Q1 2024 Atlanta Braves Holdings Inc Earnings Call - Q&A

If you have a question, please press star 1 on your telephone keypad. As a reminder, this conference will be recorded May 8th. I would now like to turn a call over to Claire Adams, Senior Manager, Investor Relations. Please go ahead.

Star one on your telephone keypad.

As a reminder, this conference will be recorded May 8th I would now like to turn the call over to Claire Adams Senior manager of Investor Relations. Please go ahead.

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, and actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent forms 10-K, and 10-Q filed by Liberty Media and Atlanta Braves Holdings with the SEC.

Good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meeting 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 10K and 10Q 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 statements contained herein to reflect any change in liberty media or Atlanta Braves holdings expectations with regard there to or any change in events conditions or circumstances.

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-Braudings' expectations with regard there to, or any change in events, conditions, or circumstances on which any such statement is based.

On which any such statement is based.

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

On today's call, we'll discuss certain non- GAAP financial measures for Liberty Media, Series XM, and Atlanta-Braised holdings, including adjusted OUBada 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 release issued today, which are available on Liberty media and Atlanta Braves Holdings website.

The required definitions and reconciliations for Liberty Media, SiriusXM, and Atlanta Braves Holdings, Schedules 1 through 3, can be found at the end of the earnings press releases issued today, which are available on Liberty Media and Atlanta Braves Holdings website.

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

Thank you Claire and good morning to all.

Now I'd like to turn the call over to Greg Mofai, Larice President and CEO . 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.

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 Wedling.

Liberty's, Chief accounting and principal financial Officer, Brian Wendling.

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

Also during Q&A, 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 <unk> transaction is progressing well our regulatory process is on track and we still expect to close by me early in the third quarter.

So beginning with Liberty Sirius XM, the LSXM CRIESM CRI transaction is progressing well, the regulatory process is on track, and we still expect a close by the early in the third quarter.

Turning to Sirius XM itself.

Solid first quarter performance revenue up 1% EBITDA up.

turning to Sirius XM itself.

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 'twenty four versus 'twenty three.

And solid first quarter performance, revenue up 1%.

4%. They are continuing to benefit from cost optimization across the org. They expect itself pay net ads, improvements in the second half, and in fiscal 24 versus 23.

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

They did also on their call reiterate the 2024 guidance. They are maintaining margins while investing to support future growth.

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

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.

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

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

and we've been able to adapt to consumer feedback more quickly utilizing this application.

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

Siri 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 360 L.

And expanded.

Notably, we're also progressing with the role out of 360L. There is an expanded Hyundai Genesis Partnership, which will integrate 360L. And adoption of 360L leads to better consumer trends, including higher conversion.

Genesis partnership, which will integrate 360 L and.

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

Now turning to the Formula One group, we were thrilled to announce in April with the acquisition of Moto G. P.

Now, turning to Formula One group. We were thrilled to announce in April the acquisition of Motor GP.

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.

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 10 riders across 17 reached the podium.

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

We've had 10 riders across seven teams reached the podium,

Monday.

And the average time to decide the race winner has been about a second.

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.

Monday, the new technical regulations for the sport were announced for the 2027 timeframe. They expect even closer racing and moreover taking, utilizing these new technical regs.

Our attendance at the races is performing very well for example, the <unk>.

<unk> GP at Port of MAU was up 41% versus the prior year and the Spanish GDP and how it has had the highest.

Attendance of the races is performing very well, for example. The Portuguese GP at Portemau was up 41% versus the prior year, and the Spanish GP at Herrez had the highest attendance since 2015.

Tenants since 2015.

The sport is awesome and Liberty has experience to help them grow the exposure across the World Cup.

This sport is awesome and Liberty has experienced to help them hopefully grow the exposure across the world.

A couple of deal updates here.

Also progressing on required regulatory filings.

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. Turning now, DEF1.

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

Turning now to F. One.

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.

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.

Miami was an exciting and very competitive race

But claire on upgrades are working well and we expect more competitive racing from that going forward.

I want to congratulate Landau 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 the U S engagement Miami was sold out with a new attendance record of 275000.

We continue to see growth in U.S. 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.

<unk> achieved its largest alive U S T V audience at $3 1 million.

And with a peak of $3 6 million.

We also had our largest audience for our sprint race since the format was introduced in 2021.

We also had our largest audience for a sprint race since the format was introduced in 2021.

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

We are excited that were contributed to and promoting continued momentum in women's sports we are attracting more diverse audiences.

We also hosted the second F1 Academy event of the season in Miami.

We are excited that we are contributed to in 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.

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

Everyone watches women's sports.

We recently announced new doctors series with Netflix and Reese Wetherspoons production company, Hello, Sunshine about F. One Academy and we look forward to seeing the series growth.

Everyone watches women's sports.

We recently announced new docu-series with Netflix and Reese Weatherspoons production company, Hello Sunshine, About F1 Academy, and we look forward to seeing the series grow.

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

Turning now to LVGP, a few updates, we redefined the product ladder to reach a greater range of fan base.

We're now integration integrating the commercial and marketing functions across F. One LG.

We are now integrating the commercial and marketing functions across F1

LGBT and quint 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.

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 org, and as I mentioned, it will be more cost effective.

Okay.

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.

We kicked off the events business at Grand Prix Plaza in Las Vegas, hosting some exciting brands, including a Super Bowl media party, Autodesk, Crowdsrike, and our own QBC's age of possibility.

Now touching briefly on quit we closed 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.

Now, touching briefly on Quint, we closed the acquisition in early January . 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.

In F. One experiences six saw solid demand across the first three races up about one including a sell out across all products in Australia.

and F1 experiences saw solid demand across the first three races of F1, including a salad across all products in Australia.

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

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 LG VP as I've mentioned.

The data sharing across companies allows us to know the fan better and improve our touchpoints, and leveraging quick sales and marketing will create efficiencies and leverage the sales process, including at LGBT as I mentioned.

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

I want to reiterate, we expect when to be adjusted orbitic creative to F1, NF1.

Turning on touching on live nation briefly.

Global fan demand continues to surge.

Turning on, touching on Live Nation briefly, global fan demand continues to surge.

First quarter revenue was up 21% and AOI was up 15%.

<unk> had a record first quarter for sponsorship also up 24%.

First quarter revenue was up 21% and AOI was up 15%.

Indicators point to another record year over 85% of the large shows a brook book versus 75% at this time in the prior year.

They had a record first quarter for sponsorship also up 24%. Indicators appoint 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 amphitheater are pacing up double digit levels.

And concert ticket sales for arena and amphitheaters are pacing up double-digit levels.

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

We also see continued success in international markets and with the Venue Nation strategy.

Ticket sales for the Aladdin 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.

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 timeframe.

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

and we have capacity for 8 million additional fans, and we think we can enhance the consumer experience and generate strong returns.

Finally touching on the Braves.

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.

Finally, touching on the Braves.

Off to another great start of the season despite early injuries in a tough Dodgers series last weekend.

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

Great win last night in the ninth inning as usual with us.

Strong demand continues. We've seen multiple sellouts out already this season. We're trending number four in average attendance per game across MLB, and we have sold 93% of our ticket capacity season today.

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

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

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 pictures Mountain home plate.

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 pitchers mount and home plate. And these upgrades are already generating incremental revenue this season.

And these upgrades are already generating incremental revenue this season.

We announced several new sponsored the season early including Ball Corp, and Lexus.

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.

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

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

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. 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.

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.

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, Theres $1 1 billion of Undrawn margin loan capacity related to our Sirius XM margin loan as of quarter end.

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 rent.

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

We have $1 2 billion in principal amount of debt.

As of May 7th, the value of our Sirius XM stock was 10 billion, and we have 1.2 billion in principal amount of debt against these holdings.

Against these holdings.

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

Total Liberty Sirius XM Group attributed principal amount of debt is 11.1 billion, which includes 9.3 billion of debt at Sirius XM.

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 a $1 billion of cash at Formula One.

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 a billion of cash at Formula One.

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

Quinn acquisition closed in January and was funded with 205 million of Formula One group cash on hand and

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.

net of the quint cash that was acquired. Total Formula One group attributed principal amount of debt was two

$2.9 billion, which includes $2.4 billion of debt at Formula One, leaving $531 million at the corporate level.

<unk> $500 million revolver is undrawn and our leverage at quarter end was one seven times.

F1's $500 million revolvers undrawn and their leverage at quarter end was 1.7 times.

Looking at the <unk> operating business as we've.

Reiterated multiple times it is best analyzed on an annual basis, giving variability in that.

Looking at the F1 operating business, as we've

Reiterated multiple times, it is best analyzed on an annual basis giving variability in the year

Calendar.

That said, however, I will make some brief remarks on the first quarter there.

There were three races held in the first quarter compared to two races in the prior year period <unk> 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.

with your calendar. With that said, however, I will make some brief remarks on the first quarter.

There were three races held in the first quarter compared to two races in the prior year period.

F1 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 Q-124 compared to two out of 23 in the prior year, which was ahead of the emmilla race cancellation in Q1.

Cancellation in Q2 'twenty three.

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

to 23.

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.

One also recognize revenue and costs related to the F. One academy due to the earlier started the season compared to last year.

F1 also recognized revenue and costs related to the F1 Academy due to the earlier start of the season compared to last year.

Adjusted OIBDA grew alongside revenue in the quarter.

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

Justin Oibada 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 minor 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.

A reminder that team payments should be analyzed on a full year basis. 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.

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

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 payments team.

<unk> 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.

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 cost of <unk> revenue and SG&A continued to be best viewed as a percent of total revenue for the year.

Other costs of F1 revenue and SG&A continue to be best viewed as a percent of total revenue for the year.

Looking at corporate and other results, which as of this quarter includes the consolidation of corporate.

Looking at corporate and other results, which as of this quarter includes the consolidation of Quint, corporate and other revenue includes Quint results in approximately 7 million of rental income

Corporate and other revenue includes quite results in approximately $7 million of rental income related to the Las Vegas Grand Prix Plaza.

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.

related to the Las Vegas Grand Prix Plaza.

Corporate and other adjusted oebito was a loss of $6 million in the quarter. This includes the rental income, quent results, and other corporate overhead.

At the start of the year seasonally light for Clint with modest demand activity, while the business still incurs ordinary course fixed operating expenses, which 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.

Note the start of the year, seasonally light for Quint with modest event activity while the business still incurs ordinary course fixed operating expenses.

which largest and most profitable events take place in the second quarter and fourth quarter with a Kentucky Derby in May and larger and more frequent or increased quantity of F1 hospitality events held in the fourth quarter.

Or Chris quantity of F. One hospitality events held in the fourth quarter.

We expect corporate and other adjusted OIBDA will benefit from rental income and quite results through the rest of the year.

We expect corporate and other adjusted oivota will benefit from rental income and quent results through the rest of the year.

At the Liberty Live group, Theres attributed cash and liquid investments and monetize public holdings of $423 million.

At the Liberty Live Group, there's attributed cash, liquid investments, and monetizable public holdings of $423 million, which includes ETF assets. There's a $400 million, or there's $400 million of undrawn margin loan capacity related to our Lived Nation margin loan.

This includes ETF assets, Theres, a $400 million or there is $400 million of Undrawn margin loan capacity related to our la Nacion March alone.

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

And as of May 7th, 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 our debt covenants at quarter end.

Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end. And I will turn quickly with that to

And I will turn quickly with that two ADH.

There were no regular season home games played in each of the first quarter of 'twenty, three 'twenty four or 'twenty three.

A.B.H.

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.

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

As well as higher gameday related revenue from increased demand and attendance at spring training home games <unk>.

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

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

Grays continue to invest in payroll, which is reflected in increased baseball operating costs, and the battery grew revenue 13 percent and adjusted oivet at 9 percent in the quarter.

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

Capex related to the capital improvement projects completed a truest Park ahead of the 24 season will total approximately $15 million.

Tapbacks related to the capital improvement projects completed at truest.

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.

Park ahead of the 24 season will total approximately 15 million across Q4 of 23 and early 24. These projects are generating incremental revenue, as Greg said, for the Braves already, and at the battery, the truest headquarters remains.

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

Headquarters project remains on budget and on schedule. With that, I'll turn it over to Stefano to discuss Formula One.

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

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.

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

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-raised win by Landon Norris in Miami in front of a sellout crowd.

Closest to it has been for many years and we look forward to this continuing as the season progresses. We're 24 races. This year with six screens event and I'm also delighted to have the F. When the cabin alongside us seven at 40 minutes.

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 are 24 races this year with six-prints event and are also delighted to have the F1 Academy alongside us at seven F-1 events.

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.

The return to China after 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 growing younger fan base in the country with all our Chinese friends cheating on be it a home.

Interest in the event underlined a growing younger fan base in the country, with all our Chinese fans cheating on their home hero, Zhu.

Glen do well.

Over one 5 million viewers watched the base LIBOR and CCTV five.

Beyond the $1 billion when we last visited.

Over 1.5 million viewers watched the race live on CCTV 5, far beyond the 1 million when we last visited in 2019.

2019.

China was also host our first point of the season, one by Mexico is top of the number of booths with Lewis Hamilton, taking second place.

China was also host to our first sprint of the season, won by Max Verstappan and Red Bull, with Lois Hamilton taking second place.

The sprint continues to deliver great action put up a fence broadcasters sponsors and promoters.

The sprint continues to deliver great action for our fans, broadcasters, sponsors and promoters.

There has been plenty of drivers news of the track at the start of 2024.

There has been plenty of drivers' news of the track at the start of 2024. We had the exciting announcement that Lewis Hamilton, we joined Ferrari in 2025.

The exciting announcement that Lewis Hamilton, we joined <unk> in 2025.

Fernando Alonso has committed to remain with Aston Martin who will go to celebrate in 2025, and we have yet to see what Cabo sites would be next year.

Fernando Alonso has committed to remain with Aston Martin. Holkenberg will go to Saubour in 2025, and we have yet to see what Carlos site will be next year.

This continues to create huge excitement and anticipation of what our plans would be 10 drivers left to confirm this for the 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 attendance at our races for the start of 2024 and expect very strong figures throughout the season.

We have seen records being broken for attendances at our races for the start of 2024 and expect very strong figures throughout the season.

Bahrain, so record rates day attendance and remember we have a huge crowd of 452000, beating last year's record attendance of 445000.

Bahrain saw record-raised day attendance, and in Melbourne we had a huge crowd of 452,000, beating last year record attendance of 445,000.

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

We also saw a good group in Japan, welcoming 229,000 funds, up 3% on 2023.

Alongside this we continue to see very strong demand for the product with over 11000 tickets sold for the first four races of the season, where we operate the private club.

Alongside this, we continue to see very strong demands for the paddle club, with over 11,000 tickets sold for the first four races of the season, where we operate the paddle club.

We added the sell out 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.

We had a sellout in Bahrain and Saudi for the second year running and 2,500 raised-day gas in China compared to just 1,100 when we last raced there in 2019.

<unk> continues to grow our overall engagement and time basis.

Evolving our view data methodology to ensure we are capturing all of our audiences globally and are working with Nielsen to build the molded the captured pull the scope.

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 Nilsson to build the model that capture a fuller scope.

We had over 70 million cumulative <unk> view was for the opening Rumply weekend anybody with $12 million in Germany. Thanks to extensive fleet web companies on RPM through.

We had over 17 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.

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

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.

We now have 79 million total social media followers, up 24% year on year, with new followers growth also boosted by the introduction of new platforms like Threats and WhatsApp.

On these thinking our most popular social platform, 75% the level of total was under 35, 40% under 25 and 30% the lower on the 25 kilowatts of female.

On Instagram, our most popular social platform, 75% of our followers are under 35, 40% and under 25, and 30% of our under 25% and 30% of our under 25 followers are female.

<unk> has gained 500000 new followers in 2020 up to the Chinese growth rate.

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.

He is up 90% over the forward 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 grumpy.

We also have a year's worth of forward growth in one week in the Chinese market surrounding the Chinese Grand Prix.

In the U S. We've also seen year on year growth across other digital platform U S. F. One TV subscribers are up 16% page view across F. One dot com and up to 28% that is used to the users or those who sign up for an account on that plateaus at up 32% globally.

In the US, we've also seen year-on-year growth across other digital platforms.

USF1 TV subscribers are up 16%, page view acrossf1.com, and up to 28% and registered users, or those who sign up for an account on F1 platforms are up 32%.

Visitors to <unk> com and App are up 4% year on year with page views up 29% that is instead of users up 28%.

Globally, unique visitors to F1.com and app are up 4% year-on-year with page viewers, up 29% and registered users up 28%.

The total number of <unk> TV subscribers has seen strong growth with lower churn rates at all times high customer satisfaction.

The total number of F1 TV subscribers is seen strong growth with lower churn rates at all times high customer satisfaction.

Susan six of drive to survive.

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

Season 6 of Dry to Survive premiered February 23rd.

He reaches 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 Cheaders on the platform when compared to both unscripted and scripted content.

<unk> continues for the Apple theme, which is on pace for the expected release in summer 2025.

Production continues for the Apple Film, which is on pace for the expected release in summer 2025.

On the commercial side of the business that has a very strong first quarter, we had growth across all revenue streams benefiting from a one additional rates how compared to last year as well as growth from new sponsorship and media rights agreement and underline the escalators.

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

We continue to see our business and partners benefiting from growth in overall tandem and the value of <unk> brings to apartments.

We continue to see our business and partners benefiting from growth in overall fandom and the value of one brings to partners.

Betsy Danone sponsorship last week, we announced the world leads itself to provide the digital consultant globally has joined us on the official button in the new multi year agreement.

Specialional 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.

So in March we announced Mcdonald's as regional pods in a formal one in Latin America.

Also, in March we have known McDonald's as regional partner of FOMO 1 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.

This is the first Dolby Skype for F. One in the region as the sport orders 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 support to millions of fans around the world.

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 viably in the Netherlands and across the northern markets. The deal with <unk>, our partners, who structure in the region, creating a strong position for our F. One TV pro product that will continue to generate substantial additional fee.

We recently announced five years renewal with Viya Play in the Netherlands and across the northern markets. The deal retains our partnership structure in the region, creating a strong position for our F1TV Pro product that will continue to generate substantial additional fee.

We also announced a new two year agreement with Concord that sees the sports streaming platform become the exclusive broadcast department to formal one in India until the end of 2035 season.

We also announced a new two-year agreement with fan code that sees the sports streaming platform become the exclusive broadcaster partner to Formula 1 in India until the end of 2025 season.

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

This is a huge opportunity in a market with a growing fund base, especially among younger and female supporters. Our estimate shows we have 60 million fans in India, with one in two having started following F1 in the last four years.

Our estimate shows that we have 60 million fans in India with one in to having stuff that's totally in F. One in the last four years.

And if one PD pro with also remaining market in India 2024 results are also benefiting from the new B in support agreement in the Middle East, which we reference on our fourth quarter Nicole.

F1TD Pro, we'd also remain in marketing India. 2024 results are also benefiting from the new B-In Sport Agreement in the Middle East, which we reference on our four-quartered annual goal.

We recently announced a subscription free streaming channels fast for the Fas in the U S towards Epsilon.

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.

And therefore, when Academy race, we place and highlights for reruns of classic Grand Prix and bulk of the racing documentaries. The new channel will be distributed for fans to watch on leading platforms, including Samsung TV, plus amazing Phoebe and Pluto TV.

The new channel will be distributed for fans to watch on leading platforms including Samsung TV Plus, Amazon FreeV and Pluto TV. In addition to generating AD revenue, we also expect it to push more fans to both ESPN and F1 TV Pro.

In addition to generating revenue, we also expect <unk> to push more fans to both ESPN and F. One TV pool.

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 remaining highly attractive to the broadcasters and newer players continue to beat the football rights in.

We are confident heading into our US media rights renewal for 2006, with strong growth in our US fandom, sports content remaining highly attractive to broadcasters, and newer players continue to beat for sport rights.

In addition to the U S key media rights renewal. After 2035 season include Latin America, Brazil, Canada, and most of Asia, including Japan.

In addition to the U.S., key media rights renewal up after 2035 season include Latin America, Brazil, Canada and most of Asia, including Japan.

Also on media rights. Following a successful first season effluent kits will return in 2020 for.

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 4-1 in a way that's accessible and fun for them. So I'm delighted it's back for a second season.

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

Turning to raise promotion, we announced our 2035 race calendar in April for what will be the formula 175 and diversity.

Turning to race promotion, we announced our 2025 race calendar in April for what will be the Formula 175 anniversary year. We expect to announce details of the 6th 2025 sprint venues in due course.

We expect to announce details of the 2025 squint venues in due course.

<unk> featuring 24 races that will commence in Australia on 16 March and conclude in Abu Dhabi on 77.

The calendar featuring 24 races and will commence in Australia on 16 March and conclude in Abu Dhabi on 7 December .

We will have just one separate the nitrates in Las Vegas at <unk>, we are attuned to the traditional Sunday race days.

We will have just one Saturday night race in Las Vegas, as Saudi and Bahrain will return to their traditional Sunday race days.

Honestly, the callender earlier than we ever had allow us to focus on optimizing the schedule for the future years and planned logistics more efficiently through 2025.

announcing the calendar earlier than we ever had allow us to focus and optimize the schedule for the future years and plan logistics more efficiently for 2025.

It also makes our promoter most sustainable partners by giving them greater certainty around planning their races. Another eventful next year.

It also makes our promoter 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 that opportunities while being clear. We currently believe that 'twenty four re schedule is the optimum number of events.

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'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.

Turning to Vegas, we are looking forward to year two of the race building on success of last year event. LVGP continues to generate great demand on the sponsorship shy, both locally and for the sport more broadly.

For example, we could not be more excited about our partnership with American express and that engaging activation onsite across the <unk> ecosystem as well as their support for FY together.

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 pre sales to kick off ticket sales for 2020 full Vegas race, and we look forward to the continued growth of our published.

In March, we enjoyed a successful American Express Free Sales to kick off ticket sales for 2004 Vegas Race, and we look forward to the continued growth of our partnership.

We also continue to see progress on off track action for our.

<unk> got underway recently and continues to provide the exciting action for France, and all competitors and former Kate recently opened the first of several planned the U S venues in Boston.

We also continue to see progress on off-track action for fans. Our F-1 Sim Racing series got underway recently and continues to provide the exciting action for fans and all competitors.

F1 Arcade recently opened the first of several planned the US venues in Boston, as the Arcade seeks to take advantage of F1 continued momentum in the US.

<unk> seeks to take advantage of the F. One continued momentum in the U S.

Boston is off to a strong start and have the great launch and hosting 672 guests with a total media coverage.

Boston is off to a strong start and have the great launch in hosting 6702 guests with a ton of media coverage.

<unk> hundred Kate London saw 40, 14% increase in attendance this quarter compared to the same period of last year and the Bermingham vein and this is also performing very very well <unk>.

F1 Arcade London saw a 14% increase in attendance in 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 and February in Toronto last week.

<unk> is now moving to other venues around the world having opened in Nbn in February in Toronto last week.

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

This follows its successful opening residence in Madrid, where it was the biggest selling temporary exhibition of 2023.

Turning to sustainability and diversity and inclusion initiatives.

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, we are on track to meet our targets.

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 world delivered on our journey to net zero by 2030.

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 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.

We have a strong power of action to deliver the remaining 37% reduction targeted by 2030.

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 athletic.

On D&I, our first group of students from former one's engineering scholarship took placement with the F1 teams, and by 2025 we'll have founded the studies of 50 students from the unrepresented groups to undertake their studies in mechanical engineering.

<unk>, let me start.

Its second season, as Saudi enjoying us for their cyclically went in Miami with exciting racing and great driving across the field and Miami American races coordinate grown joined degrees the wildcard of entry in a deal with that that are gaining team's championship premier racing and the key.

And if one at least that I'm

Its second season in Saudi and join us for their second event in Miami with exciting racing and great driving across the field.

In Miami, American racers Courtney Crone joined the greet as the wallet card entry in a deal with the regaining team's championship premier racing and the KVC.

<unk>.

The F. One academies heaters will be shown live in over 160 International territories will be on <unk> pro and streamed live on the <unk> Academy social channels. We have also been delighted to announce Charlotte Tilbury Puma Tommy again, the medical express his official partner of the cities. We have also launched the <unk> discovery Youre draw.

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 Iprican, American Express as official partner of the series.

Five aimed at giving young female partners the opportunity to get into grass roots level of our sport. 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 <unk> Academy.

We have also launched the F1 Academy Discovery, Your Drive, aimed at giving young female carters the opportunity to get into grassroots level of our sport.

Its first initiative was launched by Motorsport UK to identify and nurture UK carting talent from the age of eight.

<unk> has more than tripled and engagement programs will run alongside the old seven F. When a customer events in 2024, we're proud of these work and remain very focused on making the support more open diverse and sustainable place too.

The number of female participating in age 11, 16, qualifying for the British Indocharting Championship has more than tripled, and engagement programs will run alongside the all 7F1 Academy events in 2024.

We are proud of this work and remain very focused on making the sport more open, diverse and sustainable plays.

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 of anti tutor full speed ahead, and now I will turn the call back over to Greg Bye Bye.

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.

All right. Full speed ahead. And now I will turn the call back over to Greg. Bye-bye. Ciao.

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

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

Thank you at this time, we'll be conducting a question and answer session if.

If you'd like to ask a question. Please press star one on your telephone keypad a.

Hey.

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 in the question queue. You may press star 2 if you'd like to remove your question from the queue.

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 Q4.

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.

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 Janet with Evercore ISI. Please proceed with your question.

My first question comes from Vijay-Jennett with Evercore ISI. Please proceed with your question.

Thank you. Good morning can you talk about the trajectory.

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 sort of.

Declining about 300 basis points.

team payments as a percentage of pre-team. Over the last couple of years, that sort of decline about 300 basis points. You know, I know there's,

I know the structures and the splits with the team that we're not aware of but could we assume that kind of operating leverage again in 'twenty to export and then anything you could say about the sponsorship pipeline at Formula one.

structures and the splits with the teams that we're not aware of. Could we assume that kind of operating leverage again in 2024?

It seems to be that when we've seen slowing down a bit obviously we.

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. You know, obviously we can't really know what's happening there. Thanks.

Let me know what's happening there. Thanks.

Yes.

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 is up one has grown <unk>.

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 EBIT and EBIT under the current Concord Agreement,

<unk> share EBITDA and EBIT under the current 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've moved through various bands of pre-team share eBada, 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 ebida and ebids.

Now at a point.

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

Through the end of this current Concorde 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 on our reported results, but not at that incremental rate that you noted that we saw from 'twenty two to 'twenty three.

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 oivita on our reported results, but not at that incremental rate that you noted that we saw from 22 to 23.

700, do you want to touch on sponsorship.

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

Do you want to touch on sponsorship?

Talk about the 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.

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 just a couple of years ago, we had the only four global sponsor. Now we have 10 global sponsor, a lot of regional partnership, and the pipeline is very strong. And I would say, as you know, we are not given here any kind of expectation, but the situation is very solid. And today is not only a problem of quantity of sponsorship is really related to the quality, and we need to ensure that everyone is investing in the 401 has the right quality in terms of exposure, in terms of experience, in terms of 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 football.

The station, but this situation is very solid and that today is not only a problem.

Quantity of sponsorship is really related to the quality, we need to ensure that everyone is investing in pool one.

Quality in terms of exposure in terms of experience in terms of what.

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 football.

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 and beyond.

World War.

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 26 and beyond.

Great. Thanks, so much.

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

Great. Thanks so much.

Our next question comes from Jeff Waldezac with Pivotal Research Group. Please proceed with your question.

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

Good morning. First of all, congrats on Lando winning the Miami GP. It's always good to get a new face top the podium.

I've actually got two questions not related to echelon one on live nationwide series Gregg on <unk> could you comment on the pending antitrust case against elimination 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 or is that sort of a second half.

I've actually got two questions not related to F1, one on Live Nation, one Siri. Greg, on Live Nation, do you comment on the pending any trust case?

against Live Nation.

And then also, Greg, you mentioned the car app and seeing some sort of early positive signs.

Yes.

We should be looking for and then looking forward do you feel comfortable I guess, all else being equal economically that siri can get back to positive subscriber growth.

You know, 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, 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.

On the App and economic growth. Okay. So look I think on the on the discussion around <unk>.

Hold on the app and economic growth.

Live nation any trust issues.

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 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.

The DOJ investigation appears focused on specific business practices within divisions of the company, not

Life doesn't believe that breakup.

the merger or the business structure.

Live nation, Ticketmaster would be legally defensible remedy.

Live doesn't believe the break up

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

of Live Nation Ticketmaster would be legally defensible remedy. And beyond that, we're kind of limited to what was said on that live earnings call if you listen to that.

Turning to CRE.

Look I think it's early days, we certainly would hope during the balance of this year to.

Turning to Siri.

Look, I think it's early days. We certainly would hope during the balance of this year to see...

C.

Positive impact in greater learnings from our new App the way the App is being road 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 benefits. So I think youll see some learnings early and hopefully more growing over time, but the exact timing of those.

positive impact and greater learnings from the new app.

The way the app is being rolled, because of the app as a platform, you'll see us continue to roll out at Siri, 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 released them and how the consumer takes them up are still open to question.

and how the consumer, both how we release them and how the consumer takes them up, are still you know, open to question.

On economic growth I do believe that we can start driving we will see a better numbers in 24 versus 23 on SG&A.

on economic growth, I do believe

that we can start driving. We'll see a 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 path at <unk>.

And I do think over time, this app will be critical to helping us grow and getting back to a growth path at Sirius.

Serious.

Alright, thank you.

Thanks, Jeff.

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

All right, thank you. Thanks, Jeff.

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

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 for media rights. This year wanted to understand better how the price increases have been received so far.

Hey, thanks for the question. For Stefan 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, wanted to understand better how the price increases have been received so far.

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

along with a new user experience. And then on Quinn, I appreciate the commentary and the strategic value to F1, but maybe you can also discuss Quinn on a standalone basis, the market for premium hospitality. What's the

But maybe you can also discuss Quinn on a standalone basis since the market for premium hospitality, what's the.

Growth drivers over the long term and just for Brian on this.

Anything to note on the seasonality for Quinn with revenue or margin.

kind of growth drivers over the long term and just for Brian on this. And anything to note on the seasonality for Quinn with revenue or margin. Thanks.

Alright.

Want to start do you want to start and I can see.

Yes, Greg it's fine for you of <unk> I would say first of all <unk> as yoga said visa visa is an additional ebb and flow of Fabs at ultra to fund that.

All right, Stephanie, do you want to start? Do you want to start an episode?

Yeah, Greg, it is fine for you. Absolutely. I would say, first of all, FNTV, as we always said, is an additional element for our fans. I'd offer to fans that some of them are very, very expert. 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 has been almost the record subscribers that we see. So it's a very, very. important element that is related to the future of the immediate evolution that we want to offer to our customers.

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.

Actually 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.

Did you 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 term of quality of the product until more content of the product and this is something that will develop even further within C&I.

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. And 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. And this is something that will develop even further with the artificial intelligence.

Digital intelligence that will be that will play a very important part of our developed it with other features.

that will play a very important part of our development with our future.

Great. Thank you Stefano and I'll touch briefly on.

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

Great, thank you, Stefano. And I'll touch briefly on

the quit business drivers and let Brian , as you know, to 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 are several. One is, and we mentioned, I mentioned one already,

I don't want to cut them down.

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 there'll be GP.

the opportunity to help us be a better sales arm and be more effective for Formula One itself, particularly around LBGP.

And you've seen us do more integration of that sales are and utilize their customer knowledge their customer strengths.

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.

The things that they do well to help us sell better, particularly at the high end and ELV GP.

Another driver of the business, though is their ability to help other F. One promoters and elements 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.

Another driver in the business though is their ability to help

other F1 promoters and elements sell their products. So they work with both T

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 MOTRGs.

And do ancillary services and ancillary events around.

Around the GPS.

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

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.

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.

David on seasonality.

We can't give you the very specific details, but what I will say is that.

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 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.

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.

F. One events that quint participates in.

So youll see that Q2 and Q4.

Definitely very materially from what you see in Q1.

Okay.

Okay.

Our.

Next question comes from Ben Swinburne with Morgan Stanley. Please proceed with your question.

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

Thanks, Good morning.

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 or conversations you've had in terms of what you can do with that business now that youre. All the partners of Moto GP know that liberty is going to be.

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 you're all the partners of MotoGP know that Liberty is going to be.

Acquiring most of the company.

But 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.

acquiring most of the company, anything that you would add from the call you did a couple months ago. And then, Stefan, I think last quarter you said sort of conquered agreement, you know, 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 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 and how we might want to think about what that might look like in the next one?

The 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 team 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 thank you guys.

Thanks, Brent so on Moto GP.

After the announcement, we had an outpouring of interest from both potential broadcast partners.

Thank you, guys.

The Oems.

Sure.

Potential sites, all of which are very interesting.

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.

potential sites, all of which are very interesting.

Unfortunately, due to the nature of the regulatory process, we will be formulated those amongst ourselves and our plans, but we really can't reach out and do anything concrete with the Motor GP 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, and we hope to get permission to execute on those sooner rather than later.

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

On my side, Ben with regard to the update on Coke agreement as we always said that the situations as you know very well is released by the <unk> 2025, now we are in a Bruce yourselves discussion with the teams there.

On my side, Ben, with regard to the update on co-court agreement, as we always said, the situation, as you know very well, this will expire the end 2025. Now we are in a process of discussion with the teams

Most important point is to keep the situations as stable as possible. These are the points of discussion.

The most important point is to keep the situation as stable as possible. These are the points of discussion.

And as.

As you can imagine we cannot go into this a little bit but as soon as we can we will we will share.

And 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, with all the relevant part, is the best way to finalize everything for a stronger future up to a longer term.

Sure what we can do as I said that the situation is optimal to pizza.

<unk> with the teams that we build that out of impact is the best way to finalize everything for a stronger future.

Up to a longer term.

Okay. Thank you.

Our next question comes from Stephen <unk> with Goldman Sachs. Please proceed with your question.

Okay, thank you.

Our next question comes from Steven Lazzick with Goldman Sach. Please proceed with your question.

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

Hey, great, thanks for the questions. Maybe for Greg on F1 meteorites. I'm curious if you talk more about the strategy, beyond some of the renewals you called out and the release, it looks like you took a good bit of duration. And Mina, maybe align the Nordics with Sky. I know some of the Americas and Asian contracts are up in 25. Anything more to add to that conversation or that strategy on meteorites would be helpful?

Maybe align the nordics with Sky.

Some of the Americas and Asia contracts are up in 'twenty, five anything more to add to that that conversation or that strategy on media rights would be helpful.

Thanks for the question Stephen I think.

In general on media rights, we've been very happy with the renewals and interest we have seen.

Thanks for the question, Stephen.

In general, on media rights, we've been very happy with the renewals and interests we've seen.

And you noted some of the good renewals, we've had that have been very attractive.

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.

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.

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

The U S renewal is obviously out ahead.

It's Ben.

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 where the demand we've seen both among broadcasters and the like and the level of interest in races like.

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 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.

Obviously, you mentioned already the Miami, one what that will lead to.

Got it and then just on race promotion.

Have I think 10 race is up for renewal over the next two years Stefano you called out the 11 interested cities being.

Got it. And then just on race promotion, you have I think 10 races up for a little over the next two years. Stephanie, 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 and hospitality fan experience?

Being serious contenders for GPS this past weekend.

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.

<unk> and hospitality fan experience.

That'd be helpful. Thank you.

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

That would be helpful. Thank you.

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 products and because of the standard.

Let's see asking are working together with our promoter we have seen that everything going up in terms of quality of demand of course economically but.

because of the strong demand of our product and because of the standard 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, economical impact for both the promoter and our side. And the strong demand we are receiving just shows really the strategy is right.

For both the promoter in our site and the strong demand. We are receiving just shows really the strategy right not.

Another point is to keep the balance between the different continents.

Requesting the robbery.

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...

And of course, what is important is it too.

And we May have lost Stefano or maybe we were off.

I think we may have lost Stephano, or maybe we're off.

Operator checking let me.

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

Operator? Checking. Let me.

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 to it. Either we'll try it again without Stefano or we'll hopefully get Stefano to answer.

Okay.

Operator, thank you.

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

Okay. Next question, operator, thank you.

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

Okay, great. Thanks, Thanks for taking the questions.

I guess.

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

Okay, great. Thanks for taking the questions. I guess I wanted to switch gears a little bit and just get Greg your thoughts on.

Based upon the Braves and TV and Diamond sports.

Now.

Baseball on the Braves and TV and Diamond Sports now, you know, some question about the viability of the emergence with the blockout at Comcast.

Question about the viability of the emergence with black out of Comcast.

What can you tell us about what.

What the Braves could do if diamond isn't viable and what are your thoughts.

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?

Longer term about what should happen there with the TV rights situation there for the brakes.

Hello.

I will give us one cursory comment and then let Dan.

Eric perhaps if you wanted to contribute a.

Well, I'll give 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 we watch the situation obviously very carefully.

happy 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

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.

And, you know, we watch the situation obviously very carefully. We have a benefit, as we mentioned before, of an enormously attractive territory and think we have options in the event that they are unable to complete.

They are successful emergence from chapter 11, but I'll, let Derek touch on that a little more if he would like.

their successful emergence from Chapter 11. But I'll let Derek touch on that a little more if he would like.

Thanks, Greg.

So the first point.

Obviously carriage disputes are commonplace, Unfortunately, and 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 valleys get together.

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, and we're hoping that Comcast and valleys 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...

<unk> point, we're obviously monitoring the whole bankruptcy proceedings.

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

Simon valleys as fulfilling their terms with us including full payment.

Diamond Valley's is fulfilling their terms with us, including full payment. But...

But.

If the rights come back to US we are very optimistic because as Greg noted we have a very large territory one of largest in sports.

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 on the team, and we believe there's more optimism than pessimism with the future of Braves' television rights in that marketplace.

There is huge demand on the team.

We believe there is more optimism and pessimism with the future of TV rights in that marketplace.

That's great if I could just follow up.

The precedent at some of the other baseball teams has been if they lose there.

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.

RSM carriage that.

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

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?

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.

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

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.

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 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, you know, we're still operating under the

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 to the extent that we can unlock the opportunity to.

Offer the <unk> content to a wider stretch of territory to more of those 35 million people we think.

The revenue should follow.

And 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.

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.

That stays the case.

Okay. Thank you.

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

Okay, thank you.

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

Hi, Good morning, I had.

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

Hi, good morning. I had one for Greg on Sirius and one on F1 for Stephanof. He's back or for Greg. Greg, sorry to ask this question again this quarter, but...

Greg sorry to ask this question again this quarter, but.

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.

A lot of people want to know. I know he stated that the serious transaction is on track to close in early 3Q, but can you just walk us through the sequence of steps to close and

I'll just comment on whether it might closing might get pulled into early June it seems like you could from.

You know, just comment on whether it might, you know, closing might get pulled into early June . Seems like it could.

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.

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, but with growth and demand over the past few years and improving promoters economics...

Over the past few years in improving promoters economics I'm wondering if you think that race promotions 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 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.

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 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.

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

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

Well, I'm going to let Renee walk you through the regulatory steps that we anticipate. And then, Stefan, I think you're back on, so after we'll let you talk about race promotion.

Yes.

Alright, Thanks, Greg Yes.

So with regard to the CRA 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.

Thanks, Greg, yep.

So with regard to the CRI closing, we're making very good progress with the SEC 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 sometime during the summer.

Definitely if you want to touch on the race promotion.

Yes, I would say following to what I was trying to say before I don't know whether it was kept it but yeah Brian formation.

Definitely, do you want to touch on race promotion?

Yeah, I would say following to what I was trying to say before, I don't know where I was cut it, but for bright 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 pushing up also the possibility of having or maximizing in the best way that we can at the ration promotion fees. Connected, of course, that this is, of course, of one relevant point, but that has to be consistent. connected to our strategy develop on different markets.

<unk> before Colby to everyone was worried about the sector in terms of revenue stream. This could 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.

Of course, a relevant point, but thats to be connected to allow us to develop in 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 expect to announce also some new venues that could be very attractive to grow the business.

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 all work.

Yes.

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.

So if I could just add to that to Stephanos' 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 to 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 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.

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 and among promoters to host an event,

<unk> two <unk>.

Host an event we have.

<unk> 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've seen others pursue so so far so good on promotion and I do think it continues to remain a growth area.

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've seen others pursue.

And we go back go back to Renee I'll, let you touch on Vegas tickets sure. Thanks, Greg.

So, so far so good on promotion, and I do think it can change from in a growth area.

So we were very happy with the results of our pre sale with our partner American Express, but 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 done in the last minute market.

I'll go back to Tornay and let you touch on Vegas tickets. Sure. Thanks, Greg.

So we were very happy with the results of our pre-sale 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

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

I'd 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 tiered pricing, we will have the T mobile sphere zone, continuing to focus on the music entertainment as well as the racing phenomenon.

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.

On the <unk> zone, we have a new entry level price point, and let me know, 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 filling in the heart of the Brs zone, along cobalt straight this is allowing us to continue to really reach.

as well as the racing phenomenon on the sphere zone. We have a new entry-level price point in Slimingo, which will have a viewing structure for our fans to watch

the raising down 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 Covalstreet.

Out to those individual consumers in the new F. One Dan do you want to come and watch really on track incredible racing, we had as well as enjoying.

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 will continue to offer throughout the track.

Unique Vegas style entertainment that always will continue to offer throughout the track.

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

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.

Thank you, Renee. And if I could just follow up on your comments on the Siri 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.

But just curious as to you know like what's the timing for updating the filing and at.

So I was just curious to say, you know, like what's the timing for updating the filing and

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

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, you know, probably within the next 30 days. I was just looking for a little more color if there's anything there that you can share.

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

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 doing a rubber stamp anything, but we have at least cleared our financial and legal comments, which is great progress.

Sure. Why 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

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

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, you know,

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

Okay got it thank you so much.

end of Q2 or early Q3 once we get everything in order for the shareholder meeting.

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

Okay, got it. Thank you so much.

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

Thank you in thinking about the other factors outside of the prepay them share EBIT.

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 would be accounting for that

The calculation or are there any other significant expenses.

That are either.

The straight lined or variable then sort of related to that with Quint just wondering how would the accounting for that.

With the Quint.

If one related revenue is that going to be within reform in one and therefore 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.

with the Quint F1 related revenue. Is that going to be within Reform 1 and therefore in pre-team share, and then there are other events are going to be outside of that? I just wanted to verify that there would be that split of quint activities that way.

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

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

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

So those are included just like they have been beforehand.

related to those ticket sales do flow through the team payment calculation.

Then on your first question.

So those are included just like they've been beforehand.

Alright, just add there so but youre correct David.

And then on your first question, sorry, just to add there. But you're correct, David, that non-F-1-related events like will not conduct Kentucky Derby, all those flow through FWAN, but not the F1 teams.

Non F one related events language.

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

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

Yeah, correct, sorry. And then on your question about straight line expenses, team payments is really the largest

Expense that is straight line other other things are.

More along when they are incurred when they are incurred.

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.

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.

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.

A per race kind of amortization.

Alright, thank you.

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

All right. Thank you.

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

Thank you.

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.

Thank you. My last dangling MLB question might be more for Derek. What's your present view on how the changes, little changes are fostering interest in the game? I think, you know, Greg's next great investment might be a surgical clinic doing Tommy John .

If you look at what's coming off.

His clock changes just kind of where our midstream in terms of what's going on from the popularity of the sport.

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 sport? And are there any downsides?

Any downside.

What's happening right.

Oh, yes.

<unk> legal popular but I'll, let Eric Eric go ahead, no I was going to go ahead. Please.

to what's happening.

I'll say they're overwhelmingly popular, but I'll let Derek. Derek, go ahead, no, I'm going to tee you up. Go ahead, please.

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

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 the overwhelming viewpoint from fans, media, players, 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.

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

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

Embraced.

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

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.

<unk> 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.

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 as one example, I think it's really hard to correlate those changes to some of the things that you might be seen and whether it be our pitcher or pitchers or others.

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

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

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

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.

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.

Thanks.

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.

Thanks. 1

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.

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

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