Q2 2024 Liberty Media Corp Earnings Call

August 8, 2024

Operator 1: Welcome to Liberty Media Corporation 2024 Second Quarter Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, please press star one on your telephone keypad. As a reminder, this conference will be recorded today, 8 August 2024. I would now like to turn the call over to Claire Adams, Senior Manager, Investor Relations. Please go ahead.

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

Welcome to Liberty Media's Corporation 2024 Second Quarter Earnings Conference Call.

Operator: Quarter earnings conference call. During the presentation, all participants will be in a listen-only mode.

Operator: During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. As a reminder, this conference will be recorded today, August 8.

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

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

Operator: Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press star 1 on your telephone keypad.

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

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

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

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

Claire: Good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Media and Lana Braves Holdings with the SEC. 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 EBIT.

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

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

Claire: 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.

Claire Adams: These forward-looking statements speak only as of the date of this call in Liberty Media and Land of Race Holdings expressly display any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media or Land of Race Holdings expectations with regard thereto or any change in events, conditions or circumstances on which any set statement is based. On today's call, we'll discuss certain non-guilt financial measures for Liberty Media, Sirius XM, and Land of Race Holdings, including adjusted OIVA and adjusted EBITDA.

Claire: These forward-looking statements speak only as of the date of this call, and Liberty Media and Atlanta Brace Holdings expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein.

Claire: to reflect any change in Liberty Media or Atlanta Braves Holdings' expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based.

Clare Adams: On today's call, we'll 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 releases issued today, which are available on Liberty Media and Atlanta Braves Holdings websites. Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO.

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

Claire Adams: There are required definitions and reconciliation for Liberty Media as a Sirius XM and Land of Race Holdings schedules one through three can be found at the end of the earnings press releases issued today, which are available on Liberty Media and Land of Race Holdings websites.

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

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

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

Greg Maffei: Thanks, Claire, and good morning to all. Today, speaking on the call, we will also have Formula One President, CEO, staff and document in Cali. 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, transaction is progressing towards close. We've received SEC and FCC approvals.

Greg: Thanks, Claire, and good morning to all. Today speaking on the call, we will also have Formula One President and CEO Stefano Domenicali. 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. 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. 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. 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 23 August, excuse me, 23 August, and we expect to close on 9 September. You may note the adjusted merger exchange ratio has been reset to reduce the shares of new Sirius by 90%. We expect the new Sirius 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: Now, I'd like to turn the call over to Greg Maffei, Liberties President and CEO .

Greg McIe: Today, speaking on the call, we will also have former the one President and CEO, Staff and Odomina Cali, Liberty's Chief Accounting and Principal Financial Officer, Brian Wendley, and also during Q&A, we will answer questions related to Atlanta, Graves Holdings, and Braves 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. We 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: Thanks, Claire, and good morning to all.

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

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

Greg: And also during Q&A, we will answer questions related to Atlanta Braves Holdings and Braves Management will be available to answer them as well. So beginning with Liberty Sirius XM.

Greg: 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.

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

Greg McIe: We expect the new share price will be higher at close because of that, and we expect enhanced trading dynamics, including each increased potential for indexing inclusion. I look forward your remaining chairman and a meaningful shareholder. Turning out to Sirius XM itself, company maintains its strong financial position, self-paying driven primarily by a reduction in voluntary turn. 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. 2024 is also going to be a peak capex year, and we expect to return to free cash flow growth in the coming years.

Greg Maffei: We expect the new sheer price will be higher at close because of that, and we expect enhanced trading dynamics, including each increased potential for index inclusion. I look forward to remaining chairman and a meaningful shareholder. Turning 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.

Greg: 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: I look forward to remaining chairman and a meaningful shareholder. Turning now to SiriusXM itself. The company maintains its strong financial position. Self-paid net adds improved sequentially and year-over-year, driven primarily by a reduction in voluntary churn. EBITDA was flat versus the prior year, but +8 versus Q1. We expect solid margin and cash generation through the balance of 2024. 2024 is also going to be a peak CapEx year, and we expect to return to free cash flow growth in the coming years. We believe SiriusXM is attractive on a free cash flow multiple basis. Sirius continues to pursue growth opportunities, beginning in the car with a new 3-year subscription with a new vehicle purchase at certain automakers.

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

Speaker Change: i look forwardyourremaining chairman and a meaningful shareholder

Greg: Turning now to Series 6M itself.

Greg: The company maintains its strong financial position, self-painted ads improve sequentially and year-over-year, driven primarily by a reduction in voluntary churn.

Greg: But it was flat versus the prior year, but plus 8 versus the first quarter.

Greg: We expect solid margin and cash generation. 2024 is also going to be a peak CapEx year, and we expect to return to free cash flow growth in the coming year, looking at streaming. Sirius is launching new features and updates every month, and finally, by pursuing smart, unique content. The Smart List Podcast is kicking off this partnership in August.

Greg Maffei: We expect solid margin and cash generation through the balance of 2024. 2024 is also going to be a peak CapEx year, and we expect to return to free cash flow growth in the coming year. We believe SiriusXM is attractive on a free cash flow multiplier. Sirius continues to pursue growth opportunities, beginning in the car with a new three-year subscription for a new vehicle purchased at certain automakers. Free Access, the first free ad-supported platform which aims to increase trials and win back listeners, and 360L is continuing to drive and improve share of listening in the car, looking at streaming.

Greg: we expect solid margin and cash generation through the balance of two thousand and twenty four

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

Greg McIe: We believe Sirius XM is attractive on a free cash flow multiple basis. Sirius continues to pursue growth 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 is continuing to drive improved share of listening in the car. Looking at streaming, Sirius is launching new features and updates every month, and we've seen early improvements in multi-day listening. We've also seen increased engagement in the trial period versus the first quarter. And finally, by pursuing smart, you need content.

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

Greg: Sirius continues to pursue growth opportunities.

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

Greg Maffei: Free Access, the first free ad-supported platform, which aims to increase trials and win back listeners, and 360L is continuing to drive improved share of listening in the car. Looking at streaming, Sirius is launching new features and updates every month, and we've seen early improvements in multi-day listening. We've also seen increased engagement in the trial period versus Q1. And finally, by pursuing smart, unique content. The SmartLess Podcast is kicking off this partnership in August with an exclusive subscriber event featuring Howard Stern, Jelly Roll, and many more. Turning to Formula One Group. Despite early questions, this is turning out to be one of the most competitive seasons, certainly in the start, back to 2012. Across the first 14 races, we've seen 7 different race winners and 8 drivers have been on the podium. This is on...

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

Greg Maffei: Sirius is launching new features and updates every month, 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. To turn the point of one group.

Greg: looking at streaming.

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

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

Greg: We've also seen increased engagement in the trial period versus the first quarter. And finally, by pursuing smart, you need content. The Smart List Podcast is kicking off its partnership in August .

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

Greg: with an exclusive subscriber event featuring Howard Stern, Jelly Roll, and many more.

Greg McIe: Turning the form into one group. Despite early questions, this is turning out to be one of the most competitive seasons, certainly in the start back to 2012. Across the first 14 races, we've seen seven different race winners and eight drivers have been on the podium. This is 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. Looking at the 2020 driver market continues to fight interest in this excitement with Carlos Sainz going to Williams, Haas announcing Ocon joining as a current and current Ferrari reserve driver, Pyraman as well.

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

Stefano Domenicali: 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, with Carlos Sainz going to Williams. Let me turn briefly to MotoGP. 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. And at MotoGP, 12 riders across eight teams have been on the podium. And Germany was at 253,000, which was up 8% off an already-recorded 2020.

Speaker Change: Turn to the Formula One group.

Stefano Domenicali: despite early questions this is turning out to be one ofthe most competitive seasons certainly in the start back to two thousand and twelve across the first fourteen races we've seen seven different race winners and eight drivers have been on the podium

Greg Maffei: We're on track to have the closest Constructors' Championship across the top four since 2012 as well. The difference in time from front to back of grid at this point in the season is the closest also since the start of the current qualifying system in 2010. Looking at the 2024 driver market continues to provide interesting excitement. With Carlos Sainz going to Williams, Haas announcing Ocon joining as a current Ferrari reserve driver, Bearman as well. Bearman is showcasing the pipeline of support series talent that is delivering to Formula One. And the biggest open question remains: What will Mercedes do with its open seat? Looking now at the financial results for F1. We had a great first half. Year-to-date revenue is up 29%, and orders +35%, partially driven by 3 additional races in the period this year.

Stefano Domenicali: this is on twhere on track to have the closest constructor championship across the top four since two thousand and twelve as well

Stefano Domenicali: The difference in time from front to back of grid at this point in the season is the closest also since the start of the current qualifying system in 2010.

Greg Maffei: The 2020 driver market continues to provide interest and excitement, with Carlos Sainz going to Williams, Haas announcing Ocon joining as a current and current Ferrari Reserve driver, Pyramid as well. Pyramid is showcasing the pipeline of support series talent that's delivering to Formula One. And the biggest open question remains what we're saying to do with it open.

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

Stefano Domenicali: With Carlos Sainz going to Williams.

Speaker Change: Haas announcing Ocon joining as a current and current Ferrari reserve driver Behrman as well. Behrman is showcasing the pipeline of support series talent that it's delivering to Formula One. And the biggest open question remains, what will Mercedes do with its open seat?

Greg McIe: Pyraman is showcasing the pipeline of support series talent that is delivering to Formula One. And the biggest open question remains what women say to do with its open seat.

Greg McIe: Looking now at the financial results for F-1, we did great. First half, year-to-date revenues up 29 percent; in orbit is plus 35 percent, partially driven by three additional races in the period this year. We announced LV-CVA as an official partner; they're going to activate across 25 races in 2024 and 10 in 2025. And we continue to successfully scale partners brought in through LVGP. We remain excited about our sponsorship pipeline.

Greg Maffei: Looking now at the financial results for F1, we had a great first half; year-to-date revenue is up 29% in orbit, plus 35%, partially driven by three additional races in the period this year. We announced LVCBA as an official partner. They're going to activate across 25 races in 2024 and 10 in 2025, and we continue to successfully scale partners brought in through LBGP. We remain excited about our sponsorship pipeline. Let me turn briefly to MotoGP.

Speaker Change: Looking now at the financial results for F1, we had a great first half. Year-to-date revenue is up 29% in orbit, plus 35% partially driven by three additional races in the period this year.

Greg Maffei: 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. Let me turn briefly to MotoGP. The transaction is progressing well. Regulatory filings 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. At MotoGP, the racing has been awesome. Pecco Bagnaia quickly closed the gap with Jorge Martin, but Martin just took the lead back in Silverstone. We are seeing a very competitive title fight, now separated by only 3 points. At MotoGP, 12 riders across 8 teams have been on the podium this season.

Speaker Change: we now lbcva as a re as an official partner they're going to activate across twenty-five res in two thousand and twentyfour and ten two thousand twenty-five

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

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

Greg Maffei: 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.

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

Stefano Domenicali: Regulatory funds are progressing on track. We've received foreign investment control clearance in both jurisdictions needed, Italy and Spain, and we recently received merger clearance in Brazil and Australia. We continue to expect the transaction to close by year-end.

Greg Maffei: At MotoGP, the racing has been awesome. Paco Penaya quickly closed the gap with Jorge Martn, but Martn just took the lead back at Silverstone. We are seeing a very competitive title fight, now separated by only three points. 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 record 2023 attendance number. Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the Constructors' Championship. Instructor's category rather with Prima Pramak switching from Ducati to Yamaha next season.

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

Stefano Domenicali: And at MotoGP, 12 riders across 8 teams have been on the podium this season.

Greg McIe: Attendances up across our races with a new all-time attendance record set at Le Mans. And Germany was at 253,000, was 8% off an already record of 2023 attendance number. Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the instructors' champs. partnership instructors a category rather with Prima Prima switching from Ducati to Yamaha next season. The summer break ended last week, and in Silverstone we're excited for more action in the second half.

Greg Maffei: Attendance is up across our races, with a new all-time attendance record set at Le Mans, and Germany was at 253,000, was up 8% off an already record 2023 attendance number. Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the Constructors Championship, Constructors, category, rather, with Prima Pramac switching from Ducati to Yamaha next season. The summer break ended last weekend in Silverstone. We're excited for more action in the second half. Turning briefly to Quint. Some of the Q2 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.

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

Stefano Domenicali: And Germany was at 253,000, was up 8% off an already record 2023 attendance number.

Stefano Domenicali: Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the Constructors' Championship, and in the Instructor category in particular, with Prima Pramak switching from Ducati to Yamaha next season.

Stefano Domenicali: Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the constructors championship, constructors category rather with Prima Pramak switching from Ducati to Yamaha next season.

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

Stefano Domenicali: The summer break ended last weekend in Silverstone, and we're excited for more action in the second half. F1 experiences has seen meaningful growth across eight races this year, and we've completed inaugural activations for several new partnerships, including the WNBA All-Star Game and the Men's and Women's U.S. Opens for the U.S. Turn to Live Nation.

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

Greg McIe: Turning briefly to Quint, some of the second quarter highlights we have the 150th Kentucky Derby, which was an enormous success. The largest single event executed in Quint history, serving over 12,000 customers per day. Everyone experienced a 16 meaningful growth across eight races this year, and we've completed inaugural activations for several new partnerships, including the WMBA All Star Game and the Men's and Women's US Open for the USGA.

Stefano Domenicali: in the second half

Speaker Change: 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.

Greg Maffei: F1 Experience has seen meaningful growth across 8 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 US Opens for the USGA. Turning to Live Nation. We saw another record quarter with no signs of slowdown. 2024 is a year of AOI, amphitheaters, and arenas, and in the second quarter, despite stadium activity being lower, concert attendance was up 5%. AOI was up 21%, with record concert segment profitability, and this was one of the top 5 quarters in history for ticket sales. Revenue from on-site spending is also up double digits year to date, and cancellation rates for North America are tracking lower than last year. The ticketing and artist pipeline continues to expand globally.

Stefano Domenicali: F1 experiences has seen meaningful growth across eight races this year and we've completed inaugural activations for several new partnerships including the WNBA All-Star Game and the Men's and Women's U.S. Opens for the USGA.

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

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

Greg: We saw another record quarter with no signs of slowdown. Meanwhile, new artists have increased touring by 130% year-to-date. The amphitheater average per fan spend is also expected to grow by $2 per fan, and Live Nation plans to open 14 major global venues across 2024 and 2025. We've had strong performances from key players this season through last weekend. 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.

Speaker Change: Turn to Live Nation.

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

Greg: 2024 is a year of AOI amphitheaters and arenas, and in the second quarter, despite stadium activity being lower, concert attendance was up 5%, AOI was up 21% with record concert segment profitability, and this was one of the top five quarters

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

Greg: in history for ticket sales.

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

Greg Maffei: New orders, 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 Venue Nation. We're continuing to see the enhancements made generate incremental revenue. Major festival, festivals average per fan spend is up double digits year to date. The amphitheater average per fan spend is also expected to grow by $2 per fan, and Live Nation plans to open 14 major global venues across 2024 and 2025. Turning to the Braves. They've had strong performance from key players this season through last weekend. Ozuna led the National League with 86 RBIs. Since 12 April, Sale had a 2.64 ERA, and Fried has had a 2.71 ERA, which ranked second and third, respectively, in the National League.

Speaker Change: The ticketing and artist pipeline continues to expand globally. New artists have increased touring by 130% year-to-date, and two-thirds of all total new Enterprise tickets signed year-to-date are from international.

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

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. Jr. led the National League with 86 RBIs since April 12th.

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

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

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

Greg McIe: Turning to the Braves. If that's strong performance from key players this season through last weekend, Pazunya led the national league with 86 RBI's. Since April 12th, sales has had a 2.64 ERA and free to set a 2.71 ERI, which ranked second and third respectively in the National League. Head of the trade deadline to brazen 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. Fan demand remains strong; per caps up in ticketing and concessions year over year. There are 18,000 on the season ticket wait list, and we've seen a 90% renewal to date on season tickets for 2025.

Greg Maffei: Sale has had a 2.64 ERA, and Freed has had a 2.71 ERA, which ranked 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: Turning to the Braves.

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

Speaker Change: pzuna led the na at national league with eighty-six rbi since april twelve sal' had a point six four era and fre to hada two point seven one of uri which ranked second third respectively in the national league

Greg: Ahead of the trade deadline, the Braves announced the return of Jorge Soler to fill a key position in the outfield and right-handed pitcher Luke Jackson. Both players were on the 2021 World Series-winning team. Fan demand remains strong, per caps up in ticketing and concessions year over year. There are 18,000 on the season ticket wait list, and we've seen a 90% renewal rate to date on season tickets for 2025. The Braves are thrilled to host the All-Star Game. It's an incredible opportunity to showcase the truest...

Greg Maffei: Ahead of the trade deadline, the Braves announced the return of Jorge Soler to fill a key position in the outfield, and right-handed pitcher Luke Jackson. Both players were on the 2021 World Series winning team. Fan demand remains strong, per caps up in ticketing and concessions year over year. There are 18,000 on the season ticket wait list, and we've seen a 90% renewal to date on season tickets for 2025. Several of the master planning projects completed earlier this year are already adding value and enhancing the fan experience. The new 60-foot, 6-inch Jim Beam Bar concessions are up double digits versus 2023 concessions in the same location.

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% renewal to date on season tickets for 2025. Several of the master planning projects completed earlier this year are already adding value and enhancing the fan experience. For example, the new 60-foot, 6-inch Jim Bean Bar concessions are up double digits versus 2023 concessions in the same location.

Greg: Fan demand remains strong, per caps up in ticketing and concessions year over year. There are 18,000 on the season ticket wait list, and we've seen a 90% renewal to date on season tickets for 2025.

Greg McIe: Several of the master planning projects completed earlier this year are already adding value and enhancing the fan experience. The new 60 foot, 6 inch Jim Beam bar concessions are up double digits versus 2023 concessions in the same location. Recently, they've announced further upgrades ahead of the 2025 season, including a new seeding product, bubble pen, which includes access to an exclusive lounge underneath seats and extension of the CORE's light chop-house seeding 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.

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

Greg 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. Braves are thrilled to host the All-Star Game. It's an incredible opportunity to showcase the truest..., and the

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 Coors Light Chop House seating area. Also, the Braves recently unveiled the logo to kick off the 2025 All-Star Game. The Braves are thrilled to host the All-Star Game. It's an incredible opportunity to showcase the Truist and the Battery sections. Now I'll turn it over to Brian for more on our financial results.

Greg: Recently, they've announced further upgrades ahead of the 2025 season, including a new seating product, The Bullpen, which includes access to an exclusive lounge underneath seats, and extension of the Coors Light Chop House seating area.

Greg: Also, the Braves recently unveiled the logo to kick off the 2025 All-Star Game.

Greg: The Braves are thrilled to host the All-Star Game. It's an incredible opportunity to showcase the truest

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

Greg: and the battery sections.

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 holdings. The total Liberty Sirius XM Group attributed principal amount of debt is $10.9 billion, which includes $9.1 billion of debt at SiriusXM. As Greg mentioned, the transaction with SiriusXM is expected to close on September 9th.

Brian Wendley: Thank you, Greg. Good morning, everyone. At the quarter end, Liberty Series XM Group had an 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. Total Liberty Series XM Group attributed principal amount of debt is $10.9 billion, which includes $9.1 billion of debt at Series XM.

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

Greg: Now, I'll turn it over to Brian for more on our financial results.

Speaker Change: thank you greg and good morning everyone at quarter end livery serious x m group had attributed cash of eighty eight million excluding one hundred million of cash f that serious excess

Speaker Change: During the quarter, Liberty Sirius XM paid down $35 million under the margin loan using cash on hand. There's $1.1 billion of undrawn margin loan capacity as of quarter end.

Speaker Change: As of August 7th, the value of our SiriusXM stock was $10 billion, and we have $1.2 billion in principal amount of debt against these holdings.

Speaker Change: Total Liberty Sirius XM group attributed principal amount of debt is 10.9 billion which includes 9.1 billion of debt at Sirius XM.

Greg: of debt at SiriusXM. As Greg mentioned, the transaction with SiriusXM is expected to close on September 9th.

Brian Wendley: As Greg mentioned, the transaction with Sirius XM is expected to close on September 9. In connection with the transaction close, the $3.75 percent Liberty Series XM convertible notes and the $2.75 Series exchangeable notes will be assumed by New Series, and the margin loan will be retired. Following transaction close, holders of the $2.75 exchangeable notes will have the right to require New Series to repurchase the notes, and we would expect the substantial majority of holders will exercise this right. Turning to the Formula One Group at quarter end, the 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.

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

Greg: As Greg mentioned, the transaction with SiriusXM is expected to close on September 9th. 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.

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 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 includes $1.2 billion of cash at F1 and $58 million of cash at Gold.

Greg: In connection with the transaction close, the 3.75% Liberty SiriusXM convertible notes and the 2.75% SiriusXM exchangeable notes will be assumed by New Sirius, and the margin loan will be retired. Following transaction close, holders of the 2.75 exchangeable notes will have the right to require new securities to repurchase the notes, and we would expect a substantial majority of holders will exercise this right, which includes $1.2 billion of cash at F-1 and $58 million of cash at G-1.

Greg: and the margin loan will be retired.

Greg: 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 a substantial majority of holders will exercise this right.

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 were undrawn, and their leverage 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.

Greg: Turning to the Formula 1 group, at quarter end, the Formula 1 group had attributed cash, liquid investments, and monetizable public holdings of $1.5 billion, which includes $1.2 billion of cash at F1 and $58 million of cash at Quint.

Brian Wendley: 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 ends 1.3 times. MotoGP transaction is progressing well. We have syndicated all bridge financing commitments and reduced the total commitment from $2 billion to $1.65 billion. Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F1 op-code level. We also entered into commitments for $150 million incremental in Term Loan A at Formula One, a condition on the transaction close.

Greg: Total Formula 1 group attributed principal amounts of debt was $2.9 billion, which includes $2.4 billion of debt at F1, leaving $530 million at the corporate level. F1's $500 million Revolver is undrawn, and they're leveraged at quarter end. Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F-1AOPTO level.

Brian Wendling: 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 dollar revolver is undrawn, and their leverage at quarter end is 1.3 times. MotoGP transaction is progressing well. We have syndicated all bridge financing commitments and reduced the total commitment from $2 billion to $1.65 billion. Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F1 opco level. We also entered into commitments for a $150 million dollar incremental term loan A at Formula One, conditioned on the transaction close.

Greg: 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.

Speaker Change: at one five hundred million dollar revolters drawn in their leverageof quarterends one point three times

Greg: so

Greg: MotoGP transaction is progressing well. We have syndicated all bridge financing commitments and reduced the total commitment from $2 billion to $1.65 billion.

Brian 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 OPCO level. We also entered into commitments for $150 million incremental term loan A at Formula One conditioned on the transaction close. And we obtained commitments from banks to provide Dorna with a new €150 million term loan A and an upsized €100 million revolver to be entered into, after and subject to transaction close, by Dorna.

Greg: Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F-1 OPCO level.

Greg: We also entered into commitments for a $150 million incremental term loan A in Formula One conditioned on the transaction closed. Growth in F1 TV continues to benefit meteorites revenue. Race promotion revenue is relatively flat given the mix of races with Australia and Azerbaijan dropping out of Q2 compared to last year with Japan, China, Imola, and Austria being added in the current season. Justin Uybita grew in the quarter as revenue growth more than offset increased costs due to the higher pro rata recognition of team payments and the expectation of increased team payments for the full year over 2020.

Greg: We also entered into commitments for a 150 million dollar incremental term loan A at Formula One conditioned on the transaction close. And we obtained commitments from banks to provide Dorna with a new 150 million euro term loan A and an upsized 100 million euro revolver to be entered into.

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

Brian Wendling: We obtained commitments from banks to provide Dorna with a new EUR 150 million term loan A, and an upsized EUR 100 million revolver to be entered into after and subject to transaction closed, and to be used by Dorna for general corporate purposes. Looking at the F1 business, I will again remind you that the business is best analyzed on an annual basis, given variability in year-over-year race calendar. With that said, I'll make a few brief remarks on the quarterly results, but would very much encourage you to focus on the year-to-date results. During the quarter, F1 recognized a higher proportion of season-based income, with 8 out of 24 races occurring during the period, compared to 6 out of 22 in the prior year period. Media rights and sponsorship revenue also increased due to contractual increase in fees and revenue from new agreements.

Greg: After and subject to transaction closed and to be...

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

Brian Wendling: Looking at the F-1 business, I will again remind you that the business is best analyzed on an annual basis, given the variability in year-over-year 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, F-1 recognized a higher proportion of season-based income, with eight out of 24 races occurring during the period compared to six out of 22 in the prior-year period.

Speaker Change: used by DORNA for general corporate purposes.

Speaker Change: looking at the f one business i will again remind you that the business is best analyes on an annual basis given variability in year-over-year race calar

Brian Wendling: Media rights and sponsorship revenue also increased due to contractual increases in fees and revenue from... Growth in F1 TV continues to benefit meteorites revenue. 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.

Speaker Change: With that said, I'll make a few brief remarks on the quarterly results, but would very much encourage you to focus on the year-to-date results.

Greg: 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.

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

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

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

Greg: growth in fone v continues to benefit mediorizede revenue race promotion revenue is relatively flat given the mix of racises with australian ozor by jon dropping out of q two compared to last year with japan china emllla and austria being added in the current period

Brian Wendling: Other revenue increased primarily due to higher hospitality and freight revenue driven by the additional rates. Just as OIBA grew in the quarter as revenue growth more than offset increased costs due to the higher pro rata recognition of team payments and the expectation of increased team payments for the full year in 2020, as well as increased costs due to the additional races held and cost-supporting revenue. 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.

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

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

Brian Wendley: As well as increased cost due to the additional races held and cost supporting revenue growth. Team payments are best viewed on a year-to-day basis and represented 61.9% of pre-team Boyvada for the first half of the year compared to 62.6% in the prior year. I would 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 SG&A are best viewed as a percent of total revenue for the year. Again, looking at it on a year-to-day basis, the adjusted way would have margin improved from 24.6% through Q2, 23 to 25.8% through Q2, 24.

Greg: as well as increased costs due to the additional races hell and cost supporting revenue growth

Brian Wendling: Team payments are best viewed on a year-to-date basis and represented 61.9% of pre-team OIBDA for the first half of the year, compared to 62.6% in the prior year. I would note Q2 and Q3 tend to have the highest percentage payout ratios based on the greater mix of European races in these quarters. Other costs of F1 revenue and SG&A are best viewed as a percent of total revenue for the year. Again, looking at it on a year-to-date basis, the adjusted OIBDA margin improved from 24.6% through Q2 2023 to 25.8% through Q2 2024. 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.

Greg: Team payments are best viewed on a year-to-day basis and represented 61.9% of pre-team boyboda for the first half of the year compared to 62.6% in the prior year.

Brian Wendling: 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.

Speaker Change: i would no q two and q three tend to have the highest percentage payout ratios based on the greater mix of european races in these quarters

Greg: Other costs of F1 revenue and SG&A are best viewed as a percent of total revenue for the year. Again, looking at it on a year-to-date basis, the Adjusted Oybent margin improved from 24.6% through Q2'23% to 25.8% through Q2'24%.

Brian Wendling: Again, looking at it on a year-to-date basis, the adjusted EBITDA margin improved from 24.6 through Q2'23 to 25.8%. Looking briefly at corporate and other results in the second quarter, corporate and other revenue was $141 million, which includes Quint results and approximately $6 million of rental related to the Las Vegas Grand Prix Plaza. Corporate Another adjusted to wipe it, it was $5 million in the second quarter, and the results, Grand Prix Plaza rental income offset by corporate expenses. Quint results in the second quarter were primarily driven by the Kentucky Derby and F1 experiences across the eight races held.

Brian Wendley: 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 quint results. Grand Prix Plaza rental income offset by corporate expenses. Quint results in the second quarter were primarily driven by the Kentucky Derby and F1 experiences across the eight races held. Reminder that Quint business is seasoned over the largest and most profitable events taking place in Q2 and Q4.

Greg: Looking briefly at corporate and other results in the second quarter, corporate and other revenue was $141 million, which included Quint results and approximately $6 million of rental. Reminder that Quint's business is seasonal, with the largest and most profitable events taking place in Q2 and Q4. At the Liberty Live group, there's attributed cash of $406 million, and there's $400 million of undrawn marginal incapacity related to our Live Nation margin. Baseball event revenue growth was driven by new sponsorship agreements as well as contractual increases on season tickets.

Speaker Change: twenty four

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

Brian Wendling: Corporate and other adjusted OIBDA was $5 million in Q2, and it includes Quint results, Grand Prix Plaza rental income, offset by corporate expenses. Quint results in Q2 were primarily driven by the Kentucky Derby and F1 experiences across the 8 races held. 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 OIBDA will benefit from the rental income and the Quint results for the full year. 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, Live Nation market.

Speaker Change: related to the las vegas grant pre plth

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

Greg: Quint results in the second quarter were primarily driven by the Kentucky Derby and F1 experiences across the 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, but it will benefit from the rental income and the Quint 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.

Greg: A reminder that Quint's business is seasonal with the largest and most profitable events taking place in Q2 and Q4. We expect corporate and other adjusted oil but it will benefit from the rental income and the Quint results for the full year.

Brian Wendley: We expect corporate and other adjusted away, but it will benefit from the rental income and the quint results for the full year. At the Liberty Live Group, there's a attributed cash at $406 million, and there's $400 million of on-drawing marginal capacity related to our Live Nation market. As of August 7, the value of our Live Nation stock was 6.3 billion, and we have 1.2 billion in principal amount of debt against these holdings. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end. Turning briefly to the Atlanta Braves holdings, revenue grew in the second quarter despite three fewer home games compared to last year.

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

Brian Wendling: As of 7 August, 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 quarter end. Turning briefly to the Atlanta Braves holdings. Revenue grew in Q2, despite 3 fewer home games compared to last year. Baseball event revenue growth was driven by new sponsorship agreements, as well as contractual increases on season tickets and existing sponsorship contracts. Broadcasting revenue grew as there were more total games, you know, between home and away, played in Q2. Baseball operating costs increased in Q2, primarily due to higher player payroll, increased payments under MLB's revenue sharing plan, and higher minor league team and player expenses.

Greg: As of August 7th, the value of our Live Nation stock was $6.3 billion, and we have $1.2 billion in principal amount of debt against these holdings.

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

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

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

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, increased payments under MOPs, revenue sharing plan, and higher minor league team and player expenses. The battery continues to form very well, with revenue up 11%, and adjusted to wipe it up 13% in the second quarter. Looking at the capital improvement projects around the ballpark, the reminder that the Brays are spending approximately 15 million related to the projects completed ahead of the 2024 season across the back half of 2023 and early 24.

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

Greg: Broadcasting revenue grew as there were more total gains, home and away, played in the second quarter. 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, new seating options, and expect to spend approximately $20 million on these projects across the back half of 2024 and early 2025. The battery of the Truist headquarters is progressing ahead of schedule, and we'd expect to hand that building over to Truists soon.

Greg: broadcasting revenue grew is there were more total games

Stefano: Baseball operating costs increased in the second quarter primarily due to higher player payroll, increased payments under MOB's revenue-sharing plan, and higher minor league team and player payments. However, the battery continues to perform very well, with revenue up 11% and adjusted OEBD up. Looking at the capital improvement projects around the ballpark, a reminder that the Braves are spending approximately $15 million related to the projects completed ahead of the 2024 season across the back half of 2023 and early. The Braves recently announced additional improvement projects to open ahead of the 25 season, primarily related to new seating options, and expect to spend approximately $20 million on these projects across the back half of 2024 and early 2025.

Greg: between home and away played in the second quarter

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

Brian Wendling: The Battery continues to perform very well, with revenue up 11% and Adjusted OIBDA up 13% in Q2. Looking at the capital improvement projects around the ballpark, a reminder that the Braves are spending approximately $15 million related to the projects completed ahead of the 2024 season across the back half of 2023 and early 2024. The Braves recently announced additional improvement projects to open ahead of the 2025 season, primarily related to new seating options, and expect to spend approximately $20 million on these projects across the back half of 2024 and early 2025. These are all high-returning projects that will generate incremental revenue for the Braves in the 2025 season. At The Battery, the Truist headquarters is progressing ahead of schedule, and we'd expect to hand that building over to Truist in September.

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

Greg: percent in the second quarter.

Greg: it

Greg: Looking at the capital improvement projects around the ballpark, a reminder that the Braves are spending approximately $15 million related to the projects completed ahead of the 2024 season, across the back half of 2023 and early 2024.

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

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

Greg: new secedating options and expect to spend apximatelytwenty million on these projects across the back half of twenty four early twenty-five

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

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

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

Speaker Change: at the batter ofthe truth headquarters is progressing ahead ofschedu and we'd expect to hand that building over to truest in september

Stefano: Now I'll turn it over to Stefano to discuss Formula One. Thanks, Brian. The 2024 season is delivering incredible racing and action for our fans at home and our sold-out events. Everyone continues to prove there is an incredible competition on track. Through 14 races this season, we have had 7 different winners from 4 teams. The gaps between teams are getting closer, both in qualifying and the races. In Imola, Max bet Lando by only 7 tenths of a second. Following Lando's incredible winning Miami. In Monaco we saw Charlie Claire take his first home victory. In Canada, the gap between the top 4 in qualifying was 1 tenths of a second.

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

Greg: Now I'll turn it over to Stefano to discuss Formula 1.

Stefano: Thanks, Brian. The 2024 season is delivering incredible racing and action for our fans at home and at our sold-out events. F1 continues to prove there is incredible competition on the track. Through 14 races this season, we have had 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 2024 season is delivering incredible racing and action for our fans at home and at our sold-out events. In Imola, Max bet Lando by only 7 tenths of a second, following Lando's incredible win in Miami. Hungary saw another excellent race ending in Piasti's first F1 win with a McLaren 1 and 2 and Hamilton rounding out the podium. In Spa, we had an incredible race with very tight gaps throughout, and the lead was changed multiple times.

Stefano Domenicali: Thanks, Brian. The 2024 season is delivering incredible racing and action for our fans at home and our sold-out events. F1 continues to prove there is an incredible competition on track. Through 14 races this season, we have had 7 different winners from four teams. The gaps between teams are getting closer, both in qualifying and the races. In Imola, Max beat Lando by only 0.7 of a second, following Lando's incredible win in Miami. In Monaco, we saw Charles Leclerc take his first home victory. In Canada, the gap between the top four in qualifying was 0.1 of a second, and we have seen Mercedes return to the top step of the podium, with George winning in Austria and Lewis sealing his record 9th victory at Silverstone.

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

Speaker Change: f one continues to improve there is an incredible competition on track through fourteen races this season we have had seven different winners from a four teams the gaps between te are getting closeser both in qualifying and the races

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

Stefano: In Monaco, we saw Charles Leclerc take his first humbug. In Canada, the gap between the top four in qualifying was one-tenth of a second, and we have seen Mercedes-Benz return to the top step of the podium with George winning in Austria and Luis sealing his record ninth victory at Silva. Hungary saw another excellent race ending in Piasti's first F1 win with a McLaren 1 and 2 and Hamilton rounding out the

Speaker Change: in monaco we saw charlie clad take his first home victory in canada the ke between the top four equalifi was one tenth for a second and we have seen ber cedes returned to the top step of the poum with george winning in ocha and louis iving his record n victory at service

Stefano: And we have seen Mercedes return to the top step of the podium with George winning in Austria and Luis Sidney his record 9th victory at Silverstone. Hungary saw another excellent race, ending in Piazza's first home victory. The first F1 win with a McLaren 1 and 2, and Hamilton rounding out the podium. In SPA, we had an incredible race with very tight gaps throughout, and the race was led by being swapped multiple times. George Russell crossed the finish line first after a 3 in final lap after against Luis, but was disqualified after the race because the car did not meet the required weight.

Stefano Domenicali: Hungary saw another excellent race, ending in Piastri's first F1 win, with a McLaren one-two, and Hamilton rounding out the podium. In Spa, we had an incredible race with very tight gaps throughout, and the race lead being swapped multiple times. George Russell crossed the finish line first after a thrilling final lap battle against Lewis, but was disqualified after the race because the car did not meet the required weight, meaning Lewis took his second victory of the season, with Oscar Piastri second and Charles Leclerc third. By many measures, we have never had more competitive racing. I expect that the remainder of the 2024 season will continue to deliver great racing for our fans. As we look forward, the increasingly close racing offers very exciting prospects for 2025.

Stefano Domenicali: Hungary saw another excellent race ending in Piastis first F1 win with a McLaren 1 and 2 and Hamilton rounding out the podium. In Spa we had an incredible race with very tight gaps throughout and the race led by being swapped multiple times.

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

Stefano Domenicali: George Russell crossed the finish line first after a 3-0 final lap against Lewis, but he was disqualified after the race because the car did not meet the required weight, meaning Lewis took his second victory of the season with Oscar Piazza II and Charlotte Craig III.

Stefano Domenicali: george russell crossed the fishline first after a three and final laps against leouis that was disqualified after the race because the carard did not meet the required weight mean louis took his second victory of the season

Stefano: Luis took his second victory of the season, with Oscar Piazza's second and Charlotte Craig third. By many measures we have never had more competitive racing. I expect that the reminder of the 2024 season will continue to deliver great racing for our fans.

Stefano: By many measures, we have never had more competitive rates. I expect that the remainder of the 2024 season will continue to deliver great racing for our fans, and, as we look forward, the increasingly closed racing offers very exciting prospects for 2024. The incredible competition on track is leading to even higher engagement as our diverse fan base continues to grow. We have welcomed over 3.7 million attendees through the first 14 races of this season, with the Canadian Grand Prix scene record attendance of 350,000 and Citadel Match with its incredible 2023 record attendance of 480,000.

Speaker Change: with oscoopasic cycle as charlotte ter by many measure we have never had more competitive rio

Speaker Change: i spent that the remainanded up two thousand and twenty four season we continue to deliver rate ration for our fans and as we look forward the increasingly closed rates offers very exciting process before two thousand and twenty five

Stefano: And as we look forward, the increasingly close race in office is a very exciting process for 2025. The incredible competition of track is leading to even higher engagement as our diverse fan bases continues to grow. We have welcomed over 3.7 million attendees through the first 14 races of this season with the Canadian Grand Prix scene record attendance of 3,000 and 50,000. And see the match in its incredible 2033 record attendance of 480,000. We continue to see sold out events, and there is strong demand for the races till to come this season. On TV we have seen particularly strong numbers in key growth markets including Australia, the US, China, Canada, South Africa, and the Middle East.

Stefano Domenicali: The incredible competition on track is leading to even higher engagement as our diverse fan bases continues to grow. We have welcomed over 3.7 million attendees through the first 14 races of this season, with the Canadian Grand Prix seeing record attendance of 350,000, and Silverstone matching its incredible 2023 record attendance of 480,000. We continue to see sold-out events, and there is strong demand for the races still to come this season. On TV, we have seen particularly strong numbers in key growth markets, including Australia, US, China, Canada, South Africa, and the Middle East. Looking at the recent races, the Canadian Grand Prix was the most viewed live race ever in Canada.

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

Speaker Change: We have welcomed over 3.7 million attendees through the first 14 races of this season, with the Canadian Grand Prix scene record attendance of 350,000 and Citadel Match in its incredible 2023 record attendance of 480,000.

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

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

Speaker Change: on d we have seen particularly strong numbers in key growth markets includingin 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 2006. Looking at the U.S., five races this season have achieved record-high viewership for their respective events, the Chinese, Miami, Monaco, Canadian, and British Grand Prix. 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.

Stefano: Looking at the recent races, the Canadian Grand Prix was the most viewed live race ever in Canada. The British Grand Prix was impressively the most viewed live European races over on Sky UK and earned the largest overall weekend audience for the F1 in the UK since 2016. 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 ABC and the 18th to 49th demographies average 1.3 million, and the spring raises average 9.6 thousand viewership on ESPN.

Stefano: Looking at the recent races, the Canadian Grand Prix was the most-viewed live race ever in Canada. The British Grand Prix was impressively the most-viewed live European race on Sky UK and earned the largest overall weekend audience for F1 in the UK since 2006. Looking at the U.S., five races this season have achieved record-high viewership for their respective events, the Chinese, Miami, Monaco, Canadian, and British Grands. 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: The British Grand Prix was impressively the most viewed live European races over on Sky UK, and earned the largest overall weekend audience for the F1 in the UK since 2016. Looking at the US, 5 races this season have achieved record live 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 18 to 49 demographics average 1.3 million, and the Sprint races averaged 946 thousand viewership on ESPN, the largest on the channel since we introduced the Sprint format in 2021. Our digital and social platform also continue to see very strong performance.

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

Stefano Domenicali: The Miami Grand Prix viewership peaked at 3.6 million on ABC and the 18th to 49th demographics averaged 1.3 million and the sprint races averaged 946,000 viewership on ESPN, the largest on the channel since we introduced the sprint format in 2021.

Stefano: The largest on the channel since we introduced the spring format in 2021. Our digital and social platform also continue to see very strong performance. We saw a 32% increase in social media followers compared to 2023, driven by the success of the new channel. Threads and WhatsApp and accelerator growth on Instagram. We also have a higher engagement with 4.1 billion views and 880 million interactions on Instagram year-to-date. F1 TV continues to perform well. Total subscribers are up 11% year-over-year. And in the US market, subscribers are up 16% year-over-year. As previously mentioned, we implemented F1 TV price increases for the first time across markets this year, which have been well received with the limited optics in turn.

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

Stefano Domenicali: Our digital and social platform also continue to see very strong performance. We saw a 32% increase in social media followers compared to 2023, driven by the success of the new channel, Threads and WhatsApp, and accelerated growth on Instagram.

Stefano Domenicali: We saw a 32% increase in social media followers compared to 2023, driven by the success of the new channel, Threads and WhatsApp, and accelerated growth on Instagram. We also have a higher engagement with 4.1 billion video views and 880 million interactions on Instagram year to date. F1 TV continues to perform well. Total subscribers are up 11% year-over-year, and in the US market, subscribers are up 16% year-over-year. As previously mentioned, we implemented F1 TV price increases for the first time across markets early this year, which have been well received with the limited upticks in churn. F1 TV continues to be an important and growing product. We also continue to see great results from our podcasts this season.

Stefano Domenicali: We also have higher engagement with 4.1 billion video views and 880 million interaction on Instagram year to date.

Stefano: 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 postcard this season.

Stefano Domenicali: F1 TV continues to perform well. Total subscribers are up 11% year over year and in the US market, subscribers are up 16% year over year.

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

Stefano Domenicali: F1 TV continues to be an important and growing product. Two weeks ago, we announced the 2025 Spring Calendar, with races to take place at six events – China, Miami, Belgium, Austin, Brazil, and Qatar. The Spring continues to be a big success, with a higher TV audience for the Friday Spring qualifying and Saturday Spring race compared to traditional practices. The event also brings extra on-track action for our fans attending the event, providing additional values for promotion. Abby Poole is leading the series and recently became the first woman to win a British F4 race. American driver Chloe Chambers took first in Race 2 in Barcelona with a dominant victory over Police.

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

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

Stefano Domenicali: Total listens to all episodes of the F1 podcast, including Beyond the Grid, F1 Nation, and F1 Explained, since launch in 2018, surpassed 125 million this quarter. The F1 Explained podcast is engaging new and more diverse audience, with 40% of the listeners in the US market. A few weeks ago, we announced the 2025 sprint calendar, with races to take place at six events: China, Miami, Belgium, Austin, Brazil, and Qatar. The sprint continues to be a big success, with a higher TV audience for the Friday sprint qualifying and Saturday sprint race compared to traditional practice session. The events also bring extra on-track action for our fans attending the events, providing additional values for promoters.

Speaker Change: we also continue to see cre result from our po ca decisason total listens to all episde of the fone podcast included beyond degree f one nation and fone explain since launching two thousand and eighteen were past one hundred and twenty-five million this quarter

Operator: quarter earnings conference call. During the presentation all participants will be in a listen only mode. Afterwards we will conduct a question and answer session. At that time if you have a question please press star one on your telephone keypad. As a reminder this conference will be recorded today August 8th.

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

Stefano: A few weeks ago, we announced the 2035 spring calendar with races to take place at 6 events. China, Miami, Belgium, Austin, Brazil, and Qatar. The spring continues to be a big success, with a higher TV audience for the Friday spring qualifying and Saturday spring race compared to traditional practice session. The events also bring extra-ontract action for our fans attending the events, providing additional values for performance. 80% of fans surveyed after the Chinese Grand Prix said that they preferred the new spring format, and we looked forward to maintaining the momentum in 2025.

Stefano Domenicali: A few weeks ago, we announced the 2025 Spring Calendar, with races to take place at six events China, Miami, Belgium, Austin, Brazil and Qatar

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

Speaker Change: the spring continues to be a big success with the higher tdoudans for the frid prme qualiffining and soule creen raise compared to traditionaland practice session

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 foreign 10K and 10Q filed by Liberty Media and Land of Race Holdings with SEC. These forward-looking statements speak only as of the date of this call in Liberty Media and Land of Race Holdings expressly display any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media or Land of Race Holdings expectations with regard there to or any change in events, conditions or circumstances on which any set statement is based. On today's call we'll discuss certain non-guilt financial measures for Liberty Media, Sirius XM, and Land of Race Holdings including adjusted OIVA and adjusted EBITDA.

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

Stefano Domenicali: The events also bring extra on-track action for our fans attending the events, providing additional values for promoters. Eighty percent of fans surveyed after the Chinese Grand Prix said that they preferred the new spring format, and we look forward to maintaining the momentum in 2025.

Stefano Domenicali: 80% of fans surveyed after the Chinese Grand Prix said that they preferred the new sprint format, and we look forward to maintaining the momentum in 2025. The F1 Academy season is also off to a strong start, with the first 3 races completed in Saudi, Miami, and Spain, and the next race in Zandvoort. Abbi Pulling is leading the series with the and recently become the first woman to win a British F4 races. American driver Chloe Chambers took first in race two in Barcelona, with a dominant victory over Pulling. F1 Academy is growing engagement and attracting new fans. In the last 12 months, F1 Academy social media followers have increased by 3 times with a diverse follower base.

Stefano: The F1 Academy season is also off to a strong start with the first three races completed in Saudi, Miami, and Spain, and the next race in Stanford. Abby Pulling is leading the series and recently became the first woman to win a British F4 races. American drivers Chloe Chamber took first in race 2 in Barcelona with a dominant victory over Pulling. F1 Academy'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. 57% of the F1 Academy followers on Instagram are female.

Stefano Domenicali: The F1 Academy season is also off to a strong start with the first three races completed in Saudi, Miami and Spain and the next race in Zambia.

Speaker Change: abbe puoling is leading the serious with and richcently become the first woman to win a british at four races americans drivers slowe chamber took first in race to in basascelona with a dominant victory of a poing

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

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

Claire Adams: There are required definitions and reconciliation for Liberty Media as a Sirius XM and Land of Race Holdings schedules one through three can be found at the end of the earnings press releases issue today which are available on Liberty Media and Land of Race Holdings websites.

Stefano Domenicali: 57% of the F1 Academy followers on Instagram are female, 57% are under 25 years old, and 83% are under 35 years old. Online coverage of F1 Academy across news sites and social reached 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 race weekends, many of the promoters hosting F1 Academy events this year are lining up to host again in 2025, and we've received interest from several other markets. Turning to commercial updates. On race promotion, there continues to be significant demand from potential new race hosts.

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

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

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

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

Stefano Domenicali: Online coverage of F1 Academy across news sites and social media reaches almost 700 million Internet users. F1 Academy has also been engaging fans attending F1 events around the calendar. Given the success alongside F1 races weekend, many of the promoters hosting F1 Academy events this year are lining up to host again in 2025 and will receive interest from several other markets. We do not 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... Our media rights, we have some key renewals to address for 2026, including our deals across the Americas.

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

Greg McIe: Today speaking on the call we will also have former the one President and CEO, Staff and Odomina Cali, Liberty's Chief Accounting and Principal Financial Officer Brian Wendley, and also during Q&A we will answer questions related to Atlanta, Graves Holdings and Braves 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: the mimigram y lo generated fourteen point seven million video views and four medal interaction on social media with two millions live viewers onwork custiv

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

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

Greg McIe: We set the shareholder meeting date for August, excuse me, August 23rd, and we expect to close on September 9th. You may note the adjusted merger exchange ratio has been reset to reduce the shares of new Siri by 90%. We expect the new share price will be higher at close because of that and we expect enhanced trading dynamics including each increased potential for indexing inclusion. I look forward your remaining chairman and a meaningful shareholder.

Stefano: Turning to commercial updates on race promotion, there continues to be significant demand from potential new race hosts. We now currently intend to go above 24 races in our season, as our duty is to ensure the right strategy balance for the long-term future of the sport. The added benefit of this demand with limited race slot creates increased incentives for promoters to innovate and improve the experience of race across the calendar. More promoters are committing to investments in their races. For example, Hungary has committed to significant refurbishing, including a new pit between 2020 and 2026. We have also seen an example of great entertainment from promoters, including the Barcelona F1 event, Thursday, Talsut in Silverstone, and of course, we look forward to returning to Las Vegas after an incredible show in 2023.

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

Stefano Domenicali: Turning to commercial updates. On race promotion there continues to be significant demand from potential new race hosts. 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.

Stefano Domenicali: We do not currently intend to go above 24 races in a season, as our duty is to ensure the right strategic balance for the long-term future of the sport. The added benefit of this demand with limited race slots creates increased incentives for promoters to innovate and improve the experience at races across the calendar. 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 are also seeing examples of great entertainment from promoters, including the Barcelona fan event, Thursday concert in Silverstone, and of course, we look forward to returning to Las Vegas after an incredible show in 2023. We announced the 2025 calendar much earlier this year, which gives the teams and promoters more time to prepare and market their events.

Speaker Change: the added benefit of this demand with limited race lot creates increasing centves promoters to innov and improve the experience at race across the calendar

Greg McIe: Turning out to Sirius XM itself, company maintains its strong financial position, self-paying driven primarily by a reduction in voluntary turn. 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. 2024 is also going to be a peak capex year and we expect to return to free cash flow growth in the coming years. We believe Sirius XM is attractive on a free cash flow multiple basis.

Stefano Domenicali: More promoters are committing to investments in their races. For example, Hungary has committed to significant refurbishment, including a new pit building from 2026.

Stefano: We are also seeing examples of great entertainment from promoters, including the Barcelona Fan Event, Thursday concert in Silvers, and, of course, we look forward to returning to Las Vegas after an incredible show in 2021. We announced the 2025 calendar much earlier this year, which gives the teams and promoters more time to prepare and market their events. We now continue to focus 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.

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

Stefano: 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.

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 on optimizing the calendar for 2026 and beyond.

Stefano Domenicali: We now continue to focus on optimizing the calendar for 2026 and beyond. Our media rights, we have some key renewal to address for 2026, including our deals across all the Americas, US, Canada, Latin, Brazil, and Mexico, as well as across most of Asia, including Japan. The continued growth of our diverse fan base around the world, including the US, and demand from broadcasters, means we are confident in the future of our media deals. We also continue to be excited about the amount of content F1 has to offer. Across race weekends, we have many events and lots of data provided by numerous cameras around the track and cars. We can offer our broadcast partners and the fans at home incredible access and insight into the weekend through all this content.

Stefano: Our media rights, we have some key renewal to address for 2020, including our deals across the Americas, US, Canada, Latin, Brazil, and Mexico, as well as across most of Asia, including Japan. The continued growth of our diverse fan base around the world, including the US, and demand from broadcasters means we are confident in the future of our media ideals. We also continue to be excited about the amount of counter-the F1 has to offer. Across race weekends, we have many events and lots of data provided by numerous cameras around the track and cars. We can offer our broadcast partners and the fans at home incredible access and insight into the weekend through all of this content.

Greg McIe: Sirius continues to pursue growth 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 winback listeners, and 360L is continuing to drive improved share of listening in the car. Looking at streaming, Sirius is launching new features and updates every month and we've seen early improvements in multi-day listening. We've also seen increased engagement in the trial period versus the first quarter. And finally by pursuing smart, you need content. The smartless podcast is kicking off this partnership in August with an exclusive subscriber event featuring Howard Stern, Jelly Roll, and many more.

Stefano Domenicali: Our media writes, we have some key renewal to address for 2026, including our deals across the Americas. US, Canada, Latin, Brazil and Mexico, as well as across most of Asia, including Japan.

Stefano Domenicali: US, Canada, Latin America, Brazil, and Mexico, as well as across most of Asia, including Japan, the free-to-feature 3D graphics, child-friendly team radio transmission, technical explanation, and a bespoke package of colorful graphics and animation. Even though the London show is not yet open, 60,000 tickets have already been sold.

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

Stefano Domenicali: The continued growth of our diverse fan base around the world, including the U.S., and demand from broadcasters, means we are confident in the future of our media ideals.

Speaker Change: We also continue to be excited about the amount of content 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.

Stefano Domenicali: we can offer our broadcast partners and the fans attoric credible axis and inside into the weekend through all this content

Stefano: Alongside this, we are very pleased to once again deliver the F1 Kids Program in decision for seven events. The feedback from 2023 was impressive, and F1 Kids is proving to be a brilliant way to engage children in Formula One in a way that's accessible and fun for them. F1 Kids is available to work faster around the world via a live, dedicated, international feed of the Grand Prix. The feed feature 3D graphics, child-friendly team radio transmission, technical explanation, and a bespoke package of colorful graphics and animation. Included the cartoon drivers, avatars, and upgraded car delivery design.

Stefano: Alongside this, we are very pleased to once again deliver the F1 Kids program 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.

Stefano Domenicali: Alongside this, we are very pleased to once again deliver the F1 Kids program in this season for seven events. The feedback from 2023 was impressive, and F1 Kids is proving to be a brilliant way to engage children in Formula One in a way that's accessible and fun for them. F1 Kids is available to broadcasters around the world via a live, dedicated international feed of the Grand Prix. The feed features 3D graphics, child-friendly team radio transmission, technical explanation, and a bespoke package of colorful graphics and animation, including the cartoon drivers avatars and upgraded car livery design. The production returns in Saudi, followed by Monaco and Silverstone, and will also be available for Dutch, Singapore, São Paulo, and Abu Dhabi Grand Prix later this season. Looking at sponsorship, we are confident in the pipeline with exciting conversation underway.

Speaker Change: Alongside this, we are very pleased to once again deliver the F1 Kids program in this season for seven events. The feedback from 2023 was impressive and F1 Kids is providing to be a brilliant way to engage children in Formula One in a way that's accessible and fun for them.

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

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

Stefano: 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. As for our sponsorship, we are confident in the pipeline with exciting conversations underway. We continue to have opportunities in categories such as financial services, consumer electronics, telco, and betting.

Stefano: The production returning Saudi. Followed by Mallok and Silverstone, and we also be available for Dutch, Singapore, San Paolo, and Abu Dhabi Grand Prix later this season.

Stefano Domenicali: included the cartoon driver's avatars and upgraded car livery design.

Greg McIe: Looking at the 2020 driver market continues to fight interest in this 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 is delivering to Formula One. And the biggest open question remains what women say to do with its open seat.

Stefano Domenicali: The production return in Saudi

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

Stefano: Look at that 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 of the ways we can.

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

Stefano Domenicali: We continue to have opportunities in categories such as financial services, consumer electronics, telco, and betting. We have also more closely integrated the 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 fan engagement opportunities outside of race weekend. In partnership with Apple and Warner Bros., we were delighted to recently confirm that the much-anticipated movie titled F1, starring Brad Pitt, directed by Joseph Kosinski, and produced by Jerry Bruckheimer, will be released on 25 June 2025. We were excited to release the movie teaser during the build up of the British Grand Prix.

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

Stefano: We have also more closely integrated the sponsorship, licensing, hospitality, and marketing teams in a comprehensive strategy to optimize the growth of our fandom and commercial opportunities. We are also continuing strong progress on fun engagement opportunities outside of this weekend. In partnership with Apple and Warner Brothers, we were delighted to recently confirm that the much-anticipated movie titled F1, starring Brad Pitt, directed by Joseph Kosinski and produced by Jerry Bruckheimer, will be released on June 23, 2021.

Stefano Domenicali: We have also more closely integrated the sponsorship, licensing, hospitality and marketing teams in a comprehensive strategy to optimize the growth of our fandom and commercial opportunities.

Greg McIe: Looking now at the financial results for F-1, we did great first half, year-to-day revenues up 29 percent in orbit is plus 35 percent, partially driven by three additional races in the period this year. We announced LV-CVA 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.

Stefano: 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 hour recent weekend, and it will be a great opportunity for our sport to reach new fans and engage audiences. The six-season operator survived after reaching the top 10 on Netflix in over 40 markets has seen its global audience of over a hundred million viewers in the first five months since released.

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

Speaker Change: In partnership with Apple and Warner Brothers, we were delighted to recently confirm that the much-anticipated movie titled F1, starring Brad Pitt, directed by Joseph Kosinski and produced by Jerry Bruckheimer, will be released on the 23rd of June 2025.

Stefano: We were excited to release the movie teaser during the build-up to the British Grand Prix. The theme is unique in that it is being filmed authentically during our Racing Weekend, and it will be a great opportunity for our sport to reach new fans and engage audiences. The sixth season of Drive to Survive, after reaching the top 10 on Netflix in over 40 markets, has seen its global audience of over 100 million viewers in the first five months since release. Across all six seasons to date, the cumulative audience for the series is close to 800 million.

Greg McIe: Let me turn briefly to MotoGP. The transaction is progressing well. Regulatory funds are progressing on track. We've received foreign investment control clearance in both jurisdictions needed. Italy and Spain and we recently received merger clearance in Brazil and Australia. We continue to expect the transaction to close by year end. At MotoGP, the racing has been awesome. Peco Vignaya quickly closed the gap with Ori Martín, but Martín just took the lead back and silver stuff.

Stefano Domenicali: The film is unique in that, it is being filmed authentically during our racing weekend, and it will be a great opportunity for our sport to reach new fans and engage audiences. The sixth season of Drive to Survive, after reaching the top 10 on Netflix in over 40 markets, has seen its global audience over 100 million viewers in the first five months since release. Across all six seasons to date, the cumulative audience for the series is close to 800 million. F1 Arcade continues to perform well, with high numbers of bookings during both race and non-race weeks. The new Boston location has seen 50,000 guests in the first two months since launch. All three F1 Arcade venues hosted a ticketed watch party during the thrilling Silverstone race, and all venues sold out, with the London venues welcoming almost 600 guests.

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

Speaker Change: The sixth season of Drive to Survive, after reaching the top 10 on Netflix in over 40 markets, has seen its global audience of over 100 million viewers in the first five months since release. Across all six seasons to date, the cumulative audience for the series is close to 800 million.

Greg McIe: We are seeing a very competitive petal fight now separated by only three points. And at MotoGP, 12 riders across 18 have been on the podium this season. Attendances up across our races with a new all-time attendance record set at Le Mans. And Germany was at 253,000 was 8% off an already record of 2023 attendance number. Similar to F1, rider movements are fueling excitement. We've also seen interesting movements in the instructors' champs, partnership instructors a category rather with Prima Prima switching from Ducati to Yamaha next season. The summer break ended last week and in Silverstone we're excited for more action in the second half.

Stefano: Across all six seasons today, the cumulative audience for the readers is close to 800 million.

Stefano: F1RK continues to perform well with high numbers of bookings during both periods, and The new Boston location has seen 50,000 guests in the first two months since launch. All three F1 arcade venues hosted a ticketed watch party during the 3D Silverstone race, and all venues sold out, with the London venues welcoming almost 600 guests.

Stefano: F1 Arcade continues to perform well with high numbers of bookings during both race and no race weeks. The new Boston location has seen 50,000 guests in the first two months since launch. All three F1 Arcade venues hosted a ticket at watch party during the three new servers and race. And all venues sold out, with a London venue welcoming all the most 600 guests. The ongoing success of the project means that, in addition to the venues in London, Birmingham, and Boston, F1 Arcade is planning to open new venues in Washington, DC, in late 2024 and Las Vegas in 2025, with more to come.

Stefano Domenicali: F1RK continues to perform well, with high numbers of bookings during both race and non-race weeks.

Stefano Domenicali: The new Boston location has seen 50,000 guests in the first two months since launch. All three F1 Arcade venues hosted a ticketed watch party during the thrilling Silverstone race. And all venues sold out, with the London venues welcomed almost 600 guests.

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

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

Stefano Domenicali: The ongoing success of the project means that in addition to the venues in London, Birmingham and Boston, F1 Arcade is planning to open new venues in Washington D.C. in late 2024 and Las Vegas in 2025, with more to come.

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

Stefano Domenicali: Following successful runs in Madrid and Vienna, the F1 exhibition has continued its successful road show in Toronto, which has been extended to mid-September, and will open in London later this month, showcasing the incredible history of the sport in the UK.

Greg McIe: Turning briefly to Quint, some of the second quarter highlights we have the 150th Kentucky Derby which was an enormous success. The largest single event executed in Quint history serving over 12,000 customers per day. Everyone experienced a 16 meaningful growth across eight races this year and we've completed inaugural activations for several new partnerships including the WMBA All Star Game and the Men's and Women's US Open for the USGA.

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

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

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

Stefano: 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 three in 2026, which we believe could provide huge benefit as an innovative solution to the carbonized existing and future cars for both the F1 ecosystem and the broader automotive industry. This has been a very important reason behind Ford and Audi joining the sport in 2026.

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

Stefano Domenicali: Earlier this year, we published our first impact report showing the progress we are making on our Net Zero 2030 commitment, as well as our diversity and inclusivity initiatives, both within our business and wider sport. A key part of our plans will be to move the fully sustainable fuel in 2026, which we believe could provide huge benefit as an innovative solution to decarbonize existing and future cars for both the F1 ecosystem and the broader automotive industry. 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 FIA, partners, and promoters to deliver on our commitment, as highlighted by recent events.

Speaker Change: Earlier this year, we published our first impact report showing the progress we are making on our Net Zero 2030 commitment, as well as our diversity and inclusivity initiatives both within our business and wider sport.

Stefano Domenicali: A key partner of our plans will be to move to fully sustainable fuel in 2026, which we believe could provide huge benefits as an innovative solution to decarbonize existing and future cars for both the F1 ecosystem and the broader automotive industry. We continue to work closely with the teams, the FAA, partners, and promoters to deliver on our commitments, as highlighted by recent events. Following success in OSCEL last year, there have been further trials of a low-carbon energy system deployed to support activity across the path of pit lane and broadcast compound that has been shown to reduce related emissions by 90%.

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

Stefano: This has been a very important reason for Ford and now the joining of the sport in 2020. 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 increased recycling activity. Following success in OCEL last year, there have been further trials of a low-carbon energy system deployed to support activity across the path of pit lane and broadcast compound that has been shown to reduce related emissions by 90%. Trials this year have taken place in Austria and Hungary, with a third scheduled for Monday.

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 highlighted by recent events.

Stefano: 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, was powered by renewable energy, including over 2000 solar panels, and had increased the recycling of the event. Following success in Oceola's year, there have been further trials of a low carbon energy system deployed to support activity across the path, pit lane, and broadcast compound that has been shown to reduce related emissions by 90%. Trial this year has taken place in Austria and Hungary, with the first catalyst for months.

Greg McIe: The ticketing and artist pipeline continues to expand globally. New artists have increased touring by 130% year to date and two thirds of all total new enterprise tickets signed year to date are from international. Turning briefly to the Venue Nation we're continuing to see the enhancements may generate incremental revenue. Major festival's average per fan spend is up double digits year to date. The amphitheater average per fan spend is also expected to grow by $2 per fan and live nation plans to open 14 major global venues across 2024 and 2025.

Stefano Domenicali: The Silverstone event was powered by renewable energy, including over 2,000 solar panels, and had increased recycling at the event. Following success in Austria last year, there have been further trials of a low-carbon energy system deployed to support activity across the paddock, pit lane, and broadcast compound, that has been shown to reduce related emissions by 90%. The trial this year has taken place in Austria and Hungary, with the third scheduled for Monza. On diversity and inclusion, we were delighted to recently confirm that as a part of our program to provide education opportunities to our representative care groups, 20 engineering students in the UK and Italy will become the latest recipients of the Formula One Engineering Scholarship over 2024 and 2025.

Speaker Change: in the silveral event was powerful was powered by a renewal valenergy including over two thousand solar panels and had increased that recycling our event

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

Stefano Domenicali: The trial this year has taken place in Austria and Hungary, with a third scheduled for Monza.

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

Stefano Domenicali: On diversity and inclusion, we were delighted to recently confirm that as part of our program to provide educational opportunities to unrepresented groups, 20 engineering students in the UK and Italy will become the latest recipients of the Formula 1 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.

Stefano: On diversity and inclusion, we were delighted to recently confirm that as part of our program to provide educational opportunities to unrepresented groups, 20 engineering students in the UK and Italy will become the latest recipients of the Formula 1 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 confirm that as a part of our program to provide education opportunities to our representative groups

Greg McIe: Turning to the braves. If that's strong performance from key players this season through last weekend, Pazunya led the national league with 86 RBI's. Since April 12th, sales has had a 2.64 ERA and free to set a 2.71 ERI which ranked second and third respectively in the national league. Head of the trade deadline to brazen out the return of Horace Lair to fill a key position in the outfield and right-handed pitcher Luke Jackson.

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

Stefano Domenicali: 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. As I mentioned earlier, F1 Academy continues to go from strength to strength and is critical to our goal of developing and preparing young female drivers to progress to higher levels of competition. Eight female drivers, including five F1 Academy drivers, raced in round 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 Flörsch, racing in FIA Formula 3 for Van Amersfoort Racing. This shows the huge importance of the FIA F3 and FIA F2 pyramid, run by Bruno Michel, that continues to develop and nurture young talent to reach the very top of our sport.

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

Stefano: As I mentioned earlier, F1 Academy continues to go from strength to strength and is critical to our goal of developing and preparing young female drivers to progress to higher levels of competition. 8 female drivers, including 5 F1 Academy drivers, raced in round 6 of the F4 British Championship, which was the highest ever level of female participation in the championship. We also have a talented driver, Sophia Flersch, racing in FIA Formula 3 for Van Amersfoort Racing.

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

Speaker Change: as i mentioned earlier every one acadeemmy continues to go from strength to strength and he is critical to go to our goal of developing and preparing young female drivers to progress to higher levels of competition

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

Stefano: Eight female drivers, including five FOMO drivers, racing round six of the F4 British Championship, which was the highest ever level of female participation in the championship. We also have a talented driver, Sophia Flurge, racing FIA Formula 3 for Van Amherst of Racing. This shows the huge importance of the FIA F3 and FIA F2 parameter, Rambe Bruno Mischel, that continues to develop a nurture young talent to reach the very top of our sport, creating the right structure for these talented female drivers and ensuring we have the right system in place to nurture talent at a young age is incredible.

Stefano Domenicali: 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.

Stefano Domenicali: We also have a talented driver, Sophia Flersch, racing in FIA Formula 3 for Van Amersfoort Racing. This shows the huge importance of the FIA F3 and FIA F2 parameters run by Bruno Michel that continue to develop and nurture young talent to reach the very top of our score. 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. It has been a fantastic season so far, with more to come after the summer break.

Stefano Domenicali: We also have a talented driver, Sofia Flerch, racing in FIA Formula 3 for Van Amersdorf Racing.

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

Stefano Domenicali: This shows the huge importance of the FIA F3 and FIA F2 parameters run by Bruno Michel that continues to develop and nurture young talent to reach the very top of our sport.

Stefano Domenicali: 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 go-karting. We remain focused and 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 and demand for our sport continues to be huge, and I'm confident in our future. Avanti tutta! Full speed ahead. And now, I will turn the call back over to Greg. Thank you. Ciao.

Stefano Domenicali: 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.

Greg McIe: Recently they've announced further upgrades ahead of the 2025 season including a new seeding product, bubble pen which includes access to exclusive lounge underneath seats and extension of the CORE's light chop-house seeding 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.

Stefano Domenicali: 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 karting.

Stefano: 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 and demand for our sport continues to be huge, and I am confident in ours. Avanti tutta! Full speed ahead! And now, I will turn the call back over to Greg. Thank you. Ciao!

Speaker Change: we remain focused on the long-term goal and biding a sustainable increasingin femalmade participation in motor sport

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

Greg McIe: It's an incredible opportunity to showcase the truest and the battery sections.

Speaker Change: It has been a fantastic season so far, with more to come after the summer break. The interest and demand for our sport continues to be huge and I am confident in our future. Avanti tutta! Full speed ahead! And now I will turn the call back over to Greg. Thank you. Ciao!

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

Brian Wendley: Good morning, everyone. At the quarter end, Liberty Series XM Group had a 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.

Stefano: Thank you.

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. Our annual Investor Day will be Thursday, November 14 in New York City.

Operator: Our annual yesterday will be Thursday, November 14th in New York City. Please note we move to a new location. We will look forward to seeing you at the Jazz at Lincoln Center.

Operator: 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.

Speaker Change: Thanks, Stefano and Brian .

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

Brian Wendling: ... Please note we've moved to a new location. We'll look forward to seeing you at the Jazz at Lincoln Center. Save the date. Additional details will be provided soon. We hope to see many of you there. And with that, operator, let's open the line for questions.

Operator: Please note we've moved to a new location. We'll look forward to seeing you at the Jazz at Lincoln Center. Save the date. Additional details will be provided soon. We hope to see many of you there. And with that operator, let's open the line for questions.

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

Operator: Additional details will be provided soon. We hope to see many of you there. And with that, operator, let's open the line for questions. Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation to a windgate line is in the question queue.

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

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 percent 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.

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

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

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

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

Operator: A confirmation tone will indicate the line is in the question queue. You may press star 2 if you'd like to remove your question from the queue.

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

Operator: As a reminder, we please ask you to limit yourself to one question and one follow-up. Our first question comes from Brian Kraft with Deutsche Bank. Please proceed with your question.

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

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

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

Brian Kraft: Definitely, I wanted you to start, no, I'll ask René. Yeah, common. Thanks. Yes. Thank you, Greg. Thank you, Brian.

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

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

Bryan Kraft: Hi, good morning. I wanted to ask what Formula 1 and its promoters are seeing in the coincident leading indicators for F1 demand, in terms of ticket sales, pricing, percentage sell-out, on-site spending, or whatever metrics you look at. Has there been any moderation at all in the strength of demand? And maybe specifically, if you could comment on what you're seeing since the Vegas tickets went on sale in late March. Thank you.

Brian Wendley: 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 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 ends 1.3 times.

Brian Kraft: Hi, good morning. I wanted to ask what Formula One and its promoters are seeing in the coincident leading indicators for F1 demand in terms of ticket sales, pricing, percentage sell-out, on-site spending, or whatever metrics you look at.

Brian Kraft: Has there been any moderation at all in the strength of demand and maybe specifically if you could comment on what you're seeing since the Vegas tickets went on sale in late March? Thank you.

Stefano: Thank you.

Stefano: Stephanie, I wanted you to start. No, I'll ask Renee. Yeah. 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 front 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. But this is something that we don't see at all in our championship.

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

Brian Wendling: Stefano, why don't you start, and then I'll ask Renee to comment on Vegas.

Stefano: I mean, from what we can see, as we have already announced, we don't see any kind of significant backdrop of any interest. I mean, we are 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 championship.

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

Stefano Domenicali: Yeah. Thank you, Greg. Thank you, Brian. I mean, from what we can see, as we have already announced, we don't see any kind of significant backdrop of any interest. I mean, we have sold out, even, in the events we have in front of us, and there is still a very, very, very high interest. We are, of course, monitoring the situation, you know, on the event side, because we know that in other area, there is a sort of drop of that request, but this is something that we don't see at all in our championship.

Greg: Stefano, why don't you start, and then I'll ask Rene to comment on Vegas.

Brian Wendley: MotoGP transaction is progressing well. We have syndicated all bridge financing commitments and reduced the total commitment from $2 billion to $1.65 billion. Note that the $1.65 billion commitment is expected to be replaced with a combination of cash and debt financing at the F1 op-code level. We also entered into commitments for $150 million incremental in Term loan 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 Term loan A and an upside $100 million Euro revolver to be entered into after and subject to transaction closed and to be used by donor for general corporate purposes. Looking at the F1 business, I will again remind you that the business is best analyzed on an annual basis given variability in year over year rate calendar.

Greg: Yeah

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

Greg: significant

Stefano Domenicali: of any interest. I mean, we have sold out even in the events we have in front of us.

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

Stefano: Encouraging here.

Bryan Kraft: Encouraging to hear. Thank you.

Stefano: 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, the US is a last minute market, and Las Vegas is even more of a last minute market.

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

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

Speaker Change: Encouraging to hear. Thank you.

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

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 reporting of season-based income with 8 out of 24 races occurring during the period compared to 6 out of 22 in the prior year period. Media rights and sponsorship revenue also increased due to contractual increase in fees and revenue from new agreements.

Stefano: 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... you cannot minimize just the excitement around the early demand that you see for a year one event.

Speaker Change: your one is not necessarily in the best comparison for acouple of reasons

Stefano Domenicali: First off, there was a longer sale cycle. We went on sale during our launch event, which was six months earlier than this year's on sale.

Stefano: 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. What we did last year was really marked throughout the year. Again, it was a year-one event, and we wanted to maintain the excitement and the momentum.

Brian Kraft: for your cue.

Speaker Change: and there is just you cannot minimize just the exciting around the early demand that you see for a year one event so focusing directly onto your two what we have done a little bitly this year and a couple of our partners mentioned this earlier to speak during their own earnings call is really focused on marketing on the upcoming period

Renee Wilm: So focusing directly onto year two, what we have done a little differently this year, and a couple of our partners mentioned this earlier this week during their own earnings call, is really focus our marketing on the upcoming period. What we did last year was really market throughout the year. Again, it was a year one event, and we wanted to maintain the excitement and the momentum. But what we're seeing here is that, you know, leading three months up to an event, you're getting the most demand. 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 an uptick in.

Stefano: So focusing directly on to year two, what we have done a little differently this year and a couple of our partners mentioned this earlier to speak during their own earnings calls is really focused on marketing on the upcoming period. What we did last year was really marked throughout the year; again, it was a year one event, and we 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 power 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 tickets.

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 of Q2 compared to last year with Japan, China, and MLA and Austria being added in the current period. Other revenue increased primarily due to higher hospitality and fray revenue driven by the additional races. Just to avoid it to grow in the quarter as revenue growth, more than offset increased cost due to higher pro-rata recognition of team payments and the expectation of increased team payments for the full year over 2023.

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

Greg: 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

Greg: but what we're seeing here is that leading three months up to an event you're getting the most demand so we're putting our dryve 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 up ticking

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 SG&A are best viewed as a percent of total revenue for the year.

Stefano: Thank you very much, Renee.

Bryan Kraft: Thank you very much, Renee.

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

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

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

Brian Wendling: Thank you, Brian. Next question, please.

Greg Maffei: Thank you, Brian. Next question, please.

Operator: Thank you very much, Renee.

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

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

Peter Sapino: Our next question comes from Peter Sapino with Wolf Research.

Operator 1: Our next question comes from Peter Supino with Wolfe Research. Please proceed with your question.

Operator: Our next question comes from Peter Supino with Wolfe Research. Please proceed with your question.

Speaker Change: thank you my next question please

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

[Analyst] (Wolfe Research): Hi, good morning. I wanted to ask about promotion revenue at F1. It was relatively flat year-over-year, despite the 2 additional races, and you cited event mix as the reason. I just wondered if you could give any more color on event mix specifically, and how we should be thinking about those dynamics into 2024. And then I wanted to ask about the Concorde Agreement and wondered if you have any fresh thoughts on that process. Thank you.

Peter Supino: Hi, good morning. I wanted to ask about promotion revenue at F1. It was relatively flat year-over-year, despite the 2 additional races, and you cited event mix as the reason. I just wondered if you could give any more color on event mix specifically, and how we should be thinking about those dynamics into 2024. And then I wanted to ask about the Concorde Agreement and wondered if you have any fresh thoughts on that process. Thank you.

Stephanie: Please ask about promotion revenue at F1. It was relatively flat year over year despite the two additional races, and you said it 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.

Peter Cepino: good morning or to ask about promotion revenue at f one

Peter Cepino: It was relatively flat year-over-year despite the two additional races.

Speaker Change: You said an event mix.

Brian Wendley: Again, looking at it on a year-to-day basis, the adjusted way would have margin improved from 24.6 through Q2, 23 to 25.8% through Q2, 24. Looking briefly at corporate and other results in the second quarter, corporate and other revenue was 141 million, which includes quint results 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 quint results, Grand Prix Plaza rental income offset by corporate expenses.

Speaker Change: as the reason I just wondered if you could give any more color on EventMix specifically.

Peter Cepino: and how we should be thinking about those dynamics in the two thousand and twenty four and then i wanted to ask about the concord agreement and wonder if you have any fresh thoughts on that process thank you

Stephanie: Thank you.

Stephanie: Stephanie, what are you talking about the mix and then let you comment on the Concord Agreement? Okay. So on the promoter mix, as we noted in our prepared remarks, you had Australia and Azerbaijan fallout; you had China, Austria, Japan, and Emola come back into the quarter for 2024. Obviously, each race has a different fee, so when we say promoter mix, you're looking at different fees for each race, which has an impact there. As you look at the remainder of the year, you have pretty comparable quarters as you look forward. Japan in Q3 will have one last race with Japan basically falling out, but Azerbaijan coming back in, and then Q4 looks pretty similar.

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

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

Brian Wendling: Stefano, why don't I let Brian-

Greg Maffei: Stefano, why don't I let Brian-

Stefano Domenicali: I can start, Greg.

Brian Wendling: Let Brian talk about the mix and then let you comment on the Concorde Agreement.

Greg Maffei: Let Brian talk about the mix and then let you comment on the Concorde Agreement.

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

Stefano Domenicali: Okay.

Brian: Yeah, so on the promoter mix, as we noted in our prepared remarks. You had Australia and Azerbaijan fall out; you had China, Austria, Japan, and Imola come back into the quarter for 2024. You know, 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. So again, we would just highlight that you look at the business on a year-to-date or full-year basis, when available.

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

Brian Wendling: Yeah. So on the promoter mix, as we noted in our prepared remarks, you had Australia and Azerbaijan fall out. You had China, Austria, Japan, and Imola come back into the quarter for 2024. You know, 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, we'll 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 business on a year to date or full year basis when available.

Brian: Okay.

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

Brian Wendley: 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 seasoned over 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. At the Liberty Live Group, there's a attributed cash at $406 million, and there's $400 million of on-drawing marginal capacity related to our live nation market.

Brian: You had Australia and Azerbaijan fall out, you had China, Austria, Japan, and Imola come back into the quarter for 2024. You know, obviously each race has a different fee, so when we say Promoter Mix...

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

Brian: 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 two y and q three will have one less rays with japan japan basically falling out but aser by job coming back in

Ryan: Japan, in Q3, will have one less race with Japan basically falling out, but Azerbaijan coming back in, and then Q4 looks pretty similar. So again, we would just highlight that you look at the business on a year-to-date or full-year basis when available.

Brian Wendley: As of August 7, the value of our live nation stock was 6.3 billion, and we have 1.2 billion in principle amount of debt against these holdings. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end.

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

Brian: and then Q4 looks pretty similar. So, again, we would just highlight that you look at the business on a year-to-date or full-year basis when available.

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

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

Stefano: I think the second question on 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.

Stefano Domenicali: The second question on the Concorde Agreement. I would say, as we said the other time, I mean, it's all good because we have the right time, the right relationship with the team, and, as you know, the Concorde Agreement is divided into three main pillars. One is financial, one is commercial, and one is related to governance. 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 relevant stakeholder is very good in this moment. So working and progressing, you know, in the right way.

Brian Wendley: Turning briefly to the Atlanta Brays holdings, revenue grew in the second quarter despite three fewer home games compared to the last year. Baseball event revenue growth was driven by a new sponsorship agreement as well as contractual increases on season tickets and existing sponsorship contracts. Broadcasting revenue grew as there were more total games, you know, between home and away, played in the second quarter. Baseball operating costs increase in the second quarter primarily due to higher player payroll, increased payments under MOPs, revenue sharing plan, and higher minor league team and player expenses.

Stefano Domenicali: The second question was on Concord Agreement.

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

Stefano Domenicali: Everything is progressing very, very well. As you know, we are not in a rush to complete the long form, but everything is running smoothly as expected. And this is really great because the relationship with the teams, with the FIA, and with all the other stakeholders is very good at this moment. So it's 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.

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

Stefano Domenicali: Everything is progressing very, very well. As you know, we are not in a rush to complete the long form, but everything is running smoothly, as expected. And this is really great because the relation with the teams, with the FIA, and with all the other stakeholders is very good in this moment. So, working and progressing, you know, in the right way. And, of course, we are focusing to try to maximize...

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

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

Stefano Domenicali: And of course, we are focusing to try to maximize the benefit to have the maximum joint commercial activities with all the teams, and making sure that what we're going to sign up will be the right in term of division of the revenues between the team and the commercial rights holder. But it's all right now.

Stefano Domenicali: 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 division of derivatives between the team and the commercial right holder. But it's all great now.

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

Stephanie: No. Thanks to follow.

Greg Maffei: Thanks, Stefano.

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

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

Operator 1: Our next question comes from Ben Swinburne with Morgan Stanley. Please proceed with your question.

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

Speaker Change: Thanks, Stefano.

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

Ben Winburn: Thanks. Good morning, everyone.

Ben Swinburne: Thanks. Good morning, everyone. 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. Just curious, from your perspective, if there's any appetite, you know, from Liberty's point of view, to, to think about a, 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, on potentially exploring something like that. And then I don't know if you or Stefano want to take this, but, you know, what, what prevented the, Andretti from joining F1?

Ben Windburn: 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.

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 truest in September.

Speaker Change: Thanks. Good morning, everyone.

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

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

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

Stefano: Now I'll turn it over to Stefano to discuss Formula One. Thanks Brian. The 2024 season is delivering incredible racing and action for our fans at home and our sold out events. Everyone continues to prove there is an incredible competition on track. Through 14 races this season we have had 7 different winners from a 4 teams. The gaps between teams are getting closer both in qualifying and the races. In Imola Max bet Lando by only 7 tenths of a second.

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

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

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

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

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

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

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

Speaker Change: which I'm 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.

Stefano: Following Lando's incredible winning Miami. In Monaco we saw Charlie Claire take his first home victory. In Canada the gap between the top 4 in qualifying was 1 tenths of a second. And we have seen Mercedes return to the top step of the podium with George winning in Austria and Luis Sidney his record 9th victory at Silverstone. Hungary saw another excellent race ending in Piazza's first home victory. The first F1 win with a McLaren 1 and 2 and Hamilton rounding out the podium.

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

Greg: I'll take a cut. So first on live.

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.

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 14 years, and so any actions have been well known for a long time, and we believe the charges of the DOJ are without merit, 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 interests of consumers, is what the DOJ really wants, if they actually understood what was wrong with the market. The fact is, the market is driven by excess demand compared to supply, and that drives prices.

Speaker Change: I'll take a cut. So first on Live Nation, I think the business as you heard and you noted continues to operate very well.

Speaker Change: 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 are without merit.

Stefano: In SPA we had an incredible race with very tight gaps throughout and the race led by being swapped multiple times. George Russell crossed the finish line first after a 3 in final lap after against Luis but was disqualified after the race because the car did not meet the required weight. Luis took his second victory of the season with Oscar Piazza's second and Charlotte Craig third. By many measure we have never had more competitive racing.

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, the market is driven by excess demand compared to supply, and that drives prices.

Speaker Change: particularly the idea that somehow breaking it up would lower ticket prices. So I don't think that remedy, which we don't think is in our interest or the interest of consumers, is what the DOJ really wants if they actually understood what was wrong.

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

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

Greg Maffei: So I don't think a breakup is in the interest of Live Nation today or in the interest of the consumer, and we'll go forward, plan, at least as far as I understand it, to go forward with the businesses we have and the continued business as well, but we believe we'll continue to operate very well through the base through 2020. Looking at Andretti, as you saw this morning, we announced that there was a DOJ investigation.

Greg Maffei: So I don't think a breakup is in the interest of Live Nation today or in the interest of the consumer, and we'll go forward, plan at least as far as I understand it, to go forward with the businesses we have. And the continued businesses will, we believe, will continue to operate very well through 2024 into 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 US antitrust laws, and we've detailed the rationale for our decision vis-a-vis Andretti in prior statements. We are certainly not against the idea that any expansion is wrong.

Stefano: I expect that the reminder of the 2024 season will continue to deliver great racing for our fans. And as we look forward the increasingly close race in office very exciting process for 2025. The incredible competition of track is leading to even higher engagement as our diverse fan bases continues to grow. We have welcomed over 3.7 million attendees through the first 14 races of this season with the Canadian Grand Prix scene record attendance of 3,000 and 50,000.

Speaker Change: So, I don't think a breakup is in the interest of Live Nation today or in the interest of the consumer. And we'll go forward, plan at least as far as I understand it, to go forward with the businesses we have.

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

Greg Maffei: We intend to fully cooperate with that investigation, including any related requests for information. We believe our determination, F1's determination, was in compliance with all applicable U.S. antitrust laws, and we've detailed the rationale for our decision vis-à-vis Andretti in prior statements. We are certainly not against the idea that any expansion is wrong. There is a methodology for expansion that requires the approval of the FIA and F1, and both groups have to find the criteria met. And we're certainly open to new entrances 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.

Greg McIe: Looking at Andredi, as you saw this morning, we announced that there is a DOJ investigation. We intended to fully cooperate within the investigation, including any related requests from information. We believe our determination, F1's determination, was in compliance with all applicable U.S. Anti-trust laws. And we detailed the rationale for our decision; these are the 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 find the criteria met. And we're certainly open to new entrants making applications and potentially being approved if those requirements are met.

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

Greg: 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.

Stefano: 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 particularly strong numbers in key growth markets including Australia, US, China, Canada, South Africa and the Middle East. Looking at the recent races, the Canadian Grand Prix was the most 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.

Greg: including any related requests for information.

Greg: We believe our determination, F1's determination, was in compliance with all applicable U.S. antitrust laws and we've detailed the rationale for our decision vis-a-vis Andretti in prior statements.

Speaker Change: We are certainly not against the idea that any expansion is wrong. There is a methodology for expansion that requires approval of the FIA and the F-1, and both groups have to find the criteria met.

Greg Maffei: There is a methodology for expansion that requires approval of the FIA and the F1, and both groups have to find the criteria met. We're certainly open to new entrants making applications and potentially being approved if those requirements are met.

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

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

Ben Swinburne: Thanks, Greg.

Craig: Thanks, Craig.

Operator 1: Our next question comes from David Joyce with Seaport Research Partners. Please proceed with your question.

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

Stefano: 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 ABC and the 18th to 49th demographies average 1.3 million and the spring raises average 9.6 thousand viewership on ESPN. The largest on the channel since we introduced the spring format in 2021. Our digital and social platform also continue to see very strong performance.

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

David Joyce: Please proceed with your question. 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 a wholesale basis as part of their wholesale hospitality packages, but now that it's inside, what are the impacts on revenue, expenses, and even on terms of any eliminations from your activities specifically at F1 events? Thanks.

David Joyce, CFA: Question on Quint. If you could please help us understand how the relationship worked before you acquired it in terms of would they buy tickets from you on a wholesale basis, for, as part of their wholesale hospitality packages? But now that it's inside, what, you know, what are the impacts on revenue, expenses, and EBITDA in terms of any eliminations from your activities, specifically at F1 events? Thanks.

Speaker Change: the question on quinen so you could please help us understand how the relationship worked before you acquired it in terms of

Speaker Change: would they buy tickets from you on a wholesale basis as part of their wholesale hospitality packages but now that it's inside what you know what are the impacts on revenue expenses and EBITDA in terms of

Speaker Change: and the eliminations from your activities specifically at F1 events. Thanks.

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

Greg Maffei: Maybe, maybe Renee is in a good position to take that.

Renee: Maybe Renee is in a good position to take that. Thanks, Greg. Thanks for the question on Quint. So, I would say part of the acquisition, Quint was obviously a third-party vendor. They would acquire inventory directly from the promoters, particularly around secondary hospitality offerings, and then the relationship back to Formula One would be essentially that of a profit share arrangement. They did also provide summary seller capabilities with regard to Pata Club for the teams as well as for F1s directly.

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

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 more, in a closer manner, but while also still being cautious around leakage under the Concord Agreement.

Renee Wilm: 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 Paddock 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 more, in a closer manner, but while also still being cautious around leakage under the Concorde Agreement. So keeping those business relationships on kind of a third-party basis. With regard to LVGP, we have directly integrated them, and we've outsourced our sales team to Quint.

Speaker Change: maybe maybe reneeisinta good position to take that

Speaker Change: Thanks, Greg. Thanks for the question on Quint. So I would say prior to the acquisition, Quint was obviously a third-party vendor. They would acquire inventory directly from the promoters, particularly around secondary hospitality offerings.

Speaker Change: And then the relationship back to Formula One would be essentially that of a profit-share arrangement. They did also provide some reseller capabilities with regard to Pata Club for the teams as well as for F1 directly.

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

Speaker Change: Now that Quint is a subsidiary of Liberty Media, we have looked to integrate those businesses in a more, in a closer manner, but while also still being cautious around leakage under the Concord Agreement.

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

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

Stefano: 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 launching 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.

Speaker Change: With regard to LVGP, 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.

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

Speaker Change: And then their results will be consolidated up through Liberty Media, with a commission-based arrangement being paid to Formula One, which commission-based payment then goes into the prize fund.

Renee: 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.

Stefano: A few weeks ago, we announced the 2035 spring calendar with races to take place at 6 events. China, Miami, Belgium, Austin, Brazil, and Qatar. The spring continues to be a big success with a higher TV audience for the Friday spring qualifying and Saturday spring race compared to traditional practice session. The events also bring extra-ontract action for our fans attending the events, providing additional values for performance. 80% of fans surveyed after the Chinese Grand Prix said that they preferred the new spring format, and we looked forward to maintaining the momentum in 2025.

Speaker Change: Going forward, we are also going to be looking for new ways to really prove out the thesis around the acquisition and enable Quint to be a closer partner to all the promoters and to F1, but that is all in process still. I'll defer to Brian on the accounting question.

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

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

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

Greg Maffei: Yeah, and 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, the lease payment across from, LVGP up to Liberty Corporate in there as well. But that, 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.

Brian Wendling: Yeah, and 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, the lease payment across from, LVGP up to Liberty Corporate in there as well. But that, 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.

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

Brian Wendley: You also have the lease payment across from LVGP up to Liberty Corporate in there as well, but that largely represents Quint buying tickets from Formula One and then reselling them, but at the price that they're buying them from Formula One. Appreciate it. Thank you very much.

Stefano: The F1 Academy season is also off to a strong start with the first three races completed in Saudi, Miami and Spain, and the next race in Stanford. Abby Pulling is leading the series and recently become the first woman to win a British F4 races. American drivers Chloe Chamber took first in race 2 in Barcelona with a dominant victory over Pulling. F1 Academy's growing engagement and attracting new fans. In the last 12 months, F1 Academy's social media followers had increased by three times with a diverse follower base.

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

Greg: But at the price that they're buying them at,

Greg: and then reselling them.

David Joyce, CFA: Appreciate it. Thank you very much.

Greg: but at the price that they're buying them from Formula One.

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

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

Greg Maffei: Next question, please.

Operator 1: Our next question comes from Vijay Jayant with Evercore ISI. Please proceed with your question.

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

Speaker Change: Appreciate it. Thank you very much.

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

Vijay Jant: Thanks. Greg, you've been saying a few times that you're really excited about the sponsorship business. Obviously, that's probably the most important 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.

Vijay Jean: Thanks.

Operator 2: ... Thanks. So Greg, you've been now saying a few times that you're really excited about the sponsorship business. Obviously, that's probably the most opaque for us on the other side. Anything you could share on, you know, what it is and how meaningful is it gonna be? There's obviously been some press reports that LVMH is gonna be a new partner. So anything on that would be really helpful. And then just also for Renee, on the Vegas race, just for clarity, with 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? Thanks.

Vijay Jayant: ... Thanks. So Greg, you've been now saying a few times that you're really excited about the sponsorship business. Obviously, that's probably the most opaque for us on the other side. Anything you could share on, you know, what it is and how meaningful is it gonna be? There's obviously been some press reports that LVMH is gonna be a new partner. So anything on that would be really helpful. And then just also for Renee, on the Vegas race, just for clarity, with 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? Thanks.

Greg McIe: Greg, you've been now saying a few times that you're really excited about the sponsorship business. Obviously, that's probably the most repaid for us on the other side. Anything you could share on what it is and how meaningful is it going to be? There's obviously been some press reports that LVMA is going to be a new partner. Anything on that would be really helpful.

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

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

Stefano: 57% of the F1 Academy followers on Instagram are female. 57% are under 25 old and 83% are under 35 years old. Online coverage of F1 Academy across new sites and social reaches almost 700 million internet users. The Miami Grand Prix alone generated 14.7 million video views and 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: Press reports that LVMH is going to be a new partner. Anything on that would be really helpful. And then, just also for Renee, on the Vegas race...

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

Vijay Jant: 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: Just for clarity, your hotel partners...

Speaker Change: That you sort of curate high-end hospitality with rooms and everything. Do they buy tickets from you directly and then do it, or is it some other form of arrangement? Thanks.

Renee: Thanks, TJ.

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

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

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

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

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

Stefano: 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 from potential new race hosts. We now currently intend to go above 24 races in our season, as our duty is to ensure the right strategy balance for the long-term future of the sport.

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

Greg: Continued interest from blue chip clients who want to be involved at prices which are more attractive for us than historical levels.

Greg: and filling out categories that we previously had not had an entry in in the sponsorship world.

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

Stefano: 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 between 2020 and 2026. We have also seen an example of great entertainment from promoters, including the Barcelona F1 event, Thursday, Talsut in Silverstone, and of course, we look forward to returning to Las Vegas after an incredible show in 2023.

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

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

Stefano Domenicali: I couldn't agree more, Greg. I think that the numbers are proving the interest that is in our business. And I think that now, if you look back just four years ago, we had only four global partners, and now we're heading to 10, and there is a big interest now. But the real point is to keep the quality of our partners at the right price level that we want to engage in together. So we are in a very, very strong situation. I believe, as I said, we have an incredible opportunity for our partners to create partnerships between also themselves. So it's B2B.

Stefano Domenicali: I couldn't agree more, Greg. I think that the numbers is proving the interest that is in our business. I see that now, if you look back just 4 years ago, we had only 4 global partners, and now we're heading to 10. And there is a big interest. Now, the real point is to keep the quality of our partners with the right price level that we want to engage together. So it's we are in a very, very strong situation. I believe it's, as I said, we have an incredible opportunity for our partners to create partnerships between also themselves. So it's a B2B relationship that is having a multiplier effect, and this is really what is important for our business to develop even further in the future.

Stefano Domenicali: Stefano, anything you want to add?

Stefano Domenicali: I couldn't agree more, Greg. I think that the numbers is proving the interest that is in our business. And I think that now, if you look back just four years ago, we had only four global part, and now we're heading to ten.

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

Stefano: We announced the 2025 calendar much earlier this year which gives the teams and promoters more time to prepare and market their events. We now continue to focus and optimize the calendar for 2026 and beyond. Our media rights, we have some key renewal to address for 2020, including our deals across the Americas, US, Canada, Latin, Brazil and Mexico, as well as across most of Asia, including Japan. The continued growth of our diverse fan base around the world, including the US, and demand from broadcasters means we are confident in the future of our media ideals.

Stefano: 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.

Stefano: So it's a B2B relationship that is adding a multiply effect, and this is really what is important for our business to develop in the future.

Stefano Domenicali: It's a B2B relation that is having a multiplier effect, and this is really what is important for our business to develop in the future. So nothing to add, but as I said, just stay tuned because everything is looking forward, looking very good for our future.

Greg McIe: So nothing to add, but as I said, just stay tuned because everything is looking forward, looking very good for our future. Yeah, and I think Stefano hit on some great points. I'll just add. It's not only the quality of the partners and what they want to pay; they are going to pay because they are getting value out of it and they are finding ways to activate at the races, on the grid, around events and ways that are more meaningful for them and for us. So all of those are very positive.

Stefano Domenicali: So nothing to add, but as I said, just stay tuned because everything is looking forward, looking very good for our future.

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

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

Stefano Domenicali: It's not only the quality of the partners and

Stefano: 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 inside 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.

Stefano Domenicali: and what they're willing to pay. They're willing to pay because they are getting value out of it and they're finding ways to activate at races, on the grid, around events in ways that are more meaningful for them and for us. So all of those are very positive.

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

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

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

Rene: Rene, what would you add?

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

Speaker Change: We really use the LVGP as the test bed for how we can bring these marquee sponsors more deeply into the activations, on track, and in the fan zone.

Stefano: The feedback from 2023 was impressive and F1 Kids is providing to be a brilliant way to engage children in Formula One in a way that's accessible and fun for them. F1 Kids is available to work faster around the world via a live, dedicated, international feed of the Grand Prix. The feed feature 3D graphics, child friendly team radio transmission, technical explanation and a bespoke package of colorful graphics and animation. Included the cartoon drivers, avatars and upgraded car delivery design.

Speaker Change: i think one of the most important impacts of the vegas riies beyond the financial sideze is just the increase in interest in the pipeline including with some of these marque companies with whom we're speaking

Greg Maffei: and we're speaking. So there is a lot of excitement around the sponsorship portion.

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

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

Speaker Change: portion and then b you to answer your question we do sell tickets to our hotel partners which they then package into their own needals for their customers are obviously i'm sure there are some comarrangements for the big spenders who come to town for gambling and then they'll come to us later in here as they need more inventory

Renee Wilm: Then they'll come to us later in the year as they need more inventory. Year one, we, I'd say they, they bought a lot of tickets very early on, again, to address that early demand that everyone saw for year one. 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 fall calendars.

Stefano: The production returning Saudi. Followed by Mallok and Silverstone and we also be available for Dutch, Singapore, San Paolo and Abu Dhabi Grand Prix later this season. Look at that 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 of the ways we can.

Speaker Change: So, year one, I'd say they bought a lot of tickets very early on, again, to address that early demand that everyone saw for year one.

Greg: for year one. And now, this year, we are working closely with them to, again,

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

Renee: Great.

David Karnosky: Great. Thanks so much.

Operator 2: Great. Thanks so much.

Vijay Jayant: Great. Thanks so much.

David Karnoski: Thanks so much. Thank you.

Greg Maffei: Your next question.

Operator 1: Our next question comes from David Karnovsky with J.P. Morgan. Please proceed with your question.

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

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

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

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

David Karnosky: thanks so much

Speaker Change: con next

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

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

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

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

David Karnosky: Okay, thank you. Greg, as you noted, really tight performance in the constructor standings, which is great to see. You do have new car and regs coming in 2026, and

Stefano: 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 hour recent weekend and it will be a great opportunity for our sport to reach new fans and engage audiences.

David Karnosky: Historically, that kind of change has been associated with a...

David Karnoski: What confidence you have that the rules you have put in place or will put in the place can prevent that kind of outcome.

David Karnosky: 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

Stefano: And then Stefano, as you noted, I think nearly all of your America deals are expiring this year, next year. I interested to know if you see any prospect for a multi country deal and whether there be any benefit financially or otherwise. That's like the structure.

David Karnosky: prevent that kind of outcome and then ststeep in those you noted i think nearly all of your america' deals are expiring this year or next year interested to know is you see any prospect for a multi country deal and whether there would be any benefit financially or otherwise with that type structure thank you

Stefano: Thank you.

Stefano: The six-season operator survived after reaching the top 10 on Netflix in over 40 markets has seen its global audience over a hundred million viewers in the first five months since released. Across all six seasons today, the cumulative audience for the readers is close to 800 million. F1 Arcade continues to perform well with high numbers of booking during both race and no race weeks. The new Boston location has seen 50,000 guests in the first two months since launch.

Greg McIe: I'll comment on the regs briefly, but I think Stefano 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, you know, people were doubtful about what these regs, how the regs would play out when we induced them last time. And, as by many measures, as we noted earlier, we've never had more competitive racing. Our hope is that to 2026 regs will do the same.

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

Greg: I'll comment on the regs briefly, but I think Stefano could actually be articulate on them as well. Definitely. What might you add?

Greg Maffei: Well, I'll comment on the regs briefly, but I think Stefano could actually be articulate on them as well. We think the regs are designed to create more exciting racing, while also meeting many other goals around issues like sustainability and things that help our OEM partners drive innovation. So we're trying to hit on multiple levels. I think, you know, people were doubtful about what these regs, how the regs would play out, when we introduced them last time. And, as by many measures, as we noted earlier, we've never had more competitive racing. Our hope is that the 2026 regs will do the same. But as you rightly note, somebody may figure out a way to get a jump, and take an early lead, but the...

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

Stefano Domenicali: We think the regs are designed to create more exciting racing while also meeting many other goals around issues like sustainability and things that help our OEM partners drive innovation. So we're trying to hit on multiple levels. I think

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

Stefano: All three F1 Arcade venues hosted a ticket at watch party during the three new servers and race. And all venues sold out with a London venue welcome all the most 600 guests. The ongoing success of the project means that in addition to the venues in London, Birmingham and Boston, F1 Arcade is planning to open new venues in Washington DC in late 2024 and Las Vegas in 2025 with more to come.

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

Speaker Change: When we introduced them last time, and by many measures, as we noted earlier, we've never had more competitive racing. Our hope is that the 2026 rakes will do the same. But as you rightly note, somebody may figure out a way to get a jump and take an early lead.

Greg McIe: 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.

Greg Maffei: We think they're designed to create more parity and more exciting racing, and should over time. Stefano, what might you add?

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

Stefano Domenicali: We think they're designed to create more parity and more exciting racing and should over time.

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

Stefano Domenicali: I would say that this, this dilemma at the end of each cycle of regulation is there. And the things that F1, together with the FIA, has always done, I totally believe too, so, has been to anticipate the needs 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,... and making sure that with the budget cap combination and limitation development, teams can catch up quicker to keep the gaps between the teams smaller. But on the other side, we have the duty to anticipate the things that are relevant in term of technology, to keep at the center of our platform so important.

David Karnosky: definitely what might you had

Stefano Domenicali: I would say that this dilemma, at the end of each cycle of regulation, is there. And the things that F1, together with the FA, has always done, I totally believe, has been to anticipate the need of that change.

Stefano Domenicali: and we of course keep at the center

Speaker Change: the fact that we want to have a very good competition on track.

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

Stefano Domenicali: And making sure that with the budget cap combination and limitation development teams can catch up quicker to keep the gaps between the teams smaller.

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

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

Stefano Domenicali: But, on the other side, we have the duty to anticipate the things that are relevant in terms of technology to keep at the center of our platform.

Stefano Domenicali: That's why, you know, two years ago, we added, we took the decision of putting at the center the new power unit with sustainable fuel. There was the need to put that at the center, because then in term of technological challenges, this would appear at that moment to be the most important one. So I do believe that, you know, it's part of the game. Teams are working very flat out for 2026, because the regulation will be very, very different. But I'm sure that, you know, the ones that are very skeptical about what normally we try to anticipate, you know, will think differently as soon as they will see the action on track.

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

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

Speaker Change: 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, it's part of the game. Teams are working already flat out for 26.

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

Stefano: But I'm sure that, you know, the ones that are very skeptical about what, no way we try to anticipate, you know, we will think differently as soon as we see the action on track. And as Drugs was correctly saying before, I remember very clearly people would always be 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.

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

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

Stefano Domenicali: what normally we try to anticipate.

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

Stefano Domenicali: As Greg was correctly saying before, I remember very clearly people with all the experience thinking that the regulation that we are now in would have to slow down cars by more than 6, 7 seconds and not having this kind of situation. So I think that we are doing the right thing, and as always in life, you need to be brave to try to anticipate the thing the right way, and that's what we did. On the second one, I think is related to US. First of all, let me say that we are very happy with the ESPN, what it did for our sport and what they are doing since the beginning of our journey together. And we see now bigger interest, for sure.

Stefano Domenicali: You know, we'll think differently as soon as we 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 to slow down cars by more than 6-7 seconds.

Stefano: So, I think that we are doing the right thing. And, as always in life, you need to be brave to try to anticipate the thing the right way. And that's what we're doing. 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.

Stefano Domenicali: and not having this kind of situation. So, I think that we are doing the right thing and as always in life you need to be brave to try to anticipate the thing the right way. And that's what we did.

Stefano: And that's what we do.

Stefano: 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 unrepresented students, including financial burden and access. By 25, 50 students will have entered the program.

Stefano: On the second one I think is related to U.S. First of all, let me say that we are very happy with ESPN, what they did for our sport, and what they are doing since the beginning of our journey together. And we see now bigger interest for sure, and we see some other sport are trying to divide the package in a different way. But of course, that's a personal opinion. We are going to take on that subject in the due course in the next couple of months. I do believe that in the U.S. we have seen a place where the awareness is very very important so what I can say from a customer point of view if you are not really on the spot on the sport creating multiple offer is creating more confusion let me put in this way.

Stefano Domenicali: First of all, let me say that we are very happy with the ESPN, what it did for our sport and what they are doing since the beginning of our journey together.

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

Stefano Domenicali: We see some other sport are trying to divide the package in a different way, but of course, that's a personal opinion. We're gonna tackle that subject, you know, in due course, in the next couple of months. I do believe that in US, we are still in a place where the awareness is very, very important. So what I can say from a customer point of view, if you are not really on the spot on the sport, creating multiple 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 taken in the right way at the appropriate time.

Stefano Domenicali: And we see now bigger interest for sure. We see some other...

Speaker Change: support are trying to divide the package.

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

Stefano: 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, racing round six of the F4 British Championship, which was the highest ever level of female participation in the championship. We also have a talented driver Sophia Flurge, racing FIA Formula 3 for Van Amherst of Racing.

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

Speaker Change: from a point of view, if you are not really on the spot in the sport.

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

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

Speaker Change: Creating multiple offers is creating more confusion, let me put it this way.

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

Stefano Domenicali: For sure, yes, Martin, will represent for us a big opportunity for the next years.

Stefano: This shows the huge importance of the FIA F3 and FIA F2 parameter, Rambe Bruno Mischel, that continues to develop a nurture young talent to reach the very top of our sport, creating the right structure for these talented female drivers and ensuring we have the right system in place to nurture talent at a young age is incredible. 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.

Stephen Laszczyk: Thank you.

David Karnovsky: Thank you.

Barton Crockett: Thank you. Next question, please.

Operator: Thank you. Next question, please.

Greg Maffei: Thank you. Next question, please.

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

Operator 1: Our next question is from Barton Crockett, with Rosenblatt Securities. Please proceed with your question.

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

Greg: okay

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

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

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

Barton Crockett: Hi, thanks for taking the questions. Two, the first one, you know, hopefully is quick. On the race promotion revenue discussion with Formula One, you know, you guys, I think, have 24 races this year, I think 22 last year. Normally, I would assume that there's growth in promotion revenue per race, but given, you know, what we can see from the mix and what you think this year, is there any reason to think differently about that for 2024? So that's on Formula One. On the Braves, switching gears a little bit, I was curious, you know, you've been off of Comcast for most of the season because of their dispute with Diamond. Has that had any meaningful impact on the business in terms of fan interest or sales of anything, or not?

Speaker Change: Hi, thanks for taking the questions.

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

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

Speaker Change: 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?

Stefano: Thank you.

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

Derek: On the Braves, switching gears a little bit.

Speaker Change: I'm so that's on Formula One on the Braves Switching gears a little bit. I was curious. You know you've been off of Comcast For most of the season because of their dispute with diamond

Derek: I was curious, you know you have been off of Comcast for most of the season because of their dispute with Diamond. Has that had any meaningful impact on the business in terms of fan interest or sales of anything, or not. What does that say about the value of the TV promotion?

Speaker Change: Has that had any meaningful impact on the business in terms of fan interest or sales of anything or not? And if not, what does that say about the value of the TV promotion?

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

Barton Crockett: If not, you know, what does that say about the value of the TV promotion?

Greg: So I'll comment on the first one, and I'll let Derek, if you'd like to take the second, on the Braves' impact on Diamond.

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

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

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

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

Derek: Derek, do you want to take on the Braves' impact of Diamond?

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

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.

Derek: Sure, thanks Greg. Yeah, obviously, we were off for three months, and you never like to see carriage disputes. We're thankful that the carriage dispute is resolved, and what I can tell you is there's really no material impact on our business. We've certainly seen a reduction during that period of time in ratings that is somewhat 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.

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

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

Eric: Eric, do you want to take on the Braves' impact of Diamond?

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

Derek: What I can tell you is there's really no material impact on our business. We've certainly seen a reduction during that period of time in ratings that is somewhat commiserate with the reduction in the carriage. Now that that's back, we'd expect that those ratings to also go up. We're glad that it's done and glad that they got that all resolved.

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

Speaker Change: That is somewhat commiserate with the reduction in in the carriage now that that's back We'd expect that those ratings to also go up so and we're glad that it's done and and glad that they got got that all resolved

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

Derek: Did you guys try to do any type of additional streaming push to offset that, and if not, why not? Well, the streaming rights are held at the league level right now, so those don't belong necessarily to Diamond. There's a provision inside of the agreement that's rather complicated as it relates to the streaming.

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

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

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

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

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

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

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

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

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

Speaker Change: Diamond there's a provision inside of the agreement that's that's rather complicated as it relates to the streaming of course you know in the future should all these rights come back to us I think we're prepared to evaluate all the different options including streaming

Derek: 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.

Renee: Stephanie, I wanted you to start. No, I'll ask Renee. Yeah. 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 front 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. But this is something that we don't see at all in our championship.

Renee: Encouraging here. Thank you.

Barton Crockett: Thank you.

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

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

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

Operator 1: Our last question comes from Stephen Laszczyk with Goldman Sachs. Please proceed with your question.

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

Stephen Lassix: Thank you.

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

Stephen Lassix: 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 Lathick: Hey, great. Thank you.

Stephen Laszczyk: Hey, great. Thank you. Two on Formula One. You called out the strong demand for race promotion, and the commitment 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, the Paddock Club capacity side of the equation? And then, just quickly on team payments, for, 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 Lathick: Two on Formula One. You caught out a strong demand for race promotion. An excitement you're seeing for improved hospitality from promoters.

Stephen Lassix: 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. I'm curious if there's anything more you'd be willing to add on how the dynamic works and perhaps what that can mean for the pace of operating leverage on team payments the rest of this year. Thank you.

Stephen Lathick: 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.

Brian Wendley: And then just quickly on team payments for Brian, you called out some of the seasonal aspects around the payout this year. Curious if there's anything more you'd be willing to add on how the dynamic works and perhaps what that can mean for the pace of operating leverage on team payments throughout this year.

Renee: 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 a last minute market and Las Vegas is even more of a last minute market. Year one is not necessarily the best comparison for a couple of reasons. First off, there was a longer sales cycle.

Brian Wendley: Thank you.

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

Brian Wendley: Definitely, do you want to take the Paddock Club issue and not let Brian change? Yeah, thank you, Stephen. I mean, we have a quality problem to vehicle now, for sure. But it's the fact that we, in almost all the events, we have sold out. And what we're talking about hospitality, what we were very good to do, it is to try to maximize the different packages. Now the point is, if you want to add places with the right space and the right quality for the survey that we're offering, there is the need, of course, to take a rate-by-rate situation to see what we can do with the promoted in terms of capacity, in terms of possible extension.

Greg Maffei: Stefano, do you want to take the Paddock Club issue, and then Brian can answer?

Stefano Domenicali: Yeah. Thank you, Stephen. I mean, we have a quality problem to tackle now for sure, but it's the fact that we, in almost all events, are sold out. And when we're talking about hospitality, what we were very good to do it is to try to maximize the different packages. Now, the point is, if you want to add places with the right space and the right quality for the service that we're offering, there is the need, of course, to tackle race by race situation, to see what we can do with the promoter in term of capacity, in term of possible extension, and this is something that we are discussing.

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

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

Derek: 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 events, we are sold out. And when we're talking about hospitality, what we were very good to do is to try to maximize the different packages.

Renee: 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.., you cannot minimize just the excitement around the early demand that you see for a year one event. So focusing directly on to year two, what we have done a little differently this year and a couple of our partners mentioned this earlier to speak during their own earnings calls is really focused on marketing on the upcoming period.

Speaker Change: Now, the point is, if we want to add places with the right space and the right quality for the service that we're offering, there is the need, of course, to take a race-by-race situation to see what we can do with the promoters in terms of capacity, in terms of possible extension.

Stefano: And this is something that we're discussing. There are advanced situations, you know, for example, with the Australian promoters and with some others because for us, of course, is a matter of experience. So we cannot run the risk of overcrowding the hospitality area because the demand is very high.

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

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

Renee: What we did last year was really marked 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 power 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 tickets. Thank you very much Renee.

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

Peter Sapino: Thank you my next question please.

Speaker Change: So, we cannot run the risk of overcrowding the hospitality area because the demand is very high. So, now we are seeing, we are watching, as I said, with everyone, what we can do in terms of having the possibility to expand this area to offer the right service for the ones that want to have it.

Stefano: So now we have seen, we're watching, as I said, with everyone, what we can do in terms of having the possibility to expand this area to offer the right service for the ones who want to add it.

Brian Wendley: Yeah, Stephen, on the team payments part, you know, I would point you to the year-to-date results there. So we're at 61.9% on a US GAAP basis, pre-team payment is a percent of pre-team share. We have it compared to 62.6 last year.

Stephanie: Our next question comes some Peter Sapino with Wolf Research. Please ask about promotion revenue at F1. It was relatively flat year over year despite the two additional races and you said it 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.

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 as a percent of pre-team share away, but compared to 62.6 last year. We would expect some very minimal leverage as you go throughout the year and look to the end of the year, but it's fairly de minimis. But definitely focus on the year-to-date number, not the quarter.

Brian Wendling: 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 US GAAP basis, pre-team team payments as a percent of pre-team share OIBDA, compared to 62.6% last year. We would expect some very minimal leverage as you go throughout the year and look to the end 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 team payments part, you know, I would point you to the year-to-date results there. So, we're at 61.9 percent.

Speaker Change: on a U.S. GAAP basis, pre-team, team payments as 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.

Brian Wendley: We would expect some very minimal leverage as you go throughout the year and look the end of the year, but it's fairly de minimis. But definitely focus on the year-to-date number, not the quarter.

Brian Wendley: Great, thank you for that.

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

Operator 2: Great. Thank you for that.

Stephen Laszczyk: Great. Thank you for that.

Operator: Operator, I believe that was our last question. Thank you to our listening audience for your interest in Liberty Media and Atlanta Brace Holdings. We look forward to speaking with you next quarter, if not sooner. This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

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

Stephanie: Thank you. Stephanie, what are you talking about the mix and then let you comment on the Concord Agreement? Okay. So on the promoter mix as we noted in our prepared remarks, you had Australia and Azerbaijan fallout, you had China, Austria, Japan and Emola come back into the quarter for 2024. Obviously each race has a different fee so when we say promoter mix you're looking at different fees for each race which has an impact there.

Speaker Change: Great. Thank you for that.

Operator 1: This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation. Today's conference has ended. Please disconnect your lines at this time.

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

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

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

Stephanie: As you look at the remainder of the year, you have pretty comparable quarters as you look forward. Japan in Q3 will have one last race with Japan basically falling out but Azerbaijan coming back in and then Q4 looks pretty similar. So again we would just highlight that you look at the business on a year-to-date or four-year basis when available. I think the second question on Concord Agreement I would say as we said the other time.

Stephanie: I mean it's so good because we have the right time, the right relationship with the team and as you know the Concord is divided in three main pillars. One is financial, one is commercial and was related to the governance. Everything is progressing very, very well. As you know we are not in a rush to go play that's the long form but everything is running smoothly as expected and this is really great because the relationship with the teams with the FIA and with all the other stakeholders is very good in this moment.

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

Stephanie: So working and progressing in the right way and of course we are focusing to try to maximize the benefit to have the maximum joint commercial activities with all the teams and making sure that what we are going to sign up will be the right in terms of the vision of the revenues between the team and the commercial right-holders. But it's all great. No. Thanks to follow.

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

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

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

Greg McIe: Thanks. Oh, 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. I think that the company operates fully within the law has had a monitor in place for 14 years. And so any actions have been well known for a long time. And we believe the charge of the DOJ without merit, particularly the idea that somehow breaking it up with lower ticket prices.

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

Greg McIe: Looking at Andredi, as you saw this morning, we announced that there is a DOJ investigation. We intended 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, anti-trust laws. And we detailed the rationale for our decision, these are the 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 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.

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

Greg McIe: 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.

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

Greg McIe: They are running our sales and ticketing programs, obviously in partnership with myself and with Emily Prazer, and then their results will be consolidated up through Liberty Media with a commission-based arrangement being paid to Formula One, which commission-based payments then goes into the prize fund. Going forward, we are also going to be looking for new ways to really prove out the thesis around the acquisition, and enable Quint to be a closer partner to all the promoters and to F1, but that is all in process still. I'll just write a Brian on the account in question.

Brian Wendley: Yeah, and 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 Formula One, and then reselling them, but at the price that they're buying them from Formula One. Appreciate it. Thank you very much.

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 repaid for us on the other side. Anything you could share on what it is and how meaningful is it going to be? There's obviously been some press reports that LVMA is going to be a new partner.

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

Greg McIe: So obviously I can't comment on any rumored or unannounced deals but I feel very good about the pipeline, feel very good about where we both are on those new entrants and on renewals at attractive prices from some of our existing players. Stefano, anything you want to add? I couldn't agree more Greg. I think that the numbers is proving the interest that is in our business and I think that now if you look back just four years ago we had only four global partners and now we had 10 and there is a big interest.

Greg McIe: Now the real point is to keep the quality of our partners with the right price level that we want to engage together. So we have a very strong situation I believe. As I said we have an incredible opportunity for our partners to create partners between also themselves. So it's a B2B relationship that is adding a multiply effect and this is really what is important for our business to develop in the future.

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

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

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

Greg McIe: Again to address that early demand that everyone's up for year one. And now this year we are working closely with them to again do the market push and start filling the hotel rooms. Now the people are back from school and back to school back from vacation and looking at their fall calendars. Great. Thanks so much. Thank you.

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

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

Greg McIe: And as by many measures as we noted earlier, we've never had more competitive racing. Our hope is that to 2026 regs will do the same. But as you rightly know, somebody may figure out a way to get a jump and take an early lead. But we think they're designed to create more parity and more exciting racing and should overtime. Stefano, what might you add? I would say that this dilemma at the end of each cycle of regulation is there.

Greg McIe: 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 that change. And we, of course, keep at the center the fact that we want to have a very good competition on track. Give the possibility to driver to express themselves and making sure that with the budget cap combination and limitation on development teams can catch up quicker to keep the gaps between the teams smaller.

Greg McIe: And back on the other side, we had a duty to anticipate the things that are relevant in terms of technology to keep at the center of our classroom. So important. That's why, you know, two years ago, we added that we took the decision of putting on the center, the new power unit with sustainable fuel. There was the need to put that at the center because in terms of technological challenges, this would appear at that moment to be the most important one.

Greg McIe: So I do believe that, you know, I, it's part of the game teams are working already find out for 26 because the regulation would be very, very different. But I'm sure that, you know, the ones that are very skeptical about what, no way we try to anticipate, you know, we will think differently as soon as we see the action on track. And as Drugs was correctly saying before, I remember very clearly people would always be 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.

Stefano: 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 and we see some other sport are trying to divide the package in a different way but of course that's a personal opinion we are going to take on that subject in the due course in the next couple of months.

Stefano: I do believe that in the U.S, we have seen a place where the awareness is very very important so what I can say from a customer point of view if you are not really on the spot on the sport creating multiple offer is creating more confusion let me put in this way. So therefore I would say we need to make sure that the incredible demand that we have from different partners will be taken in the right way at the appropriate time. But for sure yes Martin we represent for us a big opportunity for the next years. Thank you.

Operator: Thank you next question please.

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

Greg McIe: On the Braves switching gears a little bit. I was curious you know you have been off of Comcast for most of the season because of their dispute with Diamond. Has that had any meaningful impact on the business in terms of fan interest or sales of anything or not. What does that say about the value of the TV promotion? So I'll comment on the first one and I'll let Derek if you'd like to take a second. I think Barton your assumption that we get increases generally in race promotion fees is correct.

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

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

Stephen Lathick: All right, last question comes from Stephen Lathick with Goldman Sachs.

Stephen Lathick: Please proceed with your question. Hey, great. Thank you.

Brian Wendley: Two on Formula One. You caught 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. And then just quickly on team payments for Brian, you called out some of the seasonal aspects around the payout this year.

Brian Wendley: Curious if there's anything more you'd be willing to add on how the dynamic works and perhaps what that can mean for the pace of operating leverage on team payments throughout this year. Thank you. Definitely, do you want to take the paddock club issue and not let Brian change? Yeah, thank you, Stephen. I mean, we have a quality problem to vehicle now, for sure. But it's the fact that we in almost all the events we have sold out.

Brian Wendley: And what we're talking about hospitality, what we were very good to do, it is to try to maximize the different packages. Now the point is, if you want to add places with the right space and the right quality for the survey that we're offering, there is the need of course to take a rate by rate situation to see what we can do with the promoted in terms of capacity, in terms of possible extension.

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

Brian Wendley: Yeah, Stephen, on the team payments part, you know, I would point you to the year-to-day results there. So we're at 61.9% on a US gap basis, pre-team payment is a percent of pre-team share. We have 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 de minimis. But definitely focus on the year-to-date number, not the quarter. 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 if not sooner. Disconcluses today's conference. You may disconnect your lines at this time and we thank you for your participation.

Operator: Thank you.

Stefano: 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 driving 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.

Claire Adams: To reflect any change in Liberty Media's or Atlanta Brace Holdings' expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. On today's call, we'll discuss certain non-GAAP financial measures for Liberty Media, SiriusXM, and Atlanta Brace Holdings, including Adjusted OEBDA and Adjusted EBIT. The required definitions and reconciliation for Liberty Media is a serious XM and Atlanta Brave Foldings, Schedules 1-3, can be found at the end of the earnings press releases issued today, which are available on Liberty Media's and Atlanta Brave Foldings' Web sites. Now I'd like to turn the call over to Greg Maffei, Liberty Media's President and CEO.

Q2 2024 Liberty Media Corp Earnings Call

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