Q2 2024 Atlanta Braves Holdings Inc Earnings Call

Operator: Welcome to Liberty Media's Corporation, 2024, second quarter earnings conference call. During the presentation, all participants will be in a listen-only mode.

Welcome to Liberty Media Corporation, 2024 second quarter earnings conference call during.

During the presentation, all participants will be in a listen only mode.

Operator: Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, please press star one on your telephone keypad.

Afterwards, we will conduct a question and answer session at.

At that time, if you have a question. Please press star one on your telephone keypad.

Operator: As a reminder, this conference will be recorded today, August 8.

As a reminder, this conference will be recorded today August 8th.

Claire Adams: I would now like to turn the call over to Claire Adams, Senior Manager, Investor Relations. Please go ahead. Good morning.

Operator: Afterward, we will conduct a question and answer session. I would now like to turn the call over to Claire Adams, Senior Manager, Investor Relations. Please go ahead.

Operator: Now, I'd like to turn the call over to Claire Adams, Senior Manager, Investor Relations. Please go ahead.

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

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

Speaker Change: Good morning, before we begin we'd like to remind everyone that this call includes certain forward looking statements.

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

Speaker Change: Private Securities Litigation Reform Act of 1985, actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the.

Speaker Change: Most recent forms 10-K, and 10-Q filed by Liberty media.

Speaker Change: But as you see it.

Claire Adams: These forward-looking statements speak only as of the date of this call, and Liberty Media and Atlanta Braves Holdings expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in Liberty Media' or Atlanta Braves Holdings' expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, SiriusXM, and Atlanta Braves Holdings, including Adjusted OEBDA and Adjusted EBITDA.

Speaker Change: These forward looking statements, which speak only as of the date of this call and Liberty media and Atlanta Braves holdings expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statement contained herein to reflect any change in liberty media or Atlanta Braves holdings expectations with regard there to or any change in events conditions or circumstances on which any such.

Speaker Change: <unk> is based.

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

Claire Adams: On today's call, we'll discuss certain non-guilt financial measures for Liberty Media, Sirius XM, and Atlanta Braves Holdings, including adjusted OIVA and adjusted EBITDA.

Claire Adams: 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.

Claire Adams: There require definitions and reconciliation for Liberty Media, Sirius XM, 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.

Claire Adams: The required definitions and reconciliations for Liberty media as a Sirius XM and Atlanta Braves Holdings schedules one through three can be found at the end of the earnings press releases issued today, which are available on Liberty media and Atlanta Braves Holdings website.

Greg McIe: Now I'd like to turn the call over to Greg McIe, Liberty's president and CEO. Thanks, Claire, and good morning to all.

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

Gregory Maffei: Thanks, Claire, and good morning to all. Today speaking on the call, we will also have Formula One President and CEO Stefano Domenicali. Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling, and also during Q&A, we will answer questions related to Atlanta Braves Holdings, and Braves Management will be available to answer them as well. So beginning with Liberty Sirius XM. The transaction is progressing towards close. We've received SEC and FCC approvals. We've set the shareholder meeting date for August, excuse me, August 23rd, and we expect to close on September 9th.

Speaker Change: Thanks, Claire and good morning to all.

Greg McIe: Today, speaking on the call, we will also have former the one President and CEO, Stefan Odominikali, Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling, and also during Q&A, we will answer questions related to Atlanta Braves Holdings, and Braves Management will be available to answer them as well. So beginning with Liberty Sirius XM, the transaction is progressing towards close. We've received FCC and FCC approvals. We set the shareholder meeting date for August, excuse me, August 23rd, and we expect to close on September 9th. May not be adjusted merger exchange ratio has been reset to reduce the shares of new Siri by 90%.

Speaker Change: Today speaking on the call. We will also have formula one's president and CEO Stefano Domenicali.

Brian Wendling: Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling, and also during Q&A, we will answer questions related to Atlanta Braves Holdings, and Braves Management will be available to answer them as well. I look forward to remaining chairman and a meaningful shareholder. We believe SiriusXM is attractive on a free cash flow multiplier. Ceres continues to pursue growth opportunities, beginning in the car with a new three-year subscription for a new vehicle purchased at certain automakers. Free Access, the first free ad-supported platform that aims to increase trials and win back listeners, and 360L is continuing to drive improved share of listening in the car, and finally, by pursuing smart, unique content.

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

Brian Wendling: And also during Q&A, we will answer questions related to Atlanta Braves Holdings embraced management will be available to answer them as well.

Brian Wendling: So beginning with Liberty Sirius XM the.

Brian Wendling: The transaction is progressing towards close.

Brian Wendling: We received FCC and FCC approvals, we set the shareholder meeting date for August excuse me August 23rd and we expect to close on September 19th.

Gregory Maffei: You may note the Adjusted Merger Exchange Ratio. We expect the new share price will be higher at close because of that, and we expect enhanced trading dynamics, including increased potential for index inclusion. I look forward to remaining chairman and a meaningful shareholder, turning out a Series 6M itself. The company maintains its strong financial position; self-payment ads improve sequentially and year-over-year, driven primarily by a reduction in voluntary churn. But it was flat versus the prior year, but plus 8 versus the first quarter.

Speaker Change: You May note. The adjusted merger exchange ratio has been reset to reduce the shares of new series by 90%.

Greg McIe: We expect the new share price will be higher at close because of that, and we expect enhanced trading dynamics, including each increased potential for index inclusion. I look forward to remaining Chairman and a meaningful shareholder. Turning out to Siri 6M itself, company maintains its strong financial position, self-paying at ads, improves sequentially and year over year, driven primarily by a reduction in voluntary churn. If it was flat versus the prior year, but plus eight versus the first quarter, we expect solid margin and cash generation through the balance of 2024. 2024 is also going to be a peak capex year, and we expect to return to free cash flow growth in the coming years.

Speaker Change: We expect a new cereal share price will be higher at close because of that and we expect enhanced trading dynamics, including east increased potential for index inclusion.

Brian Wendling: We look forward to remaining chairman any meaningful shareholder.

Speaker Change: Turning now to series six Im itself.

Speaker Change: Company maintains its strong financial position self pay net adds improved sequentially and year over year, driven primarily by a reduction in voluntary churn.

Speaker Change: But it was flat versus the prior year, but plus eight versus the first quarter.

Gregory Maffei: We expect solid margin and cash generation through the balance of 2024. 2024 is also going to be a peak CapEx year, and we expect to return to free cash flow growth in the coming year. We believe SiriusXM is attractive on a free cash flow multiplier.

Brian Wendling: We expect solid margin and cash generation through the balance of 2020 for.

Brian Wendling: 2024 is also going to be a peak capex year, and we expect to return to free cash flow growth in the coming years.

Greg McIe: We believe Sirius XM is attractive on a free cash flow multiple basis. Sirius continues to pursue growth up. in the car with a new three-year subscription with a new vehicle purchase at certain automakers. Free access, the first free ad-supported platform which aims to increase trials and win back listeners. M360L has continued to drive and improve share of listening in the car. Looking at streaming, Sirius is launching new features and updates every month. When we've seen early improvements in multi-day listening, we've also seen increased engagement in the trial period versus the first quarter. And finally, by pursuing smart unique content.

Brian Wendling: We believe Sirius XM is attractive on a free cash flow multiple basis.

Gregory Maffei: Ceres continues to pursue growth opportunities, beginning in the car with a new three-year subscription with a new vehicle purchased at certain automakers, free access, the first free ad-supported platform, which aims to increase trials and win back listeners, and 360L is continuing to drive improved share of listening in the car, looking at streaming. Sirius is launching new features and updates every month, and we've seen early improvements in multi-day listening

Brian Wendling: Series continues to preserve pursue growth opportunities.

Brian Wendling: Getting in the car with a new three year subscription with a new vehicle purchase certain automakers.

Brian Wendling: <unk> access the first free AD supported platform, which aims to increase trials and win back listeners.

Brian Wendling: And 360 L is continuing to drive improved share of listening in the car looking.

Brian Wendling: Looking at streaming Sirius is launching new features and updates every month.

Brian Wendling: We've seen early improvements in multi day listening.

Gregory Maffei: We've also seen increased engagement in the trial period versus the first quarter, and finally, by pursuing smart, unique content. The Smart List Podcast is kicking off this partnership in August, with an exclusive subscriber event featuring Howard Stern, Jelly Roll, and many more, joining the Formula One group. Despite early questions, this is turning out to be one of the most competitive seasons, certainly in the start back to 2012. Across the first 14 races, we've seen seven different race winners, and eight drivers have been on the podium.

Speaker Change: We've also seen increased engagement in the trial period versus the first quarter.

Brian Wendling: And finally by pursuing smart you need content. The smart was podcast is kicking off his partnership in August.

Greg McIe: The SmartLess podcast is kicking off this partnership in August with an exclusive subscriber event featuring Howard Stern, Jelly Roll, and many more.

Gregory Maffei: The Smart List Podcast is kicking off this partnership in August, joining the Formula One group. We now have LVCBA as an official partner. They're going to activate across 25 races in 2024 and 10 in 2025, and we continue to successfully scale partners brought in through LBGP. We remain excited about our sponsorship pipeline. Let me turn briefly to MotoGP. The transaction is progressing well, and at this year's MotoGP, 12 riders across eight teams have been on the podium.

Speaker Change: Are they exclusive subscriber events, featuring Howard Stern jelly roll and many more.

Greg McIe: Turning the form into one group. Despite early questions, this is turning out to be one of the most competitive seasons, certainly in the start back to 2012. Across the first 14 races, we've seen seven different race winners and eight drivers have been on the podium. This is on track to have the closest Constructors Championship across the top four since 2012 as well. The difference in time from front to back of grid at this point in the season is the closest also since the start of the current qualifying system in 2010. Looking at the 2020 driver market continues to fight interest at this excitement with Carlos Sainz going to Williams. Hath announcing Ocon joining as a current current Ferrari reserve driver.

Gregory Maffei: Turning to Formula One group.

Gregory Maffei: Despite early questions. This is turning out to be one of the most competitive seasons certainly start back to 2012 across the first 14 races. We've seen seven different race winters and eight drivers had been on the podium.

Gregory Maffei: We're on track to have the closest Constructors' Championship across the top four since 2012 as well. The difference in time from front to back of the grid at this point in the season is also the closest since the start of the current qualifying system in 2010.

Operator: Welcome to Liberty Media's Corporation, 2024, Second Quarter Earnings Conference call. During the presentation, all participants will be in a listen only mode. Afterwards, we will conduct a question and answer session.

Speaker Change: At <unk>, we're on track to have the closest constructors championship across the top four since 2012 as well.

Speaker Change: The difference in time from front to back up grid at this point in the season as the closest also since the start of the current qualifying system in 2010.

Operator: At that time, if you have a question, please press star one on your telephone keypad. As a reminder, this conference will be recorded today, August 8.

Gregory Maffei: Looking at the 2020 driver market continues to provide interesting excitement, with Carlos Sainz going to Williams, Haas announcing Ocon joining as a current and current Ferrari reserve driver, Behrman, as well. Behrman is showcasing the pipeline of support series talent that it's delivering to Formula One. And the biggest open question remains, what will Mercedes do with its open talent?

Gregory Maffei: Looking at the 2020 driver market continue to find interesting excitement.

Claire Adams: I would now like to turn the call over to Claire Adams, Senior Manager Investor Relations. Please go ahead.

Speaker Change: With Carlos signs going to Williams.

Speaker Change: Haas announcing o'connor, joining as a current and current Ferrari reserve driver procurement as well.

Claire Adams: Good morning. Before we begin, we'd like to remind everyone that this call includes certain forward looking statements within the meaning of the private security's 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 form 10K and 10Q, filed by Liberty Media and Land of Braves Holdings with SEC. These forward looking statements speak only as of the date of this call in Liberty Media and Land of Braves Holdings expressly display 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 Land of Braves Holdings expectations with regard there, too, or any change in events, conditions, or circumstances on which any such statement is based.

Greg McIe: Fearment as well. Fearment is showcasing the pipeline of support series talent that is delivering to Formula One. And the biggest open question remains: what will Mercedes do with its open seat?

Gregory Maffei: It is showcasing the pipeline support series talent that is delivering to formula one and.

Gregory Maffei: And the biggest open question remains what what Mercedes deal with its open seats.

Greg McIe: Looking now at the financial results for F1, we did great first half. The last year the revenue is up 29% in orbit is plus 35%. Partially driven by three additional races in the period this year. We announced LVCVA as an official partner. They're going to activate across 25 races in 2024 and 10 in 2025. And we continue to successfully scale partners brought in through LVGP. We remain excited about our sponsorship pipeline.

Gregory Maffei: Looking now at the financial results for F-1, we had a great first half. Year-to-date revenue is up 29% in orbit plus 35%, partially driven by three additional races in the period this year. We now have LVCBA as an official partner.

Speaker Change: Looking now at the financial results for F. One we had a great first half year to date revenue was up 29% and OIBDA is plus 35%.

Gregory Maffei: Really driven by three additional races in the period this year.

Gregory Maffei: We announced L. D C V eight as well as an official partner Theyre going to activate across 25 races in 2024 and 10 in 2025.

Gregory Maffei: They're going to be active across 25 races in 2024 and 10 in 2025, and we continue to successfully scale partners brought in through LBGP. We remain excited about our sponsorship pipeline. Let me turn briefly to MotoGP. The transaction is progressing well. Regulatory funds are progressing on track. We've received foreign investment control clearance in both jurisdictions needed, Italy and Spain, and we recently received merger clearance in Brazil and Australia.

Gregory Maffei: And we continue to successfully scale partners brought in through L. B G. P. We remain excited about our sponsorship pipeline.

Claire Adams: On today's call, we'll discuss certain non-guilt financial measures for Liberty Media, Sirius XM, and Land of Braves Holdings, including adjusted OIVA and adjusted EBITDA. There require definitions and reconciliation for Liberty Media, Sirius XM, and Land of Braves Holdings schedules one through three can be found at the end of the earnings press releases issue today, which are available on Liberty Media and Land of Braves Holdings website.

Greg McIe: Let me turn briefly to MotoGP. The transaction is progressing well. Regulatory funds are progressing on track. We've received foreign investment control clearance in both jurisdictions needed. Gilly and Spain, and we recently received merger clearance in Brazil and Australia. We continue to expect the transaction to close by year-end. At MotoGP, the racing has been awesome. Peckel von Jaja quickly closed the gap with Ori Martín. But Martin just took the lead back and silver stuff. We are seeing a very competitive petal fight now separated by only three points. And at MotoGP, 12 riders across 18 have been on the podium this season.

Gregory Maffei: Let me turn briefly the Moto G P.

Gregory Maffei: The transaction is progressing well.

Gregory Maffei: Regulatory filings are progressing on track, we've received foreign investments control clearance in both jurisdictions need, Italy, Spain, and we recently received merger clearance in Brazil, and Australia. We continue to expect the transaction to close by year end.

Gregory Maffei: We continue to expect the transaction to close by year end. At MotoGP, the racing has been awesome. Paco Bagnaia quickly closed the gap with Jorge Martn, but Martn just took the lead back in Silverstone. We are seeing a very competitive title fight, now separated by only three points, and at MotoGP, 12 riders across eight teams have been on the podium. Attendance is up across our races with a new all-time attendance record set at Le Mans, and Germany, at 253,000, was up 8% off an already-recorded 2020. Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the Constructors' Championship and the Instructors category, with Prima Pramak switching from Ducati to Yamaha next season.

Greg McIe: Now, I'd like to turn the call over to Greg McIe, Liberty's President and CEO. Thanks, Claire. Good morning to all.

Speaker Change: At Moto GP. The racing has been awesome pickup and yacht quickly close the gap with Horae Martijn, but Martine just took the lead back and Silverstone, we're seeing a very competitive title fight now separated by only three points.

Greg McIe: Today, speaking on the call, we will also have former the one President and CEO, Stephanie and Notre-Mina Calli, Liberty's Chief Accounting and Principal Financial Officer Brian Wendling, and also during Q&A, we will answer questions related to Atlanta Braves Holdings and Braves Management will be available to answer them as well. So beginning with Liberty Sirius XM, the transaction is progressing towards close. We've received FCC and FCC approvals. We set the shareholder meeting date for August, excuse me, August 23rd, and we expect to close on September 9th.

Gregory Maffei: And then Moto G. P 12 writers across eighteens had been on the podium this season.

Greg McIe: Attendances up across our races with a new all-time attendance record set at Le Mans. And Germany was at 253,000 with 8% off an already record of 2023 attendance number. MotoF1 rider movements are fueling excitement. We've also seen interesting movements in the gun structures champ. The summer break ended last week in Silverstone. We’re excited for more action in the second half.

Gregory Maffei: Attendance is up across our races with a new all time attendance record set of demand.

Speaker Change: And Germany was a 253000 was up 8% often already record 2023 attendance number.

Gregory Maffei: Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the Constructors' Championship. Turning briefly to Quint, some of the second quarter highlights: we had the 150th Kentucky Derby, which was an enormous success, the largest single event executed in Quint history, serving over 12,000 customers per day. F1 experience has seen meaningful growth across eight races this year, and we've completed inaugural activations for several new partnerships, including the WNBA All-Star Game and the Men's and Women's U.S.

Gregory Maffei: Similar to F. One rider movements are fueling excitement. We've also seen interesting movements in the constructors championship.

Greg McIe: May not be adjusted merger exchange ratio has been reset to reduce the shares of new Siri by 90%. We expect the new share price will be higher at close because of that, and we expect enhanced trading dynamics, including each increased potential for indexing inclusion. I look forward to remaining chairman and a meaningful shareholder. Turning out to Siri 6M itself, company maintains its strong financial position, self-paying ed ads improve sequentially and year over year, driven primarily by a reduction in voluntary term.

Gregory Maffei: Constructors.

Speaker Change: Category, rather with prima vermaak switching from Ducati to Yamaha next season.

Gregory Maffei: The summer break ended last weekend in Silverstone, and we're excited for more action in the second half. Turning briefly to Quint, some of the second quarter highlights, we had the 150th Kentucky Derby, which was an enormous success, the largest single event executed in Quint history, serving over 12,000 customers per day. The F1 experience has seen meaningful growth across eight races this year, and we've completed inaugural activations for several new partnerships, including the WNBA All-Star Game and the Men's and Women's U.S. Opens for the U.S. Championship.

Gregory Maffei: Summer break ended last weekend at Silverstone, we're excited for more action in.

Gregory Maffei: In the second half.

Greg McIe: Turning briefly to Quint, some of the second quarter highlights: we have the 150th Kentucky Derby, which was an enormous success, the largest single event executed in Quint history, serving over 12,000 customers per day. Everyone experiences a meaningful growth across eight races this year, and we've completed inaugural activations for several new partnerships, including the WMBA All-Star Game and the men's and women's U.S. opens for the USGA.

Gregory Maffei: Turning briefly to.

Gregory Maffei: Some of the second quarter highlights we had the 150 of Kentucky Derby, which was an enormous success. The largest single event executed quite history, serving over 12000 customers per day.

Gregory Maffei: F one experience assisting meaningful growth across eight races. This year.

Greg McIe: If it was flat versus the prior year but plus eight versus the first quarter, we expect solid margin and cash generation through the balance of 2024. 2024 is also going to be a peak cat-bex year, and we expect to return to free cash flow growth in the coming years. We believe Sirius XM is attractive on a free cash flow multiple basis. Sirius continues to pursue growth up, in the car with a new three-year subscription with a new vehicle purchase at certain automakers.

Speaker Change: And we've completed inaugural Activations for several new partnerships, including the WNBA All star game, and the men's and women's U S opened for the USDA.

Gregory Maffei: Openings for the U.S. Championship. Revenue from on-site spending is also up double digits year-to-date, and cancellation rates for North America are tracking lower than last year. The ticketing and artist pipeline continues to expand globally. New artists have increased touring by 130% year-to-date. Robinson Jr. led the National League with 86 RBIs.

Greg McIe: Turn your live nation. So another record quarter with no signs of slowdown. 2024 is a year of AOI amphitheaters and arenas, and a second quarter; despite stadium activity being lower, concert attendance was up 5%, AOI was up 21% with record concert segment profitability, and this was one of the top five quarters in history for ticket sales. Revenue from onsite spending is also up double digits year to date, and cancellation rates for North America are tracking lower than last year. The ticketing and artist pipeline continues to expand globally. New artists have increased touring by 130% year to date, and two thirds of all total new enterprise tickets signed year to date are from international.

Gregory Maffei: Turning to Live Nation, it saw another record quarter with no signs of slowdown. 2024 is a year of AOI amphitheaters and arenas. And in the second quarter, despite stadium activity being lower, concert attendance was up 5%, and AOI was up 21% with record concert segment profitability. And this was one of the top five quarters in history for ticket sales. Revenue from on-site spending is also up double digits year-to-date, and cancellation rates for North America are tracking lower than last year.

Speaker Change: Turning to live nation.

Gregory Maffei: So another record quarter with no signs of slowdown.

Gregory Maffei: 2024 is a year.

Speaker Change: Hi, amphitheaters and arenas in the second quarter. Despite stadium activity being lower concert attendance was up 5% Oi was up 21% with record concert segment profitability and this was one of the top five quarters.

Greg McIe: Free access, the first free ad-supported platform, which aims to increase trials and winback listeners, and 360L has continued to drive and improve share of listening in the car. Looking at streaming, Sirius is launching new features and updates every month and we've seen early improvements in multi-day listening. We've also seen increased engagement in the trial period versus the first quarter. And finally by pursuing smart unique content. The smartless podcast is kicking off this partnership in August with an exclusive subscriber event featuring Howard Stern, Jelly Roll, and many more.

Gregory Maffei: In history for ticket sales.

Gregory Maffei: Revenue from onsite spending is also up double digits year to date and cancellation rates for North America are tracking lower than last year.

Gregory Maffei: The ticketing and artist pipeline continues to expand globally. New artists have increased touring by 130% year-to-date, and two-thirds of all total new enterprise tickets signed here today are from international markets. Turning briefly to Venue Nation, where the enhancements made continuously generate incremental revenue. Major festivals' average per fan spend is up double digits here today. The amphitheater average per fan spend is also expected to grow by $2 per fan, and Live Nation plans to open 14 major global venues across 2024 and 2025, turning to the Braves.

Gregory Maffei: The ticketing and artist pipeline continues to expand globally, new orders new artists have increased touring by 130% year to date.

Speaker Change: And two thirds.

Gregory Maffei: All total new enterprise tickets signed year to date are from international.

Greg McIe: Turning briefly to the Venue Nation, we're continuing to see the enhancements may generate incremental revenue. Major Festival's average per fan spend is up double digits year to date, the amphitheater average per fan spend is also expected to grow by $2 per fan, and Live Nation plans to open 14 major global venues across 2024 and 2025.

Gregory Maffei: Turning briefly venue nation, we're continuing to see the enhancements made generate incremental revenue.

Gregory Maffei: Major festival festivals average per fan spend is up double digits year to date.

Greg McIe: Turning the form into one group. Despite early questions, this is turning out to be one of the most competitive seasons certainly in the start back to 2012. Across the first 14 races we've seen seven different race winners and eight drivers have been on the podium. This is where on track to have the closest constructors championship across the top four since 2012 as well. The difference in time from front to back of grid at this point in the season is the closest also since the start of the current qualifying system in 2010.

Gregory Maffei: The amphitheater average per fan spend is also expected to grow by $2 per fan.

Gregory Maffei: And live nation plans to open 14 major global that use across 2024 and 2025.

Greg McIe: Turning to the Braves. We've had strong performance from key players this season through last weekend. Pazunya led the National League with 86 RBI since April 12th. Sales had a 2.64 ERA and free to set a 2.71 ERI, which ranked second and third respectively in the National League. Head of the trade deadline to brazen on the third turn of Horace Lair to fill a key position in the outfield and right-handed pitcher Luke Jackson. Both players were on the 2021 World Series-winning team. Band demand remains strong; per caps up the ticketing and concessions year over year. There are 18,000 on the season ticket wait list, and we've seen a 90% renewal to date on season tickets for 2025.

Gregory Maffei: Turning to the Braves.

Gregory Maffei: We've had strong performances from key players this season through last weekend. Jr. led the National League with 86 RBIs. Since April 12th, Sale has had a 2.64 ERA and Freed has had a 2.71 ERA, which ranks second and third, respectively, in the National League. Ahead of the trade deadline, the Braves announced the return of Jorge Soler to fill a key position in the outfield and right-handed pitcher Luke

Speaker Change: We've had strong performance from key players this season through last weekend.

Speaker Change: Presuming you led the National League with 86 RV eyes.

Gregory Maffei: Since April 12.

Speaker Change: <unk> added two six for E. R. A free to set a $2 seven one of your REIT, which ranked second and third respectively and the National League.

Greg McIe: Looking at the 2020 driver market continues to fight interest at this excitement. With Carlos Signs going to Williams, Haas announcing Ocon joining as a current Ferrari Reserve driver, Pyraman as well. Pyraman is showcasing the pipeline of support series talent that is delivering to Formula One. And the biggest open question remains what women say to do with its open seat.

Gregory Maffei: Ahead of the trade deadline, the Braves announced the return.

Jorge Celaire: Jorge Celaire to fill a key position in the outfield and right handed pitcher loop Jackson.

Gregory Maffei: Both players were on the 2021 World Series winning team. Fan demand remains strong, per caps up in ticketing and concessions year-over-year. There are 18,000 on the season ticket wait list, and we've seen a 90% renewal to date on season tickets for 2025. Several of the master planning projects completed earlier this year are already adding value and enhancing the fan experience. For example, the new 60-foot, 6-inch Jim Beam Bar concessions are up double digits versus 2023 concessions in the same location.

Speaker Change: Most players were on the 2021 World series winning team.

Speaker Change: Fan demand remains strong per caps up in ticketing in concessions year over year. There are 18000 on the season ticket waitlist and we've seen a 90% renewal to date unseasoned tickets for 2025.

Greg McIe: Looking now at the financial results for F1, we did great first half year-to-date revenues up 29 percent in orbit as plus 35 percent partially driven by three additional races in the period this year.

Greg McIe: Several of the master planning projects completed earlier this year are already adding value and enhancing the fan experience. The new 60-foot six-inch Jim Beam Bar concessions are up double digits versus 2023 concessions in the same location. Recently, they've announced further upgrades ahead of the 2025 season, including a new seating product, the bullpen, which includes access to an exclusive lounge underneath seats, and extension of the core's light chop-house seating area. also the Braves recently involved the logo to kick off the 2025 All-Star Game. The Braves are thrilled to host the All-Star Game. It's an incredible opportunity to showcase the truest and the battery sections.

Speaker Change: Several of the Master planning projects completed earlier this year are already adding value and enhancing the fan experience. The new 60 foot six inch Jim beam bar concessions are up double digits versus 2023 concessions in the same location.

Greg McIe: We announced LVCVA as an official partner. They're going to activate across 25 races in 2024 and 10 in 2025. And we continue to successfully scale partners brought in through LVGP. We remain excited about our sponsorship pipeline.

Gregory Maffei: Recently, they've announced further upgrades ahead of the 2025 season, including a new seating product, The Bullpen, which includes access to an exclusive lounge underneath the seats, an extension of the Coors Light Chop House seating area. Also, the Braves recently unveiled the logo to kick off the 2025 All-Star Game and are thrilled to host the All-Star Game. It's an incredible opportunity to showcase the truest and the battery section. Now I'll turn it over to Brian for more on our financial results. Thank you, Greg, and good morning, everyone.

Speaker Change: Recently, they've announced further upgrades ahead of the 2025 season, including a new seating product the bullpen, which includes access to exclusive lounge underneath seats and extension of the Coors light chophouse seating area.

Greg McIe: Let me turn briefly to MotoGP. The transaction is progressing well. Regulatory funds are progressing on track. We've received foreign investment control clearance in both jurisdictions needed. Gilly in Spain and we recently received merger clearance in Brazil and Australia. We continue to expect the transaction to close by year end.

Speaker Change: Also the British recently involved below unveiled the logo to kick off the 2025 all star game.

Speaker Change: The Braves are thrilled to host the all star game, it's incredible opportunity to showcase the truest.

Speaker Change: In the battery sections.

Greg McIe: At MotoGP, the racing has been awesome. Pecobania quickly closed the gap with Ori Martín, but Martín just took the lead back and silver stuff. We are seeing a very competitive petal fight now separated by only three points. And at MotoGP 12 riders across 18 have been on the podium this season. The tendencies up across our races with a new all-time attendance record set at Le Mans. And Germany was at 253,000 was 8 percent off an already record of 2023 attendance number.

Brian Wendling: Now I'll turn to Brian for more on our financial results.

Gregory Maffei: Now I'll turn it over Brian for more on our financial results.

Brian: In connection with the transaction close, the 3.75% Liberty SiriusXM convertible notes and the 2.75% SiriusXM exchangeable notes will be assumed by New Sirius, and the margin loan will be retired. Following the transaction close, holders of the 2.75 exchangeable notes will have the right to require New Sirius to repurchase the notes, and we would expect a substantial majority of holders will exercise this right. Turning to the Formula One Group at quarter end, the Formula One Group had attributed cash, liquid investments, and monetizable public holdings of $1.5 billion, which included $1.2 billion of cash at F-1 and $58 million of cash at G-1.

Brian Wendling: Thank you, Greg. Good morning, everyone. At quarter-end, Liberty Series XM Group had attributed cash of $88 million, excluding $100 million of cash held at Series XM. During the quarter, Liberty Series XM paid down $35 million under the margin loan using cash on hand. There's $1.1 billion of undrawn margin loan capacity as of quarter-end. As of August 7, the value of our Series XM stock was $10 billion, and we have $1.2 billion in principal amount of debt against these holdings. Total Liberty Series XM Group attributed to principal amount of debt is $10.9 billion, which includes $9.1 billion of debt at Series XM.

Brian: Thank you, Greg, and good morning, everyone. At quarter end, Liberty Sirius XM Group had attributed cash of $88 million, excluding $100 million of cash held at Sirius XM. During the quarter, Liberty Sirius XM paid down $35 million under the margin loan using cash on hand. There was $1.1 billion of undrawn margin loan capacity as of quarter end. As of August 7th, the value of our SiriusXM stock was $10 billion, and we have $1.2 billion in principal amount of debt against these holdings. The total Liberty Sirius XM group attributed principal amount of debt is $10.9 billion, which includes $9.1 billion of debt at SiriusXM. As Greg mentioned, the transaction with SiriusXM is expected to close on September 9th.

Speaker Change: Thank you, Greg and good morning, everyone at quarter end Liberty Siriusxm group had attributed cash of $88 million, excluding $100 million of cash held at Siriusxm.

Brian Wendling: During the quarter, Liberty Sirius XM paid down $35 million under the margin loan using cash on hand. There was $1.1 billion of undrawn margin loan capacity as of quarter end, which included $1.2 billion of cash at F-1 and $58 million of cash at G-1. F1's $500 million Revolver is undrawn, and they're leveraged at quarter end. We also entered into commitments for a $150 million incremental term loan A in Formula 1, conditioned on the transaction closed by Dorna.

Speaker Change: During the quarter Liberty Sirius XM paid down $35 million under the margin loan using cash on hand, Theres $1 1 billion of Undrawn margin loan capacity as of quarter end.

Brian Wendling: As of August 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.

Brian Wendling: Total Liberty Sirius XM group attributed principal amount of debt is $10 9 billion, which includes a $9 1 billion of debt at Sirius XM.

Greg McIe: Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the gun structures champ, in partnership, instructors category rather with Prima Prima switching from Ducati to Yamaha next season. The summer break ended last week and in Silverstone we're excited for more action in the second half.

Brian Wendling: As Greg mentioned, the transaction with Sirius XM is expected to close on September 9. In connection with the transaction close, the 3.75% Liberty Series XM convertible notes and the 2.75 Series exchangeable notes will be assumed by new series and the margin loan will be retired. Following transaction close, holders of the 2.75 exchangeable notes will have the right to require new Series to repurchase the notes, and we would expect the substantial majority of holders will exercise this right. Turning to the Formula 1 Group at quarter-end, Formula 1 Group had attributed cash, liquid investments, and monetizable public holdings of $1.5 billion, which includes $1.2 billion of cash at F1 and $58 million of cash at Quint.

Brian Wendling: As Greg mentioned the transaction with Sirius XM is expected to close on September 9th.

Speaker Change: In connection with the transaction close the $3 75.

Brian Wendling: Percent Liberty Sirius XM convertible notes and the $2 75, CRA exchangeable notes will be assumed by new serious.

Greg McIe: Turning briefly to Quint, some of the second quarter highlights we have the 150 Kentucky Derby which was an enormous success.

Brian Wendling: And the margin loan will be retired.

Greg McIe: The largest single event executed in Quint history serving over 12,000 customers per day. Everyone experienced a 16 meaningful growth across eight races this year and we've completed inaugural activations for several new partnerships including the WMBA All Star game and the men's and women's U.S, opens for the USGA.

Brian Wendling: Following transaction close holders of the $2 75, exchangeable notes will have the right to acquire new serious to repurchase the notes.

Speaker Change: We would expect a substantial majority of holders will exercise this right.

Brian: The total Formula 1 group attributed principal amount of debt was $2.9 billion, which includes $2.4 billion of debt at F1, leaving $530 million at the corporate level. F1's $500 million Revolver is undrawn, and they're leveraged at quarter end, is progressing well. We have syndicated all bridge financing commitments and reduced the Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F-1 OPCO level.

Brian Wendling: Turning to the Formula One group at quarter end the Formula One group had attributed cash liquid investments and monetize about public holdings of $1 5 billion, which includes $1 $2 billion of cash at F. One and 58 million of cash it Quinn.

Greg McIe: Turn your live nation. Another record quarter with no signs of slowdown. 2024 is a year of AOI amphitheaters and arenas and a second quarter despite stadium activity being lower. Concert attendance was up 5%. AOI was up 21% with record concert segment profitability and this was one of the top five quarters in history for ticket sales. Revenue from onsite spending is also up double digits year to date and cancellation rates for North America are tracking lower than last year.

Brian Wendling: Total Formula 1 Group attributed to principal amount of debt was $2.9 billion, which includes $2.4 billion of debt at F1, leaving $530 million at the corporate level. F1's $500 million revolvers are drawn, and they are leveraged at quarter-end at $1.3 times. MotoGP transaction is progressing well. We have syndicated all bridge financing commitments and reduced the total commitment from $2 billion to $1.65 billion. Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F1 op-code level. We also entered into commitments for $150 million incremental in Term Loan A at Formula 1, a condition on the transaction close.

Brian Wendling: Total Formula One group attributed principal amount of debt was $2 9 billion, which includes $2 4 billion of debt at half, one leaving $530 million at the corporate level.

Speaker Change: <unk> 500 million.

Brian Wendling: Dollar revolver is undrawn and their leverage at quarter end was one three times.

Brian Wendling: Both Moto GP transaction is progressing well, we have syndicated I'll bridge financing commitments and reduce the total commitment from 2 billion to $1 65 billion note that the $1 65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F. One opco level. We also entered into commitments for 150 million.

Greg McIe: The ticketing and artist pipeline continues to expand globally. New artists have increased touring by 130% year to date and two thirds of all total new enterprise tickets signed year to date are from international. Turning briefly to the event new nation we're continuing to see the enhancements may generate incremental revenue. Major festival's average per fan spend is up double digits year to date.

Brian: We also entered into commitments for a $150 million incremental term loan A in Formula One conditioned on the transaction closed, and we obtained commitments from banks to provide Dorna with a new 150 million euro term loan A and an upsized 100 million euro revolver to be entered into, after and subject to the transaction closed, by Dorna. Looking at the F-1 business, I will again remind you that the business is best analyzed on an annual basis, given the variability in year-over-year rates.

Brian Wendling: Dollar incremental term loan at Formula one are conditioned on the transaction close.

Brian Wendling: And we obtained commitments from banks to provide donor with a new 150 million Euro Term Loan A and an upside 100 million Euro revolver to be entered into after and subject to transaction closed and to be used by donor for general corporate purposes.

Speaker Change: And we obtained commitments from banks to provide dorner with a new 150 million Euro term loan a and an upsized 200 million year old revolver to be entered into after and subject to transaction closed and to be used by dorner for general corporate purposes.

Brian Wendling: Looking at the F1 business, I will again remind you that the business is best analyzed on an annual basis given variability in year-over-year race calendar. With that said, I will make a few brief remarks on the quarterly results, but would very much encourage you to focus on the year-to-date results. During the quarter, F1 recognized the higher proportion of season-based income, with 8 out of 24 races occurring during the period compared to 6 out of 22 in the prior year period. Media rights and sponsorship revenue also increased due to contractual increase in fees and revenue from new agreements.

Brian Wendling: Looking at the F-1 business, I will again remind you that the business is best analyzed on an annual basis, given the variability in year-over-year rates. With that said, I'll make a few brief remarks on the quarterly results, but I would very much encourage you to focus on the year-to-date results. Team payments are best viewed on a year-to-date basis and represented 61.9% of pre-team bonuses for the first half of the year compared to 62.6% in the prior year.

Speaker Change: Looking at the <unk> business I will again remind you that the business is best analyzed on an annual basis, given variability in year over year race calendar.

Greg McIe: The amphitheater average per fan spend is also expected to grow by $2 per fan and live nation plans to open 14 major global venues across 2024 and 2025.

Brian: With that said, I'll make a few brief remarks on the quarterly results, but I would very much encourage you to focus on the year-to-date results. During the quarter, F-1 recognized a higher proportion of season-based income with 8 out of 24 races occurring during the period compared to 6 out of 22 in the prior year period. Media rights and sponsorship revenue also increased due to contractual increases in fees and revenue from. Growth in F1 TV continues to benefit meteorites revenue.

Brian Wendling: With that said I'll make a few brief remarks on the quarterly results, but with very much encourage you to focus on the year to date results.

Brian Wendling: During the quarter F. One recognized the higher proportion of season based income with eight out of 24 races occurring during the period compared to six out of 22 in the prior year period.

Greg McIe: Turning to the braves. We've had strong performance from key players this season through last weekend. Pazunya led the national league with 86 RBI since April 12th. Sales had a 2.64 ERA and free to set a 2.71 ERI which ranked second and third respectively in the national league. Ahead of the trade deadline to brazen out the third turn poor he's still there to fill a key position in the outfield and right-handed pitcher Luke Jackson.

Speaker Change: He writes in sponsorship revenue also increased due to contractual increase in fees and revenue from new agreements.

Brian Wendling: Growth in F1 TV continues to benefit media rights revenue. Race promotion revenue is relatively flat, given the mix of race. is with Australia and Azerbaijan dropping out of Q2 compared to last year, with Japan, China, and MLA and Austria being added in the current period. Other revenue increase primarily due to higher hospitality and freight revenue driven by the additional races. Just to avoid it to grow in the quarter, is revenue growth more than offset increased cost due to higher pro-router recognition of team payments and the expectation of increased team payments for the full year over 2023, as well as increased cost due to the additional races held and cost supporting revenue growth.

Brian Wendling: Growth in half one TVA continues to benefit media rights revenue.

Brian: Race promotion revenue is relatively flat given the mix of races with Australia and Azerbaijan dropping out of Q2 compared to last year with Japan, China, Imola, and Austria being added in the current season. Other revenue increased primarily due to higher hospitality and freight revenue driven by the additional rates, as revenue growth more than offset increased costs due to the higher pro rata recognition as well as increased costs due to the additional races held and cost-supporting revenue.

Brian Wendling: Race promotion revenue was relatively flat given the mix of races, with Australia, and Azerbaijan dropping out of Q2 compared to last year, with Japan, China, and Austria being added in the current period other.

Brian Wendling: Other revenue increased primarily due to higher hospitality in freight revenue driven by the additional races.

Greg McIe: Both players were on the 2021 World Series winning team. Band demand remains strong per caps up the ticketing and concessions year over year. There are 18,000 on the season ticket wait list and we've seen a 90% renewal to date on season tickets for 2025. Several of the master planning projects completed earlier this year are already adding value and enhancing the fan experience. The new 60 foot six inch gym bean bar concessions are up double digits versus 2023 concessions in the same location.

Brian Wendling: Adjusted OIBDA grew in the quarter as revenue growth.

Brian Wendling: More than offset increased costs due to the higher pro rata recognition of team payments and the expectation of increased claim payments for the full year over 2023 as.

Brian Wendling: As well as increased cost due to the additional races held in cost supporting revenue growth.

Brian Wendling: Team payments are best viewed on a year-to-day basis and represented 61.9% of pre-team Boyvada for the first half of the year compared to 62.6 in the prior year. I would note Q2 and Q3 tend to have the highest percentage payout ratios based on the greater mix of European races in these quarters. Other costs of F1 revenue and SGNA are best viewed as a percent of total revenue for the year. Again, looking at it on a year-to-day basis, the adjusted way would have margin improved from 24.6% through Q2, 23 to 25.8% through Q2, 24. Looking briefly at corporate and other results in the second quarter, corporate and other revenue was $141 million, which includes quint results and approximately $6 million of rental income related to the Las Vegas Grand Prix plaza.

Brian: Team payments are best viewed on a year-to-date basis and represented 61.9% of pre-team bonuses for the first half of the year, compared to 62.6% in the prior year. I would note Q2 and Q3 tend to have the highest percentage payout ratios based on the greater mix of European races in these quarters. Other costs of F-1 revenue and SG&A are best viewed as a percent of total revenue for the year. Again, looking at it on a year-to-date basis, the adjusted EBITDA margin improved from 24.6 through Q2'23 to 25.8 percent.

Brian Wendling: The impairments are best viewed on a year to day basis and represented 61, 9% of pre teams OIBDA for the first half of the year compared to 62 six in the prior year I would note Q2, and Q3 tend to have the highest percentage payout ratios based on the greater mix of European races. In these quarters.

Greg McIe: Recently they've announced further upgrades ahead of the 2025 season including a new seating product the bullpen which includes access to exclusive lounge underneath seats and extension of the core's light chop house seating air in the area. Also, the Braves recently unveiled the logo to kick off the 2025 All-Star Game. The Braves are thrilled to host the All-Star Game. It's an incredible opportunity to showcase the truest and the battery sections.

Brian Wendling: Other cost of F. One revenue and SG&A are best viewed as a percent of total revenue for the year again looking at it on a year to date basis. The adjusted OIBDA margin improved from 24.6 through Q2, 23% to 25, 8% through Q2 24.

Brian Wendling: Other costs of F-1 revenue and SG&A are best viewed as a percent of total revenue for the year. Again, looking at it on a year-to-date basis, the adjusted EBITDA margin improved from 24.6 through Q2'23 to 25.8 percent. Corporate Another adjusted away, but it was $5 million in the second quarter, and it results, Grand Prix Plaza rental income offset by corporate expenses. We expect corporate and other adjusted oil, but it will benefit from the rental income and the quint results.

Brian: Looking briefly at corporate and other results in the second quarter, corporate and other revenue was $141 million, which includes Quint results and approximately $6 million of rental income related to the Las Vegas Grand Prix Plaza. Corporate Another was adjusted away, but it was $5 million in the second quarter, and it results, Grand Prix Plaza rental income offset by corporate expenses. Results in the second quarter were primarily driven by the Kentucky Derby and F1 experiences across the eight races held.

Brian Wendling: Looking briefly at corporate and other results in the second quarter corporate and other revenue was $141 million, which includes quint results in approximately $6 million of rental income relate.

Brian Wendling: Now, I'll turn to Brian for more on our financial results. Thank you, Greg.

Brian Wendling: Related to the Las Vegas Grand Prix Plaza.

Brian Wendling: Corporate and other adjusted way, but it was $5 million in the second quarter and it was quint results. Grand Prix Plaza rental income offset by corporate expenses. quint results in the second quarter were primarily driven by the Kentucky Derby and F1 experiences across the eight races held. Reminder that quench business is seasonal, with the largest and most profitable events taking place in Q2 and Q4. We expect corporate and other adjusted way, but it will benefit from the rental income and the quint results for the full year. At the Liberty Live Group, there's a attributed cash at $406 million and there's $400 million of on-drawing marginal capacity related to our Live Nation market.

Brian Wendling: Corporate and other adjusted OIBDA was $5 million in the second quarter earnings results.

Brian Wendling: Good morning, everyone. At quarter-end, Liberty Series XM Group had attributed cash of $88 million, excluding $100 million of cash held at Series XM. During the quarter, Liberty Series XM paid down $35 million under the margin loan using cash on hand. There's $1.1 billion of undrawn margin loan capacity as of quarter-end. As of August 7, the value of our Series XM stock was $10 billion, and we have $1.2 billion in principal amount of debt against these holdings. Total Liberty Series XM Group attributed principal amount of debt is $10.9 billion, which includes $9.1 billion of debt at Series XM.

Brian Wendling: Grand Prix Plaza rental income offset by corporate expenses.

Speaker Change: But results in the second quarter were primarily driven by the Kentucky Derby and up one experiences across eight races itself.

Brian: Reminder that Quint's business is seasonal, with the largest and most profitable events taking place in Q2 and Q4. We expect corporate and other adjusted oil revenue, but it will benefit from the rental income and the quent results. At the Liberty Live group, there is attributed cash of $406 million, and there is $400 million of undrawn margin loan capacity related to our Live Nation margin loan. As of August 7th, the value of our Live Nation stock was $6.3 billion, and we have $1.2 billion in principal amount of debt. Liberty and our consolidated subsidiaries are in compliance with their debt covenants.

Brian Wendling: Reminder, that our <unk> business is seasonal with the largest and most profitable.

Brian Wendling: Events, taking place in Q2 and Q4.

Brian Wendling: We expect corporate and other adjusted OIBDA will benefit from the rental income and results for the full year.

Speaker Change: At the Liberty Live group Theres attributed cash of four $406 million and there's $400 million of Undrawn margin loan capacity related to our live nation live nation market.

Brian Wendling: As Greg mentioned, the transaction with Series XM is expected to close on September 9. In connection with the transaction close, the 3.75% Liberty Series XM convertible notes in the 2.75. Series changeable notes will be assumed by new Series, and the margin loan will be retired. Following transaction close, holders of the 2.75 exchangeable notes will have the right to require new Series to repurchase the notes, and we would expect the substantial majority of holders will exercise this right.

Brian Wendling: As of August 7, the billion-in-principle amount of debt against these holdings. Liberty and our consolidated subsidiaries are in compliance with the debt covenant and quarter end. Turning briefly to the Atlanta Brace holdings, revenue grew in the second quarter despite three fewer home games compared to the last year. Baseball event revenue growth was driven by new sponsorship agreements as well as contractual increases on season tickets and existing sponsorship contracts. Broadcasting revenue grew as there were more total games, you know, between home and away, played in the second quarter. Baseball operating costs increase in the second quarter primarily due to higher player payroll, increased payments under MLB's revenue sharing plan, and higher minor league team and player expenses.

Brian Wendling: As of August 7th, the value of our Live Nation stock was $6.3 billion, and we had $1.2 billion in principal amount of debt. Turning briefly to the Atlanta Braves Holdings, revenue grew in the second quarter despite three fewer home games compared to the last quarter. Broadcasting revenue grew as there were more total gains. Home and Away, played in the second quarter.

Speaker Change: As of August 7th the value of the live nation stock our live nation stock was $6 3 billion and we have $1 2 billion in principal amount of debt against these holdings Liberty.

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

Brian: Turning briefly to the Atlanta Braves Holdings, revenue grew in the second quarter despite three fewer home games compared to the last quarter. Baseball event revenue growth was driven by new sponsorship agreements, as well as contractual increases on season tickets. Existing Sponsorship Contracts. Broadcasting revenue grew as there were more total gains. Home and Away, played in the second quarter.

Brian Wendling: Turning briefly to the Atlanta Braves Holdings revenue grew in the second quarter, despite three fewer home games compared to last year.

Speaker Change: Baseball event revenue growth was driven by a new sponsorship agreements as well as contractual increases on season tickets and existing sponsorship contracts.

Brian Wendling: Broadcasting revenue grew as there were more total games.

Brian Wendling: Turning to the Formula One Group at quarter-end, Formula One Group had attributed cash, liquid investments, and monetizable public holdings of $1.5 billion. Which includes $1.2 billion of cash at F1, and $58 million of cash at Quint. Total Formula One Group attributed principal amount of debt was $2.9 billion, which includes $2.4 billion of debt at F1, leaving $530 million at the corporate level. F1's $500 million revolvers are drawn, and their leverage at quarter-end is $1.3 times.

Brian Wendling: Between home and away.

Brian Wendling: In the second quarter.

Brian: Baseball operating costs increased in the second quarter primarily due to higher player payroll, increased payments under MLB's revenue-sharing plan, and higher minor league team and player salaries. The battery continues to perform very well, with revenue up 11% and adjusted orbit up. Looking at the capital improvement projects around the ballpark, a reminder that the Braves are spending approximately $15 million related to the projects completed ahead of the 2024 season across the back half of 2023 and early. The Braves recently announced additional improvement projects to open ahead of the twenty-five season primarily related to new seating options and expect to spend approximately $20 million on these projects across the back half of 2024 and early 2025.

Speaker Change: Baseball operating cost increase in the second quarter, primarily due to higher player payroll increased payments under Mlps revenue sharing plan and higher minor league team and player expenses.

Brian Wendling: The battery continues to form very well, with revenue up 11%, and adjusted to a bit of up 13% in the second quarter. Looking at the capital improvement projects around the ballpark, the reminder that the Braves are spending approximately 15 million related to the projects completed ahead of the 2024 season across the back half of 2023 and early 24. The Braves recently announced additional improvement projects to open ahead of the 25 season primarily. related to new seating options and expect to spend approximately 20 million on these projects across the back half of 24 and early 25.

Brian Wendling: The battery continues to perform very well with revenue up 11% and adjusted OIBDA up 13% in the second quarter.

Brian Wendling: Looking at the capital improvement projects around the ballpark, a reminder that the Braves are spending approximately $15 million related to the projects completed ahead of the 2024 season across the back half of 2023 and early. The Braves recently announced additional improvement projects to open ahead of the twenty-five season, primarily related... These are all high-returning projects that will generate incremental revenue for the Braves in 2025.

Speaker Change: Looking at the capital improvement projects around the ballpark reminder, that the Braves are spending approximately $15 million related to the projects completed ahead of the 'twenty 'twenty four season across the back half of 2023 in early 'twenty four.

Brian Wendling: MotoGP transaction is progressing well. We have syndicated all bridge financing commitments and reduced the total commitment from $2 billion to $1.65 billion. Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F1 uphill level. We also entered into commitments for $150 million incremental in Term-Lone A at Formula One, a condition on the transaction close. And we obtained commitments from banks to provide donor with a new 150 million-year-old Term-Lone A and an upside 100 million-year-old revolver to be entered into. After and subject to transaction closed and to be used by donor for general corporate purposes.

Brian Wendling: <unk> recently announced additional improvement projects to open ahead of the 25 season, primarily related to new seating options and expect to spend approximately $20 million on these projects across the back half of 'twenty four in early 'twenty five.

Brian Wendling: These are all high returning projects will generate incremental revenue for the Braves in the 2025 season.

Brian: These are all high-returning projects that will generate incremental revenue for the Braves in 2025. The battery of the Truist headquarters battery is progressing ahead of schedule, and we'd expect to hand that building over to Truist. Now I'll turn it over to Stefano to discuss Formula One.

Brian Wendling: These are all high returning projects will generate incremental revenue for the Braves and the 2025 season.

Brian Wendling: At the battery, the true set quarters is progressing ahead of schedule, and we'd expect to hand that building over to Truest in September.

Brian Wendling: The battery the truest headquarters is progressing ahead of schedule and we'd expect to have that building over two truest in September.

Stefano Odominikali: Now I'll turn it over to Stefano to discuss Formula One. Thanks, Brian. This 2024 season is delivering incredible racing and action for our fans at home and our sold out events. Everyone continues to prove there is an incredible competition on track through 14 races this season. We have had seven different winners from four teams. The gaps between teams are getting closer, both in qualifying and the races. In Imola, Max bet Lando by only seven tenths of a second. Formula win Lando is an incredible win in Miami. In Monaco, we saw Charlie Claire take his first home victory.

Stephanotis: Now I'll turn it over to Stephanotis discuss formula one.

Gregory Maffei: Thanks, Brian. The 2024 season is delivering incredible racing and action for our fans at home and our sold-out event. F1 continues to prove there is incredible competition on the track. Through 14 races this season, we have had seven different winners from four different teams. In Imola, Max bet Lando by only 7 tenths of a second. For Nobel, Lando's incredible win in Miami. In Monaco, we saw Charlie Clare take his first home victory. In Canada, the gap between the top four in qualifying was one tenth of a second.

Stefano: Thanks, Brian. The 2024 season is delivering incredible racing and action for our fans at home and our sold-out event. F1 continues to prove there is incredible competition on track. Through 14 races this season, we have had seven different winners from a four-team grid. The gaps between teams are getting closer, both in qualifying and in the race. In Imola, Max bet Lando by only 7 tenths of a second.

Brian Wendling: Thanks, Brian that's a 2024 season is deliberate and vegetable racing action, but our friends at home and our sold out events.

Brian Wendling: Looking at the F1 business, I will again remind you that the business is best analyzed on an annual basis given variability in year-over-year race calendar. With that said, I'll make a few brief remarks on the quarterly results, but would very much encourage you to focus on the year-to-day results. During the quarter, F1 recognized the higher proportion of season-based income with 8 out of 24 races occurring during the period compared to 6 out of 22 in the prior year period.

Gregory Maffei: That's one continues to prove that he's an incredible competition on Sac through 14 basis. This season, we have had seven different witnessed from our four teams. The gaps between teams are getting closer both in qualifying and devices.

Speaker Change: And e-mail Max bid landfill by only seven tenths of a second full global lenses incredible winning Miami in Monaco, We saw Charlock led take his first home victory in Canada. They kept between the top four equaling final was 110th of a cycle and we have seen let's say this would turn to the top step of that.

Brian Wendling: Media rights and sponsorship revenue also increased due to contractual increase in fees and revenue from new agreements. Growth in F1 TV continues to benefit media rights revenue, race promotion revenue is relatively flat given the mix of race, with Australia and Azerbaijan dropping out a Q2 compared to last year with Japan, China, and MLA and Austria being added in the current period. Other revenue increased primarily due to higher hospitality and freight revenue driven by the additional races.

Stefano: For Nobel, Lando's incredible win in Miami. In Monaco, we saw Charlie Clare take his first home victory. In Canada, the gap between the top four in qualifying was 1 tenth of a second, and we have seen Mercedes return to the top step of the podium with George winning in Austria and Luis sealing his record ninth victory at Sierda. Hungary saw another excellent race ending in Piasti's first F1 win with a McLaren 1-2 and Hamilton rounding out the podium.

Stefano Odominikali: In Canada, the gap between the top four in qualifying was one tenth of a second. And we have seen Mercedes return to the top step of the podium with George winning in Austria and Luis Sydney, his record ninth victory at Silverstone. Hungary saw another excellent race, ending in Piazza's first F1 win, with a McLaren 1 and 2 and Hamilton rounding out the podium. In SPA, we had an incredible race with very tight gaps throughout, and the race was led by being swapped multiple times. George Russell crossed the finish line first after a 3-in-final lap out as against Luis, but was disqualified after the race because the card did not meet the required weight.

Gregory Maffei: And we have seen Mercedes return to the top step of the podium, with George winning in Austria and Luis sealing his record ninth victory at Cielo. Hungary saw another excellent race ending in Piazzi's first F1 win with a McLaren 1 and 2 and Hamilton rounding out the podium. In Spa, we had an incredible race with very tight gaps throughout, and the lead changed multiple times. George Russell crossed the finish line first after a three-final lap against Lewis, but he was disqualified after the race because the car did not meet the required weight, meaning Lewis took his second victory of the season, with Oscar Piazza II and Charlotte Craig III.

Speaker Change: Podium with George winning in those two and Luis even that he's worked with ninth speak for that system.

Speaker Change: Hungary, So another excellent race ending in guest is first epsilon within the cloud and wanted to and how many sort of rounding out the potent inspire we have an incredible race with very tight gas throughout the race led by being swapped multiple times George Russell Cross the finish line first after a premium final laptop was against Lewis.

Brian Wendling: Just to avoid it to grow in the quarter as revenue growth, more than offset increased cost due to higher pro-rata recognition of team payments and the expectation of increased team payments for the full year over 2023. As well as increased cost due to the additional races held and cost supporting revenue growth. Team payments are best viewed on a year-to-day basis and represented 61.9% of pre-team boyvada for the first half of the year compared to 62.6 in the prior year.

Stefano: In Spa, we had an incredible race with very tight gaps throughout, and the lead changed multiple times. George Russell crossed the finish line first after a three-final lap against Lewis, but he was disqualified after the race because the car did not meet the required weight, meaning Lewis took his second victory of the season, with Oscar Piazza II and Charlotte Craig III.

Gregory Maffei: But what these qualified after the race because the curve did not meet the required weight, mainly Louise took a second of the season with Oscar Pst's second and Charlotte.

Stefano Odominikali: Luis took his second victory of the season with Oscar Piazza's second and Charlie Claire's third. By many measures, we have never had more competitive racing. I expect that the reminder of the 2024 season will continue to deliver great racing for our fans. And as we look forward, the increasingly close racing offers a very exciting process for 2025. The incredible competition on track is leading to even higher engagement as our diverse fan bases continues to grow. We have welcomed over 3.7 million attendees through the first 14 races of this season with the Canadian Grand Prix scene record attendance of 3,000 and 30,000.

Stefano: By many measures, we have never had more competitive rates. I expect that the remainder of the 2024 season will continue to deliver great racing for our fans, and, as we look forward, the increasingly closed racing offers very exciting prospects for 2021. The incredible competition on track is leading to even higher engagement as our diverse fan base continues to grow. We have welcomed over 3.7 million attendees through the first 14 races of this season, with the Canadian Grand Prix setting a record attendance of 350,000 and Silverstone matching its incredible 2033 record attendance of 480,000.

Speaker Change: By many measures we have never had more competitive rates.

Brian Wendling: I would now know Q2 and Q3 tend to have the highest percentage payout ratios based on the greater mix of European races in these quarters. Other cost of F1 revenue and SG&A are best viewed as a percent of total revenue for the year. Again, looking at it on a year-to-day basis, the adjusted way would emerge and improve from 24.6 through Q2, 23 to 25.8% through Q2, 24.

Speaker Change: I spent the remainder of 2024 seasonal will continue to deliver breakthrough.

Speaker Change: But all offense.

Speaker Change: And as we look forward and can easily close rates in office that exciting prospect for 2025.

Speaker Change: The credit book competition on track is leading to even higher engagement and our diverse firm basis continues to grow.

Speaker Change: We have lots of them over $3 7 million attendees are through the first 14 basis off the season with the Canadian web we've seen breakout of tens of.

Brian Wendling: Looking briefly at corporate and other results in the second quarter, corporate and other revenue was $141 million, which includes quint results and approximately $6 million of rental income related to the Las Vegas Grand Prix Plaza. Corporate and other adjusted away, but it was $5 million in the second quarter and quint results Grand Prix Plaza rental income offset by corporate expenses. Quint results in the second quarter were primarily driven by the Kentucky Derby and F1 experiences across the eight races held.

Stefano Odominikali: And still no match in its incredible 2033 record attendance of 480,000. We continue to see sold out events, and there is strong demand for the races till to come this season. On TV, we have seen particularly strong numbers in key growth markets into the Australia, US, China, Canada, South Africa, and the Middle East. Looking at the recent races, the Canadian Grand Prix was the most viewed live race ever in Canada. The British Grand Prix was impressively the most viewed live European races over on Sky UK and earned the largest overall weekend audience for the F1 in the UK since 2016.

Speaker Change: And so you mentioned, it's incredible 2000 attendance of 480000, we.

Gregory Maffei: We continue to see sold-out events, and there is strong demand for the races still to come this year. Looking at the recent races, the Canadian Grand Prix was the most viewed live race ever in Canada. The British Grand Prix was impressively the most viewed live European race over on Sky UK and earned the largest overall weekend audience for F1 in the UK since 2006. The F1 Explained podcast is engaging a new and more diverse audience with 40% of the listeners in the US market to take place at six events in China, Miami, Belgium, Austin, Brazil, and Qatar.

Stefano: We continue to see sold-out events, and there is strong demand for the races still to come this year. On TV, we have seen particularly strong ratings in key growth markets including Australia, the US, China, Canada, South Africa, and the Middle East.

Speaker Change: We continue to see sold out events and there is strong demand for <unk> still to come this season.

Gregory Maffei: On television, we have seen particularly strong numbers in key growth markets, including Australia U S, China, Canada, South Africa, and the Middle East.

Brian Wendling: Reminder that Quint business is seasonal with the largest and most profitable events taking place in Q2 and Q4. We expect corporate and other adjusted away, but it will benefit from the rental income and the quint results for the full year.

Stefano: Looking at the recent races, the Canadian Grand Prix was the most viewed live race ever in Canada. The British Grand Prix was impressively the most viewed live European race over on Sky UK and earned the largest overall weekend audience for F1 in the UK since 2016. Looking at the U.S., five races this season have achieved record-high viewership for their respective events, the Chinese, Miami, Monaco, Canadian, and British Grand Prix. The Miami Grand Prix viewership peaked at 3.6 million on ABC, and the 18th to 49th demographics averaged 1.3 million, and the sprint races averaged 9,400-6,000 viewership on ESPN, the largest on the channel since we introduced the sprint format in 2021.

Speaker Change: Looking at the recent races, the Canadian Grand Prix was the most viewed live race at Abbott in Canada. The British company was impressively the most viewed live European races over.

Gregory Maffei: On Sky UK and earned the largest overall weekend audience for the F. One in the UK since 2016.

Brian Wendling: At the Liberty Live Group, there's a attributed cash at $406 million and there's $400 million of on-drawing marginal capacity related to our live nation market. As of August 7th, the value of the live nation stock, our live nation stock was $6.3 billion and we have $1.2 billion in principal amount of debt against these holdings. Liberty and our consolidated subsidiaries are in compliance with the debt covenant in Q4.

Stefano Odominikali: Looking at the US, 5 races this season have achieved record live viewership for their respective events: the Chinese, Miami, Monaco, Canadian, and British Grand Prix. The Miami Group Reviewership piqued at $3.6 million on ABC, and the 18th to 49th demographies average $1.3 million, and the spring raises average $9.4 thousand viewership on ESPN. The largest on the channel since we introduced the spring format in 2021. Our digital and social platform also continue to see very strong performance. We saw a 32% increase in social media followers compared to 2023, driven by the success of the new channel, Freds and WhatsApp, and Accelerator Growth on Instagram.

Speaker Change: Looking at the U S. Five races. This season have achieve a record viewership for their respective events, the Chinese Miami monocoque Canadian and British company.

Speaker Change: Miami Grand Prix viewership peaked at $3 6 million ABC and the 18th to Fortinet demographics average was $1 3 million and the screen raises averaged 96000 viewership.

Brian Wendling: Turning briefly to the Atlanta Brays holdings, revenue grew in the second quarter despite three fewer home games compared to the last year. Baseball event revenue growth was driven by a new sponsorship agreement as well as contractual increases on season tickets and existing sponsorship contracts. Broadcasting revenue grew as there were more total games, you know, between home and away, played in the second quarter. Baseball operating costs increase in the second quarter primarily due to higher player payroll, increased payments under MLB's revenue sharing plan, and higher minor league team and player expenses. The battery continues to form very well with revenue up 11%, and adjusted to about 13% in the second quarter.

Speaker Change: On the ESPN the largest on the channel since we introduced this print format in 2051 hour.

Stefano: Our digital and social platforms also continue to see very strong performance. We saw a 32% increase in social media followers compared to last year, driven by the success of the new channels, Threads and WhatsApp, and accelerated growth on Instagram. We also have higher engagement, with 4.1 billion video views and 880 million interactions on Instagram year to date.

Speaker Change: Our digital and social platform also continued to see very strong performance. We saw a 32% decrease in social media followers compared to 2023, driven by the success of the new channel. So that's what's up and accelerated growth on each of them.

Stefano Odominikali: We also have a higher engagement with 4.1 billion views and 880 million interactions on Instagram here to date. F1 TV continues to perform well. Total subscribers are up 11% year over year, and in the US market, subscribers are up 16% year over year. As previously mentioned, we implemented F1 TV price increases for the first time across markets this year, which have been well received with the limited optics in turn. F1 TV continues to be an important and growing product. We also continue to see great results from our postcard decision. Total listens to all episodes of the F1 podcast, including Beyond the Great F1 Nation and F1 Explained, since launch in 2018 surpassed 125 million this quarter.

Speaker Change: We also have a high engagement with $4 1 billion video views at 818 million interaction on Easter them year to date.

Stefano: F1TV continues to perform well. Total subscribers are up 11% year over year, and in the US market, subscribers are up 16% year over year. As previously mentioned, we implemented F1 TV price increases for the first time across markets earlier this year, which have been well received with limited upticks in churn. F1 TV continues to be an important and growing product. We also continue to see great results from our podcast this season.

Speaker Change: <unk> TV continues to perform well total subscriber.

Brian Wendling: Looking at the capital improvement projects around the ballpark, the reminder that the Brays are spending approximately 15 million related to the projects completed ahead of the 2024 season across the back half of 2023 and early 24. The Brays recently announced additional improvement projects to open ahead of the 25 season primarily, related to new seating options and expected spend approximately 20 million on these projects across the back half of 24 and early 25.

Speaker Change: 11% year over year and in the U S market subscribers up 16% year over year.

Speaker Change: As previously mentioned, we implemented <unk> price increases for the first time, our gross markets. This year, which have been well received with the limited the upticks insurer.

Brian Wendling: These are all high-returning projects that will generate incremental revenue for the Braves in the 2025 season. At the battery, the Truist head quarters is progressing ahead of schedule, and we'd expect to hand that building over to Truist in September.

Speaker Change: Plenty of it continues to be an important and growing profit. We also continue to see great results from our closed because the season total listens to all levels of the Epsilon podcasts, including beyond degree F. One nation and F. One explain since launch in 2018 surpassed 125 million this quarter.

Stefano: Total listens to all episodes of the F1 podcast, including Beyond the Grid, F1 Nation, and F1 Explained, since launch in 2018, have exceeded 125 million downloads. The F1 Explained podcast is engaging a new and more diverse audience with 40% of the listeners in the US market, to take place at six events in China, Miami, Belgium, Austin, Brazil, and Qatar. The sprint continues to be a big success, with a higher TV audience for the Friday sprint qualifying and Saturday sprint race compared to traditional practices.

Stefano: Now I'll turn it over to Stefano to discuss Formula One. Thanks Brian. The 2024 season is delivering incredible racing and action for our fans at home and our sold out events.

Stefano Odominikali: The F1 Explained podcast is engaged in new and more diverse audience, with 40% of the listeners in the US market. A few weeks ago, we announced the 2035 spring calendar with races to take place at 6 events. China, Miami, Belgium, Austin, Brazil, and Qatar. The Spring continues to be a big success with the higher TV audience for the Friday Spring Qualifying and Saturday Spring Race compared to traditional practice session. The events also bring extra on track action for our fans attending the events, providing additional values for promoters. 80% of the fans surveyed after the Chinese Grand Prix said that they preferred the new spring format, and we looked forward to maintaining the momentum in 2025.

Speaker Change: The F. One explained pulp costs, these engaging new and more diverse audience with 40% of the listeners in the U S market.

Gregory Maffei: Two weeks ago, we announced the 2025 spin collector with durations to take place at <unk>, China, Miami, Belgium, Austin Brazilian cutoff. The sprint continues to be a big success with the higher TV audience for the Friday sprint qualifying and suddenly screens rates compared to traditional practice session.

Stefano: Everyone continues to prove there is an incredible competition on track. Through 14 races this season we have had seven different winners from a four teams. The gaps between teams are getting closer both in qualifying and the races. In Imola, Max bet Lando by only seven tenths of a second. Formula win Lando's incredible winning Miami. In Monaco we saw Charlie Claire take his first home victory. In Canada the gap between the top four in qualifying was one tenth of a second and we have seen Mercedes return to the top step of the podium with George winning in Austria and Luis hitting his record ninth victory at Silverstone.

Gregory Maffei: The sprint continues to be a big success, with a higher TV audience for the Friday sprint qualifying and Saturday sprint race compared to traditional practices. 80% of fans surveyed after the Chinese Grand Prix said that they preferred the new spring format, and we look forward to maintaining the momentum in 2024. Online coverage of F1 Academy across news sites and social media reaches almost 700 million Internet users. The Miami Grand Prix alone generated 14.7 million video views and 4 million interactions on social media, with 2 million live viewers on broadcast TV.

Stefano: The event also brings extra on-track action for our fans attending the event, providing additional values for promotion. 80% of fans surveyed after the Chinese Grand Prix said that they preferred the new spring format, and we look forward to maintaining the momentum in 2024. The F1 Academy season is also off to a strong start with the first three races completed in Saudi Arabia, Miami, and Spain and the next race in Zambia. Abby Poole is leading the series and recently became the first woman to win a British F4 race. American driver Chloe Chambers took first in race two in Barcelona with a dominant victory over Poland.

Speaker Change: The events also bring excellent strike action for our fans attended event, providing additional value to co promote this 80% of fans surveyed after the Chinese companies said that they preferred the newsprint format and we look forward to maintaining the momentum in 2075.

Stefano Odominikali: The F1 Academy season is also off to a strong start with the first three races completed in Saudi, Miami, and Spain. At the next race in Dumbledore, Avi Pulling is leading the series and recently become the first woman to win a British F4 races. American drivers Chloe Chamber took first in race two in Barcelona with a dominant victory over Pulling. F1 Academy's growing engagement and attracting new fans. In the last 12 months, F1 Academy's social media followers have increased by three times with a diverse follower base. 57% of the F1 Academy followers on Instagram are female.

Speaker Change: Yes, one academy season is also off to a strong start with the first three races completed in South Miami in Spain, and the next way since effort.

Stefano: Hungary saw another excellent race ending in Piazza's first F1 win with a McLaren 1 and 2 and Hamilton rounding out the podium. In SPA we had an incredible race with very tight gaps throughout and the race led by being swapped multiple times. George Russell crossed the finish line first after a three-in-final lap after against Lewis, but was disqualified after the race because the car did not meet the required weight. In Lewis took his second victory of the season with Oscar Piazza's second and Charlie Claire's third.

Speaker Change: I'll be pooling is leading the serious with the enriched and to become the first woman to win a British set four races American drivers clearly chamber to first thing raised two in Barcelona, with a dominant victory over putting.

Stefano: F1 Academy is growing engagement and attracting new fans. In the last 12 months, its social media followers have increased by three times with a diverse follower base. 57% of the F1 Academy followers on Instagram are female, 57% are under 25 years old, and 83% are under 35 years old.

Speaker Change: F. One academies growing engagement and attracting new fans in the last 12 months and when the Kathleen is social media followers has increased by three times with a diverse pool of our base.

Speaker Change: 57% of the F. One academy followers on Instagram are female and 57% under 25 old and 83% are under 35 years old.

Stefano Odominikali: 57% are under 25 old, and 83% are under 35 years old. Online coverage of F1 Academy across new sites and social reaches almost 700 million Internet users. The Miami Grand Prix alone generated 14.7 million video views and 4 million interactions on social media with two million live viewers on WorldCart TV. F1 Academy has also been engaging fans attending F1 events around the calendar. Given the success alongside F1 races, we can, many of the promoters hosting F1 Academy events this year are lining up to host again in 2025, and we've received interest from several other markets.

Stefano: By many measure we have never had more competitive racing. I expect that the reminder of the 2024 season will continue to deliver great racing for our fans and as we look forward the increasingly close racing offers very exciting process for 2025. The incredible competition on track is leading to even higher engagement as our diverse fan bases continues to grow. We have welcomed over 3.7 million attendees through the first 14 races of this season with the Canadian Grand Prix scene record of 10,000 of 3,000 and suitable match in its incredible 2033 record attendance of 480,000.

Stefano: Online coverage of F1 Academy across news sites and social media reaches almost 700 million Internet users. The Miami Grand Prix alone generated 14.7 million video views and 4 million interactions on social media, with 2 million live viewers on broadcast TV. F1 Academy has also been engaging fans attending F1 events around the calendar. Given the success alongside F1 races weekend, many of the promoters hosting F1 Academy events this year are lining up to host again in 2025, and we've received interest from several other markets.

Speaker Change: <unk> coverage of what gathering across new sites and social reaches almost 700 million Internet users.

Gregory Maffei: Miami Grand Prix alone generated $14 7 million video views and 4 million interactions on social media with two millions live viewers on broadcast television.

Gregory Maffei: F1 Academy has also been engaging fans attending F1 events around the calendar. Given the success alongside F1 Races Weekend, many of the promoters hosting F1 Academy events this year are lining up to host again in 2025 and will receive interest from several other markets. We announced the 2025 calendar much earlier this year, which gives the teams and promoters more time to prepare and market their events. We now continue to focus on optimizing the calendar for 2026 and beyond.

Speaker Change: F. One Academy has also been engaging fans attending F. One events surrounding collector given the success of upside therefore embraces weekend many of the promoter of the hosting US when academy events. These shifts are lining up to the host again in 2025, and we have received interest from several other markets.

Stefano Odominikali: Turning to commercial updates on race promotion, there continues to be significant demand from potential new race hosts. We now currently intend to go about 24 races in a season, as our duty is to ensure the right strategy balance for the long-term future of the sport. The added benefit of this demand with limited race slot creates increased incentives for promoters to innovate and improve the experience of race across the calendar. More promoters are committing to investments in their races. For example, Hungary has committed to significantly refurbishing, including a new pit building from 2026. We have also seen examples of great entertainment from promoters, including the Barcelona F1 event, Thursday, Tarset, and Silverstone, and of course, we look forward to returning to Las Vegas after an incredible show in 2023.

Stefano: Turning to commercial updates, on race promotion, there continues to be significant demand from potential new race hosts. We now currently intend to go above 24 races in a season, as our duty is to ensure the right strategic balance for the long-term future of the nation. The added benefit of this demand with a limited race slot creates increased incentives for promoters to innovate and improve the experience of races across the calendar. As a result, more promoters are committing to investments in their races. For example, Hungary has committed to significant refurbishment, including a new pit building from 2026.

Stefano: We continue to see sold-out events and there is strong demands for the races till to come this season. On TV we have seen particularly strong numbers in key growth markets into the Australia, US, China, Canada, South Africa and the Middle East. Looking at the recent races, the Canadian Grand Prix was the most real-life race ever in Canada. The British Grand Prix was impressively the most viewed live European races over on Sky UK and earned the largest overall weekend audience for the F1 in the UK since 2016.

Speaker Change: Turning to commercial updates on the race promotion that continues to be significant demand for potential new ratios. We don't currently intend to go above 24 races of the season is over.

Speaker Change: Do these to ensure the right as you balance for the long term future of the sport. The added benefit of this demand with limited rate slot creates increased incentives promoters to innovate and improve the experience as rates across the calendar.

Speaker Change: Promoters have committed to investments in databases for example, Hungary has committed to significant furbish, including the new building for 2026.

Stefano: Looking at the US, five races this season have achieved record live viewership for their respective events. The Chinese, Miami, Monaco, Canadian and British Grand Prix. The Miami Group Reviewership piqued at $3.6 million on ABC and the 18th to 49 demographies average $1.3 million, and the spring raises average $9.4000 on ESPN. The largest on the channel since we introduced the spring format in 2021. Our digital and social platform also continued to see very strong performance.

Stefano: We have also seen examples of great entertainment from promoters, including the Barcelona Fan Event and Thursday concert in Silverstone. Of course, we look forward to returning to Las Vegas after an incredible show in 2021. We announced the 2025 calendar much earlier this year, which gives the teams and promoters more time to prepare and market their events. We now continue to focus on optimizing the calendar for 2026 and beyond, as well as our media rights. We have some key renewals to address for 2026, including our deals across the Americas, US, Canada, Latin America, Brazil, and Mexico, as well as across most of Asia, including Japan.

Speaker Change: We have also seen an example of great entertainment promoters, including the Barcelona fan event, Thursday, Tulsa, and silver and of course, we look forward to returning to Las Vegas After an incredible show in 2023.

Stefano Odominikali: We announced the 2025 calendar much earlier this year, which gives the teams and promoters more time to prepare and market their events. We now continue to focus and optimize the calendar for 2026 and beyond. Our meteorites, we have some key renewal to address for 2026, including our deals across the Americas, US, Canada, Latin, Brazil, and Mexico, as well as across most of Asia, including Japan. The continued growth of our diverse fan base around the world, including the US, and demand from broadcasters means we are confident in the future of our meteorites. We also continue to be excited about the amount of counter-the F1 has to offer.

Speaker Change: We announced the 2025 kolenda much earlier this year, which gives the teams and promote them more time to prepare and market. Their events. We now continue to focus and optimize the calendar for 2026 and beyond.

Speaker Change: Our media rights we have.

Speaker Change: Some key renewal to address for 2026, including our deals across of the Americas U S, Canada, Brazil, and Mexico as well as cross most of Asia, including Japan.

Stefano: We saw 32% increase in social media followers compared to 2023, driven by the success of the new channel, Fred and WhatsApp, and accelerated growth on Instagram. We also have a higher engagement with 4.1 billion views and 880 million interaction on Instagram year to date. F1 TV continues to perform well. Total subscribers are up 11% year over year, and in the US market, subscribers are up 16% year over year. As previously mentioned, we implemented F1 TV prize increases for the first time across markets this year, which have been well received with the limited optics in turn. F1 TV continues to be an important and growing product.

Stefano: The continued growth of our diverse fan base around the world, including the U.S., and demand from broadcasters means we are confident in the future of our media writing. We also continue to be excited about the amount of content F1 has to offer. Across race weekends, we have many events and lots of data provided by numerous cameras around the track and car. We can offer our broadcast partners and the fans at home incredible access and insight into the weekend through all these.

Speaker Change: Continued growth of our diverse fan base around the world, including the U S and demand from broadcasters means we have confidence in the future, but wouldn't be the right deals. We also continue to be excited about the amount of content. The F. One has to offer a close race weekends, we have many events and lots of.

Stefano Odominikali: Across race weekends, we have many events and lots of data provided by numerous cameras around the track and cars. We can offer our broadcast partners and the fans at home incredible access and insight into the weekend through all these content. Alongside this, we are very pleased to once again deliver the F1 Kids Programming Decision for 7 events. The feedback from 2023 was impressive, and F1 Kids is proving to be a brilliant way to engage children in Formula One in a way that's accessible and fun for them. F1 Kids is available to work faster around the world via a live, dedicated, international feed of the Grand Prix.

Speaker Change: Data provided by numerous cameras around the trucking costs. We kept also to our broadcast partners and the fans atone incredible axis and insight into the weekend to all these countries.

Gregory Maffei: We can offer our broadcast partners and the fans at home incredible access and insight into the weekend through all these, including the cartoon driver's avatars and upgraded car livery designs, followed by Monaco and Silverstone and will also be available for the Dutch, Singapore, Sao Paulo, and Abu Dhabi Grand Prix later this season. The new Boston location has seen 50,000 guests in the first two months since its opening. The ongoing success of the project means that, in addition to the venues in London, Birmingham, and Boston, F1 Arcade is planning to open new venues in Washington, D.C., in late 2024, and in Las Vegas in 2025, with more to come.

Stefano: Alongside this, we are very pleased to once again deliver the F1 Kids program at seven events this season. The feedback from 2023 was impressive, and F1 Kids is providing to be a brilliant way to engage children in Formula One in a way that's accessible and fun for them. F1 Kids is available through a broadcaster around the world via a live, dedicated, international feed of the ground. It features 3D graphics, child-friendly team radio transmission, technical explanation, and a bespoke package of colorful graphics and animation, including the cartoon driver's avatars and upgraded car livery designs.

Speaker Change: Alongside this we are very pleased to once again deliver the F. One kids programming this season for 70 bps.

Speaker Change: Impacts from 2002 D. C was impressive and it's one kids is providing to be a brilliant way to engage children informal one in a way that's accessible and fun for them.

Stefano: We also continue to see great results from our podcast this season. Total listens to all episodes of the F1 podcast, including Beyond the Great F1 Nation and F1 Explain, since launch in 2018 surpassed 125 million this quarter. The F1 Explain podcast is engaged in new and more diverse audience with 40% of the listeners in the US market. A few weeks ago, we announced the 2035 spring calendar, with the races to take place at 60 events.

Speaker Change: Our phone kit is available through broadcasters around the world via alive dedicated international feed off the ground with the fee to feature three D graphics child friendly team radio transmission technical explanation in a bespoke package of colorful graphics and mission.

Stefano Odominikali: The feed, the feature 3D graphics, child-friendly team radio transmission, technical explanation, and a bespoke package of colorful graphics and animation, including the cartoon drivers, avatars, and a graded car delivery design. The production returning Saudi, followed by Malok and Silverstone, and we also be available for Dutch, Singapore, São Paulo, and Abu Dhabi Grand Prix later this season. Look at our sponsorship; we are confident in the pipeline with the exciting conversation and the way. We continue to have opportunities in categories such as financial services, consumer electronics, telecom, and better. We have also more closing integrated sponsorship, licensing, hospitality, and marketing teams in a comprehensive strategy to optimize to grow the growth of our fandom and commercial opportunities.

Speaker Change: Included a cartoon drivers up and upgraded cuddly, but he does that.

Stefano: The production returning south, followed by Monaco and Silverstone, and will also be available for the Dutch, Singapore, San Paolo, and Abu Dhabi Grand Prix later this year. Looking at sponsorship, we are confident in the pipeline with exciting conversations underway. We continue to have opportunities in categories such as financial services, consumer electronics, telco, and betting.

Gregory Maffei: The production returning Saudi.

Gregory Maffei: Followed by monitors Silverstone and will also be available for Dutch Singapore, Sunpower and Abu Dhabi Grand Prix later this season.

Stefano: China, Miami, Belgium, Austin, Brazil and Qatar. The spring continues to be a big success with the higher TV audience for the Friday spring qualifying and Saturday spring race compared to traditional practice session. The events also bring extra on track action for our fans attending the events, providing additional values for promoters. 80% of fans surveyed after the Chinese Grand Prix said that they preferred the new spring format, and we looked forward to maintaining the momentum in 2025.

Speaker Change: Look at the sponsorship we are confident in the pipeline with exciting conversation underway. We continue to have opportunities in categories, such as financial services consumer electronics telco and but we are also more closely integrated the sponsorship licensing hospitality market themes in a comprehensive strategy to opt.

Stefano: We have also more closely integrated the sponsorship, licensing, hospitality, and marketing teams in a comprehensive strategy to optimize the growth of our fandom and commercial opportunities. We are also continuing strong progress on fun engagement opportunities outside of this weekend. In partnership with Apple and Warner Brothers, we were delighted to recently confirm that the much-anticipated movie titled F1, starring Brad Pitt, directed by Joseph Kosinski and produced by Jerry Bruckheimer, will be released on the 25th of June 2021.

Speaker Change: We managed to grow the growth of our fandom and commercial opportunities. We're also continued strong progress on funnel engagement opportunities outside of the race weekend in partnership with Apple and Warner brother, we were delighted to listen to confirm that the much anticipated movie title. That's one starring Brad Pitt directly by Joseph <unk>.

Stefano: The F1 Academy season is also off to a strong start with the first three races completed in Saudi, Miami and Spain, and the next race in Stanford. Abby Pulling is leading the series and recently become the first woman to win a British F4 races. American drivers Chloe Chamber took first in race two in Barcelona with a dominant victory over pulling. F1 Academy's growing engagement and attracting new fans. In the last 12 months, F1 Academy's social media followers are increased by three times with a diverse follower base.

Stefano Odominikali: We are also continuing strong progress on funding engagement opportunities outside of the days we can't.

Stefano Odominikali: In partnership with Apple and Warner Bros, we were delighted to recently confirm that the match-anticipated movie title F1, starring Brad Pitt, directed by Joseph Kosinski, and produced by Jerry Bruckheimer, will be released on the 26th of June 2025. We were excited to release the movie teaser during the beat-up of the British Grand Prix. The film is unique in that it is being filmed authentically during the operation. We can and it will be a great opportunity for our sport to reach new fans and engaged audiences. The six-season operator survived after reaching the top 10 on Netflix in over 40 markets has seen the global audience of over 100 million viewers in the first five months since released.

Speaker Change: It's used by Joy broke hymer will be released on the 26th of June 2025, we were excited to release the movie teaser during the buildup of the British Grand Prix. This theme is unique in that.

Stefano: We were excited to release the movie teaser during the build-up to the British Grand Prix. The film is unique in that it is being filmed authentically during the race weekend, and it will be a great opportunity for our sport to reach new fans and engage audiences. The sixth season of Drive to Survive, after reaching the top 10 on Netflix in over 40 markets, has seen its global audience of over 100 million viewers in the first five months since release.

Speaker Change: It is being filmed authentically during the operation, we can and it will be a great opportunity for us to reach new fans and engaged audiences.

Stefano: 57% of the F1 Academy followers on Instagram are female. 57% are under 25 old, and 83% are under 35 years old. Online coverage of F1 Academy across new sites and social reaches almost 700 million internet users. The Miami Grand Prix alone generated 14.7 million video views and four million interaction on social media with two million live viewers on WorldCard TV. F1 Academy has also been engaging fans attending F1 events around the calendar. Given the success alongside F1 races we can, many of the promoter hosting F1 Academy events this year are lining up to the host again in 2025, and we've received interest from several other markets.

Gregory Maffei: The sixth season of drive to survive after reaching the top 10 on Netflix in over 40 markets has seen as a global audience of over 100 million viewers in the first five months since release.

Stefano: Across all six seasons to date, the cumulative audience for the series is close to 800 million. F1RK continues to perform well with high numbers of bookings during both race and non-race times. The new Boston location has seen 50,000 guests in the first two months since opening. All three F1 arcade venues hosted a ticketed watch party during the 3D Silverstone race, and all venues sold out, with the London venues welcoming almost 600.

Stefano Odominikali: A close-door six-season today, the cumulative audience for the series is close to 800 million. F1 Arcade continues to perform well with high numbers of bookings during both race and no race weeks. The new Boston location has seen 50,000 guests in the first two months since launch. All three F1 Arcade venues hosted a ticket at watch party during the three-new Citizen race. And all venues sold out, with the London venues welcome all the most 600 guests. The ongoing success of the project means that, in addition to the venues in London, Birmingham, and Boston, F1 Arcade is planning to open new venues in Washington, DC, in late 2024 and Las Vegas in 2025, with more to come.

Speaker Change: Also <unk> season to date, the cumulative orders for the Cedars is close to 800 meter and one of the K continues to perform well with high numbers of booking into both res and non res weeks, the new Boston location has seen 50000 guests in the first two months. Since launch also you have one of the kids venues hosted a ticket to watch party during the <unk>.

Speaker Change: Silverstone race and nobody knew sold out with a London venues welcome almost 600 guests. The ongoing success of the project means that in addition to the finished in London, Birmingham, Boston and one of the case is planning to open new venues in Washington, DC in late 2024, and Las Vegas in 2025 with more to come.

Stefano: The ongoing success of the project means that, in addition to the venues in London, Birmingham, and Boston, F1 Arcade is planning to open new venues in Washington, D.C., in late 2024, and in Las Vegas in 2025, with more to come. Following successful runs in Madrid and Vienna, the F1 exhibition has continued its successful road show in Toronto, which has been extended to mid-September, and will open in London later this month, showcasing the incredible history of the sport in the UK. Even though the London show is not yet open, 60,000 tickets have already been sold.

Stefano: Turning to commercial updates, on race promotion, there are continues to be significant demand for potential new race hosts. We now currently intend to go about 24 races in a season as our duty is to ensure the right strategic balance for the long-term future of the sport. The added benefit of this demand with limited race slot creates increased incentives for promoters to innovate and improve the experience of race across the calendar. More promoters are committing to investments in their races.

Stefano Odominikali: Following successful runs in Madrid and Vienna, the F1 exhibition has continued its successful road show in Toronto, which has been extended to mid-September, and we'll open in London later this month, showcasing the incredible history of the sport in the UK. Even though the London show is not yet open, 60,000 tickets have already been sold. These are great examples of bringing fans and future fans into our sport through different routes with a mix of F1, entertainment, and hospitality.

Speaker Change: Following a successful runs embodied in Vienna. The F. One exhibition is continually successful road show in Toronto, We just been extended through mid September and will open in London. Later this month showcasing incredible history of the sport in the U K even food.

Speaker Change: The London show is not yet opened 60000 T cell that is being sold.

Stefano: These are great examples of bringing fans and future fans into our sport through different routes with a mix of F1, entertainment, and hospitality. Our ESG program remains an important focus for the company. Earlier this year, we published our first impact report showing the progress we are making on our Net Zero 2030 commitment, as well as our diversity and inclusivity initiatives, both within our business and wider. A key part of our plans would be to move to fully sustainable fuel in 2026, which we believe could provide huge benefits as an innovative solution to decarbonize existing and future cars for both the F1 ecosystem and the broader automotive industry.

Gregory Maffei: These are great example of bringing fans and future fans into our sport through different routes with the mix of F. One entertainment and hospitality, our ESG program remain an important focus for the business and this year, we published our first impact report showing the progress we are making.

Stefano: For example, Hungary has committed to significantly investing in the Turkish and including a new pit building from 2026. We have also seen an example of great entertainment from promoters, including the Barcelona F1 event, Thursday, Tarset in Silverstone, and of course, we look forward to returning to Las Vegas after an incredible show in 2023. We announced the 2025 calendar much earlier this year which gives the teams and promoters more time to prepare and market their events.

Stefano Odominikali: Our ESG program remains an important focus for the business. Earlier this year, we published our first impact report showing the progress we are making on our net zero 2030 commitment, as well as our diversity and inclusivity initiatives both within our business and wider sport. Keep partner of our plans will be to move the fully sustainable F1 in 2026, which we believe could provide huge benefit as an innovative solution to the carbonized existing and future cars for both the F1 ecosystem and the broader automotive industry. This has been a very important reason behind Ford and Audi joining the sport in 2026.

Speaker Change: On our net zero 2030 commitment as well as our diversity and inclusivity initiatives, both within our business and why the sport.

Stefano: We now continue to focus and optimize the calendar for 2026 and beyond. Our media rights, we have some key renewal to address 2026, including our deals across the Americas, US, Canada, Latin, Brazil, and Mexico, as well as cross most of Asia, including Japan. The continued growth of our diverse fan base around the world, including the US, and demand from broadcasters means we are confident in the future of our media deals. We also continue to be excited about the amount of counter the F1 has to offer.

Speaker Change: A key part of our plans would be to move to the fully sustainable doesn't 26, which we believe could provide huge benefits as an innovative solution to the carbonite is existing and future costs for both the F. One ecosystem and the broader automotive. It's just this has been a very important reason behind fortinet.

Stefano: This has been a very important reason for Ford, and now we will join the sport in 2026. We continue to work closely with the teams, the FAA, partners, and promoters to deliver on our commitments, as highlighted by recent events. The Silverstone event was powered by renewable energy, including over 2,000 solar panels, and that increased the recycling... Following success in OCEL last year, there have been further trials of a low-carbon energy system deployed to support activity across the pathway, pit lane, and broadcast compound that has been shown to reduce related emissions by 90%. Trials this year have taken place in Austria and Hungary, with a third scheduled for Monday.

Gregory Maffei: The Jordan this potent doesn't 26, we continue to work closely with the teams the F eight partners and promoters to deliver on our commitments as highlighted by recent events.

Stefano Odominikali: We continue to work closely with the teams, the FAA partners, and promoters to deliver on our commitments, as I lighted by recent events. The Silverstone event was powered by renewable energy, including over 2000 solar panels and had increased the recycling of the event. Following success in our last year, there have been further trials of a low carbon energy system deployed to support activity across the path, pit lane, and broadcast compound that has been shown to reduce related emissions by 90%. Trial this year has taken place in Austria and Hungary, with the first catalyst for months.

Gregory Maffei: We continue to work closely with the teams, the FAA, partners, and promoters to deliver on our commitments as highlighted by recent events. Trials this year have taken place in Austria and Hungary, with a third scheduled for Monday.

Speaker Change: Silverstone event was powerful was powered by renewable energy, including over 2000 solar panels and that increased our recycling of demand. Following success and also last year. There have been further trials of a low carbon energy system deployed to support activity across the top of the pit lane and broadcast compound.

Stefano: Across race weekends, we have many events and lots of data provided by numerous cameras around the track and cars. We can offer our broadcast partners and the fans at home incredible access and insight into the weekend through all these content.

Stefano: Alongside this, we are very pleased to once again deliver the F1 Kids Programme in Decision for seven events. The feedback from 2023 was impressive and F1 Kids is provided to be a brilliant way to engage children in Formula One in a way that's accessible and fun for them. F1 Kids is available to work faster around the world via a live dedicated international feed of the Grand Prix. The feed, feature 3D graphics, child friendly team radio transmission, technical explanation, and a bespoke package of colorful graphics and information, including the cartoon drivers, avatars, and a graded car delivery design. The production return in Saudi, followed by Mallocan Silverstone, and we also be available for Dutch Singapore, São Paulo, and Abu Dhabi Grand Prix later this season.

Gregory Maffei: That has been shown to reduce it related emissions by 90% trial. This year, that's taking place in Austria, and Hungary with a third catalyst for months.

Stefano Odominikali: On diversity and inclusion, we were delighted to recently confirm that, as a part of our program to provide education opportunities to our representative groups, 20 engineering students in the UK and Italy will become the latest recipients of the Formula 1 engineering scholarship over 2024 and 25. Founded in 2021, the scholarship program addressed some of the key barriers to higher education for underrepresented students, including financial burden and access. By 25, 50 students will have entered the program. As I mentioned earlier, F1 Academy continues to go from strength to strength and is critical to our goal of developing and preparing young female drivers to progress to higher levels of competition.

Stefano: On diversity and inclusion, we were delighted to recently confirm that as part of our program to provide education opportunities to unrepresented groups, 20 engineering students in the UK and Italy will become the latest recipients of the Formula One Engineering Scholarship over 2024 and 2025. Founded in 2021, the scholarship program addressed some of the key barriers to higher education for unrepresented students, including financial burden and access. By 2025, 50 students will have entered the program.

Speaker Change: On diversity and inclusion we were delighted to recently confirmed that as a part of our program to provide education opportunities to a representative groups 20 engineers to this in the UK and Italy will become the latest.

Speaker Change: <unk> of the former one that you Didnt scholarship over 2024 and 25 founded in 'twenty. One the scholarship program addresses some of the key barriers to higher education for a representative students, including financial burden and axis by 'twenty 550 students will have entered the program as I.

Stefano: As I mentioned earlier, F1 Academy continues to go from strength to strength and is critical to our goal of developing and preparing young female drivers to progress to higher levels of competition. Eight female drivers, including five F1 Academy drivers, raced in round six of the F4 British Championship, which was the highest ever level of female participation in the championship. We also have a talented driver, Sophia Flersch, racing in FIA Formula 3 for Van Amersfoort Racing.

Speaker Change: Earlier F. One Academy continues to go from strength to strength and is critical to go to our goal of developing that preparing young female drivers to progress to higher levels of competition <unk> main drivers, including five F. One Academy drivers racing around six of the F. Four British championship, which was.

Stefano: Look at our sponsorship. We are confident in the pipeline with the exciting conversation and the way. We continue to have opportunities in categories such as financial services, consumer electronics, telecom, and better. We have also more closely integrated sponsorship, licensing, hospitality, and marketing teams in a comprehensive strategy to optimize to grow the growth of our fandom and commercial opportunities. We are also continuing strong progress on funding engagement opportunities outside of the race weekend.

Stefano Odominikali: Eight female drivers, including five F1 Academy drivers, raised in round six of the F4 British Championship, which was the highest ever level of female participation in the championship. We also have a talented driver, Sophia Flurge, raised in the FIA Formula 3 for Van Amherst of Racing. This shows the huge importance of the FIA F3 and FIA F2 parameters, run by Bruno Michel, that continues to develop and nurture young talent to reach the very top of our sport. Creating the right structure for these talented female drivers and ensuring we have the right system in place to nurture talent.

Speaker Change: The highest ever level of female participation in the championship. We also have a talented drivers Sofia flourish. They seemed FAA Puma three or four hours of racing. This shows the huge importance of the F. D. F. I L. Three and that's why a has to pan around I don't know Michele that continues to develop and nurture.

Stefano: This shows the huge importance of the FIA F3 and FIA F2 parameters run by Bruno Michel, which continue to develop and nurture young talent to reach the very top of our sport. Creating the right structure for these talented female drivers and ensuring we have the right system in place to nurture talent at a young age is incredibly important. That is why we continue to be excited about our grassroots program, Discover Your Drive, to encourage and nurture females as young as 8 to try to go casting.

Stefano: In partnership with Apple and Warner Bros., we were delighted to recently confirm that the match anticipated movie title F1, starring Brett Pintet directed by Joseph Kosinski and produced by Jerry Brookheimer, will be released on the 26th of June 2025. We were excited to release the movie teaser during the beat-up of the British Grand Prix. The film is unique in that it is being filmed authentically during the hour racing weekend and it will be a great opportunity for our sport to reach new fans and engage audiences.

Speaker Change: Young talent to reach the very top of our sport, creating the right structure for these talented female drivers and ensuring we have the right system in place to nurture talent at a young age is incredibly important.

Stefano Odominikali: At a young age, is incredible.

Gregory Maffei: That is why we continue to be excited about our grassroots program, Discover Your Drive, to encourage and nurture females as young as eight to try to go casting. The interest and demand for our sport continues to be huge, and I'm confident in our future. Avanti tutta! Full speed ahead! And now, I will turn the call back over to Greg. Thank you. Ciao!

Speaker Change: That is why we continue to be excited about our retro program discover your drive to encourage and nurture females as young as 8% to try to go casting we remain focused and on the long term goals and building a sustainable increasing female participation in motor sport. It has been a fantastic season, so far with.

Stefano: We remain focused on the long-term goal and building a sustainable increase in female participation in motor sports. It has been a fantastic season so far, with more to come after the summer break. The interest and demand for our sport continues to be huge, and I'm confident in our future. Avanti tutta! Full speed ahead! And now, I will turn the call back over to Greg. Thank you. Ciao!

Stefano: The six season of Dr. Survive after reaching the top 10 on Netflix in over 40 markets has seen the global audience over a hundred millions viewers in the first five months since released. Across all six seasons to date, the cumulative audience for the series is close to 800 million. F1 Arcade continues to perform well with high numbers of booking during both race and no race weeks. The new Boston location has seen 50,000 guests in the first two months since launch, all three F1 Arcade venues hosted a ticketed watch party during the three new civil service and race.

Stefano Odominikali: It has been a fantastic season so far, with more to come after the summer break. The interest in demand for our sport continues to be huge, and I am confident in our future. Thank you.

Gregory Maffei: More to come after the summer break the interest in and demand for our sport continues to be huge and I'm confident in our future of antitumor full speed ahead, and now I will turn the call back over to Greg. Thank you Joe.

Greg McIe: I will turn the cold back over to Greg. Thanks, Stephanie and Brian. Our annual industrial day will be Thursday, November 14th, in New York City.

Gregory Maffei: Thanks Stefano and Brian. Our annual investor day will be Thursday, November 14th in New York City. Please note, we've moved to a new location. We'll look forward to seeing you at Jazz at Lincoln Center. Save the date.

Gregory Maffei: Okay.

Greg: Thanks, Stefano and Brian.

Greg: Our annual Investor Day will be Thursday November 14th in New York City.

Greg McIe: Please note, we move to a new location. We'll look forward to seeing you at the Jazz at Lincoln Center. Save the date. Additional details will be provided soon. We hope to see many of you there.

Operator: Please note we've moved to a new location. We'll look forward to seeing you at Jazz at Lincoln Center.

Speaker Change: Please note we've moved to a new location, we will look forward to seeing you at the jazz at Lincoln Center save the date and additional details will be provided soon we hope to see many of you there and.

Stefano: And all venues sold out with the London venues welcome all the most 600 guests. The ongoing success of the project means that in addition to the venues in London, Birmingham and Boston, F1 Arcade is planning to open new venues in Washington DC in late 2024 and Las Vegas in 2025 with more to come.

Operator: And when that operator lets open the line for questions.

Operator: Additional details will be provided soon. We hope to see many of you there. And with that operator, let's open the line for questions. 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 to end the line is in the question queue.

Greg: And with that operator, let's open the line for questions.

Operator: Thank you.

Operator: Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star 1 on your telephone keypad. A confirmation to unwind the line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing start. As a reminder, we please ask you to limit yourself to one question and one follow-up. Our first question comes from Brian Kraft with Deutsche Bank. Please proceed with your question.

Greg: Thank you.

Operator: At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation to a one-decade line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

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

Stefano: Following successful runs in Madrid and Vienna, the F1 exhibition has continued its successful road show in Toronto, which has been extended to mid-September and we'll open in London later this month, showcasing the incredible history of the sport in the UK. Even though the London show is not yet open, 60,000 tickets are already been sold. These are a great example of bringing fans and future fans into our sport through different routes with a mix of F1, entertainment and hospitality.

Speaker Change: A confirmation tone will indicate your line is in the question queue.

Speaker Change: You May press Star two if you like to remove your question from the queue.

Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Operator: As a reminder, please ask you to limit to one question and one follow-up.

Operator: As a reminder, please ask you to limit yourself to one question and one follow-up.

Speaker Change: As a reminder, we as reminder, we please ask you to limit to one question and one follow up.

Brian Kraft: Our first question comes from Brian Kraft with Deutsche Bank. Please proceed with your question. Hi, good morning.

Speaker Change: Our first question comes from Bryan Kraft with Deutsche Bank. Please proceed with your question.

Stefano: Our ESG program remain an important focus for the business. Earlier this year, we published our first impact report showing the progress we are making on our net zero 2030 commitment, as well as our diversity and inclusivity initiatives both within our business and wider sport. Keep our plans to move the fully sustainable F1 in 2026, which we believe could provide huge benefit as an innovative solution to the carbonized existing and future cars for both the F1 ecosystem and the broader automotive industry.

Speaker Change: Hi, good morning.

Brian Kraft: I wanted to ask what Formula One and its promoters are seeing in the coincident leading indicators for F1 demand. In terms of ticket sales, pricing, percentage sellout, on-site spending, or whatever metrics you look at. Has there been any moderation at all on the strength of demand? And maybe specifically if you could comment on what you're seeing since the biggest tickets went on sale in late March. Thank you.

Speaker Change: I wanted to ask what formula one and its promoters youre seeing in the coincident in leading indicators scrap one demand in terms of ticket sales pricing percentage sellout on site spending or whatever metrics. You look at has there been any moderation at all in the strength of demand and maybe specifically if you could comment on what you're seeing since the.

Speaker Change: Bagus tickets tickets went on sale in late March Thank you.

Greg McIe: Definitely.

Jeff: Jeff, why don't you start and then I'll ask Grenade to comment. Yeah. Thank you, Greg. Thank you, Brian. I mean...

Renee: Why don't you start? No, I'll ask Renee. Yeah. Comment on the figures. Yeah. Thank you, Greg. Thank you, Brian. For what we can see, as we have already announced, we don't see any kind of significant backdrop of any interest. I mean, we have sold out even in the events we had in front of us. And there is still a very, very, very high interest. We are, of course, monitoring the situation on the event side because we know that in other areas there is a sort of drop of that request. But this is something that we don't see at all in our championship.

Greg: Yeah, why don't you start and I'll ask Renee, Yeah Continental Vegas Yeah.

Gregory Maffei: Yeah, thank you, Greg. Thank you, Brian.

Unnamed Speaker: Yeah, thank you, Greg. Thank you, Brian.

Unnamed Speaker: I mean, for what we can see, as we have already announced, we don't see any kind of significant backdrop of any interest. I mean, we have sold out even for the events we have in front of us, and there is still very, very, very high interest. We are, of course, monitoring the situation, you know, on the event side because we know that in other areas there is a sort of drop in that demand. But this is something that we don't see at all among our champions.

Speaker Change: Thank you Greg. Thank you, Brian I mean for what we can see as we have already announced we don't see any kind of significant the backdrop of any interest I mean do we have a sold out even in the event. We added in front of us and in the end there is still a very very very high interest.

Stefano: This has been a very important reason behind Ford and Audi joining the sport in 2026. We continue to work closely with the teams, the FAA partners and promoters, to deliver on our commitment as I lighted by recent events. The Silverstone event was powerful by renewable energy, including over 2000 solar panels and adding trees to recycling the event. Following success in Oceola, there have been further trials of a low carbon energy system deployed to support activity across the path, Pitlein and Broadcast Compound, that has been shown to reduce related emissions by 90%. Trial this year has taken place in Austria and Hungary, with the first catalyst for months.

Gregory Maffei: I mean, for what we can see, as we have already announced, we don't see any kind of significant backdrop of any interest. I mean, we have sold out even for the events we have in front of us, and there is still very, very, very high interest. We are, of course, monitoring the situation, you know, on the event side because we know that in other areas there is a sort of drop in that demand. But this is something that we don't see at all among our champions.

Gregory Maffei: We are of course monitoring the situation you know on the event side, because we know that's another area that is sort of drop of the of that request, but this is something that we don't see at all in our championship.

Gregory Maffei: Okay.

Renee: Encouraging to hear it. Thank you.

Origin: Origin you here. Thank you.

Renee: And maybe just to focus a little bit on the Vegas portion of the question. You know, I would say that what we're seeing in terms of ticket sale trends is consistent with what you would expect for a year or two events. Also, the US is a last minute market, and Las Vegas is even more of a last minute market. Year one is not necessarily the best comparison for a couple of reasons. First off, there was a longer sales cycle. We went on sale during a launch event, which was six months earlier than this year's on sale for year two.

Unnamed Speaker: And maybe just to focus a little bit on the Vegas portion of the question, you know, I would say that what we're seeing in terms of ticket sale trends is consistent with what you would expect for a year or two events. Also, the U.S. is a last-minute market, and Las Vegas is even more of a last-minute market.

Speaker Change: And maybe just the subject a little bit on the the biggest portion of the question I would say that what we're seeing in terms of ticket sales trends and consistent with what you would expect for a year or two of them.

Stefano: On diversity and inclusion, we were delighted to recently confirm that as part of our program to provide education opportunities to our representative groups, 20 engineering students in the UK and Italy will become the latest recipient of the FOMO-1 engineering scholarship over 2024 and 25. Founded in 2021, the scholarship program addressed some of the key barriers to higher education for unrepresented students, including financial burden and access. By 25, 50 students will have entered the program.

Speaker Change: Although U S. At the last minute market end and Las Vegas is even more of a last minute market.

Unnamed Speaker: Year one is not necessarily the best comparison for a couple reasons. First off, there was a longer sales cycle. We went on sale during our launch event, which was six months earlier than this year's on sale for year two. And you cannot minimize just the excitement around the early demand that you see for a year one event. So, focusing directly on year two, what we have done a little differently this year, and a couple of our partners mentioned this earlier this week during their own earnings calls, is really focus our marketing on the upcoming period.

Speaker Change: Your one is not necessarily the best comparison for a couple of reasons first off there was a longer sales cycle. We went on sale during our launch of that which was six months earlier than this he was on sale bring your kid and there is.

Renee: You cannot minimize just the excitement around the early demand that you see for a year-one event. So focusing directly on to year two, what we have done a little differently this year and a couple of our partners mentioned this earlier in the week during their own earnings calls, is really focus our marketing on the upcoming period. What we did last year was really market throughout the year; again, it was a year one event and we wanted to maintain the excitement and the momentum. But what we're seeing here is that, you know, leading three months up to an event, you're getting the most demand.

Speaker Change: Cannot minimized just the excitement around the early demand that you see for year, one of that so focusing directly onto your two with what we have done a little differently. This year and a couple of our partners mentioned this earlier this week during their own earnings call, It's really focus our marketing on the upcoming period.

Stefano: As I mentioned earlier, F1 Academy continues to go from strength to strength and is critical to our goal of developing and preparing young female drivers to progress to higher levels of competition. Eight female drivers, including five F1 Academy drivers, raised in round six of the F4 British Championship, which was the highest ever level of female participation in the championship. We also have a talented driver Sophia Flurge, raised in the FIA Formula 3 for Van Amherst of Racing.

Unnamed Speaker: What we did last year was really market throughout the year. Again, it was a year-one event, and we wanted to maintain the excitement and the momentum. But what we're seeing here is that leading three months up to an event, you get the most demand. So we're putting our dry powder into the marketing spend that's upcoming. And we're really excited about the demand that we're starting to see and expect to continue to see in the upcoming weeks.

Speaker Change: What we did last year it was really market throughout the year again, it was a year one event and we want to maintain the excitement and the momentum, but what we're seeing here is that you know leading three months up to an event you are getting the most demand we're putting archive powder into the marketing spend that's upcoming and we're really excited about the demand that we're starting to see.

Renee: So we're putting our drive powder into the marketing spend that's upcoming, and we're really excited about the demand that we're starting to see and expect to continue to see enough ticket. Thank you very much, Renee.

Gregory Maffei: And expect to continue to see an uptick in.

Stefano: This shows the huge importance of the FIA F3 and FIA F2 parameters run by Bruno Mischel that continues to develop a nurture young talent to reach the very top of our sport, creating the right structure for these talented female drivers and ensuring we have the right system in place to nurture talent at a young age is incredible. That is why we continue to be excited about our grassroots program. Discover your drive to encourage and nurture females as young as 8 to try to go casting. We remain focused on the long-term goal and being a sustainable increase in female participation in motorsport.

Gregory Maffei: Thank you very much Renee.

Peter Sapino: Thank you. My next question, please.

Unnamed Speaker: Thank you. My next question, please. Our next question comes from Peter Cepino with Wolf Research. Please proceed with your question. Hi, good morning. I wanted to ask about promotion revenue at F1. It was relatively flat.

Speaker Change: Thank you Brian next question please.

Operator: Our next question comes from Peter Cepino, with Wolfer.

Unnamed Speaker: Our next question comes from Peter Cepino with Wolf.

Peter Sapino: Our next question comes from Peter Sapino with Wolf Research. Please proceed with your question. Hi, good morning. I wanted to ask about promotion revenue at F1; it was relatively flat year over year despite the two additional races, and you said event mix as the reason. I just wondered if you could get any more color on event mix specifically and how we should be thinking about those dynamics in 2024. Then I wanted to ask about the Concord agreement and wondered if you have any fresh thoughts on that process.

Speaker Change: Our next question comes from Peter So piano with Wolfe Research. Please proceed with your question.

Peter Cepino: Hi, Good morning, I wanted to ask about promotion revenue F. One it was relatively flat year over year. Despite the two additional racism. You started event mix is the reason I just wondered if you could give any more color on the mix, specifically and how we should be thinking about those dynamics.

Operator: 2024.

Peter Cepino: Then I wanted to ask about the Concorde agreement and wondered if you have any fresh thoughts on that process. Thank you.

Stefano Odominikali: Thank you.

Greg McIe: It has been a fantastic season so far, with more to come after the summer break. The interest in demand for our sport continues to be huge and I am confident in our future. Avanti tuta, first with the head and now I will turn the call back over to Greg. Thank you. Ciao. Thanks, Stefano and Brian.

Stefano Odominikali: Stephanie, why don't I try and talk about the mix, and then let you comment on the Concord agreement. Okay. Yes, so on the promoter mix, as we noted in our prepared remarks, you had Australia and Azerbaijan fallout; you had China, Austria, Japan, and Emola come back into the quarter for 2024. Obviously, each race has a different fee, so when we say promoter mix, you're looking at different fees for each race, which has an impact there. As you look at the remainder of the year, you have pretty comparable quarters as you look forward. Japan in Q3 will have one last race, with Japan basically falling out, but Azerbaijan coming back in, and then Q4 looks pretty similar.

Stefano: Stefano, why don't I let Brian talk about the...

Speaker Change: It's definitely one of them.

Speaker Change: Rugged by Brian talk about the but the mix and then let you comment on the concrete agreement.

Operator: Okay.

Unnamed Speaker: Yeah, so on the promoter mix, as we noted in our prepared remarks...

Brian: Yeah, so on the promoter mix, as we noted in our prepared remarks... You had Australia and Azerbaijan fall out; you had China, Austria, Japan, and Imola come back into the quarter for 2024.

Speaker Change: Yes, so on the.

Speaker Change: Promoter mix as we noted in the in our prepared remarks.

Speaker Change: You had Australia, and Azerbaijan Fallout, you had China, Australia and Japan.

Greg McIe: Our annual industrial day will be Thursday November 14th in New York City. Please note we move to a new location. We will look forward to seeing you at the jazz at Lincoln Center.

Speaker Change: And MLR come back into the quarter for 2024.

Brian: Obviously, each race has a different fee, so when we say Promoter Mix, you're looking at different fees for each race, which has an impact there. As you look at the remainder of the year, you have pretty comparable quarters as you look forward. Japan, in Q3, will have one less race, with Japan basically falling out, but Azerbaijan coming back in, and then Q4 looks pretty similar. Again, we would just highlight that you look at the business on a year-to-date or full-year basis when available.

Speaker Change: Obviously, each race has a different fee so when we say promoter mix.

Greg McIe: Save the date. Additional details will be provided soon. We hope to see many of you there.

Speaker Change: Youre looking at different fees for each race.

Speaker Change: <unk> has an impact there.

Operator: And with that operator, let's open the line for questions. Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation till 1 to 8 line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. As a reminder, we, as a reminder, we please ask you to limit to one question and one follow-up.

Speaker Change: As you look at the remainder of the year, you have pretty comparable quarters as you look forward Japan.

Speaker Change: In 2000, and Q3 will have one less race with Japan, and Japan, basically falling out, but Azerbaijan coming back in and then Q4 looks pretty similar so again, we would just highlight that you look at the.

Stefano Odominikali: So, again, we would just highlight that you look at the business on a year-to-date or four-year basis when available.

Speaker Change: The business on a year to date or full year basis when available.

Stefano Odominikali: I think the second question on Concord agreement, I would say, as we said the other time, I mean, it's so good because we have the right time, the right relationship with the team and, as you know, the Concord is divided in three main pillars: one is financial, one is commercial, and one is related to the governance. Everything is progressing very, very well. As you know, we are not in a rush to go play. That's the long form, but everything is running smoothly as expected, and this is really great because the relationship with the team is with the FIA and with all the other stakeholders is very good in this moment.

Stefano: The second question was about the Concord Agreement. I would say, as we said the other time, it's all good because we have the right time, the right relationship with the team. And as you know, the Concord Agreement is divided into three main pillars. One is financial, one is commercial, and one is related to governance.

Speaker Change: That's the second question on Concorde agreement I would say as we said that the other time I mean, it's it's a it's all good because we have the right time, the right relation with the team that as you know the Concord is divided in three main pillars, one is financial.

Brian Kraft: Our first question comes from Brian Kraft with Deutsche Bank. Please proceed with your question. Hi, good morning.

Speaker Change: On his promotion that was related to governance everything is progressing very very well as you know we are not in a rush to go please.

Renee: I wanted to ask what Formula One and its promoters are seeing in the coincidence leading indicators for F1 demand in terms of ticket sales, pricing, percentage sellout, onsite spending, or whatever metrics you look at. Has there been any moderation at all on the strength of demand and maybe specifically if you could comment on what you're seeing since the biggest tickets went on sale in late March? Thank you. Definitely, why don't you start?

Stefano: Everything is progressing very, very well. As you know, we are not in a rush to complete the long form, but everything is running smoothly as expected. And this is really great because the relationship with the teams, with the FAA, and with all the other stakeholders is very good at this moment. So, things are working and progressing in the right way. And of course, we are focusing on trying to maximize the benefit of having the maximum joint commercial activities with all the teams and making sure that what we're going to sign up for will be the right thing in terms of the vision of the readiness between the team and the commercial right holders. But it's all great.

Speaker Change: Four but everything is running smoothly as expected and this is really great because the relationship with the teams with the FAA and with those of other cycles. He is very good in this moment, so working and progressing in the right way and of course, we are focusing to try to maximize the benefit to us.

Renee: No, I'll ask Renee. Thank you. Thank you, Greg. Thank you, Brian. I mean, for what we can see as we have already announced, we don't see any kind of significant backdrop of any interest. I mean, we have sold out even in the events we had in Toronto, and there is still a very, very, very high interest. We are, of course, monitoring the situation on the event site because we know that in other areas there is a sort of drop of that request. But this is something that we don't see at all in our championship. Encouraging to hear it. Thank you.

Stefano Odominikali: So, working and progressing in the right way, and of course we are focusing to try to maximize the benefit to have the maximum joint commercial activities with all the teams and making sure that what we are going to sign up will be the right in terms of the vision of the revenues between the team and the commercial right-holders. But it's all great.

Speaker Change: Massimo joint commercial activities with all the teams and making sure that what we're gonna sign up would be the right in terms of the vision that I think it was a between the team and the commercial rights holders, but these old right now.

Ben Wynburn: Thanks so far. Our next question comes from Ben Wynburn with Morgan Stanley. Please proceed with your question. Thanks. Good morning, everyone. I guess two questions, probably for Greg. You know, Live Nation can use to perform really well from a business perspective with the stock. You know, obviously limited given the DOJ overhang.

Speaker Change: Thank you Stefano.

Unnamed Speaker: Our next question comes from Ben Winburn with Morgan Stanley. Please proceed with your question.

Speaker Change: Our next question comes from Ben Winborne with Morgan Stanley. Please proceed with your question.

Unnamed Speaker: Thanks. Good morning, everyone.

Unnamed Speaker: Thanks. Good morning, everyone.

Peter Cepino: Thanks, Good morning, everyone.

Speaker Change: I guess two questions probably for Greg.

Greg: I guess two questions, probably for Greg. You know, Live Nation continues to perform really well from a business perspective, with the stock, you know, obviously limited given the DOJ overhang. I'm just curious from your perspective if there's any appetite, you know, from Liberty's point of view, to think about a breakup of the company kind of proactively. Obviously, that's not the desired outcome from the lawsuit, but to the extent these things can take years to play out and limit the equity, if there's any thought that you would share on potentially exploring something like that.

Unnamed Speaker: I guess two questions, probably for Greg. You know, Live Nation continues to perform really well from a business perspective, with the stock, you know, obviously limited given the DOJ overhang. I'm just curious from your perspective if there's any appetite, you know, from Liberty's point of view, to think about a breakup of the company kind of proactively. Obviously, that's not the desired outcome from the lawsuit, but to the extent these things can take years to play out and limit the equity, if there's any thought that you would share on potentially exploring something like that.

Speaker Change: Live nation can use to perform really well from a business perspective with the stock.

Unnamed Speaker: Obviously limited given the Doj overhang Im just curious from your perspective, if there's any appetite.

Greg McIe: It's curious from your perspective if there's any appetite, you know, from Liberty's point of view to think about a breakup of the company kind of proactively. Obviously, that's not the desired outcome from the lawsuit, but to the extent these things can take years to play out and limit the equity, if there's any thought that you would share on potentially exploring something like that. And then I don't know if you would or stuff. I don't want to take this. But, you know, what prevented the And Dready from joining F1? And obviously, there's this DOJ noise there.

Greg: You know from Liberty's point of view to think about a breakup of the company kind of proactively obviously, that's not the desired outcome from the lawsuit but to the extent these things can take years to play out.

Renee: And maybe just to focus a little bit on the Vegas portion of the question. I would say that what we're seeing in terms of ticket sales trends is consistent with what you would expect for a year or two events. Also, US is a last-minute market, and Las Vegas is even more of a last-minute market. Year one is not necessarily the best comparison for a couple of reasons. First off, there was a longer sales cycle.

Unnamed Speaker: And limit the equity if there's any thought that you would share on potentially expressing that like that.

Greg: And then, I don't know if you or Stefano want to take this, but, you know, what prevented Andretti from joining F1. And obviously, there's some DOJ noise there, I guess, keeping on theme, which I'm imagining you're probably not too worried about, but just curious if that's something that might be revisited in the future. If you think team expansion is something that makes sense for the sport, and any comment would be interesting and helpful. Thanks. I'll take a cut.

Unnamed Speaker: And then, I don't know if you or Stephan want to take this, but, you know, what prevented Andretti from joining F1. And obviously, there's some DOJ noise there, I guess, keeping on theme, which I'm imagining you're probably not too worried about, but just curious if that's something that might be revisited in the future. If you think team expansion is something that makes sense for the sport, and any comment would be interesting and helpful.

Speaker Change: And then I don't know, if you would or Stefan I want to take this but.

Speaker Change: What what prevented the.

Unnamed Speaker: And ready from joining F. One and obviously theres some Doj noise, there I guess keeping on theme.

Unnamed Speaker: Thanks.

Renee: We went on sale during our launch event, which was six months earlier than this year's on sale, for year two. And they're in.., and you cannot minimize just the excitement around the early demand that you see for a year one event. So focusing directly on to year two, what we have done a little differently this year and a couple of our partners mentioned earlier this week during their own earnings call, is really focus our marketing on the upcoming period.

Greg McIe: I guess, keeping on theme, which I'm imagining you're probably not too worried about, but just curious if that's something that might be revisited in the future. If you think team expansion is something that makes sense for the sport, any comment would be interesting and helpful. Thanks.

Unnamed Speaker: Which I'm imagining you probably not too worried about but just curious if that's something that might be revisited in the future. If you think team expansion is something that makes sense for the sport and any comment would be interesting and helpful. Thanks. Okay.

Greg McIe: Oh, well, I'll take a cut. So first on Live Nation, I think the business, as you heard and you noted, continues to operate very well. I think that the company operates fully within the law, has had a monitor in place for 14 years. And so any actions have been well known for a long time. And we believe the charge of the DOJ, without merit, particularly the idea that somehow breaking it up with lower ticket prices. So I don't think that remedy, which we don't think is in our interests or the interest of consumers, is what the DOJ really wants if they actually understood what was wrong with the market.

Greg: I'll take a cut. So first, on Live Nation, I think the business, as you heard and you noted, continues to operate very well. I think that the company operates fully within the law, has had a monitor in place for fourteen years, and so any actions have been well known for a long time, and we believe the charges of the DOJ are without merit, particularly the idea that somehow breaking it up would lower ticket prices.

Speaker Change: Take a cut so first on live nation.

Speaker Change: I think the business as you heard and you noted continues to operate very well.

Renee: What we did last year was really market throughout the year, again it was a year one event and we wanted to maintain the excitement and the momentum. But what we're seeing here is that you know leading three months up to an event, you're getting the most demand. So we're putting our drive powder into the marketing spend that's upcoming and we're really excited about the demand that we're starting to see and expect to continue to see enough ticket. Thank you very much Renee.

Speaker Change: I think that the.

Speaker Change: The company operates fully within the law has had a monitor in place for 14 years.

Peter Sopino: Thank you my next question please. Our next question comes from Peter Sopino with Wolf Research. Please proceed with your question.

Speaker Change: And so any actions have been well known for a long time and we believe the charge of the Doj are without merit and particularly the idea that somehow breaking it up with lower ticket prices. So I don't think that that remedy, which we don't think it's in our interests and where the interest of consumers is what the Doj really.

Greg: So I don't think that remedy, which we don't think is in our interest or the interest of consumers, is what the DOJ really wants if they actually understood what was wrong with the market. The fact is, the market is driven by excess demand compared to supply. That drives prices. So, I don't think a breakup is in the interest of Live Nation today or in the interest of the consumer, and we'll go forward, plan at least, as far as I understand it, to go forward with the businesses we have and the continued business as well, but we believe will continue to operate very well through the base through 2024 and into 2020.

Speaker Change: Once we are if they actually understood what was wrong with.

Greg McIe: The fact is, the market is driven by excess demand compared to supply, and that drives prices. So I don't think a breakup is in the interest of Live Nation today, or the interest of the consumer. And we'll go forward, plan at least, as far as I understand it to go forward with the businesses we have. And the continued business as well, but we believe will continue to operate very well through the base through 2024 to 2025.

Speaker Change: With the market. The fact is as the market driven by excess demand compared to supply that drives prices.

Speaker Change: So I don't think a breakup is in the interests of live nation today or in the interest of the consumer and we will go forward plan to at least as far as I understand it to go forward with the businesses we have.

Stefano: Hi, good morning. I wanted to ask about promotion revenue at F1, it was relatively flat year over year despite the two additional races and you said event mix as the reason I just wondered if you could get any more color on event mix specifically and how we should be thinking about those dynamics in the 2024 and then I wanted to ask about the Concord Agreement and wondered if you have any fresh thoughts on that process.

Unnamed Speaker: and the continued business as well, which we believe will continue to operate very well through the base through 2024 and into 2020. We are certainly not against the idea that any expansion is wrong. There is a methodology for expansion that requires approval of the FIA and the F-1, and both groups have to meet or find the criteria met.

Speaker Change: And the continued business as well, but we believe will continue to operate very well through the base through 2024 and into 2025.

Greg: Looking at Andretti, as you saw this morning, we announced that there is a DOJ investigation. We intend to fully cooperate with that investigation, including any related requests for information. We believe our determination, F1's determination, was in compliance with all applicable U.S. antitrust laws, and we've detailed the rationale for our decision vis-à-vis Andretti in prior statements. We are certainly not against the idea that any expansion is wrong. There is a methodology for expansion that requires the approval of the FIA and the F1, and both groups have to meet and find the criteria met, and we're certainly open to new entrants making applications and potentially being approved if those requirements are met.

Greg McIe: Looking at and ready, as you saw this morning, we announced that there is a DOJ investigation. We intended to fully cooperate within the investigation, including any related requests for information. We believe our determination, F1 determination, was in compliance with all applicable U.S. antitrust laws. And we detailed the rationale for our decision vis-à-vis and ready in prior statements. We have certainly not against the idea that any expansion is wrong. There is a methodology for expansion that requires approval of the FIA and the F1, and both groups have to find the criteria met. And we're certainly open to new entrants making applications and potentially being approved if those requirements are met.

Speaker Change: Looking at Andretti as you saw this morning.

Speaker Change: We announced that a there.

Speaker Change: There is a Doj investigation, we intend to fully cooperating with the investigation.

Stefano: Thank you. Sopino, why don't I try? I can try and talk about the mix and then let you comment on the Concord Agreement. Okay. Yes, so on the promoter mix as we noted in our prepared remarks, you had Australia and Azerbaijan fallout, you had China, Austria, Japan and Emola come back into the quarter for 2024. Obviously each race has a different fee, so when we say promoter mix, you're looking at different fees for each race which has an impact there.

Unnamed Speaker: Adding any related request for information.

Speaker Change: We believe our determination if once the termination was in compliance with all applicable U S. Antitrust laws and we've detailed the rationale for this decision vis vis and ready and prior statements.

Unnamed Speaker: We are certainly not against the idea that any expansion is wrong. There is a methodology for expansion that requires approval of the F. F. One and both groups have to meet a find the criteria are met.

Unnamed Speaker: And we're certainly open to new entrants, making our applications and potentially being approved if those requirements are met.

Stefano: As you look at the remainder of the year, you have pretty comparable quarters as you look forward. Japan in Q3 will have one last race with Japan basically falling out but Azerbaijan coming back in and then Q4 looks pretty similar. So again, we would just highlight that you look at the business on a year-to-date or four-year basis when available. I think the second question on Concord Agreement, I would say as we said the other time, I mean it's so good because we have the right time, the right relationship with the team and as you know the Concord is divided in three main pillars, one is financial, one is commercial and one is related to the governance.

Greg McIe: Thanks, Craig.

Craig: Thanks, Craig.

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

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

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

David Joyce: The question on Clint, if you could please help us understand how the relationship worked before you acquired it in terms of would they buy tickets from you on a wholesale basis as part of their wholesale hospitality packages, but now that it's inside, what are the impacts on revenue, expenses, and even on terms of any eliminations from your activities specifically at F1 events? Thanks. Maybe Renee is in a good position to take that. Thanks, Frank. Thanks for the question on Clint. So I would say part of the acquisition, Clint was a third-party vendor. They would acquire inventory directly from the promoters, particularly around secondary hospitality offerings, and then the relationship back to Formula One would be essentially that of a profit-share arrangement.

Unnamed Speaker: Question on Quint, if you could please help us understand how the relationship worked before you acquired it in terms of would they buy tickets from you on a wholesale basis as part of their wholesale hospitality packages, but now that it's inside, what are the impacts on revenue, expenses, and EBITDA in terms of any eliminations from your activities specifically at F-1 events? Thanks. Thank you. Thank you.

Speaker Change: A question on <unk>, if you could please help us understand how the relationship works before you acquired it in terms of.

Speaker Change: Would they buy tickets from you on a wholesale basis.

Speaker Change: Part of their wholesale cosmetology packages, but now that its inside what.

Speaker Change: What are the impacts on revenue expenses and EBITDA in terms of the eliminations from your activities specifically our photo bits.

Renee: Maybe Renee is in a good position to take advantage of that.

Renee: Maybe Renee is in a good position to take advantage of that.

Unnamed Speaker: Maybe maybe Renee is in a good position to take that.

Stefano: Everything is progressing very, very well. As you know we are not in a rush to go play that's the long form but everything is running smoothly as expected and this is really great because the relationship with the team is with the FIA and with all the other stakeholders is very good in this moment. So working and progressing in the right way and of course we are focusing to try to maximize the benefit to have the maximum joint commercial activities with all the teams and making sure that what we are going to sign up will be the right in terms of the vision of the revenues between the team and the commercial but it's all great.

Renee: Thanks Greg. Thanks for the question on Quint. So I would say prior to the acquisition, Quint was obviously a third-party vendor. They would acquire inventory directly from the promoters, particularly around secondary hospitality offerings. And then the relationship back to Formula One would be essentially that of a profit share arrangement. They did also provide some reseller capabilities with regard to Patek Club for the teams as well as for F1 directly. Now that Quint is a subsidiary of Liberty Media, we have looked to integrate those businesses in a closer manner, but while also still being cautious around leakage under the Concord, so really keeping those business relationships on kind of a third-party basis.

Renee: Thanks Greg. Thanks for the question on Quint. So I would say prior to the acquisition, Quint was obviously a third-party vendor. They would acquire inventory directly from the promoters, particularly around secondary hospitality offerings. And then the relationship back to Formula One would be essentially that of a profit share arrangement. They did also provide some reseller capabilities with regard to Patek Club for the teams as well as for F1 directly. Now that Quint is a subsidiary of Liberty Media, we have looked to integrate those businesses in a closer manner, but while also still being cautious around leakage under the Concord, so really keeping those business relationships on kind of a third-party basis.

Stefano: Thanks so far.

Speaker Change: Thanks, Craig Thanks for the question on Quint.

Renee: Prior to the acquisition.

Renee: It's obviously, a third party vendor and they would acquire inventory directly from the promoters, particularly around secondary hospitality offerings.

Renee: And then the relationship back to Formula line would be essentially got a profit share arrangement. They did also provide some reseller capabilities with regards paddock club for the teams as well as for FY <unk> directly.

Renee: They did also provide summary seller capabilities with regards to Patta Club for the teams as well as for F1s directly.

Renee: Now that Clint is a subsidiary of Liberty Media, we have looked to integrate those businesses in a more, in a closer manner, but while also still being cautious around leakage and the Concord agreement. So keeping those business relationships on kind of a third party basis, with regard to LVDP, we have directly integrated them, and we've outsourced our sales team to Clint. They are running our sales and ticketing programs, obviously in partnership with myself and with Emily Prazer. And then their results will be consulted up through Liberty Media, with a commission-based arrangement being paid to Formula One, which commission-based payments then go into the prize fund.

Renee: Now that created a subsidiary of Liberty media.

Renee: To integrate those businesses in a more closer manner thought while also still being cautious around leakage into the Concorde agreement. So.

Ben Wynburn: Our next question comes from Ben Wynburn with Morgan Stanley. Please proceed with your question. Thanks. Good morning, everyone. I guess two questions probably for Greg. You know, live nation can use to perform really well from a business perspective with the stock. You know, obviously limited given the DOJ overhang.

Renee: So keeping really keeping those business relationships on a kind of a third party basis.

Renee: With regard to LVDP, we have directly integrated them, and we've outsourced our sales team to Quint. They are running our sales and ticketing program, obviously in partnership with myself and with Emily Fraser. And then their results will be consolidated through Liberty Media with a commission-based arrangement being paid to Formula One, the commission-based payment of which then goes into the prize fund.

Renee: With regard to LBGP, we have directly integrated them, and we've outsourced our sales team to Quint. They are running our sales and ticketing program, obviously, in partnership with myself and with Emily Fraser. And then their results will be consolidated through Liberty Media with a commission-based arrangement being paid to Formula One, which commission-based payment then goes into the prize fund. Going forward, we are also going to be looking for new ways to really prove out the thesis around the acquisition and enable Quint to be a closer partner to all the promoters and to F1, but that is all in the process still. I'll defer to Brian on the accounting. Yeah.

Speaker Change: With regard to <unk>, we have directly integrated diamond, we outsourced our sales team.

Renee: Two questions. They are running ourselves in ticketing program, obviously in partnership with myself and with Emily Fraser.

Renee: And then their results will be consolidated up through Liberty media with a commission based arrangement being paid to Formula One which commission based payment then it goes into the prize fund.

Greg McIe: It's curious from your perspective is there's any appetite, you know, from Liberty's point of view to think about a breakup of the company kind of proactively, obviously that's not the desired outcome from the lawsuit. But to the extent these things can take years to play out and limit the equity if there's any thought that you would share on potentially exploring something like that.

Renee: Going forward, we are also going to be looking for new ways to really prove out the thesis around the acquisition and enable Clint to be a closer partner to all the promoters and to F1, but that is all in process still.

Speaker Change: Going forward. We are also going to be looking for looking for new ways to really prove out the thesis around the acquisition and enable quick to be a closer partner to other promoters and F. One but that is all in process. So I'll defer to Brian on the accounting question.

Greg McIe: And then I don't know if you would or stuff I don't want to take this, but you know, what prevented the end-ready from joining F1 and obviously there's some DOJ noise there. I guess keeping on theme, which I'm imagining you're probably not too worried about, but just curious if that's something that might be revisited in the future. If you think team expansion is something that makes sense for the sport and any comment would be interesting and helpful.

Brian Wendling: I'll just write a Brian on the accounting question. Yeah, you can see on page three the eliminations for the quarter that primarily represents the eliminations between Clint and Formula One. You also have the lease payment across from LVDP up to Liberty Corporate in there as well. But that largely represents Clint buying tickets from Formula One and then reselling them. But at the price that they're buying them from Formula One. Appreciate it. Thank you very much.

Unnamed Speaker: Yeah, you can see on page three the eliminations for the quarter. That primarily represents the eliminations between Quint and Formula One. You also have the lease payment across from LVGP up to Liberty Corporate in there as well, but that largely represents Quint buying tickets from 4Million.

Brian: Yeah, you can see on page three the eliminations for the quarter. That primarily represents the eliminations between Quint and Formula One. You also have the lease payment across from LVGP up to Liberty Corporate in there as well, but that largely represents Quint buying tickets from 4Million and then reselling them, but at the price that they're buying them.

Renee: You can see on page three.

Unnamed Speaker: Eliminations for the quarter that primarily represents the eliminations between Quint and Formula. One you also have the lease payment across from.

Unnamed Speaker: A L V G P up to Liberty corporate in there as well.

Greg McIe: Thanks. I'll take a cut. So first on live nation, I think the business as you heard and you know, it continues to operate very well. I think that the company operates fully within the law, has had a monitor in place for 14 years. And so any actions have been well known for a long time and we believe the charge of the DOJ without merit. Particularly the idea that somehow breaking it up with lower ticket prices.

Unnamed Speaker: That largely represents quit buying tickets from formula one and then reselling them.

Unnamed Speaker: At the price that they are buying them for formula one.

Unnamed Speaker: I appreciate it. Thank you very much.

Speaker Change: I appreciate it thank you very much.

Unnamed Speaker: Next question, please. Our next question comes from Vijay Jant with Evercore ISI. Please proceed with your question.

Vijay Jean: Next question, please. Our next question comes from Vijay Jean with Evercore ISI. Please proceed with your question. Thanks. Greg, you've been now saying a few times that you're really excited about the sponsorship business. Obviously, that's probably the most of it for us on the other side. Anything you could share on what it is and how meaningful is it going to be? There's obviously been some press reports that LVMH is going to be a new partner; anything on that would be really helpful. And then also what's the name on the Vegas race? This is a clarity with your hotel partners that you sort of curate high-end hospitality with wounds and everything.

Speaker Change: Next question. Please our next question comes from Vijay Jayant with Evercore ISI. Please proceed with your question.

Greg: Thanks. So, Greg, you've been saying now for a few times that you're really excited about the sponsorship business. Obviously, that's probably the most recent update for us on the other side. Anything you could share on, you know, what it is and how meaningful it is going to be? There's obviously been some press reports that LVMH is going to be a new partner. Anything on that would be really helpful. And then also for Renee, on the Vegas race, just for clarification, your hotel partners that you sort of curate, high-end hospitality with rooms and everything, do they buy tickets from you directly and then do it, or is it some other form of arrangement?

Unnamed Speaker: Thanks.

Speaker Change: Greg you you didn't know thank few times that you ran.

Greg McIe: So I don't think that that remedy, which we don't think is in our interests or the interest of consumers, is what the DOJ really wants if they actually understood what was wrong with the market. The fact is, is the market is driven by excess demand compared to supply. That drives prices. So I don't think a breakup is in the interest of live nation today or in the interest of the consumer and we'll go forward planned at least as far as I understand it to go forward with the businesses we have. And the continued business as well, but we believe will continue to operate very well through the base through 2024 and 2025.

Unnamed Speaker: We are excited about the sponsorship business.

Speaker Change: Obviously, that's probably the most of the base for us on the other side and anything you could share on what it is that.

Speaker Change: Meaningful is it going to be there's obviously been some press reports that <unk> is going to be a new partner.

Speaker Change: Anything on that would be really helpful. And then just ultra low sulfur Rene on the Vegas race just for clarity your hotel partners.

Speaker Change: You've got a curated high end hospitality with wounds that everything they buy tickets.

Vijay Jean: Do they buy tickets from you directly and then do it, or is it some other form of arrangement? Thanks. Thanks, TJ.

Speaker Change: From you directly and then do it or is it some other form of arrangement. Thanks.

Stefano: So I'll comment a little on sponsorship and Led Steffan. Look, I think I'm very excited about the sponsorship pipeline, excited about what Emily Prazer and her team, Johnny, are doing there. We've seen continued interest from blue chip clients who want to be involved at prices which are more attractive for us than historical levels and filling out categories that we previously had not had an entrant in the sponsorship world. So obviously, I can't comment on any rumored or unannounced deals, but I feel very good about the pipeline, and I feel very good about where we both are on those new entrants and on renewals at attractive Definitely, with anything you want to add.

Greg McIe: Looking at and ready, as you saw this morning, we announced that there is a DOJ investigation. We tend to fully cooperate within investigation, including any related request for information. We believe our determination, F1 determination was in compliance with all applicable US antitrust laws. And we've detailed the rationale for the decision vis-a-vis and ready in prior statements. We have certainly not against the idea that any expansion is wrong. There is a methodology for expansion that requires approval of the FIA and the F1 and both groups have to meet, find the criteria met and we're certainly open to new entrants making applications and potentially being approved if those requirements are met. Thanks, Craig.

Speaker Change: Thanks P. J, so I'll comment a little on sponsorship and let Stefano add anything the ratios.

Greg McIe: So I'll comment a little on sponsorship and let Stefano add anything he wishes. Look, I think very excited about the sponsorship pipeline. Excited about what Emily Prazer and her team, Johnny, are doing there. We've seen continued interest from blue chip clients who want to be involved at prices which are more attractive for us than historical levels and filling out categories that we previously had not had an entry in the sponsorship world. So obviously I can't comment on any rumored or unannounced deals, but I feel very good about the pipeline. Still very good about where we both are on those new entrants and on renewals at attractive prices from some of our existing players.

Unnamed Speaker: Look, I think I'm very excited about the sponsorship pipeline and excited about what Emily Prazer and her team, Johnny, are doing there.

Speaker Change: Look I think are very excited about the sponsorship pipeline excited about what.

Unnamed Speaker: Emily Fraser and her team Johnny Youre doing there we've seen continued.

Unnamed Speaker: Continued interest from Blue chip.

Speaker Change: Clients, who want to be involved at prices, which are more attractive for us and historical levels.

Unnamed Speaker: And filling out categories that we previously had not had an entrant in the sponsorship world. So obviously I can't comment on any rumored or unannounced deals, but I feel very good about the pipeline and feel very good about where we both are on those new entrants and on renewals at attractive prices from some.

Unnamed Speaker: Of our existing players.

Stefano Odominikali: Stefano, anything you want to add? I couldn't agree more, Greg. I think that the numbers is proving the interest that is in our business. And I think that now if you look back just for years ago we had only for global part and now we're heading to 10 and there is a big and big interest now that the real point is to keep the quality of our partners with the right price level but we want to engage together. So it's we are in a very, very strong situation. I believe it's as I said, we have an incredible opportunity for our partners to create partnership between us for themselves.

Speaker Change: Definitely win anything you want to add.

Greg: I couldn't agree more, Greg. I think that the numbers are proving the interest that is in our business. And I think that now, if you look back just four years ago, we had only four global partners, and now we're heading to 10, and there is a big interest now. The real point is to keep the quality of our partners at the right price level that we want to engage in together. So we are in a very, very strong situation, I believe.

Unnamed Speaker: I couldn't agree more, Greg. I think that the numbers are proving the interest that is in our business. And I think that now, if you look back just four years ago, we had only four global partners, and now we're heading to ten. And there is a big interest now. The real point is to keep the quality of our partners at the right price level that we want to engage in together. So, we are in a very, very strong situation, I believe.

Speaker Change: I Couldnt agree more Greg I think that the numbers is proving the internal studies that are in our in our business and I think that now if you look back four years ago. We are the only four global pardon, though we had to turn and there is a big big interest now, but the real point is to keep the quotes here.

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

David Joyce: The question on Quint, if you could please help us understand how the relationship worked before you acquired it in terms of would they buy tickets from you on wholesale basis as part of their wholesale hospitality packages, but now that it's inside, what are the impacts on revenue expenses and even on terms of any eliminations from your activities specifically at F1 events? Thanks. Maybe Renee is in a good position to take that.

Unnamed Speaker: <unk> partners with the right price level, but we want to to engage together. So it's we haven't.

Unnamed Speaker: As I said, we have an incredible opportunity for our partners to create partnerships between themselves also. So, it's a B2B relationship that is having a multiplier effect, and this is really what is important for our business to develop in the future. So, nothing to add, but as I said, just stay tuned because everything is looking forward, and looks very good for our future.

Greg: As I said, we have an incredible opportunity for our partners to create partnerships between themselves, too. So it's a B2B relationship that is having a multiplier effect. And this is really what is important for our business to develop and move forward in the future. So nothing to add, but as I said, just stay tuned because everything is looking forward and looks very good for our future.

Unnamed Speaker: Very very strong situation I believe is as I said, Oh, we have an incredible opportunity for our partners to create partnership between those who are themselves. So it's a bit to be religious that's exactly the multiplier effect and this is really what is important for our business to developing further in the future.

Greg McIe: So it's a B2B relationship that is having a multiply effect, and this is really what is important for our business to develop and for the future. So nothing to add, but the other said just stay tuned because everything is looking forward, looking very good for our future. Yeah, and I think Stefano hit on some great points. I'll just add it's not only the quality of the partners and what they want to pay; it's they're willing to pay because they are getting value out of it and they're finding ways to activate on at this at races on the grid on around events and ways that are more meaningful for them and for us.

Unnamed Speaker: No nothing to add but the as I said just stay tuned because everything is looking forward looking very good for our future.

David Joyce: Thanks, Greg. Thanks for the question on Quint. So I would say part of the acquisition, Quint was, obviously, a third party vendor. They would acquire inventory directly from the promoters, particularly around secondary hospitality offerings, and then the relationship back to Formula One would be essentially that of a profit share arrangement. They did also provide summary seller capabilities with regard to Pata Club for the teams as well as for F1s directly, now that Quint is a subsidiary of Liberty Media, we have looked to integrate those businesses in a more, in a closer manner, but while also still being cautious around leakage and the Concord agreement, so keeping, really keeping those business relationships on a third party basis.

Renee: Yeah, and I think Stefano hit on some great points. I'll just add not only the quality of the partners and what they're willing to pay. They're willing to pay because they are getting value out of it, and they're finding ways to activate at races, on the grid, around events in ways that are more meaningful for them and for us. So all of those are very positive. Renee, what would you add?

Speaker Change: I think it's definitely hit on some great points I'll just add.

Unnamed Speaker: not only the quality of the partners

Unnamed Speaker: It's not only the quality of the partners.

Speaker Change: And what they're willing to pay it they're willing to pay because they are getting value out of it and theyre finding ways to activate on.

Speaker Change: At this at the races on the grade on the around.

Unnamed Speaker: <unk> in ways that are more meaningful for them and for us. So all of those are very positive.

Renee: So all of those are very positive.

Renee: Renee, what would you add? I think that's an excellent point, Greg, to pick up on the sponsorship piece for a second. We really use the LVGP as a test bet for how we can bring these marquee sponsors more deeply into the activations on track and in the fan zone. And I think one of the most important impacts of the vagueness beyond the financial side is just the increase in interest in the pipeline, including with some of these marquee companies with whom we're speaking. So a lot of excitement around the sponsorship portion, and then VJ to answer your question.

Unnamed Speaker:

Renee: Renee what would you add.

Unnamed Speaker: I think that's an excellent point, Greg. To pick up on the sponsorship piece for a second, we really use the LVGP as the test bed for how we can bring these marquee sponsors more deeply into the activations, on track, and in the fan zone. I think one of the most important impacts of the Vegas race, beyond the financial side, is just the increase in interest in the pipeline, including with some of these marquee companies with whom we're speaking.

Renee: I think that's an excellent point, Greg. To pick up on the sponsorship piece for a second, we really use the LVGP as the test bed for how we can bring these marquee sponsors more deeply into the activations, on track, and in the fan zone. And I think one of the most important impacts of the Vegas race, beyond the financial side, is just the increase in interest in the pipeline, including with some of these marquee companies with whom we're speaking.

Unnamed Speaker: I think that's an excellent point, Greg to pick up on the sponsorship piece for a second we really use the L. D. P is the test bed for how we can bring these marquee sponsors more deeply into the Activations on track and then the fan zone.

David Joyce: With regard to LVDP, we have directly integrated them, and we've outsourced our sales teams to Quint. They are running our sales and ticketing programs, obviously in partnership with myself and with Emily Praser, and then their results will be consulted up through Liberty Media with a commission-based arrangement being paid to Formula One, which commission-based payments then goes into the prize fund. Going forward, we are also going to be looking for new ways to really prove out the thesis around the acquisition and enable Quint to be a closer partner to all the promoters and to F1, but that is all in process still.

Unnamed Speaker: One of the most important impact of the Vegas raised beyond the financial side is just the increase in interest in the pipeline, including with some of these marquee companies with whom we're speaking.

Unnamed Speaker: So a lot of excitement around the sponsorship portion. And then, Vijay, to answer your question, we do sell tickets to our hotel partners, which they then package into their own deals for their customers, or, obviously, I'm sure there are some comp arrangements for the big spenders who come to town for gambling. And then they'll come to us later in the year as they need more inventory. So, for year one, they bought a lot of tickets very early on, again, to address that early demand that everyone saw for year one.

Renee: So a lot of excitement around the sponsorship portion. And then, Vijay, to answer your question, we do sell tickets to our hotel partners, which they then package into their own deals for their customers, or, obviously, I'm sure there are some comp arrangements for the big spenders who come to town for gambling. And then they'll come to us later in the year as they need more inventory. So, for example, in year one, let's say they bought a lot of tickets very early on, again, to address that early demand that everyone saw for year one.

Unnamed Speaker: Lot of excitement around the sponsorship portion and then do you do to answer your question.

Renee: We do sell tickets to our hotel partners, which they then package into their own deals for their customers are obviously there. I'm sure there are some comprehensive arrangements for the big vendors who come to town for gambling. And then they'll come to us later in the year as they need more inventory. So year one, they bought a lot of tickets very early on again to address that early demand that everyone bought for year one. And now this year we are working closely with them to again do the market push and start filling the hotel rooms. Now the people are back from school and back to school, back from vacation and looking at their fall calendars.

Unnamed Speaker: We do sell tickets to our hotel partners, which they then package into their own deal where their customers are obviously, there I'm sure. There are some comp arrangements for other big senders, who come to town for gambling and then they'll come to US later in the year as they need more inventory. So you're one we at city. They bought a lot of tickets vary.

Unnamed Speaker: And now this year, we are working closely with them to, again, do the marketing push and start filling those hotel rooms now that people are back to school, back from vacation, and looking at their full calendars.

Unnamed Speaker: Leon again to address that early demand that everyone's stuff for year, one and now this year, we are working closely with them to do.

Renee: And now this year, we are working closely with them to, again, do the marketing push and start filling those hotel rooms now that people are back to school, back from vacation, and looking at their fall calendar.

Renee: I'll just write a Brian on the accounting questions. Yeah, you can see on page three the eliminations for the quarter that primarily represents the eliminations between Quint and Formula One. You also have the lease payment across from LVDP up to Liberty Corporate in there as well, but that largely represents Quint buying tickets from Formula One, and then reselling them, but at the price that they're buying them from Formula One. I appreciate it.

Renee: Thank you very much.

Unnamed Speaker: <unk>, the marketing push and start filling those hotel rooms, now that people are back from school and back to school back from vacation and looking at their full calendars.

Renee: Great.

Unnamed Speaker: Great. Thanks so much.

Renee: Thanks so much.

Speaker Change: Great. Thanks, so much.

David Karnowski: Thank you. Our next question comes from David Karnowski with JP Morgan. Please proceed with your question. Thank you. Greg has noted really tech performance in the constructor standings, which is great to see. You do have new car and reds coming in 2026, and historically that kind of change has been associated with a temporary period of one team dominance.

Unnamed Speaker: Our next.

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

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

Greg: Thank you. Greg, as you noted, a really tight performance in the constructor standings, which is great to see. You do have new cars and regulations coming in 2026, and historically, that kind of change has been associated with a temporary period of one team dominance. What confidence do you have that the rules you have put into place or will put into place can prevent that kind of outcome? And then, Stefano, as you noted, I think nearly all of your American deals are expiring this year or next year. I'm interested to know if you see any prospect for a multi-country deal and whether there'd be any benefit financially or otherwise for that type of structure.

Vijay: Okay. Thank you Greg as you noted.

Speaker Change: Really tech performance in the constructor standards, which is great to see you do have new car and rigs coming in 2026, and historically that kind of change has been associated with a temporary period of <unk> dominance.

Unnamed Speaker: Thank you.

Vijay Jean: Next question, please. Our next question comes from Vijay Jean with Evercore ISI. Please proceed with your question. Thanks. Greg, you've been now saying a few times that you're really excited about the sponsorship business. Obviously, that's probably the most appropriate for us on the other side. Anything you could share on what it is and how meaningful is it going to be? There's obviously been some press reports that LVMH is going to be a new partner.

Greg McIe: What confidence do you have that the rules you have put in place or will put in the place can prevent that kind of outcome. And then Stefano, as you noted, I think nearly all of your America deals are expiring this year, next year. I interested to know if you see any prospect for a multi-country deal and whether there be any benefit financially or otherwise. For that type of structure. Thank you. I'll comment on the regs briefly, but I think Stefano could actually be particular on them as well. We think the regs are designed to create more exciting racing while also meeting many other goals around issues like sustainability and things that help our OEM partners drive innovation.

Speaker Change: What confidence do you have that the rules you have put into place and we will put into place can prevent that kind of outcome and then Stefano as you noted I think nearly all of your American deals are expiring this year or next year.

Speaker Change: Interested to know if you see any prospect for a multi <unk>.

Speaker Change: Entry deal and whether there'd be any benefit financially or otherwise with that type of structure. Thank you.

Stefano: I'll comment on the regulations briefly, but I think Stefano could actually be more articulate on them as well. We think the regulations are designed to create more exciting racing while also meeting many other goals around issues like sustainability and things that help our OEM partners drive innovation. So we're trying to achieve on multiple levels.

Speaker Change: Well I'll comment on the regs briefly, but I think stefano could actually be articulate on them as well.

Vijay Jean: Anything on that would be really helpful. And then there's also lots of Renee on the Vegas race. This is a clarity with your hotel partners that you sort of curate high-end hospitality with rooms and everything. Did they buy tickets from you directly and then do it? Or is it some other form of arrangements? Thanks. Thanks, TJ. So I'll comment a little on sponsorship and let Stefano add anything he wishes. Look, I think very excited about the sponsorship pipeline, excited about what Emily Prazer and her team Johnny are doing there.

Unnamed Speaker: We think the regs are designed to create a more.

Speaker Change: Exciting racing while also meeting many other goals around issues like sustainability and things that help our OEM partners drive innovation. So we're trying to hit on multiple levels I think.

Stefano Odominikali: So we're trying to hit on multiple levels. I think you know people were doubtful about what these regs, how the regs would play out when we introduced them last time. And by many measures, as we noted earlier, we've never had more competitive racing. Our hope is that to 2026 regs will do the same. But, as you rightly note, somebody may figure out a way to get a jump and take an early lead, but we think they're designed to create more parity and more exciting racing and should, over time.

Vijay Jean: We've seen continued interest from blue chip clients who want to be involved at prices which are more attractive for us than historical levels and filling out categories that we previously had not had an entry in the sponsorship world. So obviously I can't comment on any rumored or unannounced deals but I feel very good about the pipeline. Still very good about where we both are on those new entrants and on renewals at attractive prices from some of our existing players.

Greg: I think, You know, people were doubtful about how these regulations would play out when we introduced them last time, and by many measures, as we noted earlier, we've never had more competitive racing. Our hope is that with the 2026 regulations, we'll do the same, but, as you rightly note, somebody may figure out a way to get a jump. And take an early lead, but the We think they're designed to create more parity and more exciting racing and should..., is definitely what you add.

Speaker Change: People were doubtful about what these regs, how the rigs would play out when.

Speaker Change: What we can do some last time and by many measures as we noted earlier, we've never had more competitive racing. Our hope is that to 2026 rigs will do the same but as you rightly note somebody may figure out a way to get a jump.

Speaker Change: And taking a lead but.

Stephan: We think they are designed to create more parity and more exciting racing insured overtime Stephan.

Stefano Odominikali: Stefano, what might you add? I would say that this dilemma at the end of each cycle of regulation is there. And the things that F1 and together with the FA as though it's done. I totally believe through, so it has been to anticipate the need of the change. And we, of course, keep at the center the fact that we want to have a very good competition on track, give the possibility to drivers to express themselves and making sure that with the budget cap combination and limitation, development teams can catch up. And we are quicker to keep the gaps between the teams smaller.

Unnamed Speaker: definitely. What might you add?

Speaker Change: It's definitely what might you add.

Stefano: I would say that this dilemma, at the end of each cycle of regulation, is there. And the things that F1, together with the FAA, has always done, I totally believe so, have been to anticipate the need for that change. And we, of course, keep at the center the fact that we want to have a very good competition on track, give the possibility for drivers to express themselves, and make sure that with the budget cap combination and limitation development, teams can catch up quicker to keep the gaps between the teams smaller.

Speaker Change: I would say that is this dilemma.

Speaker Change: At the end of each cycle local regulation is there.

Speaker Change: And then it seems that that's one that together with ESA has always done that I totally believe too. So it's been to anticipate the needs of that change and then we of course keep at the center with the fact that we want to have a very good competition on track give the possibility to draw.

Vijay Jean: Stefano, anything you want to add? I couldn't agree more Greg. I think that the numbers is proving the interest that is in our business. And I think that now if you look back just four years ago we had only four global partners and now we're heading to 10 and there is a big and big interest now that the real point is to keep the quality of our partners with the right price level that we want to engage together.

Speaker Change: <unk> to express themselves and making sure that with the budget cap combination and limitation development teams can catch up quicker to keep the gaps between the teams it smarter and ER, but on the other side, we have the duty to anticipate the things that that are relevant.

Stefano: But, on the other hand, we have the duty to anticipate the things that are relevant in terms of technology to keep the center of our platform so important. Two years ago, we took the decision to put a new power unit with sustainable fuel at the center.

Stefano Odominikali: But on the other side, we are the duty to anticipate the things that are relevant in terms of technology to keep at the center of our platform so important. That's why you know two years ago we added that we took the decision of putting the center, the new power unit with sustainable fuel. There was the need to put that at the center because, in terms of technological challenges, this would appear at that moment to be the most important one. So I do believe that you know I it's part of the game teams are working already find out for 26 because the regulation would be very very different.

Vijay Jean: So it's we are in a very very strong situation. I believe it's as I said, we have an incredible opportunity for our partners to create partnership between us for themselves. So it's a B2B relationship that is having a multiply effect and this is really what is important for our business to develop in the future.

Speaker Change: Technology to keep at the central parcel.

Speaker Change: So important that's why.

Speaker Change: You know two years ago. We added we took the decision all or a portion of the center the new power unit with sustainable fuel there was the need to put that at the center. Because then in terms of technological challenges. This would appear that that moment to be the most important ones. So I do believe that our you know I mean, it's.

Stefano: There was the need to put that at the center, because in terms of technological challenges, this would appear at that moment to be the most important one. So, I do believe that it's part of the game. Teams are already working flat out for F26 because the regulations will be very, very different. But I'm sure that the ones that are very skeptical about what we normally try to anticipate will think differently as soon as they see the action on track.

Renee: So nothing to add but the other said just stay tuned because everything is looking forward looking very good for our future. Yeah, and I think Stefano hit on some great points. I'll just add. It's not only the quality of the partners and what they want to pay is they're willing to pay because they are getting value out of it. And they're finding ways to activate on at this at races on the grade on the around events and ways that are more meaningful for them and for us.

Renee: So all of those are very positive. Renee, what would you add? I think that's an excellent point Greg to pick up on the sponsorship piece for a second. We really use the LVGP as a test bet for how we can bring these marquee sponsors more deeply into the activations on track and in the fan zone. And I think one of the most important impacts of the vaguaries beyond the financial side is just the increase in interest in the pipeline, including with some of these marquee companies with whom we're speaking.

Speaker Change: Part of the game teams are working on that has played out for 'twenty six because the regulation would be very very different Bob.

Stefano Odominikali: But I'm sure that you know the ones that are very skeptical about what no way we try to anticipate. You know we will think differently as soon as we see the action on track. And as Drugs was correctly saying before, I remember very clearly people would obviously think that the regulation that we are now in would have to slow down cars by more than six and seconds and not having this kind of situation. So I think that we're doing the right thing, and as always in life, you need to be brave to try to anticipate the thing the right way, and that's what we do.

Unnamed Speaker: Sure.

Speaker Change: The ones that are very skeptical about a.

Speaker Change: What are normally we try to anticipate.

Speaker Change: Well I would think differently that sooner, we see the actual tracks and as drugs.

Stefano: And as Greg was correctly saying before, I remember very clearly people without experience thinking that the regulation that we are now in would have to slow down cars by more than six, seven seconds and not have this kind of situation.

Speaker Change: Correctly, saying before I remember very clearly people without with speed and thinking that the regulation that we have now with the slowdown caused by more than six seven seconds and then not having these kinds of situations. So I think that we're doing the right things and as always in life, you need to be brave to try to anticipate the thing right.

Stefano: So, I think that we are doing the right thing. And, as always in life, you need to be brave to try to anticipate the thing the right way. And that's what we did. On the second one, I think it's related to the U.S. First of all, let me say that we are very happy with ESPN, what they did for our sport and what they have done since the beginning of our journey together.

Speaker Change: Right and that's what we did.

Stefano Odominikali: On the second one, I think is related to U.S. First of all, let me say that we are very happy with ESPN, what they did for our sport, and what they are doing since the beginning of our journey together. And we see now bigger interest for sure. We see some other sport that are trying to divide the package in a different way, but of course that's a personal opinion. We're going to take that subject in the due course in the next couple of months. I do believe that in the U.S. We have seen a place where the awareness is very, very important.

Speaker Change: On the second one.

Speaker Change: Think is related to U S. A.

Unnamed Speaker: First of all, let me say that we are very happy with ESPN, what they did for our sport, and what they have been doing since the beginning of our journey together. And we see bigger interest now, for sure. We see some other sports are trying to divide the package in a different way. But, of course, that's a personal opinion.

Speaker Change: First of all let me say that we are very happy with the ESPN was a deep 12 of sport and what Theyre doing since the beginning of our journey together.

Renee: So a lot of excitement around the sponsorship portion and then VJ to answer your question. We do sell tickets to our hotel partners, which they then package into their own deals for their customers are obviously there. I'm sure there are some comprehensive arrangements for the big vendors who come to town for gambling and then they'll come to us later in the year as they need more inventory. So year one, we, they've bought a lot of tickets very early on again to address that early demand that everyone's up for year one.

Stefano: And we see bigger interest now, for sure. We see some other sports are trying to divide the package in a different way, but of course, that's a personal opinion. We're going to tackle that subject in due course, in the next couple of months. I do believe that in the U.S., we are still in a place where awareness is very, very important. So, what I can say from a customer point of view, if you are not really on top of the sport, creating multiple offers is creating more confusion. Let me put it this way.

Speaker Change: And we see now biggest interest for sure and we see some other sports or trying to divide the package in a different way but of course, that's it that's a personal opinion, we're going to take hold that's a subject that you know in the in the due course in the next couple of months I do believe that in the U S. We are seeing the place.

Unnamed Speaker: We're going to tackle that subject in due course, in the next couple of months. I do believe that in the U.S., we are still in a place where awareness is very, very important. So, what I can say from a customer point of view, if you are not really on the spot in the sport, creating multiple offers is creating more confusion. Let me put it this way. Therefore, I would say we need to make sure that the incredible demand that we have from different partners will be taken in the right way at the appropriate time. For sure, yes, Martin, we represent a big opportunity for us in the next years.

Operator: Thank you. Next question, please.

Operator: Where the award and this is very very important so what I can say from a customer point of view. If you are not really all the salt on the sport, creating multiple offer is creating more confusion, let me put it. This way. So therefore, I would say we need to make sure that the incredible demand that we have some different partners well.

Stefano Odominikali: So what I can say from a customer point of view, if you are not really on the spot on the sport, creating multiple offers is creating more confusion. Let me put it this way. So therefore I would say we need to make sure that the incredible demand that we have from different partners will be taken in the right way at the appropriate time. But for sure, yes, Martin, we represent for us a big opportunity for the next years. Thank you.

Renee: And now this year we are working closely with them to again do the market push and start filling the hotel room now that people are back from school and back to school back from vacation and looking at their fall calendars.

Stefano: So, therefore, I would say we need to make sure that the incredible demand that we have from different partners will be taken in the right way at the appropriate time. For sure, yes, Martin, you represent a big opportunity for us in the next years.

Renee: Great.

David Karnowski: Thanks so much.

Operator: We take them in the right way at the appropriate time, but for sure yes, Martin will represent for us a big opportunity for the next years.

Greg McIe: Our next question comes from David Karnowski with JP Morgan. Please proceed with your question. Thank you. Greg has noted really tech performance in the constructor standings, which is great to see. You do have new car and reds coming in 2026 and historically that kind of change has been associated with a temporary period of one team dominance. What confidence do you have that the rules you have put in place or will put in the place can prevent that kind of outcome.

Martin: Thank you.

Unnamed Speaker: Thank you. Next question, please.

Barton Crockett: Next question, please. Our next question is from Barton Crockett with Rosenblatt Security. Please receive with your question. All right. Thanks for taking the questions. The first one, hopefully, is quick. On the race promotion revenue discussion with Formula One, you guys, I think, have 24 races this year; I think 22 last year. Normally, I would assume that there's growth in promotion revenue per race.

Operator: Thank you next question please.

Unnamed Speaker: Our next question is from Barton Crockett with Rosenblatt Securities. Please proceed with your question.

Speaker Change: Next question is from Barton Crockett with Rosenblatt Securities. Please proceed with your question.

Greg: Hi, thanks for taking the questions. Two, the first one, you know, hopefully is quick. On the race promotion revenue discussion with Formula One, you know, you guys have 24 races this year, I think 22 last year. Normally, I would assume that there's growth in promotion revenue per race. But given, you know, what we can see from the mix and what you think this year, is there any reason to think differently about that for 2024?

Speaker Change: Alright, thanks for taking the questions.

Speaker Change: Two the first one hopefully is quick.

Speaker Change: On the race promotion revenue discussion with Formula One you got.

Greg McIe: And then Stefano as you noted, I think nearly all of your America deals are expiring this year next year. I interested to know if you see any prospect for a multi country deal and whether there be any benefits financially or otherwise. For that type of structure. Thank you.

Speaker Change: So I think you have 24 races. This year I think 22 last year normally I would assume that there's growth in promotion revenue per race, but given you know what we can see from the mix and what you think this year is there any reason to think differently about that for 2024 I'm spots on formula one on the Braves switching.

Greg McIe: But given what we can see from the mix and what you think this year, is there any reason to think differently about that for 2024? So that's on Formula One.

Stefano: I'll comment on the regs briefly, but I think Stefano could actually be articulate on them as well. We think the regs are designed to create more exciting racing while also meeting many other goals around issues like sustainability and things that help our OEM partners drive innovation. So we're trying to hit on multiple levels. I think people were doubtful about how the regs would play out when we introduced them last time. And by many measures as we noted earlier, we've never had more competitive racing.

Derek: On the Braves, switching gears a little bit, I was curious. You've been off of Comcast for most of the season because of their dispute with Diamond. Has that had any meaningful impact on the business in terms of fan interest or sales of anything, or not?

Derek: So that's on Formula One. On the Braves, switching gears a little bit, I was curious. You know, you've been off of Comcast for most of the season because of their dispute with Diamond. Has that had any meaningful impact on the business in terms of fan interest or sales of anything, or not? And if not, you know, what does that say about the value of the TV promotion?

Speaker Change: Gears little bit I was curious you've been off of Comcast for most of the season because of their dispute with diamond.

Speaker Change: Has that had any meaningful impact on the business in terms of fan interest or sales or anything.

Speaker Change: Or not and if not.

Derek: And if not, what does that say about the value of the TV promotion? So I'll comment on the first one, and I'll let Derek, if you'd like, to take a second. I think Barton, your assumption that we get increases generally in race promotion fees is correct.

Speaker Change: What does that say about the value of the TV promotion.

Greg: So I'll comment on the first one and I'll let Derek take the second. I think Barton, your assumption that we get increases generally in rates for motion fees is correct regarding the Braves' impact of diamond.

Speaker Change: So I'll comment on the first one and I'll, let Derek if you'd like to take the second.

Operator: I think Barton your assumption that.

Stefano: Our hope is that the 2026 regs will do the same. But as you rightly know, somebody may figure out a way to get a jump and take an early lead. But we think they're designed to create more parity and more exciting racing and should over time. Stefano, what might you add? I would say that this dilemma at the end of each cycle of regulation is there. And the things that F1 and together with the FAA has always done I totally believe through.

Speaker Change: We get increases generally in race promotion fees is correct.

Derek: Derek, do you want to take on the Braves' impact of Diamond? Sure. Thanks, Greg. Yeah, obviously, we're off for three months, and you never like to see carriage disputes. We're thankful that the carriage dispute is resolved. What I can tell you is there's really no material impact on our business. We've certainly seen a reduction during that period of time in ratings that is somewhat commiserate with the reduction in the carriage. Now that that's back, we'd expect that those ratings to also go up. We're glad that it's done and glad that they got that all resolved.

Unnamed Speaker: on the Braves' impact on Diamond?

Operator: Eric do you want to take on.

Speaker Change: Raves impact of Diamond.

Unnamed Speaker: Sure, thanks Greg. Yeah, obviously, we were off for three months, and you never like to see carriage disputes. We're thankful that the carriage dispute is resolved. What I can tell you is there's really no material impact on our business.

Derek: Sure, thanks Greg. Yeah, obviously, we were off for three months, and you never like to see carriage disputes. We're thankful that the carriage dispute is resolved, and what I can tell you is there's really no material impact on our business. We've certainly seen a reduction during that period of time in ratings that is somewhat commiserate with the reduction in the carriage. Now that that's back, we'd expect those ratings to also go up. We're glad that it's over and glad that they got that all resolved.

Speaker Change: Sure. Thanks, Greg.

Unnamed Speaker: Yeah, obviously, we were off for three months.

Unnamed Speaker: You never like to see carriage disputes.

Unnamed Speaker: We are thankful that the carriage dispute is resolved.

Unnamed Speaker: What I can tell you is there's really no material impact on our business.

Speaker Change: We've certainly seen a reduction during that period of time and ratings.

Stefano: So it has been to anticipate the need of that change. And we of course keep at the center the fact that we want to have a very good competition on track. And give the possibility to driver to express themselves and making sure that with the budget cap combination and limitation development teams can catch up quicker to keep the gaps between the teams smaller. But on the other side, we had a duty to anticipate the things that are relevant in terms of technology to keep at the center of our platform.

Speaker Change: Is somewhat commensurate with the reduction in the carriage.

Unnamed Speaker: The stock we would expect that those ratings to also go up so we're glad that it's done and glad that they've got that all resolved.

Derek: Did you guys try to do any type of additional streaming push to offset that, and if not, why not? Well, the streaming rights are held at the league level right now, so those don't belong necessarily to Diamond. There's a provision inside of the agreement that's rather complicated as it relates to the streaming. And of course, in the future, should all these rights come back to us? I think we're prepared to evaluate all the different options, including streaming.

Unnamed Speaker: Did you guys try to do any type of additional streaming push to offset that? And if not, why not? Well, streaming rights are held at the league level right now.

Speaker Change: Did you guys tried to do any type of additional streaming pushed to offset that in and if not why not.

Unnamed Speaker: Well, the streaming rights are held at the league level right now, so those don't necessarily belong to Diamond. There's a provision inside of the agreement that's rather complicated as it relates to streaming. Of course, in the future, should all these rights come back to us, I think we're prepared to evaluate all the different options, including streaming.

Unnamed Speaker: Well the streaming rights are held at the league level right now so those don't belong necessarily too.

Speaker Change: Diamond there is a provision.

Stefano: So important. That's why, you know, two years ago, we had that we took the decision of putting on the center, the new power unit with sustainable fuel. There was the need to put that at the center because in terms of technological challenges, this would appear at that moment to be the most important one. So I do believe that, you know, I it's part of the game teams are working already find out for 26 because the regulation would be very, very different.

Unnamed Speaker: Inside of the agreement that's rather complicated as it relates to the streaming of course, you know in the future should all these rights come back to US I think we're prepared to evaluate all the different options, including streaming.

Unnamed Speaker: Thank you.

Stephen Lathick: All right, last question comes from Stephen Lathick with Goldman Sachs. Please proceed with your question. Hey, great. Thank you. Two on Formula One. You called out a strong demand for race promotion. An excitement you're seeing for improved hospitality from promoters.

Operator: Our last question comes from Stephen Lassix with Goldman Sachs. Please proceed with your question.

Unnamed Speaker: Our last question comes from Stephen Lassix with Goldman Sachs. Please proceed with your question.

Speaker Change: Our last question comes from Stephen <unk> with Goldman Sachs. Please proceed with your question.

Unnamed Speaker: Hey, great. Thank you.

Unnamed Speaker: Hey, great. Thank you.

Stephen Lassix: Hey, great. Thank you two one formula one you called out other strong demand for race promotion.

Stefano: But I'm sure that, you know, the ones that are very skeptical about what, no way we try to anticipate, you know, we will think differently as soon as we see the action on track. And as Drugs was correctly saying before, I remember very clearly people would obviously think that the regulation that we are now in would have slowed down cars by more than 60 seconds and not having this kind of situation.

Unnamed Speaker: Two on Formula One, you called out the strong demand for race promotion and the commitments you're seeing for improved hospitality from promoters. Maybe a longer-term question here, but I'm curious how you would encourage us to think about the financial opportunity from improved hospitality over the next few years. Any goals perhaps on the paddock club capacity side of the equation? And then, just quickly, on team payments for Brian, you called out some of the seasonal aspects around the payout this year. Curious if there's anything more you'd be willing to add on how the dynamic works and perhaps what that could mean for the pace of operating leverage on team payments the rest of this year. Thank you.

Unnamed Speaker: Two on Formula One. You called out the strong demand for race promotion and the commitments you're seeing for improved hospitality from promoters. Maybe a longer-term question here, but I'm curious how you would encourage us to think about the financial opportunity from improved hospitality over the next few years. Any goals, perhaps, on the paddock club capacity side of the equation? And then just quickly on team payments for Brian, you called out some of the seasonal aspects around the payout this year. Curious if there's anything more you'd be willing to add on how the dynamic works and perhaps what that can mean for the pace of operating leverage on team payments the rest of this year. Thank you.

Speaker Change: I meant youre seeing for improved hospitality from promoters.

Stefano Odominikali: Maybe a longer-term question here, but I'm curious how you would encourage us to think about the financial opportunity from improved hospitality over the next few years. Any goals, perhaps, on the Paddock Club capacity side of the equation.

Unnamed Speaker: A longer term question here, but I'm curious how you would encourage us to think about the financial opportunity from improved hospitality over the next few years and he calls perhaps on the Paddock club capacity side of the equation and then just quickly on team payments for Brian you called out some of the seasonal aspects around the payout. This year curious if there's anything more you'd be will.

Brian Wendling: And then just quickly on team payments for Brian, you called out some of the seasonal aspects around the payout this year. Curious if there's anything more you'd be willing to add on how the dynamic works and perhaps what that can mean for the pace of operating leverage on team payments throughout this year. Thank you. Definitely. Do you want to take the Paddock Club issue and Brian? Yeah, thank you, Stephen. I mean, we have a quality problem to take on now for sure. That is the fact that we in almost all the events we have sold out.

Unnamed Speaker: To add on how that dynamic works in perhaps what that can mean for the pace of operating leverage on the <unk> payments. The rest of this year. Thank you.

Stefano: So I think that we're doing the right thing and as always in life, you need to be brave to try to anticipate the thing the right way, on the second one, I think, is related to US. First of all, let me say that we are very happy with the ESPN, what they did for our sport and what they are doing since the beginning of our journey together. And we see now bigger interest for sure.

Unnamed Speaker: Do you want to take the paddock club issue? Yeah, take it.

Unnamed Speaker: Do you want to take the paddock club issue? Yeah, take it.

Speaker Change: Definitely do you want to take the Paddock club issue.

Unnamed Speaker: Yeah.

Stefano: We have a quality problem to tackle now, for sure, that is the fact that at almost all the events, we are sold out. And when we're talking about hospitality, where we were very good at it, is to try to maximize the different packages. Now the point is, if we want to add places with the right space and the right quality for the service that we're offering, there is the need, of course, to take rate-by-rate situations to see what we can do with the promoters in terms of capacity and possible extension.

Unnamed Speaker: We have a quality problem to tackle now, for sure, that is the fact that at almost all the events, we are sold out. And when we're talking about hospitality, what we were very good at was to try to maximize the different packages. Now the point is, if we want to add venues with the right space and the right quality for the service that we're offering, there is the need, of course, to tackle race-by-race situations to see what we can do with the promoters in terms of capacity and possible extension.

Speaker Change: Yeah. Thank you Stephen I mean.

Unnamed Speaker: We have a quality problem too.

Speaker Change: Now for sure that is the fact that we in almost all the events. We are sold out and that's what we're talking about hospitality, where we've got a very good to do it is to try to maximize the different packages now the point is if you want to add that our place.

Stefano Odominikali: And what we're talking about hospitality where we were very good to do it is to try to maximize the different packages. Now the point is if you want to add the places with the right space and the right quality for the service that we're offering. There is the need, of course, to take a rate-by-rate situation to see what we can do with the promotion in terms of capacity, in terms of possible extension. And this is something that we're discussing. There are advanced situations, for example, with the Australian promoters and with some others because for us, of course, is a matter of experience.

Stefano: We see some other sport that are trying to divide the package in a different way, but of course that's a personal opinion. We are going to take on that subject in the due course in the next couple of months. I do believe that in the US, we have seen a place where the awareness is very, very important. So what I can say from a customer point of view, if you are not really on the spot on the sport, creating multiple offers is creating more confusion, let me put it this way.

Unnamed Speaker: Places with the right space and the right quality for the service that we're offering that he is the need of course to take hold.

Speaker Change: Race by race situations, we'll see what we can do with the promotion in terms of capacity from a possible extension and this is something that we're discussing a bad situation.

Unnamed Speaker: And this is something that we are discussing. There are advanced situations, you know, for example, with the Australian promoters and with some others, because for us, of course, it is a matter of experience. So we cannot run the risk of overcrowding the hospitality area because the demand is very high. So now we are seeing, as I said, with everyone, what we can do in terms of having the possibility to expand this area to offer the right service for the ones that want to have it.

Stefano: And this is something that we are discussing. There are advanced situations, you know, for example, with the Australian promoters and with some others, because for us, of course, it is a matter of experience. So we cannot run the risk of overcrowding the hospitality area because the demand is very high. So now we are seeing, as I said, with everyone, what we can do in terms of having the possibility to expand this area to offer the right service for the ones that want to have it.

Unnamed Speaker: You know for example, with Australian promote doesn't mean, some others because for US of course is a method of experience. So we cannot run the risk of overcrowding in the hospitality area because the demand is very high. So now we have seen we're watching as I said with everyone. What we can do into intermodal and the possibility to expand.

Stefano Odominikali: So we cannot run the risk of overcrowding the hospitality area because the demand is very high. So now we have seen, we're watching, as I said, with everyone, what we can do in terms of having the possibility to expand this area to offer the right service for the ones who had it.

Stefano: So therefore, I would say we need to make sure that the incredible demand that we have from different partners will be taken in the right way at the appropriate time. But for sure, yes, Martin, we represent for us a big opportunity for the next years. Thank you.

Barton Crockett: Next question, please.

Unnamed Speaker: These are these add up to offer the right service for the ones who wants to add it.

Brian Wendling: Yeah, Stephen, on the team payments part, you know, I would point you to the year that you're today results there. So we're at 61.9% on a US GAAP basis, pre-team, team payments is a percent of pre-team share, a way of it compared to 62.6 last year. We would expect some very minimal leverages you go throughout the year and look the end of the year, but it's fairly diminimous. But definitely focus on the year-to-date number, not the quarter. Great. Thank you for that.

Brian Wendling: Yeah, Steven, on the team payments part, I would point you to the year-to-date results there. So we're at 61.9% on a U.S. gap basis, pre-team, team payments as a percent of pre-team share away, but compared to 62.6 last year. We would expect some very minimal leverage as you go throughout the year and look to end the year, but it's fairly de minimis.

Brian: Yeah, Steven, on the team payments part, you know, I would point you to the year-to-date results there. So we're at 61.9% on a U.S. gap basis, pre-team, team payments as a percent of pre-team share away, but compared to 62.6 last year. We would expect some very minimal leverage as you go throughout the year and look to end the year, but it's fairly de minimis, and definitely focus on the year-to-date number, not the quarter.

Unnamed Speaker: Yeah, Steven on the on the team payments part.

Greg McIe: Our next question is from Barton Crockett with Rosenblatt Security. Please proceed with your question. Thanks for taking the questions. Two, the first one, hopefully is quick, on the race promotion revenue discussion with Formula One. You guys, I think you have 24 races this year, I think 22 last year. Normally, I would assume that there's growth in promotion revenue per race. But given what we can see from the mix and what you think this year, is there any reason to think differently about that for 2024? So that's on Formula One.

Brian Wendling: I would point you to the year does it year to date results. There. So we were at 61, 9% on a U S. GAAP basis pre team T payments as a percent of pre team share OIBDA compared to $62 six last year, we would expect some very minimal leverage as you go throughout the year and looked at.

Brian Wendling: And the year, but it's fairly de Minimis.

Brian Wendling: But definitely focus on the year to date number not the not the quarter.

Steven: Great. Thank you for that.

Operator: Operator, I believe that was our last question.

Operator: Operator, I believe that was our last question. Thank you to our listening audience for your interest in Liberty Media and the Atlanta Braves Holdings. We look forward to speaking with you next quarter, if not sooner.

Derek: On the Braves, switching gears a little bit, I was curious, you know, you've been off of Comcast for most of the season because of their dispute with Diamond. Has that had any meaningful impact on the business in terms of fan interest or sales of anything or not? And if not, you know, what does that say about the value of the TV promotion? So I'll comment on the first one and I'll let Derek if you'd like to take a second.

Speaker Change: Operator, I believe that was our last question. Thank.

Operator: Thank you to our listening audience for your interest in Liberty Media and the Atlanta Brace Holdings. We look forward to speaking with you next quarter, as not sooner.

Speaker Change: Thank you to our listening audience for your interest in Liberty media and the Atlanta Braves Holdings.

Brian Wendling: We look forward to speaking with you next quarter if not sooner.

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

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

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

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

Derek: I think Barton, your assumption that we get increases generally in race promotion fees is correct. Derek, do you want to take on the Braves impact of Diamond? Sure. Thanks, Greg. Yeah, obviously we're off for three months and you never like to see carriage disputes. We're thankful that the carriage dispute is resolved. What I can tell you is there's really no material impact on our business. We've certainly seen a reduction during that period of time in ratings that is somewhat commiserate with the reduction in the carriage. Now that that's back, we'd expect that those ratings to also go up. So we're glad that it's done and glad that they got that all resolved.

Derek: Did you guys try to do any type of additional streaming push to offset that and if not, why not? Well, the streaming rights are held at the league level right now, so those don't belong necessarily to Diamond. There's a provision inside of the agreement that's rather complicated as it relates to the streaming. Of course, you know, in the future, should all these rights come back to us? I think we're prepared to evaluate all the different options, including streaming.

Stephen Lathick: Hi, last question comes from Stephen Lathick with Goldman Sachs. Please proceed with your question. Hey, great. Thank you. Two on Formula One. You called out a strong demand for race promotion. An excitement you're seeing for improved hospitality from promoters.

Stefano: Maybe a longer-term question here, but I'm curious how you would encourage us to think about the financial opportunity from improved hospitality over the next few years. There's any goals perhaps on the paddock club capacity side of the equation.

Brian Wendling: And then just quickly on team payments for Brian, you called out some of the seasonal aspects around the payout this year. Curious if there's anything more you'd be willing to add on how the dynamic works and perhaps what that can mean for the pace of operating leverage on team payments throughout this year. Thank you. Definitely. Do you want to take the paddock club issue and Brian? Yeah, thank you, Stephen. I mean, we have a quality problem to take on now for sure.

Brian Wendling: But it's the fact that we in almost all the events we have sold out. And what we're talking about hospitality where we were very good to do it is to try to maximize the different packages. Now the point is if you want to add the places with the right space and the right quality for the service that we're offering. There is the need of course to take a race by race situation to see what we can do with the promotion in terms of capacity, in terms of possible extension.

Brian Wendling: And this is something that we're discussing. There are advanced situation, you know, for example, with the Australian promoters and with some others. Because for us, of course, is a matter of experience. So we cannot run the risk of overcrowding the hospitality area because the demand is very high. So now we are seeing, we're watching as I said with everyone, what we can do in terms of having the possibility to expand this area to offer the right service for the one who wants to add it.

Brian Wendling: Yeah, Steven, on the team payments part, you know, I would point you to the year that you're today results there. So we're at 61.9% on a US gap basis, pre-team, team payments is a percent of pre-team share, away bit compared to 62.6 last year. We would expect some very minimal leverage as you go throughout the year and look the end of the year, but it's fairly diminimous. But definitely focus on the year-to-date number, not the quarter. Great, thank you for that.

Operator: Operator, I believe that was our last question. Thank you to our listening audience for your interest in Liberty Media and the Atlanta Brace Holdings. We look forward to speaking with you next quarter, it's not sooner.

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