LTRPA - Earnings call transcript Q1 2019 | Liberty TripAdvisor Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by and welcome to Liberty Media Corporation 2019 Q1 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, May 9. 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.

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

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

Gregory Maffei

call, we’ll and Liberty’s Courtnee. you, Chairman to have you. Today, morning also Good Thank the Mark on all Carey. Formula Carleton, speaking CFO, Chase CEO, X’s and of

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

April we million. SiriusXM stock. did continue February bought we an repurchases From X Liberty Liberty of $XXX at of beginning SiriusXM, So additional the period XX, to our

find SiriusXM, effect attractive. at of pretty share, you it we which look-through buying price If about $X.XX take a was we’re which the

it. advantage to will the from stubbornly to between take and of the XX%, we high While NAB continue almost LSXM discount its and is of off high around all-time SiriusXM remains discount

Our at of SiriusXM April XX. ownership XX.X% about as today is

X, iHeart the received just iHeart following a for shares the million our X.X% May iHeartMedia XX stock; and we a about and of from million bankruptcy about representing stock; of representing XXX million warrants, total par in X at second. couple B the Class X.X%, shares, Looking and of investment of tranches. of under X%, iHeart did value emerge CCO debt

SiriusXM, sold iHeart premium the We that to to frees at this pay us other purposes. allow utilize subsequently slight for debt think margin have at par. it a which debt up some We will liquidity or

of want We the will other whether other our what purposes. holders and holding raise stakes remaining we for we’re determine evaluate or to cash do,

solid fronts several We Looking which QX to around made now execute at continue financially. results, good SiriusXM Pandora’s include itself, progress and integration Pandora. on

also capital XX, up to During $XXX its mostly via buyback. million to SiriusXM April of the period shareholders, almost returned

think at the on upon continuing we team of are and a Looking Formula One path our Group, purchase the we’re Chase objectives I job. doing and great outlined strategic

that They in promising we a years had benefiting from of a off We’re investments for in to couple business of XXXX. start areas. made several the are

both our Will also grow to have also installment have well-received looked brand you mediums. launched List, I Smith’s, and The of the resonate attendance for Drive The many of third to Esports four positive hope in or we this reaction, season. series, at first We continue some Series. checked Survive out to Bucket the fan continues viewership the across races and Netflix and

we’re in quite weekend The Barcelona and race is excited. this European first

AOI XXXX double-digit expects income whole. Nation, Turning ever. operating to Revenue quarter. just as and AOI for growth outstanding Live quarter Nation to up XX%, posted its another operating first highest deliver Live a

several special NL that day events. the home end and positives East. were competitive the of the competitive the team did include schedule, in a Braves into game of The that very that XXXX XXXX, very baseball play business, a a Looking including postseason non-game went benefited a the favorable second Braves. and side XXXX at Recall season,

attendance for play drivers ground year-to-date, many of looks the season, results. will continue We may the just Battery I mentioned, and these of development our out pretty phase second While impact it in good to the on lack broke that April. of

leased. the except Day. It’s XX/XX successful. to JV been adjusted through I’ll Investment We for phase, we be provided segments hotel. second the you on quite XXXX, estimate is that NOI Excluding at retail the Phase be consistent all our Battery, which to in X from we $XX expect Liberty fully of Battery XX% turn to With leased has over The now TripAdvisor. the expected portion, the development it stabilized that November around million, with NOI our for will that,

the was adjusted TripAdvisor Solid Experiences QX opinions and and the to market to full-year but year Through XX% our it we’ll despite track for of XX% now rapidly increasing available out growth to increased a EBITDA Hotels, supply reviews & financial about bookable results deliver results. over points up first & that, from With some me, me. million margin seems – & of double-digit the hotel Media it result EBITDA Dining is in time. TripAdvisor ago. has Experiences The segment X,XXX and quarter about very by discussion Dining focused the Mark in to grew let on over XXX to segment. expanded revenue new the I’ll the for Platform; kind XX%. that’s by areas. the turn reaction areas consolidated expanded like experiences. investment efficiency, EBITDA marketing odd excuse play margin continued on

Mark Carleton

FX. stock attributed as $XX At of $X.X That liquid At One Group have at we cash Group, excludes amount Group in at Liberty debt $XX cash attributed Thank principal million, million SiriusXM cash excluding at investments at of had you, holdings. the Total $XXX of of was billion, The billion X held $XXX million. Liberty cash and debt $X.X billion these attributed held includes May $X.X debt Formula SiriusXM. and against investments Greg. and quarter-end, SiriusXM the liquid had which million of SiriusXM SiriusXM $XX of was value of billion of we SiriusXM. Liberty

is advanced QX receipt a timing high and payments the for for the contract of One the in typically season. to cash Formula watermark due Now XXXX

We times ratios FX. of attributed was as was is in Formula Braves covenant debt March principal net excluding XXXX Formula total maximum FX. of One not $X.X times Group compared the five securities of of Total reduction business, a I’m the the debt market which Nation, has debt billion, X.XX times. these XX-month I This ratio, allowable value falling billion races and ratio One calculations leverage to and billion trailing to FX’s the in covenant and set XX Group. covenant May with net approximately in of are approximately year. six a bank interest X.X in Formula of the our inner leverage their attributed substantial versus XX ratio attributed group XXXX their that Group including the public for with measure a at note the at as pleased leverage target OIBDA, ratio to market the would but in $X One debt One the of net $X stake debt, XX, for total variances Live Group credit amount defined Formula previous includes OIBDA Formula of $X.X leverage out calendar One billion as resulted between as in point to facilities a race X, for

debt Group of the Lastly, and investments Braves and had million. liquid amount $XXX million of principal attributed $XXX of cash attributed

Now, about in to turn Formula over it Carey to Chase we’ll talk more One detail.

Chase Carey

Mark. you, Thank

and are foundation momentum to built advantage beginning early we it’s XXXX, we of we good While business the last believe about the in years. still the the two take feel of

quarterly year. annual with As noted and the our first for were had difficult. on race Nonetheless, the an business first variations before, as pleased a calendar of year-on-year on goals our In with one evaluate quarter our quarter we are basis, comparisons target we two races we year ago. the make we versus XXXX, results in

we hoped, one, the first On races. in two, four Mercedes, finishing the track results are have the delivered not races quite The into season. with so far time ever, all the for surprises or four track, the on drama

extra Ferrari the competition to for through This some and been battling week. Bottas Hamilton It’s early has finishes the point week the fans the is than Bottas and Bull the storylines. and that date. X% reason created one teams lap In not races and the it other for that in on drama, is to tighter did the deliver TV XX. is this each races ever, dynamic point the is A new for season for believe Red potential point by driver hope season have season some and audience Hamilton excitement. in fastest attendance is the Lewis midfield on-track shown we well-received introduced and four However, top by new between the Valtteri is in interesting And Mercedes our the leads take up six with if potential spot X%. top to rivalry up of spite our

continue to drive we growth on platforms. digital strong In addition,

and to social have of on priorities racing of our unpredictability That XX% and the track. ago. increased one sport our to the year-to-date said, we competition, watched our media, a and improving we make be minutes top example, action from views know For video year continues XX% being on better increased our

of We car while have This of European And and are future hold to race and for years. enthusiastic energy increasingly year, on years next in season our XX our other in still is two races about design, regulations, focus much weekend, we planned tracks changes go in this the areas. first we Barcelona. the the

XXXX the race finalizing in We process are our of calendar.

principle engaged other agreements on have three renewals actively We and are in renewals. on two

we’ve It in in performed the also be ticketing, official and a They the track Armen race that with Grand the event, this corners construction palpable. Red the on made Van course we winner ago already Hanoi and Jake which Buren DJ is event with Prix length excitement of new a while one Hanoi unique and designed couple long provided Dennis announced I of marked and circuit. was weeks aways, In the street racetracks facilities. world being XX-month challenging tickets has simulator straight launch and countdown involved. have represent intimately addition, a runs car in most available of and X,XXX-meter This begun XX to David Bull XX-time the our the few marked of X,XXX a with soundtrack. the been driver will to Coulthard was

calendar addition races of number In in an another to principle we in our be add not in but of will same finalized circuit to be XXXX, XXXX. the agreement promoters. new expect the to not the have We partnership to Hanoi, also races. We’ve our our math as current means we to value XX, renew with Obviously, able all it XXXX. that existing currently our

is and a it that important locations add churn. business fans our believe and of of level and we growth the sport exciting our However, manage we new for both limited

recognize demand factors. support in and the balance of after the but other that a track dynamic XXXX for include historic fan The race We’re of the consider manage and schedule a and of We of do more having importance quality in our clearly the in demand number year great the country, potential racing increase the expect races on level track number that we we deciding XXXX. global the more supply, race, one enthusiasm and is a will need races factors the world’s to the and have city slightly the a than manner. fortunate position than of imagination, XX thoughtful in broader that and and in and for host future captures of location in of

believe However, maximizing do sure for An creating and fresh growth. rush churn the are we limited fans ongoing opportunities fans, and want and calendar for sports decisions. expansion the and our the a our for of to not make exciting dynamic important to we’re the we for

and time our which DAZN we in race partnerships announced first revenue NBC completed with the in XXXX trackside latter we have global East, Grand In for of for of primary Sky North a distribution the presence Puma signed the Eleven Germany Africa and coverage at streams, other This season. Sports. Liqui Poland’s Japan, will our sponsorship, the region, Prixes. XX Moly, Middle with deals recently Regarding in

car One. innovative We designed appeal both not partnering global auction. cars to are We with auction The We which have collector million the Westbrook will to of and episode we Formula familiar those align XXXX has major views Studios Formula One top feature and and aficionados a premier the across focus Bucket collector deputed partnerships memorabilia, already Will Sotheby’s, Facebook. with Middle with with new East’s to ever international To on announced first with formed on wider digital platform content to which multiple the season. a audience, garnered XX create celebrities unique List, formats over collaboration Smith’s,

engagement many focused in forms. other on fan also We’re

Formula in our Shanghai One year, festival of April, in held our along X,XXXth first race with fan sponsored by Heineken. the

there the with was driving a powered Formula wheel Two a renowned car Hawkins rising Jessica driver Guanyu star Renault of the festival, part run, As a car of live and stunt behind Sauber CXX. Zhou

and and made It see captured the to has constructively races additional not and twice has X One. current a the Renault, Charles all even this year festival ascent already season. begun for drivers Guenther the already Steiner with season watch as to invested a place keep current McLaren, our to and the announce will and including to its Formula of we provide the over-the-top name. Mercedes, Season has One response. Williams with prior the produce and Race full film first teams, of the at stories well-received just the Daniel Ricardo product on legacy this will had Driver technical told are we’ve fans the Netflix with the household of an take occasion Azerbaijan as those this the will Leclerc, Netflix they Drive teams, behind on Day and Survive and and eye launch new shortly. won and unfold and on Prix, Ferrari talking both Chicago more by teams show Grand fairs the Our year who June fan’s had TV way we Fans, season pleased the compelling viewing Formula how two in imagination we’re to next The fan familiar the been Montreal existing best X, both details issues, we been the few show. of mainly Unfortunately, of experience. work the along The

and This than number Esports and the the diligently We a Balance on wider product new will Schumacher, Balance, the extended Formula fans. within to a our a we New evaluate will diverse of $XXX,XXX. female improving include be Formula Mick and Tatiana us Series constantly complete installment to through Fanatic. Three racing Calderon. more talents sport audience, opportunities. with prize be distribution driver the content of the ladder generation One. for high, commercial has weekend, We’ve testing Azerbaijan of The Juss and and motor Formula third engage and like events Codemasters, started to April. the there as a Barcelona, to The of seven-time attracting first opportunity way first We’re will the with are in Two the in the Bahrain again Championship of kicked New for and China partnered the son driver exciting doubled One partnership One the who Formula season with young time we Gfinity, new off next more Champion the Esports XXXX, money debut in will This the Chinese Esports Championship, as racing World which with Intellisports. and And in bring Zhou; FX as Michael; Guanyu to potential Formula the is in category, and exciting

check structures, discussions Grand that an revenue body with and and distribution, We on the and continued the we you new a agreement met If the action FX governance. the encourage teams regulations governing at FX before addresses Prix our FX and as Bahrain you become cost fan, to out well.

before, One our previous be paying for positive I’ll teams, season. XXXX our and Greg. timing of we the business As off. to creating we’ll remain a to XXXX there have are remains I look in back our value mentioned business the we And as details to growing agreed partners, for shareholders. the made the positive and upon to and long-term Formula I’m The outlook the over we’ve lot When so. this about call right announce, commitment and and turn firm is our investments We progress the for are details across do the towards

Gregory Maffei

Chase, you ready our operator, we’re you, think, I and out listeners for there. thank Thank all that, to With questions.

Operator

Yes, from sir. [Operator Research. We’ll Instructions] first here from Please Jeff Pivotal go ahead. Wlodarczak

Jeff Wlodarczak

enough FX broadcast close those can all the technical Good you some interested had one in challenges. mentioned OTT have you then to and consumers product product that the in morning. from to Chase, – you terms figure differentiate Greg. out on get cable of I And interested what’s you one solved? getting How for OTT started you do think available more and all issues ways are had product? Chase for

Chase Carey

answer I mean, think ask we that issue that’s product. unexpected, was the don’t in I can and know. The the actually Azerbaijan I’ll you good these that nature Well, of sort Greg’s question. really felt of actually, arose platforms. about pretty I

you So troubling. to obviously, build some I is was But it deal trying degree, But there. it. to unexpected, to what main of we’re the stack have –and not always in think with the

but – think pretty – think will felt good we the I headway. probably we I occur that made occasionally, feel unexpected

really in core glitch bugs we’ve had take the enough won’t problems to of still – probably to significant will out building we it far and be there what year another have aren’t us sort the it. been another of say, perfect was that platform. These the things something along quite But before been the probably of not get problem, small We’re the there had but all outside manageable.

I in context. expected think pretty functioning what not well. be pretty but to the at we of to platform, well, is sure need we wider we’re actually But a it I in the feel core make think, we so And perfect, looking

terms think think the before. I I in of said content, we

content think expanded, getting and two sure we’re is experience think realistically, I probably, a – to the includes two data, three-year in. video, and I’m years content I process

of to build Some takes some of making consumers. time building and it that accessible terms in on of data, to that

Some is of the them progress. will be expanded in data compelling we and work to still a that think interesting

broadly content, the we really working archives, forms like adding have any We this will clearly, our all tapped of end that where we’re season – XXXXs, So defined of now. not things, think on a of have finishes, at the still, certainly sorts be into at sort we in the of have isn’t things of of great passes, in race the XXXXs, great great there. want race you the to really I digestible great form, that those

lot initially the X, really Phase beginning year table to and we not get what And to of going of we probably the the time could maybe I still – that and on it so sort – get where we think I want of honesty, we’re I be Phase the think, we envisioned on that’s content the But two the we build never is largely year of in of that’s fair to get following the into years. a on expand work probably stop there’s guess So that probably over-the-top there that to sort product got it. what of next – beginning it. content now, and working going sort and one a thought the we’ve that feel probably probably between – is call I’d X, amount and it’s we to

think of bit a obviously, – some last year, we that I were behind.

we likely what season. begin probably we’d platform get with, three. to Starting more didn’t the the again, launched So initially in is two in thought we get there XXXX probably

a with to feel hope there, actually So, getting feel always we I back bit. I think problems to headway getting dealing set think little But we be. and can the where we making are plan and we’re you we’re

Jeff Wlodarczak

since mean, you least, on done inexpensive pretty decided the Thanks, some from what Sports hoping seemed Chase. deal, price. based market, why light stock think And has Sinclair they a then, it Greg, could Net. on walk I was the I at guess, Fox ultimately has made was I shed Regional that to you, to

would could helpful? be So if there, shed you any that light

Gregory Maffei

Yes, The of well, with before, expensive view They those visibility I I’ve have also per have – programming experience that always he let comment They’re among Mr. products and on engaged a got RSNs than I most because that happy as think properties. – think in basis to Wlodarczak. aspect. have a little these. very look, interesting are said a look lot at. clearly and are has on high-profile they viewer a the Chase most They I MPVDs risk

long had of and – cord-shaving, sufficient to on rates unless confidence, ensure weren’t with get there. to ensure pay as potential So sufficiently to and go there’s capital you that would MPVDs could protected, enough get you contracts time would you you cord-cutting could be that, we willing your

of bit than Sinclair given willing is market for were interesting minds have think to perversion carriage that in properties, ensure led how somebody giving without we’ll trying obviously to D.C. are Sinclair, we in retrans. Sinclair about. cable create that These themselves think not my is, a policy of companies broadcasts ensure I was and an a to greater now plays. an has free we interested is being to It mind, see leverage risk that’s to were perversity leverage are reaction ones that overdone. But in, were. probably, asset of do to extend edge. to way that to weren’t like the we They charging it ones I for little Washington, further But public RSNs. worry but

Jeff Wlodarczak

Greg. Thanks,

Operator

from the go caller Yong move the Please to ahead. We’ll in Macquarie. next queue, Amy

Amy Yong

Thank I as you, morning. two well. and questions good guess

And are growth should pipeline? at Nation reaction? Formula think the surprised the us for you of And you’re has pressure about pace growth, a and that some that you you Live think about what Formula One. parties? the market Pandora there conversations investors can double-digit a of similar Greg, deal. been SiriusXM of think and talk since Are Chase, stock advertising the seeing? having faster do with One? the some on by about looking sponsorship talk interested then, we opportunity can you’re expect look you Is Thank lot of activity under healthy we First you. for? missing a or even And or I

Chase Carey

Amy, answer part. can So, first sponsorship the the I’ll address Greg and the second then

think I think pipeline – positive senior I the level guess, feel meetings – I there’s month, they about. and a sponsors the we follow-on the great I’ve sponsorships. I I interest, sponsorship were for meetings the – potential first – a and very at new and with a Actually, think negative. last had in not mean, with three different major

I we great we’ve the interest, – actually feel an So of a about. meetings. We’ve array list more got – think got long

I we the think story around tell people increasingly enthused sport. the as

energy think around that the we I the feel positive. the it So, interest in it I think and activity it, around very and

question more there’s advertising is sponsorship the was or than I it guess, broader probably anybody Facebook, a Google the I not challenge think – years is who’s the world for few no probably before, world challenging. ago. I I tougher said think

the also think I underestimated story One. stories job telling told Formula hadn’t One. been of do of the we really about probably to The – needed Formula

we to excitement from starting it. to educating, square around informing one probably were we when So, sponsors new and creating reaching out a of closer were

and as to build So go connect tell that’s we the that taken forward. and story time interest

a on is factor uniquely have – buy So want a to want sponsors the you think, also, probably today identifies we signs tie, the capabilities. is have third do with They that tailored that and real uniquely want wall. to more – create there just relationship more products. and guess they their sport, want much so product I their that, I and don’t a to part message need They to

ways of events, virtual fan those or capabilities or So create Esports or whether offerings technical for unique it’s advertising sponsorships. more give those us conferences all like to

we’re I – sponsorship we So level probably couple of reasons. years at of the to been headway fair than the have have expected interest. I to looked more say and we it the would I when would think be a for think, it’s it about feel those challenging actually good probably, making ago world has

we that think portfolio it continue interest us because, still of get of. where again take and be, can future encouraging clearly, these, and I is I promising the advantage think, as So feel opportunities meet the for with to And is sponsorship to categories we the really to some us. have should to we educate we

some – So, the certainly yes, and growth yes, have few as through for years. go we next there real room it’s expectations we

Gregory Maffei

Great.

On the that market think in and of purchase to your I Amy, SiriusXM implicit stock, I has the punished the would question SXM is unfairly tend the Pandora idea the for agree.

that down on offer leads is across new cost. that what provide the more content issued have our of ways moved this company cash and have best, available and The more by that at quarter Pandora you we Pandora where of that a whole is cordoned we we at believe at and and all new the will or issued of share. because expose satellite, happened, effective to that cost customers, share between than to from losing to go far like the the share or content can now flexibility strategic next off back stock earnings of is quarter, as channels the and the it good, bought audiences If stock $X.XX benefit terms ignores new better, And $X in look a was mentioned, I a host where on We limited vice much condition pretty about Pandora a $X purchase money it positive. what’s to content, that, versa. we’ve SiriusXM we stock

share long-term it SiriusXM, made benefit what was of perspective focused think lot of market a now there’s a lots strategic repurchase loser money relatively good my turned currently gives on move, I think and from and with and what it was not a both already burning capital of its mistake. outlaid low The was upside. in them risk, is it’s a or but potential into in probably terms it burning We break-even we a a So judgment, upside. lot looking we’ve company strategic of or only for at better strategic

Amy Yong

you. Thank

Operator

ISI. We’ll from move Evercore next to Vijay Jayant

James Ratcliffe

if Two, Vijay. and one could. I for Ratcliffe James for Greg. for it’s Hi, Chase One

Sorry, Mark.

given how to has keep or your iHeart, still or Thanks. your far off process affected do but makes license third-party thus For it’s and CCO all, a iHeart have whether you distributor? strategically are mentioned the on think about media that Chase, at iHeart rights and those if about deciding debt, monetize you the them? digital sense those FX decisions this, TV, sold better to thought with experience And, Greg, you How the to valuable criteria whether equity. for you just

Chase Carey

– guess again, asked say what I since you first. mean, go I’d Yes, my I I’ll first and, I guess, question

I with think actually we’re TV, don’t trying pre-judgment. I think to that make FX

think it have degree have think growing ability direct is much important the is that destiny arena control changing business. so that and the that develop of our much I of so the digital to some area I important. vehicle and to But and

content optimizing we drill match that to the having I – opportunities really think to out flexibility we’re whether into some is players what mix creating make enough our with a meeting trying it’s to get of we’re engage we’ve what enough think short really space, is into figure and it make and we and digital – degree, right the it doing we with to the initiatives platforms plans far what and long-term have. coming and those view. the own optimize think you sort sure own or a of discussions value their and is broadcasters got And to in everybody with are decide want I sure traditional digital what down and deep both

but flexibility the who to, players mixes content great guess it’s I to the our this think We elements Again, space partners So as for digital what’s a the us of in clearly opportunity, players existing again, the it’s analyze we portfolio, that But I wanting I way. rest is to pre-judge optimize the overall. again, important think of have. part bigger think ours. like of to having again have it’s I to as television the are think I portfolio, to I for be call don’t in it want we important. the rest we what think and something it right a it think with with, evaluate stuff, How engage I continue and

Gregory Maffei

James, And, could know, we at there equity company fundamental the particular, as thought of a we equity, interesting both associated more be investment in the with And, in and be an on previously to the iHeart, optionality. CCO the have valuations that iHeart and you look in. case – larger

more. Bob see we’ll So Pressler underlying Rich the And to both and congratulate watch [ph] equities do. and the watch progress. We do getting and how economics we it will out we’ll they our something potential of on the

James Ratcliffe

you. Thank Great.

Operator

is Karnovsky line JPMorgan, David your open. from

David Karnovsky

Hi.

component, optimize more Just would as just you the opposed spending? to one to all order a for the Mark. post the rethink a event require In Thanks. the range? And going payments lead do Chase, in would – which balance races, Formula on leverage team prize to on potentially XX your any the over your that cap, agreements greater calendar portion limit adjustments races then greater at would And the One, of variable FX. how that to budget negotiations, calendar? potential expansion fixed target promoter key to against to a fund you moved the moved

Chase Carey

as related the understand the on promoter addressing the didn’t were you promoter it angle I to. question aspect –

David Karnovsky

basically Yes. order promoters move the do To optimize you at calendar? from calendar expand around all, and buy-in get have the to to in the races

Chase Carey

pretty have I the first last the places clearly races really, the few we a mean, is a Australia race. is Not have Abu that no. that’s established, Monaco, place that calendar. Dhabi on race, is

– I but the summer. in will we you that, there, But and promoters of the reasons, going the of be middle be to have not so not few somewhere for things sorts in mean, have flexibility have and other enough calendar. and issue. Bahrain’s So the think have weather you I you really an those a managing

think, They do it is, we’ll teams, not what if XX. the that for to complicated to make math. you math, I sort do above of the it’s as probably relates can adjustment you probably some go the

other are discussing like this. address – a but pretty incremental freight come easily. we so bracket ultimately, is those this, things That’s in races, to you there’s finalized and, things to issue pretty haven’t We and can that mechanical not

it. I I perspective I a But think, mechanical. manageable and think cost and I a cap from trying we’re like, issues, a – think, think about those to pragmatic So perspective the be and addressing they’re pretty team pretty

Mark Carleton

Yes.

very the leverage, in. that pay percent with Group discussions close confident contractual where scenarios huge I we One to our we’re – leverage and now In we’re the obviously want is revenue Formula and a terms is and of on about. flows of the come attention may remind to everyone,

very balance within very range is to able we’ll it comfortable it �� we and be manage be. that comfortable within we’re we’re where where of think, to those with I the want So

David Karnovsky

Thank you.

Operator

today will Your from Tinker Please from John ahead. Gabelli. go question last come

John Tinker

contract. Jim for Meyer brief you. Thank year his or extended you Two extended his another questions. has contract

kind As are the training $XXX Are leadership the what fast, question think leadership you the million in Sirius? you or how on goes want secondly, more you the of of Braves. I year facility? And it’s the a is costing million. by technical investment will $XXX spring including thinking

Gregory Maffei

to But Mark on Braves’ we note, help spring from I that training for to capital going pay spring received authorities of let training quite facility. I’m facility. Yes. will comment the local little a more a lot

is So him. sharp, many our good come of to as Mark keep seems Meyer, with to ahead act Jim net walk but years long full think, job I which than as is an that, Meyer, number. Jim I’ll doing let can On and and want and be the unbelievably who number he I less talk

and longer continue because a renewal now embraced is that an will if that work I’m advocate for partly time, right totally biggest, became on Jim to is confident the He prospects. I fourth to on not and anybody, think in very and path. the his see have engaged and we Pandora big about for Pandora excited as that Jim and succeed wants as and

have time as And did more one his think I I on we I extension think. So would we’re think note, lead with the fourth than Jim to extension. one-year

Jim have period. we’ll for a longer confident I’m So

John Tinker

Great.

Mark Carleton

Yes, that spring facility, the does training $XXX about not include million the Battery. John, you’re I talking think, – the and is just the for

John Tinker

Okay. you. Thank

Mark Carleton

spring net is the the huge we’ve from authority, number local facility’s that not of of low But net tens tens training a millions. millions, received

Gregory Maffei

of millions, big tens Yes, dollars. not

John Tinker

you. Thank

Gregory Maffei

and ahead. you before our you We all to speaking look thank forward and if quarter, it, some questioners with listening to next I at today. think not audience operator, conferences of the that’s

Chase Carey

lot. a Thanks

Operator

your That does We participation. today’s for you all conclude teleconference. thank

Liberty TripAdvisor (LTRPA) 10 May 192019 Q1 Earnings call transcript