Q2 2024 Atlanta Braves Holdings Inc Earnings Call

August 8, 2024

Operator: Afterward, we will conduct a question and answer session. At that time, if you have a question, please press star 1 on your telephone. As a reminder, this conference will be recorded today, August 16. I would now like to turn the call over to Claire Adams, Senior Manager, Investor Relations. Please go ahead.

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

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. At that time, if you have a question, please press star 1 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.

I would now like to turn the call over to Claire Adams, Senior Manager, 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 Lana 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.

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 SEC.

Claire Adams: These forward-looking statements speak only as of the date of this call. In Liberty Media and Atlanta Braves Holdings expressly to 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 Atlanta Braves Holdings expectations with regard there, too, or any change in events, conditions, or circumstances on which any set statement is based. On today's call, we'll discuss certain non-gout financial measures for Liberty Media, Sirius XM, and Atlanta Braves Holdings, including adjusted OIVA and adjusted EBITDA.

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 EBIDTA.

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 EMA. 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 Bra Now, I'd like to turn the call over to Greg Maffei, Liberties President and CEO.

Claire Adams: There are required definitions and reconciliation for Liberty Media as a Sirius XM and Atlanta Braves Holdings, schedules 1-3, can be found at the end of the earnings press releases issue today, which are available on Liberty Media and Atlanta Braves Holdings websites.

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

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

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

Greg 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. You may note the Adjusted Merger Exchange Ratio has been reset to reduce the shares of New Siri by 90%.

Greg McIe: Today, speaking on the call, we will also have former the one President and CEO, Stephanie Nogimenti-Kali, Liberty's Chief Accounting and Principal Financial Officer, Brian Wendley, 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've set the shareholder meeting date for August, excuse me, August 23rd, and we expect to close on September 9th. You may note the adjusted merger exchange ratio has been reset to reduce the shares of new Siri by 90%.

Operator: Today speaking on the call, we will also have Formula One President and CEO Stefano Domenicali. Now, to Series 6M itself.

Unnamed Speaker: Speaking of 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.

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

Operator: Today, speaking on the call, we will also have Formula One President and CEO Stefano Domenicali.

Speaker Change: Liberty's Chief Accounting and Principal Financial Officer, Brian Wendley. 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.

Greg: 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 23rd and we expect to close on September 9th. You may note the Adjusted Merger Exchange Ratio has been reset to reduce the shares of New Siri by 90%.

Speaker Change: 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: you may note the adjusted merger exchange ratio has been reset to reduce the shares of new sery by ninety percent

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 indexing inclusion.

Greg: 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 now to Series 6M itself. 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 eight versus the first quarter.

Speaker Change: 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

Greg McIe: I look forward to remaining Chairman and a meaningful shareholder.

Speaker Change: I look forward to remaining chairman and a meaningful shareholder.

Greg McIe: Turning out to Sirius XM itself, the company maintains its strong financial position and 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.

Greg Maffei: 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 now to Series 6M itself, the company maintains its strong financial position, and self-painted ads improve sequentially and year-over-year, driven primarily by a reduction in voluntary churn. But it was flat versus the prior year and plus eight versus the first quarter.

Greg: As the company maintains its strong financial position, self-paid ad ads improve sequentially and year-over-year, driven primarily by a reduction in voluntary churn. We expect solid margin and cash generation through the balance of 2024. We believe SiriusXM is attractive on a free cash-flow multiple-choice basis, beginning in the car with a new three-year subscription for a new vehicle purchased at certain automakers. Free access to 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.

Speaker Change: Turning now to Series 6M itself.

Greg: company maintains its strong financial position self-painted ads improves 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 8 versus the first quarter.

Greg: 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 multiple-choice basis. Sirius continues to pursue growth opportunities. Beginning in the car with a new three-year subscription, with a new vehicle purchased at certain automakers.

Greg 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. Sirius 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 which aims to increase trials and win back listeners, and 360L has continued to drive an improved share of listening in the car, looking at streaming.

Greg: We expect solid margin and cash generation through the balance of 2024.

Greg McIe: 2024 is also going to be a peak capex 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. 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. We've seen early improvements in multi-day listening.

Greg: 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: We believe SiriusXM is attractive on a free cash flow multiple basis.

Greg: Sirius continues to pursue growth opportunities.

Greg: beginning in the car with a new three-year subscription with a new vehicle purchased at certain automakers

Greg: Free Access, the first free ad-supported platform which aims to increase trials and win back listeners and 360L has continued 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. 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.

Greg: Free access, the first free ad-supported platform, which aims to increase trials and win back listeners. M360L has continued to drive improved share of listening in the car.

Greg Maffei: Sirius is launching new features and updates every month. 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 Smart List Podcast is kicking off this partnership in August, with an exclusive subscriber event featuring Howard Stern, Jelly Roll, and many more.

Speaker Change: looking exstreaming

Greg: Sirius is launching new features and updates every month.

Greg McIe: We've also seen increased engagement in the trial period versus the first quarter. And finally, by pursuing smart, unique content.

Greg: We've also seen increased engagement in the trial period versus the first quarter, with an exclusive subscriber event featuring Howard Stern, Jelly Roll, and many more. 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. We're on track to have the closest Constructors' Championship across the top four since 2012 as well.

Greg: and we've seen early improvements in multi-day listening

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

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.

Greg: And finally, by pursuing smart, you need 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.

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.

Greg Maffei: Turn to 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. 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.

Greg: Turn to 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. 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 grid at this point in the season is the closest also since the start of the current qualifying system in 2010.

Speaker Change: Turn to the Formula One group.

Greg: 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.

Greg: 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 baccoup grid at this point the season is the closest also since the start of the current qualifying system in two thousand andten

Greg McIe: Looking at the 2020 driver market continues to fight interesting excitement with Carlos Sainz going to Williams, Haas announcing Okan joining as a current and current Ferrari reserve driver, Pyraman as well. Pyraman is showcasing the pipeline of support series talent that's delivering to Formula One.

Greg: Looking at the 2020 driver market continues to provide interest to the site, 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 opening?

Greg Maffei: Looking at the 2020 driver market continues to provide interesting excitement, with Carlos Sainz going to Williams and 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-Benz do with its driver development program?

Greg: Looking at the 2020 driver market continues to provide interest and excitement.

Greg: Haas announced 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? We announced LVCBA as an official partner. They're going to be active across 25 races in 2024 and 10 in 2025. 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. We continue to expect the transaction to close by year-end.

Speaker Change: with Carlos Sainz going to Williams.

Greg: 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 seat?

Greg McIe: And the biggest open question remains: what will Mercedes do with its open seat?

Greg McIe: Looking now at the financial results for F1, we did great first half. Not year-to-date revenue is up 29%; in orbit is plus 35%. Partially driven by three additional races in the period this year.

Greg: 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 announced LBCBA as an official partner.

Greg 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 announced LVCBA as an official partner.

Speaker Change: Looking now at the financial results for F1, 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.

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.

Greg: We announced LVCVA as an official partner. They're going to activate across 25 races in 2024 and 10 in 2025.

Greg: 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. Let me turn briefly to MotoGP. 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. We continue to expect the transaction to close by year-end.

Greg Maffei: 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. 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. We continue to expect the transaction to close by year end.

Greg: and we continue to successfully scale partners brought in through lbgp we remain excited about our sponsorship pipeline

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 in Spain. And we recently received merger clearance in Brazil and Australia. We continue to expect the transaction to close by year end.

Greg: Let me turn briefly to MotoGP. The transaction is progressing well.

Greg: 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. We continue to expect the transaction to close by year-end.

Greg McIe: At MotoGP, the racing has been awesome. Peculpania quickly closed the gap with Ori Martín. But Martín just took the lead back and silver stuff. We are seeing a very competitive title fight now separated by only three points. And at MotoGP, 12 riders across 18 have been on the podium this season. Attendances up across our races with a new all-time attendance record set at Le Mans. And Germany was at 253,000, was 8% off an already record 2023 attendance number. Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the instructors' champs. The summer break ended last week in Silverstone.

Greg Maffei: At MotoGP, the racing has been awesome. Paco Penaya quickly closed the gap with Jorge Martn, but Martn just took the lead back at Silverstone. We are seeing a very competitive title fight, now separated by only three points.

Greg: At MotoGP, the racing has been awesome. Paco Bagnaia quickly closed the gap with Jorge Martín, but Martín 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 was at 253,000, was up 8% off an already-recorded 2022.

Greg: At MotoGP, the racing has been awesome. Paco Penaya quickly closed the gap with Jorge Martn, but Martn just took the lead back at Silverstone. We are seeing a very competitive title fight, now separated by only three points.

Greg: At MotoGP, the racing has been awesome. Paco Penaya quickly closed the gap with Jorge Martín, but Martín just took the lead back in Silverstone. We are seeing a very competitive title fight, now separated by only three points.

Greg Maffei: And at MotoGP, 12 riders across the 18s have been on the podium. The 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. Constructors a category rather with the prime Remark switching from Ducati to Yamaha next season. The summer break ended last weekend at Silverstone.

Greg: 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. This summer break ended last weekend in Silverstone, and we're excited for more action in the second half.

Greg: And at MotoGP, 12 riders across eight teams have been on the podium this season.

Greg: Attendance is up across our races with a new all-time attendance record set at Le Mans.

Greg: and Germany was at 253,000, was up 8% off an already record 2023 attendance number.

Greg: Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the Constructors' Championship. Constructors category rather with Prima Pramak switching from Ducati to Yamaha next season, This summer break ended last weekend in Silverstone, we're excited for more action, second half.

Greg: Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the Constructors' Championship, Constructors' category rather, with Prima Hermak switching from Ducati to Yamaha next season.

Greg Maffei: 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. F1 experiences have 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. Turn to Live Nation.

Greg McIe: We're excited for more action in the second half.

Greg: The summer break ended last weekend in Silverstone. We're excited for more action.

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

Greg: 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 experiences 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. Turn to Live Nation.

Greg: in the second half

Speaker Change: turning briefly to quin

Speaker Change: Some of the second quarter highlights, we had the 150th Kentucky Derby, which was an enormous success, the largest single event executed in Quinn history, serving over 12,000 customers per day.

Greg McIe: The largest single event executed in Quint history, serving over 12,000 customers per day. Effort and experience assisting meaningful growth across eight races this year.

Speaker Change: F1 experiences 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 USGA.

Greg McIe: And we've completed inaugural activations for several new partnerships, including the WMBA All-Star Game and the men's and women's US Opens for the USGA.

Greg McIe: Turn your live nation. So another record quarter with no signs of slowdown.

Greg: We saw another record quarter with no signs of slowdown. 2024 is a year of AOI amphitheaters and arenas. And in 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, 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.

Greg Maffei: We saw another record quarter with no signs of slowdown. 2024 will be 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: Turn to Live Nation.

Greg: We saw another record quarter with no signs of slowdown.

Greg: 2024 is a year of AOI amphitheaters and arenas. And in the 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.

Greg McIe: 2024 is a year of A.O.I. amphitheaters and arenas and a second quarter; despite stadium activity being lower, concert attendance was up 5%. A.O.I. 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.

Greg: 2024 is a year of AOI amphitheaters and arenas, and in the 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

Greg: in history for ticket sales.

Speaker Change: 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.

Greg: 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, Turning briefly to Venue Nation, where continuously the enhancements made generate incremental revenue. Major festival 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.

Greg 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.

Greg: 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.

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. 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.

Greg McIe: Turning briefly, venue nation would continue to see the enhancements may generate incremental revenue.

Greg: Turning briefly to Venue Nation, where the enhancements made generate incremental revenue. Major festival festivals' average per fan spend is up double digits here today. We've had strong performances from key players this season through last weekend. Jr. led the National League with 86 RBIs. 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.

Greg: Turning briefly to Venue Nation, we're continuing to see the enhancements made generate incremental revenue.

Greg McIe: 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.

Greg: Major festivals average per fan spend is up double digits year-to-date.

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

Speaker Change: 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

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 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 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 to 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 Atlanta Braves Holdings expectations with regard there, too, or any change in events, conditions, or circumstances on which any set statement is based.

Greg McIe: Turning to the Braves. If that strong performance from key players this season through last weekend, Pazunya led the national league with 86 RBI. Since April 12th, Sale is out of 2.64 ERA and free to set a 2.71 ERA, which ranked second and third, respectively, in the National League.

Greg: Turning to the Braves. We've had strong performance 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 Jackson.

Greg Maffei: Turning to the Braves, 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 the signing of right-handed pitcher Luke Jackson.

Greg: turning to the braves

Greg: They've had strong performance from key players this season through last weekend.

Speaker Change: zuna led the na at national league with eighty six rbi since april twelveth sal' had a two point six four a and fre has had a two point seven one to uri which rankked second third respectively in the national league

Greg McIe: Ahead of the trade deadline to brazen out the return of Hori Soler to fill a key position in the outfield and right-handed pitcher Luke Jackson. Both players were on the 2021 World Series-winning team. Fan demand remains strong; per caps up in ticketing and concessions year-to-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 6-inch Jim Beam bar concessions are up double digits versus 2023 concessions in the same location.

Speaker Change: 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 Jackson. Both players were on the 2021 World Series winning team.

Greg Maffei: Both players were on the 2021 World Series winning team. Van 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.

Greg: Both players were on the 2021 World Series winning, 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. The new 60-foot, 6-inch Jim Beam Bar concessions are up double digits versus 2023 concessions in the same location.

Claire Adams: On today's call, we'll discuss certain non-gout financial measures for Liberty Media, Sirius XM, and Atlanta Braves Holdings, including adjusted OIVA and adjusted EBITDA. There are required definitions and reconciliation for Liberty Media as a Sirius XM and Atlanta Braves Holdings, Schedules 1-3, can be found at the end of the earnings press releases issue today, which are available on Liberty Media and Atlanta Braves Holdings websites.

Speaker Change: fan demand remains strong per caps up and ticketing and concessions year-over-year there are eighteen thousand on the season ticket weightlist and we've seen a ninety percent were renewal to date unseason tickets for two thousand and twenty-five

Greg: 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. Now I'll turn it over to Brian for more on our financial results. Thank you, Greg, and good morning, everyone.

Greg: Several of the master planning projects completed earlier this year are already adding value and enhancing the fan experience. The new 60-foot, 6-inch Jim Beam Bar concessions are up double digits versus 2023 concessions in the same location.

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

Greg McIe: I'm good morning to all.

Greg McIe: 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. 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.

Greg: 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, 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. Braves 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.

Greg 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. The Braves 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.

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 Chop House seating area.

Speaker Change: also the britgeish recently involved the low unveiled a logo to kick off the two thousand and twenty-five ulstar game

Greg McIe: We've set the shareholder meeting date for August, excuse me, August 23rd, and we expect to close on September 9th. You may note the 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.

Speaker Change: the bras are thrilled the host the oldtrar damments incredible opportun to showcase the truest and the battery sections

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

Brian: of debt at SiriusXM, and the margin loan will be retired. 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. Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing. We also entered into commitments for a $150 million incremental term loan A at Formula One conditioned on the transaction close, and we obtained commitments from banks to provide Dorna with a new €150 million term loan A and an upsized €100 million revolver to be entered into.

Brian: 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. During the quarter, Liberty Sirius 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 7th, the value of our SiriusXM stock was $10 billion, and we have $1.2 billion in principal amount of debt against these holdings. Total Liberty 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.

Brian Wendling: 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 Series 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.

verbrian: now i'll turn to verbrian for more on our financial results

Brian Wendley: 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 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.

Brian: During the quarter, Liberty Sirius 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.

Greg McIe: Turning out to Sirius XM itself, company maintains its strong financial position and 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.

Brian: 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.

Brian: The total Liberty Sirius XM group attributed principal amount of debt is $10.9 billion, which includes $9.1 billion of debt at Sirius XM.

Brian Wendley: 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 in 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.

Brian: As Greg mentioned, the transaction with SiriusXM is expected to close on September 9th. In connection with the transaction close, the $3.75 million

Brian Wendling: 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, Formula One Group had attributed cash, liquid investments, and monetizable public holdings of $1.5 billion, which includes $1.2 billion of cash at F-1 and $58 million of cash at G-1.

Greg McIe: We believe Sirius XM is attractive on a free cash flow multiple basis. Sirius continues to pursue growth, 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. 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: percent livery serious exx convertible notes in the two seven five ser exchangeable notes will be assumed by new serious and the margin loan will be retired

Brian: following transaction close holders of the two pointts seven five exchangeible notes 'll have the rightto require new serious to repurchase the notes and we would expect a substantial majority of holders will exercise this right

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 transaction close, holders of the 2.75 exchangeable notes will have the right to require new serious 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, Formula One Group had attributed cash, liquid investments, and monetizable public holdings of $1.5 billion, which includes $1.2 billion of cash at F-1 and $58 million of cash at G-1.

Speaker Change: turning to the formula one group that quarter end the formula one group pad triributed cash liquid investments in monetizable public holdings of one point five billion which includes one point two billion of cash at f one and fifty eight mion of cash equint

Brian Wendley: 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 revolvers are drawn, and their leverage at quarter-end is $1.3 times.

Brian Wendling: 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 their leverage at quarter end is at 1.65 times. The MotoGP transaction is progressing well; we have syndicated all bridge financing commitments and reduced the total commitment from $2 billion to $1.65 billion.

Brian: 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 revolvers undrawn and their leverage 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: total formul one gregroup attributed prinpple non of debt two point nine ill which includes two point four billion of debt at at one leaving five hundred and thirty million at the corporate vel

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.

Brian: F1's $500 million Revolver is undrawn and their leverage at quarter end is 1.3 times.

Brian Wendley: 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 dollar incremental in Term Loan A at Formula 1, a condition on the transaction close. And we obtained commitments from banks to provide donor with a new $150 million euro in 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.

Brian: mo motogp transaction is progressing well we have syndicated all bridge financing commitments and reduced the total commitment from two billion to one point six five billion

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 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.

Brian Wendling: Note that the $1.65 billion commitment is expected to be replaced by a combination of cash and debt financing at the F-1 OPCO level. We also entered into commitments for a $150 million incremental term loan A at Formula One conditioned on the transaction close, and we obtained commitments from banks to provide Dorna with a new €150 million term loan A and an upsized €100 million revolver to be entered into, after and subject to transaction close, by Dorna.

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

Brian: We also entered into commitments for $150 million incremental term loan A at Formula 1, conditioned on the transaction close.

Brian: 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.

Brian: After and subject to transaction closed and to be

Brian: used by DORNA for general corporate purposes.

Brian Wendley: 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-date results. During the quarter, F1 recognized the higher reporting 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 race conditions. 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 eight out of 24 races occurring during the period compared to six out of 22 in the prior-year period.

Brian: 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 rates. 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-date results. 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.

Greg McIe: Looking at the 2020 driver market continues to fight interesting excitement with Carlos signs going to Williams, Haas announcing Okan joining as a current and current Ferrari reserve driver, Pyraman as well. Pyraman is showcasing the pipeline of support series talent that's delivering to Formula One.

Brian: Looking at the F-1 business, I will again remind you that the business is best analyzed on an annual basis given variability in year-over-year rate calendar.

Brian: 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-date results. During the quarter, F-1 recognized a 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. Media rights and sponsorship revenue also increased due to contractual increase in fees and revenue from, Growth in F1 TV continues to benefit meteorites 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. Team payments are best viewed on a year-to-date basis and represented 61.9% of pre-team boybeta 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.

Brian: 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-date results.

Brian Wendling: 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. 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: 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.

Greg McIe: And the biggest open question remains what will Mercedes do with its open seat.

Greg McIe: Looking now at the financial results for F1, we did great first half. Not year-to-date revenue is up 29% in orbit is plus 35%. Partially driven by three additional races in the period this year.

Brian: Media rights and sponsorship revenue also increased due to contractual increase in fees and revenue from new agreements.

Brian Wendley: Growth in F1 TV continues to benefit media rights revenue. Race promotion revenue is relatively flat given in 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 free revenue driven by the additional races. Just to avoid it to grow in the quarter as revenue growth, more than offset increased cost due to the higher pro-router recognition of team payments and the expectation of increased team payments for the full year over 2023.

Brian: Growth in F1 TV continues to benefit Meteorites revenue. 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 period.

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. Other revenue increased primarily due to higher hospitality and freight revenue driven by the additional races, as revenue growth more than offset increased costs due to the higher pro rata recognition team payments for the full year over 20 years, as well as increased costs due to the additional races held and cost-supporting revenue.

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

Brian: Adjusted OIVD grew in the quarter as revenue growth more than offset increased costs due to the higher pro rata recognition of team payments and the expectation of increased team payments for the full year over 2023.

Brian Wendley: 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. 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 cost 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.

Brian: as well as increased costs due to the additional rateses held and cost supporting revenue growth

Brian: Team payments are best viewed on a year-to-date basis and represented 61.9% of pre-team boybeta 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: Team payments are best viewed on a year-to-date basis and represented 61.9% of pre-team boybeta 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.

Speaker Change: payments are best viewed on a year-day basis and represented sixty one point nine percent of preteam wi it for thefirst half the year compared to sixty two point six in the prior year

Greg McIe: At MotoGP, the racing has been awesome. Peculpania quickly closed the gap with Ori Martín. But Martín just took the lead back and silver stuff. We are seeing a very competitive title fight now separated by only three points. And at MotoGP, 12 riders across 18 have been on the podium this season. Attendances up across our races with a new all-time attendance record set at Le Mans. And Germany was at 253,000 was 8% off an already record 2023 attendance number. Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the instructors' champs. The summer break ended last week in Silverstone. We're excited for more action in the second half.

Brian: 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.

Speaker Change: other cost of f one revenue and s g na best vieed as a percent of total revenue for the year again looking at it on a year-todayate basis the adjusted id margin approved from twenty four point six through q two twenty three to twenty five point eight percent through q two twenty four

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 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 from grant-free 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.

Brian: Looking briefly at corporate and other results in the second quarter, corporate and other revenue was $141 million, which included Quint results and approximately $6 million of rental. Quint results in the second quarter were primarily driven by the Kentucky Derby and F1 experiences across the eight races held. At the Liberty Live group, there's attributed cash of $406 million, and there's $400 million of undrawn margin loan capacity related to our Live Nation margin loan.

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, related to the Las Vegas Grand Prix Plaza. Corporate Another adjusted away, but it was $5 million in the second quarter, and it results a 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.

Brian Wendley: 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 way, but it was $5 million in the second quarter and it quite resolves Grand Prix Plaza rental income offset by corporate expenses. Quent results in the second quarter were primarily driven by the Kentucky Derby and F1 experiences across the eight races held. Reminder that Quent business is seasonal, with the largest and most profitable events taking place in Q2 and Q4.

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.

Brian: related to the Las Vegas Grand Prix Plaza.

Brian: Corporate Another adjusted away, but it was $5 million in the second quarter, and it results in a Grand Prix Plaza rental income offset by corporate expenses.

Speaker Change: when results in the second quarter were primarily driven by the contucked derby and f experiences across a races health

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. Effort and experience assisting meaningful growth across eight races this year.

Brian Wendling: 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, but it will benefit from the rental income and the plant results. At the Liberty Live group, there's attributed cash of $406 million, and there's $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: 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 but it will benefit from the rental income and the plant results. At the Liberty Live group, there's attributed cash of $406 million and there's $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.

Speaker Change: reminder that quinch business is seasonal over the largest and most profitable events taking place in q two and q four we expect corporate another adjusted weitablewill benefit from the rental income and the claim results for the full year

Brian Wendley: We expect corporate and other adjusted way, but it will benefit from the rental income and the quint results for the full year.

Brian Wendley: At the Liberty Live Group, there's a attributed cash of $406 million and there's $400 million of on-drawing marginal capacity related to our Live Nation market. As of August 7, the value of 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 their debt covenant and quarter end.

Greg McIe: And we've completed inaugural activations for several new partnerships including the WMBA All-Star game and the men's and women's US opens for the USGA.

Brian: At the Liberty Live group, there's attributed cash of $406 million, and there's $400 million of undrawn margin loan capacity related to our Live Nation margin loan.

Greg McIe: Turn your live nation. So another record quarter with no signs of slowdown. 2024 is a year of A.O.I, amphitheaters and arenas and a second quarter despite stadium activity being lower, concert attendance was up 5%. A.O.I, 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.

Brian: 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 against these holdings.

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

Brian Wendley: 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 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 of 11 percent and adjusted to a bit of up 13 percent in the second quarter.

Stefano: 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 six. Existing Sponsorship Contracts. Broadcasting revenue grew as there were more total gains, home and away, played in the second quarter. Baseball operating costs increased in the second quarter primarily due to higher player payroll, increased payments under MOB's revenue-sharing plan, and higher minor league team and player payments.

Brian Wendling: 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 games, Home and Away, played in the second quarter.

Brian: turning briefly to the labrates holdings revenue grew in the second quarter despite three fewer home games compared to the last year

Speaker Change: baseball event revenue growth was dven by a sponsorship agreements as well as contractual increases on season tickets and existing sponsorship contracts

Speaker Change: Broadcasting revenue grew as there were more total games.

Stefano Domenicali: home and away, played in the second quarter. Baseball operating costs increased in the second quarter primarily due to higher player payroll, increased payments under MOB's revenue-sharing plan, and higher minor league team and player salaries, new seating options, and expect to spend approximately $20 million on these projects across the back half of 2024 and early 2025. Now I'll turn it over to Stefano to discuss Formula 1.

Brian Wendling: 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 to wipe it 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 25 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.

Stefano Domenicali: between home and away, played in the second quarter. Baseball operating costs increased in the second quarter primarily due to higher player payroll, increased payments under MOB's revenue sharing plan, and higher minor league team and player expenses.

Stefano: The battery continues to perform very well with revenue up 11% and adjusted to wipe it out. 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, 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 2024 and early 2025.

Stefano Domenicali: The battery continues to perform very well with revenue up 11% and adjusted oil up 13%.

Brian Wendley: 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. We're related to new seating options and expect to spend approximately 20 million on these projects across the back half of 24 and early 25. These are all high returning projects that will generate incremental revenue for the Braves in the 2025 season.

Greg McIe: Turning briefly venue nation would continue 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.

Stefano Domenicali: on in the second quarter.

Speaker Change: 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 2024.

Speaker Change: The Braves recently announced additional improvement projects to open ahead of the 25 season, primarily related to...

Stefano Domenicali: New seating options and expect to spend approximately $20 million on these projects across the back half of 2024 and early 2025.

Brian Wendling: 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 1.

Stefano: These are all high-returning projects that will generate incremental revenue for the Braves in the 2025. The battery of the Truist Headquarters 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 1.

Greg McIe: Turning to the braves. If that strong performance from key players this season through last weekend, Pazunya led the national league with 86 RBI. Since April 12th sale is out of 2.64 ERA and free to set a 2.71 ERA which ranked second and third respectively in the national league.

Stefano Domenicali: These are all high-returning projects that will generate incremental revenue for the Braves in the 2025 season.

Brian Wendley: At the battery of the truce headquarters is progressing ahead of schedule, and we'd expect to hand that building over to truest in September.

Speaker Change: At the Battery, the Truist Headquarters is progressing ahead of schedule and we'd expect to hand that building over to Truist in September .

Stefano Nogimenti-Kali: 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. Everyone continues to prove there is an incredible competition on track. Through 14 races this season, we have had 7 different winners from 4 teams. The gaps between teams are getting closer, both in qualifying and the races. In Imola, Max bet Lando by only 7 tenths of a second, following 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 1 tenths of a second, and we have seen Mercedes return to the top step of the podium with George winning in Austria, and Luis Hiddling his record night victory.

Stefano Domenicali: F1 continues to prove there is incredible competition on the track. Through 14 races this season, we have had 7 different winners from a full team. The gaps between teams are getting closer, both in qualifying and the race. Hungary saw another excellent race ending in Piazza's first F1 win, with a McLaren 1 and 2 and Hamilton rounding out the podium.

Stefano Domenicali: Now I'll turn it over to Stefano to discuss Formula One.

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 an incredible competition on track. Through 14 races this season we have had seven different winners from a four team. The gaps between teams are getting closer, both in qualifying and the race. In Imola, Max beat Lando by only 7 tenths of a second, following Lando's incredible win in Miami.

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

Greg McIe: Ahead of the trade deadline to brazen out the return of Hori Soler to fill a key position in the outfield and right-handed pitcher Luke Jackson. Both players were on the 2021 World Series winning team. Fan demand remains strong per caps up in ticketing and concessions year-to-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 6 inch Jim Bean bar concessions are up double digits versus 2023 concessions in the same location.

Speaker Change: Thanks Brian . The 2024 season is delivering incredible racing and action for our fans at home and our sold-out events.

Stefano Domenicali: F1 continues to prove there is an incredible competition on track. Through 14 races this season we have had 7 different winners from 4 teams. The gaps between teams are getting closer both in qualifying and the races.

Stefano Domenicali: In Imola, Max beat Lando by only 7 tenths of a second, following Lando's incredible win in Miami.

Stefano: In Monaco, we saw Charles Leclerc 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 Silver. Hungary saw another excellent race ending in Piasti's first F1 win with a McLaren 1 and 2 and Hamilton rounding out the podium.

Stefano Domenicali: In Monaco, we saw Charles Leclerc 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-Benz return to the top step of the podium with George winning in Austria and Luis sealing his record ninth victory at Sierta. Hungary saw another excellent race ending in Piasti's first F1 win with a McLaren 1 and 2, and Hamilton rounding out the podium.

Speaker Change: in monaco we saw charlie clad take his first home victory in canada the kept between the top four equalifi was one tenth of a second and seen beraders returned to the top step of the poing with george winning in ochure and louiscly his recordnnightth victory ap service

Stefano Nogimenti-Kali: 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 after against Luis, but was disqualified after the race because the card did not lead the required weight. 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.

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, 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.

Stefano Domenicali: Hungary saw another excellent race ending in Piastis 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

Stefano: 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 thrilling final lap battles against Lewis, but 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 Piazzi II and Charlotte Craig III.

Stefano Domenicali: 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 thrilling final lap battle 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 Piazzi II and Charlotte Craig III.

Stefano Domenicali: In Spa, we had an incredible race with very tight gaps throughout, and the lead changed multiple times, with Oscar Piazza II and Charlotte Craig III. By many measures, we have never had more competitive races. 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 seeing a record attendance of 350,000 and Circuit du Match setting its incredible 2023 record attendance of 480,000.

Speaker Change: George Russell crossed the finish line first after a three-in-final lap battles against Lewis, but was disqualified after the race because the car did not meet the required weight, meaning Lewis took his second victory of the season.

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

Stefano: By many measures, we have never had more competitive races. 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 scene record attendance of 350,000 and Circuit du Match in its incredible 2023 record attendance of 480,000.

Stefano Domenicali: By many measures, we have never had more competitive races. 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 2024. 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 scene record attendance of 350,000 and Circuit d'Homme matching its incredible 2023 record attendance of 480,000.

Stefano Domenicali: with Oskar Piastis second and Charlotte Craig third. By many measures, we have never had more competitive racing.

Stefano Nogimenti-Kali: 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 race in office is a very exciting process for 2025. The incredible competition of 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 350,000, and see that the match in its incredible 2023 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.

Brian Wendley: 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.

Speaker Change: i spent that they remained of two thousand and twenty four season will continue to deliver rate ration for our fans and as we look forward the increasing close race offers very exciting process before two thousand and twenty five

Stefano Domenicali: The incredible competition on track is leading to even higher engagement as our diverse fan base continues to grow.

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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 numbers in key growth markets including Australia, US, China, Canada, South Africa and the Middle East.

Stefano Domenicali: 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. 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.

Brian Wendley: 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 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.

Speaker Change: we continue to see so doub events and there is strong demands for the race is still to come decision

Stefano Nogimenti-Kali: On TV we have seen particularly strong numbers in key growth markets including Australia, the US, China, Canada, South Africa, and the Middle East. Looking at the recent races, the Canadian Grand Prix was the most real 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. 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 18-49 demo graphics average $1.3 million and the spring raises average $9,400 on ESPN.

Speaker Change: On TV we have seen particularly strong numbers in key growth markets including Australia, US, China, Canada, South Africa and the Middle East.

Stefano Domenicali: 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. 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.

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 the F1 in the UK since 2006. 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 946,000 viewership on ESPN, the largest on the channel since we introduced the sprint format in 2021.

Stefano Domenicali: 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 946,000 viewership on ESPN, the largest on the channel since we introduced the sprint format in 2021.

Brian Wendley: Turning to the Formula 1 group at quarter-end, Formula 1 group had tribute cash, liquid investment, 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 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 revolvers are drawn and their leverage at quarter-end is $1.3 times.

Stefano Domenicali: Looking at the US, five races this season have achieved record-high viewership for their respective events. The Chinese, Miami, Monaco, Canadian and British Grand Prix.

Stefano Domenicali: 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 946,000 viewership on ESPN, the largest on the channel since we introduced the sprint format in 2021.

Stefano Nogimenti-Kali: 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. We saw a 32% increase in social media followers compared to 2023, driven by the success of the new channel, threats, and what's up. And accelerated growth on Instagram. We also have a higher engagement with 4.1 billion video views and 880 million interactions 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 price increases for the first time across markets this year, which have been well received with the limited optics in turn.

Stefano: Our digital and social platforms 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 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.

Stefano Domenicali: 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.

Brian Wendley: 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 dollar incremental in Term Loan A at Formula 1, a condition on the transaction close. And we obtained commitments from banks to provide donor with a new $150 million Euro in 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.

Stefano Domenicali: 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, Threads and WhatsApp, and accelerated growth on Instagram.

Stefano Domenicali: We also have higher engagement with 4.1 billion video views and 880 million interactions 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.

Stefano Domenicali: we also have a high engagement with four point one billion video views and eight hundred eightey million interaction on hisagam 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 the 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.

Stefano Domenicali: 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 postcard this season.

Stefano Domenicali: fone tv continues to perform well total subscriber are up eleven percent year - over-year and in the u s market subscriber are up sixteen percent year-over-year

Brian Wendley: 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 reporting 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.

Stefano Domenicali: As previously mentioned, we implemented F1 TV price increases for the first time across markets earlier this year, which have been well received with the limited upticks in churn. F1 TV continues to be an important and growing product.

Stefano Nogimenti-Kali: 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 launched in 2018 surpassed 125 million this quarter. The F1 Explained podcast is engaged in new and more diverse audience, with 40% of the listeners in the US market.

Stefano Domenicali: We also continue to see great results from our postcard this season. Total listens to all episodes of the F1 podcast, including Beyond the Grid, F1 Nation and F1 Explained, 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, surpassed 125 million discords. The F1 Explained Podcast is engaging new and more diverse audience with 40% of the listeners in the US market. We announced the 2025 Spring Calendar, with races to take place at 6 events. China, Miami, Belgium, Austin, Brazil and Qatar.

Stefano Domenicali: 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. A few weeks ago, we announced the 2025 Spring Calendar, with races to take place at 6 events – China, Miami, Belgium, Austin, Brazil, The Spring continues to be a big success, with a higher TV audience for the Friday Spring qualifying and Saturday Spring race compared to traditional practices.

Brian Wendley: 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 in 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 free revenue driven by the additional races.

Stefano Domenicali: The F1 Explained podcast is engaging a new and more diverse audience, with 40% of the listeners in the US market. A few weeks ago, we announced the 2025 Spring Calendar, with races to take place at six events – China, Miami, Belgium, Austin, Brazil, and Qatar. The Spring continues to be a big success, with a higher TV audience for the Friday Spring qualifying and Saturday Spring 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. 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 2 in Barcelona with a dominant victory over Puli.

Stefano Domenicali: The F1 Explained podcast is engaging new and more diverse audience with 40% of the listeners in the US market

Stefano Nogimenti-Kali: A few weeks ago, we announced the 2035 spring calendar with the races to take place at 60 vets. 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 at 10-litre events, providing additional values for our promoters. 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 2025.

Speaker Change: a few weeks ago we announced that two thousand and twenty five spring calendter with races to take place at six eventsts china m ami belgium austin procecededing catar

Stefano: The Spring continues to be a big success, with a higher TV audience for the Friday Spring qualifying and Saturday Spring race compared to traditional practices. The events also bring extra on-track action for our fans attending the events, providing additional values for promotion. 80% of fans surveyed after the Chinese Grand Prix said that they prefer 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, Miami and Spain, and the next race in Zambia. Abby Pooling is leading the series and recently become the first woman to win a British F4 race. American drivers Chloe Chamber took first in race 2 in Barcelona with a dominant victory over Poli.

Brian Wendley: Just to avoid it to grow in the quarter as revenue growth, more than offset increased cost due to the 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. 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 Domenicali: 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 practice sessions.

Stefano Domenicali: The events also bring extra on-track action for our fans attending the events, 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 Chamberlain took first in race two in Barcelona with a dominant victory over Portugal.

Stefano Domenicali: 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 look forward to maintaining the momentum in 2025.

Stefano Nogimenti-Kali: 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 Zambler. Abby Pulling is leading the series and recently became the first woman to win a British F4 race. American drivers Chloe Chamber took first in race 2 in Barcelona with a dominant victory over Pulling. F1 Academy is growing engagement and attracting new fans. In the last 12 months, F1 Academy's social media followers had increased by three times with a diverse follower base. 57% of the F1 Academy followers on Instagram are female.

Stefano Domenicali: 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 Zambia.

Brian Wendley: 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 cost 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.

Speaker Change: Abby Pulling is leading the series and recently become the first woman to win a British F4 races. American driver Chloe Chamber took first in race 2 in Barcelona with a dominant victory over Pulling.

Stefano: F1 Academy is 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, 57% are under 25 years old and 83% are under 35 years old.

Stefano Domenicali: 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.

Stefano Domenicali: F1 Academy is growing engagement and attracting new fans. In the last 12 months F1 Academy social media followers have increased by three times with a diverse follower base.

Stefano Domenicali: 57% of the F1 Academy followers on Instagram are female, 57% are under 25 years old, and 83% are under 35 years old. Turning to commercial updates, on race promotion, there continues to be significant demand from potential new race hosts. 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.

Stefano Domenicali: 57% of the F1 Academy followers on Instagram are female, 57% are under 25 years old and 83% are under 35 years old.

Stefano Nogimenti-Kali: 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 views and 4 million interactions on social media, with two million live viewers on World F1 Academy. It 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: Online coverage of F1 Academy across news 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 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 promoter hosting F1 Academy events this year are lining up to host again in 2025 and will receive interest from several other markets.

Stefano Domenicali: 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 will receive interest from several other markets.

Stefano Domenicali: Online coverage of F1 Academy across new sites and social reaches almost 700 million Internet users.

Speaker Change: The Miami Grand Prix alone generated 14.7 million video views and 4 million interaction on social media, with 2 million live viewers on Broadcast TV.

Brian Wendley: Reminder that Quent 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.

Stefano Domenicali: F1 Academy has also been engaging fans attending F1 events around the calendar.

Stefano Domenicali: Given the success alongside the F1 races weekend, many of the promoter hosting F1 Academy events this year are lining up to host again in 2025, and will receive interest from several other markets.

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

Stefano Nogimenti-Kali: Turning to commercial updates, on race promotion there are continuous to be significant demand from potential new race hosts. We now currently intend to go above 24 races in our 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 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.

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, The added benefit of this demand with a 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 significant refurbishment, including a new pit building from 2026.

Stefano Domenicali: Turning to commercial updates, on race promotion, there continues to be significant demand from potential new race hosts. However, 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 sport. The added benefit of this demand with limited race slots creates increased incentives for promoters to innovate and improve the experience at races across the calendar. Furthermore, more promoters are committing to investments in their races. For example, Hungary has committed to significant refurbishment, including a new pit building in 2026.

Speaker Change: turning to commercial updates on race promotion there continues to be significant demand forfrom potential new race hosts we re not currently intent to go above twenty four races in our season as our duties to ensure the right fo taagingimbalance for the long-term funuture of the sport

Stefano Domenicali: The added benefit of this demand with limited race slots creates increased incentives for promoters to innovate and improve the experience at race across the calendar.

Stefano Domenicali: 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 have also seen examples of great entertainment from promoters, including the Barcelona Fan Event, Thursday concert in Silvester and 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 and optimize the calendar for 2026 and beyond. Our media rights, 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.

Stefano Domenicali: We are also seeing examples of great entertainment from promoters, including the Barcelona Fan Event, Thursday concert in Silvers, and, 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 and optimize the calendar for 2026 and beyond, 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.

Stefano Domenicali: We have also seen examples of great entertainment from promoters, including the Barcelona Fan Event, Thursday concert in Silvester and of course, we look forward to returning to Las Vegas after an incredible show in 2023.

Stefano Nogimenti-Kali: 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.

Brian Wendley: The battery continues to form very well with revenue of 11 percent and adjusted to a bit of up 13 percent 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 We're related to new seating options and expect to spend approximately 20 million on these projects across the back half of 24 and early 25. These are all high returning projects that will generate incremental revenue for the braves in the 2025 season.

Speaker Change: we announ at two thousand and twenty-five canenda much earlier this year which gives the teams and promoters more time to prepare and market demmainands

Stefano Domenicali: We now continue to focus on optimizing the calendar for 2026 and beyond.

Stefano Nogimenti-Kali: Our media rights, 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 media ideals. We also continue to be excited about the amount of counter-the F1 has to offer. 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 of this content.

Speaker Change: our media right we have some key renewal to address for two thousand and twenty six including our deals across of the americas u s canada la braziland mexico as well as cross most of asia in digjapan

Stefano: The continued growth of our diverse fanbase around the world, including the US, and demand from broadcasters means we are confident in the future of our media ideas. 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 cars. We can offer our broadcast partners and the fans at home incredible access and insight into the weekend through all these.

Stefano Domenicali: 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 rights. 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 cars. We can offer our broadcast partners and the fans at home incredible access and insight into the weekend with all these.

Stefano Domenicali: 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 ideals.

Brian Wendley: At the battery of the truce headquarters is progressing ahead of schedule, and we'd expect to hand that building over to truest in September.

Stefano Domenicali: 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 cars.

Stefano Nogimenti-Kali: 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. Everyone continues to prove there is an incredible competition on track. Through 14 races this season we have had 7 different winners from 4 teams. The gaps between teams are getting closer both in qualifying and the races. In Imola, Max bet Lando by only 7 tenths of a second, following Lando's incredible winning Miami.

Stefano Domenicali: We can offer our broadcast partners and the fans at home incredible access and insight into the weekend through all this content.

Stefano Nogimenti-Kali: Alongside this, we are very pleased to once again deliver the F1 Kids Programming Decision for seven 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. The feed, the feature of 3D graphics, child-friendly team radio transmission, technical explanation, and a bespoke package of colorful graphics and animation. Included the cartoon drivers, avatars, and upgraded car delivery design.

Stefano: Alongside this, we are very pleased to once again deliver the F1 Kids program in this season for seven events. 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 broadcaster around the world via a live, dedicated, international feed of the Grand Prix. The feed features 3D graphics, child-friendly team radio transmission, technical explanation and a bespoke package of colorful graphics and animation, included the Cartoon Drivers' Avatars and Upgraded Car Livery Design. The production returning south.

Stefano Domenicali: 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 broadcasters around the world via a live, dedicated, international feed of the Grand Prix. The feed 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. The production is returning south.

Speaker Change: Alongside this, we are very pleased to once again deliver the F1 Kids program in this season for seven events. 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.

Stefano Domenicali: F1 Kids is available through broadcasters around the world via a live, dedicated, international feed of the ground. The feed features 3D graphics, child-friendly team radio transmission, technical explanation, and a bespoke package of colorful graphics and animation.

Stefano Domenicali: F1 Kids is available through broadcaster around the world via a live dedicated international feed of the Grand Prix.

Stefano Nogimenti-Kali: In Monaco we saw Charlie Claire take his first home victory. In Canada the gap between the top four in qualifying was 1 tenths of a second, and we have seen Mercedes return to the top step of the podium with George winning in Austria, and Luis Hiddling his record night victory. Hungary saw another excellent race ending in Piazza's first F1 win with a McLaren 1 and 2 and Hamilton rounding out the podium.

Stefano Domenicali: The feed features 3D graphics, child-friendly team radio transmission, technical explanation and a bespoke package of colorful graphics and animation.

Stefano Domenicali: included the cartoon drivers avatars and upgraded car livery design.

Stefano Nogimenti-Kali: 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.

Stefano: Followed by Monaco and Silverstone, and will also be available for Dutch, Singapore, San Paolo and Abu Dhabi Grand Prix later this season. Look at our 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.

Stefano Domenicali: Following Monaco and Silverstone, they will also be available for the Dutch, Singapore, San Paolo, and Abu Dhabi Grand Prix later this year. Look at our 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.

Stefano Domenicali: The production returned in Saudi.

Stefano Domenicali: followed by Monaco and Silverstone and will also be available for Dutch, Singapore, Sao Paulo and Abu Dhabi Grand Prix later this season.

Stefano Nogimenti-Kali: 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 3 in final lap after against Luis, but was disqualified after the race because the card did not lead the required weight. Luis took his second victory of the season with Oscar Piazza's second and Charlie Claire's third.

Speaker Change: Look at our sponsorship. We are confident in the pipeline with exciting conversations underway.

Speaker Change: We continue to have opportunities in categories such as financial services, consumer electronics, telco and betting.

Stefano Nogimenti-Kali: 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 days we can't.

Stefano Domenicali: 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 23rd of June 2021.

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 23rd of June 2021.

Stefano Domenicali: 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.

Stefano Domenicali: We are also continuing strong progress on fun engagement opportunities outside of this weekend. In partnership with Apple and Warner Bros., 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 June 23, 2021. 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.

Stefano Nogimenti-Kali: 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 race in office very exciting process for 2025. The incredible competition of 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 350,000, and see that the match in its incredible 2023 record attendance of 480,000.

Stefano Domenicali: We are also continuing strong progress on fun engagement opportunities outside of this weekend.

Stefano Nogimenti-Kali: 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, would 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: 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 2025.

Stefano: We were excited to release the movie teaser during the build-up of the British Grand Prix. The film is unique in that it is being filmed authentically during the operation 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. Across all six seasons to date, the cumulative audience for the series is close to 800 million.

Stefano Domenicali: 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 our Racing 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 a global audience of over 100 million viewers in the first five months since release. Across all six seasons to date, the cumulative audience for the series is close to 800 million.

Stefano Domenicali: We were excited to release the movie teaser during the build-up of the British Grand Prix. The film is unique in that it is being filmed authentically during our Racing Weekend and it will be a great opportunity for our sport to reach new fans and engage audiences.

Stefano Nogimenti-Kali: The 6th season of Dreyter Survive after reaching the top 10 on Netflix in over 40 markets has seen a global audience of 100 million viewers in the first five months since released. A close of 6 seasons to date, 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 ticketed watch party during the three new servers and race, and all venues sold out, with the London venue welcoming all the most 600 guests.

Stefano Domenicali: 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. Across all six seasons to date, the cumulative audience for the series is close to 800 million.

Stefano Nogimenti-Kali: 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 including Australia, US, China, Canada, South Africa and the Middle East. Looking at the recent races, the Canadian Grand Prix was the most real 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.

Stefano: F1RK continues to perform well with high numbers of bookings during both race and non-race, 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 3D Silverstone race. And all venues sold out, with the London venues welcomed almost 600 guests.

Stefano Domenicali: 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 launch. All three F1 Arcade venues hosted a ticketed watch party during the thrilling Silverstone race, and all venues sold out, with the London venues welcoming almost 600 guests.

Speaker Change: F1RK continues to perform well with high numbers of bookings during both race and non-race weeks.

Stefano Domenicali: 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 3D Silverstone race. And all venues sold out, with the London venues welcomed almost 600 guests.

Stefano Nogimenti-Kali: The ongoing success of the project means that, in addition to the venues in London, Birmingham, Boston, F1 Arcade 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 Las Vegas in 2025, with more to come. Following its 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 Domenicali: 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 its 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 Domenicali: 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 Las Vegas in 2025, with more to come.

Stefano Nogimenti-Kali: 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 18-49 Demo Graphics 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 Nogimenti-Kali: Following successful runs in Madrid and Vienna, the F1 exhibition has continually 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. These are great examples of bringing fans and future fans into our sport through different routes, with a mix of F1 entertainment and hospitality.

Operator: Following its 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 Europe. These are great examples of bringing fans and future fans into our sport through different routes with a mix of F1, entertainment, and hospitality. 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 inclusion initiatives, both within our business and wider.

Operator: 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.

Speaker Change: even though the london show is not yet open sixty thousand and tikes hour a evening 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, 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 widely. A key partner of our plans would be to move the fully sustainable fuel in 2026, which we believe could provide huge benefit as an innovative solution to decarbonize existing and future cars for both the F1 ecosystem and the broader automotive industry.

Stefano Domenicali: 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... 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.

Stefano Nogimenti-Kali: We saw 32% increase in social media followers compared to 2023, driven by the success of the new channel, threats and what's up. And accelerated growth on Instagram. We also have a higher engagement with 4.1 billion video 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 price increases for the first time across markets this year, which have been well received with the limited optics in turn.

Operator: This is a great example of bringing fans and future fans into our sport through different routes with a mix of F1, entertainment and hospitality.

Stefano Nogimenti-Kali: Our ESG program remains an important focus for the business. Earlier this year, we published our first impact report showing the progress we have 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 would be to move the fully sustainable fuel 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.

Operator: Our ESG program remains an important focus for the business.

Operator: 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.

Operator: A key part of our plans will 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. We continue to work closely with the teams, the FAA, partners, and promoters to deliver on our commitments, as highlighted by recent events. As I mentioned earlier, the 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.

Operator: A key partner of our plans would be to move the fully sustainable fuel in 2026, which we believe could provide huge benefit as an innovative solution to decarbonize existing and future cars for both the F1 ecosystem and the broader automotive industry.

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 commitments as highlighted by recent events. Silverstone event was powered by renewable energy, including over 2,000 solar panels, and that increased the recycling activity. Following success in Oslo last year, there have been further trials of a low-carbon energy system deployed to support activity across the path of the 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 a third scheduled for Monday.

Stefano Domenicali: 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 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 path of 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.

Operator: 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 highlighted by recent events.

Stefano Nogimenti-Kali: 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 powered by renewable energy, including over 2000 solar panels and had increased the recycling at the event. Following success in Ossia 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 percent. Trial this year has taken place in Austria and Hungary, with the first catalyst for months.

Stefano Nogimenti-Kali: 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 launched in 2018 surpassed 125 million this quarter. The F1 Explained podcast is engaged in new and more diverse audience with 40% of the listeners in the US market.

Operator: The Silverstone event was powered by renewable energy, including over 2,000 solar panels, and had increased recycling at the event.

Operator: 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%.

Stefano Nogimenti-Kali: A few weeks ago, we announced the 2035 spring calendar with the races to take place at 60 vets. 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 at 10-litre events, providing additional values for our promoters. 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 2025.

Speaker Change: Trial this year has taken place in Austria and Hungary, with a third scheduled for Monza.

Stefano Nogimenti-Kali: 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 FOMO-1 engineering scholarship over 2024 and 25. Founded in 2021, the scholarship program addressed some of the key barriers to higher education for a representative student, including financial burden and access. By 25, 50 students will have entered the program.

Stefano: On diversity and inclusion, we were delighted to recently confirm that as a 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.

Stefano Domenicali: 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.

Operator: 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

Speaker Change: 20 engineering students in the UK and Italy will become the latest recipients of the Formula 1 Engineering Scholarship over 2024 and 2025.

Speaker Change: Founded in 1921, the scholarship program addressed some of the key barriers to higher education for unrepresented students, including financial burden and access.

Stefano Nogimenti-Kali: 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 Zambler. 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 2 in Barcelona with a dominant victory over Pulling. F1 Academy is growing engagement and attracting new fans. In the last 12 months, F1 Academy's social media followers had increased by three times with a diverse follower base.

Operator: By 2025, 50 students will have entered the program.

Stefano Nogimenti-Kali: As I mentioned earlier, F1 Academy continues to go from strength to strength and is critical to go 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, racing 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 Flourge, racing FIA Formula 3 for Van Amherst of Racing. This shows the huge importance of the FIA F3 and FIA F2 paranit, Rambe Bruno Michel, that continues to develop a nurture young talent to reach the very top of our sport.

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. 8 female drivers, including 5 F1 Academy drivers, raced in round 6 of the F4 British Championship, which was the highest ever level of female participation in the championship. We also have a talented driver, Sofia Flerch, racing in FIA Formula 3 for Van Amersfoort Racing.

Stefano Domenicali: 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. 8 female drivers, including 5 F1 Academy drivers, raced in Round 6 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.

Operator: 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.

Operator: 8 female drivers, including 5 F1 Academy drivers, raced in Round 6 of the F4 British Championship, which was the highest-ever level of female participation in the championship.

Operator: We also have a talented driver, Sophia Flersch, racing in FIA Formula 3 for Van Amersfoort Racing. This shows the huge importance of the FIA F3 and FIA F2 championships run by Bruno Michel that continue to develop and nurture young talent to reach the very top of our sport.

Operator: We also have a talented driver, Sofia Flörsch, racing in FIA Formula 3 for Van Amersfoort Racing.

Stefano Nogimenti-Kali: 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 views and 4 million interaction on social media with two million live viewers on World 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.

Stefano: 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 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 Domenicali: This shows the huge importance of the FIA F3 and FIA F2 parameters run by Bruno Michel that 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 grass-roots program, Discover Your Drive, to encourage and nurture females as young as 8 to try fishing.

Operator: 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.

Stefano Nogimenti-Kali: 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. 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.

Speaker Change: can een the right structure for these talented fema drivers and ensuring we have the right system in place to nurture talent at a young age is incredible important

Operator: That is why we continue to be excited about our grassroot program. Discover your drive to encourage and nurture females as young as 8 to try to go karting.

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 Domenicali: We remain focused on the long-term goal and building a sustainable increase in female participation in motorsport. 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!

Operator: We remain focused on the long-term goal of building a sustainable increase in female participation in motorsport.

Speaker Change: 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 am confident in our future. Avanti tutta! Full speed ahead! And now I will turn the call back over to Greg. Thank you. Ciao!

Greg McIe: I will turn the cold back over to Greg. Thank you. Thanks, Stefano, and Brian.

Greg: 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 look forward to seeing you at the Jazz at Lincoln Center. Save the date.

Greg 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.

Greg McIe: Our annual industrial day will be Thursday, November 14th, in New York City. Please note, we have moved to a new location. We will look forward to seeing you at the Jazz at Lincoln Center. Save the day. Additional details will be provided soon. We hope to see many of you there.

Operator: Thank you.

Speaker Change: Thanks, Stefano and Brian .

Speaker Change: Our annual investor day will be Thursday, November 14th in New York City.

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

Speaker Change: Please note, we've moved to a new location. We 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. And with that, Operator, let's open the line for questions.

Operator: Additional details will be provided soon. We hope to see many of you there. 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.

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.

Stefano Nogimenti-Kali: For example, Hungary has committed to significantly refurbishing 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.

Operator: And with that offered, 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 one on your telephone keypad. A confirmation to a one-to-date 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.

Operator: Additional details will be provided soon. We hope to see many of you there. 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 unwindigate line is in the question queue.

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 gate line is in the question queue. You may press star 2 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 start. As a reminder, we please ask you to limit to one question and one follow-up. Our first question comes from Brian Kraft with Deutsche Bank. Please proceed with your question.

Operator: Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star 1 on your telephone keypad. A confirmation to a Windgate 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.

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.

Stefano Nogimenti-Kali: 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 media rights, 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 media ideals.

Speaker Change: a confirmation to will indicate line is in the questionions of view you may p start two if you'd like to remove your question from the que

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, we please ask you to limit to one question and one follow-up.

Speaker Change: as a reminder we as we remind that we please i 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.

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

Speaker Change: our first question comes from brian craft with yer bank please proceed with your question you

Renee: Hi, good morning. 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 in the strength of demand, and maybe specifically, if you could comment on what you're seeing since the biggest ticket sale on sale in late March?

Brian Kraft: 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 sell-out, on-site spending or whatever metrics you look at.

Stefano Nogimenti-Kali: We also continue to be excited about the amount of counter-the F1 has to offer. 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 of this content. Alongside this, we are very pleased to once again deliver the F1 Kids Programming Decision for seven events.

Brian Kraft: 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 Vegas tickets went on sale in late March?

Renee: Thank you.

Renee: Stephanie, I wanted you to start. No, I'll ask Renee. Yes. 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 front of us. And there is still a very, very, very high interest. We had, of course, monitor 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.

Brian: Stefano, why don't you start? and I'll ask Rene to comment.

Greg Maffei: Stefano, why don't you start, and then I'll ask Rene to comment. Yeah. Thank you, Greg. Thank you.

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

Speaker Change: definitely one you start no last berrennadia commental b

Stefano: I mean, from 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, you know, 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 champions.

Stefano Domenicali: I mean, from 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 in our championship.

Greg Maffei: Thank you, Greg. Thank you, Brian.

Brian: Thank you, Greg. Thank you, Brian.

Brian: Yeah

Stefano Domenicali: Thank you, Greg. Thank you, Brian . I mean, from what we can see, as we have already announced, we don't see any kind of...

Stefano Nogimenti-Kali: 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 to work faster around the world via a live, dedicated, international feed of the Grand Prix. The feed, the feature of 3D graphics, child friendly team radio transmission, technical explanation, and a bespoke package of colorful graphics and animation. Included the cartoon drivers, avatars, and upgraded 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.

Speaker Change: Significant backdrop of any interest. I mean we have sold out even in the events we are in front of us and and and there is still a very very very high interest.

Speaker Change: We are, of course, monitoring the situation on the event side because we know that in other areas, there is sort of drop of that request. But this is something that we don't see at all in our championship.

Renee: Encouraging to hear it. Thank you. 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 the last-minute market and Las Vegas is even more of a last-minute market.

Unnamed Speaker: 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 sale trends is consistent with what you would expect for a year or two events. Also, U.S. is a last-minute market and Las Vegas is even more of a last-minute market.

Brian: Encouraging to hear. Thank you

Greg Maffei: 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 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.

Rene: 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 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.

Rene: And maybe just to focus a little bit on the 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 two events Also us is a last-minute market and Las Vegas is even more of a last-minute market

Stefano Nogimenti-Kali: 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, telco, 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 days we can't.

Greg Maffei: 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 there is just, 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.

Rene: 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 there is just, 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.

Unnamed Speaker: Year one is not necessarily the best comparison for a couple reasons. First off, there was a longer sale 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 onto 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.

Renee: 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 our launch event, which was six months earlier than this year's on sale for year two. And there is... is just you cannot minimize just the excitement around the early demand that you see for a year one event.

Rene: Year one is not necessarily the best comparison for a couple of reasons.

Speaker Change: first off there was a longer sale cycle v went on deale during a launchedit

Rene: six months earlier than this year's on sale.

Rene: bring your q and there is just you cannot minimize just the excitement around the early demand that you see for a year one event so focusing directly onto year two what we have done a little differently this year and a couple of our partners mentioned this earlier to speak during their own earnings call

Renee: 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 marked 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'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.

Stefano Nogimenti-Kali: 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 Bruchheimer, would 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.

Rene: is really focus our marketing on the upcoming period.

Greg Maffei: 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 at upcoming events.

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, you know, leading three months up to an event, you're getting 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 upcoming

Speaker Change: what we did last year it was really marked throughout the year again it was a year one abon we wanted to maintain the excitement and the momentum

Rene: 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 dry powder into the marketing spendthat's upcoming and we're really excited about the demand that we're starting to see and expect to continue to see up ticking

Renee: Thank you very much, Renee. Thank you.

Stefano Nogimenti-Kali: The 6th season of Dreyter Survive after reaching the top 10 on Netflix in over 40 markets has seen a global audience of 100 million viewers in the first five months since released. A close of 6 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.

Operator: Thank you. For 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.

Operator: 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 F-1. It was relatively flat year-to-date.

Peter Subpoena: My next question, please. Our next question comes from Peter Subpoena with Wolf Research.

Operator: Thank you very much, Rene.

Operator: Our next question comes from Peter Cepino.

Operator: Our next question comes from Peter Cepino with Wolf Research. Please proceed.

Speaker Change: Thank you. My next question, please.

Operator: Our next question comes from Peter Cepino with Wolf Research. Please proceed with your question.

Stefano Nogimenti-Kali: Please proceed with your question. Hi, good morning. I wanted to ask about promotion revenue at F1.

Speaker Change: good morning or to ask about promotion revenue at f one

Stefano Nogimenti-Kali: 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 into 2024.

Speaker Change: it was relatively flat year-over-year despite the two additional races and

Speaker Change: you said it event mix as the reason that just wondered if you could give any more color on event mix specifically

Stefano Nogimenti-Kali: All three F1 arcade venues hosted a ticketed watch party during the three new servers and 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, 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: and how we should be thinking about those dynamics in the two thousand and twenty four and then i want to ask about the concord agreement and wonder if you have any fresh thoughts on that process thank you

Stefano Nogimenti-Kali: And then I wanted to ask about the Concord Agreement and wondered if you have any fresh thoughts on that process. Thank you.

Stefano Nogimenti-Kali: Stefano, what about the mix and then let you comment on the Concord agreement? Okay. Yeah, so on the promoter mix, as we noted in our prepared remarks, you had Australia and Azerbaijan fallout; you had China, Austria, Japan, and Imola 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 less race, with Japan basically falling out, but Azerbaijan coming back in, and then Q4 looks pretty similar.

Brian: Stefano, why don't I let Brian talk about the mix and then let you comment on the Concord

Brian: Stefano, why don't I let Brian talk about the mix and then let you comment on the Concord Agreement?

Ryan: Stefano, why don't I let Ryan talk about the mix and then let you comment on the Concord Agreement.

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. 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.

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

Brian: Okay.

Brian: Yeah, so on the promoter mix, as we noted in our prepared remarks,

Speaker Change: You had Australia and Azerbaijan fall out. You had China, Austria, Japan.

Brian: and Imola come back into the quarter for 2024. You know, obviously each race has a different fee, so when we say Promoter Mix...

Speaker Change: You're looking at different fees for each race.

Speaker Change: 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 y and q three will have one less rays with japan japan basically falling out but er by job coming back in

Stefano Nogimenti-Kali: Our ESG program remain an important focus for the business. Earlier this year, we published our first impact report showing the progress we have making on our net zero 2030 commitment, as well as our diversity and inclusivity initiatives both within our business and wider sport.

Brian: In Q3, we'll 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.

Stefano Nogimenti-Kali: 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: and then q four looks pretty similar so again we would just highlight that you look at the business on a year-to-date or full year basis when available

Stefano Nogimenti-Kali: Keep our plans would be to move the fully sustainable fuel 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. We continue to work closely with the teams, the FAA partners and promoters to deliver on our commitment as I lighted by recent events.

Stefano Nogimenti-Kali: 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 the long four, but everything is running smoothly as expected, and this is really great because the relationship with the teams, with the FIA, and with all the other stakeholders is very good in this moment.

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

Stefano: I think the second question on Concord Agreement, I would say, as we said the other time, I mean, it's, it's, uh, it's...

Stefano Domenicali: The second question was on the Concord Agreement. I would say, as we said the other time, I mean, it's, it's, it's all good.

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

Stefano Domenicali: because we have the right time, the right relationship with the team, and, as you know, the Concord is divided into three main pillars. One is commercial, and one is related to governance.

Stefano Domenicali: 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 FIA, and with all the other stakeholders is very good at this moment. So, it is 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 division of the revenues between the team and the commercial right holder. But it's all great.

Stefano Domenicali: 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 FIA, and with all the other stakeholders is very good at this moment. So, working and progressing, you know, 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 division of the revenues between the team and the commercial right holder. But it's all great.

Stefano Domenicali: Everything is progressing very very well as you know we are not in a rush to complete the long four but everything is running smoothly as expected.

Stefano Nogimenti-Kali: The Silverstone event was powerful by renewable energy, including over 2000 solar panels and had increased the recycling at the event. Following success in Ossia 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 percent. Trial this year has taken place in Austria and Hungary, with the first catalyst for months.

Stefano Domenicali: and this is really great because the relationship with the teams, with the FIA and with all the other stakeholders is very good in this moment. So, working and progressing, you know, 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're going to sign up will be the right in term of division of the revenues between the team and the commercial right holder. But it's all great now.

Stefano Nogimenti-Kali: 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. That is all great.

Stefano: And of course, we are focusing to try to maximize.

Stefano: the benefit to have the maximum joint commercial activities with all the teams and making sure that what we're going to sign up will be the right

Stefano: show that what we're going to sign up will be the right in terms of division of the revenues between the team and the commercial right holder. But it's all great.

Stefano Nogimenti-Kali: No. Thanks so far.

Stefano Nogimenti-Kali: 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 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 a representative student, including financial burden and access. By 25, 50 students will have entered the program.

Speaker Change: Thanks, Stefano.

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

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

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

Greg McIe: Thanks.

Unnamed Speaker: Thanks. Good morning, everyone.

Operator: Thanks. Good morning, everyone.

Greg McIe: 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.

Ben Winburn: Thanks, good morning everyone.

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. And then, I don't know if you or Stephan want to take this, but, you know, what prevented Andretti from joining F1?

Greg Maffei: 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: you guys two questions probably for greg live nation continues to perform really well from a business perspective at the stock

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.

Ben Winburn: It's obviously limited given the DOJ overhang. I'm just curious from your perspective if there's any appetite.

Speaker Change: 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.

Stefano Nogimenti-Kali: As I mentioned earlier, F1 Academy continues to go from strength to strength and is critical to go 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, racing 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 Flourge, racing FIA Formula 3 for Van Amherst of racing.

Greg Maffei: 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. Thanks. I'll take a cut.

Greg McIe: But you know, what prevented the And Ready from joining F1, and obviously there's this 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, any comment would be interesting and helpful. Thanks.

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

Speaker Change: What prevented Andretti from joining F1, and obviously there's some DOJ noise there, I guess, keeping on theme.

Greg: 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.

Speaker Change: which i'm imagine you'reprobably 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 helpfulthank

Stefano Nogimenti-Kali: This shows the huge importance of the FIA F3 and FIA F2 Paranit, Rambe Bruno Michel, 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 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.

Greg McIe: I'll take a cut. So first on Live Nation, I think the business, as you heard and know, 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 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.

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 charge of the DOJ are without merit, particularly the idea that somehow breaking it up would lower ticket prices.

Greg Maffei: 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: 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.

Stefano Nogimenti-Kali: Thank you.

Speaker: 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.

Speaker: 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 charges of the DOJ are without merit.

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 that 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, what we believe will continue to operate very well through the base, through 2024 and into 2025.

Greg Maffei: 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 that 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.

Speaker Change: particularly the idea that somehow breaking it up would 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.

Greg McIe: 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, planned at least as far as I understand it, to go forward with the businesses we have. And the contingent business as well, we believe will continue to operate very well through the base, through 2024 to 2025.

Speaker Change: however would the market the fact is the market driven by excess demand compared to supply that tririves prices

Speaker Change: 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.

Greg McIe: I will turn the cold back over to Greg.

Greg Maffei: 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. 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.

Greg McIe: Thank you. Thanks, Stefano and Brian.

Greg McIe: Our annual industrial day will be Thursday, November 14th in New York City.

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

Greg McIe: Please note, we have moved to a new location. We will look forward to seeing you at the Jazz at Lincoln Center.

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 approval of the FIA and the F1, and both groups have to find the criteria met, and we're certainly open to new entrance making applications and potentially being approved if those requirements are met.

Greg McIe: Looking at Andredi, as you saw this morning, we announced that there is a DOJ investigation. We intend to fully cooperate within investigation, including any related requests from information. We believe our determination, F1's determination, was in compliance with all applicable US antitrust laws. And we've used to be Andredi in prior statements. 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 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.

Speaker Change: Looking at Andretti, as you saw this morning, we announced that there is a DOJ investigation. We intend to fully cooperate with that investigation.

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

Speaker: including any related requests for information.

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

Speaker Change: 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-a-vis Andretti in prior statements.

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

Speaker Change: 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 find the criteria met.

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

Brian Kraft: Our first question comes from Brian Kraft with Deutsche Bank. Please proceed with your question. Hi, good morning. 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 in the strength of demand and maybe specifically, if you could comment on what you're seeing since the biggest ticket sale on sale in late March? Thank you.

Greg McIe: Thanks, Craig.

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

Craig: Thanks, Craig.

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

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

Vijay: but that largely represents Quint buying tickets from Formula 1.

Renee: Please proceed with your question. 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.

David Joyce: A question on Quint. If you could please help us understand...

David Joyce: How the relationship worked before you acquired it in terms of...

David Joyce: would they buy tickets from you on wholesale basis for as part of their wholesale hospitality packages but now that it's inside what what are the impacts on revenue expenses and ebit on terms of any eliminations from your activities specifically at f one events thanks

Renee: Stephanie, I wanted you to start. No, I'll ask Renee. Yes. 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 front of us. And there is still a very, very, very high interest. We had, of course, monitor 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.

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

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

Renee: Maybe Renee is in a good position to take that. Thanks, Greg. Thanks for the question on Clint. So I would say part of the acquisition, Clint 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 paddock clubs for the teams as well as for F1s directly.

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

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 keeping those business relationships on kind of a third-party basis.

Greg Maffei: 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 offers. 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 keeping those business relationships on kind of a third-party basis.

Speaker Change: 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.

Speaker Change: And then the relationship back to Formula 1 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.

Renee: Encouraging to hear it. Thank you. 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 the 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.

Renee: Now that Clint is a subsidiary of Livery 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 a third party basis. With regard to LVGP, 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 consolidated up through Liberty Media, with a commission-based arrangement being paid to Formula One, which commission-based payments then go into the prize fund.

Speaker Change: 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 under the Concord Agreement.

Speaker Change: So really keeping those business relationships on kind of a third-party basis.

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 up 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 process still. I'll defer to Brian on the accounting. Yeah, you can.

Greg Maffei: 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, you can see on page three the eliminations.

Renee: 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 there is.., is just 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.

Vijay: 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.

Speaker Change: 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 goes into the prize fund.

Brian Wendley: 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 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. I'll defer to Brian on the accounting question.

Renee: What we did last year was really marked 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'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.

Renee: Thank you.

Brian Wendley: I'll just write a Brian on the accounting question.

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 LBGP up to Liberty Corporate in there as well. But that largely represents Quint buying tickets from Formula, and then reselling, but at the price that they're buying them.

Brian Wendling: 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 Formosa and then reselling them.

Brian Wendley: Yeah, you can see on page three the eliminations for the quarter that primarily represents the eliminations between Clint and Formula One.

Speaker Change: 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 LBGP up to Liberty Corporate in there as well.

Brian Wendley: You also have the lease payment across from LVGP 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 are buying them from Formula One. Appreciate it.

Peter Subin: My next question, please. Our next question comes from Peter subpoena 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 that just wondered if you could get any more color on event mix specifically and how we should be thinking about those dynamics into 2024. And then I wanted to ask about the Concord agreement and wondered if you have any fresh thoughts on that process. Thank you.

Speaker Change: But that that largely represents Quint buying tickets from Formula

Speaker Change: and then reselling him

Speaker Change: at the price that they're buying them from Formula One.

Vijay Jant: Thank you very much. Next question, please.

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

Operator: Our next question comes from Vijay Jant with Evercore ISI.

David Joyce: Appreciate it. Thank you very much.

Greg McIe: Our next question comes from Vijay Jant with Evercore ISI. Please proceed with your question.

Speaker Change: nexts questions please our next question comes in vje jan with evercore i i please proceed with your question

Greg: 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 updates for us on the other side. Anything you could share, you know, 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 for Rene, on the Vegas race, just for clarity, 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?

Greg Maffei: Thanks. 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, 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 Rene, 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?

Greg McIe: 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 repaid for us on the other side.

David Joyce: Thanks. So Greg, you've been now saying a few times that you're really excited about the sponsorship business.

David Joyce: Obviously, that's probably the most opaque for us on the other side. Anything you could share on what it is and how meaningful is it gonna be? There's obviously been some.

Greg McIe: Anything you could share on what it is and how meaningful it is that it's going to be obviously been some press reports that LVMH is going to be a new partner. Anything on that would be really helpful.

Stefano Nogimenti-Kali: Stefano, what about the mix and then let you comment on the Concord agreement? Okay. Yeah, so on the promoter mix as we noted in our prepared remarks, you had Australia and Azerbaijan fallout, you had China, Austria, Japan and Imola 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.

Speaker Change: 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 clarity, your hotel partners...

Greg McIe: And then just also for the name on the Vegas race, this is a clarity with your hotel partners that you sort of curate high and high-speed you with rooms and everything. Do they buy tickets from you directly and then do it, or is it some other form of arrangement? Thanks.

David Joyce: 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? Thanks.

Greg McIe: Thanks, DJ. 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 at 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. I feel very good about where we both are on those new entrants and on renewals at attractive prices from some of our existing players.

Greg Maffei: Thanks, PJ. I'll comment a little on sponsorship and let Stephanie know. Look, I think I'm very excited about the sponsorship pipeline and 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 into in the sponsorship world.

Greg: Thanks, Vijay. So I'll comment a little on sponsorship and Len Stefan. Definitely, with anything you want to add.

Greg: Thanks, Vijay. So I'll comment a little on sponsorship and Len Stefan. 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 entry in in the sponsorship world.

Greg: Thanks P.J. So I'll comment a little on sponsorship and let Stefano add anything he wishes.

Speaker Change: 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

Stefano Nogimenti-Kali: Japan in Q3 will have one less 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-day or four-year basis when available.

Speaker Change: continued interest from blue-chip clients who want to be involved at prices which are more attractive for us than historical levels.

Speaker Change: and filling out categories that we previously had not had an entry in.

Greg: So obviously I can't comment on any rumored or unannounced deals, but I feel very good about the pipeline. I feel very good about where we both are on those new entrants and on renewals at attractive prices from some of our existing players, definitely with anything you want to add.

Greg Maffei: So obviously, I can't comment on any rumored or unannounced deals, but I feel very good about the pipeline, feel very good about where we both are on those new entrants and on renewals at attractive prices from some of our existing players. Absolutely with anything you want to.

Speaker Change: in the sponsorship world.

Greg: So...

Stefano Nogimenti-Kali: 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 the long four but everything is running smoothly as expected and this is really great because the relationship with the teams, with the FIA and with all the other stakeholders is very good in this moment.

Speaker Change: Obviously, I can't comment on any rumored or unannounced.

Speaker Change: deals, but I feel very good about the pipeline, feel very good about where we both are on those new entrants and on renewals at attractive prices from some of our existing players.

Stefano Nogimenti-Kali: 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 that we want to engage together. So we have a very, very strong situation. I believe, as I said, we have an incredible opportunity for our partners to create partners within also themselves.

Stefano: 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 part, and now we have nine.

Stefano Domenicali: 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. As I said, we have an incredible opportunity for our partners to create partnerships between also themselves.

Greg: Stefano, is there anything you want to add?

Greg: 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 part, and now we're heading to ten.

Stefano: to 10 and there is a big interest now.

Stefano: the real point is to keep the quality of our partners with the right price level that we want to engage together. So we are in a very, very strong situation, I believe. As I said, we have an incredible opportunity for our partners to create partnership between also themselves.

Len Stefan: and there is a big interest now. The real point is to keep the quality of our partners with the right price level that we want to engage together. So we are in a very, very strong situation, I believe. As I said, we have an incredible opportunity for our partners to create partnership between also themselves.

Stefano Nogimenti-Kali: 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. That is all great.

Stefano Domenicali: He holds in Ingerd, Sverige.

Stefano: So it's a B2B relations 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, looking very good for our future.

Stefano Nogimenti-Kali: 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.

Len Stefan: 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, looking very good for our future.

Stefano Nogimenti-Kali: No.

Renee: So nothing to add, but as I 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're willing 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 the races, on the grade, on the around events, and ways that are more meaningful for them and for us. So all of those are very positive.

Ben Winburn: Thanks so far. Our next question comes from Ben Winburn 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.

Stefano Domenicali: Yeah, and I think Stefano hit on some great points. I'll just add that it's not

Greg: Yeah, and I 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. If they're willing to pay because they are getting value out of it and they're finding ways to activate at races, on the ground.

Greg: Yeah, and I think Stefano hit on some great points, I'll just add.

Speaker Change: It's not only the quality of the partners and

Speaker Change: 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.

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. And then I don't know if you would or stuff.

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 the test bed for how we can bring these marquee sponsors more deeply into the accommodations 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.

Greg Maffei: 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. So, a lot of excitement around the sponsorship portion. And then, BJ, to answer your question, we do sell tickets to our...

Greg: 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.

Rene: 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.

Rene: Rene, what would you add?

Greg: I think that's an excellent point, Greg, to pick up on the sponsorship piece for a second.

Greg: 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.

Greg McIe: I don't want to take this. But you know, what prevented the and ready from joining F1 and obviously there's this 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.

Greg: 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: 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, or 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 say they've won a lot of tickets very early on again to address that early demand that everyone 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 back to school back from vacation and looking at their full calendars.

Rene: So a lot of excitement around the sponsorship portion. And then, BJ, to answer your question, we do sell tickets to our hotel partners, which they then package into their own deals for their customers. 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 year one, I'd say they bought a lot of tickets.

Speaker Change: So, a lot of excitement around the sponsorship.

Greg: portion.

Speaker Change: and then b d 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 i'm sure theres somecomverarrangements for the big enders who come to town for gambling and then they'll come to us later in here as they need more inventory

Greg McIe: 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.

Speaker Change: so here one we attodayid they've ought a lot of tickets very early on again to address that early demand that everyone's for year one

Greg Maffei: for Year One. And now, this year, we are working closely with them again.

Greg: 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 calendars.

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 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 contingent business as well, we believe will continue to operate very well through the base, through 2024 to 2025.

David Karnoski: Thanks so much. Thank you.

Operator: Great. Thanks so much.

Operator: thank so much

David Karnoski: Our next question comes from David Karnoski with JP Morgan. Please proceed with your question.

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

David Karnofsky: con nextyear

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

Greg: Hey, 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 America's Deals are expiring this year or next year. I'd be 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. Thank you.

Unnamed Speaker: Hey, thank you. Greg, as you noted, really tight performance in the constructor standings, which is great to see. You do have new car and regs 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 America's Deals are expiring this year or next year. 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.

Operator: 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 America's Deals are expiring this year or next year. I am interested to know if you see any prospect for a multi-country deal and whether there would be any benefit financially or otherwise for that type of structure. Thank you.

David Karnoski: Thank you. Greg has noted really tech performance in the constructor standings, which is great to see.

Speaker Change: thank you greg has he noted really tech performance in the constructor stands which is great to see you do have new car and regs coming in two thousand and twenty six and

Unnamed Speaker: Thank

Greg McIe: You do have a new car and regs coming in 2026, and historically, that kind of change has been associated with a temporary period of one team dominance. What confidence you have that the rules you have put in place or will put in the place can prevent that kind of outcome.

Greg: 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...

Greg McIe: Looking at Andredi, as you saw this morning, we announced that there is a DOJ investigation. We intend to fully cooperate within investigation, including any related requests from information. We believe our determination, F1's determination was in compliance with all applicable US antitrust laws. And we've used to be Andredi in prior statements. 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 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.

Stefano Nogimenti-Kali: And then Stephanie knows you noted I think nearly all of your America deals are expiring this year, next year. I'm 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.

Greg: to prevent that kind of outcome. And then Stefano, as you noted, I think nearly all of your America's deals are expiring this year or next year. 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. Thank you.

Greg McIe: 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 you know people were doubtful about what these regs, how the regs would play out when we introduced them last time. And, as 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.

Operator: I'll comment on the regs briefly, but I think Stefano could actually be articulate on them as well.

Greg Maffei: 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.

Greg: 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.

Operator: I'll comment on the regs briefly, but I think Stefano could actually be articulate on them as well.

Greg: 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

Greg: I think, People were doubtful about how the regulations would play out when we introduced them last time. And by many measures as noted earlier, we've never had more competitive racing. Our hope is to have 20-26 regulations.. Somebody may figure out a way to get a jump and take early lead but the We think they're designed to create more parity and more exciting racing and should over... Stefano, what might you add?

Greg Maffei: I think people were doubtful about how the regulations would play out when we introduced them last time. By many measures, as we noted earlier, we've never had more competitive racing. 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. We think they're designed to create more parity and more exciting racing and should... Stefano, what might you add?

Greg: You know people were doubtful about what these regs how the regs would play out When we introduced them last time and as 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

Stefano Nogimenti-Kali: 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.

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

Speaker Change: and take an early lead, but we think they're designed to create more parity and more exciting racing and should over time.

Renee: 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 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.

Stefano Nogimenti-Kali: 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 together with the FA has always 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 driver to expect themselves, and making sure that with the budget cap combination and limitation, development teams can catch up. To keep the gaps between the teams smaller.

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 FA, has always done, I totally believe, 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, give the possibility to drivers to express themselves, and making sure that with the budget cap combination and limitation on development, teams can catch up quicker to keep the gaps between the teams smaller.

Stefano Domenicali: 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 on development, teams can catch up quicker to keep the gaps between the teams smaller.

Speaker Change: Stefano, what might you add?

Stefano Domenicali: And we, of course, keep at the center.

Stefano Domenicali: the fact that we want to have a very good competition on track.

Renee: Thanks, Greg. Thanks for the question on Clint. So I would say part of the acquisition, Clint was, obviously, 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 paddock clubs for the teams as well as for F1s directly. Now that Clint is a subsidiary of livery 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 a third party basis, with regard to LVGP, we have directly integrated them, and we've outsourced our sales team to Clint.

Speaker Change: give the possibility to drivers to express themselves.

Greg: and making sure that with the budget cap combination and limitation on development, teams can catch up quicker to keep the gaps between the teams smaller.

Stefano Nogimenti-Kali: And back 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 classroom so important. That's why you know two years ago we added we took the decision of putting on the center the new part 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 will be very, very different. But I'm sure that you know the ones that are very skeptical about what no way we try to anticipate.

Stefano: But, on the other side, we have the duty to anticipate the things that are relevant in terms of technology to keep at the center of our platform so important. Two years ago, we took the decision of putting at 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 it's part of the game. Teams are working already flat out for F26 because the regulation will be very, very different. But, I'm sure that the ones that are very skeptical about...

Stefano Domenicali: 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. 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

Stefano Domenicali: But, on the other side, we have the duty to anticipate the things that are relevant.

Stefano Domenicali: in terms of technology to keep at the center of our platform.

Speaker Change: So important that's why

Stefano Domenicali: You know, two years ago, we took the decision of putting at the center the new power unit with sustainable fuel. There was the need to put that.

Stefano Domenicali: at the center because in terms of technological challenges, this would appear at that moment to be the most important ones.

Greg: So, I do believe that, you know, it's part of the game. Teams are working really fine out for 26.

Stefano Domenicali: because the regulation will be very, very different, but...

Renee: They are running our sales and ticketing programs, obviously in partnership with myself and with Emily Prazer. And then their results will be consolidated 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 Clint to be a closer partner to all the promoters and to F1, but that is all in process still.

Speaker Change: I'm sure that, you know, the ones that are very skeptical about...

Stefano: What no way we

Stefano: Anticipate it will be acted up. People without the experience think that the regulation we have

Stefano Nogimenti-Kali: You know we will think differently as soon as we see the action on track and that drags was correctly saying before. I remember very clearly people with obviously thinking that the regulation that we are now in with that 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.

Speaker Change: what normally we try to anticipate you know we will think differently as soon as we see the action on track.

Speaker Change: 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 6-7 seconds.

Stefano: now with the slowdown cars by more than 60 seconds and not having this kind of

Unnamed Speaker: at www.braveshield.com

Stefano Domenicali: and not having this kind of situation. 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.

Stefano Domenicali: 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

Stefano Nogimenti-Kali: On the second one I think is related to U.S. 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. We see some other sports 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 U.S. we have seen a place where the awareness is 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 in this way.

Stefano: On the second one, I think it's related to U.S. First of all...

Brian Wendley: 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 LVGP 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 are buying them from Formula One. Appreciate it.

Operator: Thank you very much.

Stefano Domenicali: 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, 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.

Stefano: [inaudible] 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. 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 the due course, in the next couple of months.

Stefano Domenicali: First of all, let me say that we are very happy with the ESPN, what it did for our sport.

Stefano Domenicali: and what they are doing since the beginning of our journey together.

Speaker Change: and we see now big interest for short we see some other

Speaker Change: support are trying to divide the package.

Stefano Domenicali: in a different way, but of course that's a personal opinion. We're going to tackle that subject, you know, in the due course, in the next couple of months.

Stefano Domenicali: I do believe that in the US, 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. 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, marketing will represent a big opportunity for us in the next years.

Stefano: I do believe that in the U.S. we are still in 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. 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, marketing will represent for us a big opportunity for the next years.

Operator: Next question, please. Our next question comes from Vijay Jant 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 repaid for us on the other side. Anything you could share on what it is and how meaningful it is that it's going to be obviously been some press reports that LVMH is going to be a new partner.

Stefano Domenicali: I do believe that in the U.S. we are still in a place where the awareness is very, very important. So, what I can say from a...

Stefano Domenicali: customer point of view if you are not really on the start on the sport creating a multiple offer is creating more confus let you put in this way

Stefano Nogimenti-Kali: 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.

Stefano Domenicali: 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, marketing will represent for us a big opportunity for the next years.

Operator: Anything on that would be really helpful. And then just also for the name on the Vegas race, this is a clarity with your hotel partners that you sort of curate high and high-speed you with rooms and everything. Do they buy tickets from you directly and then do it or is it some other form of arrangement? Thanks. Thanks, DJ.

Barton Crockett: Thank you. Next question, please.

Operator: Thank you. Next question, please.

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

Barton Crockett: Thank you.

Greg McIe: Our next question is from Barton Crockett with Rosenblatt Securities. Please proceed with your question.

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

Unnamed Speaker: Hi, thanks for taking the questions. Two, the first one, you know, hopefully is quick.

Operator: 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, I think, have 24 races this year. I think 22 last year. Normally, I would assume that there is 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? So that's on Formula One.

Greg McIe: All right, thanks for taking the questions. To the first one, you know, hopefully as 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 is 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? So that's on Formula One.

Barton Crockett: Hi, thanks for taking the questions.

Greg: On the the race promotion revenue discussion with Formula One, you know, 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, 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? So that's on Formula One.

Barton Crockett: Two, the first one, you know, hopefully is quick, on the race promotion revenue discussion with Formula One. You know, you guys, I think you have 24 races this year, I think 22 last year.

Vijay Jant: 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 at historical levels and filling out categories that we previously had not had an entry in the sponsorship world.

Speaker Change: Normally, I would assume that there's growth in promotion revenue per race.

Greg: 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? So that's on Formula One.

Barton Crockett: 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?

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?

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?

Greg Maffei: 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. Had 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?

Derek: On the brave, 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 fanatrous or sales of anything or not, and if not, you know what does that say about the value of the TV promotion.

Derek: I was curious, you know, you've been off of Comcast for most of the season because of their dispute with Diamond.

Vijay Jant: So obviously I can't comment on any rumored or unannounced deals but I feel very good about the pipeline, feel very good about where we both are on those new entrants and on renewals at attractive prices from some of our existing players. 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 that we want to engage together.

Derek: Has that had any meaningful impact on the business in terms of fan interest or sales of anything or not? And if not, 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 race promotion fees is correct.

Greg: So, I'll comment on the first one and I'll let Derek, if you'd like to take the second. I think Barton, your assumption that we get increases generally in race promotion fees is correct, on the Braves' impact of diamond?

Greg Maffei: 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 as regards the Braves' impact on Diamond.

Derek: 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.

Greg: So I'll comment on the first one and I'll let Derek, if you'd like to take the second. I think Barton, your assumption that we get increases generally in rates for motion fees is correct.

Derek: Derek, do you want to take on the Brave's 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: Derek, you want to take on the Braves' impact of diamond?

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. 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.

Greg Maffei: 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 commensurate with the reduction in the carriage. Now that that's back, we'd expect those ratings to also go up, so we're glad that it's done and glad that they got that all resolved.

Vijay Jant: So we have a very very strong situation I believe as I said we have an incredible opportunity for our partners to create partners within also 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 and for the future. So nothing to add but as I said just stay tuned because everything is looking forward looking very good for our future.

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

Derek: 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.

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.

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.

Greg Maffei: 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.

Vijay Jant: 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're willing 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 the races on the grade on the around events and ways that are more meaningful for them and for us so all of those are very positive.

Speaker Change: Did you guys try to do any type of additional streaming push to offset that? And if not, why not?

Derek: 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.

Derek: 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, in the future, should all these rights come back to us, I think we're prepared to evaluate all the different options, including streaming.

Greg Maffei: 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.

Vijay Jant: 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 the test bed for how we can bring these marquee sponsors more deeply into the accommodations 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.

Stephen Lassex: All right, last question comes from Stephen Lassex with Goldman Sachs. Please proceed with your question.

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

Stephen Lassix: Thank you.

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

Operator: Hey, great. Thank you.

Unnamed Speaker: Hey, great, thank you. 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.

Operator: Hey, great, thank you. 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.

Stephen Lassex: Hey, great. Thank you.

Stefano Nogimenti-Kali: Two on Formula One. You caught out a strong demand for race promotion. An experiment you're seeing for improved hospitality from promoters.

Operator: Hey, great, thank you. 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.

Operator: 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.

Stefano Nogimenti-Kali: 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.

Vijay Jant: So a lot of excitement around 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 or 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 say they they've won a lot of tickets very early on again to address that early demand that everyone 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 back to school back from vacation and looking at their full calendars. Thanks so much.

Renee: Thank you.

Brian Wendley: 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.

Brian Wendley: Thank you. Definitely, do you want to take the Paddock Club issue and now Brian? Yeah, thank you, Stephen.

Stefano Domenicali: Definitely. Do you want to take the paddock club issue, and I'll let Brian take it? Yeah, take it.

Stefano Domenicali: Stefano, do you want to take the paddock club issue and I'll let Brian take it? Yeah, take it.

Jeff: Jeff, do you want to take the paddock club issue and then Brian can answer it? Yeah, take it.

Stefano Domenicali: Stefano, do you want to take the paddock club issue?

Jeff: 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 are sold out. And when we're talking about hospitality, what we were very good to do 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 a rate-by-rate situation to see what we can do with the promoters in terms of capacity, in terms of possible extension.

Stefano Domenicali: We have a quality problem to tackle now, for sure. That is the fact that at almost all events, we are sold out. And when we're talking about hospitality, what we were very good at was trying 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 a rate-by-rate situation to see what we can do with the promoters in terms of capacity and possible extension.

Brian Wendling: We have a quality problem to tackle now, for sure. That is the fact that at almost all events, we are sold out. And when we're talking about hospitality, what we were very good at was trying 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 a rate-by-rate situation to see what we can do with the promoters in terms of capacity and possible extension.

Stefano Nogimenti-Kali: 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. And what we're talking about hospitality, what we were very good to do, it is to try to maximize the different packages. Now the point is, if you 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 a race-by-race situation to see what we can do with the promotion in terms of capacity, in terms of possible extension.

Speaker Change: in no branket yestake

Stefano Domenicali: We have a quality problem to tackle now, for sure, that is the fact that we, in almost all the events, we are sold out. And when we're talking about hospitality, where we were very good to do it is to try to maximize the different packages.

Stephen Lassex: Our next question comes from David Karnoski 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 regs coming in 2026 and historically that kind of change has been associated with a temporary period of one team dominance. What confidence you have that the rules you have put in place or will put in the place can prevent that kind of outcome.

Stefano Domenicali: 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 a race-by-race situation to see what we can do with the promoters in terms of capacity, in terms of possible extension.

Stefano Domenicali: 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.

Brian Wendling: 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 Nogimenti-Kali: And this is something that we're discussing. There are advanced situations, 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 have seen, we're watching, as I said, with everyone, what we can do in terms of adding the possibilities to expand this area to offer the right service for the ones who had it.

Jeff: 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, we are 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 that want to have it.

Stefano Domenicali: And this is something that we are discussing. There are advanced situations, for example, with the Australian promoters and with some others, because for us, of course, it is a matter of experience.

Stephen Lassex: And then Stephanie knows you noted I think nearly all of your America deals are expiring this year next year. I'm 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.

Stefano Domenicali: So, we cannot run the risk of overcrowding the hospitality area because the demand is very high. So, now we are seeing, we are 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 that want to have it.

Greg McIe: Thank you. 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 you know people were doubtful about what these regs how the regs would play out when we introduced them last time.

Brian Wendley: Yeah, Stephen, 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 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.

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. GAAP 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 the end of the year, but it's fairly de minimis. But definitely focus on the year-to-date number, not the quarter.

Stefano Domenicali: 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 the end of the year, but it's fairly de minimis. Definitely focus on the year-to-date number, not the quarter.

Stefano Domenicali: 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%.

Speaker Change: on a U.S. gap basis, pre-team, team payments as a percent of pre-team share.

Speaker Change: a way that compared to 62.6 last year.

Speaker Change: We would expect some very minimal leverage as you go throughout the year and look to the end of the year, but...

Greg McIe: And as 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 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 overtime. Stefano what might you add? I would say that this dilemma at the end of each cycle of regulation is there.

Brian Wendley: But definitely focus on the year-to-date number, not the quarter.

Speaker Change: It's fairly de minimis.

Speaker Change: But definitely focus on the year-to-date number, not the quarter.

Brian Wendley: Great. Thank you for that.

Operator: If I were to, I believe that was our last question.

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

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

Speaker Change: Great. Thank you for that.

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, if not sooner.

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

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

Greg McIe: And the things that F1 together with the FA has always 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 driver to expect themselves and making sure that with the budget cap combination and limitation development teams can catch up. To keep the gaps between the teams smaller.

Greg McIe: And back 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 classroom so important. That's why you know two years ago we added we took the decision of putting on the center the new part 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.

Greg McIe: 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 will be very very different 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 that drags was correctly saying before I remember very clearly people with obviously thinking that the regulation that we are now in with that slow down cars by more than six and seconds and not having this kind of situation.

Operator: Today's conference has ended. Please disconnect your lines at this time.

Greg McIe: 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, on the second one I think is related to U.S. 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. We see some other sport 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.

Greg McIe: I do believe that in the U.S, we have seen a place where the awareness is 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 in 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.

Brian Wendley: Thank you.

Operator: Thank you next question please. Our next question is from Barton Crockett with Rosenblatt Securities please proceed with your question. All right thanks for taking the questions to the first one you know hopefully as quick on the race promotion revenue discussion with Formula One you guys I think I have 24 races this year I think 22 last year normally I would assume that there is 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 so that's on Formula One.

Operator: On the brave 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 fanatrous 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 I think Barton your assumption that we get increases generally in race promotion fees is correct.

Operator: Derek do you want to take on the the brave's 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 in the carriage now that that's back we'd expect that those ratings to also go up so and we're glad that it's done and and glad that they got got that all resolved. Did you guys try to do any type of additional streaming push to offset that and and if not why not?

Operator: 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 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.

Operator: All right, last question comes from Stephen Lassex with Goldman Sachs. Please proceed with your question. Hey, great. Thank you. Two on Formula One. You caught out a strong demand for race promotion. An experiment 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.

Operator: 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 now Brian? Yeah, thank you, Stephen. I mean, we have a quality problem to take on now, for sure.

Operator: That is the fact that we in almost all the events we have sold out. And what we're talking about hospitality, what we were very good to do, it is to try to maximize the different packages. Now the point is, if you 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 a race by race situation to see what we can do with the promotion in terms of capacity, in terms of possible extension.

Operator: 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 have seen, we're watching, as I said, with everyone, what we can do in terms of adding the possibilities to expand this area to offer the right service for the ones who had it.

Operator: Yeah, Stephen, on the team payments part, you know, I would point you to the year-to-day results there. So we're at 61.9% on a US gap 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.

Operator: Great. Thank you for that. If I were to, 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, if not sooner. This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

Operator: Today's conference has ended. Please disconnect your lines.

Q2 2024 Atlanta Braves Holdings Inc Earnings Call

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