Q1 2024 Liberty Media Corp Earnings Call

May 8, 2024

Operator: Welcome to the Liberty Media Corporation's 2024 First Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode.

Operator: Welcome to the Liberty Media Corporation's 2024 Q1 Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, please press star one on your telephone keypad. As a reminder, this conference will be recorded 8 May 2024. I would now like to turn the call over to Clare Adams, Senior Manager, Investor Relations. Please go ahead.

Welcome to the Liberty Media Corporation 2024 first quarter earnings call. During the presentation, all participants will be in a listen only mode. Afterwards, we will conduct a question and answer session at that time. If you have a question. Please press star one on your telephone keypad.

Operator: Afterward, we will conduct a question and answer session. At that time, if you have a question, please press star 1 on your telephone keypad. As a reminder, this conference will be recorded on May 8th. I would now like to turn the call over to Claire Adams, Senior Manager, Investor Relations. Please do so.

Claire Adams: As a reminder, this conference will be recorded may 8th.

Operator: I would now like to turn the call over to Claire Adams Senior manager of Investor Relations. Please go ahead.

Brian Wendling: Good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Media and Atlanta Braves Holdings with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Media and Atlanta Braves Holdings expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media or Atlanta Braves Holdings' expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

Clare Adams: Good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Media and Atlanta Braves Holdings with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Media and Atlanta Braves Holdings expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media or Atlanta Braves Holdings' expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

Claire Adams: Good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Media and Atlanta Brace Holdings with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Media and Atlanta Braves Holdings expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media' or Atlanta Braves Holdings' expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based.

Claire Adams: Good morning, before we begin we'd like to remind everyone that this call included certain forward looking statements within the meaning of the private Securities Litigation Reform Act of 19 eight.

Claire Adams: Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Form 10-K, and 10-Q filed by Liberty media.

Claire Adams: Holdings with the SEC.

Claire Adams: Forward looking statements speak only as of the date of this call and Liberty Media and Atlanta Braves holdings expressly disclaim any obligation or undertaking and how many.

Claire Adams: Any updates or revisions to any forward looking statements contained herein.

Claire Adams: Like any change in Liberty media, or Atlanta Braves holdings expectations with regard there to or any change in events conditions or circumstances on any such statement is based.

Claire Adams: On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, SiriusXM, and Atlanta Braves Holdings, including adjusted OIDA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media, SiriusXM, and Atlanta Braves Holdings Schedules 1-3 can be found at the end of the earnings press releases issued today, which are available on Liberty Media and Atlanta Braves Holdings Now, I'd like to turn the call over to Greg Maffei, Lurie's President and CEO. Thank you.

Brian Wendling: On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, SiriusXM, and Atlanta Braves Holdings, including Adjusted OIBA and Adjusted EBITDA. The required definitions and reconciliations for Liberty Media, SiriusXM, and Atlanta Braves Holdings, schedules one through three, can be found at the end of the earnings press releases issued today, which are available on Liberty Media and Atlanta Braves Holdings' websites. Now I'd like to turn the call over to Greg Maffei, Liberty's president and CEO.

Clare Adams: On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, SiriusXM, and Atlanta Braves Holdings, including Adjusted OIBA and Adjusted EBITDA. The required definitions and reconciliations for Liberty Media, SiriusXM, and Atlanta Braves Holdings, schedules one through three, can be found at the end of the earnings press releases issued today, which are available on Liberty Media and Atlanta Braves Holdings' websites. Now I'd like to turn the call over to Greg Maffei, Liberty's president and CEO.

Claire Adams: On today's call, we will discuss certain non-GAAP financial measures from Liberty Media, Sirius XM, and Atlanta Braves holdings, including adjusted OIBDA and adjusted EBITDA, the required definitions and reconciliations for Liberty media, Sirius XM and Atlanta Braves Holdings schedules one through three can be found at the end of the earnings press releases issued today, which are available on liberty.

Greg Maffei: Media and Atlanta brands Holdings' website.

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

Greg Maffei: Thank you, Claire, and good morning to all. Today speaking on the call, we will also have Formula One's President and CEO, Stefano Domenicali. Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. Also, during Q&A, we will answer questions related to Atlanta Braves Holdings, and Braves management will be available as well. So beginning with Liberty Sirius XM, the LSXM Siri transaction is progressing well, the regulatory process is on track, and we still expect a close by early in the third quarter. Turning to SiriusXM itself, solid first-quarter performance, revenue up 1%, EBITDA up. They are continuing to benefit from cost optimization, improvements in the second half and in fiscal 24 versus 23.

Greg Maffei: Thank you, Claire, and good morning to all. Today speaking on the call, we will also have Formula One's President and CEO, Stefano Domenicali, Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. Also during Q&A, we will answer questions related to Atlanta Braves Holdings, and Braves management will be available as well. So beginning with Liberty SiriusXM, the LSXM Sirius transaction is progressing well. The regulatory process is on track, and we still expect a close early in Q3. Turning to SiriusXM itself, it's solid Q1 performance, revenue up 1%, EBITDA up 4%. They are continuing to benefit from cost optimization across the org. They expect self-pay net adds, improvements in the second half, and in fiscal 2024 versus 2023. They did also on their call reiterate the 2024 guidance. They are maintaining margins while investing to support future growth.

Greg Maffei: Thank you Claire and good morning to all.

Stefano Domenicali: Today speaking on the call we will also have.

Greg Maffei: Formula one's president and CEO, Stefano Domenicali, Liberty's, Chief accounting and principal financial Officer, Brian Wendling.

Greg Maffei: Also during Q&A Q&A, we will answer questions related to Atlanta Braves Holdings, and Braves management will be available as well.

Greg Maffei: So beginning with Liberty Sirius XM, the <unk> transaction is progressing well our regulatory process is on track and we still expect to close by the early in the third quarter.

Greg Maffei: Turning to Sirius XM itself.

Greg Maffei: And solid first quarter performance revenue up 1% EBITDA up.

Greg Maffei: What percent they are continuing to benefit from cost optimization across the org.

Greg Maffei: <unk> self pay net adds improvements in the second half and in fiscal 'twenty four versus <unk> 23.

Greg Maffei: They did also, on their call, reiterate the 2024 guidance. They are maintaining margins while investing to support future growth. Management is focused on a couple of key strategic initiatives, and we've seen some still early but promising metrics on the new app. We continue to move engagement for lower listening cohorts to higher listening levels, and we've been able to adapt to consumer feedback more quickly using this application. Sirius exclusive content continues to attract new customers. James Corden's series recently, which was recently initiated, quickly moved into the top three talk shows.

Greg Maffei: They did also on their call reiterate the 2020 for garden guidance, we're maintaining margins, while investing to support future growth.

Greg Maffei: Management is focused on a couple of key strategic initiatives, and we've seen some still early but promising metrics on the new app. We continue to move engagement for lower listening cohorts to higher listening levels, and we've been able to adapt to consumer feedback more quickly utilizing this application. Sirius exclusive content continues to attract new customers. James Corden series, which was recently initiated, quickly moved into the top three talk shows. Notably, we're also progressing with the rollout of 360L. There was an expanded Hyundai-Genesis partnership, which will integrate 360L. Adoption of 360L leads to better consumer trends, including higher conversion. Now, turning to Formula One Group, we were thrilled to announce in April the acquisition of MotoGP. I want to reiterate the attractive qualities of this asset, a global league-level sport with incredible racing.

Greg Maffei: Management's focus on a couple of key strategic initiatives and we've seen some still early but promising metrics on the new app.

Greg Maffei: We continue to move engagement or lower listening cohorts to hire listening levels.

Greg Maffei: And we've been able to adapt to consumer feedback more quickly utilizing this application.

Greg Maffei: Siri exclusive content continues to attract new customers James Corden series recently, which was recently initiated quickly moved into the top three talk shows.

Greg Maffei: Notably, we're also progressing with the rollout of 360L, with an expanded Hyundai-Genesis partnership, which will integrate 360L, and adoption of 360 leads to better consumer trends, including higher... Now, turning to Formula One Group, we were thrilled to announce in April the acquisition of MotoGP. I want to reiterate the attractive qualities of this asset, a global league-level sport with incredible racing, for example, across the first four races. We've had ten riders across seven teams reach the podium, and the average time to decide the race winner has been about a second. On Monday, the new technical regulations for the sport were announced for the 2027 time frame.

Greg Maffei: Notably, we're also progressing with the rollout of 360 L.

Greg Maffei: Expanded Hyundai Genesis partnership, which will integrate 360 L.

Greg Maffei: And adoption of 360 leads to better consumer trends, including higher conversion.

Greg Maffei: They expect even closer racing and more overtaking utilizing these new technical regulations. Attendance at the races is performing very well. For example, the Portuguese GP at Portimao was up 41% versus the prior year, and the Spanish GP at Jerez had the highest attendance since 2015. This sport is awesome, and Liberty has experience to help them hopefully grow the exposure across the country. A couple of deal updates here; we're also progressing on required regulatory filings. We have syndicated the financing commitments and hedged our foreign exchange exposure, and we still expect to close by year-end.

Greg Maffei: Now turning to the Formula One group.

Speaker Change: We're thrilled to announce it.

Greg Maffei: April was the acquisition of <unk> G P.

Greg Maffei: I want to reiterate the attractive qualities of this asset at a global level League level sport with incredible racing for example across the first four races.

Greg Maffei: For example, across the first four races, we've had 10 riders across seven teams reach the podium, and the average time to decide the race winner has been about a second. Monday, the new technical regulations for the sport were announced for the 2027 time frame. They expect even closer racing and more overtaking utilizing these new technical regs. Attendance at the races is performing very well. For example, the Portuguese GP at Portimão was up 41% versus the prior year, and the Spanish GP at Jerez had the highest attendance since 2015. This sport is awesome, and Liberty has experience to help them hopefully grow the exposure across the world. A couple of deal updates here. We're also progressing on required regulatory filings. We have syndicated the financing commitments and hedged our foreign exchange exposure, and we still expect to close by year-end.

Greg Maffei: We've had 10 riders across <unk> reached the podium.

Greg Maffei: And the average time to decide the race winter has been about a second.

Greg Maffei: Monday.

Greg Maffei: <unk> technical regulations for the sport were announced for the 2027 time frame they expect even closer racing and more overtaking utilizing these new technical regs.

Greg Maffei: Attendance at our races is performing very well for example, the Portuguese GP at Port of MAU was up 41% versus the prior year and the Spanish GDP and how it has had the highest attendance since 2015.

Greg Maffei: This sport is awesome and Liberty has experienced help them grow the exposure across the world a couple of deal updates here.

Greg Maffei: Also progressing on required regulatory filings.

Greg Maffei: We have syndicated financing commitments and hedged our foreign exchange exposure and we still expect to close by year end.

Greg Maffei: Turning now to F1, we've had successful races in several key growth markets. We returned to China for the first time since 2019, and the first time with a Chinese driver. It was a sold-out race, and live viewership on CCTV was up 50% versus 2019. Miami was an exciting and very competitive race. I want to congratulate Lando on winning his first GP after 15 podiums.

Greg Maffei: Turning now to F1, we've had successful races in several key growth markets. We returned to China for the first time since 2019 and the first time with a Chinese driver. It was a sold-out race, and live viewership on CCTV was up 50% versus 2019. Miami was an exciting and very competitive race. I want to congratulate Lando on winning his first GP after 15 podiums. The McLaren upgrades are working well, and we expect more competitive racing from that going forward. We continue to see growth in US engagement. Miami was sold out with a new attendance record of 275,000. F1 achieved its largest live US TV audience at 3.1 million with a peak of 3.6 million. We also had our largest audience for a sprint race since the format was introduced in 2021. We also hosted the second F1 Academy event of the season in Miami.

Greg Maffei: Turning now to half one we.

Greg Maffei: We've had successful raises in several key growth markets, we returned to China for the first time since 2019, and the first time with a Chinese driver. It was a sold out race and live viewership on CCTV was up 15% versus 2019.

Greg Maffei: Miami was an exciting and very competitive race I want to congratulate lando on winning its first GP after 15 podiums.

Greg Maffei: McLaren upgrades are working well, and we expect more competitive racing from that going forward. We continue to see growth in U.S. engagement. Miami was sold out, with a new attendance record of 275,000.

Greg Maffei: But Claire and upgrades are working well and we expect more competitive racing from that going forward.

Greg Maffei: We continue to see growth in the U S engagement.

Greg Maffei: It was sold out with a new attendance record of 275000.

Greg Maffei: F1 achieved its largest live USTD audience at 3.1 million, with a peak of 3.6. We also had our largest audience for a sprint race since the format was introduced in 2021. We also hosted the second F1 Academy event of the season in Miami. We are excited that we are contributing to and promoting continued momentum in women's sports. We are attracting more diverse audiences that are exciting and relevant to all. For example, at F1 Academy, Instagram followers are 55% female but also 45% male. Everyone watches women's sports.

Greg Maffei: <unk> achieved its largest live U S T D audience at $3 1 million.

Greg Maffei: With a peak of $3 6 million.

Greg Maffei: We also had our largest audience for our sprint rates since the format was introduced in 2021.

Greg Maffei: We also hosted the second ethylene Academy event of the season in Miami.

Greg Maffei: We are excited that we are contributing to and promoting continued momentum in women's sports. We are attracting more diverse audiences that are exciting and relevant to all. At F1 Academy, Instagram followers are 55% female but also 45% male. Everyone watches women's sports. We recently announced new docu-series with Netflix and Reese Witherspoon's production company, Hello Sunshine, about F1 Academy, and we look forward to seeing the series grow. Turning now to LBG, a few updates. We redefined the product ladder to reach a greater range of fanbase. We are now integrating the commercial and marketing functions across F1, LBG, and Quint more closely to achieve better harmony and cost savings. We think this will allow us to have aligned sponsorship and sales efforts across the org, and as I mentioned, it will be more cost-effective.

Greg Maffei: We are excited that we are contributor to and promoting continued momentum in women's sports we are attracting more diverse audiences.

Greg Maffei: They are exciting and relevant to all in F. One Academy Instagram followers are 55% female but also 45% male.

Greg Maffei: Everyone watches women's sports.

Greg Maffei: We recently announced a new docu-series with Netflix and Reese Witherspoon's production company, Hello Sunshine, about F1 Academy, and we look forward to seeing the series grow. Turning now to LBGP, a few updates. We redefined the product ladder to reach a greater range of fan base. We are now integrating the commercial and marketing functions across F1. LGBT and quit more closely to achieve better harmony and cost savings.

Greg Maffei: We recently announced new doctors series with Netflix and re sweaters boots production company Hello, Sunshine about F. One Academy and we look forward to seeing the series growth.

Greg Maffei: Turning now to <unk>, a few updates we redefined our product ladder to reach a greater range of fan base.

Greg Maffei: We're now integration integrating the commercial and marketing functions across F. One.

Greg Maffei: LGBT and quit more closely to achieve better harmony and cost savings. We think this will allow us to have a line sponsorship and sales efforts across the board and as I mentioned, it will be more cost effective.

Greg Maffei: We think this will allow us to have aligned sponsorship and sales efforts across the org, and as I mentioned, it will be more cost effective. We kicked off the events business at Grand Prix Plaza in Las Vegas, hosting some exciting brands, including the Super Bowl Media Party, Autodesk, CrowdStrike, and our own QVC's Age of Possibilities. Now, touching briefly on QUIT, we closed the acquisition in early January.

Greg Maffei: We kicked off the events business at Grand Prix Plaza in Las Vegas, hosting some exciting brands, including a Super Bowl media party, Autodesk, CrowdStrike, and our own QVC's Age of Possibility. Now, touching briefly on Quint, we closed the acquisition in early January. Some of the Q1 highlights were the 2024 All-Star Game, which was NBA Experience's largest event ever for ticket packages and revenue, and F1 Experience saw solid demand across the first three races of F1, including a sellout across all products in Australia. We do believe there is strategic value in having Quint and F1 under the same roof. The data sharing across companies allows us to know the fan better and improve our touchpoints, and leveraging Quint's sales and marketing will create efficiencies and leverage the sales process, including at LGBT, as I mentioned.

Greg Maffei: We kicked off the events business at <unk> Plaza in Las Vegas, hosting some exciting brands, including our Super Bowl Media Party Autodesk crowd strike and our own qvc's age of possibility.

Greg Maffei: Now touching briefly on when we close the acquisition in early January some of the first quarter highlights were the 2024, all star game, which was NBA experiences largest event ever for ticket packages and revenue at.

Greg Maffei: Some of the first quarter highlights were the 2024 All-Star Game, which was NBA Experience's largest event ever for ticket packages and revenue, and F1 experiences saw solid demand across the first three races of F1, including a sell-out across all products in Australia. We do believe there is strategic value in having QUINT and F1 under the same roof. The data sharing across companies allows us to know the fan better and improve our touch points, and leveraging sales and marketing will create efficiencies and leverage the sales process, including at LGBP, as I mentioned. I want to reiterate, we expect Quint to be adjusted to be an orbiter creative to F1.

Greg Maffei: In F. One experiences six saw solid demand across the first three races of half one including a sell out across all products in Australia.

Greg Maffei: We do believe there is strategic value in having quint and F. One under the same roof.

Greg Maffei: The data sharing across companies allows us to know the fan better and improve our touch points.

Greg Maffei: And leveraging sales and marketing will create efficiencies and leverage the sales process, including at L. G. B P. As I've mentioned.

Greg Maffei: I want to reiterate, we expect Quint to be Adjusted OIBA accretive to F1. Touching on Live Nation briefly, global fan demand continues to surge. Q1 revenue was up 21%, and AOI was up 15%. They had a record Q1 for sponsorship, also up 24%. Indicators point to another record year. Over 85% of the large shows are booked versus 75% at this time in the prior year, and concert ticket sales for arena and amphitheaters are pacing up double-digit levels. We also see continued success in international markets and within the Venue Nation strategy. Ticket sales for the Latin acts were up double digits in the US, and at venues, we're opening at least 12 major global venues in the 2024 time frame, and we have capacity for 8 million additional fans, and we think we can enhance the consumer experience and generate strong returns.

Greg Maffei: I want to reiterate we expect wind to be adjusted OIBDA accretive to F. One and form.

Brian Wendling: Turning on, touching on Live Nation briefly, global fan demand continues to surge. First quarter revenue was up 21%, and AOI was up 15%. They had a record first quarter for sponsorship, also up 24%. Indicators point to another record year. For example, over 85% of the large shows are booked versus 75% at this time last year. And concert ticket sales for arenas and amphitheaters are pacing up double-digit levels. We also see continued success in international markets and in the venue nation strategy.

Greg Maffei: Turning on touching on live nation briefly.

Brian Wendling: Our global fan demand continues to surge.

Brian Wendling: First quarter revenue was up 21% and a Y was up 15%. They had a record first quarter for sponsorship also up 24%.

Brian Wendling: Indicators point to another record year over 85% of our large shows a FERC booked versus 75% at this time in the prior year.

Brian Wendling: In concert ticket sales for arena and amphitheater are pacing up double digit levels.

Brian Wendling: We also see continued success in international markets and with venue in the venue nation strategy.

Brian Wendling: Ticket sales for the Latinx were up double digits in the US and at venues. We're opening at least 12 major global venues in the 2024 timeframe, and we have capacity for eight million additional fans, and we think we can enhance the consumer experience and generate strong returns. Finally, touching on the Braves, who are off to another great start to the season despite early injuries in a tough Dodgers series last weekend. Great win last night in the ninth inning, as usual with us.

Brian Wendling: Ticket sales for the Latin acts were up double digits in the U S and at venues. We're opening at least 12 major global venues in the 'twenty 'twenty four time frame.

Brian Wendling: And we have capacity for 8 million additional fans and we think we can enhance the consumer experience and generate strong returns.

Greg Maffei: Finally, touching on the Braves, off to another great start to the season despite early injuries in a tough Dodgers series last weekend. A great win last night in the ninth inning as usual with us. Strong demand continues. We've seen multiple sellouts already this season. We're trending 4 in average attendance per game across MLB, and we have sold 93% of our ticket capacity season to date. We've completed the renovations at Truist Park ahead of the season. There's a new Lexus-level premium boxes. There's an expanded retail store capacity. We have the Jim Beam Bourbon decks with bars replicating the length between the pitcher's mound and home plate, and these upgrades are already generating incremental revenue this season.

Brian Wendling: Finally touching on the Braves.

Brian Wendling: Off to another great start to the season, despite early injuries and a tough Dodger series last weekend, great win last night in the ninth inning as usual with us.

Brian Wendling: Strong demand continues. We've seen multiple sellouts already this season. We're trending number four in average attendance per game across MLB, and we have sold 93 percent of our ticket capacity. We've completed the renovations at Truist Park ahead of the season. There's a new Lexus-level premium box, and there's an expanded retail store capacity. We have the Jim Beam bourbon decks with bars replicating the length, out at home plate, and these upgrades are already generating incremental revenue.

Brian Wendling: Strong demand continues we've seen multiple satellites sellouts already this season.

Brian Wendling: We're trending number four and average attendance per game across MLB, and we have sold 93% of our ticket capacity season today.

Brian Wendling: We've completed the renovations at Truest Park ahead of the season.

Brian Wendling: There is a new lexis level premium boxes. There is an expanded retail store capacity, we have the Jim beam Bourbon decks with borrowers replicating the length between the Pinterest Mountain home plate.

Brian Wendling: And these upgrades are already generating incremental revenue this season.

Greg Maffei: We announced several new sponsors this season early, including Ball Corp and Lexus, and we are creating more inventory around the ballpark, including LED signage, and we are leveraging the demand for renewals on our existing partnerships. The Braves are positioned for another great year on and off the field. So with that, I'll turn it over to you, Brian, for more on our financial results.

Brian Wendling: We announced several new sponsors this season early, including Ball Corp and Lexus. And we are creating more inventory around the ballpark, including LED signage, and we are leveraging the demand for renewals on our existing partners. The Braves are positioned for another great year on and off the field. So with that, I'll turn it over to you, Brian, for more.

Brian Wendling: We announced several new sponsors this season early including ball Corp, and Lexus.

Brian Wendling: And we are creating more inventory around the bar ballpark, including led signage.

Brian Wendling: And we are leveraging the demand for renewals on our existing partnerships the.

Brian Wendling: The Braves are positioned for another great year on and off the field, so with that I'll turn it over to you Brian for more on our financial results.

Brian Wendling: Thank you, Greg, and good morning. At quarter end, Liberty Sirius XM Group had attributed cash and liquid investments of $64 million, excluding $71 million of cash held at Sirius XM. During the quarter, Liberty Sirius XM paid down $65 million under the Sirius XM Margin Loan using cash on hand. There was $1.1 billion of undrawn margin loan capacity related to our Sirius XM Margin Loan as of quarter end. As of May 7th, the value of our SiriusXM stock was $10 billion, and we have $1.2 billion in principal amount of debt against these holdings. The total Liberty Sirius XM Group attributed principal amount of debt is $11.1 billion, which includes $9.3 billion of debt at Sirius.

Kutgun Maral: Thank you, Greg, and good morning. At quarter-end, Liberty SiriusXM Group had attributed cash and liquid investments of $64 million, excluding $71 million of cash held at SiriusXM. During the quarter, Liberty SiriusXM paid down $65 million under the SiriusXM margin loan using cash on hand. There's $1.1 billion of undrawn margin loan capacity related to our SiriusXM margin loan as of quarter-end. As of 7 May, the value of our SiriusXM stock was $10 billion, and we have $1.2 billion in principal amount of debt against these holdings. Total Liberty SiriusXM Group attributed principal amount of debt is $11.1 billion, which includes $9.3 billion of debt at SiriusXM. Turning to the Formula One Group, at quarter-end, Formula One Group had attributed cash, liquid investments, and monetizable public holdings of $1.3 billion, which includes $1 billion of cash at Formula One.

Brian Wendling: Thank you, Greg, and good morning. At quarter-end, Liberty SiriusXM Group had attributed cash and liquid investments of $64 million, excluding $71 million of cash held at SiriusXM. During the quarter, Liberty SiriusXM paid down $65 million under the SiriusXM margin loan using cash on hand. There's $1.1 billion of undrawn margin loan capacity related to our SiriusXM margin loan as of quarter-end. As of 7 May, the value of our SiriusXM stock was $10 billion, and we have $1.2 billion in principal amount of debt against these holdings. Total Liberty SiriusXM Group attributed principal amount of debt is $11.1 billion, which includes $9.3 billion of debt at SiriusXM. Turning to the Formula One Group, at quarter-end, Formula One Group had attributed cash, liquid investments, and monetizable public holdings of $1.3 billion, which includes $1 billion of cash at Formula One.

Brian Wendling: Thank you, Greg and good morning at quarter end Liberty Siriusxm group had attributed cash and liquid investments of $64 million, excluding $71 million of cash held at Sirius XM during.

Brian Wendling: During the quarter Liberty Sirius XM paid down 65 million under the Sirius XM margin loan using cash on hand, there's $1 1 billion of Undrawn margin loan capacity related to our Sirius XM margin loan as of quarter end.

Brian Wendling: As of May 7th the value of our Sirius XM stock was $10 billion.

Brian Wendling: And we have $1 2 billion in principal amount of debt against these holdings.

Brian Wendling: Total Liberty Sirius XM group attributed principal amount of debt is $11 1 billion, which includes $9 3 billion of debt at Sirius XM.

Brian Wendling: Turning to the Formula One Group, at quarter end, Formula One Group had attributed cash, liquid investments, and monetizable public holdings of $1.3 billion, which includes $1 billion of cash at Formula One. The Quinn Acquisition closed in January and was funded with $205 million of FOG cash on hand, net of the Quinn cash that was acquired. The total Formula One Group attributed principal amount of debt was $2.9 billion, which included $2.4 billion of debt at Formula One, leaving $531 million.

Brian Wendling: Turning to the Formula One group at quarter end Formula One group had attributed cash liquid investments and monetize both public holdings of $1 3 billion, which includes the $1 billion of cash at Formula One.

Kutgun Maral: Quint acquisition closed in January and was funded with $205 million of Formula One Group cash on hand, net of the Quint cash that was acquired. Total Formula One Group attributed principal amount of debt was $2.9 billion, which includes $2.4 billion of debt at Formula One, leaving $531 million at the corporate level. F1's $500 million revolver is undrawn, and their leverage at quarter-end was 1.7x. Looking at the F1 operating business, as we've reiterated multiple times, it is best analyzed on an annual basis, given variability in the year-over-year race calendar. With that said, however, I will make some brief remarks on the Q1. There were 3 races held in the Q1 compared to 2 races in the prior-year period.

Brian Wendling: Quint acquisition closed in January and was funded with $205 million of Formula One Group cash on hand, net of the Quint cash that was acquired. Total Formula One Group attributed principal amount of debt was $2.9 billion, which includes $2.4 billion of debt at Formula One, leaving $531 million at the corporate level. F1's $500 million revolver is undrawn, and their leverage at quarter-end was 1.7x. Looking at the F1 operating business, as we've reiterated multiple times, it is best analyzed on an annual basis, given variability in the year-over-year race calendar. With that said, however, I will make some brief remarks on the Q1. There were 3 races held in the Q1 compared to 2 races in the prior-year period.

Brian Wendling: Quint acquisition closed in January and with and was funded with $205 million of Formula One group cash on hand net of the quick cash that was acquired.

Brian Wendling: Total Formula One group attributed principal amount of debt was $2 9 billion, which includes $2 4 billion of debt at Formula one, leaving $531 million at the corporate level.

Brian Wendling: F1's $500 million revolver is undrawn, and their leverage at quarter end looks at the F1 operating business. Reiterated multiple times, it is best analyzed on an annual basis, giving variability, and the calendar. With that said, however, I will make some brief remarks.

Brian Wendling: <unk> $500 million revolver is undrawn and their leverage at quarter end was one seven times.

Brian Wendling: Looking at the F. One operating business.

Brian Wendling: Reiterated multiple times it is best analyzed on an annual basis, giving variability.

Brian Wendling: It's calendar.

Brian Wendling: That said, however, I will make some brief remarks on the first quarter.

Brian Wendling: There were three races held in the first quarter compared to two races in the prior year period. F1 therefore recognized an additional race promotion fee this year as well as a higher proportion of season-based income due to three out of 24 races occurring during Q124 compared to two out of 23 in the prior year, which was ahead of the Imola race cancellation. Other revenue increased due to the start of the F-2 vehicle cycle, which is largely offset by other costs of F-1 revenue, as well as higher hospitality revenue and freight income. F-1 also recognized revenue and costs related to the F-1 Academy due to the earlier start of the season compared to last year. Justin Duyvida grew alongside revenue in the quarter.

Brian Wendling: There were three races held in the first quarter compared to two races in the prior year period F. One recognized an additional race promotion fee this year as well as a higher proportion of season based income due to three out of 24 races occurring during Q1 24 compared to two out of 23 in the prior year, which was ahead of the MLR.

Kutgun Maral: F1 recognized an additional race promotion fee this year, as well as a higher proportion of season-based income due to 3 out of 24 races occurring during Q1, Q2, Q3 compared to 2 out of 23 in the prior year, which was ahead of the Imola race cancellation in Q2, Q3. Other revenue increased due to the start of the F2 vehicle cycle, which is largely offset within other costs of F1 revenue, as well as higher hospitality revenue and freight income. F1 also recognized revenue and costs related to the F1 Academy due to the earlier start of the season compared to last year. Adjusted OIBA grew alongside revenue in the quarter. Team payments were higher due to the higher pro rata recognition, as well as the expectation of increased team payments for the full year. A reminder that team payments should be analyzed on a full-year basis.

Brian Wendling: F1 recognized an additional race promotion fee this year, as well as a higher proportion of season-based income due to 3 out of 24 races occurring during Q1, Q2, Q3 compared to 2 out of 23 in the prior year, which was ahead of the Imola race cancellation in Q2, Q3. Other revenue increased due to the start of the F2 vehicle cycle, which is largely offset within other costs of F1 revenue, as well as higher hospitality revenue and freight income. F1 also recognized revenue and costs related to the F1 Academy due to the earlier start of the season compared to last year. Adjusted OIBA grew alongside revenue in the quarter. Team payments were higher due to the higher pro rata recognition, as well as the expectation of increased team payments for the full year. A reminder that team payments should be analyzed on a full-year basis.

Brian Wendling: This cancellation in Q2 'twenty three.

Brian Wendling: Other revenue increased due to the start of the F. Two vehicles cycle, which is largely offset within other cost of F. One revenue as well as higher hospitality revenue and freight income.

Brian Wendling: If one also recognize revenue and costs related to the F. One academy due to the earlier started the season compared to last year.

Brian Wendling: Adjusted OIBDA grew alongside revenue in the quarter.

Brian Wendling: Team payments were higher due to the higher pro rata recognition, as well as the expectation of increased team payments. A reminder that team payments should be analyzed on a full-year basis. The revenue recognized, based on the mix of Flyway and European races, impacts how team payments appear as a percentage of pre-team share EBIT when looking on a quarterly basis. As F-1 has grown EBIT over the past several years, the percentage payout has shifted, with F-1 recognizing a greater proportion of the economic upside as pre-team share EBIT has reached certain thresholds. We expect to continue to realize leverage on the team payment and team payout going forward. The note that the incremental payout percentage on pre-team share EBIT growth recognized in 2023 should not be applied to future.

Brian Wendling: <unk> payments were higher due to the higher pro rata recognition as well as the expectation of increased impairments for the full year.

Brian Wendling: Minder the team payments should be analyzed on a full year basis. The revenue recognized based on the mix of flyway in European races impacts how team payments appear as a percentage of pre team share EBIT when looking on a quarterly basis.

Kutgun Maral: The revenue recognized based on the mix of flyaway and European races impacts how team payments appear as a percentage of pre-team share EBIT when looking on a quarterly basis. As F1 has grown EBIT over the past several years, the percentage payout has shifted, with F1 recognizing a greater proportion of the economic upside as pre-team share EBIT has reached certain thresholds. We expect to continue to realize leverage on the team payout going forward. The note that the incremental payout percentage on pre-team share EBIT growth recognized in 2023 should not be applied to future growth. Other costs of F1 revenue and SG&A continue to be best viewed as a percent of total revenue for the year.

Brian Wendling: The revenue recognized based on the mix of flyaway and European races impacts how team payments appear as a percentage of pre-team share EBIT when looking on a quarterly basis. As F1 has grown EBIT over the past several years, the percentage payout has shifted, with F1 recognizing a greater proportion of the economic upside as pre-team share EBIT has reached certain thresholds. We expect to continue to realize leverage on the team payout going forward. The note that the incremental payout percentage on pre-team share EBIT growth recognized in 2023 should not be applied to future growth. Other costs of F1 revenue and SG&A continue to be best viewed as a percent of total revenue for the year.

Brian Wendling: Is that one has grown EBIT over the past several years that percentage payout has shifted with F. One recognizing a greater proportion of the economic upside as pre team share EBIT has reached certain thresholds.

Brian Wendling: We expect to continue to realize leverage on the team payment team payout going forward. The note that the incremental payout percentage on pre team share EBIT growth recognized in 2023 should not be applied to future growth.

Brian Wendling: Other costs of F-1 revenue and SG&A continue to be best viewed as a percent of total revenue. Looking at corporate and other results, which as of this quarter includes the consolidation of Quint. Corporate and other revenue includes Quint results and approximately $7 million of rental income related to the Las Vegas Grand Prix Plaza, and other adjusted OEBDA was a loss of $6 million in the quarter. This includes the rental income, Quint results, and other corporate OEBDAs.

Brian Wendling: Other cost of F. One revenue and SG&A continued to be best viewed as a percent of total revenue for the year.

Kutgun Maral: Looking at corporate and other results, which as of this quarter includes the consolidation of Quint, corporate and other revenue includes Quint results and approximately $7 million of rental income related to the Las Vegas Grand Prix Plaza. Corporate and other Adjusted OIBA was a loss of $6 million in the quarter. This includes the rental income, Quint results, and other corporate overhead. Note, the start of the year seasonally light for Quint with modest event activity while the business still incurs ordinary course fixed operating expenses. Quint's largest and most profitable events take place in the Q2 and Q4, with a Kentucky Derby in May and larger and more frequent or an increased quantity of F1 hospitality events held in the Q4. We expect corporate and other Adjusted OIBA will benefit from rental income and Quint results through the rest of the year.

Brian Wendling: Looking at corporate and other results, which as of this quarter includes the consolidation of Quint, corporate and other revenue includes Quint results and approximately $7 million of rental income related to the Las Vegas Grand Prix Plaza. Corporate and other Adjusted OIBA was a loss of $6 million in the quarter. This includes the rental income, Quint results, and other corporate overhead. Note, the start of the year seasonally light for Quint with modest event activity while the business still incurs ordinary course fixed operating expenses. Quint's largest and most profitable events take place in the Q2 and Q4, with a Kentucky Derby in May and larger and more frequent or an increased quantity of F1 hospitality events held in the Q4. We expect corporate and other Adjusted OIBA will benefit from rental income and Quint results through the rest of the year.

Brian Wendling: Sure.

Brian Wendling: Looking at corporate and other results, which as of this quarter includes the consolidation of Quant corporate and other revenue includes quite results in approximately $7 million of rental income related to the Las Vegas Grand Prix Plaza.

Brian Wendling: Corporate and other adjusted OIBDA was a loss of $6 million in the quarter. This includes the rental income quint results and other corporate overhead.

Brian Wendling: Note the start of the year seasonally light for Quint with modest event activity while the business still incurs ordinary course fixed operating expenses, the largest and most profitable events taking place in the second quarter and fourth quarter with a Kentucky Derby in May and larger and more frequent derbies, and an increased quantity of F-1 hospitality events held in the fourth. We expect corporate and other adjusted oil will benefit from rental income and Quint results through the rest.

Brian Wendling: <unk> started the year seasonally light frequent with modest demand activity, while the business still incurs ordinary course fixed operating expenses once largest and most profitable events take place in the second quarter and fourth quarter with the Kentucky Derby in May and larger and more frequent or an increased quantity of F. One hospitality events held in the fourth quarter.

Brian Wendling: We expect corporate and other adjusted OIBDA will benefit from rental income and credit results through the rest of the year.

Kutgun Maral: At the Liberty Live Group, there's attributed cash, liquid investments, and monetizable public holdings of $423 million, which includes ETF assets. There's $400 million of undrawn margin loan capacity related to our Live Nation margin loan. As of May 7, the value of our Live Nation stock held at the Liberty Live Group was $6.7 billion. We have $1.2 billion in principal amount of debt against these holdings. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter-end. I will turn quickly with that to ABH. There were no regular season home games played in either Q1 2023 or Q1 2024.

Brian Wendling: At the Liberty Live Group, there's attributed cash, liquid investments, and monetizable public holdings of $423 million, which includes ETF assets. There's $400 million of undrawn margin loan capacity related to our Live Nation margin loan. As of May 7, the value of our Live Nation stock held at the Liberty Live Group was $6.7 billion. We have $1.2 billion in principal amount of debt against these holdings. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter-end. I will turn quickly with that to ABH. There were no regular season home games played in either Q1 2023 or Q1 2024.

Brian Wendling: At the Liberty Live Group, there was attributed cash, liquid investments, and monetizable public holdings of $423 million, which includes ETF assets. There was $400 million of undrawn margin loan capacity related to our live nation, and as of May 7th, the value of our Live Nation stock held at the Liberty Live Group was $6,000.

Brian Wendling: At the Liberty Life group, Theres attributed cash and liquid investments and monetize them go public holdings of $423 million.

Brian Wendling: Which includes ETF assets, there's a $400 million or there is 400 million of Undrawn margin loan capacity related to our la nacion margin level.

Brian Wendling: And as of May 7th the value of our live nation stock held at Liberty Life Group was $6 7 billion, we have $1 2 billion in principal amount of debt against these holdings.

Brian Wendling: and Bill Nye.

Brian Wendling: Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end, and I will turn quickly with that information to AVH.

Brian Wendling: Liberty in Arkansas that subsidiaries are in compliance with our debt covenants at quarter end.

AVH: And I will turn quickly with that too.

Brian Wendling: There were no regular season home games played in either the first quarter of 24 or 23. Revenue growth primarily reflects higher broadcasting with more away games in the current year held due to the earlier start of the regular season, as well as higher game day related revenue from increased demand and attendance at spring training. Bray's continued to invest in payroll, which is reflected in increased baseball operating costs, and the battery grew revenue 13% and adjusted to orbit at 9%.

Brian Wendling: H.

Brian Wendling: There were no regular season home games played into the first quarter of 'twenty three.

Brian Wendling: 'twenty four or 'twenty three revs.

Kutgun Maral: Revenue growth primarily reflects higher broadcasting with more away games in the current year held due to the earlier start of the regular season, as well as higher game day-related revenue from increased demand and attendance at spring training home games. Braves continue to invest in payroll, which is reflected in increased baseball operating costs, and the Battery grew revenue 13% and Adjusted OIBA at 9% in the quarter. CapEx related to the capital improvement projects completed at Truist Park ahead of the 2024 season will total approximately $15 million across Q4 of 2023 and early 2024. These projects are generating incremental revenue, as Greg said, for the Braves already, and at the Battery, the Truist headquarters project remains on budget and on schedule. With that, I'll turn it over to Stefano to discuss Formula One.

Brian Wendling: Revenue growth primarily reflects higher broadcasting with more away games in the current year held due to the earlier start of the regular season, as well as higher game day-related revenue from increased demand and attendance at spring training home games. Braves continue to invest in payroll, which is reflected in increased baseball operating costs, and the Battery grew revenue 13% and Adjusted OIBA at 9% in the quarter. CapEx related to the capital improvement projects completed at Truist Park ahead of the 2024 season will total approximately $15 million across Q4 of 2023 and early 2024. These projects are generating incremental revenue, as Greg said, for the Braves already, and at the Battery, the Truist headquarters project remains on budget and on schedule. With that, I'll turn it over to Stefano to discuss Formula One.

Brian Wendling: Revenue growth, primarily reflects higher broadcasting with more away games in the current year held due to the early start of the regular season.

Brian Wendling: As well as higher game day related revenue from increased demand and attendance at spring training home games.

Brian Wendling: <unk> continued to invest in payroll, which is reflected in increased baseball operating costs.

Brian Wendling: And the battery grew revenue, 13% and adjusted OIBDA of 9% in the quarter.

Brian Wendling: CapEx related to the capital improvement projects completed at Truist Park ahead of the 24 season will total approximately $15 million across Q4 of 2023 and early 2024. These projects are generating incremental revenue, as Greg said, for the Braves already, and at the Battery, the Truist Headquarters. The Headquarters project remains on budget and on schedule. With that, I'll turn it over to Stefano to discuss Formula 1. Thanks, Brian. The 2024 season is off to a great start with lots of...

Brian Wendling: Capex related to the capital improvement projects completed at Truest Park ahead of the 24 season will total approximately $15 million.

Stefano: Across Q4 of 'twenty, three and early 'twenty for these projects are generating incremental revenue as Greg said for the Braves already and at the battery. The truest headquarter remains headquarters project remains on budget and on schedule.

Brian Wendling: With that I'll turn it over to Stefano to discuss Formula one.

Stefano Domenicali: gas between the teams across the grid getting closer. While Red Bull and Max Verstappen continue to show their strength, we have seen regular podiums from Ferrari, including one and two in Melbourne, showing their ongoing improvement as well as incredibly strong performances from McLaren, including a great first race win by Lando Norris in Miami in front of a sellout crowd. The battle in the midfield is the closest it has been for many years, and we look forward to this continuing as the season progresses.

Stefano Domenicali: Thanks, Brian. The 2024 season is off to a great start with lots of action on the track and the gaps between the teams across the grid getting closer. While Red Bull and Max Verstappen continue to show their strengths, we have seen regular podiums from Ferrari, including 1 and 2 in Melbourne, showing their ongoing improvement as well as increasingly strong performance from McLaren, including a great first race win by Lando Norris in Miami in front of a sold-out crowd. The battle in the midfield is the closest it has been for many years, and we look forward to this continuing as the season progresses. We have 24 races this year with 6 Sprint events and are also delighted to have the F1 Academy alongside us at 7 F1 events.

Stefano: Thanks, Brian There 2024 season is off to a great start with lots of action on the track and the gas between the teams across the grid getting closer.

Stefano Domenicali: Why Red Bull the Max was tapping continued to show their strength, we have seen the regular projects from Ferrari, including a one and two in Melbourne, showing that ongoing improvement as well as increasingly strong performance from Mclaren, including that great first phrase wind by Lando Norris in Miami in front of a sellout crowd the bathroom in the midstream is there.

Stefano Domenicali: Closest to it has been for many years and we look forward to this continuing as the season progresses well.

Stefano Domenicali: We have 24 races this year, with six sprint events, and are also delighted to have the F1 Academy alongside us at seven F1 events. The return to China after a four-year break was incredible, and it was great to see a sold-out event with over 200,000 weekend attendees. Interest in the event underlined a growing younger fan base in the country, with all our Chinese fans cheering on their home hero, Zhuang Guanyu. Over 1.5 million viewers watched the race live on CCTV5, far beyond the one million when we last visited in 2019. China was also host to our first sprint of the season, won by Max Verstappen and Red Bull, with Lewis Hamilton taking second place.

Stefano Domenicali: We're 24 races. This year with six P&C event and I'm also delighted to have the F. When the cabin alongside us.

Stefano Domenicali: Seven at 40 minutes.

Stefano Domenicali: The return to China after a 4-year break was incredible, and it was great to see a sold-out event with over 200,000 weekend attendees. Interest in the event underlined a growing younger fan base in the country, with all our Chinese fans cheering on their home hero, Zhou Guanyu. Over 1.5 million viewers watched the race live on CCTV5, far beyond the 1 million when we last visited in 2019. China was also host to our first Sprint of the season, won by Max Verstappen and Red Bull, with Lewis Hamilton taking second place. The Sprint continues to deliver great action for our fans, broadcasters, sponsors, and promoters. There has been plenty of drivers' news off the track at the start of 2024. We had the exciting announcement that Lewis Hamilton will join Ferrari in 2025. Fernando Alonso has committed to remain with Aston Martin.

Stefano Domenicali: The return to China. After full year break was incredible and it was great to see a sold out event with over 200000 weekend attendees.

Stefano Domenicali: Interest.

Stefano Domenicali: Event underline our growing younger fan base in the country with all our Chinese friends cheating on there at a home run.

Stefano Domenicali: Glen do well.

Stefano Domenicali: Over one 5 million viewers watched the least lightbourne CCTV five.

Stefano Domenicali: Beyond the 1 million when we lost it in 2019.

Stefano Domenicali: China was also host.

Stefano Domenicali: Our first screens of the season, one by Max was talking about boots with Lewis Hamilton, taking second place.

Stefano Domenicali: The Sprint continues to deliver great action for our fans, broadcasters, sponsors, and promoters. There have been plenty of driver news from the track at the start of 2024. We had the exciting announcement that Lewis Hamilton will join Ferrari in 2025, and Fernando Alonso has committed to remain with Aston Martin.

Stefano Domenicali: The sprint continues to deliver great actually put up a fence broadcasters sponsors and promoters.

Stefano Domenicali: There has been plenty of drivers news of the track at the start of 2020 pool, we have the exciting announcement that Lewis Hamilton, we joined Ferrari in 2025.

Stefano Domenicali: But nonetheless has committed to remain with Aston Martin who convert would go to celebrate in 2025, and we have yet to see what Cabo sites would be next year.

Stefano Domenicali: Hulkenberg will go to Sauber in 2025, and we have yet to see what Cavo's side will be next. This continues to create huge excitement and anticipation for our fans, with 10 drivers still left to confirm their seat for the next season. We have seen records broken for attendances at our races for the start of 2024 and expect very strong attendance. Last year's record attendance was 445,000.

Stefano Domenicali: Hülkenberg will go to Sauber in 2025, and we have yet to see where Carlos Sainz will be next year. This continues to create huge excitement and anticipation for our fans, with 10 drivers still left to confirm their seat for the next year. We have seen records being broken for attendances at our races for the start of 2024 and expect very strong. Last year's record attendances of 445,000. We also saw a good group in Japan welcoming 229,000 fans, up 3% on 2023. Alongside this, we continue to see very strong demands for the paddock club, with over 11,000 tickets sold for the first four races of the season where we operate the paddock club. We had a sellout in Bahrain and Saudi for the second year running, and 2,500 race day guests in China compared to just 1,100 when we last raced there in 2019.

Stefano Domenicali: This continues to create huge excitement and anticipation of what I was saying is we tend drivers the left.

Stefano Domenicali: For the next year.

Stefano Domenicali: We have seen records being broken for returns as our races for the start of 2024 and expect very strong.

Stefano Domenicali: Last year record attendance of 445000.

Stefano Domenicali: We also saw a good group in Japan, welcoming 229,000 fans, up 3% on 2023. Alongside this, we continue to see very strong demand for the Paddock Club with over 11,000 tickets sold for the first four races of the season, where we operate the Paddock Club. We had a sellout in Bahrain and Saudi Arabia for the second year running, and 2,500 race day guests in China compared to just 1,100 when we last raced there in 2019.

Stefano Domenicali: We also saw good group in Japan will come in 229000 tons up 3% on 2023.

Stefano Domenicali: Alongside this we continue to see very strong demand for the power plant with over 11000 tickets sold for the first four races of the season, where we operate.

Stefano Domenicali: We added the sellout in Bahrain, and Saudi for the second year running and 2500 race day guests in China compared to just 1100, when we lost ratios that in 2019.

Stefano Domenicali: F1 continues to grow its overall engagement and fan base. We are evolving our view data methodology to ensure we are capturing all our audiences globally and are working with Nielsen to build a model that captures a fuller scope.

Stefano Domenicali: F1 continues to grow our overall engagement and fan bases. We are evolving our view data methodology to ensure we are capturing all our audiences globally and are working with Nielsen to build a model that captures a fuller scope. We had over 70 million cumulative TV viewers for the opening Grand Prix weekend in Bahrain, with 12 million in Germany thanks to extensive free-to-air coverage on RTL. Through the first three races, we've seen particularly strong viewership in growth markets such as China and the Middle East. We now have 79 million total social media followers, up 24% year-over-year, with new followers growth also boosted by the introduction of new platforms like Threads and WhatsApp. On Instagram, our most popular social platform, 75% of our followers are under 35, 40% are under 25, and 30% of our under 25 followers are female.

Stefano Domenicali: <unk> continues to grow our overall engagement them fan basis.

Stefano Domenicali: Evolving I'll review data methodology to ensure we are capturing all of our audiences globally and are working with Nielsen to build the molded the captured a full scope.

Stefano Domenicali: We had over 70 million cumulative TV viewers for the opening Grand Prix weekend in Bahrain, with 12 million in Germany thanks to extensive free-to-air coverage on RTL. Through the first three races, we've seen particularly strong viewership in growth markets such as China and the Middle East. We now have 79 million total social media followers, up 24% year-on-year, with new follower growth also boosted by the introduction of new platforms like Threads and WhatsApp. On Instagram, our most popular social platform, 75% of our followers are under 35, 40% are under 25, and 30% of our under 25 followers are females.

Stefano Domenicali: We had over 70 million cumulative TV viewers for the opening grumpy, we can't anybody with 12 million in Germany. Thanks to extensive fleet web companies on RTL through.

Stefano Domenicali: Through the first three races, we've seen particularly strong viewership in growth markets, such as China, and the middle East.

Stefano Domenicali: We now have a 79 million total social media followers up 24% year on year with new followers growth also boosted by the introduction of new platforms like <unk> and Whatsapp.

Stefano Domenicali: On these think of them, our most popular social platform, 75% of our followers.

Stefano Domenicali: 35, 40% on the on the 25 and 30% the level on the 25 kilowatts of teammates.

Stefano Domenicali: The U.S. has gained 500,000 new followers in 2024, up from the Chinese-grown population, which is up 90% over the follow-up growth for the same period last year. We also have a year's worth of forward growth in one week in the Chinese market surrounding the Chinese government. In the U.S., we've also seen year-on-year growth across other digital paths. U.S. F1 TV subscribers are up 16%, pageviews across f1.com, and up to 28% registered users, or those who sign up for an account on F1 platforms are up 32%.

Stefano Domenicali: The US has gained 500,000 new followers in 2024, up to the Chinese Grand Prix, which is up 90% over the follower growth for the same period last year. We also had a year's worth of follower growth in one week in the Chinese market surrounding the Chinese Grand Prix. In the US, we've also seen year-on-year growth across other digital platforms. US F1 TV subscribers are up 16%; page views across F1.com are up 28%; and registered users, or those who sign up for an account on F1 platforms, are up 32%. Globally, unique visitors to F1.com and app are up 4% year-on-year, with page views up 29% and registered users up 28%. The total number of F1 TV subscribers is seeing strong growth, with lower churn rates, at all-time high customer satisfaction. Season 6 of Drive to Survive premiered 23 February 2024.

Stefano Domenicali: The U S has gained 500000 new followers in 2024 up to the Chinese grocery.

Stefano Domenicali: Which is up 90% over the forward growth for the same period last year.

Stefano Domenicali: We will also have a year's worth of forward growth and while we keep the Chinese market surrounding the Chinese grumpy.

Stefano Domenicali: In the U S. We've also seen year on year growth across other digital platform.

Stefano Domenicali: U S. F. One TV subscribers are up 16% page view across F. One dot com and up to 28% energy instead of users or those who sign up for an account on FY <unk> at up 32% globally unique visitors to <unk> com and App are up 4% year on year with pay.

Stefano Domenicali: Globally, unique visitors to F1com and the app are up 4% year-on-year, with page viewers up 29% and registered users up 28%. The total number of F1 TV subscribers is seeing strong growth, with lower churn rates at all times and high customer satisfaction. Season 6 of Try to Survive premiered February 23rd.

Stefano Domenicali: Viewers up 29% that I, just gotta users up 28%.

Stefano Domenicali: The total number of F. One TV subscribers has seen strong growth with lower churn rates at all times high customer satisfaction.

Stefano Domenicali: She didn't six of drive to survive.

Stefano Domenicali: February 23rd you reached the top 10 on that because in over 40 markets and continues to have among the highest completion rates or the numbers of people watch more than 90% of this heaters on the platform when compared to both of those on the scripted unscripted content.

Stefano Domenicali: It reached the top 10 on Netflix in over 40 markets and continues to have among the highest completion rates, or the numbers of people who watch more than 90% of the series on the platform when compared to both unscripted and scripted content. Production continues for the Apple film, which is on pace for the expected release in summer 2025. On the commercial side of the business, we had a very strong Q1. We had growth across all revenue streams, benefiting from one additional race held compared to last year, as well as growth from new sponsorship, media rights agreement, and underlying escalators. We continue to see our business and partners benefiting from growth in overall fandom and the value F1 brings to partners.

Stefano Domenicali: Production continues for the Apple theme, which is on pace for the expected release in summer 2025.

Stefano Domenicali: On the commercial side of the business that the very strong first quarter, we had growth across all revenue streams benefiting from one additional race held compared to last year as well as growth from new sponsorship and media rights agreement and underlying escalators.

Stefano Domenicali: We had growth across all revenue streams, benefiting from one additional raise held compared to last year, as well as growth from new sponsorship and media rights agreements and underlying escalation. We continue to see our business and partners benefiting from growth in the overall fandom and the value F1 brings to partners. On sponsorship, last week we announced the world-leading software provider and digital consultant Global has joined as an official partner in a new multi-year agreement. Also, in March, we announced McDonald's as the regional partner of FOMO1 in Latin America.

Stefano Domenicali: We continue to see our business and partners benefiting from growth in overall tandem and the value of one brings to apartments.

Stefano Domenicali: Passionate on sponsorship, last week, we announced the world-leading software provider and digital consultant Global has joined as an official partner in a new multi-year agreement. Also, in March, we announced McDonald's as regional partner of Formula One in Latin America. This is the first of its kind for F1 in the region as the sport audience continues to grow in Latin America. On media rights, we continue to see strong demand and impressive work by all our broadcasters to bring our sport to millions of fans around the world. We recently announced five years' renewal with the Viaplay in the Netherlands and across the Nordic markets. The deal retains our partnership structure in the region, creating a strong position for our F1 TV Pro product that will continue to generate substantial additional fee.

Stefano Domenicali: Since you don't know sponsorship last week, we announced the world's leading software provider in this split consistent global has joined US on the official button in the new multi year agreement also in March we announced Mcdonald's as regional partner in a formal one in Latin America. This is the first of its guidance for F. One in the region.

Stefano Domenicali: This is the first of its kind for F1 in the region as the sport audience continues to grow in Latin America. On media rights, we continue to see strong demand and impressive work by all our broadcasters to bring our sport to millions of fans around the world. We recently announced five years of renewal with VIA Play in the Netherlands and across the Northern Markets.

Stefano Domenicali: As the sport audience continues to grow in Latin America.

Stefano Domenicali: While the media rights, we continue to see strong demand and impressive work by all our broadcasters to bring our support to millions of fans around the world.

Stefano Domenicali: We recently announced five year's renewal with the viably in the Netherlands and across the northern markets. The deal with Deans, our partnership structure in the region, creating a strong position for our F. One TV product that will continue to generate substantial additional fee.

Stefano Domenicali: The deal retains our partnership structure in the region, creating a strong position for our F1 TV Pro product that will continue to generate substantial additional value. We also announced a new two-year agreement with FanCode that sees the sports streaming platform become the exclusive broadcaster partner to FOMO1 in India until the end of 2035. This is a huge opportunity in a market with a growing fan base, especially among younger and female supporters.

Stefano Domenicali: We also announced a new two-year agreement with FanCode that sees the sports streaming platform become the exclusive broadcaster partner to Formula 1 in India until the end of the 2025 season. This is a huge opportunity in a market with a growing fan base, especially among younger and female supporters. Our estimate shows that we have 60 million fans in India, with 1 in 2 having started following F1 in the last four years. F1 TV Pro would also remain in market in India. 2024 results are also benefiting from the new beIN Sports agreement in the Middle East, which we referenced on our fourth quarter ending call. We recently announced a subscription-free streaming channel, FAST, for the fans in the US to watch F1, F2, F3, and F1 Academy race replays and highlights, full reruns of Classic Grand Prix, and popular racing documentaries.

Stefano Domenicali: We also announced a new two year agreement with tank code that sees the sports streaming platform become the exclusive broadcast department to formal one in India until the end of 2012 35 season.

Stefano Domenicali: This is a huge opportunity in a market with a growing fan base, especially among younger and teammates support them.

Stefano Domenicali: Our estimate shows that we have 60 million fans in India, with one in two having started following F1 in the last four years. F1 TV Pro will also remain on the market in India. 2024 results are also benefiting from the new BEAN Sport agreement in the Middle East, which we referenced on our fourth quarter netting call. We recently announced a subscription-free streaming channel, FAST, for fans in the U.S. to watch F1, F2, F3 and F1 Academy race replays and highlights, full reruns of Classic Grand Prix and popular racing documentaries. The new channel will be distributed for fans to watch on leading platforms, including Samsung TV+, Amazon 3D, and Pluto TV.

Stefano Domenicali: Our estimate shows that we have 60 million fans in India with one in to having started slowly in F. One in the last four years.

Stefano Domenicali: And if one PD pro we'd also remaining market in India 2024 results are also benefiting from the new B in support agreement in the Middle East, which we referenced on our fourth quarter earnings call.

Stefano Domenicali: We recently announced a subscription free streaming channels fast for the fans in the U S to watch F. One two and.

Stefano Domenicali: At three and therefore, an academy race with Blaze and highlights full reruns of classic Grand Prix and popular racing documentaries, the new channel will be distributed for fans to watch on leading platforms, including Samsung TV, plus amazing Phoebe and Pluto TV.

Stefano Domenicali: The new channel will be distributed for fans to watch on leading platforms, including Samsung TV Plus, Amazon Freevee, and Pluto TV. In addition to generating ad revenue, we also expect it to push more fans to both ESPN and F1 TV Pro. We are confident heading into our US media rights renewal for 2026 with strong growth in our US fandom, sports content remaining highly attractive to broadcasters, and newer players continue to bid for sport rights. In addition to the US, key media rights renewal up after the 2025 season includes Latin America, Brazil, Canada, and most of Asia, including Japan. Also, on media rights, following its successful first season, F1 Kids will return in 2024. The program is proven to be an effective way to engage children in Formula One in a way that's accessible and fun for them.

Stefano Domenicali: In addition to generating AD revenue, we also expect it to push more fans to both ESPN and F1 TV Pro. We are confident heading into our U.S. media rights renewal for 2026 with strong growth in our U.S. fandom, sports content remaining highly attractive through broadcast, and newer players continuing to bid for sport rights. In addition to the U.S., key media rights renewals up after the 2035 season include Latin America, Brazil, Canada, and most of Asia, including Japan, also on media rights following its successful first season. F1 kids will return in 2024. The program is providing to be an effective way to engage children in 411 in a way that's accessible and fun for them. So I'm delighted it's back for a second time.

Stefano Domenicali: <unk> two generating a D revenue, we also expect <unk> to push more fans to both ESPN and F. One TD pool.

Stefano Domenicali: We are confident heading into our U S media rights when you work through 2026% with strong growth in our U S. Tandem sports content women in highly attractive to the broadcasters and newer players continue to beat the full sports rights.

Stefano Domenicali: In addition to the U S. T media rights renewal. After 2055 season include Latin America, Brazil, Canada, and most of Asia, including Japan.

Stefano Domenicali: Also on media rights. Following a successful first season <unk> kits will return in 2020 for.

Stefano Domenicali: The program is providing to be an effective way to engage children in Pune and one in a way that successful and funds for them. So I'm delighted this back for a second season.

Stefano Domenicali: So I'm delighted it's back for a second season. Turning to race promotion, we announced our 2025 race calendar in April for what will be the Formula One 75th anniversary year. We expect to announce details of the 6 2025 Sprint venues in due course. The calendar featuring 24 races will commence in Australia on 16 March and conclude in Abu Dhabi on 7 December. We will have just 1 Saturday night race in Las Vegas, as Saudi and Bahrain will return to their traditional Sunday race days. Announcing the calendar earlier than we ever had allowed us to focus on optimizing the schedule for the future years and plan logistics more efficiently for 2025. It also makes our promoters more sustainable partners by giving them greater certainty around planning their races and other events for next year.

Stefano Domenicali: Turning to race promotion, we announced our 2025 race calendar in April for what will be the Formula One 75th anniversary here. We expect to announce details of the six 2025 sprint venues in due course. The calendar, featuring 24 races, will commence in Australia on 16 March and conclude in Abu Dhabi on 17 December.

Stefano Domenicali: Turning to raise promotion, we announced our 2025 race calendar in April for what will be the formula 175 and diversity.

Stefano Domenicali: We expect to announce details of this is 2035 squint venues in due course.

Stefano Domenicali: <unk> featured in 24 races that will commence in Australia on 16 March and conclude in Abu Dhabi on 77.

Stefano Domenicali: We will have just one Saturday night race in Las Vegas, and Saudi and Bahrain will return to their traditional Sunday race stage. Announcing the calendar earlier than we ever had allows us to focus on optimizing the schedule for the future years and plan logistics more efficiently for 2025. It also makes our promoters more sustainable partners by giving them greater certainty around planning their races and other events for next year. There continues to be huge interest and demand for our races around the world, and our focus is to maintain the right strategic balance of location and opportunities while being clear. We currently believe a 24-race schedule is the optimal number of events.

Stefano Domenicali: We will have just one Saturday nights waste in Las Vegas, as Saudi in Bahrain will return to their traditional Sunday race space now.

Stefano Domenicali: Nancy the callender earlier than we ever add allow us to focus on optimizing the schedule for the future years and planned logistics more efficiently till 2025.

Stefano Domenicali: It also makes our promoter most sustainable partners by giving them greater certainty around planning their races and other events for next year.

Stefano Domenicali: There continues to be huge interest and demand for our races around the world, and our focus is to maintain the right strategic balance of location and opportunities while being clear. We currently believe a 24-race schedule is the optimal number of events. Turning to Vegas, we are looking forward to year 2 of the race building on success of last year's event. LVGP continues to generate great demand on the sponsorship side, both locally and for the sport more broadly. For example, we could not be more excited about our partnership with American Express and their engaging activation on site across the F1 ecosystem, as well as their support for F1 Academy. In March, we enjoyed a successful American Express presales to kick off ticket sales for the 2024 Vegas race, and we look forward to the continued growth of our partnership.

Stefano Domenicali: There continues to be huge interest and demand for our races around the world and our focus is to maintain the right strategic balance of location and opportunities while being clear. We currently believe that 'twenty four reschedule is the optimum number of events.

Stefano Domenicali: Turning to Vegas, we are looking forward to year two of the race building on the success of last year's event. LVGP continues to generate great demand on the sponsorship side, both locally and for the sport more broadly. For example, we could not be more excited about our partnership with American Express and their engaging activation on-site across the F1 ecosystem, as well as their support for F1 Academy. In March, we enjoyed a successful American Express Free Sale to kick off ticket sales for the 2024 Vegas race, and we look forward to the continued growth of our partnership.

Stefano Domenicali: Turning to Vegas, we're looking forward to year two of the building the success of last year's event as the GP continues to generate great demand on the sponsorship side, both locally and for the sport more broadly for.

Stefano Domenicali: For example, we could not be more excited about our partnership with American Express and that engaging activation on site across the F. One ecosystem as well as their support for F. One together.

Stefano Domenicali: In March we enjoyed a successful American express pre sales to kick off ticket sales for 2020 full Vegas race, and we look forward to the continued growth of our publish.

Stefano Domenicali: We also continue to see progress on off-track action for fans. Our F1 sim racing series got underway recently and continues to provide exciting action for fans and all competitors. F1 Arcade recently opened the first of several planned US venues in Boston, as the arcade seeks to take advantage of F1's continued momentum in the US. Boston is off to a strong start and had a great launch in hosting 672 guests with a ton of media coverage. F1 Arcade London saw a 41% increase in attendance this quarter compared to the same period of last year, and the Birmingham venue is also performing very, very well. F1 Exhibition is now moving to other venues around the world, having opened in Vienna in February and Toronto last week. This follows its successful opening residency in Madrid, where it was Spain's biggest-selling temporary exhibition of 2023.

Stefano Domenicali: We also continue to see progress on off-track action for fans. Our F1 Sim Racing series got underway recently and continues to provide exciting action for fans and all competitors. F1 Arcade recently opened the first of several Prada U.S. venues in Boston, as the Arcade seeks to take advantage of F1's continued momentum in the U.S. Boston is off to a strong start and had a great launch, hosting 672 guests with a ton of media coverage.

Stefano Domenicali: We also continue to see progress on off track action for fans, our Epsilon <unk> got underway recently and continues to provide the exciting action for fans and all competitors at one of our Kate recently opened the first of several planned the U S venues in Boston.

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Stefano Domenicali: Boston is off to a strong start and have the grid launching hosting 672 guests with a total media coverage.

Stefano Domenicali: F1 Arcade London saw a 14% increase in attendance this quarter compared to the same period of last year, and the Birmingham venues are also performing very, very well. F1 Exhibition is now moving to other venues around the world, having opened in Vienna in February and Toronto last week. This follows the successful opening of Residency in Madrid, where it was Spain's biggest-selling temporary exhibition of 2021. Turning to Sustainability and Diversity and Inclusion Initiatives

Stefano Domenicali: 100, <unk>, London saw 40, 14% increase in attendance this quarter compared to the same period last year and the Bermingham vein and this is also performing very very well F. One exhibition is now moving to other venues around the world having opened in Nbn in February in Toronto last week.

Stefano Domenicali: This follows the successful opening of residency Madrid, whether it was the biggest selling temporary exhibition of 2023.

Stefano Domenicali: Turning to sustainability and diversity and inclusion initiatives. In April, we were pleased to publish our first F1 Impact Report, providing an update on all the work delivered on our journey to net zero by 2030. We are on track to meet our targets. We achieved a 13% reduction through increasing our remote operation, using renewable energy in factories, offices, and events, and from reducing the volume of freight. We have a strong pipeline of action to deliver the remaining 37% reduction target by 2030. On DNI, our first group of students from Formula One's engineering scholarship took placement with the F1 teams, and by 2025, we will have funded the studies of 50 students from the unrepresented groups to undertake their studies in mechanical engineering.

Stefano Domenicali: Turning to sustainability and diversity and inclusion initiatives.

Stefano Domenicali: In April, we were pleased to publish our first F1 impact report, providing an update on all the work delivered on our journey to net zero by 2030. We are on track to meet our target. We achieved a 13% reduction through increasing our remote operation, using renewable energy in factories, offices, and events, and from reducing the volume of freight.

Stefano Domenicali: In April we were pleased to publish our first F. One impact report, providing an update on all the word deliberate in our journey to net zero by 2030.

Stefano Domenicali: We are on track to meet our targets, we achieved a 13 reduction through increasing our remote operation using renewable energy and factories, all pieces and events and from reducing the volume of freight.

Stefano Domenicali: We have a strong pipeline of action to deliver the remaining 37% reduction target by 2030. In D&I, our first group of students from Formula One's engineering scholarship took placement with the F1 teams, and by 2025, we will have funded the studies of 50 students from unrepresented groups to undertake their studies in mechanical engineering. [inaudible] second season in Saudi Arabia and join us for their second event in Miami with exciting racing and great driving across the field.

Stefano Domenicali: We have a strong pipeline of action to deliver the remaining 37% reduction target by 2000 and food.

Stefano Domenicali: On DNI, our first group of students from former ones engineered and scholarship took placement with the F. One teams and by 2025 will have founded the studies of 50 students from underrepresented groups to undertake this studies in mechanical engineering.

Stefano Domenicali: F1 Academy started its second season in Saudi and joined us for their second event in Miami with exciting racing and great driving across the field. In Miami, American racer Courtney Crone joined the grid as the wildcard entry in a deal with the reigning teams' championship, Prima Racing, and the FIA. The F1 Academy series will be shown live in over 160 international territories, will be on F1 TV Pro, and streamed live on F1 Academy's social channels. We have also been delighted to announce Charlotte Tilbury, Puma, Tommy Hilfiger, American Express, as official partner of the series. We have also launched the F1 Academy Discover Your Drive, aimed at giving young female karters the opportunity to get into grassroots level of our sport. Its first initiative was launched by Motorsport UK to identify and nurture UK karting talent from the age of eight.

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Stefano Domenicali: Its second season, as Saudi and join US for their second event in Miami with exciting racing and great driving across the field and Miami are Medicare raises coordinate grown joined degrees.

Stefano Domenicali: In Miami, American Racers' Courtney Crone joined the grid at the wildcard entry in a deal with the regaining team's championship premier racing driver, Aniki V. The F1 Academy series will be shown live in over 160 international territories, will be on F1 TV Pro, and streamed live on F1 Academy's social channels. We have also been delighted to announce Charlotte Tilbury, Puma, Tommy Iffigen, and American We have also launched the F1 Academy, Discovery Your Drive, aimed at giving young female karters the opportunity to get into the grassroots level of our sport.

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Stefano Domenicali: The F. One academies heaters will be shown live in over 160 International territories will be on <unk> pro and streamed live on F. One Academy social channels. We have also been delighted to announce Charlotte Tilbury Puma tell me again, the medical space as official partner of the Cds. We have also launched the <unk> Academy Discovery Youre <unk>.

Stefano Domenicali: Five aimed at giving young female characters the opportunity to get into grass roots level of our support. Its first initiative was launched by motorsport UK to identify and nurture UK cartoon talent from the age of eight the number of female participate in age 11 16 qualifying for the British in the economy.

Stefano Domenicali: Its first initiative was launched by Motorsport UK to identify and nurture UK karting talent from the age of 8. The number of females participating age 11-16 qualifying for the British Indoor Karting Championship has more than tripled, and engaging programs will run alongside the all 7 F1 Academy. We are proud of this work and remain very focused on making the sport a more open, diverse, and sustainable place.

Stefano Domenicali: The number of female participating age 11-16 qualifying for the British Indoor Karting Championship has more than tripled, and engagement programs will run alongside the old 7 F1 Academy events in 2024. We are proud of this work and remain very focused on making the sport more open, diverse, and sustainable place. 2024 will continue to be an exciting time for our sport, and I'm looking forward to the on-track action and opportunities we have as a business as we continue to go from strength to strength. Avanti tutta, full speed ahead. And now I will turn the call back over to Greg. Bye-bye. Ciao.

Stefano Domenicali: <unk> has more than tripled and engagement programs will run alongside the old seven thats when it got them events. In 2024, we are proud of these work and remain very focused on making the sport more open diverse and sustainable place too.

Stefano Domenicali: 2024 will continue to be an exciting time for our sport, and I'm looking forward to the on-track action and opportunities we have as a business as we continue to go from strength. Avanti tutta! Full speed ahead! Now I will turn the call back over to Greg. Bye bye! Ciao!

Stefano Domenicali: 2024 will continue to be an exciting time for our support and I'm looking forward to the on track action and opportunities we have as a business as we continue to go from strength to strength Avanti tutor full speed ahead, and now I will turn the call back over to Greg Bye-bye gel.

Greg Maffei: Thanks, Stefano and Brian. And to the listening audience, we appreciate your continued interest in Liberty Media and the Atlanta Braves Holdings. And now, Operator, I'd like to open the line for questions.

Brian Wendling: Thanks, Stefano and Brian. To the listening audience, we appreciate your continued interest in Liberty Media and the Atlanta Braves Holdings. Now, Operator, I'd like to open the line for questions.

Greg Maffei: Thanks, Stefano and Brian. To the listening audience, we appreciate your continued interest in Liberty Media and the Atlanta Braves Holdings. Now, Operator, I'd like to open the line for questions.

Greg Maffei: Thanks, Stefano and Bryan and to the listening audience. We appreciate your continued interest in labor Liberty media and the Atlanta Braves Holdings, and now operator, I'd like to open the line for questions.

Operator: Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is busy. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start button. One moment, please, while we poll for questions. Our first question comes from Vijay Janna with Evercore ISI. Please proceed with your question.

Greg Maffei: Thank you. At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from Vijay Jayant with Evercore ISI. Please proceed with your question.

Operator: Thank you. At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from Vijay Jayant with Evercore ISI. Please proceed with your question.

Speaker Change: Thank you at this time, we'll be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad.

Vijay Janna: A confirmation tone will indicate your line is in the question queue. You May press star two if you'd like to remove your question from the queue for.

Operator: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys, one moment, please while we poll for questions.

Vijay Janna: Our first question comes from Vishay, Janet with Evercore ISI. Please proceed with your question.

Vijay Janna: Thank you. Good morning.

Vijay Janna: Can you talk about the trajectory of Team payments as a percentage of pre-team EBITDA over the last couple of years that have sort of declined by about 300 basis points. You know, I know there's structures in the splits with the teams that we're not aware of, but could we assume that kind of operating leverage again in 2024? And then anything you could say about the sponsorship pipeline at Formula One? It seems to be that the revenue stream is slowing down a bit, you know, obviously, we can't really know what's happening there.

Kutgun Maral: Thank you. Good morning. Can you talk about the trajectory of team payments as a percentage of pre-team EBITDA over the last couple of years that's sort of declined about 300 basis points? I know there's structures in the splits with the teams that we're not aware of, but could we assume that kind of operating leverage again in 2024? And then anything you could say about the sponsorship pipeline at Formula One? It seems to be that revenue stream is slowing down a bit. Obviously, we can't really know what's happening there. Thanks.

Vijay Jayant: Thank you. Good morning. Can you talk about the trajectory of team payments as a percentage of pre-team EBITDA over the last couple of years that's sort of declined about 300 basis points? I know there's structures in the splits with the teams that we're not aware of, but could we assume that kind of operating leverage again in 2024? And then anything you could say about the sponsorship pipeline at Formula One? It seems to be that revenue stream is slowing down a bit. Obviously, we can't really know what's happening there. Thanks.

Vijay Janna: Thank you. Good morning can you talk about the trajectory.

Vijay Janna: Team payments.

Vijay Janna: <unk> pre team EBITDA over the last couple of years.

Vijay Janna: Declining about 300 basis points I know it is structured and the splits with the team that we are not aware of but could we assume that kind of operating leverage again in 2024, and then anything you could say about the sponsorship pipeline at Formula one.

Vijay Janna: It seems to be that.

Vijay Janna: When we've seen slowing down a bit obviously econ.

Speaker Change: We know what's happening there thanks.

Brian Wendling: Yeah, BJ, this is Brian. I'll take the team payment one. We'll try to give you the most information we can here without giving you the full model, but over the past few years, as F1 has grown pre-team share EBITDA and EBIT under the current Concord Agreement, we've moved through various bands of pre-team share EBITDA where the payout to the teams has decreased as a percentage for each band. We're now at a point where the percentage to the teams is fixed for incremental EBITDA through the end of this current Concord Agreement.

Brian Wendling: Yeah, Vijay, this is Brian. I'll take the team payment one. We'll try to give you the most information we can here without giving you the full model. But over the past few years, as F1 has grown pre-team share EBITDA and EBIT under the current Concord Agreement, we've moved through various bands of pre-team share EBITDA where the payout to the teams has decreased as a percentage for each band. We're now at a point where the percentage to the teams is fixed for incremental EBITDA and EBIT through the end of this current Concord Agreement. We do expect to continue to have leverage in the team payments as a percent of pre-team share EBIT this year or Adjusted OIBDA on our reported results, but not at that incremental rate that you noted that we saw from 2022 to 2023.

Vijay Janna: Yes, Vijay this is Brian I'll take the team payment one.

Brian Wendling: We'll try to give you the most information we can here without giving you the full model, but over the over the past few years is F. One has grown.

Brian Wendling: Pre team share EBITDA and EBIT under the car Concorde agreement, we've moved through various brands bands of pre team share EBITDA, where the payout to the teams has decreased as a percentage for each band we're now at a point where.

Brian Wendling: Where the percentage to the teams is fixed for incremental EBITDA and EBIT.

Brian Wendling: Through the end of this current Concorde agreement.

Brian Wendling: We do expect to continue to have leverage in the team payments as a percent of pre-team share EBIT this year or adjusted OEBDA on our reported results, but not at that incremental rate that you noted that we saw from 22 to 23.

Brian Wendling: We do expect to continue to have leverage in the team payments as a percent of pre timeshare EBIT this year or adjusted OIBDA on our on our reported results, but not at that incremental rate that you noted that we saw from 'twenty two to 'twenty three.

Stefano Domenicali: Stefano, do you want to touch on sponsorship?

Kutgun Maral: Stefano, do you want to touch on sponsorship?

Greg Maffei: Stefano, do you want to touch on sponsorship?

Speaker Change: 700, do you want to touch on sponsorship.

Stefano Domenicali: Yeah. Thank you, Greg. I would say, Vijay, just to talk about our sponsorship pipeline, I would say the situation is very positive because I think that if you just look back at just a couple of years ago, we had only four global sponsors. Now we have 10 global sponsors, a lot of regional partnerships, and the pipeline is very strong. And I would say, as you know, we are not giving this any kind of expectation, but the situation is very solid.

Stefano Domenicali: Yep. Thank you, Greg. I would say, Vijay, just to talk about our sponsorship pipeline, I would say the situation is very positive because I think that if you just look back just a couple of years ago, we had only four global sponsors. Now we have 10 global sponsors, a lot of regional partnerships, and the pipeline is very strong. I would say, as you know, we are not giving here any kind of expectation, but the situation is very solid. Today, it's not only a problem of quantity of sponsorship. It's really related to the quality, and we need to ensure that everyone who is investing in Formula One has the right quality in terms of exposure, in terms of experience, and in terms of what we can offer.

Stefano Domenicali: Yes. Thank you, Greg I would say Vijay just to.

Stefano Domenicali: Spoke about our sponsorship pipeline I would say the situation is very positive because I think that if you just look back just a couple of years ago. We had the only full global sponsor now we have 10 global sponsor lots of original partnership and the pipeline is very strong and I would say as you know we are not even here in Canada.

Stefano Domenicali: But this situation is very solid and that today is not only a problem.

Stefano Domenicali: And today, it's not only a problem of quantity of sponsorship; it's really related to quality, and we need to ensure that everyone who is investing in Formula 1 has the right quality in terms of exposure, in terms of experience, in terms of what we can offer. So I would say that it's really a very, very positive trend that we will see together with our partners who believe in Formula 1. If I could just add, I agree with everything Stephanie said.

Stefano Domenicali: Quantity of sponsorship is really related to the quality and we need to ensure that everyone is investing in pool one.

Stefano Domenicali: Quality in terms of exposure in terms of experiencing what.

Stefano Domenicali: So I would say that's really a very, very positive trend that we will see together with our partners who believe in Formula One.

Stefano Domenicali: What we can offer so I would say that's really a very very positive trend that we would see together with our partners who believes in formula one.

Brian Wendling: If I could just add, I agree with everything Stefano said. I feel very good about where we are recognizing sponsorship revenue for the balance of this year and into 2025 and are working hard at building that pipeline for 2026 and beyond.

Greg Maffei: If I could just add, I agree with everything Stefano said. I feel very good about where we are recognizing sponsorship revenue for the balance of this year and into 2025 and are working hard at building that pipeline for 2026 and beyond.

Speaker Change: If I could just add I agree with everything as Stefano said I feel very good about where we are recognizing sponsorship revenue for the balance of this year and into 2025 and are working hard at building that pipeline for 'twenty six and beyond.

Kutgun Maral: Great. Thanks so much.

Vijay Jayant: Great. Thanks so much.

Speaker Change: Great. Thanks, so much.

Jeff Waldizak: Our next question comes from Jeff Waldizak with Pivotal Research. Please proceed with your question.

Greg Maffei: Our next question comes from Jeff Wlodarczak with Pivotal Research Group. Please proceed with your question.

Operator: Our next question comes from Jeff Wlodarczak with Pivotal Research Group. Please proceed with your question.

Greg Maffei: Our next question comes from Jeff <unk> with pivotal Research Group. Please proceed with your question.

Jeffrey Wlodarczak: Good morning. First of all, congrats on Lando winning the Miami GP. It's always good to get a new face atop the podium. I've actually got two questions not related to F1, one on Live Nation and one on SiriusXM. Greg, on Live Nation, can you comment on the pending antitrust case against Live Nation? And then also, Greg, you mentioned the car app and seeing some sort of early positive signs. When are we going to know if that was successful? Is that sort of a second-half thing we should be looking for? And then looking forward, do you feel comfortable, I guess, all else being equal economically, that SiriusXM can get back to positive subscriber growth? Thanks.

Jeff Waldizak: Good morning. First of all, congratulations on Lando winning the Miami GP. It's always good to get a new face on the podium. I've actually got two questions not related to F1.

Jeff Waldizak: Good morning first of all congrats on Lando, winning the Miami GP, it's always good to get a new face to top of podium.

Jeff Waldizak: One on Live Nation wants Siri. Greg, on Live Nation, can you comment on the pending antitrust case? against Live Nation, and then also, Greg, you mentioned the car app and seeing some sort of early positive signs. When are we going to know if that's successful, or if that's sort of a second half thing we should be looking for? And then, you know, looking forward, do you feel comfortable, I guess, all else being equal economically, that Siri can get back to positive subscriber growth? Thanks.

Jeff Waldizak: I've actually got two questions not related to echelon one on live nation wants series, Greg on why they should you comment on the depending antitrust case against live nation, and then also Greg you mentioned the car App and seeing some sort of early positive signs.

Jeff Waldizak: When are we going to know if that was successful as that sort of a second half thing we should be looking for and then.

Jeff Waldizak: Looking forward do you feel comfortable I guess, all else being equal economically that siri can get back to positive subscriber growth. Thanks.

Greg Maffei: Uh hold on the app and economics So, look, I think on the discussion around Live Nation and the trust issues, the management team led by Joe summarized it well on their call last Thursday. The DOJ investigation appears to focus on specific business practices within divisions of the company, not the merger or the business structure.

Brian Wendling: Hold on. The app and economic growth. Okay. So look, I think on all the discussion around Live Nation and the trust issues, the management team led by Joe summarized it well on their call last Thursday. The DOJ investigation appears focused on specific business practices within divisions of the company, not the merger or the business structure. Live Nation doesn't believe the breakup of Live Nation Ticketmaster would be a legally defensible remedy. Beyond that, we're kind of limited to what was said on that Live Nation earnings call if you listen to that. Turning to SiriusXM, look, I think it's early days. We certainly would hope during the balance of this year to see positive impact and greater learnings from the new app.

Jeff Waldizak: On the App and economic growth.

Greg Maffei: Look I think on the all.

Greg Maffei: All the discussion around <unk>.

Greg Maffei: Live nation any trust issues.

Greg Maffei: The management team led by Joe summarized it well on their call last Thursday.

Greg Maffei: The Doj investigation appears focused on specific business practices within divisions of the company not the merger or the business structure.

Greg Maffei: Live doesn't believe the breakup of Live Nation Ticketmaster would be a legally defensible remedy. And beyond that, we're kind of limited to what was said on that Live earnings call if you listened to that, turning to Siri. Look, I think it's early days. We certainly would hope, during the balance of this year, to see the timing of those and how the consumer, both how we release them and how the consumer takes them up, are still, you know, open to question.

Greg Maffei: Life doesn't believe that breakup.

Greg Maffei: Live nation, Ticketmaster would be legally defensible remedy.

Greg Maffei: And beyond that we're kind of limited to what was said on that live earnings call. If you listen to that.

Greg Maffei:

Greg Maffei: Turning to CRE.

Greg Maffei: I think it's early days, we certainly would hope during the balance of this year too.

Greg Maffei: C.

Greg Maffei: Positive impact and greater learnings from the new App the way the App is being rolled because of the app as a platform youll see us continue to rollout at Siri, new modules and new opportunities, which will help us get benefit. So I think youll see some learnings early and hopefully more growing over time, but the exact timing of those.

Brian Wendling: The way the app is being rolled, because of the app as a platform, you'll see us continue to roll out at Sirius new modules and new opportunities, which will help us get benefits. So I think you'll see some learnings early and hopefully more growing over time. But the exact timing of those and how the consumer, both how we release them and how the consumer takes them up, are still open to question. On economic growth, I do believe that we can start driving. We'll see better numbers in 2024 versus 2023 on SG&A. And I do think over time, this app will be critical to helping us grow and getting back to a growth path at Sirius.

Greg Maffei: And how the consumer both how we released them and how the consumer takes them up are still open to question.

Greg Maffei: On economic growth, I do believe that we can start driving, we'll see better numbers in 24 versus 23 on SP&A, and I do think, over time, this app will be critical to helping us grow and getting back to a growth path at Sirius.

Greg Maffei: On economic growth I do believe that we can start driving we will see a better numbers in 24 versus 23 on SG&A and I do think over time. This app will be critical to helping us grow and getting back to a growth path path at Siri.

Greg Maffei: Serious.

Jeffrey Wlodarczak: All right. Thank you.

Speaker Change: Alright, thank you.

Brian Wendling: Thanks, Jeff.

Speaker Change: Thanks, Jeff.

David Karnofsky: Our next question comes from David Karnofsky with J.P. Morgan. Please proceed with your question.

Greg Maffei: Our next question comes from David Karnovsky with J.P. Morgan. Please proceed with your question.

Greg Maffei: Our next question comes from David Karnofsky with J P. Morgan. Please proceed with your question.

David Karnofsky: Hey, thanks for the question. First, Evan or Greg, can you talk about F1 TV and how we should think of this as a possible growth driver for media rights this year? I wanted to understand better how the price increases have been received so far along with the new user experience. And then on Quinn, I appreciate the commentary on the strategic value to F1, but maybe you can also discuss Quinn on a standalone basis, the market for premium hospitality, what's the kind of growth drivers over the long term, and, just for Brian on this, anything to note on the seasonality of Quinn?

[Analyst] (J.P. Morgan): Hey, thanks for the question. For Stefano or Greg, can you talk to F1 TV and how we should think of this as a possible growth driver for media rights this year? I wanted to understand better how the price increases have been received so far along with the new user experience. And then on Quint, I appreciate the commentary on the strategic value to F1, but maybe you can also discuss, Quint, on a standalone basis, the market for premium hospitality. What's the kind of growth drivers over the long term? And just for Brian on this, anything to note on the seasonality for Quint with revenue or margin? Thanks.

David Karnovsky: Hey, thanks for the question. For Stefano or Greg, can you talk to F1 TV and how we should think of this as a possible growth driver for media rights this year? I wanted to understand better how the price increases have been received so far along with the new user experience. And then on Quint, I appreciate the commentary on the strategic value to F1, but maybe you can also discuss, Quint, on a standalone basis, the market for premium hospitality. What's the kind of growth drivers over the long term? And just for Brian on this, anything to note on the seasonality for Quint with revenue or margin? Thanks.

David Karnofsky: Hey, Thanks for the question for seven of our Greg can you talk to <unk> and how we should think of this as a possible growth driver from media rights. This year I wanted to understand better how the price increases have been received so far.

David Karnofsky: Along with a new user experience and then on Quinn I appreciate the commentary on the strategic value of F. One.

David Karnofsky: But maybe you can also discuss quite on a standalone basis, the market for premium hospitality, what's the kind of growth drivers over the long term and just for Brian on this.

David Karnofsky: Anything to note on the seasonality for Quinn with revenue or margin. Thanks.

Brian Wendling: All right. Stefano, do you want to start?

Greg Maffei: All right. Stefano, do you want to start?

Greg Maffei: All right, Stephanie, do you want to start? Yeah. Do you want to start on that one?

Speaker Change: Alright, Stefan one do I want to start yeah, do you want to start and I can say.

Jeffrey Wlodarczak: Stefano, do you want to start on F1 TV?

Greg Maffei: Stefano, do you want to start on F1 TV?

Stefano Domenicali: I can be. Yep, Greg, if it's fine for you, absolutely. I would say, first of all, F1 TV, as we always said, is an additional element for our fans. It offers to fans that some of them are very, very experts. They can analyze all the data we're putting on the screen. And the good thing is that the numbers that we have seen so far are very encouraging because, actually, even in Miami, there have been almost the record subscribers that we see. So it's a very, very important element that is related to the future of the media evolution that we want to offer to our customers. We didn't receive any negative comment on price increase. You may say maybe because it was too low before. That could be a good point. But so far, no one has said anything.

Stefano Domenicali: Yeah, Greg, if it's fine for you, absolutely. I would say, first of all, F1 TV, as we always said, is an additional element for our fans and offers them the chance that some of them are very, very experts. They can analyze all the data we're putting on the screen.

Speaker Change: Yes, Greg it's fine for you of <unk> I would say first of all <unk> as yoga said visa visa is an additional level of fats at ultra to fund that.

Stefano Domenicali: Some of them are very very expert they can analyze all the data we're putting them on the screen and the good thing is that the numbers that we have seen so far are very encouraging because it acts.

Stefano Domenicali: And the good thing is that the numbers that we have seen so far are very encouraging because, actually, even in Miami, there have been almost record numbers of subscribers that we see. So it's a very, very important element that is related to the future of the media evolution that we want to offer to our customers. We didn't receive any negative comments on the price increase. You may say maybe because it was too low before.

Stefano Domenicali: Really even in Miami that has been almost a record subscribers that we see so it's a very very important element of that is related to the future of the immediate evolution, but we want to offer to our customers.

Stefano Domenicali: We did receive any negative comment on price increase you may see maybe because it was too low before that could be a good point, but so far no. One has said anything and I would say for us it's really relevant to keep up in terms of quality of the product until more content of the product and this is something that will develop even further within C&I with the FTC.

Stefano Domenicali: That could be a good point. But so far, no one has said anything. And I would say, for us, it's really relevant to keep up in terms of the quality of the product, in terms of content of the product. And this is something that will develop even further with the artificial intelligence that will play a very important part in our development.

Stefano Domenicali: I would say, for us, it's really relevant to keep up in terms of quality of the product, in terms of content of the product. This is something that will develop even further with the artificial intelligence that will play a very important part of our development with our future.

Stefano Domenicali: Intelligence that will be.

Stefano Domenicali: Play a very important part of our developed it.

Stefano Domenicali: You too.

Greg Maffei: Great. Thank you, Stefano.

Brian Wendling: Great. Thank you, Stefano. I'll touch briefly on the Quint business drivers and let Brian, as you noted, touch on some seasonality, which I expect his comments will be fairly limited, but I don't want to cut him down. Look, on the drivers for the business, I think there's several. One is, and we mentioned one already, the opportunity to help us be a better sales arm and be more effective for Formula One itself, particularly around LBGP. You've seen us do more integration of that sales arm and utilize their customer knowledge, their customer strengths, the things that they do well to help us sell better, particularly at the high end at LBGP. Another driver of the business, though, is their ability to help other F1 promoters and elements sell their products.

Greg Maffei: Great. Thank you, Stefano. I'll touch briefly on the Quint business drivers and let Brian, as you noted, touch on some seasonality, which I expect his comments will be fairly limited, but I don't want to cut him down. Look, on the drivers for the business, I think there's several. One is, and we mentioned one already, the opportunity to help us be a better sales arm and be more effective for Formula One itself, particularly around LBGP. You've seen us do more integration of that sales arm and utilize their customer knowledge, their customer strengths, the things that they do well to help us sell better, particularly at the high end at LBGP. Another driver of the business, though, is their ability to help other F1 promoters and elements sell their products.

Speaker Change: Great. Thank you Stefano and I'll touch briefly on the.

Greg Maffei: <unk> business drivers and let Brian as you noted touch on some seasonality, which I expect these comments will be fairly limited but.

Speaker Change: I don't want to cut them down.

Greg Maffei: And I'll touch briefly on the Quint business drivers and let Brian, as you know, touch on some seasonality, which I expect his comments will be fairly limited, but I don't want to cut him down. Look, on the Quint business drivers, I think there are several. One is, and we mentioned, I mentioned one already, the opportunity to help us be a better sales arm and be more effective for Formula 1 itself, particularly around LBGP.

Greg Maffei: Look on the drivers for the business I think there are several one is and we mentioned I mentioned, one already the opportunity to help us be a better sales arm and be more effective for formula one itself, particularly around <unk> and you've seen us do more integration of that sales are and utilize their customer knowledge their customers.

Greg Maffei: And you've seen us do more integration of that sales arm and utilize their customer knowledge, their customer strengths, the things that they do well to help us sell better, particularly at the high end at LBGP. Another driver in the business, though, is their ability to help other F1 promoters and teams sell their products. So they work with both teams and promoters, for example, Qatar, to help sell tickets to their events, not just our event, and to help sell out the things that they do and do ancillary services and ancillary events around the GPs.

Greg Maffei: Strengths.

Greg Maffei: Things that they do well to help us sell better, particularly at the high end and there'll be GP.

Greg Maffei: Another driver of the business, though is their ability to help other F. One promoters and elements sell their products. So they worked with both teams and promoters for example, Qatar to help sell tickets to their events not just our event and to help sell out the things that they do.

Brian Wendling: So they work with both teams and promoters, for example, Qatar, to help sell tickets to their events, not just our event, and to help sell out the things that they do and do ancillary services and ancillary events around the GPs. The third driver is obviously adding new sports and new events. And you've seen them grow that and expect that they will continue to do that over time. And hopefully, that's a place where Liberty may be able to help them open the door to new sports. David, on seasonality, we can't give you the very specific details, but what I'll say is that Q1 is probably the lowest quarter for Quint, followed by Q3. Q2 and Q4 really ramp up because you have the Kentucky Derby, and you have a lot more of the larger F1 events that Quint participates in.

Greg Maffei: So they work with both teams and promoters, for example, Qatar, to help sell tickets to their events, not just our event, and to help sell out the things that they do and do ancillary services and ancillary events around the GPs. The third driver is obviously adding new sports and new events. And you've seen them grow that and expect that they will continue to do that over time. And hopefully, that's a place where Liberty may be able to help them open the door to new sports.

Greg Maffei: And do ancillary services and ancillary events around.

Greg Maffei: Around the GPS.

Greg Maffei: The third driver is obviously adding new sports and new events, and you've seen them grow that and expect that they will continue to do that over time. And hopefully, that's a place where Liberty may be able to help them open the door to new sports.

Greg Maffei: The third.

Greg Maffei: Third driver is obviously, adding new sports and new events and you've seen them grow.

Greg Maffei: That and expect that they will continue to do that over time, and hopefully thats, a place where liberty may be able to help them open the door to new sports.

Brian Wendling: David, on seasonality, we can't give you the very specific details, but what I'll say is that Q1 is probably the lowest quarter for Quint, followed by Q3. Q2 and Q4 really ramp up because you have the Kentucky Derby, and you have a lot more of the larger F1 events that Quint participates in.

Brian Wendling: David, on seasonality...

Brian Wendling: David, on seasonality, we can't give you the very specific details, but what I'll say is that Q1 is probably the lowest quarter for Quint, followed by Q3. Q2 and Q4 really ramp up because you have the Kentucky Derby and you have a lot more of the larger F1 events that Quint participates in. So you'll see that Q2 and Q4 definitely vary materially from what you see in Q1.

Greg Maffei: David on seasonality.

Brian Wendling: Can't give you the very specific details, but what I will say is that.

Brian Wendling: Q1 is probably the lowest quarter for Quant, followed by Q3, Q2, and Q4 really ramp up because you have the Kentucky Derby and you have a lot more of the larger.

Brian Wendling: F. One events that quint participates in.

Brian Wendling: You'll see that Q2 and Q4 definitely vary materially from what you see in Q1.

Brian Wendling: So youll see that Q2 and Q4.

Brian Wendling: <unk> very materially from what you see in Q1.

Brian Wendling: Okay.

Brian Wendling: Sure.

Ben Swinburne: Our next question comes from Ben Swinburne with Morgan Stanley. Please proceed with your question.

Greg Maffei: Our next question comes from Ben Swinburne with Morgan Stanley. Please proceed with your question.

Operator: Our next question comes from Ben Swinburne with Morgan Stanley. Please proceed with your question.

Brian Wendling: Our next question comes from Ben Swinburne with Morgan Stanley. Please proceed with your question.

Ben Swinburne: Thanks. Good morning.

Greg Maffei: Greg, now that you've had at least the public announcement with MotoGP, I'm just wondering if you have any update on opportunities that may have emerged or conversations you've had in terms of what you can do with that business now that all the partners of MotoGP know that Liberty is going to be acquiring most of the company. Anything that you would add from the call you did a couple months ago. And then, Stefano, I think last quarter you said sort of a conquered agreement, you know, the next one would be something you guys could maybe finish up pretty quickly.

Ben Swinburne: Thanks. Good morning. Greg, now that you've had at least the public announcement with MotoGP, I'm just wondering if you had any update on opportunities that may have emerged or conversations you've had in terms of what you can do with that business now that all the partners of MotoGP know that Liberty is going to be acquiring most of the company. Anything that you would add from the call you did a couple of months ago? And then, Stefano, I think last quarter, you said sort of Concord Agreement. The next one would be something you guys could maybe finish up pretty quickly, not a lot of controversy. Wanted to see if there was any update there, particularly as it relates to Brian's point about team splits being fixed going forward for this deal.

Ben Swinburne: Thanks, Good morning.

Greg Maffei: Greg now that you've had at least the public announcement with <unk> I'm. Just wondering if you had any update on opportunities that may have emerged your conversations you've had in terms of what you can do with that business now that you're all the partners of Moto GP know that liberty is going to be acquiring most of the company.

Greg Maffei: Anything that you would add from the call you did a couple of months ago, and then definitely I think last quarter, you said sort of concrete agreement.

Greg Maffei: Not a lot of controversy. Wanted to see if there was an update there, particularly as it relates to Brian's point about team splits, you know, being fixed going forward for this deal. Any thoughts on how we might want to think about what that might look like in the next one? Thank you, guys.

Greg Maffei: Next one would be something you guys could maybe finish up pretty quickly not a lot of controversy I wanted to see if there was an update there, particularly as it relates to Brian's point about teams splits being fixed going forward for this deal any thoughts on how we might want to think about what that might look like in the next one.

Ben Swinburne: Any thoughts on how we might want to think about what that might look like in the next one? Thank you, guys.

Stefano Domenicali: Thanks, Ben. So, on MotoGP, after the announcement, we had an outpouring of interest from both potential broadcast partners, OEMs, potential sites, all of which are very interesting. Unfortunately, due to the nature of the regulatory process, we will be formulating those amongst ourselves in our plans, but we really can't reach out and do anything concrete with the MotoGP management team to avoid gun jumping until we have regulatory approval. So, we are conjuring up plans, we have some really good ideas, I think, I hope, and we hope to get permission to execute on those sooner rather than later.

Greg Maffei: You guys.

Brian Wendling: Thanks, Ben. So on MotoGP, after the announcement, we had an outpouring of interest from both potential broadcast partners, OEMs, potential sites, all of which are very interesting. Unfortunately, due to the nature of the regulatory process, we will be formulating those amongst ourselves in our plans, but we really can't reach out and do anything concrete with the MotoGP management team to avoid gun-jumping until we have regulatory approval. So we are conjuring plans. We have some really good ideas, I think, I hope. We hope to get permission to execute on those sooner rather than later.

Greg Maffei: Thanks, Ben. So on MotoGP, after the announcement, we had an outpouring of interest from both potential broadcast partners, OEMs, potential sites, all of which are very interesting. Unfortunately, due to the nature of the regulatory process, we will be formulating those amongst ourselves in our plans, but we really can't reach out and do anything concrete with the MotoGP management team to avoid gun-jumping until we have regulatory approval. So we are conjuring plans. We have some really good ideas, I think, I hope. We hope to get permission to execute on those sooner rather than later.

Speaker Change: Thanks, Brent so on Moto GP.

Stefano Domenicali: We after the announcement, we had an outpouring of interest from both potential broadcast partners.

Stefano Domenicali: Oems.

Stefano Domenicali: Potential sites, all of which are very interesting.

Stefano Domenicali: Unfortunately, due to the nature of the regulatory process, we will be formulated those amongst ourselves in our plans, but we really can't reach out and do anything concrete with the Moto GP management team to avoid gun jumping until we have regulatory approval. So we're conjuring plans, we have some really good ideas.

Stefano Domenicali: Think I hope and we hope to get permission to execute on those sooner rather than later.

Stefano Domenicali: On my side, Ben, with regard to the update on the CoCo agreement, as we always said, the situation, as you know very well, will expire in 2025. Now we are in the process of discussing it with the teams. The most important point is to keep the situation as stable as possible. These are the points of discussion. And as you can imagine, we cannot go into the details of it, but as soon as we can, we will share what we can do. As I said, the situation is optimal to keep discussing with the teams and with all the relevant parties the best way to finalize everything for a stronger future over the longer term.

Stefano Domenicali: On my side, Ben, with regard to the update on Concord Agreement, as we always said, the situation, as you know very well, this will expire until 2025. Now we are in a process of discussion with the teams. The most important point is to keep the situation as stable as possible. These are the points of discussion. As you can imagine, we cannot go into detail of it, but as soon as we can, we will share what we can do. As I said, the situation is optimal to keep discussing with the teams and with all the relevant parties, the best way to finalize everything for a stronger future up to a longer term.

Speaker Change: On my side, Ben with regard to the update on Coke agreement as we always said that the situation as you know very well pleased with exciting 2025 now we are in the process of discussion with the teams.

Stefano Domenicali: Most important point is to keep the situations as stable as possible. These are the points of discussion and as you can imagine we cannot go into details of it but as soon as we can we will we would shed and what we can do as I said that the situation is optimal to pizza.

Stefano Domenicali: Discussing with the teams that with those that have been part is the best way to finalize everything for a stronger future.

Stefano Domenicali: Up to a longer term.

Greg Maffei: Okay. Thank you. Our next question comes from Stephen Laszczyk with Goldman Sachs. Please proceed with your question.

Ben Swinburne: Okay. Thank you.

Operator: Our next question comes from Stephen Laszczyk with Goldman Sachs. Please proceed with your question.

Speaker Change: Okay. Thank you.

Stephen Lasek: Our next question comes from Stephen Lasek with Goldman Sachs. Please proceed with your question.

Stefano Domenicali: Our next question will come from Stephen <unk> with Goldman Sachs. Please proceed with your question.

Stephen Lasek: Hey, great. Thanks for the questions. Maybe for Greg on F1 meteorites, I'm curious if you talk more about the strategy behind some of the renewals you called out and the release. It looks like you took a good bit of duration in MENA, maybe aligning the Nordics with Sky. I know some of the Americas and Asian contracts are up in 2025. Anything more to add to that conversation or that strategy on meteorites would be helpful?

Ben Swinburne: Hey, Greg. Thanks for the questions. Maybe for Greg on F1 media rights, I'm curious if you could talk more about the strategy behind some of the renewals you called out and the release. It looks like you took a good bit of duration in Miami, maybe align the Nordics with Sky. I know some of the Americas and Asia contracts are up in 2025. Anything more to add to that conversation or that strategy on media rights would be helpful?

Stephen Laszczyk: Hey, Greg. Thanks for the questions. Maybe for Greg on F1 media rights, I'm curious if you could talk more about the strategy behind some of the renewals you called out and the release. It looks like you took a good bit of duration in Miami, maybe align the Nordics with Sky. I know some of the Americas and Asia contracts are up in 2025. Anything more to add to that conversation or that strategy on media rights would be helpful?

Stephen Lasek: Hey, great. Thanks for the questions maybe for Greg on <unk> Media rights I'm curious if you could talk more about the strategy on the renewals you called out in the release it looks like you took a good bit of duration in Mena.

Stephen Lasek: Maybe align the nordics with Sky.

Stephen Lasek: Some of the Americas and Asia contracts are up in 'twenty, five anything more to add to that that conversation or that strategy all media rights.

Greg Maffei: Thanks for the question, Stephen. I think, in general, on media rights, we've been very happy with the renewals and interest we've seen. As you noted, some of the good renewals we've had that have been very attractive. We continue to see strong demand. And we continue to see, as we talked about F1 TV, interesting ways in which F1 TV can be an asset working with our media partners.

Stephen Lasek: Paul.

Brian Wendling: Thanks for the question, Steven. I think, in general, on media rights, we've been very happy with the renewals and interest we've seen. You noted some of the good renewals we've had that have been very attractive. We continue to see strong demand. And we continue to see, as we talked about F1 TV, we continue to see interesting ways in which F1 TV can be an asset working with our media partners. The US renewal is obviously out ahead. It's been interesting to watch some of the most recent renewals around either other motorsports or other sports in general in the US. And hopefully, those give us some confidence about, given where the demand we've seen both among broadcasters and the like and the level of interest in races, like I've obviously mentioned already the Miami one, what that will lead to.

Greg Maffei: Thanks for the question, Steven. I think, in general, on media rights, we've been very happy with the renewals and interest we've seen. You noted some of the good renewals we've had that have been very attractive. We continue to see strong demand. And we continue to see, as we talked about F1 TV, we continue to see interesting ways in which F1 TV can be an asset working with our media partners. The US renewal is obviously out ahead. It's been interesting to watch some of the most recent renewals around either other motorsports or other sports in general in the US. And hopefully, those give us some confidence about, given where the demand we've seen both among broadcasters and the like and the level of interest in races, like I've obviously mentioned already the Miami one, what that will lead to.

Speaker Change: Thanks for the question Stephen I think.

Greg Maffei: General and media rates, we've been very happy with the renewals and interest we have seen.

Greg Maffei: We and you noted some of the good renewals we've had that had been very.

Greg Maffei: We're active we continue to see strong demand and we continue to see.

Greg Maffei: We talked about F. One TV, we continue to see interesting ways in which <unk> can be an asset and working with our media partners.

Greg Maffei: The U.S. renewal is obviously out ahead. It's been interesting to watch some of the most recent renewals around either other motorsports or other sports in general in the U.S., and hopefully those give us some confidence about given the demand we've seen both among broadcasters and the like and the level of interest in races like, I've obviously mentioned already, the Miami one. What that will lead

Greg Maffei: The U S renewal is obviously out ahead.

Greg Maffei: It's been interesting to watch.

Greg Maffei: Some of the most recent renewals around either other motorsports or other sports in general in the U S and hopefully those give us some confidence about given where the demand we've seen both among broadcasters and the like and the level of interest in races like.

Greg Maffei: You mentioned already the Miami, one what that will lead to.

Stefano Domenicali: Got it. And then just on race promotion, you have, I think, 10 races up for grabs over the next two years. Stefano, you called out the 11 interested cities being serious contenders for GPs this past weekend. Could you add a little bit more context just around the supply-demand dynamic you're seeing right now and what you think that can mean for things like promotion step-ups, investments in hospitality, and fan experience?

Ben Swinburne: Got it. And then just on race promotion, you have, I think, 10 races up for renewal over the next two years. Stefano, you called out the 11 interested cities being serious contenders for GPs this past weekend. Could you add a little bit more context just around the supply-demand dynamic you're seeing right now and what you think that could mean for things like promotion step-ups, investments in hospitality fan experience? That'd be helpful. Thank you.

Stephen Laszczyk: Got it. And then just on race promotion, you have, I think, 10 races up for renewal over the next two years. Stefano, you called out the 11 interested cities being serious contenders for GPs this past weekend. Could you add a little bit more context just around the supply-demand dynamic you're seeing right now and what you think that could mean for things like promotion step-ups, investments in hospitality fan experience? That'd be helpful. Thank you.

Greg Maffei: Got it and then just on race promotion.

Stefano Domenicali: Have I think 10 races up for renewal over the next two years Stefano you called out the 11 interested cities.

Stefano Domenicali: Being serious contenders for GPS this past weekend.

Stefano Domenicali: Could you add a little bit more context, just around the supply demand dynamic youre seeing right now and what do you think that could mean for things like promotion step up investments in hospitality fan experience.

Stefano Domenicali: That'd be helpful. Thank you. Well, for sure. What

Speaker Change: That'd be helpful. Thank you.

Stefano Domenicali: Well, for sure, what we have seen and what we have seen happening in the course of the last years because of the strong demand for our product and because of the standard that we are, let's say, asking for and working together with our promoters. We have seen everything going up in terms of the quality of the event, of course, the economic impact for both the promoter and our side, and the strong demand we are receiving just shows that the strategy is right. Now the point is to keep the balance between the different continents that are requesting the different Grand Prix, and of course, what is important is to

Stefano Domenicali: Well, for sure, what we have seen and what we have seen happening in the course of the last years, because of the strong demand of our product and because of the standard that we are, let's say, asking and working together with our promoters, we have seen everything going up in terms of quality of the event, of course, economic impact for both the promoter and our side. The strong demand we are receiving just shows really the strategy is right. Now, the point is to keep the balance between the different continents that are requesting the different Grand Prix. And of course, what is important is to.

Stefano Domenicali: Well for sure what we have seen and what do we have seen happening in the course of the last year.

Stefano Domenicali: Cause of the strong demand of our products and because of the tons that we have.

Stefano Domenicali: Let's see asking and working together with our promoter we have seen that everything going up in terms of the quality of demand of course economical impact.

Stefano Domenicali: Both the promoter in our site and the strong demand we are receiving just shows really the strategy.

Stefano Domenicali: One is to keep the balance between the different continents.

Stefano Domenicali: Requesting BD.

Stefano Domenicali: And of course, what is important easier too.

Brian Wendling: I think we may have lost Stefano, or maybe we're off. Operator?

Operator: I think we may have lost Stefano, or maybe we're off.

Speaker Change: I think we may have lost Stefano or maybe we were off.

Operator: Operator? Checking. The line is still connected.

Operator: Operator checking let me.

Greg Maffei: Checking. The line is still connected.

Operator: Checking. The line is still connected.

Operator: The line is still connected.

Operator: So just to check, we are on mute. Is Stefano on mute, or is our line still connected to the broader audience?

Brian Wendling: So just to check, we're on mute. Is Stefano on mute, or is our line still connected to the broader audience? Just checking on the logistics.

Greg Maffei: So just to check, we're on mute. Is Stefano on mute, or is our line still connected to the broader audience? Just checking on the logistics.

Speaker Change: So just to check.

Speaker Change: As Stefano <unk>. Our line is still connected to the greater audience just checking on the logistics correct. It is yes.

Operator: Correct, it is, yes. So, we'll, uh...

Greg Maffei: Correct. It is, yes.

Operator: Correct. It is, yes.

Operator: So, we'll assume that we'll get Stefano back; maybe we can move to the next question, and we'll come back, and either we'll try it again without Stefano, or we'll hopefully get Stefano to answer.

Brian Wendling: So we'll assume that we'll get Stefano back. Maybe we can move to the next question, and we'll come back and answer that. And either we'll try it again without Stefano, or we'll hopefully get Stefano to answer.

Speaker Change: So we'll assume that we'll get Stefano back maybe we can move to the next question and we'll come back and answer that.

Operator: We will try it again without Stefano or will we will hopefully get Stefano to answer.

Greg Maffei: Okay.

Operator: Okay.

Speaker Change: Okay next question operator, thank you.

Brian Wendling: Next question, operator. Thank you.

Barton Crockett: Of course. Our next question comes from Barton Crockett with Roseblatt Securities. Please proceed with your question.

Greg Maffei: Of course. Our next question comes from Barton Crockett with Rosenblatt Securities. Please proceed with your question.

Operator: Of course. Our next question comes from Barton Crockett with Rosenblatt Securities. Please proceed with your question.

Operator: Of course, our next question comes from Barton Crockett with Rosenblatt Securities. Please proceed with your question.

Barton Crockett: Okay, great. Thanks.

[Analyst] (J.P. Morgan): Okay. Great. Thanks for taking the questions. I guess I wanted to switch gears a little bit and just get, Greg, your thoughts on baseball, the Braves, TV, and Diamond Sports. Now, some question about the viability of the emergence with the blackout at Comcast. What can you tell us about what the Braves could do if Diamond isn't viable? And what are your thoughts longer term about what should happen there with the TV rights situation there for the Braves?

Barton Crockett: Okay. Great. Thanks for taking the questions. I guess I wanted to switch gears a little bit and just get, Greg, your thoughts on baseball, the Braves, TV, and Diamond Sports. Now, some question about the viability of the emergence with the blackout at Comcast. What can you tell us about what the Braves could do if Diamond isn't viable? And what are your thoughts longer term about what should happen there with the TV rights situation there for the Braves?

Barton Crockett: Okay, great. Thanks, Thanks for taking the questions.

Barton Crockett: I guess I wanted to switch gears, a little bit and just get your thoughts on.

Barton Crockett: Thanks for taking the questions. I guess I wanted to switch gears a little bit and just get Greg your thoughts on baseball and the Braves, TV, and Diamond Sports. Now, you know, some questions about the viability of the emergence of the Braves with the blockout at Comcast. What can you tell us about what the Braves could do if Diamond isn't viable? And what are your thoughts, longer term, about what should happen with the TV rights situation there for the Braves?

Barton Crockett: Baseball on the Braves, and TV and Diamond sports.

Barton Crockett: Now.

Barton Crockett: Some question about the viability of the emergence with blackout at Comcast.

Barton Crockett: What can you tell us about.

Barton Crockett: What the Braves could do if diamond isn't viable.

Barton Crockett: And what are your thoughts.

Barton Crockett: Longer term about what should happen there with the TV rights situation there for the Braves.

Greg Maffei: Well, I'll give us one cursory comment and then let Derek, perhaps, if you want to contribute, happy to have you take over. I think we have some visibility into the diamond holdings, not only from our experience with the Braves, but our experience with Charter, and, you know, we watch the situation obviously very carefully. We have the benefit, as we've mentioned before, of an enormously attractive territory and their successful emergence from Chapter 11, but I'll let Derek touch on that a little more if he would like.

Brian Wendling: Well, I'll give just one cursory comment and then let Derek, perhaps if you want to contribute, happy to have you take over. I think we have some visibility into the Diamond Sports, not only from our experience with the Braves, but our experience with Charter. We watch the situation, obviously, very carefully. We have the benefit, as we mentioned before, of an enormously attractive territory and think we have options in the event that they are unable to complete their successful emergence from Chapter 11. I'll let Derek touch on that a little more if he would like.

Greg Maffei: Well, I'll give just one cursory comment and then let Derek, perhaps if you want to contribute, happy to have you take over. I think we have some visibility into the Diamond Sports, not only from our experience with the Braves, but our experience with Charter. We watch the situation, obviously, very carefully. We have the benefit, as we mentioned before, of an enormously attractive territory and think we have options in the event that they are unable to complete their successful emergence from Chapter 11. I'll let Derek touch on that a little more if he would like.

Barton Crockett: Hello.

Speaker Change: I'll give us one cursory comment and then let.

Derek: Derrick, perhaps if you wanted to contribute I'm happy to have you take over.

Derek: I think we have some visibility into the Diamond holdings, not only from our experience with the Braves, but our experience with charter.

Derek: We watch the situation, obviously very carefully.

Derek: We have that benefit as we mentioned before of an enormously attractive territory and think we have options in the event that they are unable to complete their successful emergence from chapter 11, but I'll, let Tara touch on that a little more if he would like.

Derek: Thanks, Greg. Yeah, to the first point, obviously, carriage disputes are sort of commonplace, unfortunately, and we don't like the fact that this carriage dispute is going on. We're not a party to it. We're hoping that Comcast and Bally's will get together. To Greg's point, we're obviously monitoring the whole bankruptcy proceedings and doing our part to protect our rights. At this point in time, Diamond Bally's is fulfilling their terms with us, including full payment, but you know, if the rights come back to us, we are very optimistic because, as Greg noted, we have a very large territory, one of the largest in sports. There's huge demand for the team, and we believe there's more optimism than pessimism with the future of Braves Television Rights in that marketplace.

[Analyst] (J.P. Morgan): Thanks, Greg. Yeah. To the first point, obviously, carriage disputes are sort of commonplace, unfortunately. We don't like the fact that this carriage dispute is going on. We're not a party to it, and we're hoping that Comcast and Bally's get together. To Greg's point, we're obviously monitoring the whole bankruptcy proceedings and doing our part to protect our rights. At this point in time, Diamond Bally's is fulfilling their terms with us, including full payment. But if the rights come back to us, we are very optimistic because, as Greg noted, we have a very large territory, one of the largest in sports. There's huge demand on the team, and we believe there's more optimism than pessimism with the future of Braves television rights in that marketplace. That's great.

Derek Schiller: Thanks, Greg. Yeah. To the first point, obviously, carriage disputes are sort of commonplace, unfortunately. We don't like the fact that this carriage dispute is going on. We're not a party to it, and we're hoping that Comcast and Bally's get together. To Greg's point, we're obviously monitoring the whole bankruptcy proceedings and doing our part to protect our rights. At this point in time, Diamond Bally's is fulfilling their terms with us, including full payment. But if the rights come back to us, we are very optimistic because, as Greg noted, we have a very large territory, one of the largest in sports. There's huge demand on the team, and we believe there's more optimism than pessimism with the future of Braves television rights in that marketplace.

Derek: Thanks, Greg, Yes to the first point.

Derek: Obviously carriage disputes or sort of commonplace. Unfortunately, and we don't like the fact that this carriage dispute is going on and we're not a party to it and we're hoping that Comcast and valleys get together.

Barton Crockett: That's great. If I could just follow up.

Barton Crockett: To Greg's point, we're obviously monitoring the whole bankruptcy proceedings and.

Barton Crockett: Doing our part to protect our rights at this point in time.

Barton Crockett: Diamond valleys as fulfilling their terms with us including full payment.

Barton Crockett: Yes.

Barton Crockett: You know if the if the rights come back to us.

Barton Crockett: We're very optimistic.

Barton Crockett: As Greg noted, we have a very large territory one of largest in sports.

Barton Crockett: There is huge demand on the team.

Barton Crockett: We believe there is more optimism or pessimism with the future of Braves TV rights in that marketplace.

Barton Crockett: That's great. If I could just follow up, I mean, the precedent at some of the other baseball teams has been, if they lose their RSN carriage, that they're having to move to a lower revenue model where perhaps they get broader exposure on broadcast but less revenue. Sounds like you don't think that that's what the Braves would face if it came to it. Am I hearing you correctly?

Derek: I mean that the precedent at some of the other baseball teams has been if they lose their RSN carriage, they're having to move to a lower revenue model where perhaps they get broader exposure on broadcast, but less revenue. Sounds like you don't think that that's what the Braves would face if it came to it. Am I hearing you correctly? Yeah, I think you are hearing me correctly.

[Analyst] (J.P. Morgan): If I could just follow up, I mean, the precedent at some of the other baseball teams has been, if they lose their RSN carriage, that they're having to move to a lower revenue model where perhaps they get broader exposure on broadcast but less revenue. Sounds like you don't think that that's what the Braves would face if it came to it. Am I hearing you correctly? Yeah. I think you are hearing me correctly, partly because the other situations that we've seen around, in particular baseball, the marketplaces are just vastly different, and their situations, I don't think, are necessarily analogous to us. We have about 6 states that are in our territory and about 35 million people in that territory.

Barton Crockett: That's great if I could just follow up I mean that the precedent at some of the other baseball teams has been if they lose their RSM carriage.

Derek: They're having to move to a lower revenue model, where perhaps they get broader exposure on broadcast.

Derek: But less revenue it sounds like you don't think that that's what the price would face if it came to it is am I hearing you correctly.

Derek Schiller: Yeah. I think you are hearing me correctly, partly because the other situations that we've seen around, in particular baseball, the marketplaces are just vastly different, and their situations, I don't think, are necessarily analogous to us. We have about 6 states that are in our territory and about 35 million people in that territory.

Derek: Yeah, I think you are hearing me correctly, partly because the other situations that we've seen around, in particular baseball, the marketplaces are just vastly different, and their situations, I don't think are necessarily analogous to us. We have about six states that are in our territory and about 35 million people in that territory. So one way to look at this is that to the extent that we can unlock the opportunity to offer Braves content to a wider stretch of that territory, to more of those 35 million people, we think that revenue should follow.

Speaker Change: Yes, I think you are hearing me correctly, partly because.

Derek: The other situations that we've seen around and particular baseball. The marketplaces are just vastly different and there are situations I don't think are necessarily analogous to us.

Derek: We have about six states that are in our territory.

Derek: About 35 million people in that territory. So one way to look at this is to the extent that we can unlock the opportunity too.

[Analyst] (J.P. Morgan): So one way to look at this is, to the extent that we can unlock the opportunity to offer the Braves content to a wider stretch of that territory, to more of those 35 million people, we think that the revenue should follow. And we've been modeling that and feel like we're in a good position should those rights come back to us. But again, at this point in time, we're still operating under the terms of the Bally's agreement, and they are as well. So we'll continue that to the extent that that stays the case. Okay. Thank you.

Derek Schiller: So one way to look at this is, to the extent that we can unlock the opportunity to offer the Braves content to a wider stretch of that territory, to more of those 35 million people, we think that the revenue should follow. And we've been modeling that and feel like we're in a good position should those rights come back to us. But again, at this point in time, we're still operating under the terms of the Bally's agreement, and they are as well. So we'll continue that to the extent that that stays the case.

Derek: Offer the Braves content to a wider stretch of.

Derek: Our territory to more of those 35 million people, we think that.

Derek: The revenue should follow and we've been modeling that and feel like we're in a good position should those rights come back to us, but again at this point in time.

Derek: And we've been modeling that and feel like we're in a good position should those rights come back to us. But again, at this point in time, we're still operating under the terms of the Valleys Agreement, and they are as well. So we'll continue that to the extent that that stays the case.

Derek: We're still operating under the terms of the valleys agreement and they are as well. So we'll continue that to the extent that that.

Derek: That stays the case.

Barton Crockett: Okay. Thank you.

Speaker Change: Okay. Thank you.

Brian Kraft: Our next question comes from Brian Kraft with Deutsche Bank. Please proceed with your question.

Greg Maffei: Our next question comes from Bryan Kraft with Deutsche Bank. Please proceed with your question.

Operator: Our next question comes from Bryan Kraft with Deutsche Bank. Please proceed with your question.

Derek: Our next question comes from Bryan Kraft with Deutsche Bank. Please proceed with your question.

Brian Kraft: Hi, good morning. I had one for Greg on Sirius and one on F1 for Stefano, if he's back, or for Greg. Greg, sorry to ask this question again this quarter, but a lot of people want to know. I know you stated that the Sirius transaction is on track to close in early 3Q, but can you just walk us through the sequence of steps to close and, you know, just comment on whether it might, you know, the closing might get pulled into early June. Seems like it could from someone on the outside looking in.

Ben Swinburne: Hi. Good morning. I had one for Greg on Sirius and one on F1 for Stefano, if he's back, or for Greg. Greg, sorry to ask this question again this quarter, but a lot of people want to know. I know you stated that the Sirius transaction is on track to close in early Q3, but can you just walk us through the sequence of steps to close and just comment on whether closing might get pulled into early June? Seems like it could from someone on the outside looking in. And then on F1, I was just wondering if you could talk about what you're seeing in terms of race promotion contract renewals as far as step-ups on renewals and escalators within the contracts. I think pre-COVID, race promotion didn't seem like much of a growth opportunity.

Bryan Kraft: Hi. Good morning. I had one for Greg on Sirius and one on F1 for Stefano, if he's back, or for Greg. Greg, sorry to ask this question again this quarter, but a lot of people want to know. I know you stated that the Sirius transaction is on track to close in early Q3, but can you just walk us through the sequence of steps to close and just comment on whether closing might get pulled into early June? Seems like it could from someone on the outside looking in. And then on F1, I was just wondering if you could talk about what you're seeing in terms of race promotion contract renewals as far as step-ups on renewals and escalators within the contracts. I think pre-COVID, race promotion didn't seem like much of a growth opportunity.

Brian Kraft: Hi, Good morning, I had.

Brian Kraft: One for Greg on serious and one on F. One for Stefano feedstock or for Greg.

Brian Kraft: Greg sorry to ask this question again this quarter, but.

Brian Kraft: A lot of people want to know I know you stated that serious transaction is on track to close in early <unk>, but can you just walk us through the sequence of steps to close in.

Brian Kraft: Comment on whether it might closing might get pulled into early June it seems like it could from.

Stefano Domenicali: And then on F1, I was just wondering if you could talk about what you're seeing in terms of race promotion, contract renewals, as far as step-ups on renewals and escalators within the contracts. I think pre-COVID race promotion didn't seem like much of a growth opportunity, but with growth in demand over the past few years and improving promoters' economics, I'm wondering if you think that race promotion is now more of a growth opportunity over the, you know, medium to long term, even outside of Vegas, which is kind of its own thing. And separately, can you talk about what you've seen with Las Vegas ticket sales since they went on sale in late March? Thank you. Well, I'm going to let them...

Stefano Domenicali: From someone on the outside looking in and then on F. One I was just wondering if you could talk about what youre seeing in terms of race promotion contract renewals as far as step ups on renewals and escalators within the contracts I think pre COVID-19 race promotion didn't seem like much of a growth opportunity, but with growth in demand.

Ben Swinburne: But with growth in demand over the past few years and improving promoters' economics, wondering if you think that race promotion is now more of a growth opportunity over the medium to long term, even outside of Vegas, which is kind of its own thing? And then separately, can you talk about what you've seen with Las Vegas ticket sales since they went on sale in late March? Thank you.

Bryan Kraft: But with growth in demand over the past few years and improving promoters' economics, wondering if you think that race promotion is now more of a growth opportunity over the medium to long term, even outside of Vegas, which is kind of its own thing? And then separately, can you talk about what you've seen with Las Vegas ticket sales since they went on sale in late March? Thank you.

Stefano Domenicali: Over the past few years in improving promoters economics I'm wondering if you think that race promotions now more of a growth opportunity.

Stefano Domenicali: Over the medium to long term, even outside of Vegas, which is kind of its own thing and then and then separately can you talk about what you've seen with Las Vegas ticket sales since they went on sale in late March. Thank you.

Greg Maffei: Well, I'm going to let Rene walk you through the regulatory steps that we anticipate. And then, Stefano, I think you're back on, so after that, we'll let you talk about race promotion, I mean. Yep, yep. All right.

Brian Wendling: Well, I'm going to let Renee walk you through the regulatory steps that we anticipate. And then, Stefano, I think you're back on. So after, we'll let you talk about race promotion, I mean.

Greg Maffei: Well, I'm going to let Renee walk you through the regulatory steps that we anticipate. And then, Stefano, I think you're back on. So after, we'll let you talk about race promotion, I mean.

Speaker Change: Well I'm going to let Renee walk you through the.

Rene: Regulatory steps that we anticipate and then Stefan I think youre back on so after we'll let you talk about race.

Ben Swinburne: Yep. Yep.

Stefano Domenicali: Yep. Yep.

Greg Maffei: Yes.

Brian Wendling: All right.

Ben Swinburne: Thanks, Greg. Yep.

Greg Maffei: All right.

Stefano Domenicali: Thanks, Greg. Yep.

Rene: Alright, Thanks, Greg Yes.

Rene: So with regard to the series closing, we're making very good progress with the FCC as well as on the FCC front, and we are still on target. I think, as we mentioned earlier this year, that we'd be looking to close.

Renee Wilm: So with regard to the Sirius closing, we're making very good progress with the SEC as well as on the FCC front. We are still on target, I think, as we mentioned earlier this year, that we'd be looking to close sometime during the summer.

Speaker Change: So with regard to the theory closing, we're making very good progress with the SEC as well as Amit FCC front and we are still on target I think as we mentioned earlier this year that we'd be looking to close sometime during the summer.

Stefano Domenicali: Stefano, do you want to touch on race promotion? Yes,

Brian Wendling: Stefano, do you want to touch on race promotion?

Greg Maffei: Stefano, do you want to touch on race promotion?

Stefano Domenicali: Definitely do you want to touch on race promotion.

Stefano Domenicali: Yeah, I would say, following on from what I was trying to say before, I don't know where I was cut off, but for your information, you know, the rate promotion, before COVID, everyone was worried about the fact, in terms of revenue stream, this could have been a very flat line. And actually, the fact that we have a lot of demands, of course, is also pushing up the possibility of having or maximizing in the best way that we can the ratio of promotion fees. Connected, of course, that this is, of course, a more relevant point but has to be connected to our strategic development in different markets. So everything is progressing very, very well.

Stefano Domenicali: Yeah. I would say following to what I was trying to say before. I don't know where it was cut it, but for Brian's information, the race promotion, before COVID, everyone was worried about the fact in terms of revenue stream, this could have been a very flat line. And actually, the fact that we have a lot of demands, of course, is pushing up also the possibility of having or maximizing in the best way that we can the race and promotion fees. Connected, of course, that this is, of course, one relevant point, but has to be connected to our strategic development on different markets. So everything is progressing very, very well. And I would say in the next couple of years, I'm expecting to see and we are expected to announce also some new venues that could be very attractive to grow the business of Formula 1.

Stefano Domenicali: Yes, I would say following the two what I was trying to say before I don't know where it was kept it but yeah for Brian formation.

Stefano Domenicali: <unk> before called me to everyone was worried about the stack in terms of revenue stream. These goods have been a very satellite and actually the fact that we have a lot of demands of course is pushing up also the possibility of a had been on maximizing in the best way that we can and the reason for the motion six connected those calls that this is.

Stefano Domenicali: Of course of why relevant point, but that's to be connected to allow us to the pace of development different markets. So everything is progressing very very well and I would say in the next.

Greg Maffei: And I would say in the next couple of years, I'm expecting to see, and we are expecting to announce, also some new venues that could be very attractive to grow the business of formal work. So if I could just add to that, to Stefano's point, I think for a long time it was perceived that the growth in promotion would come from incremental rates. And we obviously went from 18 or something up to this 24 level, which is where we do not anticipate growing any more races.

Stefano Domenicali: Couple of years I'm expecting to see and we expect them to announce also some new venues that could be very attractive to grow the business I'll follow up.

Brian Wendling: So if I could just add to that, to Stefano's point, I think for a long time, it was perceived that the growth in promotion would come from incremental races. And we obviously went from 18 or something up to this 24 level, which is where we do not anticipate growing any more races. But as I think we talked about at the investor day back in November, it actually creates a great incentive of scarcity to be able to play promoters off against each other and not to try and take advantage of them, but just given the amount of demand we have both among fans to attend and among promoters to host an event, we've been able to find attractive pricing and good uplifts.

Greg Maffei: So if I could just add to that, to Stefano's point, I think for a long time, it was perceived that the growth in promotion would come from incremental races. And we obviously went from 18 or something up to this 24 level, which is where we do not anticipate growing any more races. But as I think we talked about at the investor day back in November, it actually creates a great incentive of scarcity to be able to play promoters off against each other and not to try and take advantage of them, but just given the amount of demand we have both among fans to attend and among promoters to host an event, we've been able to find attractive pricing and good uplifts.

Greg Maffei: So if I could just add to that too Stefanos point I think for a long time. It was perceived that the growth and promotion would come from incremental races, and we obviously went from 18 or something to up to this 24 level, which is where we do not anticipate growing any more races.

Greg Maffei: But as I think we talked about at Investor Day back in November, it actually creates a great incentive scarcity to be able to play promoters off against each other and not to try and take advantage of them, but just given the amount of demand we have both among fans to attend and among promoters to host an event, we've been able to find attractive pricing and good uplifts, and we continue to find new venues and new locations which find it So, so far, so good on promotion, and I do think it continues to be good on promotion.

Greg Maffei: But as I think we talked about at the Investor day back in November it actually creates a great incentive scarcity to be able to play promoters off against each other and not to try and take advantage of them, but just given the amount of demand we have both among fans to attend in among promoter.

Greg Maffei: Two.

Greg Maffei: Host an event, we've been able to find attractive pricing and good uplifts and we continue to find new venues and new locations, which find it very attractive given the amount of demand we have and given the opportunities they have seen others pursue so so far so good on promotion and I do think it continues to remain a growth area.

Brian Wendling: We continue to find new venues and new locations, which find it very attractive given the amount of demand we have and given the opportunities they've seen others pursue. So far, so good on promotion, and I do think it continues to remain a growth area. We'll go back to Renee and let you touch on Vegas tickets.

Greg Maffei: We continue to find new venues and new locations, which find it very attractive given the amount of demand we have and given the opportunities they've seen others pursue. So far, so good on promotion, and I do think it continues to remain a growth area. We'll go back to Renee and let you touch on Vegas tickets.

Greg Maffei: And we go back go back to Renee and let you touch on Vegas tickets sure. Thanks, Greg.

Renee Wilm: Sure. Thanks, Greg. So we were very happy with the results of our presale with our partner, American Express. But overall, we are seeing a trend towards ticket purchases closer to the events, particularly in the US, and I would say even more so in Vegas, which is known as a last-minute market. That being said, we are working very hard on our product ladder this year. We have looked to really differentiate those products, creating about 10,000 new GA tickets available, which will be very much, I think, appealing to that last-minute market. We have now three different zones at tiered pricing. We will have the T-Mobile Sphere Zone continuing to focus on the music entertainment as well as the racing phenomenon on the Sphere Zone. We have a new entry-level price point in Flamingo, which will have a viewing structure for fans to watch the racing down Cobalt.

Greg Maffei: So we were very happy with the results of our pre sale with our partner American Express.

Stefano Domenicali: But overall, we are seeing a trend towards ticket purchases closer to the events, particularly in the U.S. And I would say even more so in Vegas, which is known as a last-minute market. That being said, we are working very hard on our product ladder this year.

Greg Maffei: Overall, we are seeing a trend towards ticket purchases closer to the event, particularly in the U S and I would say even more so in Vegas, which is known as a last minute market.

Stefano Domenicali: Being said, we are working very hard on our product later this year, we have left I.

Stefano Domenicali: We have looked to really differentiate those products, creating about 10,000 new GA tickets available, which will be very much, I think, appealing to that last-minute market. We now have three different zones at tiered pricing. We will have the T-Mobile Sphere Zone, continuing to focus on music entertainment as well as the racing phenomenon in the Sphere Zone. We have a new entry-level price point in Flamingo, which will have a viewing structure for fans to watch the racing down Cobalt.

Stefano Domenicali: Really differentiate those products, creating about 10000, new GAA tickets available, which will be very much I think appealing to that last minute market. We have now three different zones add tiered pricing, we will have the T mobile sphere zone, continuing to focus on the music entertainment as well as the racing phenomenon.

Stefano Domenicali: The shear zone, we have a new entry level price point and coming out which will have a viewing structure for fans to watch the Raytheon cobalt and then a third new product offering which is going to be announced very soon which will focus on viewing in the heart of the Drs zone, along cobalt straight this is allowing us to continue to really reach.

Stefano Domenicali: And then a third new product offering, which is going to be announced very soon, which will focus on viewing in the heart of the DRS Zone along Cobalt Street. This is allowing us to continue to really reach out to those individual consumers and the new F1 fans who want to come and watch the incredible racing we had on track, as well as enjoy the unique Vegas-style entertainment that we will continue to offer throughout the track.

Renee Wilm: And then a third new product offering, which is going to be announced very soon, which will focus on viewing in the heart of the DRS Zone along Cobalt Strait. This is allowing us to continue to really reach out to those individual consumers, and the new F1 fans who want to come and watch really on track the incredible racing we had as well as enjoying the unique Vegas-style entertainment that we'll continue to offer throughout the track.

Stefano Domenicali: Out to those individual consumers in the new F. One Dan do you want to come and watch really on track <unk>, and we had as well as enjoying the.

Stefano Domenicali: Vegas style entertainment that always will continue to offer throughout the track.

Ben Swinburne: Thank you, Renee. If I could just follow up on your comments on the Sirius closing, you mentioned very good progress with the SEC. I mean, my understanding is that you had SEC approval already for the proxy, but you have to update basically for the March quarter numbers. So I was just curious as to what's the timing for updating the filing. And it seemed like that would be sort of a rubber stamp approval from the SEC since they already approved it. And then so you should be able to get to a shareholder vote probably within the next 30 days. I was just looking for a little more color if there's anything there that you can share.

Bryan Kraft: Thank you, Renee. If I could just follow up on your comments on the Sirius closing, you mentioned very good progress with the SEC. I mean, my understanding is that you had SEC approval already for the proxy, but you have to update basically for the March quarter numbers. So I was just curious as to what's the timing for updating the filing. And it seemed like that would be sort of a rubber stamp approval from the SEC since they already approved it. And then so you should be able to get to a shareholder vote probably within the next 30 days. I was just looking for a little more color if there's anything there that you can share.

Speaker Change: Thank you Renee and if I could just follow up on your comments on the CRE closing.

Brian Kraft: You mentioned very good progress with the SEC. I mean, my understanding is that you have SEC approval already for the proxy, but you have to update it basically for the March quarter numbers. So, I was just curious as to, you know, the timing for updating the filing? And, you know, it seemed like that would be sort of a rubber stamp approval.

Stefano Domenicali: You mentioned very good progress with the SEC I mean, my understanding is that you had FCC approval already for the proxy, but you have to update basically for the March quarter numbers.

Brian Kraft: So.

Brian Kraft: So just curious as to you know like what's the timing for updating the filing and at.

Brian Kraft: It seem like that would be sort of a rubber stamp of approval from the FCC since they already approved it and then so you should be able to get to a shareholder vote.

Brian Kraft: Probably within the next 30 days I was just looking for a little more color. If there's anything there that you can share.

Renee Wilm: Sure. Well, I think we'll be ready to file within the next few weeks now that we've gotten through our quarterly audits. And then I would never say the SEC is going to rubber stamp anything, but we have at least cleared our financial and legal comments, which is great progress. It's hard to say exactly when we'll be ready to close, but I do think we're looking at end of Q2, early Q3 once we get everything in order for the shareholder meeting.

Rene: Sure. Well, I think we'll be ready to file within the next few weeks now that we've gotten through our quarterly audits. And then I would never say the SEC is going to rubber stamp anything, but we have at least cleared our financial...

Speaker Change: Sure well I think we will be ready to file within the next few weeks now that we've gotten through our quarterly audits and then I would never say the SEC is going to rubber stamp anything, but we have at least cleared our financial and legal comments, which is great progress.

Rene: It's hard to say exactly when we'll be ready to close but I do think we're looking at.

Rene: And in Q2 early Q3, once we get everything in order for the shareholder meeting.

Brian Kraft: Okay, I got it. Thank you so much.

Ben Swinburne: Okay. Got it. Thank you so much.

Bryan Kraft: Okay. Got it. Thank you so much.

Speaker Change: Okay got it thank you so much.

David Joyce: Our next question comes from David Joyce with Seaport Research Partners. Please proceed with your question.

Greg Maffei: Our next question comes from David Joyce with Seaport Research Partners. Please proceed with your question.

Operator: Our next question comes from David Joyce with Seaport Research Partners. Please proceed with your question.

Brian Kraft: Our next question comes from David Joyce with Seaport Research Partners. Please proceed with your question.

David Joyce: Thank you. In thinking about the other factors outside of the pre-team share EBITS calculation, are there any other significant expenses that are either straight-lined or variable? And sort of related to that with Quint, just wondering how we'd be accounting for that with the Quint F-1 related revenue? Is that going to be within Formula One and, therefore, in pre-team share EBITS? And then there are other events that are going to be outside of that. Just wanted to verify that there wouldn't be that split of Quint activities that way.

David Joyce: Thank you. In thinking about the other factors outside of the pre-team share EBIT calculation, are there any other significant expenses that are either straight-lined or variable? And sort of related to that with Quint, just wondering how we'd be accounting for that with the Quint F1-related revenue. Is that going to be within Formula 1 and therefore in pre-team share EBIT? And then there are other events that are going to be outside of that. Just wanted to verify that there would be that split of Quint activities that way.

David Joyce: Thank you in thinking about the other factors outside of the pre team share EBIT.

David Joyce: The calculation are there any other significant expenses.

David Joyce: That are either.

David Joyce: The straight lined or variable then sort of related to that are with quint, just wondering how would the accounting for that.

David Joyce: With the Quint.

David Joyce: If one related revenue is that going to be within the formula one and therefore in pre team share EBIT and then there are other events are going to be outside of that just wanted just wanted to verify that there will be the split of Quebec activities that way.

Brian Wendling: Brian, you want to take this? Yeah, so I'll start with the Quint piece first. Yeah, so revenue that Formula One generates from Quint related to those ticket sales does flow through the team payment calculation, so those are included just like they were beforehand. And then on your first question, I'm sorry, just to add there, but you're correct, David, that non-F1 related events like the Kentucky Derby, all those flow through F1, but not the F1 Derby. Yeah, correct. And then on your question

Brian Wendling: Brian, you want to take this? Yeah. So I'll start with the Quint piece first. Yeah. So revenue that Formula 1 generates from Quint related to those ticket sales do flow through the team payment calculation. So those are included just like they've been beforehand. And then on your first question, team payment.

Greg Maffei: Brian, you want to take this?

Brian Wendling: Yeah. So I'll start with the Quint piece first. Yeah. So revenue that Formula 1 generates from Quint related to those ticket sales do flow through the team payment calculation. So those are included just like they've been beforehand. And then on your first question, team payment.

David Joyce: Brian you want to take this yes, so I'll start with the <unk> piece first.

Brian Wendling: And then on your question about straight-line expenses, team payments are really the largest, that is straight-lined. Other things are more along when they're incurred. So think about hospitality when the event actually happens, same with freight, those types of things. Obviously, there's a bunch of fixed expenses related to payroll and the like that are relatively smooth throughout the year, but team payments would be the largest example of a per-race kind of amortization.

Brian Wendling: Yes, so revenue that formula one generates from quint related to those ticket sales do flow through the team payment calculation.

Brian Wendling: So those are included just like they have been beforehand.

Speaker Change: Then on your first question.

Ben Swinburne: I'm sorry. Just to add there. But you're correct, David, that non-F1-related events like the Kentucky Derby, all those flow through F1 but not the F1 team. So just to clarify. Yeah. Correct. Sorry.

David Joyce: I'm sorry. Just to add there.

Brian Wendling: Alright, just add there so but you are correct David that non F. One related events.

Brian Wendling: But you're correct, David, that non-F1-related events like the Kentucky Derby, all those flow through F1 but not the F1 team.

Brian Wendling: Kentucky Derby and all of those flow through <unk>, but not the <unk>. So just to dot correct sorry.

David Joyce: So just to clarify. Yeah. Correct. Sorry.

Brian Wendling: And then on your question about straight-line expenses, Team Payments is really the largest expense that is straight-lined. Other things are more along when they're incurred. So think about hospitality when the event actually happens, same with freight, those types of things. Obviously, there's a bunch of fixed expenses related to payroll and the like that are relatively smooth throughout the year. But Team Payments would be the largest example of a per-race kind of amortization.

Brian Wendling: And then on your question about straight line expenses team payments is really the largest.

Brian Wendling: Expense that is straight lined other other things are.

Brian Wendling: More along when they are incurred when they are incurred.

Brian Wendling: So think about hospitality when the event actually happens same with freight those types of things.

Brian Wendling: Obviously, theres a bunch of fixed expenses related to payroll and the like that are relatively smooth throughout the year, but team payments would be the largest example of.

Brian Wendling: <unk> a per race kind of amortization.

David Joyce: All right. Thank you.

Speaker Change: Alright, thank you.

Matthew Harrigan: Our final question is from Matthew Harrigan with Benchmark Company. Please proceed with your question.

Brian Wendling: All right, thank you. Our final question is from Matthew Harrigan with Benchmark Company. Please proceed with your question. Thank you. My last dangling MLP question might be more for

Greg Maffei: Our final question is from Matthew Harrigan with Benchmark Company. Please proceed with your question.

Operator: Our final question is from Matthew Harrigan with Benchmark Company. Please proceed with your question.

Brian Wendling: Our final question is from Matthew Harrigan with Benchmark Company. Please proceed with your question.

Matthew Harrigan: Thank you. My last dangling MLB question might be more for Derek. What's your present view on how the rule changes are fostering interest in the game? And I think Greg's next great investment might be a surgical clinic doing Tommy John surgery if you look at what's coming off the pitch clock changes. Just kind of where are we midstream in terms of what's doing for the popularity of the sport? And are there any downsides to what's happening? Thanks.

Matthew Harrigan: Thank you my last dangling MLP question might be more for Eric What's your your present view on how the changes rule changes are fostering interest in the game I think Greg next great investment might be a surgical clinic doing Tommy John.

Matthew Harrigan: If you look at what's coming off.

Matthew Harrigan: His clock changes just kind of where are we on midstream.

Matthew Harrigan: Midstream in terms of what's going on from the popularity of the sport and are there any downsides.

Matthew Harrigan: What's happening.

Derek: I'll say they're overwhelmingly popular, but I'll let Derek... Derek, go ahead. No, I was going to pick you up. Go ahead, please.

Brian Wendling: I'll say they're overwhelmingly popular, but I'll let Derek go ahead. No, I was going to tee you up. Go ahead, please.

Greg Maffei: I'll say they're overwhelmingly popular, but I'll let Derek go ahead. No, I was going to tee you up. Go ahead, please.

Matthew Harrigan: Oh, yes.

Matthew Harrigan: Overwhelmingly popular but I'll, let Eric Eric go ahead, no I was going to go ahead. Please.

Derek: Yeah, I mean, obviously, the bulk of the rule changes took place last season, so we saw the results of those and have been able to study all of last season as well as the first part of this season. I think that the overwhelming viewpoint from fans, media, players, and teams is that the rule changes were successful and have been embraced, and you know we're excited to continue with those. Primarily the idea that you're creating a game that is a little bit shorter, a little bit more action inside of that game with some of those changes, including the elimination of the shift, things like that. But you know, as we've seen some of the small little changes that have taken place from last year to this year, some a couple seconds taken off of the pitch clock is one example.

[Analyst] (J.P. Morgan): Yeah. I mean, I think obviously, the bulk of the rule changes took place last season, so we saw the results of those and have been able to study all of last season as well as the first part of this season. I think that the overwhelming viewpoint from fans, media, players, teams is that the rule changes were successful and have been embraced. And we're excited to continue with those, primarily the idea that you're creating a game that is a little bit shorter, a little bit more action inside of that game with some of those changes, including the elimination of the shift, things like that. But as we've seen some of the small little changes that have taken place from last year to this year, a couple of seconds taken off of the pitch clock is one example.

Derek Schiller: Yeah. I mean, I think obviously, the bulk of the rule changes took place last season, so we saw the results of those and have been able to study all of last season as well as the first part of this season. I think that the overwhelming viewpoint from fans, media, players, teams is that the rule changes were successful and have been embraced. And we're excited to continue with those, primarily the idea that you're creating a game that is a little bit shorter, a little bit more action inside of that game with some of those changes, including the elimination of the shift, things like that. But as we've seen some of the small little changes that have taken place from last year to this year, a couple of seconds taken off of the pitch clock is one example.

Matthew Harrigan: Yes, I mean, I think obviously the bulk of the rule changes took place last season. So we saw the results of those.

Derek: <unk> been able to study all of last season as well as the first part of the season I think that the.

Derek: The overwhelming viewpoint from fans media players teams is that the rule changes were successful and have been embraced in.

Derek: We're excited to continue with those primarily the idea that you're.

Derek: You're creating a game that is a little bit shorter a little bit more action inside of that game with some of those changes, including the <unk>.

Derek: Elimination of the shift things like that but as we've seen some of the small little changes that have taken place from last year to this year.

Derek: A couple of seconds taken off of the pits Clark is one example.

Derek: I think it's really hard to correlate those changes to some of the things that you might be seeing and whether it be our pitchers, or others. I think that the sample size is just too small, and we're going to rely a little bit on MLB to do a full study with the Players Association on that, but I think overall, from our vantage point as fans, the rule changes have been very successful and have continued to make a great game even better.

[Analyst] (J.P. Morgan): I think it's really hard to correlate those changes to some of the things that you might be seeing in, whether it be our pitcher or pitchers or others. I think that the sample size is just too small, and we're going to rely a little bit on MLB to do a full study with the Players Association on that. But I think overall, I would tell you the rule changes have been, from our vantage point, fans' vantage point, very successful and have continued to make a great game even better.

Derek Schiller: I think it's really hard to correlate those changes to some of the things that you might be seeing in, whether it be our pitcher or pitchers or others. I think that the sample size is just too small, and we're going to rely a little bit on MLB to do a full study with the Players Association on that. But I think overall, I would tell you the rule changes have been, from our vantage point, fans' vantage point, very successful and have continued to make a great game even better.

Derek: I think it's really hard to correlate those changes to some of.

Derek: The things that you might be seen in whether it be our pitcher pictures or others.

Derek: The sample size is just too small and we're going to rely a little bit on MLP to do a full study with the players association on that but I think over overall I would tell you. The rule changes have been from our vantage point fans vantage point very successful and have continued to make a great game even better.

Matthew Harrigan: Great. Thanks.

Speaker Change: Great. Thanks.

Greg Maffei: Thank you to our listening audience for all of your questions and your interest in Liberty Media and the Atlanta Braves Holdings. We look forward to speaking with you again next quarter, if not sooner.

Brian Wendling: Thank you to our listening audience for all of your questions and your interest in Liberty Media and the Atlanta Braves Holdings. We look forward to speaking with you again next quarter, if not sooner.

Derek: Thank you to our listening audience for all of your questions and your interest in Liberty media and the Atlanta Braves Holdings, we look forward to speaking with you again next quarter if not sooner.

Operator: This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

Greg Maffei: This concludes today's conference. You may disconnect your lines at this time. We thank you for your participation.

Operator: This concludes today's conference. You may disconnect your lines at this time. We thank you for your participation.

Speaker Change: This concludes today's conference you may disconnect your lines at this time and we thank you for your participation.

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