LTRPA - Earnings call transcript Q3 2019 | Liberty TripAdvisor Holdings, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation 2019 Third Quarter Earnings Call.

During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded November 11. to Officer conference of and like Chun, to Investor now Portfolio Chief Senior would turn over the Courtnee Relations. I Vice President ahead. go Please

Courtnee Chun

Thank you. Good morning.

Forms includes remind Before number the of of and to with including results Litigation XX-K XXXX. uncertainties, that like could begin, of Securities statements those to risks the Act our events we this the and we'd Private most call filed mentioned a Actual certain Reform meaning differ forward-looking within due recent everyone XX-Q in SEC. or materially

only Liberty These regard forward-looking TripAdvisor or is of statements or updates this expectations Media or of herein contained such which statements Liberty call any to thereto, disclaims Liberty events, conditions speak any in with undertaking change Liberty as and revisions circumstances the in on disseminate any forward-looking or statement any date to Media to reflect obligation and based. change any expressly or TripAdvisor's any

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

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

Greg Maffei

Principle will Media's Courtnee. you Liberty Formula have also One's we Officer, speaking Good Carey; Chairman call, and Thank morning CEO, the to Today all Brian you. on and Chase Wendling. of Financial

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

XX. additional $XX August the repurchases SiriusXM SiriusXM, our buying of X an with period Liberty beginning So for Liberty we to October continued million stock,

bought look per price through of SiriusXM at you shares share. at underlying If the that, effectively $X.XX look we a

it advantage take us. as the to continues to give to long as continue NAV you, the marketplace will discount We of

stands XX. XX.X% was ownership October Our in of and SiriusXM, at it as actually today

itself, again. SiriusXM Looking Robust fantastic growth. at yet results subscriber

to scale Pandora flow. of our has users. Solid acquisition free increased approximately and adjusted XXX cash EBITDA, The million expansion

focus on to on we distribution devices. have SiriusXM deal content Assistant available a Google Google and Maps new making Continue and with Google

We and SiriusXM $X has create scripted have to podcasts. date, a over collaboration with billion Year Marvel of through shareholders. to to capital October, returned unscripted

made and the Championship. also watch Ferrari battles Constructors come during to period fun Sixth experienced regarding and One Red exciting beyond the row, of Austin the rest. Group the clinched sixth the in the return close of McLaren XXXX their Hamilton track, won for racing regulations progress tremendous the was to in on and Formula three World Championship Mercedes his best win thrill back with of It a Bull among Lewis

Live grow, to execution for through deliver AI Nation strong with for growth the expected digit Demand quarter tickets live continued year. mid-October. XX double ever events million highest the sold continues

the NL the host second Comeback a the Player East won who was Sirocco the straight the individual was league finalist. NL including manager to being Donaldson And time years most the Braves. in national three of club one old Silver winners. and [indiscernible] trophies this has award named the were club Rookie first season. multiple weekend of of title national Year in Snitker Slugger of any Freeman year Braves a finalists. season with Turning XX under awards had their Division National this winners players year League Brian any

Turning mundane, important. to more the but

Top Academy new and North tenants forward Piano time on new Braves continue to Bar. We battery to Golf dueling into CNH experience exciting January. number budget. moving And Block indoor of a opening have in at early a our Port and the we type including on an look progress

opportunity a auction. to quickly slower per dividend return and we'd into the Trip. than is forecast. still share, will originally that $XXX million they which resonating see growing plan Liberty proceeds announced does Trip quarter of but Over We of to a $X.XX to and at hotel TripAdvisor Liberty it category's difficult perhaps capital bait TripAdvisor. But had trends experience. probably, with click translate shareholders

also planning of some by business done to fact million increase expenses structure based click their free of and light announced auction despite - million really dollars. reallocate prudently these flow. the generate and these continue In They're cost that among strong are groups. share the their cash to $XXX and in of items, challenges the $XXX They will repurchase does reduce generate they authorization evaluate also the the to would light that to

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

Brian Wendling

SiriusXM million, debt end SiriusXM. excluding cash at against restricted was November Valuable attributed holdings. and million good investments held stock And million $XX and these Liberty Liberty common have Thank $XXX morning At Greg. cash, of liquid everyone. held directly at cash SiriusXM X in SiriusXM had you, by cash restricted billion we $XX group $XX quarter of and

of Both Liberty SiriusXM level. which debt and at SiriusXM directly $X amount includes billion debt billion, that's attributed group principal was of the $X

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

a Formula the $X the of Friday interest One public integrate attributed of securities billion value and market Braves and group as Live Group stake last market has in with our approximately Nation. includes that

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

bank a have leverage six OIBDA. to total One We Formula target set ratio net times for to five covenant

amount investments Group. the cash had One $XXX ratios quarter Formula attributed Formula principal liquid leverage of these debt at and note are end and of million attributed million. cash group restricted Race One for business $XXX not Please

Chase I'll turn With to Formula talk that it One. over to about

Chase Carey

beginning input made regulations in We've new and other a teams by we're season. you, year of the that are stakeholders XXXX rules result included the firmly we the we set that goals deliver. the to the achieve Motorsport the direction Council of tremendous And These process believe from to the detailed progress Thank announce Formula out unanimous two One. on World defining future pleased Brian. of ratification FIA

From to more better details. more depth bit sustainable have on million racing. cost participants. will in a talk competition a wealth track, $XXX season, like of a balanced on information cars and fully better that business let model cap XXXX see the you'd for of on and able the if battle me closer more per There's about enforceable online are One a the Formula all a to But track,

when half Formula Current lose downforce their following another wake the cars One to of up in car. can

difference XX% XXXX will one they're lose arrival, is three regulations, downforce just X% we length when to enable cars that at will car of the fans battles their our As part of a the see. new car behind the This want just project lengths. huge and

and regulations while The These new sport further in process. regulations stages to are governance an agreements These important ongoing advanced married business an major however, model. fund teams. which with this were and this will a step strengthening enable structure, the are prize is improve grow to the

initiatives in industry. we eventually this already sport most our the be reduce of addition, our plans In play will critical issue around automobile plan believe world. eliminate our engine the business. and and we role sport. to We in the to launching environmental It efficient We in have environmental the can of the a impact impact address leadership

to season. One It one Championship back Lewis behind seeing sixth place Schumacher. tremendous also puts Xth FX holder Lewis's him achievement look and World season that record Valtteri first sixth Formula his finisher this Now teammates his for these in clinched the title all-time Bottas just Hamilton Michael scored teammate was their seeing continue secured Austin the and XXXX. we to rivalry Championship. Constructors season and which forward Mercedes,

Singapore dramatic in wins a hasn't Rosso. suspension since seen win impressive row Rounding Alex who at below Not Austin. and including for out but staffing, secured summer Sebastian in several failure the finishes, teams and Vettel some podium a to three to posted and showing from be Bulls Albon Ferrari in home we've Leclerc a posted elevated the win the an finished a top outdone, Monza. racing break Toro team being from three after max Charles Red fantastic six suffered in

XX drawing Melbourne. per up three Italy. set And average XXX,XXX. over event Austin We the Mexico through in attracted The record excitement of drew a including had new on races viewers and We a track attendance attendance XXX,XXX crowds is has and year-on-year. over X% Silverstone weekend been that Mexico, races crowd XXX,XXX,

races For TV races our And viewership Abu through Dhabi. and in XX Brazil we we in forward are Singapore. look two last up to X%

During the quarter, renewals. race announced important we

for Best from continue the XXXX by event the will events and City sporting City to Leaders at the to This event worldwide. emphasize race name will XXX Awards, categories One of in Prix Formula selected the the in race among won recently award Mexico Sports city. Mexico the support given to Grand government the Live change five

extension season. Prix and Vietnam history. our in announced race race return the on Prix part And Grand XXth with up announced Netherlands also in of a set consecutive new XX and will important is the been Grand World race established an This since we Championship the the The the of XXXX. We was year that calendar has Spanish in Italian and season the its previous XXXX rule for These of and XXXX. us return in Melbourne the Silverstone for announcements the to renewals record along Monza.

history of Formula to while homage exciting pay to destinations. continue rich One We new the adding

XX% our extended partnership with The ESPN until to returning US in in One XX%. viewers aged XXXX. increased we front, to has XX grown the has ESPN broadcast same the XXXX, of viewership seen On period Since Formula XX that over demographic

races will X, One deal all continue on or see and new This ESPN, ABC. to alive free Formula ESPN air commercial

element out Formula the ESPN One all service This Spanish exclusive races. for renewal the for language As additional rounds an will season. home carriage XXXX deport

will new we Abu across featured year, races Expo reached a X which and XXXX, deal Dhabi XXXX sponsorship, at in debut Dubai with this Regarding XXXX.

watch Prix, Grand you deal manufacturer partner announce excited Caterpillar. also them. will largest the for were We're to services in master in Grand and on debut a stages have car the the might Prix. sponsor If of Prix XXXX are Hanoi. signed is sponsorship with a We long-term multiyear U.S. has streets our from for final pleased Vietnam's which the of signing agreement VinFast arrangement them you title signage to seen the with Vietnam of the Grand

even We year stopped legacy. to prior Jimmy included third Verstappen his Albon. event on Heineken Angeles celebrate featured in Ayrton Guillermo contest fan weekend with Brazil final and the Valtteri event Bottas, festival XX Senna Alex fan to on and past first U.S. Boulevard eat We held was our in Los ever our This Live Ricardo, The between family and a Daniel donut. Prix. donut Grand Hollywood the and Senna Max by Kimmel to our this hosted festival

a Fittipaldi Emerson your legends The Felipe Senna's our friendly when site prospective that event and at like take information can and featured and modern user up and sponsors, cars new felt news to the the from corporate for Mercedes We'd attention media We we alerts. cater to bring investors, at cars. a more needed for sign site Massa be FX found employees. and look was to Please website driving Renault looking historic corp.formulaX.com. corporate

summary, we're regulations forward with of forward commercial look and for strong milestone and And our working to track and in the hit on are look results year-to-date In with we to approval results agreements the beyond. a on After the effort, we teams. growth targets the to years pleased achieved of continued XXXX. XXXX XXXX in our

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

Greg Maffei

at Thanks, Chase Brian. Media. and quarter great the All-in-all Liberty

operator a will open look register there. homepage many it on for holding is of As York, questions. in you on And annual our up our to New to of reminder, we link XXst We our meeting forward seeing that, November website. investor will with we be

Operator

you. Thank

go question will our from take Please Evercore. Jayant We ahead. from first Vijay

open. Your line is

Unidentified Analyst

Thank you. on FX. for John Vijay. [ph] Milton This Two is

can second the you may So agreements get on hoping question when you're not share to timing discussing broadcasting. exclude first, deadlines may these agreements. finalized these that And on with on commercial here regulatory teams. the or any these Anything

this then about dynamics around your the you light thinking share you. on some some of deal. of the deal, ESPN of Thank And the trends viewership of details some far Western you're positive of how kind European that appreciate competitive about anything but core the renewals so year? So in can

Greg Maffei

done part, I on fairness and the guess as team's it to the we'd possible up. soon So wild in get obviously first like to as timing,

gotten with to principles business meetings while the weeks. it. agreements a core had the both financial the are teams through think for underlying We've they've I the only take actual which few them they've and last subsidy, legal had

plan to in to coming certainly we now So they digest weeks. engage had have it with a them and chance

up done put say as I to going broadcast what the finalized a as mean guess mean. and in not deadline competitive, we'd I possible. not when I'm to to I'm and grabbing things Again, you the discussions, guess soon what competitive or like good get do are you sure interest you

Unidentified Analyst

Yes.

or... Just than bigger other were there ESPN

Greg Maffei

Yes. actually, than like deal we years. And last the This a interest did. wasn't we couple ago, have more was long that only

So it the have step just did forward was we interest better no a years We lot There's U.S. ago ago. we upside And X to in U.S. the years still really X had in for us. question than

I lot a think US increased offers. parties we the interest. about still good long-term from said saw But for clearly, and us. there. upside we think liked a is saw interest feel we increased the market a has before. of expressed it. It's We proposition. that We We momentum in But

Unidentified Analyst

the at which Western renewals, then anything Great. European I think.. And

Chase Carey

- that I interest will its the feel good just look, think general we viewership significant XXXX. are fan attendance, we about the research guess we our which early its in the again, terms in sport. agreements Look about European stages, the for this sport, of - about the the talking I again, of direction very agreements place momentum or is We're good sport, about you turning positive in whether of feel the in perception,

stages renewables parties a given, are the year of engagement sport. about, going We're from the have we in about early interaction no more really feel think the we But forward and positive I there those for with So what they're really away. probably matter XXXX. still than moving

Unidentified Analyst

Great, Chase. thank you

Operator

Please And we Bank. question take ahead. from our from will Bryan Deutsche now go next Kraft

Your line is open.

Bryan Kraft

for morning. audio kind one bigger become one virtually the Podcasts had two; I space. question you. Greg. everyone a good entertainment of Hi, for have you. focus Thank for in Chase, open for Greg, an ended

you term? structure there evolves how real of think think And an do winners are long over industry perspective? wondering industry any in podcasting the economic segment Just this you from the

for directionally. us wondering the sense advertising any and you the if just year in between relative for give can give this growth those bucket, that revenue you And can to Chase different or in probably this advertising base you. to rates any relatively revenue, the then sponsorship And two? color relative next within the are us year, similar primary growth outlook sponsorship the year, broadcasting on Thank materially

Greg Maffei

one? ramble question first the the and on more do want you go Chase, to handle direct and I'll ended open

Chase Carey

Okay.

years I than, think before, ago, say we little from the said probably probably sponsorship I'd a a to was couple area, slower develop we initially anticipated.

was in market doing about to it going taken the do we're is I we tougher the about it's probably in work momentum advertising the think where general And ago. sport, I recognize a little But think few - years sport. think more good what with interest. a the telling I we're story probably actually, feel than the the had with we we

other digital to events and other now capabilities to or those referred regional two we it's whether use type with or for and to right just deals The they eSports create create We Dubai Expo. interest Caterpillar like can offerings. feel the about. the we you We vehicles had very to sponsors want, good of virtual offerings create and

always to into turn We got dollars.

certainly be area never But year recent got quarters. frank significantly been deals, busier in and before busy. again, to And it. ourselves, about we to And been last We next be interest sponsorship turn months certainly flat are I they them is through want flat the probably I'd season. into the get we've have few I out the say to group significant in out. expect ahead to the XXXX get quite as gone the to engagement dollars. them the we of has don't realistically the increasing And sponsorship and

the if I not were contracts. broadcast you the think there maybe for on look side larger - renewal probably year, this

going, but are So, directionally bigger probably in feel good XXXX. about we're where markets the

So - markets it's weren't for that XXXX. being not the but positive, they're a they renewed larger were

Greg Maffei

Great.

capped one are that to at expand. continued We is a from become great is has question. from audio podcasts because a in is which me maxed. how you because of devices unlike a room your more time example hear That a monetization expand pretty video Alexas and both Day, audio left limited, kinds out day, and and lot got is you. to great I in our lot and Investor between believe other well a and in that content us thank of tap, Brian, use And being their time. So, about there's you'll which there's your expanding under much everyone's video think is day, device day device only The distribution audio can and AirPods for of

differentiate When Its somewhat table exclusive. things from you a of that got of everybody's example can a to think world like move an music, how is to world of which a are a audio podcasts where day, stakes about habit commodity.

Something at or place versions having can for least exclusives. exclusives you and Stern Howard is really audio. a a that at Sirius with where go has well Podcast window, like done so on ESPN CNBC things like to

hour economics about less being maker be It's charges think pretty right podcast company the obviously and far a in get still Whatever hot. might you because to yourself it's it what sell per And video. podcast than now you cost good and of that. trying

attractive distributors. content, new So economically, really of these audio for content, is and judgment in reality forms and our like consumers all are attractive the podcast really therefore

our probably day at hear of is key than focuses. really more investor because you'll to you it care our So one

Bryan Kraft

to you thanks Great, both.

Operator

next from JPMorgan. our now Karnovsky David from And we ahead. question will take Please go

is open. Your line

David Karnovsky

Thank you.

XXXX the to Chase, Just and Concord negotiation 'XX. last in during want

I made connection upfront the with teams One some in payments think Formula participation. future

teams this that payments really the now, the finalize the process do look to like you period? commercial need part of as was with prior as you agreements that So to see

Chase Carey

of on components going deal specific point to we're while this we're comment to the with I don't teams. the still engaged the at think

I the business this as for to of think against a the we've a something a had put we business got largely them elements they've they've on proposal had - structure while. structure, this

We teams. the I appropriate to what's continue to think that's is. think in But we coming it. fair get it's achieve growth us and once not agreement the the But will us we're what's in into we to what and to we a provide we to don't it enables going finalized on business. color to fair in the proposal expect it, And think

David Karnovsky

Okay.

this? agreement this the often can regional mentioned this global and and before. starts a fourth You say assume on trackside you potential just or advertising a deal the with there Is incremental Is anything Caterpillar then should given in quarter? we

Chase Carey

to Yes. I up. show XX mean, it's global and partnership anything important with obviously, deal an in it that just - all start a in Austin, terms It's but will they one a we showed of it's look more they where a not them. build that is in certainly on significant than up deal one races,

it So, been excited think it's about they'll is about. partner. quite it. - we're deal They've a we be a good enthusiastic And

than a more is regional it multi a deal. just it's significant deal, race certainly So

David Karnovsky

Okay. Thank you.

Operator

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

line Your is open.

John Tinker

Hi, thank you.

the Just a Vegas. Jersey's see How better sports that out book it like you help quick a how got looks than of question It playing in terms on New might gambling. Braves? do already

Greg Maffei

in well. We Colorado it just passed as here

long states is time source. can you unlikely going ever do But to it's a this some time pass think clearly revenue major it. and to be Difficulty] states are It going at for a see used state-by-state, chip water. least will which are It for to take [Technical to away. So or here continue as I it. will you're there see

something as there's do you as like an some baseball And have recall, frankly, you that's Formula where monetize The you do And leagues that clear in verify as may state that you'll quite But opportunity. how more proprietary do we data. deal it much to not see Formula been in state. It's things do with around to have One in One. think by trying of data. a I

and revenue baseball. an of game, But which degree a more but even just of of will opportunity both in it a to fan strengthen And opportunity bet somewhat more I do to a it's bet becomes of parts engagement think opportunity, more on that the perhaps game.

You'll fantasy much in football. see that particularly engagement way that continued built the fan just

John Tinker

One more. Thanks.

couple You got I other of channel very out have well, of small you still a know trade investments. outdoor

have do One, I how think Viacom them? you left AT&T little think Formula you may some about and in

Greg Maffei

them would be so than the but a think than at So we of executed right it. merger it mostly I source look it earlier out bullish positive been. We on right the that the as Viacom more for has probably capital time. were time probably be at Turns would was we've

AT&T sense. issued. the by, the don't it's in in On it's hedged I particular AT&T exchangeables there aren’t actually that noting, real to say any have worth we should we've really we hedge

couple in a want add have odds of to We a that partnership that sources, Brian, note and capital likely ends or two you liquidating. are there in substance? of those are is that or of do any

Brian Wendling

mean, and them are none specifically of I material they're like No, not with.

are says, So John. there's of general, in they you a right about we when philosophy at source our particular. - call them, But on it's the think out a not They're in time, asked capital that the do of taxes it we now. right probably something, we pay the to the and and capital or that out either use go want have a tax we efficiently get moment for can

John Tinker

you. Thank

Greg Maffei

Thank you.

Operator

next And ahead. our Please take from we from Citi. Bazinet question now go will Jason

open. line Your is

Jason Bazinet

you may down. Thanks. it beyond times still to I you the is pretty me for target strikes as that six a that on of is it's of guys five, lower heard have business, or business know you of get progress that. five just sort it leverage that leverage made the reiterate when high the Why cyclical, to, amount interim And but leverage guys the target. bringing to nice right sort I not have this you

Greg Maffei

you add can. want you to anything, comment. I'll surely if Chase,

teams, and And continued to we support downturn plus as judgment, nature business. an view share on of like is interest our of limited terms, downside. we the a business. period few sustainable unbelievably case our financing attractive is this with refinance of more that leverage XX% on because this contract, how even in a of rates secure, low times. In to risk the well Our the and extremely six more this ability as businesses five in

Jason Bazinet

Thank you.

Chase Carey

would all And I guess I add…

Greg Maffei

thing more low Two make that make more needs, line more the the one large only below attractive have, yield. case I would the compelling; to tax is on Chase things probably may structure times Sorry, sound if we CapEx that it OIBTDA also. particularly and note are very the the look at actually of both that you not be six five large, while surface that the flow free cash

go Chase, ahead. Sorry,

Chase Carey

was I any And years. at face add Realistically to for only cost those increased cost - think probably the business from I add I'd other I thing and Yeah. grow on we couple we've a support the we we perspective. of this last going also - organization really have as built the the guess put the don't got is point that to

incremental events of we costs point, side good the variable to to the both of tied freight, freight we revenues cost it. where they're directly this about freight have revenue and their And So at and degree cost feel revenues. like

margin So very about I the we equally think from perspective, business. good feel a cost

Jason Bazinet

Thank you. helpful. very That's

Operator

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

Your open. is line

Bryan Goldberg

Thanks. couple I on have got One. Formula a

this if was there another like week against kind politics veto opposition. twist any was in efforts Miami, wondering you'd go of not standpoint? local get you took Prix down to or the help mayoral with iteration whether And regulatory a your about last a looks on the within expect clarity I on us there timeline could First, can local of Miami from think forward which Grand

XXXX got a problematic, on I've meaningfully appearance negotiations point up. Miami follow then what at And become if I then bit become protracted, calendar a would the and guess,

Chase Carey

Okay. ill I is guess politics probably, really something trying to handicap advised.

months we I week go, be resolve XXXX, think term. to veto a comment accurate. few in to There's reality - XXXX steps last very they're some it really race. do next bulk your The is term, this to your is say short short need the hand the for on for

So we have time.

done. business most most the certainly reality the are agreements agreements is, of The the work are done, of

So local partners. to a and active. probably issues politics race. think We And, all handicap we'll really would from our Miami. is it they're us think would trying beyond the We around it it. not grade. We probably, trying great be great be political it And I'm great pay But see. would my for be to is think for great -

We exciting. options would weeks. But next we - be see the in in but coming have the hopeful where takes the U.S. about us that other Miami, think we're it in we'll

Bryan Goldberg

Great. up XXXX question look I categories as Really, force the unsold up I or say which sponsorship the you is business. as season? of what Thank sponsorship verticals your are the right it update My for the shore everything way, the now, them you you wondering the another that. for is side to see sales from could team spending most global sponsorship on time follow us you on side. guess was if key

Greg Maffei

with realistically got I three potential - It's a update Well, we've mean, page mean as yesterday. I update engagement I I got said an partners. and

array them engagement. in then number large So point, of at this out of being are categories. are certainly an engagement and instead there of we flat really A terms

or I guess, there place have have Dubai on are obvious probably are wouldn't list areas of, an ago a been, like places had probably industry would sort obvious. array telecommunications, finance, some, that oil that and obvious few months Expo Caterpillar that as technology, the of in I a

to yeah, think we we're some there's are really less has some are think. historically we I feel But and getting I we and that where do so. we obvious do, probably think us more that taken to tied it So time, but

probably going, the of tell. been feel have to It's to terms story sport thought getting the are the interest place about sponsorship. the but could good and We the we and momentum little I we the we in think we behind slower a engagement,

Bryan Goldberg

Thank you very much.

Operator

next And Drew from will take ahead. question Borst from Sachs. Please our go now Goldman we

Your line is open.

Drew Borst

Great, ask One. next when thank race at Chase, to for you. Want look year. calendar you a the about question Formula

race the new races and in have you added all I'm really revenue it changed come that that. guess I fixed, there's renewed less anything think nothing of expect fix right, promotion - these of wondering if multiyear the is there? two I with renewals contracts is terms it variable Investors ones. or five has more is fixed, escalators. trajectory changed after to you. Is Thank

Chase Carey

is probably think about feel upside I the that of mean, elements continued do that think many world, more fact upside that across there's probably and Certain are But are today in in the the it, really just of mature. ways, individual probably think demand, positive, I think the we I that positive places be we there. real I category. the races interested. it's to a And more number

we Again a long pretty contract. full calendar a have term and

limits do there are we there do. to But think So can are opportunities. I think you how much

We is but full, add there's full have still a think it's XX couple. do room to we calendar, pretty a

partnerships. will races. long dropping year, we this want we think I up term add we races change just But end probably and will as selectively we

not should There issues we inherited, - think in we've we're that be. inherited places races a what we that couple on clearly, past a the reflecting we couple touched value about the agreements on

can expected we sort would more So, is would a upside have there I to than it's And were have think ago, of we there. we to probably we two grow. years - sort think more place of than we if that continue

high and related element at areas There important And particularly we like of really which customer about something are it's is important I that hospitality, races I where call Club, end hospitality is Paddock these And a few that. I guess, they what equally maximize think the area. events. the is outgrowth, they're sort increasingly an an also guess,

hospitality basic just we've of promoter as it, are there events a well think where upside I the as lot the agreements. got to of side

And not you as more but take advantage title still we're ability like opportunity. about a have full races, things in add dimensions title still talked the area, sponsors, sponsor not to Vietnam we like fully, opportunities add as we of sponsorships, to

said years relationships couple I the promoter - then probably and promoter an a again, related there for whole And that to would we opportunity have related the elements more the the relationships is and upside. has think arena So I have would think ago. thought area more

Drew Borst

well I - know the about of there into don't risk just I - know, don't you to contracts. Is want upside appreciating We're may I And specifics is scenario. any if type get again, like? come downside for work? like, of that things to and attendance the race how attendance at didn't any there the - hinge if or example, through really are are those not the serve deals is or generally, it the

Chase Carey

mean, the Paddock I Obviously, Club Yes, generally our today variable. agreements it have component attendant type based. that is of of don't

of certainly that But generally not attendance is not is there it the it's is base So base. based. revenue attendance part - is

see where like and renewal, alternatives I So, renewal comes you on what our guess in, exist. any

So not there to going I'm say risks. certainly aren't

rid positioned reviews well breadth get a those pretty the we to array up that number of given from feel XX executed, we last we still in got Today, places of the of interest obviously have. through But the of went months. we

substitutions that calendar And making or some race about that advantage forward I the think so, adding upside take feel got. look the issues a good and ability fixing space some whether of are to we we've the to navigate or to of it's

other attendance a our than kind race general, Paddock part at is a that's Club, is say attendance a I - of wouldn't that of not in But which agreements. generally

Drew Borst

Okay. much. very Thank you

Operator

we Silver now from our Zack for go FBR. And question call last Please take ahead. from today's Riley B. will

is open. Your line

Zach Silver

great. taking for Okay, the Thanks question.

some first down the teams the financial mechanisms, still the thoughts when never shares deal I there pool. to you road? issuing teams announced be the FX, around this to your And think prize alignment talk higher also beyond was to promote the that could But around hear curious with you happened. obviously a guys possibility to have economic acquire

Greg Maffei

Yes.

equity has relationship. the guess generally, our We long-term in shared one a been real to of to more it. teams vision go we create I discussing sport the with Obviously, are more not of efforts growth discussing can try are about point. we opportunities with this where and at the a

are and I positive actually the think the to quite brought the about we changes teams energy sport.

things of crowds, a the see the breadth a it's Again, they events, in fan fan that see whether the they growth zone. events, fest or bigger

share I with they research we're them think where see is the there them energy about the we palpable, going.

we is They our fund, in they partner certainly more the in obviously, prize They and shared have share partners. that - the a would - than with look they them makes in past. So the business. share probably them that at receive been

issues trying them much And sharing on and So addressing basis. meeting they that of on on have of we're we're regular with I a share the morning growth make we're what a the doing, exist. sharing of we race, do a more engaging any to upside the we're to And casual mean just in it. sort every a things sort Saturday sure

dealing and collaborative them work of a just transparent a more how do them make we to how There got you that's through alignment true tough create better do is be a dealing more a going with and in any obviously is always day-to-day with issues are to business. - and in you So way. lot

But be they I want grow. a think bring largely not fresh to things; we're lot breadth I the and I trying think mean mindset, they and growth business a and to that They the believe of - shouldn't we we to adding perfect, depth sport. doing are all fresh are but I doing And think a really perspective. the we're

there's bullet way. like engage an So, and in how them honest than create alignment transparent magic it's treat with - other and them no do to partners you

Zach Silver

happen buybacks about the more. the one Got leverage on And FX, the of it. this at could just With one target. that is That's end think something could whole the you tracker, Can helpful. more of in at you if whether sort then the co and your view term at I talk or FX near not? have low

Greg Maffei

the do and from the when going spend might leverage I generate to on there the FX little to little a discussed, next tests target alternatives Well, capital, for I we that. talk payments operating start that including punt that I up co. about at to more the allowing we share the I'm to free that have And Investor us think think have we because a that you're that and get right, we've are business we going with week is bit cash looking to Day think whole on we will what flow more And repurchase. restricted time we that,

Zach Silver

both. you Thank sense. Make

Greg Maffei

on to our look to many week. is next served And of country. the It on you. you or forward that morning. are Thanks say many seeing we have you. Day, will line with Veterans we And again, operator and the all good Thank of thanks veterans to who afternoon good

Chase Carey

guys. lot, a Thanks

Operator

you. concludes you conference and this Thank participation. call. Thank for your Ladies gentlemen, today's

now You may disconnect.

Liberty TripAdvisor (LTRPA) 11 Nov 192019 Q3 Earnings call transcript