LTRPA - Earnings call transcript Q2 2019 | Liberty TripAdvisor Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation 2019 Q2 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded, August 8.

I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer and Senior Vice President of Investor Relations. Please go ahead.

Courtnee Chun

you. Thank

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

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

Now I'd and Liberty introduce CEO, President Greg like to Maffei.

Gregory Maffei

Wendling. Financial Brian Chairman Formula Thank Chase you, Officer, Courtnee. Good Carey; new morning. the call, and CEO, One's Principal introducing Today also have speaking we'll on and Liberty's

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

from of X We this of an attractive. Liberty shares look-through stock, Liberty at So the XX. and think pretty we of period effectively about we SiriusXM, per bought May stock $XX of a that's beginning $X.XX additional share. SiriusXM July at bought price continued We repurchases our SiriusXM to million at the

SiriusXM NAV us to to at it is discount of high, to the if advantage remains we give continue of take than at price. the will its you look-through high. continue stock all-time stubbornly And a the discount it lower While

stood Our or SiriusXM - rather XX.X%. at today XX July ownership of stands as of

just that we - which moment, to iHeart iHeart recall, at reserved at from you some for I'll debt, Looking market. a premium slight when a emerged we bankruptcy, we it may sold recall

shares hold premium which XX shares. warrant million - shares Some interface, IHeart or we iHeart excuse, and and continually CCO

quarter, the the million, That's for During share. at those was repay pretty per $X.XX loan. used sold from proceeds that to favorably that We the SIRI at we shares margin CCO CCO $XX stake shares $X.XX the at sales of portion that yesterday. the a closed priced

itself and $X.X including Pandora Pandora guidance the solid company SiriusXM results, its for and returned repurchased billion SiriusXM The in the had having year-to-date, capital and shares at of record issued quarter, all ARPU during quarterly Looking and EBITDA add strong revenue acquisition. the increased growth monetization.

Pandora during the The shares issue those price $X.XX was all lowering deal of back SIRI dramatically per of the SIRI at average per price share, share bought $X.XX acquisition. and for the cost effectively an

despite financial very year's Group, unfavorable quarter in showing of rate included variance included as well, benefits One the QX. Now investment at the last Formula the the ask had our Bahrain strong looking with in in calendar that, and results current

moving the for laps German to battle GP, headed with the go just GP. Bull the and exciting very at grow stop Hamilton the Hungarian or secured back grid from with some into summer of second, continued his for including first up victory to having Sebastian finishing a GP Red position. three the and the races pole stopping passing performance Attendance win end to in first the Vettel of fantastic in the There's their break, for Austria, in Germany, home in through

Zandvoort of and lastly, include Dutch teams the next out will Drive all the calendar with series which We X GP Survive, Netflix the year, including of Silverstone excited return for we're to the And building and circuits. the of participating. very Season for are renewals

the Live the announced of another AI Nation in acquisition Mexico's controlling a had very interest promoter. OCESA, strong during growth. double-digit largest revenue with quarter, quarter and And

games MLB XX-XX which Phase the has the the in which the expected of NL deadline. [indiscernible] Braves, NAB. XXXX. just well. is roaster that of to We development completion proceeding announced and will three We The the vertical game, in completion Block on we started is II host Park going relievers battery, East, summer had an prior XXXX. ahead at the stage, the seven of fall the of to are We trade SunTrust XXXX The the construction with expected also degrading All-Star C,

positives that recall the postseason, including and that several the that end home the season benefited game business, the a XXXX competitive including may of of side the day very team included a schedule, year events. season, wins favorable special baseball You nongame

will strong factors While above to out this far many the of on-field the the performance, attendance this other during rest good of by looks season, play continue aided season. so

margin Trip level a Liberty this to capacity TripAdvisor, their at loan its XXXX margin loan announced trip existing our marketing Over through and earnings we platform and adjusted EBITDA morning, market their and the media They additional efficiencies. new responding with lower highest margin well. hotel, is since rolled into expanded interest rate.

to pushing year, hotel, and this the quarter get can platform metasearch despite the that's own revenue products. their travel back and in and fourth Google media that growth expect segment We aggressively

on media expanding for growth and product driving product BXB advertising revenue, platform in offerings. loyalty, membership includes are segment, hotel and hotel, brand scaling consumer media enhancements areas that grow which our We of and and advertising executing excited impactful cultivate

opinions And experiences revenue During million. XX%. the site to total grew dining XXX number and the on also in grew of quarter, reviews the

turn I'll our that, on With more for over to it Brian financial results.

Brian Wendling

morning, good and Greg, Thanks, everyone.

and attributed debt was includes we $XX million which held holdings. SiriusXM Liberty $XXX excluding cash Liberty billion, value and was SiriusXM. billion, at investments principal end, attributed X of held Group Liberty SiriusXM SiriusXM as quarter At common The $XX these of liquid had of against $X.X is SiriusXM cash million at billion debt of SiriusXM. net at amount $XXX $X.X million, the stock of debt August group Total

Formula X of million investments group excludes of million, $XX had cash cash $XXX which and at liquid FX. attributed

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

of corporate ratio, of compared leverage as the OIBDA in Formula for FX, $X the debt covenant as end One total as credit debt Total to X.XX. facilities of was principal F-X's defined billion debt billion was to quarter, $X.X maximum allowable level. in covenant Group leaving ratio of debt which X.X of attributed amount billion, F-X's approximately of at calculations, net includes $X.X a

that races that XXXX variances Formula the Group Please ended falling business, We race of for note Group. the covenant income would note Formula had are leverage in ratio a for target set One between bank in for the June XXXX resulted X.Xx leverage total Formula X XX-months trailing X We Formula OIBDA. these XX. from calendar ratios or net not the XX and One

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

over X. to that, will Formula Chase discuss to With turn Carey I it

Chase Carey

Brian. you, Thank

Britain with to see We races with Hamilton Even season and Mercedes promise Lewis some in both Saturdays in races. the the been X called Formula Germany Great trilogy. of unforgettable action, phenomenal to XX its in are Grand and Sundays every and in now the on offers racing. on pleased lead, qualifying up living Austria, The races into have and the plenty Prix

for go. overtaking to Leclerc This battle in Max strong with with exciting two the a Formula Austria produced laps bodes other of Verstappen heat well The X Charles a performance future of thrilling drivers battle and racing. young

of fans rivalry British Prix but emerged came to win in between them XXX,XXX both to Again, the end, driving Red causing track. the the Bull, was on into by race see day off Hamilton Sebastian Over Verstappen and Lewis record Silverstone the victory. this a sixth tumble the Vettel overshadowed Grand to Leclerc, back

The German for race to been the has ages. GP referred the as

And sure the Verstappen while varying X resulted If day, finished pitstops. won on The Vettel, track TV. and not XX Max it to FX in it, be Sebastian XXth, started you race the finishing conditions watch who in cars missed milestone podium and podium Toro This two were second. the time teams last for third for was only XXXX. Kvyat great power occurred as Rosso Rosso. in the on Honda Daniil Toro Honda secured a for different the second

the XX,XXX Hamilton Mercedes. and the thanks When kept the the seconds, stroke race, Verstappen, Hungaroring of until lead took five-time breathless Hungarian Red fastest X.XX pitstop Bull in for beating they set of an record battle had confirmed featuring sport, GP Austria of the between world just the to set the attractiveness strategy spectators Also, at the champion master record the a by for last weeks intense earlier. the which two a laps. few victory implemented the

video Through increased media while for the products on doubled. and views media on page July more XX%, XX%, digital year-to-date social increased on season, up our than attendance XX, digital minutes views is the watched front,

Formula at X have shining Formula and like at and buzz Hungaroring. China's Formula Guangzhou young father in Mick and a great years race Shwartzman event, provided X Russia's XX Hungary the Schumacher Robert Michael generated huge displays Formula X in last track talents first in on media every The championships Formula number X. his of won with after X won his

the to like series feeder attract experience fan-oriented Motion than as in there to visitors Grand the Prix's. over are great Prix last four two Grand initiatives, addition are These exhibition other XX,XXX more a Bond

FX both Drive first steadily XXXX. to we're thrilled the X announce Survive, of throughout targets, TV half the We to Netflix of and will Season getting series, were season, in and closer air terms of in our that improved reliability. has the content to

For all docuseries. in XX the feature the teams X-part first time, will

drama storylines the track, developing the on the can't we behind see scenes. wait all the Given we've to seen

the the is And around XXXX who'll speculation season. X. One for season which Steiner seeing look of of building seats to will forward beat which the Guenther secure we already drivers

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This race our second new to announced in for the is addition previously in location Vietnam. XXXX

delighted XXXX. Prix at British until Additionally, Silverstone we were extend to the Grand

are Silverstone, Formula and posted historic venues certainly bill. focused Prix the fits Grand very to X's first preserving which We the

X of in XXXX. least celebrating unlike will other. globe, Rolex X side anniversary spectacle promises XXXX. a of again, the launched Park race X Australian On and next XX Formula to through Melbourne With other be the visit - on And to March at until the our Formula season Prix year, XXth XXth the Grand any season Formula Albert our the XX

our value Clearly, demand the existing add about We and calendar exciting will we are balance opportunities partnership in to outweighing against XXXX promoters, our new races, we growth remain of our with manage locations. supply the that to business we sport position of and for thoughtful fortunate of how beyond. and

the the the Formula This the cars We with as expect for telemetry ability that Marelli in quality more sponsorship, the can announce data Formula center In quantity our enable announced our XXXX race information from weeks. of coming we services worldwide. calendar and shared to improve live transfer X. audiences the broadcast to supplier race official X to and will be

of track, the motorsport of Esports with Of the XX. age fans. half the their age XXX participants, in Series across attract XXXX Over below the part the New Off next participants territories. under XX% were XXX,XXX XX, X qualifying of continues from Formula the Balance took generation to

teams July comprised For XX. live the the draft four prepare will and thrilling series over ever, series the involved of official join all a contested now races their events XX selected their to drivers for Pro the in to first we These on Pro forward XX at look championship. time drivers teams Pro

championship Esports also of series, the draft. of The launched up XXXX champion join series. the the regional FX China Championship, and first will We FX the runner competition Esports Pro China the

for potentially racing are X We and wave Formula in Esports nurture and passion FX glad future. Chinese China FX to the identify in in of racing talents the Esports next through the

XXXX technical and was the unanimously teams in defer a drivers, of Formula principles until technical, end it the June decided and and financial probably between discussions XX for number sporting the the of beyond X from of the to Following final directors presentation October. regulations FIA, team give

refine We decided further defined, the substantial believe take have time to to date, been to objectives made and core additional regulations. but the progress

teams think and and that want before on and participants sustainable through the stressed the be deals for impacts changes of with addressed. we unpredictability to sport, are track a We of X. of situation attractive ensure there goal we As the the many make to in and competition, improving action our the Formula

and these In our look are to quarter we're second and results later with for to targets set our year. XXXX. pleased our We business momentum regulations meet in forward providing the this summary,

turn I'll to back Now it Greg.

Gregory Maffei

Thanks, Chase Brian. and

great Liberty was for Media. All-in-all, it quarter

our website. We interest reminder, York. in in The As on annual XX link New our on a we will register of be our to meeting is holding appreciate Media. investor Liberty homepage continued your November

operator, up with love And that, to would it I for questions. open

Operator

our Please ahead. will with go first [Operator question Bryan Deutsche take now Kraft Bank. Instructions] We from

Bryan Kraft

I had that's if Chase, wondering color give $XXX a cap budget been for mind. few, don't on could if reported. you the team you some million

of race bit of if the about I renewals, I and wanted still is carve-outs? all-in FX you of talked this update the if And be at don't engines you the is aspect every and point? on their an of activities that races that number that the in sense a see some for for any Just but are know on wanted make account some a budget XX? those you to there had it to expect to you team's the versus teams a have calendar cap you expect Also design know if I understand, changes don't? terms or

And any now. Greg, you, wanted ask to you years avoided strategically just for traditional investments then media television-focused separately, have several new

that it's there about interest if from television-focused point, you thinking if pockets traditional opportunity media or you're valuation whether are perspective might of the curious, be Just a at of differently? any think this

Chase Carey

let budget I address say the because won't calendar, essentially the the budget I'll Greg much too then I'll and about go. we're on guess the I cap just and not things, two through. cap

probably and for it think I implemented. we provide signed we'll once So insights to and finalized it it's

not like mean, there do we're guess, about track of spend I to - is well you degree. ones money what something mean to marketing, carve-outs, like be probably make most general spend I the comments, to more your invest on how couple looking in money, think you would a the your really how I - and well I the not racing you how obvious are much

teams. There are on the competition, healthier cost focus cap they make the affect the cost is the the business The I the like focus the for and unpredictability really the efforts and action drama on track and marketing don't on initiatives. There other competition the to much make of it track to sport but the that, the competition. think better the are on

are it focused again, maybe across teams. there make consistent few carve-outs But other are difference It's to for is It on that the is to at So of leave implementable carve-outs a cost - cost cost that. There elements. probably sense. those other number think, make the a that let's it cap board cap. cap we not the

car. - Now provide the cost engine there manufacturing, that four and is really entities that against engines this cap the are is

way. in but So acquiring - the cost a that engine manufacture addressing of engines different we're those of there's four acquiring an cost the teams that engines -

- calendar the In expect ahead the get want of next terms in probably ourselves, weeks. to few calendar, I XXXX in announce of we to we do don't the expect

will wait so have that probably And out there. till we it

think We - to are fine close now. finally it's largely - we're finalized I

say In bit. the the few to I of what I we general, increase calendar expect years the think, a races would about over is, number next

up marginally. more expect that how and much And go do to announce we'll expect the I think insights to we occurs. limit but we when I provide - there's calendar, think a where as to

Gregory Maffei

that entrants a which and Brian, costs different who of we cable general rising zone, networks, have war competition, fears and including linear particularly I about those are new feel some unscripted, like traditional price many they're or cost cases, think our addressed low to no efficient business models, very like because up more through and content at or allow service them, else, are either a somewhere being that. something in monetizing the which rising prime

be So that because much really like niches bring or we seen R&D the total our we in And things scary where had feet you've synergies in content have assets didn't linear a we on attractive that like both be and asset reported to disposed any We There share. could particular. very of That's bid space, that that Those us those. either bid of. or scripted some on are we on to very different. valuation-dependent of we to any which don't table. don't got something the an we think some be is angle, that though have will existing different with

enthused to but don't about, like including and content things say have We X, we're plays. Formula very content kinds of traditional that kind scripted have or we different of those linear music

some found much to eventually a capitalize in would have I but where we there out, knew think was going period that that. be decline, opportunities things situations-specific. cases, would could on very I point it's with we we

if we going to a have it's got something of defined the And we a found will spite right can succeed lines, in be it's of we picture it. to to But be lot do where those very headwinds. we why and or along something story, add

Operator

our go take Morgan We Ben Please Swinburne from question will next Stanley. now from ahead.

Ben Swinburne

the would sorry, to changes of trajectory if I growth X, the I in But mix on revenue for front. wondering the That can you some over There's plus front. help expect a if be in driver price unintended, announcing the just time written there's been calendar you obviously few guess I'm growth the a race reductions, about about think revenue fee of you you about terms Chase, promotion calendar reductions. if us press be know up this maybe coming promotion some take quantity a activity been on helpful. the and weeks. race lot talked Formula

but Brian's, of more like publishing the to more going after maybe we've rights, investment, on for catalog a capital seen sort question rights. then And Greg, just side, similar music

big machine So deal. the

look of consumption sort think given interesting area you rise if to an wondering for Liberty. the just that's around across platforms I'm So in

Chase Carey

Sure.

as So us. area growth I do - the for we first, do calendar, of guess on we this think view revenue I guess an

So just it not - steady, it's every put it's to simply consistent not it's event. and with probably

events different. Some are

are the mature. some I think in more places, events

look think and and driving do say is for we number probably factor. opportunity do a just a But - a it's area every of couple I guess have adding I'd I actually adding in races for do us, expect and of to obviously be and increasingly

race on want I think comments. about interest, the we demand. places important. opening actually in the it And that of touched and It the are is I excited demand very obviously the host supply to number and

think And relationships, out opportunities therefore, is we important is when race the there some And add value we have situations receiving our it for there to where demand we should I new when historic and not I that. for receiving up stepping we places on be there's where carve came were a before, touched but appetite we in. inherited and is what the to

of sort think, expect the and think I in not couple guess, be the perceiving do it this area what we of and us. to So be. between places in race should we the and an the are increase we supply being I can We our calendar demand growth a for favor, address of

Gregory Maffei

I and incremental X have assets allow the ago gotten us an been something cost synergies, stand X, the those line cost where will we that. don't looks on or in might rather have years to the we these a area great would very synergies which unbelievably. pushed revenue we position lack valuations line to buy things at It's businesses And we accordingly. responded where a bring got in the publishing, vehicle, table. - publishing been If up because been be to we a do obviously you've a recognizing from like and that's had But hard say where have than had of

of some probably I and those some lot. and gotten SIRI. think to be we we ago. today, been a should pushed live of maybe it's publishing the the to on don't through offer music the aware of us, up the values Live performance parts best person been business, We've part that have while have much But as performance, have to lucky through a best including, obviously, business in distribution Shame Nation

Operator

Vijay Please We'll now from question Evercore. our ahead. Jayant take next from go

Vijay Jayant

the of at the just do For FX your the Chase, you about expectation. product tonnage of product, interface talked you approaching sort price the on broadly, had and enough But the reliability user think sort to point globally? alternatives that scale sort free that how a drive there big repackage X? generator to cash really considering that that, of you flow Are for to on have are to really Formula any be you TV

Chase Carey

Yes. probably for it, product to in I have say I'd it. build I It's X have work I as still certainly and there's guess we Formula improving think in a mean, a of and the to deal of of three TV expanding they certainly, nutshell, steps content certainly about enhancing in progress think and the sort top you sequence. get part really a sort of through this, that. to and happen component

First, - been has we've really which been working on.

think as I headway, on. I made we've touched

is year, First issues And and I I made last strides. a we've the that get think in you get think frustrated year, reliable. had clearly, this we is earlier platform good customers, some

I has it. be and it. Then And going need the platform you to you the So think experience because find reliable. sell then need buy market content to to we somebody's to

the done order is - that be selling aggressively in have market to of going have you not those thresholds or for to things consumers. I something if get trying can't meet we you or sort think needs it the to do sell be product to

I So we enhancements the on think there content clearly, are think come. And strides. side, are making I to

like in I the things still data are information. product. of We and touched surface enhanced sort on archivable scratching terms of

goes talked what important we and I area But around is it, about think cover experience broadly. us. that for it it. have sport to ways And of more more the think on the on I around content goes a working an broadly, number -

going viewed experience something that really the the to content building of was occur couple over I of think we years. is a

the think we've there, the a does, and have appeal on, opportunity I can clearly it's continue be expect something work passionate will it's to And I world. are around sport, we'll a think foundation important but foundation, again, to significant fans as which is us in I think And a it had we what we we progress. to an that but for the So have in believe to enhanced. build

Operator

take from Jeff now will Pivotal. go We question Wlodarczak Please our from next ahead.

Jeff Wlodarczak

couple caps on comment budget One interest Chase. Liberty's in a Greg, How follow-ups specifically for Chase, you potential on could Univision? then comfortable cost there for a and/or you cap. automakers and cost those then if And of for enforced? fielding you be Greg, the are couple F significant properly place, expand get how can in X the caps can engines And is of an to teams? opportunity producing

Gregory Maffei

that, think do I might. I - need it might interested minute Jeff, So others we'd to specifically. But I my need go in, have thesis way some we on on kind to would we an we a things what value reiterate, of at about angle, we that comment comments prefer to not of and to what address have ago some why and be different say Bryan a buyers I'd - a why or provide we not

That being for space, of today there be out there more sellers a this to buyers. in a appear assets lot said, than lot

So can come and up we'll into what we take factors with. see account those

Chase Carey

think and some of positive cap, We towards real the are the one is, cost In it. that with I attitude In where ways, yes, teams quite or I believes future quite feel cost cap. positives the of terms an we I think really the actually mean, think the of think, that about had many evolving issues right broad, I increasingly going important part, important are is support in by mean, now concerns to sport. everybody large, I an and whom of it's the element supportive. I

it and to cornerstone wouldn't head building didn't to it sport we do firm no sure I are And an mean, behind the have and path, and about have forward. There's sport important disciplined think us down to which what being and make to it teams is you if for enforceable. clearly being was built that's the going addressed I reason think about just the and So anything, the need, really as we do access the to we've information accounting, a that. we right really done

teams And enforced use almost consequences won't are what we be of a shaking clearly, really it until run because is goals terms competitive out one actually the dry All But in I I will the of with but actually, certain, through of We is to accounting cost. cap healthier the guess cost go XXXX. and create are it mean is XXXX. talked am cap going effectively I eventually participate goals, bugs the in the about going important. - cost the to to XXXX, a the for equally I

being enforced cap cost healthy existing think cornerstones discipline model potential and revenue the discussions as into create potential exciting what And they been at We is business coming and to with new new cost probably of creating more had our balanced teams, supports, and that all looked positive teams has distribution have a for that certain is and steps as opportunity. terms an it. we've growing in teams

a it. So of certainly part that's

Operator

go from next David our We'll now Please question take ahead. JPMorgan. Karnovsky with

David Karnovsky

media thoughts be to Just one for FX's updated get Chase. interested your rights. Would on

ESPN with races TV after at And this your markets, you moved sport some through services, expires think to distribute DAZN. like season. contract I streaming

that of And that be priority give question, if thinking you the something it wondering you to prior is follow-on the to part you entertain would So this are as product live video FX as willing then a in would in Is about races service the how Or keep U.S. its process? U.S.? to to partner? exclusively TV maybe a on a a

Chase Carey

most in players differ are a said, at at looking country, interested digital in opposed basis. it more is country our different. to But are at and aspirations do clearly, its historical the coming into lot in core, a on historically, single market players as of And situations I Every that a have there this players multicountry space more that each look of broader to. think to going especially being come while

at In a opportunity now the to all how that's out platforms optimize to of FX that but a free content working figure the what's is looking partner dedicated have and to TV is we we many in market. are more opportunity to a part maximize country, will digital portfolio, It's TV play, whatever FX that multi-content the a best players. with in ways, like the platform platforms for us, way or a do. And the

in call some And with the going universe all growing in have places. to then and traditional, going the to partner, have. partner depends where television short traditional our it, certainly us the it it I the I'll clearly from part the continue is distributing digital places, the FX in and be TV traditional on partnering the we're television biggest some in world mean, importance is of term, growing like. we and agreements got television But we've to

So own. we're be will each world broadly. there TV, model and FX to And continue of to television, are are certainly how we doing opportunities market optimize of the there of places more with which are long-term more content places short- figuring it this there on traditional And think grow our places and new in having reality business think to the I is partnering portfolio, today. are where that I out

Operator

Riley B. our Please We next Silver go ahead. FBR. question with from will take now Zack

Zach Silver

just much these ISG? on sponsorship. partnerships? deals firming how entering into don't looking. care and I the Chase. new is think in maybe about just the this year agreement pipeline how with for into these big guys touched AWS - up was of before concord sponsors And on back Are the First we've current new partners of you I curious

Chase Carey

Sure.

we interest. of arena sponsorship again the actually like the actually of feel think right I great now, right level about sort

we longer sell grow that say bit a business probably a it's probably unique more think couple would've area an to a the anticipated and our I'd I clearly, area a deeper sell ago, years been required sale. a of of is understanding. and been this than It's where has time and complicated more

So to potential need sponsors. we more capabilities with to build deal

really marketed probably to the universal also which to for the sold And understanding or degree not sponsors. been

of challenges. that. from doing the sponsors clearly the is area where products and going, it's an to enable both advertising, to we're potential we as well it much has, do opportunity that So been we're an all has that educating did - clearly on us creating broad And sponsorship, that which everybody as area what

more longer any But activity than about, client we the some more level does level we've It sponsor. But what sell point a product, the takes the sponsor We've of interest, across the to today we've on. and of for to any longer at actually a potential had have think to enthusiasm to close about good we potential we've time in got time. the lot activity in to deals. I it's [indiscernible] got not and - than categories point good longer got of longer in going take feel sign

And our we certainly, it's some even couple it's bit in a And I we're turn on. would've there coming ago. to that we longer than feel activity getting goal dollars. into going the to of that taking years turn And a hoped months, if think of that's

a agreement, pretty I general concord nonfactor, teams. sponsorship, the is think but think agreement the with mean resolved. are doesn't good that understanding - things I there's think a in a think general I concord That there place mean, I we're I there's

a not not directional be detail that's nature is much conceptual and for think of get there everybody more broad there place like important, for agree we'll noise confidence sport always therefore is a But and can that sponsors. I that But growing they're issues will we're partners like to these. the issues. that better is I'm because just to dealing with sure the

Zach Silver

interesting perspective for your for And longer-term few Greg. plans that, on stake? It's been and that terrestrial to for then with updated a months maybe rocky And one hear radio. iHeart

Gregory Maffei

of that the of perceptions the market to unable above leverage I conditions, the think is to to lot complete were bankruptcy they reduce offering. the looking that price at do and emerged a were level. the to debt. They function stock and rockiness from fact primary a They Well, going

- a of that of they on bunch some natural And holders’ term the long stock. natural holders have of probably

against the the that a kind But okay. they trying they're have have. got to headwinds entrants, new has that things probably of they lot So the doing business but of pressure and some is lot also created of on that the stock. a strengths on do of They've scale I think

sort And we'll that would watch operating reflect not we'll and with on how is. operating think necessarily the of the a are all the business performance stock interest, in I its term. necessarily happening things watch So results longer

Operator

Please next ahead. go question We Kannan Venkateshwar. from take will now our

Kannan Venkateshwar

I if Greg, two may.

on follow-up just First a question. that iHeart, on

advertising amount of to it's that? cash interest sense that on bigger part side get of Pandora, on where point, sort the iHeart of obviously, it cash a SIRI, of the the with does Given source of ownership the being make buyback some at coming out a been deployed and is of source. big given But

update the into distribution now? you also were Could bigger given guys when about you just of in spin getting more T-mobile think to in potentially the way, past, our with the not partnering business, way I network. transaction that just this in actively on secondly, about but And you thoughts on space just think a Comcast How the side spoken back office the have about of backdrop wireless going? the you stuff, owning thinking right it's a

Gregory Maffei

lot generate SIRI, quite it repurchase obviously We increased years. Well, to a dividend, few over they - they've quarter and a it cash. continuing last lot stock several used on the times have a this which of does cash of quite

RPMs, have as are those incremental that as monetization. iHeart. far that things we the helping something - at look we increasing an I dramatically in like CPMs, As where of and I but doing wouldn't, scale like very think would that mind out I evaluation in people factor of a they trying Pandora do opportunities. also the distribution, by of growth scale. take add really and all they All are lot point that's through the add we'll to SoundCloud, their But partnership a have been obviously, they are increased scale

a gear can, say and on around like every Charter potential lot switch are there to wireless. the areas way the Charter every my Charter, I'd because side will of be to distribution to day that looking bit a observation You little synergies Comcast, they naturally partner and Comcast there and

ultimately would lead that, their side. we'll than the are Both their their Other in Verizon will to tell. acquisition, relationships see MVNO, something time an the wireless growing dramatically, subs larger, relationship how including MVNO and potentially

get that down of doing more and be the producing perhaps looking scale, to an acquisition, their continue whether think, really kind at is on we'll will not spectrum I opportunities agenda. today's, road, today's more as own to some this it So or

sell I how the fits they other see are think have. subs their their and it performs drives of more really how focused and products other right business that they that products with the things it growing and some how now the some on they on MVNO

Operator

now question will Gabelli. We John from take our Tinker Please next from go ahead.

John Tinker

to is us you I having now has are remind E. obviously had portion on Can that a signed press Global they'd of negative Formula your with Liberty Mercedes of to noticed them? that relationship is this counter Is They just the some move up ownership with what an position? it emissions. purely

Chase Carey

or are and engaged Liberty past, entities. then just - had the with I to not Liberty Formula We that But and do the in guess E It's Discovery, Liberty Global so Home E. in two shareholders connection not Formula more actually Liberty are Media. We

John Tinker

be Do a that you good would your think on it position? hedge

Chase Carey

our think growing Formula X. Look, real is I upside

do date fuel to the terms more untold step our Formula that to we in the are in terms made was hybrid is sustainability. an power. of strides in priorities engine is an incredible going efficiency, ago, forward fall few in a the launched have retaining was years story of In while X One really and of we it

front sustainability of and and and story a issue of something we this our talked now are a number like private fuels. as we with actually a between think things think with And year-end, oil part you I much center biofuels, on synthetic the becoming working will more hydrogen we've aggressively fuels, on see in whole our partners. us industry actually fuels, And synthetic working

issue I combustion around everybody in to excited could environmental also quite forward events. big making an as in a to important reduce our there. economic important is from how have engine. initiatives environmental of that in of other think carbon as be We'll that And about you creating terms is live emissions do part They're recognition, events, strides things out steps the anything

will degree reduce story around multidimensional a I think the anything. we the upside but is think to have emissions targets with to which it's engine more has carbon the combustion for us we and I So will than and that part it, energy reduce

Operator

question Please take go Merrill Bank from will with We now of America our Bryan next ahead. Lynch. Goldberg

Bryan Goldberg

be to had with the couple market. mean I for U.S. in curious, FX, a respect to was market on FX. seems up I the I opportunity engagement

a Miami then on a a a race or a have few provide getting And You've calendar can on updates now. follow-up. like you festivals market done potentially elsewhere? fan What U.S. I in

Chase Carey

the grown It's our I but digital, We've it and been you has U.S. quite important public been actually this has at look to first, the well a actually, us. to, opportunity year. television goal mean, about in When positive believe in I years our rate think ago, a the a in there surprise anything There stopped here digital, the than U.S. few we engagement measure, digitally. so - the because doing had fans are. people lot we think, I are didn't more we we weren't

opportunities. about excited those we're think I So

like last and the We in cities engaged Vegas We've for destination Las call races have there. Miami. year about adding the talked we been

a we've meetings be, think there. parties And next there. made good week to think I month I headway. with ago continuing We're

We road. it's important. feel feel making the steps we think I So down we're

talking to to team the We people, new entrants. are

road, love base there fan priority. now and team love we the a sport, grow elements a engage this it As solidify, team we'd we to we'd up here U.S. the continues love be U.S. driver have have we probably U.S. you'd ownership, a and to as we that the have to takes recognize are add build to firm longer. multiple the the to - continuing to But as business high-profile model, half with down team,

in step probably Miami first And Las I on headway think like good that, city add race adding and a love would it. And I we're making potentially the we that to or think be Vegas.

Bryan Goldberg

be of with think allocation. And and would ratio at allocation there in reinvestment an returns to level, an curious, guess, I'm appreciated. priorities? range. now, I you one on or the I about versus I updates then, implied shareholders? deleveraging at operating guess, maybe Any how or the tracker FX capital are $X.X billion acquisition X.Xx, think More just value thinking I capital leverage

Gregory Maffei

a shot, There Chase, - Okay. go were Yes. ahead. take some you

Chase Carey

No where to my the is. least I at say from it probably our focus has to again, just was going business actually been getting perspective,

become getting think, like the to bigger probably leverage was sort of capital but comments going in want term. But on - obviously to it. it, add probably there. I think the his that more We're I a were date focused getting where will into ratio we to Greg for topic I us we allocation, short

focus So it higher becomes I the here. forward from go we think something as higher priority the that probably and

Gregory Maffei

more that be a the Yes. some anomalies this than And I there think little quarter longer. to looking favorable caused this are

to time, we and range noncore, at opportunities which the think the which Xx have as keeping be some in the cash. At point, tracker to what and arise. Xx the will that form over that level, targeted expect we incremental the I we assets ultimately provide we'll see form opco may also prove

getting our Xx what goes. But range beyond have decisions staying we all made that and how see are Xx we'll on So some there. that plans and

Operator

take Sachs. We with Please go next our ahead. Goldman will questions from Borst Drew now

Drew Borst

date. general could I sort was share TV if has to of you thoughts how of any the decision that's viewership about been understand Obviously, U.K. ask going? TV statistics But wondering to some about viewership Formula been shift tracking. in market. I wanted how X the or on statistics I sort season

Chase Carey

guess Sure. I'll call I it's okay.

results, World Sunday it Cup of I before actually few sort down or we sort The impact. on points. World got the couple at put right of are Brazil, been qualifying event factor got that mean race, as percentage for a and anomalies our where has with first down Saturday, look after Cup either a We some are percent, an races foremost, couple qualifying Brazil, of, meaningful in we a last in stuck, through going had positive year, of that a biggest

have look our were out so countries, percent up look XX core - percent, at look we out, ex we - a Brazil year-to-date. actually taking couple be may few Brazil, So at XX a you

improve some go the that at that think the which pretty hasn't it. we that, why had great, all this good three probably lead. honestly, call credit, Lewis And would been to And I with got last the just great. continue is have got you season competitive to back clearly, competition races for we the And races top, before to not

hope initiatives, So the that to that forward more we of on I got competition, improve working too. races, in think I and go we I we as think we generating, don't think tracks terms improving have and the

some the So it's usually, graces been think with I but that date, okay. good overall say, to I'd for races XX

that place, in and looking So races have will up the at I of Brazil, I like you think talked in of World them. up, we're the think the those shift with like ex an Cup U.K., we those impact end some in saying the other good about, the feel factors impact, pretty about

Drew Borst

distribution the fees you to think platform, on broadcast balancing pay of the pay an Chase, balancing higher earn how how about versus sort but the tended fees, of short-term sport? grabbing old broad I Is sort toward same topic. want maybe long-term, objectives opportunity the to do do on follow you man's And of up about think platforms? over

Chase Carey

in platform, did have have We each reach don't too of pay the the penetrated There They in sports a great many coming. put pay a sort quality They Scott ongoing There's broadcaster. a not sort formula at different. That's of to that over of versus to look an markets important. There's no job, place formula as question. factors are lays to But dynamic. what's a both are dollars market-leading try certain platform. the it. U.K.,

trade-offs So too formula, to many those are important. put there are factors

to clearly there's of certainly great, all true content in I a the mature. continues sports think to but to trend don't reach think general, the that's that take I going And generally, paid more probably over in I the be continues change business platforms. to free sort the exist is it years, is, been when content, think it's towards mature

but in that are not they mix, one, have partners the So the possible. that's isn't always is a places, optimum are many of all sort valued

to we the on are I move because the think generally, continue we each So look platforms, will but towards think said, we going. world where I merits, I pay I think as rules that's the at do - to try

get we in want look XX-inch XX-year-old very to year, had realistically, going in is the today, a reach realize hand, think you the put educated it's you in historically, and take to I reach it's forward, device hold a on over your to wall. if meaning, the a people screen a you event different not

historic is are coming that connection an over the we not social sure making doing platforms. in up, much a whether and both experience. a you Richard Netflix with reach, old as air to a media, before, There's broadcaster is well end these never So got fans digital question But through can't as are that's race, no great to platforms just as the ways getting new experience lot still connecting you series. that did

I that that balance view, So definition and of think dollars is continuing reach you to as reach evolve.

Operator

from Please Jason We'll question now Bazinet take last go Citi. our from ahead.

Jason Bazinet

talking aberration when a that I know programming when I positive and of I be X's look wouldn't low didn't saturated pretty at trajectory Maffei or of programmers lean rational implication is the towards what any that old step trying some with selling some do or of the too the TV if a don't Formula their - was, of know was as because be have rights. the between up an very implications you're it sort challenges if has rights, Mr. this the is in to was rights between they would market. Mr. lot for buyers, would that Carey, two down And split but linear around I rights, about smacked you to the being long-term scripted there bigger would it TV live for your deal with the interpreted think WWE world

that front any comment be would of sort So helpful. on

Chase Carey

my a it whether or competition. unique Greg it comes WWE and two cents, the unlike you want to really can had are Look, his place Formula ended more in give there - - give isn't, WWE all you those I And it's down two. sometimes two. it's rates, the guess, rights. they for think scripted, really only the competition where but by I'll value than you competition player up comparable a year, like and one the alternative, this gets that there's X, content, not driven requires

think I is driving it force. the

rights. questions the how digital the the in bigger for rights and of is shapes obviously, world, it's the I be one and at think the increasingly that, big seems to big into - think arena competition of competition of is just unique players the it's center moving for how different for - And which us become its that future forms at bigger Probably content? this? this content I core, the for what really does one core But like

Gregory Maffei

underlying strong with I when competition. of undermonetized activity Chase not I'd irrational that completely perception, only think agree value trend look the I fan a think much I And you think said. look, what is also if the very are how base and what even for say viewership Formula with there's is buyers We very base. and all the I there affinity X. and the positive. fan fan fan And well

see hope lots we is but think attention. product something competition, So merit we our to of will underlying that

Jason Bazinet

much. very you Thank

Gregory Maffei

and beforehand. all. not, with next Thank interest you quarter, to forward appreciate Media, Liberty look to you if speaking I in your

Chase Carey

Thanks a lot.

Liberty TripAdvisor (LTRPA) 11 Aug 192019 Q2 Earnings call transcript