Q2 2024 Liberty Media Corp Earnings Call

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

Speaker Change: Welcome to Liberty Media's Corporation 2024 second quarter earnings conference call.

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.

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 Brave 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.

These forward looking statements, which speak only as of the date of this call and Liberty Media and Atlanta Braves Holdings expressly disclaims any obligation or undertaking.

Any updates or revisions to any forward looking statement contained herein to reflect any change in liberty media or Atlanta Braves holdings expectations with regard there to or any change in events conditions or circumstances on which any such statement is based.

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

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

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

Greg Maffei: 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 Maffei: Thanks, Claire and good morning to all.

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

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

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

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, self-paid ad revenues 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.

Speaker Change: So beginning with Liberty Sirius XM the.

Speaker Change: The transaction is progressing towards close.

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

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

Greg Maffei: We expect the new CRE share price will be higher at close because of that and we expect enhanced trading dynamics, including east increased potential for index inclusion.

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

Greg Maffei: Turning now to series six in itself.

Speaker Change: Company maintains its strong financial position self pay net adds improved sequentially and year over year.

Speaker Change: Driven primarily by a reduction in voluntary churn.

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

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, multiple-choice basis. 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 is continuing to drive improved share of listening in the car, looking at streaming.

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

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

Speaker Change: We believe Sirius XM is attractive on a free cash flow multiple basis.

Speaker Change: Sirius continues to preserve pursue growth opportunities.

Greg Maffei: Winning in the car with a new three year subscription with a new vehicle purchase certain automakers.

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

Greg Maffei: And 360 L is continuing to drive improved share of listening in the car looking at streaming Sirius is launching new features and updates every month.

Greg Maffei: 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.

Speaker Change: We've seen early improvements in multi day listening.

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

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

Greg Maffei: With exclusive subscriber events, featuring Howard Stern jelly roll and many more.

Greg Maffei: Turn to the Formula 1 group. Despite early questions, this is turning out to be one of the most competitive seasons, certainly at 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.

Speaker Change: Turning to Formula One group.

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

Speaker Change: We're on track to have the closest constructors championship across the top four since 2012 as well.

Operator: Welcome to Liberty Media's Corporation 2024 Second Quarter Arning's 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.

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

Greg Maffei: Looking at the 2020 driver market continues to provide interest to good sites, 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 do with its open talent?

Speaker Change: Looking at the 2020 driver market continue to find interesting the excitement.

Operator: As you remind of this conference will be recorded today, August 8.

Speaker Change: With Carlos Science going to Williams.

Claire Adams: I would now like to turn the call over to Claire Adams, Senior Manager Investor Relations. Please go ahead. On today's call, we'll discuss certain non-gaup financial measures for Liberty Media, Sirius XM, and Atlanta Bray's Holdings, including adjusted OIVA and adjusted EBITDA.

Speaker Change: Haas announcing o'connor, joining as a current and currently.

Jeremy: Ferrari Reserve diver pyramid as well Jeremy.

Speaker Change: As showcasing the pipeline support series talent that is delivering to formula one.

Speaker Change: And the biggest open question remains what what Mercedes do with its open season.

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 now have LVCBA as an official partner.

Speaker Change: Looking now at the financial results for F. One we had a great first half year to date revenue was up 29% and OIBDA is plus 35%, partially driven by three additional races in the period this year.

Speaker Change: We announced L. D C VA as well as an official partner Theyre going to activate across 25 races in 2024 and 10 in 2025.

Greg Maffei: They're going to be active across 25 races in 2024 and 10 in 2025, and we continue to successfully scale partners brought in through LBGP. We remain excited about our sponsorship pipeline. Now, 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.

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

Speaker Change: Let me turn briefly to motor G P.

Speaker Change: The transaction is progressing well.

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

Claire Adams: There are required definitions and reconciliation for Liberty Media as a Sirius XM and Atlanta Bray's 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 Bray's Holdings website.

Greg Maffei: At MotoGP, the racing has been awesome. Taco Baa quickly closed the gap with Rory Martn, but Martn just took the lead back at 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. 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.

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

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

Greg Maffei: Today, speaking on the call, we will also have former-the-one President and CEO, Stephenogue de Minicale, Liberty's Chief Accounting and Principal Financial Officer Brian Wendley, and also during Q&A, we will answer questions related to Atlanta Bray's Holdings and Bray's Manager 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.

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

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

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

Greg Maffei: We set the shareholder meeting date for August, excuse me, August 23rd, and we expect to close on September 9th. 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 index inclusion.

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

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

Speaker Change: Constructors.

Speaker Change: Category, rather with premium for Marc switching from Ducati Yamaha next season.

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

Speaker Change: In the second half training.

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

Speaker Change: Turning briefly to some of the second quarter highlights we had the.

Greg Maffei: I look forward to remaining chairman and a meaningful shareholder. Turning out to Sirius XM itself, company maintains its strong financial position, self-paying at ads improves sequentially and year over year, driven primarily by a reduction in voluntary churn. But 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.

Speaker Change: <unk> hundred 50, as Kentucky Derby, which was an enormous success the largest single event executed and Quint history, serving over 12000 customers per day.

Speaker Change: If one experience a sustained meaningful growth across eight races. This year.

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

Speaker Change: Turning to live nation.

Greg Maffei: Another record quarter with no signs of slowdown. 2024 is a year of AOI amphitheaters and arenas. And in the second quarter, despite stadium activity being lower, concert attendance was up 5%. AOI was up 21% with record concert segment profitability, and this was one of the top five quarters.

Speaker Change: So another record quarter with no signs of slowdown.

Greg Maffei: 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 phases. Sirius continues to preserve pursuit growth up- opportunities. Beginning 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, and 360L has continued to drive improved share of listening in the car.

Speaker Change: 2024 is a year of.

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

Speaker Change: In history for ticket sales rep.

Greg Maffei: Revenue from on-site spending is also up double digits year-to-date, and cancellation rates for North America are tracking lower than last year. The ticketing and artist pipeline continues to expand globally. New artists have increased touring by 130% year-to-date. And two-thirds of all total new enterprise tickets signed here today are from international.

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

Speaker Change: The ticketing and artist pipeline continues to expand globally.

Greg Maffei: 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.

Speaker Change: New orders new artists have increased touring by 130% year to date.

Speaker Change: And two thirds of all total new enterprise tickets signed year to date are from international.

Greg Maffei: 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. Now, turning to the Braves. We've had strong performances from key players this season through last weekend. Junior led the National League with 86 RBIs.

Speaker Change: Turning briefly venue of nation, we're continuing to see the enhancements made generate incremental revenue.

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

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

Greg Maffei: 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.

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 that use across 2024 and 2025.

Greg Maffei: 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.

Speaker Change: Turning to the Braves.

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

Speaker Change: The junior led the National League with 86 RB is.

Greg Maffei: 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.

Speaker Change: Since April 12.

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

Speaker Change: Ahead of the trade deadline, the Braves announced the return.

Greg Maffei: Looking at the 2020 driver market continues to fight interesting excitement. With Carlos Signs going to Williams, Haas announcing Ocon 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, and the biggest open question remains what women say to do with its open seat.

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

Greg Maffei: Both players were on the 2021 World Series winning team. Fan demand remains strong, per caps up in ticketing and concessions year over year. There are 18,000 on the season ticket wait list, and we've seen a 90 percent renewal rate 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 Bean Bar concessions are up double digits versus 2023 concessions in the same location.

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

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

Greg Maffei: Looking now at the financial results for F1, we did great first half, year-to-day revenues of 29% at Norbert's plus 35%, partially driven by three additional races in the period this year. We announced LVCVA as an official partner, they're going to activate across 25 races in 2024 and 10 in 2025, and we continue to successfully scale partners brought in through LVGP. We remain excited about our sponsorship pipeline.

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

Greg 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 British 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.

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

Greg Maffei: Let me turn briefly to MotorGP. The transaction is progressing well. Regular toy 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: Also the British recently involved the low unveiled the logo to kick off the 2025, all star game the.

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

Speaker Change: In the battery sections.

Greg Maffei: At MotorGP, the racing has been awesome. Taco Pignaya quickly closed the gap with Ori Martín, but Martin just took the lead back and silver stuff. We are seeing a very competitive pedal fight now separated by only three points, and at MotorGP 12 riders across 18 have been on the podium this season. Attentances 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 of 2023 attendance number.

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

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 Sirius XM paid down $35 million under the margin loan using cash on hand. There was $1.1 billion of undrawn margin loan capacity as of quarter end. As of August 7th, the value of our SiriusXM stock was $10 billion, and we have $1.2 billion in principal amount of debt against these holders. 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.

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

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

Speaker Change: As of August 7th the value of our Sirius XM stock was $10 billion and we have $1 2 billion in principal amount of debt against these holdings.

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

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

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

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

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

Speaker Change: Percents Liberty Sirius XM convertible notes and the $2 75, CRA exchangeable notes will be assumed by new serious.

Greg Maffei: 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.

Speaker Change: And the margin loan will be retired.

Speaker Change: Following transaction close holders of the $2 75, exchangeable notes will have the right to require new serious to repurchase the notes.

Greg Maffei: Everyone experienced a 16 meaningful growth across eight races this year.

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

Greg Maffei: And we've completed inaugural activations for several new partnerships including the WMBA All Star Game and the Men's and Women's US Open for the USGA.

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

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

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 revolvers are undrawn, and they're leveraged at quarter end. 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.

Speaker Change: Total Formula One group attributed principal amount of debt was $2 9 billion, which includes $2 4 billion of debt at F. One, leaving $530 million at the corporate level.

Speaker Change: F one $500 million.

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

Speaker Change: Both Moto GP transaction is progressing well, we have syndicated I'll bridge financing commitments and reduce the total commitment from 2 billion to $1 65 billion.

Brian Wendling: Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F-1 opto level. We also entered into commitments for a $150 million incremental term loan A in Formula One, conditioned on the transaction closing. 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 it's subject to transaction close by Dorna.

Speaker Change: Note that the $1 65 billion commitment is expected to be replaced with a combination of cash and debt financing at the up one opco level.

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 year to date are from international. Turning briefly to the event you nation, we're continuing to see the enhancements may generate incremental revenue. Major federal testables average per fan spend is up double digits year to date.

Speaker Change: We also entered into commitments for $150 million incremental term loan at Formula one are conditioned on the transaction close and.

Speaker Change: And we obtained commitments from bank to provide dorner with a new 150 million Euro term loan a and an upsized 100 million revolver to be entered into after and subject to transaction closed and to be used by dorner for general corporate purposes.

Brian Wendling: Looking at the F1 business, I will again remind you that the business is best analyzed on an annual basis, given the variability in year-over-year rates. With that said, I'll make a few brief remarks on the quarterly results, but I would very much encourage you to focus on the year-to-date results. During the quarter, F1 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.

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

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

Speaker Change: But that said I'll make a few brief remarks on our 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 media rights revenue. However, 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 races, quarter as revenue growth more than offset increased costs due to the higher pro rata as well as increased costs due to the additional races held and cost-supporting revenue.

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

Greg Maffei: Turning to the braves we've had the national league with a six RBI since April 12th. Sailors had a 2.64 ERA and free to set a 2.71 of ERI which ranked second and third respectively in the national league.

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

Speaker Change: Growth in half one TV continues to benefit media rights revenue.

Speaker Change: Race promotion revenue was relatively flat given the mix of races, with Australia, and Azerbaijan dropping out of Q2 compared to last year, with Japan, China and Australia being.

Greg Maffei: Head of the trade deadline to brazen out the return of Horace Lair to fill a key position in the outfield and right-handed pitcher Luke Jackson. Both players were on the 2021 World Series winning team. Band demand remain strong per caps up the ticketing and concessions year over year. There are 18,000 on the season ticket wait list and we've seen a 90% renewal to date on season tickets for 2025. Several of the master planning projects completed earlier this year are already adding value and enhancing the fan experience. The new 60 foot six inch Jim Bean Bar concessions are up double digits versus 2023 concessions in the same location.

Speaker Change: Being added in the current period.

Speaker Change: Other revenue increased primarily due to higher hospitality in freight revenue driven by the additional rises.

Speaker Change: Adjusted OIBDA grew in the quarter as revenue growth.

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

Speaker Change: Increased costs due to the additional races held in cost supporting revenue growth.

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

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

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

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

Speaker Change: Looking briefly at corporate and other results in the second quarter corporate and other revenue was $141 million, which includes a quick results in approximately $6 million of rental income.

Speaker Change: Related to the Las Vegas Grand Prix Plaza.

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

Speaker Change: Corporate and other adjusted away, but it was $5 million in the second quarter earnings results.

Brian Wendley: Good morning, everyone. At the 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 million 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.

Speaker Change: Grand Prix Plaza rental income offset by corporate expenses.

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

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 revenue, but it will benefit from the rental income and the client 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 <unk> business is seasonal with the largest and most profitable.

Speaker Change: Events, taking place in Q2 and Q4.

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

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

Brian Wendley: Total Liberty Series XM Group attributed principal amount of debt is $10.9 billion, which includes $9.1 billion of debt at Series XM. 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 and the $2.75 Series exchangeable notes will be assumed by New Series, and the margin loan will be retired. Following transaction close, holders of the $2.75 exchangeable notes will have the right to require New Series to repurchase the notes, and we would expect the substantial majority of holders will exercise this right.

Speaker Change: As of August 7th the value of the live nation stock our live nation stock was $6 3 billion and we have $1 2 billion in principal amount of debt against these holdings Liberty and our consolidated subsidiaries are in compliance with our debt covenants at quarter end.

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. Broadcasting revenue grew as there were more total gains. Home and Away, played in the second quarter.

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

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

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

Speaker Change: Between home and away played in the second quarter.

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

Stefano Domenicali: 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 OEBDA 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. These are all high-returning projects that will generate incremental revenue for the Braves in 2025. The battery of the Truist headquarters is progressing ahead of schedule, and we'd expect to hand that building over to Truists soon. Now I'll turn it over to Stefano to discuss Formula 1.

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

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

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

Brian Wendley: So, MotoGP transaction is progressing well. We have syndicated all bridge financing commitments and reduced the total commitment from $2.1 billion to $1.65 billion. Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F1 op-code level. We also entered into commitments for $150 million incremental in TermLone A at Formula One, a condition on the transaction close. And we obtained commitments from banks to provide donor with a new $150 million Euro in TermLone 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. Looking at the F1 business, I will again remind you that the business has best analyzed on an annual basis given variability in year-over-year rate calendar.

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

Speaker Change: These are all high returning projects will generate incremental revenue from the Braves and the 2025 season at.

Speaker Change: At the battery the Truest headquarters is progressing ahead of schedule and we'd expect to have that building over two truest in September.

Speaker Change: Now I'll turn it over to Stefano to discuss Formula one.

Stefano Domenicali: Thanks, Brian. The 2024 season is delivering incredible racing and action for our fans at home and our sold-out event. F1 continues to prove there is incredible competition on the track. Through 14 races this season, we have had seven different winners from four different teams. 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.

Stefano Domenicali: Thanks, Brian the 2020 full season is delivering valuable racing action, but our friends at home and our sold out events.

Stefano Domenicali: <unk> continues to prove that he's an incredible competition on Sac through 14 basis. This season, we have had seven different witnessed from our four teams. The gaps between teams are getting closer both in qualifying and embraces.

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

Speaker Change: In Ebola Max bid landfill by only seven tenths of a second full mobile lenses incredible winning Miami in Monaco, we so Charlie take his first homebuilding and Canada. They kept between the top four equally fine was one tenths of a cycle and we have seen let's say this would turn to the top step of that.

Stefano Domenicali: 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-Benz 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.

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

George: Potent <unk> George winning in those two and Luis evening He has recovered nicely.

Speaker Change: Hungary, so another excellent race ending in guest is excellent.

Speaker Change: Within the cloud and one and two and how many sort of rounding out the podium inspire we have an incredible race with very tight gas throughout the race led by being swapped multiple times George Russell Cross the finish line first after a premium final laptop was against Louis but was disqualified after the race because the curve did not meet them.

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 three-final lap against Lewis, but he was disqualified after the race because the car did not meet the required weight, meaning Lewis took his second victory of the season, with Oscar Piazzi II and Charlotte Craig III.

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 now with 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.

Speaker Change: Quad weight, mainly Louise took a second of the season with Allscripts second in Charlotte.

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

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

Speaker Change: The remainder of 2024 seasonal will continue to deliver breakthrough <unk> put all offense.

Stefano Domenicali: And as we look forward to these.

Speaker Change: Ideally close racing office very exciting prospect for 2025.

Stefano Domenicali: The incredible competition on track is leading to even higher engagement as.

Brian Wendley: Again, looking at it on a year-to-day basis, the adjusted way would emerge and improve from 24.6 through Q2, 23 to 25.8% through Q2, 24. Looking briefly at corporate and other results in the second quarter, corporate and other revenue was 141 million, which includes quint results in approximately 6 million of rental income related to the Las Vegas Grand Prix Plaza. Corporate and other adjusted away, but it was 5 million in the second quarter and it equates quint results.

Stefano Domenicali: Our diverse fan basis continues to go.

Speaker Change: We have lots of them over $3 7 million attendees are through the first 14 basis of the season with the Canadian we're pretty seemed grateful of tens of.

Brian Wendley: Grand Prix Plaza rental income offset by corporate expenses. Quint results in the second quarter were primarily driven by the Kentucky Derby and F1 experiences across the eight races held. Reminder that Quint business is seasonal with the largest and most profitable events taking place in Q2 and Q4. We expect corporate and other adjusted away, but it will benefit from the rental income and the quint results for the full year.

Stefano Domenicali: <unk> thousand and the matching this incredible 2015.

Speaker Change: Attendance of 480000, we.

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

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

Stefano Domenicali: On television, we are seeing particularly strong numbers in key growth markets, including Australia U S, 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 2016. Looking at the U.S., five races this season have achieved record-high viewership for their respective events, the Chinese, Miami, Monaco, Canadian, and British Grand Prix. The Miami Grand Prix viewership peaked at 3.6 million on ABC, and the 18th to 49th demographics averaged 1.3 million, and the sprint races averaged 946,000 viewership on ESPN, the largest on the channel since we introduced the sprint format in 2021.

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

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

Brian Wendley: At the Liberty Live Group, there's a attributed cash of $400 to $6 million and there's 400 million of undrawn marginal capacity related to our live nation market. As of August 7, the value of the live nation stock, our live nation stock was $6.3 billion and we have $1.2 billion in principal amount of debt against these holdings. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at Turning briefly to the Atlanta Brace holdings, revenue grew in the second quarter despite three fewer home games compared to the last year.

Stefano Domenicali: Looking at the U S. Five races, this season or achieve a record of live viewership for their respective events, the Chinese Miami monocoque Canadian and British company.

Speaker Change: The Miami Grand Prix viewership peaked at the $3 6 million ABC and the 18th to Fortinet demographics average was $1 3 million and the screen raises averaged 96000 viewership on the ESPN the largest on the channel since we introduced this print format in 2051.

Brian Wendley: 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 increase payments under MLB's revenue sharing plan and higher minor league team and player expenses. The battery continues to form very well with revenue up 11 percent and adjusted to wipe it up 13 percent in the second quarter.

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

Stefano 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. As previously mentioned, we implemented F1 TV price increases for the first time across markets earlier this year, which have been well received with limited upticks in churn. F1 TV continues to be an important and growing product. We also continue to see great results from our podcast this season.

Stefano Domenicali: We also have a high engagement with $4 1 billion video views and 818 million interaction on this item year to date.

Stefano Domenicali: That's one television continues to perform well total subscriber.

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 primarily, related to new seating options and expect to spend approximately 20 million on these projects across the back half of 24 and early 25.

Stefano Domenicali: 11% year over year and in the U S market subscribers up 16% year over year.

Speaker Change: As previously mentioned, we implemented <unk> price increases for the first time, our gross markets. This year.

Speaker Change: Year, which have been well received with the limited the upticks insurer and plentiful continues to be an important and growing profit. We also continue to see great results from our closed because the season total listens to all episodes of the Epsilon podcasts, including beyond degrees F. One nation in F. One.

Brian Wendley: These are all high returning projects will generate incremental revenue for the braves in the 2025 season. At the battery, the truce headquarters is progressing ahead of schedule and we'd expect to hand that building over to truce in September.

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. The higher TV audience for the Friday sprint qualifying and Saturday sprint race compared to traditional practices.

Speaker Change: Explain since launch in 2018 surpassed 125 million this quarter. The F. One explained pulp costs, these engaging new and more diverse audience with 40% of the listeners in the U S market.

Stefano Domenicali: 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 seven different winners from a four teams. The gaps between teams are getting closer, both in qualifying and the races. In Imola, Max bet Lando by only 7 tenths of a second, following Lando's incredible winning Miami.

Speaker Change: Two weeks ago, we announced the 2025 spin collector with durations to take place at 60 bps, China, Miami, Belgium, Austin, Brazil in Qatar.

Speaker Change: Sprint continues to be a big success with the higher TV audience for the Friday sprint qualifying and suddenly screens raised compared to traditional practice session.

Stefano Domenicali: The events also bring extra on-track action for our fans attending the event, providing additional values for promotion. 80% of fans surveyed after the Chinese Grand Prix said that they preferred the new spring format, and we look forward to maintaining the momentum in 2024. The F1 Academy season is also off to a strong start with the first three races completed in Saudi Arabia, Miami, and Spain and the next race in Zambia. Abby Poole is leading the series and recently became the first woman to win a British F4 race. American driver Chloe Chamber took first in Race 2 in Barcelona with a dominant victory over Police.

Speaker Change: The events also bring extra loans like action for our fans attended event, providing additional value to co promote this 80% of fans surveyed after the Chinese companies said that they preferred the newsprint format and we look forward to maintaining the momentum in 2025.

Stefano Domenicali: In Monaco, we saw Charlie Claire take his first home victory. In Canada, the gap between the top four in qualifying was one tenths of a second. And we have seen Mercedes return to the top step of the podium with George winning in Austria and Luis Sydney, his record ninth victory at Silverstone. Hungary saw another excellent race ending in Gastis' first F1 win with a McLaren 1 and 2 and Hamilton rounding out the podium.

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

Speaker Change: I've been pulling is leading the serious with the recently become the first woman to win a British set four races.

Speaker Change: <unk> drive is clearly chamber to first thing raised two in Barcelona, with a dominant victory over poly.

Stefano Domenicali: 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 afterwards against Luis but was disqualified after the race because the card did not lead the required weight. Meanwhile, Luis took his second victory of the season with Oscar Piesti's second and Charlie Claire's third. By many measures, we have never had more competitive racing.

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.

Speaker Change: <unk> Academy is growing engagement and attracting new fence in the last 12 months, if when a new social media followers has increased by three times with a diverse pool of our base.

Speaker Change: 7% of the F. One academy followers on Instagram are female and 57% under 25 old and 83% are under 35 years old.

Stefano Domenicali: I expect that the reminder of the 2024 season will continue to deliver great racing for our fans and, as we look forward, the increasingly close racing offers very exciting process for 2025. The incredible competition 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 3,000 and 50,000.

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.

Speaker Change: Online coverage of what a CASM across new sites and social reaches almost 700 million Internet users.

Speaker Change: Miami Grand Prix alone generated $14 7 million video views and 4 million interactions on social media with 2 million light viewers on broadcast television.

Speaker Change: F. One Academy has also been engaging fans attending F. One events around the calendar.

Speaker Change: Given the success of onsite F. One races, we can many of the promoter the hosting this when academy events. These ships are lining up to the host again in 2025, and we have received interest from several other markets.

Stefano Domenicali: And see the match in its incredible 2033 record attendance of 480,000. 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 particular 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 viewed live race ever in Canada. The British Grand Prix was impressively the most viewed live European races over on Sky UK and earned the largest overall weekend audience for the F1 in the UK since 2016.

Stefano Domenicali: 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 sport. The added benefit of this demand with a limited race slot creates increased incentives for promoters to innovate and improve the experience of races across the calendar. Furthermore, more promoters are committing to investments in their races. For example, Hungary has committed to significantly refurbishing the mines, including a new pit building in 2026.

Speaker Change: Turning to commercial updates on the race promotion that continues to be significant demand for potential new res hosts. We currently intend to go above 24 races of the season is over.

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

Speaker Change: Promoters have committed to investments in dairy for example, Hungary has committed to significant furbish, including a new pit bidding till 2026.

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 2021. We announced the 2025 calendar much earlier this year, which gives the teams and promoters more time to prepare and market their events. We now continue to focus on optimizing the calendar for 2026 and beyond, as well as our media rights. We have some key renewals to address for 2026, including our deals across the Americas, US, Canada, Latin America, Brazil, and Mexico, as well as across most of Asia, including Japan.

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

Stefano Domenicali: Looking at the US, 5 races this season have achieved record live viewership for their respective events. The Chinese, Miami, Monaco, Canadian and British Grand Prix. The Miami Group Reviewership piqued at $3.6 million on ABC and the 18th to 49 demographies average $1.3 million and the spring raises average $9.4000 on ESPN. The largest on the channel since we introduced the spring format in 2021. Our digital and social platform also continued to see very strong performance.

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

Speaker Change: Our media rights we have.

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

Stefano Domenicali: We saw 32% increase in social media followers compared to 2023, driven by the success of the new channel. Fresh 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.

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 writing. We also continue to be excited about the amount of content F1 has to offer. Across race weekends, we have many events and lots of data provided by numerous cameras around the track and car. We can offer our broadcast partners and the fans at home incredible access and insight into the weekend through all these.

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

Speaker Change: Data provided by numerous cameras around the trucking costs, we kept all for our broadcast partners and the fans of tome incredible axis and insights into the weekend to all these countries.

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 ground, the free-to-feature 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 design.

Speaker Change: Alongside this we are very pleased to once again deliver the <unk> program in the season for 70 bps <unk>.

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

Stefano Domenicali: 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. A few weeks ago, we announced the 2035 spring calendar with the races to take place at 60 events.

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

Speaker Change: Included the cartoon drivers up and Thats, great Thats currently, but he does that.

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

Speaker Change: The production returning Saudi.

Speaker Change: Followed by monitors Silverstone and we'd also be available for Dodge, Singapore, Some Paolo and Abu Dhabi Grand Prix later this season.

Stefano Domenicali: China, Miami, Belgium, Austin, Brazil, and Qatar. The spring continues to be a big success with the higher T.D, audience for the Friday spring qualifying and Saturday spring race compared to traditional practice sessions. 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 set that they preferred the new spring format and we looked forward to maintaining the momentum in 2025.

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

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.

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

Stefano 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 Dumbledore. Abby Pulling is leading the series and recently become the first woman to win a British F4 races. American drivers Chloe Chamber took first in race two in Barcelona with a dominant victory over F1 Academy's 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.

Speaker Change: You just buy jewelry broke hymer will be released on the 26th of June 2025, we were excited to release the movie teaser during the buildup of the British Grand Prix. This theme is unique in that.

Stefano 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 the race weekend, and it will be a great opportunity for our sport to reach new fans and engage audiences. The sixth season of Drive to Survive, after reaching the top 10 on Netflix in over 40 markets, has seen its global audience exceed 100 million viewers in the first five months since release.

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

Stefano Domenicali: 57% of the F1 Academy followers on Instagram are female. 57% are under 25 old and 83% are under 35 years old. Online coverage of F1 Academy across new sites and social reaches almost 700 million internet users. The Miami Grand Prix alone generated 14.7 million video views and 4 million interaction on social media with two million live viewers on broadcast TV. F1 Academy has also been engaging fans attending F1 events around the calendar.

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

Stefano Domenicali: Across all six seasons to date, the cumulative audience for the series is close to 800 million. The new Boston location has seen 50,000 guests in the first two months since it opened. All three F1 Arcade venues hosted a ticketed watch party during the 3D Silverstone race, and all venues sold out, with the London venues welcoming almost 600.

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

Speaker Change: Silverstone race and those venues sold out with the London venues welcome over most of the T cell to the guests. The ongoing success of the project means that in addition to the finished in London, Birmingham, Boston and one of the cave is planning to open new vendors in Washington, DC in late 2024, and Las Vegas in 2025 with more to come.

Stefano Domenicali: 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. Turning to commercial updates on race promotion, there are continuous to be significant demand for potential new race hosts. We now currently intend to go above 24 races in a season as our duty is to ensure the right strategy balance for the long-term future of the sport.

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 Europe. Even though the London show is not yet open, 60,000 tickets have already been sold.

Speaker Change: Following a successful runs in ladies in Vienna. The F. One exhibition is continually successful road show in Toronto, We just been extended through mid September and will open in London. Later this month showcasing the credible instead of the sport in the U K, even through the London show is not yet opened 60000 Zoe.

Stefano Domenicali: 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 significant 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 and Silverstone, and of course we look forward to returning to Las Vegas after an incredible show in 2023.

Speaker Change: That has been sold.

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.

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

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

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

Speaker Change: A key part of our plans would be to move to the fully sustainable foods doesn't 26, which we believe could provide huge benefits as an innovative solution to the carbonite is existing and future cost for both the F. One ecosystem and the broader automotive is this.

Speaker Change: This has been a very important reason behind Fortinet. The joined this potent doesn't 26, we continue to work closely with the teams the FAA partners and promote us to deliver on our commitments as highlighted by recent events.

Stefano Domenicali: 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 of... Following success in OCEL last year, there have been further trials of a low-carbon energy system deployed to support activity across the pathway, pit lane, and broadcast compound that has been shown to reduce related emissions by 90%. Trials this year have taken place in Austria and Hungary, with a third scheduled for Monday.

Stefano Domenicali: 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 Program in Decision for seven events.

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

Speaker Change: <unk> and broadcast compound that has been shown to reduce it related emissions by 90%.

Speaker Change: While this year, that's taking place in Austria, and Hungary with a third scheduled it for months.

Stefano Domenicali: The feedback from 2023 was impressive and F1 Kids is provided to be a brilliant way to engage children in Formula One in a way that's accessible and fun for them. F1 Kids is available to work faster around the world via live, dedicated, international feed of the Grand Prix. The feed, feature 3D graphics, child friendly team radio transmission, technical explanation and a bespoke package of colorful graphics and animation, including the cartoon drivers avatars and a great at car delivery design. The production returning Saudi, followed by Malok and Silverstone, and we also be available for Dutch Singapore, São Paulo and Abu Dhabi Grand Prix later this season.

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

Speaker Change: On diversity and inclusion we were delighted to recently confirmed that as a part of our program to provide education opportunities who are represented groups 20 engineers to this in the UK and Italy will become the latest recipient of the former one that you Didnt scholarship over 2024 and 'twenty five founded in 'twenty one this call.

Speaker Change: She program addresses some of the key barriers to higher education for us represent the students, including financial burden and axis by 'twenty 550 students will have entered the program.

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.

Speaker Change: As I mentioned earlier F. One Academy continues to go from strength to strength and is critical to go to our goal of developing that preparing young female drivers to progress to higher levels of competition 80 mid drivers, including five F. One Academy drivers racing around six of the F. Four British championship.

Stefano Domenicali: Look at our sponsorship. We are confident in the pipeline with the exciting conversation underway. We continue to have opportunities in categories such as financial services, consumer electronics, telco and vetted. 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 the race weekend.

Speaker Change: Each was the highest ever level of female participation in <unk>. We also have a talented drivers Sofia flourish, they've seen FAA Puma three or four I must have racing. This shows the huge importance of the F D.

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

Speaker Change: <unk> three and that's why you have to plan it wrong, but I don't know Michele 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.

Stefano Domenicali: In partnership with Apple and Warner Bros., we were delighted to listen to confirm that the much anticipated movie title F1, starring Brad Pitt, directed by Joseph Kosinski and produced by Jerry Brookheimer, 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 our racing weekend and it will be a great opportunity for our sport to reach new fans and engage audiences.

Speaker Change: This while we continue to be excited about our retro program discover your drive to encourage and nurture females as young as 8% to try to go casting.

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!

Speaker Change: We remain focused and on the long term goals and building a sustainable increasing female participation in motor sport. It has been a fantastic season, so far with more to come after the summer break.

Stefano Domenicali: The six season of Dr. Survive after reaching the top 10 on Netflix in over 40 markets has seen a global audience over a hundred millions viewers in the first five months since released. A close or six season to date, the cumulative audience for the theaters is close to 800 million. F1RK 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.

Speaker Change: Instead, it in and demand for our sport continues to be huge and I am confident in our future of antitumor full speed ahead, and now I will turn the call back over to Greg. Thank you Joe.

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 Maffei: Thanks, Stefano and Brian.

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

Stefano Domenicali: All three F1RK venues hosted a ticketed watch party during the three new citizen race. And all venues sold out with the London venues welcome all the most 600 guests. The ongoing success of the project means that in addition to the venues in London, Birmingham and Boston, F1RK is planning to open new venues in Washington DC in late 2024 and Las Vegas in 2025 with more to come.

Speaker Change: Please note we've moved to a new location, we will look forward to seeing you at the jazz at Lincoln Center sale.

Speaker Change: Save the date additional details will be provided soon we hope.

Greg Maffei: 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 one on your telephone keypad. A confirmation to unwind the line is in the question queue.

Speaker Change: Hope to see many of you there.

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

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

Speaker Change: Thank you.

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

Stefano Domenicali: 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 are already being sold. These are great examples of bringing fans and future fans into our sport through different routes with a mix of F1, entertainment and hospitality.

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

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

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

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

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

Stefano Domenicali: 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 to move the fully sustainable F1 2021, 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.

Bryan Kraft: Hi, good morning.

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

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

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

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

Jeff: 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 events 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 campaign.

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

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

Stefano 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 commitment as I lighted by recent events. The Silverstone event was powerful by renewable energy, including over 2000 solar panels and adding trees to recycling the event. Following success in Oceola, there have been further trials of a low carbon energy system deployed to support activity across the public, Pitlein and Broadcast Compound, that has been shown to reduce related emissions by 90%.

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

Speaker Change: Okay.

Speaker Change: Origin you here. Thank you.

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.

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

Stefano Domenicali: Trial this year has taken place in Austria and Hungary, with the first catalyst for months. 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.

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

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.

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

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

Stefano Domenicali: By 25, 50 students will have entered the program. As I mentioned earlier, FOMO-1 Academy continues to go from strength to strength and is critical to our goal of developing and preparing young female drivers to progress to higher levels of competition. Eight female drivers, including five FOMO drivers, raised in round six of the F4 British Championship, which was the highest ever level of female participation in the championship. We also have a talented driver Sophia Flurge, raised in the FIA POMO-3 for Van Amherst of Racing.

Rene: 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 get the most demand. So we're putting our dry powder into the marketing spend that's upcoming, and we're really excited about the demand that we're starting to see and expect to continue to see in the coming years.

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

Speaker Change: And expect to continue to see an uptick in.

Speaker Change: Okay. Thank you very much Renee.

Stefano Domenicali: This shows the huge importance of the FIA F3 and FIA F2 parameters, run by 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 incredible. That is why we continue to be excited about our grassroots program. Discover your drive to encourage and nurture females as young as 8 to try to go casting.

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 F1. It was relatively flat.

Speaker Change: Thank you Brian next question please.

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

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

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

Speaker Change: 2024.

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 in demand for our sport continues to be huge and I am confident in our future.

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

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

Speaker Change: It's definitely one of them.

Speaker Change: Yeah, Ryan talk about the but the mix and then let you comment on the concrete agreement.

Speaker Change: Okay.

Brian Wendling: 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.

Speaker Change: Yes, so on the.

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

Greg Maffei: Aventituta, first with the head and now I will turn the call back over to Greg. Thank you. Ciao. Thanks, Stefano and Brian.

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

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

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

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

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

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

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

Speaker Change: <unk> has an impact there.

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

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

Speaker Change: In 2000, and Q3 will have one less race with Japan, 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.

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

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

Speaker Change: That's the.

Speaker Change: Second question on Concorde agreement I would say as we said that the other time I mean, it's it's a it's all good because we have the right time the right relationship with the team that as you know the comfort is divided in three main pillars. One is financial one is commercial and that was related to governance everything is progressing very very well.

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

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 vision of the revenues between the team and the commercial right holders. But it's all great.

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

Speaker Change: No we are not in a rush to globally. The long four but everything is running smoothly as expected and this is really great because the relationship with the teams with the FAA and with those of other cycles that he is very good in this moment, so working and progressing in the right way and of course, we are focusing to try to maximize.

Speaker Change: The benefit to us.

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

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

Stefano Domenicali: Thank you Stefano.

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

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

Speaker: Thanks. Good morning, everyone.

Ben Winborne: Thanks, Good morning, everyone I guess two questions probably for Greg.

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

Speaker Change: <unk> limited given the Doj overhang Im just curious from your perspective, if there's any appetite.

Renee: But this is something that we don't see at all in our championship. Encouraging to hear it. Thank you. And maybe just to focus a little bit on the biggest portion of the question. I would say that what we're seeing in terms of ticket sales trends is consistent with what you would expect for a year or two events. Also, US is the last-minute market, and Las Vegas is even more of a last-minute market.

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.

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

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 I'll take a cut.

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

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 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 what we have done a little differently this year and a couple of our partners mentioned this earlier and speak during their own earnings call is really focus our marketing on the upcoming period.

Stefan: What what prevented the.

Speaker Change: And ready from joining F. One and obviously theres some Doj noise, there I guess keeping on theme, which I'm imagining you probably not too worried about but just curious if that's something that might be revisited in the future. If you think team expansion is something that makes sense for the sport and any comment would be interesting and helpful.

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 the first on live nation.

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

Speaker Change: I think that the.

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

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

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

Greg Maffei: So I don't think that remedy, which we don't think is in our interests or the interest of consumers, is what the DOJ really wants if they actually understood what was wrong with the market. 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: They actually understood what was wrong.

Peter Subin: Thank you my next question please. Our next question comes from Peter subpoena with wolf research please proceed with your question. Hi good morning good to ask about promotion revenue at f1 it was relatively flat year over year despite the two additional races and you said event mix as the reason I just wondered if you could get any more color on event mix specifically. And how we should be thinking about those dynamics in the 2024 and then I wanted to ask about the Concord agreement and wondered if you have any fresh thoughts on that process thank you.

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

Speaker Change: So I don't think a breakup is in the interests of live nation today.

Speaker Change: Or in the interest of the consumer and we will go forward planned at least as far as I understand it to go forward with the businesses we have.

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 we'll continue to operate very well through the base through 2024 to 2025. 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.

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

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

Speaker Change: We announced that there.

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

Speaker Change: Adding any related request for information.

Stefano Domenicali: Stephanie what are you talking about the mix and then let you comment on the Concord agreement. Okay. Yes on the promoter mix as we noted in the in our prepared remarks you had Australia and Azerbaijan fallout you had China, Austria, Japan and Emily 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.

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

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 meet 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 F. F. One and both groups have to meet a find the criteria are met.

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

Craig: Thanks, Craig.

Stefano Domenicali: As you look at the remainder of the year you have pretty comparable quarters as you look forward Japan in Q3 will have one last race with Japan basically falling out but Azerbaijan coming back in and then Q4 looks pretty similar. So again we would just highlight that you look at the business on a year-to-day or four-year basis when available.

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

David Joyce: A question on quick if you could please help us understand how the relationship works before you acquired it in terms of.

David Joyce: Would they buy tickets from you on a wholesale basis.

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

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

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

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

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

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

Speaker Change: Prior to the acquisition.

Speaker Change: I would say third party vendor they would acquire inventory directly from the promoters, particularly around secondary hospitality offerings.

Speaker Change: And then the relationship after forming the line would be essentially that have a profit share arrangement. They did also provide some reseller capabilities with regards paddock club for the teams as well as for F. One directly.

Stefano Domenicali: So working and progressing you know in in the right way and 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 terms of the vision of the revenues between the team and the commercial right. Thanks so far.

Speaker Change: Now that created a subsidiary of Liberty media.

Speaker Change: To integrate those businesses in a more closer manner thought while also still being cautious around leakage into the Concorde agreement and so.

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

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

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

Speaker Change: With regard to L. V. P. We has directly integrated them and we'd outsourced ourselves team.

Greg Maffei: Good morning, everyone. I guess two questions probably for Greg. You know, live nation can use to perform really well from a business perspective with the stock. You know, obviously limited given the DOJ overhang.

Speaker Change: Two questions. They are running ourselves in 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 it goes into the prize fund.

Greg Maffei: 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 I don't want to take this, but, you know, what prevented the endready from joining F1?

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

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 4Media and then reselling them, but at the price that they're buying them at.

Speaker Change: You can see on page three.

Greg Maffei: 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. I'll take a cut. So first on live nation, I think the business as you heard and you know that continues to operate very well.

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

Speaker Change: That'll be G P up to Liberty corporate in there as well.

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

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

Speaker Change: I appreciate it thank you very much.

Greg Maffei: 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 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 with the market.

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

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

Speaker: 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?

Speaker Change: Thanks.

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

Speaker Change: Really excited about the sponsorship business.

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

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

Greg Maffei: 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 interests of live nation today or the interests of the consumer. And we'll go forward planned at least as far as I understand it to go forward with the businesses we have. And the continued businesses as well, but we believe will continue to operate very well through the base through 2024 to 2025.

Vijay Jayant: Anything on that would be really helpful. And then just ultra low sulfur Rene on the Vegas race.

Speaker Change: Clarity your hotel partners.

Speaker Change: You sort of curious high end hospitality with rooms, and everything did they buy tickets.

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

Greg Maffei: Thanks, PJ. So I'll comment a little on sponsorship and let Stefan... 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.

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

Greg Maffei: Looking at Andredi, as you saw this morning, we announced that there is a DOJ investigation. We tend to fully cooperate within investigation, including any related requests from 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-a-vis Andredi in prior statements. We have certainly not against the idea that any expansion is wrong. There is a methodology for expansion that requires approval of the FIA and the F1, and both groups have to meet find the criteria met. And we're certainly open to new entrants making applications and potentially being approved if those requirements are met. Thanks, Craig.

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

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

Speaker Change: Continued interest from Blue chip.

Speaker Change: 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 entrant in the sponsorship world. So obviously I can't comment on any rumored or unannounced deals, but I feel very good about the pipeline and feel very good about where we both are on those new entrants and on renewals at attractive prices from some.

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

Speaker Change: Of our existing players.

Speaker Change: Definitely win anything you want to add.

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 lot of interest now, but the real point is to keep the quality of our partners at the right price level that we want to engage together. So we are in a very, very strong situation, I believe.

Speaker Change: I Couldnt agree more Greg I think that the numbers is proving the internal studies that are in our in our business and I think that now if you look back four years ago. We are the only four global pardon now we head into 10 and and there is a big big interest now, but the real point is to keep the quotes here.

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

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

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

Speaker Change: Very very strong situation I believe is as I said, Oh, we have an incredible opportunity for our partners to create partnership between also themselves. So.

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

Speaker Change: So it's a b to B relations that's exactly the multiplier effect and this is really what is important for our business to developing further in the future.

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

Renee: Thanks, Greg. Thanks for the question on Quint. So I would say part of the acquisition, Quint was obviously a third party vendor. They would acquire inventory directly from the promoters, particularly around secondary hospitality, offering, 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 Quint is a subsidiary of Liberty Media, we have looked to integrate those businesses in a more, in a closer manner, but while also still being cautious around leakage and the concord agreement.

Greg Maffei: Yeah, and I think Stefano hit on some great points. I'll just add what they are willing to pay for. They are willing to pay because they are getting value out of it, and they are finding ways to activate at races, on the grid, around events in ways that are more meaningful for them and for us. So all of those are very positive. Renee, what would you add?

Speaker Change: I think Stefan I'll hit on some great points I'll just add.

Stefan: It's not only the quality of the partners.

Stefan: And what they're willing to pay it they're willing to pay because they are getting value out of it and they're finding ways to activate on at this at the races on the grade on the around.

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

Stefan:

Renee: Renee what would you add.

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

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

Renee: So keeping those business relationships on a third party basis. With regard to LVDP, we have directly integrated them and we've outsourced our sales team to Quint. They are running our sales and ticketing programs. 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 payments then goes into the prize fund. Going forward, we are also going to be looking for new ways to really prove out the thesis around the acquisition and enable Quint to be a closer partner to all the promoters and to F1, but that is all in process still.

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

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

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

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

Leon: Leon again to address that early demand that everyone's stuff for year, one and now this year. We are working closely with them to again do the marketing push and start filling those hotel rooms now that people are back from school and back to school back from vacation and looking at their full calendars.

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

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

Operator: Great. Thanks so much.

Leon: Great. Thanks, so much.

Speaker Change: Our next.

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

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

Speaker: Thank you. Greg, as you noted, a really tight performance in the constructor standings, which is great to see. You do have new cars and regulations coming in 2026, and historically, that kind of change has been associated with a temporary period of one team dominance. What confidence do you have that the rules you have put into place or will put into place can prevent that kind of outcome? And then Stefano, as you noted, I think nearly all of your American deals are expiring this year or next year. I'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.

David Karnofsky: Okay. Thank you Greg as you noted really.

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

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

Speaker Change: What confidence do you have that the rules you have put into place and we will put into place can.

Stefano Domenicali: Prevent that kind of outcome and then Stefano as you noted I think nearly all of your Americas deals are expiring this year and next year.

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

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

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 hit on multiple levels. I think you can 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... Definitely. What might you add?

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

Vijay Jean: So anything on that be really helpful. And then just also for Renee on the Vegas race, just a clarity with your hotel partners that you sort of curate high on 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. Thanks, DJ.

Stefano Domenicali: We think the regs are designed to create a more.

Stefano Domenicali: The 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.

Stefano Domenicali: I think.

Greg Maffei: So I'll comment a little on sponsorship and let Stephano add anything he wishes. Look, I think very excited about the sponsorship pipeline excited about what Emily Prazer and her team Johnny are doing there. We've seen continued interest from blue chip clients who want to be involved at prices, which are more attractive for us than historical levels. And filling out categories that we previously had not had an entry in the sponsorship world.

Stefano Domenicali: You know people were doubtful about what these regs, how the rigs would play out.

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

Speaker Change: And take care of the lead but.

Stephan: We think they are designed to create more parity and more exciting racing and should over time Stephan.

Stephan: It's definitely what might you add.

Stefano Domenicali: I would say that this dilemma, at the end of each cycle of regulation, is there. And the things that FOM, together with the FA, has always done, I totally believe, 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.

Stephan: I would say that is this dilemma.

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

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 entrance and on renewals at attractive prices from some of our existing players. Stephano, 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 having to 10.

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

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

Greg Maffei: 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 in 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 in the future.

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. That's why, 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.

Speaker Change: Technology to keep at the central parcel.

Speaker Change: So important that's why.

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

Greg Maffei: 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 Stephano 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. They're willing to pay because they are getting value out of it. And they're finding ways to activate on at 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.

Stefano Domenicali: Teams are already working flat out for 2026 because the regulations will be very, very different. But I'm sure that the ones that are very skeptical about what we normally try to anticipate will think differently as soon as they see the action on track. 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 slowed down cars by more than six, seven seconds and not have this kind of situation.

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

Speaker Change: Sure.

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

Speaker Change: What normally we try to anticipate you know, we think differently, that's who they will see the actual track and that drags with it.

Speaker Change: Correctly, saying before I remember very clearly people without the speed and thinking that the reputation that we have now in wood that the slowdown caused by more than six seven seconds, and then not having these kinds of situations. So yeah I.

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 accusations on track and in the fan zone. And I think one of the most important impacts of the Vegas race beyond the financial side is just the increase in interest in the pipeline, including with some of these marquee companies with whom we're speaking.

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

Speaker Change: I think that we're doing the right things and as always in life, you need to be brave to try to anticipate the thing the right way and that's what we did.

Speaker Change: On the second one I think is related to U S.

Speaker Change: Yeah.

Speaker Change: First of all let me say that we are very happy with the ESPN, where the deep 12 of sport and what Theyre doing since the beginning of our journey together and we see now biggest interest for sure.

Renee: So a lot of excitement around the sponsorship portion and then DJ 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.

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

Speaker Change: We see some other sports or trying to divide the package in a different way but of course, that's it that's a personal opinion, we're gonna take hold that to a subject you know in the in the due course in the next couple of months I do believe that in the in U S. We are seeing the place where the awareness is very very important so what.

Speaker Change: What I can say from a customer point of view. If you are not really all the salt on the sport, creating multiple offer is creating more confusion, let me put it. This way. So therefore I would say we need to make sure that the incredible demand that we have from different partners will be taking that the right way at the appropriate time, but for sure.

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

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, Martin, you represent a big opportunity for us in the next years.

Operator: Thanks so much.

Operator: Next.

David Karnoski: 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 place can prevent that kind of outcome.

Speaker Change: Yes, Martin will represent for us a big opportunity for the next years.

Speaker Change: Okay.

Operator: Thank you. Next question, please.

Speaker Change: Thank you next question please.

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

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

Speaker: Hi, thanks for taking the questions. Two, the first one, you know, hopefully is quick. On the race promotion revenue discussion with Formula One, you know, you guys have 24 races this year, I think 22 last year. Normally, I would assume that there's growth in promotion revenue per race. But given 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: Alright, thanks for taking the questions.

Barton Crockett: Two the first one hopefully is quick.

Barton Crockett: On the race promotion revenue discussion with Formula one.

Barton Crockett: You guys I think you have 24 races. This year I think 22 last year.

David Karnoski: 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.

Speaker Change: Normally I would assume that there's growth in promotion revenue per race, but given what we can see from the mix and what you think this year is there any reason to think differently about that for 2024.

Speaker: 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?

Speaker Change: So that's on Formula one on the Braves.

Greg Maffei: I'll comment on the regs briefly, but I think Stephanie could actually be in particular on them as well. We think the regs are designed to create more exciting racing while also meeting many other goals around issues like sustainability and things that help our OEM partners drive innovation. So we're trying to hit on multiple levels. I think people were doubtful about how the regs would play out when we introduced them last time.

Speaker Change: Switching gears a little bit.

Speaker Change: I was curious you know you've been off of Comcast.

Speaker Change: For most of the season because of their dispute with Diamond.

Speaker Change: Has that had any meaningful impact on the business in terms of fan interest or sales or anything or not and if not.

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

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.

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

Greg Maffei: And by many measures as we noted earlier, we've never had more competitive racing. Our hope is that to 2026 regs will do the same. But as you rightly 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.

Speaker Change: I think Barton your assumption that.

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

Speaker Change: Eric do you want to take on.

Derek: Raves impact of Diamond.

Derek: 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, 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.

Eric: Sure. Thanks, Greg.

Eric: Yeah, obviously, we were off for three months.

Stefano Domenicali: Stephanie, 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 FAA 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 express themselves.

Speaker Change: You never like to see carriage dispute some.

Stefano Domenicali: 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. But on the other side, we had a duty to anticipate the things that are relevant in terms of technology to keep at the center of our classroom so important. That's why, you know, two years ago, we took the decision of putting the center, the new power unit with sustainable fuel.

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

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

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

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

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

Speaker: 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.

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

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

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

Speaker Change: Diamond there is a provision.

Speaker Change: 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.

Stefano Domenicali: 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, you know, we will think differently as soon as we see the action on track.

Speaker Change: Thank you.

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

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

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 <unk>: Hey, great. Thank you two one formula one you called out other strong demand for race promotion.

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

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

Stefano Domenicali: And as Drugs was correctly saying before, I remember very clearly people with obviously been thinking that the regulation that we are now in would have slowed down cars by more than 60 seconds and not having this kind of situation. 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.

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

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

Speaker Change: Definitely do you want to take the Paddock club issue and all of them.

Stefano Domenicali: 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 the did for our sport and what they are doing since the beginning of our journey together. And we see now bigger interest for sure. We see some other sport that's trying to divide the package in a different way but of course that's a personal opinion we're going to take on that subject in the due course in the next couple of months.

Speaker Change: Yes.

Brian Wendling: Yeah, thank you Stephen. I mean, we have a quality problem to take on now for sure. That is the fact that we, at almost all events, are sold out. And when we're talking about hospitality, what we were very good at doing is to try to maximize the different packages. Now the point is, if you want to add venues with the right space and the right quality for the service that we're offering, there is the need, of course, to take a race-by-race situation to see what we can do with the promoters in terms of capacity and possible extension.

Speaker Change: Yeah. Thank you Stephen I mean are we have a quality problem too.

Speaker Change: To take we'll know for sure that is the fact that we in almost all the events. We are sold out and that's what we're talking about hospitality, where we've got a very good to do it is to try to maximize the different packages now. The point is if you want to add that the places with the right space and the right quality for the service that we're offering that is the needle.

Speaker Change: Of course to take hold.

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

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

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.

Speaker Change: That's the situation.

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

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

Operator: 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 are a percent of pre-team share, a way to compare 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.

Speaker Change: Yeah, Steven on the AR on the team payments part.

Barton Crockett: Next question please. Our next question is from Barton Crockett with Rosenblatt Security. Please proceed with your question. 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 you have 24 races this year I think 22 last year. Normally I would assume that there's growth in promotion revenue per race but given what we can see from the mix and what you think this year, is there any reason to think differently about that for 2024. So that's on Formula One.

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

Speaker Change: And the year, but.

Speaker Change: It's fairly de Minimis.

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

Speaker Change: Great. Thank you for that.

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

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

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. Have that had any meaningful impact on the business in terms of fan interest or sales of anything or not and if not you know what does that say about the value of the TV promotion. So I'll comment on the first one and I'll let Derek if you'd like to take a second.

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

Derek: I think Barton your assumption that we get increases generally in race promotion fees is correct. Derek do you want to take on the Braves impact of Diamond? Sure. Thanks Greg. Yeah obviously we're off for three months and you never like to see some 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.

Speaker Change: 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.

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

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

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

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

Stephen Lathick: And what 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 you want to add places with the right space and the right quality for the server 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 promoter in terms of capacity, in terms of possible extension.

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

Stephen Lathick: Stephen, on the team payments part, I would point you to the year-to-day results there. So we are at 61.9% on a US gap basis, pre-team payments is a percent of pre-team share, away from it compared to 62.6 last year. We would expect some very minimal leverage as you go throughout the year and look the end of the year, but it's fairly diminimous. But definitely focus on the year-to-date number, not the quarter.

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

Operator: This concludes today's conference.

Operator: You may disconnect your lines at this time and we thank you for your...