BATRA - Earnings call 2 2023 | Atlanta Braves Holdings, Inc.

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Operator

Good morning, and welcome to the Liberty Media 2023 Q2 Earnings Call. [Operator Instructions] As a reminder, this conference will be recorded on August 4. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

Shane Kleinstein

Thank you, and good morning.

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

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

non-GAAP and call, financial adjusted today's On Liberty OIBDA Braves EBITDA. including Atlanta Media, and we adjusted for measures Holdings, discuss will certain SiriusXM

on issued Atlanta Braves which and of The Atlanta SiriusXM the and the X, Schedules press found X Liberty Braves through earnings Holdings release Media, website. definitions reconciliations can available end and for is be required Liberty Holdings Media at today,

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

Gregory Maffei

Brian Braves management One's Officer, too. related have Thank Financial questions Stefano you. Chief be Good the be Holding morning. Also will and able the President and Braves we and will to Principal Formula CEO, answer call, Today also speaking available, on during Liberty's to Accounting we Atlanta will Q&A, Domenicali, Wendling.

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almost engaging FX shares intergroup itself, at LSXM ]a held in of $X.X $X,XXX for effectively we interest across content that repurchased million At name platforms to quarter, more a than fans [ previously sellouts FX the FWONA few, we stats But were at Stefano share. moment. the continue races. bigger the have to give will in settling the ever. all is a During you with number

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business best. capacity separate fan as is public seen sold company, Braves a XX% for tied in MLB's to Now in having continuing but demand, ticket date momentum usual country. of We've our continued season

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on that, I Brian for more our with results. over financial it to will And turn

Brian Wendling

July and million, the the off for My cash and Greg. you, [ morning, cash And was completed Group excludes $XXX SiriusXM figures XX stocks reclassification everyone. the split remarks and the that had our liquid Thank adjusted was reclassification, that ] attributed of of X/XX mainly sheet on focus will tracking off Liberty yesterday. $XX at balance SiriusXM. completed split adjusted and approximately million At investments held for which quarter end good of

related parent margin billion of capacity undrawn also level loan. the loan There's to at SiriusXM margin $X.X our

billion. of value was As of X, August SiriusXM $XX the stock our

in billion at amount $XX.X SiriusXM. held these remaining $X.X the includes Group million settled In principal debt amount attributed have billion which of $X.X its We debt April, is Liberty directly principal exchangeables. of SIRI $XXX Total Liberty against X.XXX% SiriusXM holdings. of debt of SiriusXM billion,

Liberty to both down term. and [ SiriusXM due group its the Liberty Liberty on mature the or in notes BATRA $XXX to total more $XXX the exchange reduction near million. The principal convertible pay exclusive debt was third-party one shares billion during million X.X debt ] is October to attributed in these net debt notes. of reclassification. paydown SiriusXM with X.XXX% SiriusXM $XXX remains the the lenders plans Due the from to quarter, basket at million and down This SiriusXM

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incurred. with the revenues Imola majority historical But FX will and race of total LVGP-related had costs quarter from total at the other SG&A, the of $X fourth $XX the less FX setup cancellation race-related impact for the basis, of full XX% as revenue. Other year the in and week, revenue canceled costs Note we quarter million Wednesday a a percent occur. estimate than that incurred is best Given revenue in Imola the of cost of of when regard been our are had on LVGP. largely was other viewed was on sales with to modest of quarter planning, of to costs Reminder already consistent million. logistics that cost be race the and we the with OIBDA average. On SG&A adjusted the revenue of associated

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complete. Our XX% building Paddock is now

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loan of loan. Nation as on stock be Liberty can margin composition yesterday, $X Live billion. the at to Liberty Live undrawn Additional the our was at Nation disclosure value There's related list capacity million posted to our these margin our Group held of found of in the assets Live And Live website. asset $XXX of

debt of We have $XXX holdings. million amount principal in against these

our with are and debt consolidated their Liberty quarter covenants at subsidiaries in end. compliance

Looking the quickly at Braves.

Gregory Maffei

one Let interrupt Brian. me for you sec,

XX% As it we Braves, XX% the the capacity, the and capacity actually think early at capacity. misspoke said here was turn XX to I -- morning a is Brave in I too stadium

Sorry, go ahead.

Brian Wendling

Greg, Thank that. you, for clarifying

under to and quarter costs stadium liquid ticket the in end with excludes period due in XX% cash payments as regular Braves, revenue Stefano higher they of reflects increased home growth increased split revenues, Braves games million. $XXX growth debt well of discuss Atlanta at grew attributed game One. capacity including And revenue due off, and variable existing Holdings it season million as to $XX operating quarter rental to concession due operating increased the as that MLB's quarter, to I'll more primarily well principal attributed cash. as for grew revenue. costs over attendance. At of plan $XXX Battery related sharing and and looking amount mixed-used restricted with new million, from which and income So the tenants. increased And Formula tendency increased second had of revenue that, turn in the adjusted the payroll, player to had Baseball also investments of the and

Stefano Domenicali

and Brian, good to morning Thanks, everyone.

the incredible decision, Silverstone, over behind them an We all Red top consecutive The for finishers season. [ Max incredible our of action for on Bull already through and to teams. field believe time fans, the performance all-time their breaking Verstappen produced the all one the seconds In are on close to has ] continue the like XXXX record I would halfway line title will and over congratulate XX first wins. within Formula another. I crosses gas One X

qualifying date. thrilling rounds Hungary to of most the had one

delighted at X all top podiums of improvements within with upgrades the second a McLaren's place Piastri. strong drive Hungary has performance following second. X/XX fans and recent London's With Silverstone and from

content last across year's million X% same media audience like accessing up Our In Monaco the like over of U.S. events XX% the the grown market first and X U.S. averaged multiple XX Global is viewership. fans on to FX growth platforms. period are have ESPN viewership races. through compared

continued variety content have serve weekend and of our growth. viewership total today of We Series adapt viewership different a million platforms, content excitement QX, digital sprint of across on Across sprint reached race fans sprint gather first At linear, XX% drive The channels, to versus to XX% continues and recognize events engage up track season, to across and XXXX. and that media including XX.X was generate sport Azerbaijan, our the with of both the the expand FX social. social as followers of FX fans. our to up segments and platforms year-over-year. all

to broadcast the Sky Hungarian FX FX we with first kids avatars Prix, large For users [ continues one Kitkat drivers presentation with for hugely that example, more and presence celebrity of Grand XX the reached Germany. at piloted coverage the our social impressions announcement million media in the ] partnership XX ever million just positive sentiment. day, UK than fans. for be and draw a in for In

Grand began, million the impressions the over generated Damson at FX at Prix TV social Pitt of for the Brad million featuring over X.X For with the filming Silverstone million Apple engagement. [ and As and X comments. of over lining and generated Spanish X,XXX back ] Idris up the engagement movie Shakira grid example, post post XX

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entire We events ecosystem. our with to their promoters The FX the is these will reports. of beneficial continue work on to success

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Our in licensees new May expansion opened this Birmingham December further FX the in XXXX. in Arcade plans. Boston With sites U.K. announced and

and location June, London sales an respectively. quarter average week. chart, launched of U.K. with compared the FX Flagship over per the grew in at prior In the EI Global's X,XXX visitors Football and in XX% QX game. video week, to In first XX in Games game ranked its #X Steam #X

providing May, increasingly to particularly audience newer #X of in XX% podcast are in podcasts performing sport of U.S. U.K its well related cohort with FX audience A in XX% its the fan the Formula launched content engage finally, reached channels, new podcast U.S. our Y other it And female. among and fans. and

we Tune in XXXX. We announced through update XXXX. by pit Grand commercial commitments to physical our a further the announced race Dhabi invest their building infrastructure, race towards XXXX, well regionalization journey with with as raise XXXX, promotion, of extension extended to and including new and by the a for first the where throughout Austrian calendar including further significantly Japan in on XXXX. agreements. record-breaking On possible, XX Qatar. China an in as the the promoter China of of recently made Grandstand a also Main Prix for Abu Hungary back-to-back races on return and FX greater time races is in progressing calendar since Championship

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the Silver Prix. sponsorship like inventory and Heineken new title One to strategy be also announced, opportunity, interest Las Vegas they leveraging of in our As will of FX Las partners official brands continue Formula The relevance the previously generate Grand sustainability including Vegas.

to strong We incremental partners. are of existing delivering commercial focused our developing sponsors value pipeline our new and on further

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One year from and will Vegas the gathering economic impacts economic will in worked Las Formula to whom in invested community, a The the market-based Formula billion. have by Las team, led be stand the commitment $X.X it to The to estimated with race Renee data Vegas built local long-term and meaningful Las Wilm all with believe happen. made to third tremendous partnership over incredible of race Liberty team in have capital the we of has and One value Vegas one make bring. benefit parties

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we fleet delivering of other Additionally, biofuel season, our of expect compared road a production, by vehicles. new reduce a and traditional DHL emissions equipment minimum will events our broadcast of operated for to technical freight the are European the by trucks XX% XXXX which fuel

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have to Brazil. sprint Qatar We Austin, come X-month and in series

in is Avanti and to financially "Full incredible of position commercially speed on you ahead". tutta! progress. business both look Our our strength, I and updating forward a

And now over Thank the Greg. you. will I call to Bye-bye. back turn

Gregory Maffei

and Brian. Thanks, Stefano

York, save please will be November date. in New Our X, Investor the Thursday, Annual Day

We in Media continued there. and Atlanta do We be soon. Braves to interest hope provided Additional of details will appreciate see you Holdings. many Liberty your

with operator, line And the questions. like open I'd for that, to

Operator

Our Cowen first Stephen with Company. Instructions] [Operator & question comes from Glagola

Stephen Glagola

understand Paddock and Las better the beyond. the monetization in of XXXX Greg, can us help Grand of you outside Prix Vegas

Vegas Prix So on Grand Grand what time? indicators holding? of And early Prix? exceed OIBDA you to on over match this -- expect interest do or contribution plan type outside of match sponsorship events the the do Any you

Gregory Maffei

race. comment manage Wilm thinking we the first time. Prix Grand exceed Las the our But the running Renee on it we're let about will have we'll effort. and will some make I not things who's amount the do Vegas that, outside with say over her expectations here, expect I'll of in I

Renee Wilm

Thanks, to. Happy Greg.

really for what on us the building. are with available the surface to scratch we basis a beginning go-forward is So on just

of a had karting, racing, have We about maybe requests. to Think relating something parties. about number Super inbound Bowl Think high-end supercars.

the Vegas us Las in partners throughout center is FX interested the the of are the in building. I'm sorry, certified, Many LEED course, LED our lots Of our world, very ecosystem in year. interest with certified of of state-of-the-art working convention

could all more lot is next over a say months. to come I So the few

Stephen Glagola

then And appears if we could How recent comments regards interpret I some squeeze from more. renewal. what the in concrete FIA one be And early to to should an then the conflicting with the appetite long just agreement more and with of Greg, versus any FIA interest of vision new the maybe what team entrants. high-level, conflicts your And of see term you like do sport views? the

Gregory Maffei

a make Stefano then I'll I'll let or and comment Well, add. X,

FIA moment? we would and daylight add little among a high, I value teams discuss is XX There great teams. doing. add? is bar this. which have more teams, and but uncertainty is the we had you and lot team we what about on Do productive and view, about about what hopefully they there's the a of every XXth unclear is all The things it, they're We're everything Stefano, think excited out. it's what very would XXth other add. we an to No. between process Stefano there my very We work have And an team. agree discussions

Stefano Domenicali

said you we perfectly. possibility. as is Greg, think, I start I it the mean, process in as it their

this the is value always value in the said, strong. as the find you of we We very because very, team and will conclusion. the an waiting But of are together, business agreement as discussion, today the final for

say, information decision, month that come within September. will very, So very soon, the I of that would

Operator

Our next Stanley. question comes from Morgan Ben with Swinburne

Benjamin Swinburne

of year, sense agreement you the any about your you do driving be just couple look or of when what's early. backwards dominated at relative a one obviously, to would Stefano, parity more all way see the this concrete with year, that team, of made guys step natural of sport? sort teams signing this product sport potentially you a you changes On optimism into being the time? by years And evolves the FX, this -- as unpredictably the which around a Do look the how over have at

this you one And tell have question the and if What sports. in teams then does the guys. next some process left plays couple about of for years I anything, had new as business Diamond been Diamond out? that about on Braves how different that Braves opportunity to models you think just There's you, gone over

Gregory Maffei

take Diamond the first question, let But obviously, take you Stefano, the Derek, I'll a X if to things at why and first? I'll Stefano don't shot and have add. you speak

Stefano Domenicali

it's of of to that years, the Formula next great, what need One say would part sure I Thanks, job company pretty is incredible I reduced, in this other I game. couple you Because incredible that would car see term Yes. terms great where moment someone odds of right technical it's job. that doubts part the are doing we say, much first I'm in of gap, doing and to the and the see But think is that the if has celebrate Greg. this all, but be incredible is of I with mean, just car. always doing. of how the is if the been would is an the

say, confirm have the to also of sometimes, legacy And doing I to the is need that some someone, it spectacular they're stuff.

And can incredible legacy putting in markets, certain you the mainly also it's say that something. that means one, because new an

so many you to I leader. are able a win races, If great mean you're really

the With to momentum that Concorde great. always agreement, negative today, these of are sport really history. back, has FX been something really conversation say I is regard in this if And are of would because So you -- part say I nothing the would look perspective. going ahead

all a things discussion, would course, with that I rush, FIA. not the we Of teams say positive and are both heading this the conclusion in but a for to are

Gregory Maffei

appreciative broadband with an give are probably And Valley, [indiscernible] we by of we most paid they we a to the very have successful view, fan million XX team. feel is On profitable please or deal strong which what add. than Diamond base, on households, Derek, the think to a a Braves, reasonable are have. I'll very and incredibly We're blessed my free territory.

of Some terminated or why relatively proceedings, territories or versus they executory other either Valley. attractive cost as contract bases the fan bankruptcy ones attractive in were attractive less less were And it's revenue less the by Valley. to

the don't Derek, generate the demand us I for it reasons of above, do think anything? be said alternatives because have, that if I us anticipate other that want it will and for add territory will I returns. will the our for positive because we but does product of happen, happen our in there to all strength you

Derek Schiller

thanks. Greg,

just I You comment currently stand. to well. Valleys are would of terms said all, we that, we our as first very and it adhering the agreement both of

We paid rights our are and delivering in we full. full, in are being

So tell just generally, just large anytime see soon. desirable. would then we that content very be sports changing you, continues don't to I And

think this a good we is long So what of happens. position regardless term,

Benjamin Swinburne

next comment You on to guys want the today, season just kidding.

Operator

Jayant comes Evercore. Vijay Our question from with next

Vijay Jayant

moved want you like the a some of and team little it on than have that would lower Is there's to any of A with One, payments, I the in but estate there venues conservative. and me. anything? business race. Formula Liberty Formula Is Liberty less numbers know On have directly to there Nation of purely do be Live impact any from know $X.X at remains? portfolio doing Greg, And [ need again, stuff any implies couple a estimate? Live, private seem buying past in discount One. the ] for that Or don't then one particularly, I that if thought nitpick to those billion. real Live? I of sort assets or tackle is XQ strategy tough of any to some some broadly, just are liquidity there? And sort that you you there some I Are said growing sort the ATBs

Gregory Maffei

start. Okay, unpack think -- you. is that Live, lot Vijay. are but I A to thank business there, currently ATB there no to On look, Liberty looking in we for

in We Live future. fit additive for were are like us will and well in potentially we'd be which the accretive to to pertains businesses and which looking we things Nation do strategy to be the there, with think them and

estate estate, is Live be particularly certainly events. list by real on is which Nation a us real of attractive, gives we the That but things latitude, anchored think wide could

is some we there Our do that, be liquidity we'll creative light, so ways we have to but have the ideas. relatively about

Formula to I things. couple One, noted Turning of

good analysis the year, of flow the look very were think we good. between But rest would and things general, third we how feel some of where payments the about quarters. where and it I fourth stand in done the how at about

is looked conservative, and our I being and the X as would optimistic think pessimistic the general, you we rightly on in noted, Brian, as of the of The slightly impacts how X. timing payouts. fall nature analysts slightly you races the it's payouts, add? at what on

Brian Wendling

just second because so would at Yes. the Imola I there's just together the that have the X of say of rephasing percentage. I other in noise thing at quarter the that would first and quarters look you impact and the look

As in we our were we at remarks, said XX%.

Operator

Our Bank. comes Kraft next question with from Deutsche Bryan

Bryan Kraft

question is a that more that first, Sirius. why spread. on hasn't you Liberty Greg, guess, Liberty made a couple shares I I ask efficient borrow, investors Sirius be around that often available can market the many so for its had for

question Liberty is I would And sharing love So to hear to second to shares level. then a SiriusXM. get and Liberty rationale the wouldn't its potential the mind not sell the sensitivity make you that the the with to understand some decision leverage SIRI of for do it that. if is, your I Sirius down merger behind of XX% Would closer to Sirius sense

some but XX%, the considerations doing above of or and that stay to from Are then any of restrictions in there you for kind Sirius. discouraging or debt reduce that preventing doing you that? cash use Liberty So bring

Gregory Maffei

Oren, you're the first let think on answer Yes. Ben, after first. are, you the second answer I'll will if Ben one I I

strategy, that about concerned we think concerned I are -- not or leverage. the

tax think But be in leverage. clear. It I support of leverage was who that executed on bought think, at them. could we some in to support of general, like SIRI tax the basis and might depend would can of terms how be combined trying I Liberty that the idea businesses because we I like in SIRI think low those don't the and idea, very don't to shares sell have a the very inefficient. I

I And the we can as combination. support I think said,

time, to look in have But the get been year our dividends reducing applying paid like continuing they manage We from that to tax to dividends do leverage. ways are I the plus, time to leverage. SiriusXM. We we've last of over inefficient. And out don't special at general,

those do low a Ben, basis the very address have shares. borrow issue? in We you want to

Ben Oren

Yes, sure.

out While lawyers to shares. we're ability actually done of volatility. lot very sympathetic lend a to the borrow a on work of the issue with lot and because it our We've does internally create

facility structured borrow this think different would to shares to I'll how just for time, would probably there potential are -- say are any our considerations be legal inefficient to borrow it tax relatively any or users. make summarize have of there I that at

we shares or now why the lend reluctantly considerations but shares, would for alleviate that, borrower at the the the it of with were those to time be not to what to coupled for we any going doing lend that being, optics probably look tax with our is out extent So the will we'll never legal our if continue say shares never. and

Operator

Our Karnovsky David JPMorgan. comes from next with question

David Karnovsky

promo, On the with what curious, drivers, just bit was projection was the Imola. CapEx Paddock mix on remind increase QX. can race And the the Vegas, year you us spend? then on maybe versus revenue I'm expand same just minus of and for up original That's the a in last increased for races

of step-ups Were if see of? or there kind comment aware any on you the to material one-offs wanted there? we Just could be could that drivers

Gregory Maffei

take to Brian, CapEx? want do you the

Brian Wendling

than never value. CapEx, I said a officially number. it a we say would purchase the proximated land slightly or Yes, gave on at higher the We

Gregory Maffei

firm spending that have be told that we amount the it land. we just number. are than will think we not you a given the on So We've larger now still

Brian Wendling

[ Yes, we approximately ] million what $XXX said. is

Gregory Maffei

sure the to repeat make you just I second question Can followed it.

David Karnovsky

Yes. on... Sure. just just could it great. that question, the But be CapEx, the second expand the drivers if on of And would was increase, with you the on

Gregory Maffei

Renee, drivers? do on to comment you the want

Renee Wilm

happy to. I'm Yes,

stakeholders the couple addressed. There under to So lot by the overhead wires asphalt, cables of uncovered needed be as and a moved. we've request challenges into have driven that this we've around we entered stakeholders, A process additional actual enhanced this also encountered opening usage. as We've the the from the as and track some of began requests closing honestly, security, ground track. such of that the quite for requirements was local been needed have be to preparing local properties the casino around of

just So that to as this additional equipment work. was as led needed road additional actual has well

with in it speed Of environment. is to at building, built an lightning being course, regard inflationary Paddock

costs have in can regard. along way there you some as the been imagine, additional that also So

Gregory Maffei

Great. second timing please. could you Renee. to And and your Thanks, recognition, it, question about maybe revenue repeat

David Karnovsky

year-over-year. mix was step-ups Sure. you I were just race wanted Imola. think material minus could comment of? It see number the of if promo. And The was aware noted there, up on same sorry, same be there I just had press on to if you -- release one-offs it to races, any or the had drivers

Brian Wendling

increases race I it's regular of offset impact No, mean there, going just by the contractual the Imola away.

Operator

Thank you.

comes question with Sachs. from next Our Goldman Laszczyk Stephen

Stephen Laszczyk

but November. time But to opportunities X and just be the more your Maybe maybe Greg and beyond, you're excited on Las years months is Vegas. this last thinking that about fit Renee come able one experience. have in there around the for particularly in that for appreciate any not fan focus over the into year X for might GP focus the are I

Just trying think what one. to Las compared see the we the might year Vegas vision through around to and long-term profitability in opportunity

Gregory Maffei

Yes.

this. we think I on touched some of

team both on, fan both and go FX opportunities cost X. it all it opportunities moved this that can grow in GP. GP revenue it whether And be of put into probably events, speed, the year that's and around music with are think we around will things on lightning whether and side, place. be we outside also GP costs. increased to as capitalize We Renee's there festivals, the second the that the the And team, the sporting there are it's be to side led be meant events, potentially those had whether beyond to not I

about And So touched more GP to question, that are related. our GP in, but touched talk we on numbers. people today outside those of the all terms I on some have are don't fact, This in operator? Renee the the of already I we last things think think interested is

Operator

question Pereiro last Our with America. from Bank comes Marlane of

Marlane Pereiro

SiriusXM, Just -- on next target quickly debt an over amount Liberty of is sort get to down looking a year? the you're of there or Sirius

Gregory Maffei

earlier. I think little I Well, touched on a this

debt. in of SXM debt to the one looked on have perturbations the in with at We SiriusXM, are form another, many potential or and in LSXM -- cases combinations debt all some would adding involve them incremental and, taking that's

path we a will there is massive what target So follow. don't because particular generator. SiriusXM is exactly know flow no cash

and -- the bullish our another we're not not reason to we're selling reasons of its that generate on One continued particularly ability in the the why interested prospects cash. stock, we're why for business

the know that might it though allow [ back combination short time, capabilities period entity a generating Xx. of leverage relatively that for flow or Xx the to down cash debt combined any to We amount So have pay a would that, to X.X leverage relatively high quickly. ]target

Marlane Pereiro

would mean, happen? But are wouldn't a why any and the any makes factors think I sense. for there combination as Got most are And most factors, I think part, a to occur there combination maybe consider it. perhaps to

Gregory Maffei

committee a there their there'll and negotiate independent SiriusXM, of hopefully, and not potential a got at X you've of will considerations, and -- think their shareholders there's agreement the have on LSXM the have I that parties. you'll but an between the behalf you'll Liberty be meeting an minds, always Well, is which representing

Marlane Pereiro

Got it. I'll you. there. leave it Thank

Gregory Maffei

you Media, next we look I speaking Thank the your sooner. not for all much think you And very quarter, we're for Thank you. line questioners. if operator. you Liberty in interest you on and to much our again Thank with of done, forward very to all

Operator

has concluded. Thank for attending call. you now conference conference The today's

You at this may disconnect time. lines your

Atlanta Braves (BATRA) 4 Aug 232023 Q2 Earnings call transcript