional bankruptcy. why quarter think something revenue update that plus a us play for characterize really strategically that in Or iHeart would iHeart only maybe about radio? is so as the

So I if that into your don't thinking? know factors

Gregory Maffei

been that got little could the first a But we into after investment. fact. not took why we to proposals interesting Well flyer that's it -- we position, look, that to I'd in would work, thinking, as place, think like our made an the the fact into that I not didn't characterize have a some have

watch with and at and at iHeart. Sirius, And today is companies iHeart their we'll space to Bob a good give to the will most about opportunities on terrestrial interesting. attack synergies The iHeart, is they now; to thinking credit smaller We both thinking but to There see. for that -- I job still closely compared have very doing challenges clearly Rich Pittman focused across radio going Bressler us still the managing are Pandora what's for SIRI footprint happening opportunities them space. how scale way. watch a but a for have Liberty about integration, and And SIRI think The that. to we'll We're radio very also in Pandora are what's on. investment I

I be thing. good think being a a interested shareholder will

Unidentified Analyst

Okay, great. you. Thank that's

Gregory Maffei

can't is radio other they're is leader leader the but categorically what going. this in iHeart no, not where and the play largest but and say ways technology sorry some the they're scale in only and And scale I is in

choice, that probably, So, if first choice. them not the makes only the

Unidentified Analyst

helpful. Okay. Thank That's very you.

Operator

now Evercore. take ahead, next your from will Please of our question We is line go James open. Ratcliffe

James Ratcliffe

looks wondering maybe of Liberty your on the like was there slight Based versus Trip comment of read-throughs essentially representative to par, Liberty filings, Thanks. very valuation Thanks. views on if if to Trip? relative for any structure about willing into a that could. Liberty if on the collapse And at Greg Expedia any One Trip, appropriate premium. that I Expedia it

Gregory Maffei

Yes, don't that speaks I so think it to much.

merger, situation that's Expedia -- relatively access have that the if there pure it and large at Expedia, a largely to you If stock experiencing Expedia the look Liberty and would underlying are at a premium of eliminate that consummation the stock would occurs marketplace embedded corporate gain Expedia today. about Liberty allow a Liberty play our at the the shareholders we to that Expedia they

sell stock Sounds does like stock slightly their transaction a a to instead them more higher at liquids require not anybody price. gives a Expedia it good

liabilities. potential eliminates future pretty and good Sounds

where control, condition somewhat you [Indiscernible] as much Barry go and have to between For would Malone's Liberty being the situation lots eliminates where influence control eliminates today. good the not control Gillis hard around Expedia, the of uncertainty around the eliminates has a as ownership, shared overhang, things voting the uncertainty today situation John control from a also

or done accord and that influenced remain by one, get not little transaction. through transaction So very that trip why have its read probably say what bullish think you that We the on should own that look doing, but the all reasons, trip. to they're through about things on

James Ratcliffe

you. thank Great,

Operator

take Kraft your now ahead, Please of our go will from Deutsche Bank. now next We is open. Bryan question line

Bryan Kraft

spend additional how I sponsors more and for it is to the it curious, advertising help them opportunities you by engage sponsorship. providing will revenue and have morning. I'm Chase with increasing inventory or good driven? sponsors, among Hi, us you fans. just XXXX guess, on and the Can XXXX existing is growth be one to understand, by adding just in

little a get better color if there understanding to trying Just more you and would.

Chase Carey

we more successful fan more conferences think or to up. our as them mean, some been of comes expansion support some for in have festivals I have and stepped to with of in of renewals from it opportunities them we have some or things like it adding MIT adding. I e-sports,

but So, there the expansion some existing, I'd say is bigger. with

fill think portfolio -- the I to still lot feel we have of out. we a

we we didn't expect we -- feeds will before. we didn't sell regional component, that be to So, are I regional think we opportunities and to have have year, the going see bigger feeds this brought regional offering more be on every that sponsor, regional to a sponsor,

as up sponsor sponsors create opportunities more I step all sponsors more whether So for filling to in. of sponsors unsold portfolio the expect on more we things, on to that we unsold opportunities in think title sponsor for opportunities, more it's step slots, and untapped global races,

we're although doesn't for not mean sponsors, that additional to come with opportunities the from add guys. add existing We to add ways -- looking expect that the to growth to --

Bryan Kraft

amount And sponsors still to of large the room down is you of inventory? given there a or sponsors are -- lot add for now, here, from

Chase Carey

in. we No have fill

there. can more as capacity short certainly, room won't have not more the unique we that we it's of -- again point crafted, be, tiers once of we're infinite, it's that we proposition. and then constrained out won't not in capabilities, out at three certainly have but create right the we we're sort in create have lot we more opportunity, we a some primary There have we entitlement whether -- yes, run short may run not create but can -- to opportunities We now global -- three are of But in basic, term. the untapped you we certainly

Bryan Kraft

Thanks.

Operator

Bazinet now We from is ahead, will last our take Jason open. line now of Please go question your Citi.

Jason Bazinet

I two Mr. the Carey health of I the question. apologize just business. asking I to as questions. know look not results of the encourage for the us quarterly quarterly had at indicative

revenues that in on it, of that if day in last think first have any all given race a I that of the shows does occurs all modeling rescues as any year, quarter a quarter? on a we're If of the day bearing you have it that quarter, one because

Chase Carey

about -- because… Brian Brian let I recognized Wendling accounting If Jason, talk the

Mark Carleton

it. to Any accounting, me somebody are technical time, there’s you to answer in probably better than

Brian. let I'll So,

Brian Wendling

the race but if we Yes, on I the is falls -- mean, simple it's quarter, recognize next occurred if answer the into in the answer, quarter. the pretty Sunday a race that and Sunday that, next that

on recognize the we day of all race. So based revenue the the

Jason Bazinet

up Okay, very just follow good. from… then And a

Mark Carleton

but the have when revenue race race revenue, revenue, some related We we related race gets recognized, some the have happen. season related

Brian Wendling

Yes.

Jason Bazinet

Okay, Mr. follow-up thank you. for And then just a Maffei.

think I friction you it moving the worth you not of see? just another is track. friction what the stake quote to was, Can debt some live and over elaborate a on

Gregory Maffei

Yes, the way with debt I talked at for the FWONK discount the The -- Jason, net associated to is of stake, would the LSXMA. I the be most think obvious shareholders it. net compensate about earlier

the that the FWONK the that's that issuing stock trades me fair to a by LSXMA given by the think very appealing them -- to or to attractive LSXMA shareholders I the stock For excuse live or discount shareholders. holding to LSXMA by long underlying SXM. don't issuing

Jason Bazinet

live can happened, do can the any where it are across? think…. sort -- debt of You you it the neutral and I moved What neutral, is What just stake just plus it NAV do NAV is? the in equity is it

Mark Carleton

fire LSXMA, for be you them either equity, to and two do to think power. other think and I either I'm them you attractive got LSXMA are you or -- we at one that up And with FWONK paid can shareholders would moment, how are giving not that choice equity. there will or that of, cash levering LSXMA to you've of available think give them sure I the the be other ways would got for the its FWONK the be things cash, in compensate

Jason Bazinet

married Formula One against third debt sits some up equity at it's option. option Group is an that LSXMA the not So, the of value

So, in of-- NAV transfer zero

Mark Carleton

would do, that that equity because, I'm not exchangeable still value. following there guess is I net debt but yes, we has

[Indiscernible] and the value pay live SIRI through of if for be If through I'm FWONK with value attractive value. I be attractive. to at to with I'm market look LSXMA value look probably I proposing shareholder, the of equity market or don't let's you look don't pay my we are shareholder, How find find probably an a So very proposing net stake. to to

disadvantage -- set So want don't docs either I I don't want numbers of shareholders. out I know, until those going balance to to better. gored somebody's don't is

Jason Bazinet

the you saying equity up whatever Live that's worth stake, and you mark-to-market if with I'm debt? Nation's amount just as a married value of like

Mark Carleton

Again, yes. worth, the that a equity is take value Live net Nation has

Jason Bazinet

Okay.

Mark Carleton

the three Live billion is and Yes, X something. were something debt Nation is the stake

net value FWONK. across and of of only got stock. cash equity plus, if pay there's So, think I I move two or for to sitting it I inside it somehow

the I side know how don't FWONK somebody's LSXMA it either side. or So isn't the going unfair

Jason Bazinet

Understood.

I You're smarter than Thank I trust you. am, so you.

Mark Carleton

but know right. don't I I those about that, think roughly I got numbers

Gregory Maffei

forward we for today interest you next speaking if questions and and Media, to sooner. quarter, Thank with the Liberty you. not you Thank in the look Yes.

Chase Carey

lot. a Thanks

Operator

call. today's concludes This conference

disconnect. You may now

Liberty TripAdvisor (LTRPA) 3 Mar 192018 Q4 Earnings call transcript