Q4 2024 Liberty Media Corp Earnings Call and Business Update

February 27, 2025

<unk> session will follow the formal presentation, if anyone should require operator assistance. Please press star zero on your telephone keypad. As a reminder, this conference is being recorded it is now my pleasure to introduce Shane Clancy Senior Vice President Investor Relations. Thank you you may begin.

Speaker Change: Thank you and 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.

Speaker Change: Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent Form 10-K filed by Liberty media with the SEC.

Speaker Change: Forward looking statements speak only as of the date of this call and Liberty media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained herein to reflect any change in liberty Media's expectations with regard there to or any change in events conditions or circumstances on which any such statement is based.

Brian Wendling: And then looking briefly at corporate and other results in the fourth quarter, revenue was $118 million, which includes Quint results and approximately $13 million of rental income related to the Las Vegas Grand Prix Plaza. Approximately half of which is variable and recognized in the fourth quarter in connection with the event. Corporate and other adjusted OIBDA loss was $2 million and includes Grand Prix Plaza rental income, Quint results, and corporate expenses. Quint results in the fourth quarter were primarily driven by F1 experiences across the 6 races held, including Vegas as well as the NBA Cup. Looking to 2025, F1 will host 24 races, consistent with 2024.

Speaker Change: On today's call, we will discuss certain non-GAAP financial measures for Liberty media, including adjusted OIBDA and the required definitions and reconciliations for Liberty media schedule. One can be found to be end of the earnings press release issued today, which is available on Liberty Media's website speed.

Greetings and welcome to the Liberty Media Corporation 2024 year end earnings call.

Speaker Change: Speaking on the call today, we have Liberty's, president and CEO, Derek Chang Liberty's, Chief accounting and principal financial Officer, Brian Wendling Formula one's President and CEO Stefano Domenicali and other members of Liberty management will be available for Q&A with that I'll turn the call over to Derek.

Speaker Change: This time all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance. Please press star zero on your telephone keypad. As a reminder, this conference is being recorded its now my pleasure to introduce Shane Classy Senior Vice President of Investor Relations. Thank you you may begin.

Brian Wendling: While I'm reticent to encourage quarterly modeling, please note that the race count and composition will be different in each of the four quarters this year compared to 2024. In part, this is due to our efforts to increase regionalization of the calendar in support of our NetZero pledge by 2030, and for enhanced efficiency in our freight logistics. We are in a strong financial position as we head into 2025. The majority of our revenue is under contract, including our sponsorship revenue, which has been de-risked by pulling the pipeline forward, given the level of announcements made prior to this season. This also allows our team to focus on future sponsorship pipeline with an emphasis on high value and high quality partners. The other revenue streams will predominantly be driven by renewals and escalators this season.

Derek Chang: Great. Thank you Shane and good morning, everyone. It's great to be speaking with all of you today.

Speaker Change: For those of you, who don't know well I'm officially started and Liberty for 27 days ago My relationship with Liberty Media goes back to 1997.

Speaker Change: When I first met John while working for PCI, we've had many points of professional overlap over the years at Directv stars and more most recently I've been fortunate to serve on Liberty sports into 2020, one as a board member I am uniquely familiar with the Liberty structure culture, and mandate, which has enabled a seamless and efficient.

Speaker Change: But that's our results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent Form 10-K filed by Liberty media with the SEC. These forward looking statements speak only as of the date of this call and Liberty media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained herein to reflect.

Speaker Change: Transition to CEO.

Speaker Change: As we've hit the ground running with a busy year ahead, even as a director for years. We've been asked what is the long term would be playbook.

Speaker Change: Any change in Liberty Media's expectations with regard there to or any change in events conditions or circumstances on which any such statement is based.

Brian Wendling: On Vegas, we are very focused on top and bottom line improvement relative to 2024 results, and there are clear steps already taken and in process to achieve this. Turning to a few cash items, F1 estimates its cash tax rate in 2025 to be low double-digit % of adjusted OIBDA, increasing modestly in future years. Total CapEx incurred at the Formula One Group in 2024 was $75 million, approximately $73 million of which was incurred at Formula One, and includes CapEx related to technical improvement projects for IT and F1 TV, as well as the Las Vegas Grand Prix track and paddock building improvements. Note that the operating company CapEx has historically trended at 1 to 2% of total F1 revenue, excluding one-time Vegas-related CapEx, and we expect this range to be broadly consistent in 2025.

Speaker Change: The answer has been consistent Liberty playbook is one of constant evolution maximum flexibility and an appreciation for change to drive long term shareholder value.

Speaker Change: On today's call, we will discuss certain non-GAAP financial measures for Liberty media, including adjusted OIBDA and required definition and reconciliations for Liberty media schedule. One can be found at the end of the earnings press release issued today, which is available on Liberty Media's website.

Speaker Change: That is and will remain true going forward.

Speaker Change: Our team will speak in more detail about the businesses, but I'll make some brief remarks first regarding our near term priorities for 2025.

Speaker Change: On the call today, we have Liberty's, president and CEO, Derek Chang Liberty's, Chief accounting and principal financial Officer, Brian Wendling.

Speaker Change: First we are working towards the close of the door and the acquisition the Moto GP season kicks off in Thailand on March 2nd we'll be at 22 race calendar compared to 20 races. In 2024, featuring the new track in Hungary, and a return to the Czech Republic for the first time since 2020, we expect an exciting season ahead Motogp unveiled a new brand refresh.

Speaker Change: Formula one's president and CEO Stefano Domenicali and other members of Liberty management will be available for Q&A with that I'll turn the call over to Derek right. Thank you Shane and good morning, everyone. It's great to be speaking with all of you today.

Speaker Change: For those of you, who don't know well I officially started on celebrity.

Speaker Change: And identity at the end of last season aimed at expanding its cultural relevance relevance beyond racing, we look forward to working with Dora to take the sports to the next level on closing.

Speaker Change: Seven days ago, My relationship with Liberty Media goes back to 1997.

Speaker Change: When I first met John while working for Dci, We had many points of professional overlap over the years at Directv stars and more most recently I've been fortunate to serve out Liberty sports out to 2021 as a board member I am uniquely familiar with the Liberty structure culture, and mandate, which has enabled a seamless and efficient transfer.

Brian Wendling: Turning to the Liberty Live Group, there's attributed cash of $325 million, and $400 million of undrawn margin loan capacity related to our Live Nation margin loan. As of 26 February, the value of the Live Nation stock held at Liberty Live was $9.9 billion, and we have $1.15 billion in principal amount of debt against these holdings. Liberty and F1 are in compliance with their debt covenants at quarter end. And with that, I'll turn the call over to Stefano to discuss Formula One.

Speaker Change: The phase II regulatory process is progressing which is a more in depth review by the European Commission and.

Speaker Change: And not uncommon and major transactions transactions like these we extended the long stop date for regulatory clearance to June 30th 2025.

Speaker Change: We're working constructively with the regulators towards approval.

Speaker Change: Transition to CEO.

Speaker Change: Our second priority is continuing our path towards structural simplification and better highlighting the value of our live nation equity stake.

Speaker Change: As we've hit the ground running with a busy year ahead, even though the director for years. We've been asked what is the long term that the playbook. The answer has been consistent Liberty playbook is one of constant evolution maximum flexibility and appreciation for change to drive long term shareholder value.

Derek Chang: Thanks, Brian. Formula One finished the 2024 with solid financial results, excellent racing, and in a very strong position heading into 2025. The on-track competition intensified throughout the season, and we expect an even closer fight when we begin the new season in Melbourne.

Stefano Domenicali: Thanks, Brian. Formula One finished the 2024 with solid financial results, excellent racing, and in a very strong position heading into 2025. The on-track competition intensified throughout the season, and we expect an even closer fight when we begin the new season in Melbourne.

And finally, we will continue to drive the momentum at Formula One, Florida is coming off a record 2024 with high visibility into an excellent year ahead, I've spent a significant amount of time with Stefano and the S. One management team since I started this year and look forward to supporting them going forward Chase Carey involvement and partnership.

Speaker Change: That is and will remain true going forward.

Speaker Change: Our team will speak in more detail about the businesses, but I'll make some brief remarks first regarding our near term priorities for 2025.

Stefano Domenicali: ...The strength of our brand and fandom translated to strong financial results in 2024. We continue to benefit from favorable supply and demand dynamics across our revenue streams. There is strong demand to be part of the F1 ecosystem, whether in hosting races, airing our content, partnering on sponsorship activation, or enjoying our hospitality products. This is met with relatively limited supply across the board. We've seen this benefit commercial agreements, where our teams made incredible progress in 2024, signing a number of agreements that provide clear visibility for near-term financial and momentum beyond. As of year-end, F1 had $14.4 billion in future revenue contracted and in multi-year agreements.

Speaker Change: As a Liberty Board member has and will continue to be important as we leverage his expertise to continue momentum that F. One.

Speaker Change: First we are working towards the close of the Dornoch acquisition, the Moto GP season kicks off in Thailand on March 2nd, albeit 22 race calendar compared to 20 races. In 2024, featuring the new track in Hungary, and a return to the Czech Republic for the first time since 2020, we expect an exciting season ahead, Moto GP unveiled a new brand refresh.

Speaker Change: I do want to touch specifically on the Las Vegas Grand Prix.

Speaker Change: Key area focus. Please note that we don't provide ray specific economics for any Grand Prix, particularly for Vegas, we see material benefit accrue from LP GP to the broader F. One ecosystem.

Speaker Change: And identity at the end of last season aimed at expanding its cultural rather what relevance beyond racing. We look forward to working with Don out to take the sports to the next level cotton clothing.

Speaker Change: Sponsorship hospitality live entertainment licensing and data.

Speaker Change: Degas I served as a very successful testbed for product expansion and plays a key role in <unk> growth in the Americas, which they continued focus.

Speaker Change: The phase two regulatory process is progressing which is a more in depth review by the European Commission and.

Speaker Change: The event, we held recently at the O two in London and the upcoming F. One movie are also powerful marketing engine for all of our F. One fans, but particularly for the for Vegas, and then North American fans.

Speaker Change: Not uncommon in major transaction transactions like these we extended the long stop date for regulatory clearance to June 30 of 2025.

Speaker Change: And are working constructively with the regulators towards the crude or.

Stefano Domenicali: On race promotion, we remain focused on balancing growth and heritage markets, as reflected in the extension of our agreement to race in Shanghai throughout 2030, and the renewals of both Monza and Monaco throughout 2031. We also extended the Netherlands for one year, and Belgium under a multi-year rotational deal, with the opportunity for another race to fill the alternating year slots. We remain in a strong position with demand from potential future race venues across the globe, and we'll assess any potential new calendar addition against strategic requirements for both the business and the sport. Turning to media rights, our F1 TV product continued to grow at a healthy rate, with subscribers up 15%. The US remains its largest market. Capitalizing on this success, we are launching a new, higher-priced premium tier this year to target avid fans.

Speaker Change: 2024, Standalone event economics for Vegas, Miffed internal expectations on revenue and OIBDA.

Our second priority is continuing our path towards structural simplification and better highlighting the value of our live nation equity stake.

Speaker Change: The team has moved very quickly however to enact changes that will benefit 2025 and supported financially successful raised for F. One.

Speaker Change: And finally, we will continue to drive the momentum that formula one the sport is coming off a record 2024 with high visibility into an excellent year ahead, I've spent a significant amount of time with Stefano and the S. One management team since I started this year and look forward to supporting them going forward change carries involvement and partnership.

<unk> growth and positive impact of the Las Vegas community.

Speaker Change: We now have two years of real data to understand what ticket to products sold well the demographics of the fan base and the overall cost structure of the event as a result, we are making further revisions to ticket product and pricing strategy leveraging this data and more and as importantly, we are actively managing our cost structure given the halo effect half one we've discussed.

Speaker Change: As a Liberty Board member has and will continue to be important as we leverage his expertise to continue momentum that F. One.

Speaker Change: I do want to touch specifically on the Las Vegas Grand Prix.

Speaker Change: We reorganized the structure of L. B G. P last month to integrate it fully into our London team and maximize those continued benefits.

Speaker Change: A key area of focus. Please note that we don't provide ray specific economics for any Grand Prix, particularly for Vegas, we see material benefit accrue from LPGA to the broader F. One ecosystem cross sponsorship hospitality live entertainment licensing and data.

Speaker Change: This change Leverages the strong organization, we have in London today across commercial finance and more at the same time, we are bolstering certain parts of the local Vegas changed. This includes bringing the ticketing sales function back in house and offering a high touch on the ground presence, which is a key learning from last year.

Speaker Change: I served as a very successful testbed for product expansion and plays a key role in <unk> growth in the Americas, which is a continued focus.

Stefano Domenicali: It will offer enhanced functionality, including 4K ultra-high definition, multiview, a virtual pit wall, and the ability to watch across up to six devices. Brian touched on some financial inputs for the season. Entering 2025, I am particularly proud of the growth in sponsorship, both in renewal terms and new partnership that will take effect this year. This includes our landmark deal with LVMH as a global partner, Lenovo becoming a global partner after being an official partner since 2022, our renewal with Pirelli, as well as bringing on Amex, Santander, and KitKat as official partners. More recently, we announced the extension of our partnership with Crypto.com through 2030, and Allwyn, a global lottery operator, as an official partner.

Speaker Change: You bet and we held recently at the O two in London and the upcoming F. One busy are also powerful marketing engine for all of our F. One fans, but particularly for that for Vegas, North American fans.

Speaker Change: We'll continue our partnership with Quint and benefit from their expertise in VIP hospitality and F. One experiences.

Speaker Change: Finally, we are also bolstering our partnership with local players.

Speaker Change: 24, Standalone event economics for Vegas met internal expectations on revenue and OIBDA.

Speaker Change: We believe that continuing to expand the F. One platform in bold new ways is critical and ultimately leads to both increase and new sources of revenue we want to take these opportunities for long term benefit even if there are early bumps in the road, we have a clear handle on near term priorities for Vegas to improve and we are confident in the value it.

Speaker Change: The team has moved very quickly however to enact changes that will benefit 2025 and supported financially successful raised for F. One.

Speaker Change: Continued growth and positive impact of the Las Vegas community. We now have two years of real data to understand what ticket to products sold well the demographics of the fan base and the overall cost structure of the event as a result, we are making further revisions to ticket product and pricing strategy leveraging this data and more and as importantly, we are actively managing that.

Speaker Change: Hi.

Speaker Change: Look forward to sharing more as we progress with that I want to thank John the board and the Liberty team once again for this opportunity to our analysts and shareholders I look forward to getting to know you better in the months and years ahead.

Stefano Domenicali: Our success in signing this partnership ahead of the season now allows the team to spend 2025 focusing on growing and executing a pipeline of new deals and renewal uplift opportunities for 2026 and beyond. While 2025 is clearly a standout year in sponsorship, I am optimistic about the discussions we have in developing, including new regional deals, upsells, and the potential for movement of our existing sponsors within tiers as the bar has been raised across the board. The team is also continuing to innovate on our hospitality products. The Vegas race allows us to test different concepts and tailored hospitality offerings, and we expect variations to be deployed at races this year. Michelin star chef Gordon Ramsay was announced as the partner of our most premium hospitality product, F1 Garage.

Speaker Change: Cost structure, given the Halo effect half one we've discussed we reorganized the structure of L. B G. P last month to integrate it fully into our London team and maximize those continued benefit.

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

Speaker Change: Just a quick reminder, that the merger of Sirius XM with Liberty Siriusxm closed on September 9th.

Speaker Change: This change Leverages the strong organization, we have in London today across commercial finance and more at the same time, we are bolstering certain parts of the local Vegas team. This includes bringing the ticketing sales function back in house and offering a high touch on the ground presence, which is a key learning from last year.

Speaker Change: Therefore, the results of Siriusxm holdings are presented as discontinued operations in our consolidated financial statements.

Speaker Change: Year end Formula One group had attributed cash and liquid investments of $2 6 billion, which includes $1 3 billion of cash at <unk>, one and $78 million of cash at Quint the cash balance as of year end includes proceeds from the previously mentioned loss share issuance, which.

We will continue our partnership with Quint and benefit from their expertise in VIP hospitality and F. One experiences.

Speaker Change: Was completed in August.

Speaker Change: Total Formula One group attributed principal amount of debt was $2 9 billion at quarter end, which includes $2 4 billion of debt at F. One, leaving $528 million at the corporate level.

Speaker Change: Finally, we are also bolstering our partnership with local players.

Speaker Change: We believe that continuing to expand the F. One platform and all the new ways is critical and ultimately leads to both increased and new sources of revenue we want to take these opportunities for long term benefit even if there are early bumps in the road, we have a clear handle on near term priorities. The ragus to improve and we are confident in the value it.

Speaker Change: <unk> $500 million revolver is undrawn and their leverage at 12 31 was one three times as a reminder, all Moto GP transaction related financing is in place and deal contingent.

Stefano Domenicali: We're also pleased to extend our multi-decade relationship with DO & CO for another 10 years of Paddock Club delivery. We will continue to work with them on enhancing our Paddock Club offerings. Looking at the Las Vegas Grand Prix, we delivered another outstanding spectacle on track, creating buzz throughout North America, and earning the Promoter of the Year award from Autosport. Moving into 2025, we are taking an important step in the race evolution and are fully integrating its operation into our F1 team in London. This will further maximize the value we believe the Vegas race provides for F1 broader commercial activities. In addition to being an excellent lead generator for commercial deal, Vegas has been a successful test bed of innovation that we are now extending, as it were, in Formula 1.

Speaker Change: Turning to the up one business.

Speaker Change: A reminder, that it is best analyzed on an annual basis given variability in year over year race calendar total revenue grew 6% in 2024 with growth across all primary revenue streams.

Speaker Change: Hi.

Speaker Change: Look forward to sharing more as we progress with that I want to thank John the board and the Liberty team once again for this opportunity to our analysts and shareholders and look forward to getting to know you better in the months and years ahead now I'll turn it over to Brian for more on our financial results. Thank.

Speaker Change: Growth was primarily driven by the two additional races held and contractual increases across all of our revenue streams.

Speaker Change: As well as the benefit of new sponsors, which drove a 10% increase in sponsorship revenue year over year.

Brian Wendling: Thank you Derek and good morning, everyone.

Speaker Change: Just a quick reminder, that the merger of Sirius XM with Liberty Sirius XM closed on September 9th.

Speaker Change: As Derek mentioned in Las Vegas Grand Prix did Miss expectations, primarily on ticket sales offsetting some of the race promotion revenue growth year over year. Despite the two additional races.

Speaker Change: Therefore, the results of Siriusxm holdings are presented as discontinued operations in our consolidated financial statements.

Speaker Change: Other F. One revenue was relatively flat in 2024, we saw strong growth and Paddock club revenue at most events in 2024 as well as increases in freight and licensing this was offset by softness in certain hospitality offerings at the Las Vegas Grand Prix.

Stefano Domenicali: A few recent examples include expanding our licensed product and merchandise offering, the global partnership with Gordon Ramsay after his involvement in Vegas, and building a new CRM system for all of F1, which will enhance our fan targeting. We also know the Vegas race is key to our expansion strategy in the US. Following the second year of the race, we have a clear vision of the changes needed to improve the race standalone economics and maximize the overall value accruing to Formula 1. Turning to broader fan engagement, Nielsen published a set of fan data in December 2024, confirming F1 is the most popular annual sporting series globally, with over 750 million fans and growing. Younger and female fans are growing the fastest, a statistics that few sport can claim.

Speaker Change: In payments as a percent of pre team adjusted OIBDA was 61, 5% in 2024 down from $62 six and 2023, we continue to expect incremental leverage to determine the current Concorde agreement, which runs through the end of the 2025 season.

Speaker Change: Good in August.

Speaker Change: F. One $500 million revolver is undrawn and their leverage at 12 31 was one three times.

Speaker Change: Other cost of iPhone revenue was broadly flat at 31% of total revenue and SG&A was 8% of total revenue both in line with historical averages.

Speaker Change: As a reminder, all Moto GP transaction related financing is in place and deal contingent.

Speaker Change: Adjusted OIBDA margin improved nearly 70 basis points year over year.

Speaker Change: Turning to the <unk> business.

Speaker Change: Just a reminder, that it's best analyzed on an annual basis given variability in year over year race calendar total revenue grew 6% in 2024 with growth across all primary revenue streams revenue growth was primarily driven by the two additional races held and contractual increases across all of our revenue streams.

Speaker Change: And then looking briefly at corporate and other results in the fourth quarter.

Speaker Change: Revenue was $118 million, which includes <unk> results and approximately $13 million of rental income related to the Las Vegas Grand Prix Plaza.

Stefano Domenicali: In the last 5 years, the under 35 years old and female fan demographics have both increased by over 50%, with steady growth, especially in markets like the US and China. In 2024, 1.6 billion cumulative TV viewers tuned in for races, with the number of unique viewer up 9% year-over-year. An additional aggregate audience of almost 500 million watched the F1 content on streaming platforms, including 230 million watching YouTube highlights reels on the F1 channel. We saw TV growth, especially in China, Canada, Australia, Argentina, and the Middle East, as we are increasing our global fan base. At the same time, our European stronghold markets, Italy, UK, and Germany, were also up year-over-year.

Speaker Change: Half of which is variable and recognized in the fourth quarter in connection with the event.

Speaker Change: As well as the benefit of new sponsors, which drove a 10% increase in sponsorship revenue year over year.

Speaker Change: Corporate and other adjusted OIBDA loss was $2 million and includes Grand Prix Plaza rental income Quint.

Speaker Change: <unk> results in corporate expenses were.

Speaker Change: <unk> results in the fourth quarter were primarily driven by the up one by one experiences across a six races held including Vegas as well as the MBA Cup.

Speaker Change: Other F. One revenue was relatively flat in 2024, we saw strong growth and Paddock club revenue most events in 2024 as well as increases in freight and licensing this was offset by softness in certain hospitality offerings at the Las Vegas Grand Prix.

Speaker Change: Looking to 2025 F. One will host 24 races, consistent with 2024.

Speaker Change: And while I'm reticent to encourage quarterly modeling.

Speaker Change: Please note that the race count composition will be different in each of the four quarters this year compared to 2024 and.

Speaker Change: In part this is due to our efforts to increase regionalization of the calendar and support of our net zero pledge by 2030 and four enhanced.

Speaker Change: <unk> in our freight logistics.

Speaker Change: We are in a strong financial position as we head into 2025, the majority of our revenues under contract, including our sponsorship revenue, which has been de risked by pulling the pipeline forward given the level of announcements made prior to the season.

Stefano Domenicali: Average viewership per race was 66 million on linear platforms, with an additional 20 million estimated on digital platform, including F1 TV. Nielsen is now capturing YouTube audiences in the measurement, which will be included in our reported viewership numbers beginning 2025. This will provide a more comprehensive view on how current fans consume sport content, and we aim to integrate new sources and platform over time. On social media, Formula One ended the year with 97 million followers across the platforms, up 38% year-over-year. If we look at the comparable social media platforms where all major sports operate, for the fifth consecutive years, F1 has been the fastest growing global sports league for follower growth. We also reached an audience of 4 billion globally through our proactive media activity in 2024, showing the breadth of our reach.

Speaker Change: Other cost of half one revenue was broadly flat at 31% of total revenue and SG&A was 8% of total revenue both in line with historical averages.

Speaker Change: Adjusted OIBDA margin improved nearly 70 basis points year over year, and then looking briefly at corporate and other results in the fourth quarter.

Speaker Change: This also allows our team to focus on future sponsorship pipeline with an emphasis on high value and high quality partners.

Speaker Change: Other revenue streams will predominantly be driven by renewals and escalators this season.

Speaker Change: Revenue was $118 million, which includes <unk> results and approximately $13 million of rental income related to the Las Vegas Grand Prix Plaza <unk>.

Speaker Change: On Vegas, we're very focused on top and bottom line improvement relative to 2024 results and there are clear steps already taken and are in process to achieve this.

Speaker Change: Approximately half of which is variable and recognized in the fourth quarter in connection with you Matt.

Speaker Change: Turning to a few cash items F. One estimated cash tax rate in 2025 to be low double digit percent of adjusted OIBDA, increasing modestly in future years.

Speaker Change: Corporate and other adjusted OIBDA loss was $2 million and includes Grand Prix Plaza rental income.

Speaker Change: <unk> results and corporate expenses were.

Speaker Change: <unk> results in the fourth quarter were primarily driven by the up one by one experiences across a six races held including Vegas as well as the MBA Cup.

Speaker Change: Total capex incurred at the Formula One group in 2024 was $75 million approximately 73 million of which was incurred at formula One and includes capex related to technical improvement projects right.

Speaker Change: Looking to 2025 F. One will host 24 races, consistent with 2024.

Speaker Change: And while I'm reticent to encourage quarterly modeling.

Speaker Change: And F. One TV as well as for Las Vegas Grand Prix track impact building improvements.

Speaker Change: Please note that the race count the composition will be different in each of the four quarters this year compared to 2024.

Speaker Change: Note that the operating company Capex has historically trended a 1% to 2% of total F. One revenue.

Stefano Domenicali: At races, strong attendance trends continued throughout the season, with 2024 seeing 17 sellout crowds and 10 new attendance records. Over 6.5 million people attended races in 2024, a new record, growing 9% over 2023. Four races welcomed crowds of over 400,000. The Paddock Club also saw record attendance, hosting 58,000 total guests across the season, up 20% on 2023. Despite the strength of these metrics, we know that only a fraction of our fan base is able to attend the race. I think a key focus of our ongoing growth strategy is to reach fans in new, creative ways to maintain their interest, raise awareness, and continue the growth momentum. This is our F1 always on strategy, ensuring F1 is present beyond the 24 races calendar.

Speaker Change: This is due to our efforts to increase regionalization of the calendar and support of our net zero pledge by 2030 and for enhanced.

Speaker Change: Excluding onetime Vegas related Capex, and we expect this range to be broadly consistent with 2025.

Speaker Change: Efficiency in our freight logistics.

Speaker Change: Turning to delivery law group Theres attributed cash of $325 million and $400 million of Undrawn margin loan capacity related to our la Nacion margin alone.

Speaker Change: We are in a strong financial position as we head into 2025 <unk>.

Speaker Change: The majority of our revenue is under contract, including our sponsorship revenue, which has been de risked by pulling the pipeline forward given the level of announcements made prior to the season.

Speaker Change: As of February 26, the value of the live nation stock held at Liberty Live was 9.9 billion and we have 1.15 billion in principal amount of debt against these holdings Liberty.

Speaker Change: Also allows our team to focus on future sponsorship pipeline with an emphasis on high value and high quality partners. The other revenue streams will predominantly be driven by renewals and escalators. This season.

Speaker Change: Liberty in F. One are in compliance with our debt covenants at quarter end and with that I'll turn the call over to Stefano to discuss formula one.

Speaker Change: Vegas, we are very focused on top and bottom line improvement relative to 2024 results and there are clear steps already taken and are in process to achieve this.

Stefano Domenicali: Thanks, Brian.

Stefano Domenicali: Furthermore, one to finish at the 2020 food with solid financial results excellent racing in a very strong position heading into 2025.

Speaker Change: Turning to a few cash items F. One estimated cash tax rate in 2025 to be low double digit percent of adjusted OIBDA, increasing modestly in future years.

Stefano Domenicali: On track competition intensified throughout the season, and we expect an EBIT close to fight when we begin the new season and Melba.

Stefano Domenicali: This approach is supported by our experiential licensing initiatives. Following successful international venues in Boston, DC, 2024, F1 Arcade is planning to open 4 additional US locations in 2025, including Las Vegas and Denver. The F1 exhibition sold almost 600,000 tickets across all venues in 2024, connecting our fans with F1's rich history. Buenos Aires will be the fifth city to host the exhibition when it's open on 22 March, and is the first stop of a planned multi-country South American tour. Amsterdam was recently announced as the sixth location, set to open in April 2025. Leveraging learnings from other licensed activations, Grand Prix Plaza in Las Vegas is launching a series of new year-round activities beginning at the end of March.

Stefano Domenicali: Although a brand and sandal translated to some financial results in 2024, we continue to benefit from favorable supply and demand dynamics across our revenue streams.

Speaker Change: And <unk> as well as for Las Vegas Grand Prix track impact building improvements.

Stefano Domenicali: The strong demand to be part of the F. One ecosystem, whether he knows who embraces airing our content partner on sponsorship activation or enjoying the our hospitality profits. This is met with a relatively limited supply across the board. We've seen these benefits commercial agreements with our opinions may be credible probes.

Speaker Change: Note that the operating company Capex has historically trended up 1% to 2% of total F. One revenue.

Speaker Change: Excluding a onetime Vegas related Capex and we expect this range to be broadly consistent with 2025.

Speaker Change: Turning to delivery life group Theres attributed cash of $325 million and $400 million of Undrawn margin loan capacity related to our lead nation marginal.

Stefano Domenicali: 1024, signing a number of busby, Mr provide clear visibility from near term financial and momentum beyond.

Speaker Change: As of February 26, the value of the live nation stock held at Liberty Live was $9 9 billion and we have 1.15 billion in principal amount of debt against these holdings Liberty.

Stefano Domenicali: As of yearend, if one had $14 $4 billion in future revenue contracted under multi year agreements.

Stefano Domenicali: This site will be the North American home of the sport, especially serving our growing US fan base. In partnership with the Round Room Live, our partner in the F1 exhibition, Grand Prix Plaza will host three unique and immersive experiences: F1 Drive, F1X, and F1 Hub, and we'll also have three new private event spaces available for rent. We're building momentum in consumer products and other licensing areas, which we expect will be both economically lucrative and provide new touch points for our diverse fan base. Our partnership with LEGO, launched with a product range featuring all 10 teams, engaged content across LEGO digital platform and presence at race weekends, including fan zone activations.

Stefano Domenicali: Well raise promotion, we remain focused on balancing growth and help us markets as reflected in the extension of our drug in today's in Shanghai throughout 2030, and then the news of both small Zen Monica throughout 2031.

Speaker Change: Liberty in F. One are in compliance with our debt covenants at quarter end and with that I'll turn the call over to Stefano to discuss formula one.

Thanks, Brian.

Stefano Domenicali: Put them on one to finish at the 2020 food with solid financial results excellent racing in a very strong position heading into 2025.

We also extended the Netherlands for one year and Belgium under a multiyear rotational deal with the opportunity to put another ways to fill the alternating years slots.

Stefano Domenicali: One track competition intensified throughout the season, and we expect an EBIT close to fight when we begin the new season remember.

Stefano Domenicali: We remain in a strong position with demand from potential future ways venues across the globe and will assess any potential new calendar addition against Red desert requirements for both the business and this port.

Stefano Domenicali: The strength of our brand and fandom translated to some financial results in 2024.

Stefano Domenicali: We continued to benefit from a favorable supply and demand dynamics across all revenue streams that has strong demand to be part of the F. One ecosystem, whether he knows erases airing our content partner on sponsorship activation or enjoying the outdoors pwc profits.

Stefano Domenicali: Turning to media rights our F. One TV product continued to grow at a healthy rate with subscribers.

Stefano Domenicali: Our partnership with Mattel is launching throughout 2025, with eight F1 teams brought to life across a range of products and presence at select races, including Hot Wheels activation and retail opportunities. Sustainability initiatives remain a priority, and we are on track to be net zero by 2030. In 2024, we began our investment in sustainable aviation fuel and expect our initiative here will have provided an approximately 19% reduction in 2024 relative emissions, compared to traditional aviation fuel. We are already well advanced in our plans to expand the sustainable aviation fuel initiative further in 2025. Also, in November, we announced a formal diversity and inclusion charter agreed by all ten teams, F1, and the FIA.

Stefano Domenicali: 15%.

Stefano Domenicali: The U S remains its largest market capitalizing on the success, we are launching a new higher priced premium tier this year to target have it says it will also enhance functionality, including full K. It was at a high definition multi view.

Stefano Domenicali: This is met with a relatively limited the supply across the board. We've seen these benefits commercial agreements with our opinions made incredible progress in 2020 for signing a number of books that you missed that provides clear visibility from near term financial and momentum beyond.

Speaker Change: So Pete walk and the ability to watch a gross up to six devices.

Stefano Domenicali: As of year end, if one had $14 $4 billion in future revenue contracted under multi year agreements.

Stefano Domenicali: Brian touch on some financial inputs for the season.

Stefano Domenicali: Entering 2025, I am, particularly proud of the growth in sponsorship both season, you will terms and new partnership that will take effect this year.

Stefano Domenicali: Well raise promotion, we remain focused on balancing growth and habits markets as reflected in the extension of our real good. He meant two days in Shanghai throughout 2030, and then the news of both small and Monaco throughout 2031.

Stefano Domenicali: This includes our landmark deal with <unk> as a global partner Lenovo be Camila global partner, often being an official partner since 2022.

Stefano Domenicali: This is an important step and invites collaboration across the ecosystem to produce impactful results. Looking ahead to the 2025 season and beyond, we are working to capitalize on our momentum and establish key building blocks for future growth. I'm confident our brand awareness will continue growing, especially as we look to the Apple movie, which will premiere in June, and the impact of our recent high-profile season launch event held at the O2 in London. The launch event was the first of its kind, featuring all 10 teams revealing their 2025 liveries, top-tier entertainment, and-

Stefano Domenicali: We also extended the Netherlands for one year and Belgium under a multiyear rotational deal with the opportunity to put another ways to fill the alternating years slots.

Stefano Domenicali: Our renewal with B Riley as well as bringing on Nymex something that and keep the cats as official partners.

Stefano Domenicali: More recently, we announced the extension of our partnership with Cripple Dot Com through 2030, and all when our global lottery, operator, I don't know Fisher Plaza.

Stefano Domenicali: We remain in a strong position with demand from potential future waste venues across the globe and will assess any potential new calendar addition against the desert requirements for both the business and the sport.

Stefano Domenicali: Our success in signing these partnership ahead of the season now allows the team to spend 2025 focus is on growing the skus in the pipeline of new deals and then you will I believe opportunity for 2026 and beyond.

Stefano Domenicali: Turning to media rights our F. One TD product continue to grow at a healthy rate with subscribers.

Stefano Domenicali: 15%.

Stefano Domenicali: While 2025 is clearly a standout year and sponsorship I am optimistic about the discussion we have in developing through the new original deals up sales and the potential for movement of oil, but existing sponsors within Ts is the bar has been raised across the board.

Stefano Domenicali: The U S remains its largest market capitalizing on the success, we are launching a new higher priced premium tier this year to targets have it says. It will also then has functionality, including full cable was the high definition multi view, our batesville pizza walk and the ability to watch a cross.

Stefano Domenicali: The team is also continuing to innovate on our hospitality products. The biggest race allow us to test different concepts and third hospitality offerings and we expect the variation to be deployed raises this year Michelin Star chefs Gordon Ramsay was announced as the positive of our most premium hospitality.

Stefano Domenicali: After six devices.

Stefano Domenicali: Brian touch on some financial inputs for the season.

Stefano Domenicali: Entering 2025, I am, particularly proud of the growth in sponsorship both live and you will tubes and new partnership that will take effect this year.

Stefano Domenicali: This includes our landmark deal with <unk> as a global partner Lenovo They call me like global partner, often being an official partner since 2022.

Stefano Domenicali: F. One get rich. We're also pleased to extend our move to the case relationship with doing cool for another 10 years of public cloud delivery.

Stefano Domenicali: We will continue to work with them on enhancing our product offerings looking at the Las Vegas Grand Prix, we delivered another outstanding spectacle track, creating buzzer throughout North America, and earning the promoter of the year Award for Motor Sports moving into 2025, we are taking an important step in the race.

Stefano Domenicali: It wasn't a new world with B Riley as well as bringing on Nymex something that and keep the cats as official partners.

Stefano Domenicali: More recently, we announced the extension of our partnership with Cripple Dotcom through 2030, and all when our global lottery, operator, I don't know for sure.

Stefano Domenicali: So part of that.

Stefano Domenicali: Our success in signing these partnership ahead of the season now allows the team to spend 2035 focus is on growing the skus in our pipeline of new deal and then you will I believe opportunity for 2026 and beyond.

Stefano Domenicali: Evolution and fully integrating these operations to our F. One team in London.

Stefano Domenicali: This will further maximize the value we believe the biggest release provides for F. One brothers commercial activities. In addition to being an excellent Legion of each of our commercial deal Vegas has been a successful test bed of innovation that we are now extending as aware informal won a.

Stefano Domenicali: While 2025 is clearly a standout year and sponsorship I am optimistic about the discussion we have been developing through the new original deals upsells and the potential for movement of oil, but existing disposal within Ts is the bar has been raised across the board.

Stefano Domenicali: A few recent examples include the expanding our licensed product and merchandise offering the global pop that you would go to the M. C. After his involvement in Vegas and building a new CRM system for all of F. One, which will enhance our fund targeting we also know the biggest race is key to our expansion strategy.

Stefano Domenicali: The team is also continuing to innovate on our hospitality products. The biggest race allow us to test different concepts and salaried hospitality offerings and we expect variation to be deployed the places this year Michelin Star Chef Gordon Ramsay was announced as the positive about where the most premium hospitality.

Stefano Domenicali: In the U S.

Stefano Domenicali: Following the second year of the race, we have a clear vision of the changes needed to improve the risk Standalone economics, and maximize the overall value accruing to formula one.

Stefano Domenicali: F. One get rich. We're also pleased to extend our move to the case relationship with doing cool for another 10 years of public cloud delivery, we will continue to work with them on enhancing our Pago club all things looking at the Las Vegas Grand Prix, we delivered another outstanding spectacle track, creating buzzer throughout North America.

Stefano Domenicali: Turning to broader fan engagement Nielsen published a set of some data in December 2020 form twenty-four confirming if one is the most popular animals potency this globally with over 750 million fence enrolling younger.

Stefano Domenicali: Younger female plans are growing the fastest as statistics that few sport gently.

Stefano Domenicali: And earning the promoter of the year award for Motorsport moving into 2025, we are taking an important step in the race evolution and that fully integrating these operations to our F. One team in London.

Stefano Domenicali: In the last five years, the under 35 years old and female fund demographics to have both increased by over 50% with steady growth, especially in markets like the U S and China.

Stefano Domenicali: This will further maximize the value we believe the biggest race provides for F. One blow. This commercial activities. In addition to being an excellent Legion of each of our commercial deal Vegas has been a successful test bed of innovation that we are now extending as to where in formula one.

Stefano Domenicali: In 2020 for $1 6 billion cumulative TV viewers tuned in for races with the number of unique if you were up 9% year over year.

Stefano Domenicali: And Additionally, the gate, though this of most of our almost 500 million watched the F. One content on streaming platforms, including 230 million watching Youtube highlights wheels on the F. One channel.

Stefano Domenicali: A few recent examples include the expanding our licensed product and merchandise offering. They go about Bob that she would go to the M. C. After he's involved many vegas and building a new CRM system for all of F. One, which will enhance our fund targeting we also know the Vegas race is key to our expansion strategy.

Stefano Domenicali: We saw TV growth, especially in China, Canada, Australia, Argentina, and the Middle East as we are increasing our global fan base at the same time, our European stronghold markets, Italy, UK, Germany were also up year over year.

Stefano Domenicali: In the U S.

Stefano Domenicali: Following the second year of the race, we have a clear vision of the changes needed to improve there is standalone economics and maximize the overall value accruing to formula one.

Stefano Domenicali: Average viewership Paris was 66 million of linear platforms with an additional 20 meaningless to meet the non digital platform, including the four T D.

Stefano Domenicali: Turning to build their fan engagement Nielsen published just set the fan data in December 2020 form twenty-four confirming that's one is the most popular anime sports and see this globally with over 750 medium fencing Rowley younger female plans are growing the fastest I statistics that few sport cancun.

Stefano Domenicali: Nielsen.

Stefano Domenicali: He is now capturing Youtube disease in these in the measurement, which will be included in our reported viewership numbers begin in 2025.

Stefano Domenicali: This will provide a more comprehensive view on how current fund consume sports content and we aim to integrate new sources and platform overtime.

Right.

Stefano Domenicali: In the last five years, the under 35 years old and female fund demographics to have both increased by over 50%.

Stefano Domenicali: On social media Formula one ended the year with the 97 million followers across the platforms up 38% year over year. If you look at the comparable social media platforms, where all major sports operator for.

Stefano Domenicali: With steady growth, especially in markets like the U S and China.

Stefano Domenicali: In 2020, 416 billion cumulative TV viewers tuned in for races.

Stefano Domenicali: With the number of unique if you were up 9% year over year.

Stefano Domenicali: For the fifth consecutive years F. One has been the fastest growing global sports League for fall over growth.

Stefano Domenicali: And Additionally, I get a gate, though this of most of our almost 500 million watched the F. One content on streaming platforms, including 230 million watching Youtube highlights wheels on the F. One channel.

Stefano Domenicali: We also reach an audience of 4 billion globally through our proactive media activity in 2024, showing the breadth of our reach.

Stefano Domenicali: At races stronger emphasis trends continued throughout the season with the 2024 seems 17 sellout crowds and 10, new attendance records over $6 5 million people attended the races in 2020 for a new record growing 9% over 2023 four.

Stefano Domenicali: We so TV growth, especially in China, Canada, Australia, Argentina, and the Middle East as we are increasing our global fan base at the same time, our European our stronghold markets, Italy U K, Germany were also up year over year.

Stefano Domenicali: Average viewership for race was 66 million no linear platforms with an additional 20 million estimated on digital platform, including the four T D.

Stefano Domenicali: <unk> welcomed crowd of over 400000.

Stefano Domenicali: The bulk of that goes to saw record attendance hosting 58000 total guests across the season up 20% on 2023.

Stefano Domenicali: Nielsen is in is now capturing Youtube disease in these in the measurement, which will be included in our reported viewership numbers begin in 2025.

Stefano Domenicali: Despite the strength of these metrics, we note that only a fraction of our fund basis able to within the race I think a key focus of our ongoing growth strategy is to reach fans in new creative ways to maintain their interest raise awareness and continue the growth momentum. This is our F. One always on strategy and shooting.

Stefano Domenicali: This will provide a more comprehensive view on how current funds consume sports content and we aim to integrate new sources and platform overtime.

Stefano Domenicali: On social media for more one ended the year with the 97 billion footwear across the platforms up 38% year over year. If you look at the comfortable social media platforms, where all major sports operate for.

One is present beyond the 24 raises calendar these.

Stefano Domenicali: Approach is supported by average potential licensees and initiatives.

Stefano Domenicali: Following the successful installation of vendors in Boston D. C 2024 F. When a case is planning to open four additional U S location in 2025, including Las Vegas and Denver.

Stefano Domenicali: For the fifth consecutive years F. One that's been the fastest growing global sports League for fall over growth.

Stefano Domenicali: We also reach an audience of 4 billion globally through our proactive media activity in 2024, showing the breadth of our reach.

Stefano Domenicali: The F. One exhibition sold almost 600000 tickets across all venues 2020 for connecting our Fabs with F. One rich history.

Stefano Domenicali: At races stronger turns it as trends continue throughout the season with the 2024 seem to 17 sellout crowds and 10, new attendance records over $6 5 million people attended the races in 2020 for a new record growing 9% over 2023 four.

Stefano Domenicali: <unk> will be the fifth seeded to host the exhibition when it's open on March 22nd and is the first stop of our planned multi country yourself to American tool.

Stefano Domenicali: So that was recently announced as the six locations set to open in April 2025.

Stefano Domenicali: Leveraging learnings from other license activation granberry browser in Las Vegas is launching a series of new year round activities beginning at the end of March.

Stefano Domenicali: Four races welcomed crowd of over 400000.

Speaker Change: The bulk of that goes to what I call. The tenders hosting 58000 total guests across the season up 20% on 2023.

Stefano Domenicali: The site will be the North America home of the sport, especially the Serbian hour growth U U S fan base.

Speaker Change: Despite the strength of these metrics, we know that only a fraction of our fun basis able to attend the race I think a key focus of our ongoing growth strategy is to reach fans in new creative ways to maintain their interests raised awareness and continue the growth momentum. This is our F. One always on strategy and shooting F. One is.

Stefano Domenicali: In partnership with the round the room live our partner in the F. One exhibition Grand Prix Plaza will host to see unique and immersive big speed is F. One drive and Phenix and therefore hub and we also had three new private demand spaces available for rent.

Stefano Domenicali: We are building momentum in consumer products and other licensing areas, which we expect will be both economic a lucrative and provide new touch points for our diverse fan base.

Speaker Change: Present beyond the 24 races calendar. These approaches supported by Albert exponential licensees initiatives.

Speaker Change: Following the successful installation of vendors in Boston D. C 2024 F. When a case is planning to open four additional U S location in 2025, including Las Vegas and Denver.

Stefano Domenicali: Our partnership with Lego launched with the product range featuring the old 10 teams engaged come to the close legal digital platform and presence at race weekends, including fan zone Activations.

Speaker Change: The F. One exhibition sold almost 600000 tickets across all venues 2020 for connecting our Fabs with F. One rich history.

Stefano Domenicali: Our partnership with Mattel is launching throughout 2025 with eight F. One these brought to life across a range of product and presents a select races include the hot wheels activation of retail opportunities sustainability initiatives remain a priority and we are on track to be net zero by 2000 to 2030 in.

Speaker Change: Who knows how this will be the fifth seeded to who's the exhibition when it's open on March 22nd and he's the first stop of a planned multi country itself to American too.

Speaker Change: So that was recently announced as the sixth location set to open in April 2025.

Stefano Domenicali: In 2012 before we began our investment these sustainable aviation fuel and they split that with initiatives here. We lapped provided an approximately 19% reduction in 2020 relative emissions compared to traditional addition to it we are already well advanced in our plans to expand that the sustainable aviation fuel initiatives further in.

Speaker Change: Leveraging learnings from other license activation, because I'm pretty proud that in Las Vegas is launching a series of new year round activities beginning at the end of March the site will be the low so medical homework dysport, especially the Serbian outgrowth U U S fan base in partnership with the round room lives our partner in the F. One example.

Stefano Domenicali: 2025.

Stefano Domenicali: Also in November we announced a former diversity and inclusion charter agreed to by all 10 teams F. One and the FIA. This is an important step and invites collaborations across the ecosystem to produce impactful results.

Speaker Change: <unk> Grand Prix Plaza will host to see unique and immersive big speed is F. One drive and for leaks and therefore hub and we also had three new private demand spaces available for rent.

Stefano Domenicali: Looking ahead to the 2025 season and beyond we are working to capitalize on our momentum and establish key building blocks for future growth I'm confident that our brand awareness will continue growing, especially as we look to the Apple movie, which will premiere in June and the impact of our recent high profile seasonal launch event held.

Speaker Change: We're building momentum in consumer products and other licensing areas, which we expect will be both economic a lucrative and provide new touch points for our diverse fan base.

Speaker Change: Our partnership with Lego launched with a product that range featuring the old 10 teams engaged come to the close legal digital platform and presence at race weekends, including fan zone Activations.

Stefano Domenicali: At the <unk> in London.

Stefano Domenicali: The launch event towards the first of its kind featuring authentic revealing their 2055, Liberty's top tier entertainment and the gathering of the entire pool, one committed to celebrate our 70 <unk> anniversary.

Speaker Change: Our partnership with Mattel is launching throughout 2025 with eight F. One these brought to life across a range of product and presence I select races include the hot wheels activation at retail opportunities.

Stefano Domenicali: Over 15000 fans pardon the <unk>, while over 40 global broadcast it air the show live and digital channels, including Youtube drill seven 5 million total light viewers, making it F. One most successful I assume ever the medium bus was incredible and over 2000 pieces of global content went public.

Speaker Change: Sustainability initiatives remain a priority and we are on track to be net zero by 2000 to 2030.

Speaker Change: In 2024, we began our investment these sustainable aviation fuel and they split that with initiatives here. We lapped provided an approximately 19% reduction in 2024 relative emissions compared to traditional aviation pillar, we are already well advanced in our plans to expand that theyre sustainable aviation fuel initiatives further.

Stefano Domenicali: Within 24 hours of the event.

Stefano Domenicali: From a reporting perspective this year, we expect an intensified on the track as teams continues to converge after a very competitive 2024 season.

Speaker Change: In 2025.

Speaker Change: Also in November we announced the former diversity and inclusion charter agreed to by all 10 teams F. One and the FIA. These.

Stefano Domenicali: The changes are painful.

Stefano Domenicali: With the many rupees entering the greed demonstrated the success of the <unk> III support Cedars in preparing drivers for four months. We also expect an interesting balance as the teams have to focus both on 2025 performers, but also prepare the significant changes required but then you're taking two regulations taking effect in 2020.

Speaker Change: Is an important step and invites collaboration across the ecosystem to producing tangible results.

Speaker Change: Can I add to the 2025 season and beyond we are working to capitalize on our momentum and establish key building blocks for future growth I'm confident that our brand awareness will continue to grow, especially as we look to the Apple movie, which will premiere in June and the impact of our recent high profile seasonal launch event held at <unk>.

Stefano Domenicali: Thanks.

Stefano Domenicali: We look forward to see the caustic to detract this weekend.

Derek Chang: Wanted to touch full speed ahead, and now I will turn the call back over to Derek. Thank you Bye bye.

Speaker Change: Oh two in London.

The launch event towards the first of its kind a feature and all 10 teams, revealing their 2045, Liberty's top theater entertainment and the gathering of the entire food one community to celebrate our 75th anniversary.

Derek Chang: Alright. Thank you Stefano I think we'd like now like to open the call for questions.

Speaker Change: Thank you we will now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad.

Speaker Change: Over 16000 fans part D O two while over 40 global broadcast it air the show live if one digital channels, including Youtube drill 7.5 million total light viewers, making it F. One most successful I assume ever the medium bus was incredible and over 2000 pieces of global content what Pops.

Derek Chang: Confirmation tone will indicate your line is in the question queue.

Derek Chang: Press Star two to remove yourself from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys.

Speaker Change: Our first questions come from the line of Ben Swinburne with Morgan Stanley. Please proceed with your questions.

Speaker Change: Within 24 hours of the event.

Ben Swinburne: Thanks, I have two questions one for Derek one hopefully for Stefano I know he said by but hopefully he is still you're still there Derek welcome to the wonderful World of quarterly earnings calls.

Speaker Change: From a sports perspective this year, we expect an intensified on the track as teams continues to converge after a very competitive 2024 season.

Ben Swinburne: Talk to you again could you talk a little bit about sort of the message you have two liberty shareholders around kind of strategy I know you talked a little bit of it in your prepared remarks, but like what are your strategic priorities for the year and any comment you can share on sort of your philosophy around M&A I think liberty obviously.

Speaker Change: If it changes the playing field.

Speaker Change: With the many roke is entering the greed demonstrated the success of the F. Two and a half three support cedars in preparing drivers for four months. We also expect an interesting balance as the teams have to focus both on 2025 performers, but also prepare the significant changes required but then you're taking two regulations taking effect in 2020.

Ben Swinburne: Tremendous track record on the M&A front at the same time investors really like the kind of pure plays that you have and are continuing to create so we'd love to hear some thoughts there and then I have enough one question for Stephanie if he's there.

Speaker Change: Thanks.

Speaker Change: We look forward to see the caustic to detract this weekend.

Derek: Wanted to touch full speed ahead, and now I will turn the call back over to Derek. Thank you Bye bye.

Pat: Thank you Pat down here.

Derek: Great. Thank you Stefano I think we'd like now like to open the call for questions.

Ben Swinburne: Okay.

Sorry.

Ben Swinburne: Thanks, Ben and thanks for the warm welcome that I guess I would say that.

Derek: Thank you well now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad.

Ben Swinburne: I've touched on on some of the points in terms of our near term priorities.

Confirmation tone will indicate your line is in the question queue. You May press star two to remove yourself from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys.

Speaker Change: Clothing doorknob.

Ben Swinburne: Structural simplification that we've discussed.

Ben Swinburne: Obviously, a huge focus right now on an F. One and continuing sort of the growth trajectory, that's been helping Stefano and his team sort of accomplish that we've got a lot of sort of on our plate.

Speaker Change: Our first questions come from the line of Ben Swinburne with Morgan Stanley. Please proceed with your questions.

Ben Swinburne: Thanks, I have a two questions one for Derek one one hopefully for Stefano I know he said by but hopefully he's still he's still there Derek welcome to the wonderful World of quarterly earnings calls.

Ben Swinburne: But as you get through the year, and we sort of roll forward I would think that a lot of what we've done in the past what sort of reflect on what we might do in the future. We've always been an opportunistic.

Ben Swinburne: Talk to you again could you talk a little bit about sort of the message you have to you know liberty shareholders around kind of strategy I know you talked a little bit in your prepared remarks, but like what are your strategic priorities for the year and any comments you can share on sort of your philosophy around M&A I think liberty obviously.

Ben Swinburne: Place and I think as those opportunities present themselves, we will certainly hopefully be active.

Ben Swinburne: Okay.

Ben Swinburne: To sort of build on the.

Ben Swinburne: The assets that we have.

Ben Swinburne: In terms of.

Ben Swinburne: Tremendous track record on the M&A front at the same time investors really like the kind of pure players that you have and are continuing to create so we'd love to hear some thoughts there and then I have enough one question for Stefano if he's there.

Ben Swinburne: Tuck ins orientation, CS and things like that but that as we start to talk beyond that.

Ben Swinburne: Where there is sort of opportunities that involve premium tea.

Ben Swinburne: <unk> to monetize and commercialize along the way that we thought met with some of the assets like Avalon.

Speaker Change: Thank you Pat down to hear you.

Ben Swinburne: Okay.

Ben Swinburne: Sorry.

Ben Swinburne: Those we would look at pretty seriously.

Speaker Change: Thanks, Ben and thanks for the warm welcome that I guess I would say that.

Ben Swinburne: But for now again back to sort of the near term priorities that we've already discussed.

Ben Swinburne: I've touched on on some of the points in terms of our near term priorities.

Ben Swinburne: Scott do you want to have something out here not yeah, yes, definitely you guys yes.

Speaker Change: Clothing torn Oh.

Ben Swinburne: Structural simplification that we've discussed.

Ben Swinburne: Going on between Concord, and media rights everything else, but theres a lot of focus as you can imagine on the U S media rights right. Now there are some press reports that F. One and ESPN as have sort of moved on from each other and I guess I'm. Just curious if you could talk a little bit about how you're feeling about the demand for the U S.

Ben Swinburne: Obviously, a huge focus right now on an S. One and continuing the growth trajectory that that's been on it and helping Stefano and his team sort of accomplish that we've got a lot sort.

Ben Swinburne: Sort of on our plate.

Ben Swinburne: As you get through the year, and we sort of roll forward I would think that a lot of what we've done in the past with sort of reflect on what we might do in the future. We've always been an opportunistic place.

Ben Swinburne: S broadcast rights for F. One today.

Speaker Change: We still should think theres going to be an increase from your current deal and any thoughts on including or excluding F. One TV in the package that you're you're bringing to market would be appreciated. Thank you.

Thank you.

Ben Swinburne: As opportunities present themselves, we will certainly hopefully be active.

Ben Swinburne: Okay.

Speaker Change: No. Thanks, Ben as you said these are lots of going on in this months, but that's the light the formal what every day is a new day with a lot of things that are always opportunities first of all let me say that.

Ben Swinburne: To sort of build on.

Ben Swinburne: The assets that we have in terms of.

Ben Swinburne: Tuck ins orange agencies, and things like that but that as we start to talk beyond that.

Speaker Change: With regard to ESPN and pool, one let me say that the you know I cannot deny the sort of mercy.

Ben Swinburne: Where there is sort of opportunities that involve premium tea.

Ben Swinburne: <unk> to monetize and commercialize along the way that we've done with some of the assets like Avalon.

Speaker Change: A situation that is negative because first of all we need to be thankful for Walter ESPN is providing to US we are very happy about the quality of the service we need to always remember that they were first to believe in our project. So therefore, the fact that at the end of the exclusivity period. They have not put in place in a formal offer.

Ben Swinburne: Those we would look at pretty seriously.

Ben Swinburne: But for now again back to sort of our near term priorities that we've already discussed.

Stefano Domenicali: Stefano or do you want to have stuff at all you know yeah, Yes, definitely you guys yes.

Speaker Change: It doesn't mean that the discussion that I had actually is the other way around so they are still there.

Speaker Change: Going on between you know Concord and media rights everything else, but theres a lot of focus as you can imagine on the U S media rights right now there's some press reports that F. One and E. S. P. N as have sort of moved on from each other and I guess I'm. Just curious if you could talk a little bit about how you're feeling about the demand for the U S.

Speaker Change: Lots of discussion to try to find the best solution and of course now as we always said is the.

Speaker Change: Are the months, where other players around the table and that we cannot deny the fact that there is a lot of interest around our product. We are fortunate enough to have <unk>.

Speaker Change: S broadcast rights for F. One today, you know, whether we still should think theres going to be an increase from your current deal and then your thoughts on including or excluding F. One T V. In the package that you're you're bringing to market would be appreciated. Thank you.

Speaker Change: Pelican contents and growing fan base and the strong demand for different situation from various parties as we always said you know there is it the big.

Speaker Change: A point related to the fact that for one side, we always want to maximize the monetization of our media right, but on the other side, we need to make sure that also in terms of awareness in terms of growth, though our fan.

Stefano Domenicali: No. Thanks, Ben as you said these are lots of going on in this month, but that's the light the formal what everyday is a new day with a lot of things that are always opportunities first of all let me say that you know with regard to ESPN and pool one.

Speaker Change: Sunday's, we need to try to find the best way in terms of reach therefore these are the two questions. The two points that are on the table. We have a lot of players that we are discussing with I think the hot months will be the next one before summer when we should have a better.

Stefano Domenicali: Let me say that the you know I cannot deny the sort of a situation that is negative because first of all we need to be thankful for Walter ESPN is providing to US we are very happy about the quality of the service we need to always remember that they were first to believes in our projects. So therefore, the fact that.

Speaker Change: But the picture and Thats for sure something that I believe it will happen because as I said, we are really in a situation where a hour.

Stefano Domenicali: At the end of the exclusivity period, they have not put in place a formal offer it doesn't mean that the discussion I was doing I had actually is the idea around so they are still a lot of discussion to try to find the best solution and of course now as we always said is at.

Speaker Change: The ability to grow and also to offer to them is the possibility to given the two hour broadcast.

Speaker Change: The bump in any of that sort of commercialization.

Speaker Change: <unk>.

Speaker Change: They can they split their rights are possible and I can I can say that the digitalization and also the experience about the broker dealers in Europe are part of the world could be an essential part on what could be the discount you were going to have with them and thats, what I would say with regard to the media right I'm sure that the Derek if you want to say.

Stefano Domenicali: The months, where other players around the table and that we cannot deny the fact that there is a lot of interest around our product. We are fortunate enough to have a compelling content.

Stefano Domenicali: Contents and growing fan base and the strong demand for different situation from various parties. As we always said you know there is a the big point related to the fact that for one side, we always want to maximize.

Speaker Change: Something more on that before I can be on the situation on comfort.

Derek Chang: Thanks Stefano.

Speaker Change: I mean, I love talking about media right.

Speaker Change: I would I would add to that that you know.

Speaker Change: People tend to look at at the sorts of discussions somewhat simplistically, sometimes and really focus on sort of a race in the race broadcast, but when you think about sort of media rights and in today's world.

Stefano Domenicali: Monetization or media rights, but the only other side, we need to make sure that also in terms of awareness in terms of growth of our Sundays, we need to tried to find the best way in terms of reach therefore these are the two questions. The two points that that on the table. We have a lot of players that are we.

Speaker Change: You know the broadcasters the distribution partners and the end.

Speaker Change: The IP holders I think that's a much more involved.

Stefano Domenicali: Discussing with I think the hot months will be the next one before summer when we should have a better bet.

Speaker Change: Relationship then and just sort of you know that and I think that everyone benefits.

The picture and that's for sure something that I believe it will happen because as I said, we are really in a situation where.

Speaker Change: And how people can use sort of our IP not just that but to the other forms of content.

Stefano Domenicali: Our.

Speaker Change: Activation.

Stefano Domenicali: Possibility to grow and also can offer to them is the possibility to given the two hour because the Boston any that sort of commercialization.

Speaker Change: Our hospitality and things like that come into play and I think that.

Speaker Change: We continue.

Speaker Change: Continue to be very well positioned with respect to the content offering we have we've invested a lot of money and our own content production, which which can also be very helpful to the potential broadcast partners ultimately as everyone knows in this world things sort of hinge up a little bit of supply and demand and the competitive process that unfold.

Stefano Domenicali: They can explore their rights are possible and I can I can say that the digitalization and also the experience about the broker dealer in Europe. Other parts of the world could be an essential part on what could be the discount you were going to have with them and that's what I would say with regard to the media right I'm sure that the Derek if you want to say.

Speaker Change: <unk> lightpath and sort of what the availability is off.

Speaker Change: Something more on that before I can thats the situation on comfort.

Speaker Change: Other right around this time frame.

Speaker Change: Thanks, Pat for now Yeah, I mean, I love talking about media right.

Speaker Change: The sort of which.

Speaker Change: Which of our potential partners and maybe looking for IP like ours at this time.

Speaker Change: I would I would add to that that you know people tend to look at at the sorts of discussions somewhat simplistically, sometimes in and really focus on sort of the race in the race podcast, but when you think about sort of media rights and in today's world.

Speaker Change: And so.

Speaker Change: No not not all of a complicated answer but I think we do believe that there is a robust.

That will unfold here I think.

Speaker Change: You know the broadcasters the distribution partners.

Austin: Using an analogy where early in Iraq and people are still feeling off attract per se, but I think Austin or you have an analogy.

Speaker Change: And the IP holders I think that's a much more involved relationship then tend to just sort of any of that and I think that everyone benefits.

Austin: It's kind of be a pass rates and line them up pretty quickly hopefully to come to conclusion as we get to sort of the end of the middle of the year.

Speaker Change: And how people can use sort of our IP not just that but to the other forms of content or the activation.

Stefano Domenicali: And part of the year and just to Echo one thing that that Stefano said.

Speaker Change: You know a lot of times people on the outside tend to frame these things as well.

Speaker Change: Our hospitality and things like that come into play and I think that.

Stefano Domenicali: Now ESPN said they didn't want the F. One rights going forward.

Speaker Change: We continue.

Speaker Change: Continue to be very well positioned with respect to the content offer we have we've invested a lot of money in our own content production, which which can also be very helpful to be potential broadcast partners ultimately as everyone knows in this we're all things sort of hinge up a little bit of supply and demand and the competitive process that unfold.

Stefano Domenicali: Again, soundbite sort of way to describe the relationship with its actually been quite a productive and constructive relationship and I personally have had a long term relationship with yeah. Yeah F. One has had a great relationship.

Stefano Domenicali: With ESPN and we'll continue to see how these conversations unfold.

Speaker Change: Lightpath and sort of what the availability is off.

Stefano Domenicali: Thank you.

Speaker Change: Thank you. Our next question is coming from the line of David Karnofsky with J P. Morgan. Please proceed with your question.

Speaker Change: Other Reits are around this time frame.

Speaker Change: The sort of which of our potential partners and maybe looking for IP like ours at this time.

Speaker Change: Alright, thank you.

Derek Chang: Welcome to Derek.

Speaker Change: On Las Vegas, as you noted the Reis, Mr budgeting and I get the need to look at this holistically given.

And so.

Speaker Change: You know not that not that all of a complicated answer but I think we do believe that there is a robust.

Speaker Change: Its impact of sponsorship and other Reits, but I wanted to see if you could take it a bit on the path here in 2025 in the next few years a spin.

Speaker Change: Process that will unfold here I think.

Austin: Using an analogy where early in Iraq and people are still filling out the track per se, but I think Austin or you have an analogy.

Speaker Change: Specifically growing revenue and kind of also managing the cost base to get that.

Speaker Change: Back towards some of those original Standalone targets you had laid out if that's still the goal.

Austin: It's gonna be a pass rates and wait on them pretty quickly hopefully to come to conclusion as we get to sort of the end of the middle of the year and later part of the year and just to Echo one thing that that Stefan a fad.

Speaker Change: Definitely you want do you want to start.

Speaker Change: Yeah. Thanks, Derik I would say thanks, David I mean, I, we do believe that as we always said this is an incredible Grand Prix on which we need to keep working and make sure that he will stay as we believe at the top of the range because.

Austin: You know a lot of times people on the outside tend to frame these things as well.

Austin: Now ESPN, so they didn't want to eat.

Austin: One rights going forward and it's a very I can soundbites sort of way to describe the relationship has actually been quite a productive and constructive relationship and I personally have had a long term relationship with ESPN F. One has had a great relationship.

Speaker Change: The benefit of these Grand Prix.

Speaker Change: As we said that provides a broader financial benefit to deal with all the old vehicle system. The focal one what we are focusing with the actions that we have delivered is to make sure that you said correctly, we need to make sure that we focus our attention the cost structure of the situations that we have to managing Vegas, we need to have.

Austin: With ESPN and we'll continue to see how these conversations unfold.

Austin: Thank you.

Speaker Change: Thank you. Our next question is coming from the line of David Karnofsky with J P. Morgan. Please proceed with your questions.

Speaker Change: Even a better local relationship because that's the key of the success and by the way on that respect one use that I believe that it's an important for the ecosystem of the communities that we have moved the race time two hours earlier and Thats why because we believe that is important always to be connected to the community and we don't have to forget that the committee is benefiting.

Speaker Change: Alright, Thank you and welcome to Derek.

Speaker Change: On the Las Vegas, as you noted the Reis, Mr budgeting and I get the need to look at this holistically given.

Speaker Change: Its impact of sponsorship and other Reits, but I wanted to see if you could take it a bit on the path here in 2025 in the next few years a spin.

Speaker Change: With a big impact on their economics.

Speaker Change: Specifically growing revenue and kind of also managing the cost base to get that.

Speaker Change: On the P&L on the weekend of the races, and then of the fact that we believe that by.

Speaker Change: Back towards some of those original Standalone targets you had laid out if that's still the goal.

Speaker Change: In integrating all the function.

Speaker Change: Vegas as DGB together with London will help to boost the synergy that we can use by knowing the system and the experience that all the other Grand Prix.

Speaker Change: Definitely you want do you want to start.

Speaker Change: Yeah. Thanks, Derik I would say eh. Thanks, David I mean, I, we do believe that as we always said this is an incredible Grand Prix, which we need to keep working and make sure that he will stay as we believe are the top of the range because of that.

Speaker Change: But the government given to US we don't have to forget that we were having.

Speaker Change: With that it was mentioned in his speech.

Speaker Change: Speech at the beginning and the data relevant for that community and now we have taken that in the way to build that.

Speaker Change: The benefits of these Grand Prix.

Speaker Change: The system in order to formalize the right packaging, the right offer and nobody ever said I own they're on the other side. We have always said that since the beginning that we know that when there is a new approach to billing that had the first he is a learning curve that will take the right time to make that strategic decision because as we said these are incredible event that will.

Speaker Change: As we said that provides a broader financial benefit to deal with all the old vehicles season. The football one what we are focusing with the actions that we have delivered is to make sure that as you said correctly, we need to make sure that we focus our attention the cost structure of the situations that we have to managing Vegas, we need to have a you know a even a better.

Speaker Change: Continue to be one of the most important event in the future that's what I could say on death, respectively.

Speaker Change: Local relationship because that's the key of this success and by the way on that respect one use that I believe that it's an important for the ecosystem, but the communities that we have moved the race time two hours earlier and that's why because we believe that is important always to be connected to the community and we don't have to forget that the committee is benefiting with a big <unk>.

Speaker Change: Dairy and yeah, I'd like to just add that you know if you step back for a second I think that <unk> has been a huge success.

Speaker Change: Yes.

Speaker Change: But on an event like that in the short amount of time that that our team here in Denver, and London, we're able to do that over the last couple of years, it's been pretty impressive and I think we've talked at length about sort of the benefit to the <unk> ecosystem as a whole whether it's it's the media the sponsorship.

Speaker Change: But on their economics.

Speaker Change: On the P&L on the weekend of the races, and then of the fact that we believe that the buy in.

Speaker Change: In integrating their older function.

Speaker Change: Of Vegas, LPG be together with London will help to boost the synergy that we can use by knowing the system and the speed is that all the other Grand Prix out at let's say the government given to US we don't have to forget that we were having is as.

And Adam growing here in the U S. All of that sort of stuff as it had been hugely impacted by.

Speaker Change: What we've been able to accomplish in Las Vegas, I think we all hear or disappointed by sort of the some of the financial metrics in the early going here, but those in my mind are all sort of terrible extra ball and as Stephane.

Speaker Change: With that it was mentioned in it and it needs to.

Speaker Change: Speech at the beginning and the data relevant for that community and now we have taken that in the way to build that.

Speaker Change: The system in order to formalize the right packaging, the right offer and nobody ever said I own they're on the other side. We have always said that since the beginning that we know that when there is a new approach has really not had you know the first he is a learning curve that will take the right time to make the right strategic decision because as we said these incredible event that will.

I have already alluded to we're already working.

Speaker Change: Working on those plans and feel comfortable that we will see a nice improvement there.

Speaker Change: Course of the year.

Speaker Change: Thank you.

Speaker Change: Okay, and then stepping.

Speaker Change: Stefan who is interested to get your expanded view on GM Cadillac and the decision to admit them as a <unk>.

Speaker Change: Continue to be one of the most important event in the future that's what I could say on that perspective.

Speaker Change: We had the perception of some resistance to this in the past.

Speaker Change: Derek.

Speaker Change: So I was interested to understand better any change in your thinking and what this can add to the sport, especially in the U S and <unk>.

Derek: Yeah, I I'd like to just add that you know if you step back for a second I think that LPG P has been a huge success.

Speaker Change: Can you just refresh us on how the entry fee. It works to the teams and what role if one asset there.

Speaker Change: Yeah.

Speaker Change: No. Thanks for that is important to clarify that position that we always said that Cadillac is given and we'll give an incredible boon to the ecosystem of formula one.

Speaker Change: We were referring to other situation the word handled before but now the picture is totally different therefore.

Speaker Change: And you know Adam growing here in the U S. All that sort of stuff as it had been hugely impacted by.

Speaker Change: I think the Catholics preparing the entry and in term of preparing the season, because it would not be an easy situation for them to be in such a high tech and a bolt.

Speaker Change: What we've been able to accomplish in Las Vegas, I think we all hear or disappointed by sort of the are some of the financial metrics in the early going here, but that was in my mind are all sort of terrible extra ball and as Stephane.

Sporting platform. They are doing everything in order to show how Cabo is really evolving into the into the into the sport now there is the formality that is related to the process.

Speaker Change: And I have already alluded to we're already sort of working on those plans and feel comfortable that we will see a nice improvement there.

Speaker Change: It's almost a ready together with USAID has to be you know an update in the whenever this will be ready should be not too long.

Speaker Change: Over the course of the year.

Speaker Change: Kim.

Speaker Change: Okay and then.

Brian Wendling: Stefan I was interested to get your expanded EOG and Cadillac and the decision to admit them as a team.

Speaker Change: <unk> is sort of a beta to formalize what basically has already happened and so they will be ready.

Brian Wendling: We had the perception of some resistance to this in the past.

Speaker Change: In the two to five.

Speaker Change: I was interested to understand better any change in your thinking and what this can add to the sport, especially in the U S and.

Speaker Change: Against all together with the other teams for next year and that is the evolution that as you know GM has taken as up.

Speaker Change: Can you just refresh us on how the entry fee. It works to the teams and what role if one asset there.

Speaker Change: <unk>.

Speaker Change: The fact that they want to be a real cost structure or a manufacturer that will invest in our sport because they do believe in the in the technological platform that <unk> can provide to their to their system. So very very happy that now. This is a board moving forward and looking forward to see them on the tracks together.

Speaker Change: No. Thanks for that is important to public fight that position that we always said that Cadillac is given that you will give an incredible boon to the ecosystem of formal one we were referring to other situations that were handled before but now they're there.

Speaker Change: The other teams.

Speaker Change: To fight for for a Great Championship.

Speaker Change: The picture is total different therefore, you know I think the Catholics preparing the entry and in term of preparing the season, because it would not be an easy situation for them to be in such a high tech and in both of the sporting platform. They are doing everything in order.

Speaker Change: Okay.

Speaker Change: Thank you. Our next question is coming from the line of gone Tomorrow with Evercore ISI. Please proceed with your questions.

Speaker Change: Good morning, and thanks for taking the questions two if I could first on sponsorship I know 2025 large already be very robust given the partnerships that you've already inked and it doesn't seem like the team has stopped either with the recent all in deal and bringing on tag Warrior as a title partner for monochrome I guess looking ahead do you see even more opportunities.

Speaker Change: To show, how Cabo is really building that into the into the into the sport now that he is the formality that is related to the process that you know, it's almost a ready together with USAID has to be you know an update and whenever this will be ready should be not too long it would be.

Speaker Change: And as you look to the balance of this year or are you largely set for 2025 based on the pipeline and given the tenor of your conversations there or anything you can share about how sponsorship could look like in 2026 as well and then I have a follow up on GM Cadillac.

Speaker Change: I'm, a beta to formalize what basically has already happened and so they will be ready.

Speaker Change: In a in a fight.

Speaker Change: Against all together with the other teams for next year and that is the evolution that as you know GM has taken as yet.

Speaker Change: Yes. Thank you that I mean, as we said we are very robust.

Speaker Change: With regards to the pipeline to 2025, because basically intermodal.

Speaker Change: The fact that they want to be you know a real pro structure or a manufacturer that will invest in our sports because they do believe in the technological platform that yes, one can provide to their to their system. So very very happy that now. This is a board moving forward and looking forward to see that in the on the tracks together.

Speaker Change: Achievement the entry of the robust partnership that we've announced has been I would say impressive impressive with regard to the quality of the brand and of course, not only of the bullets about the investment that we're bringing to US what for me is relevant is that this new partnership is broken and with protein.

Speaker Change: The other teams are tough to fight for for a great Championship.

Speaker Change: New way of.

Speaker Change: Activating the partnership is not only visibility is not only awareness. It's all what is behind that and now everyone is working together to make sure that this platform will offer to their needs in terms of business development. What we can offer to them. So that is an important.

Speaker Change: Okay.

Speaker Change: Thank you. Our next question is coming from the line of.

Speaker Change: <unk> with Evercore ISI. Please proceed with your questions.

Good morning, and thanks for taking the questions two if I could first on sponsorship I know 2025 will all be already be very robust given the partnerships that you've already inked and it doesn't seem like the team has stopped either with the recent all in deal and bringing on tags warrior as a title partner for monochrome I guess looking ahead do you see even more opportunities.

Speaker Change: Our assessment that we have that together, we will see already with facts.

Speaker Change: With regard to the other possibility what do we lived and we don't have to forget where we were just a couple of years ago. We have moved not only in terms of quantity, but also in quality or partnership.

Speaker Change: As you look to the balance of this year.

Speaker Change: Largely set for 2025 based on the pipeline and given the tenor of your conversations there or anything you can share about how sponsorship could look like in 2026 as well and then I have a follow up on them GM Cadillac.

Speaker Change: As was the need now to restructure the category in order to make sure. There was the possibility to develop regional deals or to uplift to us with either thermo Fisher to global partners and of course, there are different possibilities.

Speaker Change: Yep. Thank you that I mean, as we said we have very robust are with regards to the pipeline for 2025, because basically in terms of achieve.

Speaker Change: To maximize this.

Speaker Change: Through the digitalization.

Speaker Change: B are applied to our presentation, our protocol on television and not only on TV on the track and on top of that of course, the final engagement that we're bringing in with new partners.

Speaker Change: Achievement of the entry of the robust partnerships that we have announced has been I would say impressive impressive with regard to the quality of the brand and of course, not only about the bullets about the investment that bringing to US what for me is relevant is that this new partnership is broken and with protein.

Speaker Change: That is pushing us to move up and this is the reason why for example, one once more because it was important to create a different opportunity with your speed quality packages fatality and experience that we're offering to a a sense looking ahead.

Speaker Change: New way all the activating the partnership is not only visibility is not totally awareness. It's oh, what is behind that and now everyone is working together to make sure that this platform will offer to their needs in terms of business development. What we can offer to them. So that is an important.

I would say the pipeline already for the next year is very strong and that's what we need to do work together and if we would well get aviation program that we are that we are activating with them with facts. It is showing that our strategy is right otherwise it wouldn't be such a good position and I do believe that this project will keep her.

Speaker Change: Our assessment that we have that together, we will see already with facts.

Speaker Change: Going like that even in the future.

Speaker Change: With regard to the other possibility what do we lived and we don't have to forget where we lap just couple of years ago. We have moved to not only in terms of quantity, but also in quality or partnership that that.

Speaker Change: So that was the need now to restructure they could take in order to me show there was the possibility to develop regional deals or to uplift to us with either thermo Fisher to global partners and of course, there are different possibilities to do to maximize it.

Speaker Change: What it does to the splits and economics that the teams are pushing for I know that there's not much you can share on the Concorde right now, but how should we think about the financial impact of welcoming GM Cadillac to the grid and it's our hope that the long term topline opportunity through sponsorship and maybe media rights would offset any margin pressure or is it just wrong even is.

Speaker Change: Through the digitalization, a that can be applied to our presentation, our processes on television and not only on track and on top of that of course, the final engagement that we're bringing with new partners.

Speaker Change: Assume that there would be margin degradation. Thank you.

Speaker Change: Thanks, Rick.

Speaker Change: Got the two two to the first question there is no impact at all with the current discussion that comfortably that's been as you know Comcast is done by two major elements one is the financial one.

Speaker Change: It is pushing us to move them and this is the reason why for example, one once more Vegas was important to create different opportunity with your speed quality packages. They will just be tallied and experience that we are offering 12 month plans looking ahead.

Speaker Change: And that is related to the commercialization.

Speaker Change: In the end and the marketing side of it that discussion between us and the and the teams and we are in the good position on that.

Speaker Change: I would say the pipeline already for the next year is very strong and that's what we need to do work together and if we were well the activation program that we are that we are activating with them with facts. It is showing that our strategy is right otherwise it wouldn't be such a good position and I do believe that this project will keep the.

Speaker Change: The other topic. The other part of it is the government said that of course that we need to work together with the FAA and the teams that were working in order to respect the data as you know there's no time pressure on that because we are all working as partners and we want to find the best solution for the sport and this is something that we're going to do.

Speaker Change: Going like that even in the future.

Speaker Change: That's very helpful. Thank you so much and then maybe if I could just follow up on the GM Cadillac discussion you know there've been some questions on what this could mean for the Concorde agreement discussions and ultimately you know what it does to the splits and economics that the teams are pushing for I know that there's not much you can share on the Concorde right now, but how should we think about the financial impact of.

Speaker Change: With one more team together into the future because of course.

Speaker Change: <unk> will be part of it and they will have a voice as the others into the future that with regard to the fact that caldolor will bring.

Speaker Change: Our U S branch I think that we can bring opportunities and I'm totally positive because they support is growing at such a magnitude that that.

Speaker Change: Welcoming GM Cadillac to the grid and ease of hope that the long term topline opportunity through sponsorship and maybe media rights would offset any margin pressure or is it just wrong, even assume that there would be margin degradation. Thank you.

Speaker Change: Everyone will exploit the best out of it and I'm sure that the Cadillac GM group will benefit from being part of this group.

Speaker Change: Can I just add thanks Stefan out that.

Speaker Change: No. Thanks, I mean with regard to the first question Theres no impact at all with the current discussion that comfortably that's been as you know Comcast is done by two major elements one is the financial one.

Speaker Change: In my early days here I have had the opportunity to meet with some of the teams.

Speaker Change: Certainly over the last month or so and.

Look I don't think I think the relationship between Formula one and the team has never been stronger.

Speaker Change: And that is related to the commercialization and the end end and the marketing side of it that discussion between the you know us and the and the teams and we're in a good position on that and the other topic Oh. The other part of it is the government said that of course that we need to work together with the FAA.

Speaker Change: I heard a lot of good positive.

Speaker Change: Affirmation of that in terms of what Liberty has done since since we acquired F. One and I think people really.

Speaker Change: We're excited about the future and and sort of growing the overall pie.

Speaker Change: And the teams that were working in order to respect the data as you know there's no time pressure on that because we are we are all working as partners and we want to find the best solution for the sport and this is something that we're gonna do even.

Speaker Change: In terms of the economics.

Speaker Change: Or it can deliver I think very specifically on the.

Speaker Change: Concorde agreement and our splits with the teams.

Speaker Change: Now.

Speaker Change: Already remarked on the fact that hopefully we kept the Concorde agreement that soon.

Speaker Change: Even with one more team together into the future because of course, the Cadillac will be part of it and they will have a voice as the others into the future that with regard to the fact that Kathy will bring to our new U S branch I think that we can bring opportunities and I'm totally policy because of the support is growing at such a magnitude that debt.

Speaker Change: At this point.

Speaker Change: The entry of an 11th kind of thought really impacted sort of that discussion per say and if you think about it.

Speaker Change: It doesn't impact the splits between us and the team. It certainly is and all that our team in terms of the allocation suboxone.

Speaker Change: You know everyone will exploit the best out of it and I'm sure that the Italian like GM group will benefit from being part of this group.

Speaker Change: <unk>, but again I think with the entry of the.

Speaker Change: Yeah.

Speaker Change: The hope and thought here is that we continue to grow the overall pie for formula one and the Formula one ecosystem.

Speaker Change: Can I just add thanks Stefan out that.

Speaker Change: In my early days here I have had the opportunity to meet with some of the teams.

Speaker Change: Thank you both very helpful.

Speaker Change: Certainly over the last month or so and look.

Speaker Change: Thank you our next questions come from the line of Jeffrey Volta check with pivotal Research group. Please proceed with your questions.

Speaker Change: Look I don't think I think the relationship between Formula one and the team has never been stronger.

Jeffrey Volta: Good morning first of all congrats there.

Speaker Change: I've heard a lot of good positive.

Jeffrey Volta: On the new position I had a couple related to formula one I guess a follow up on the Concorde agreement. So I mean should we expect that's going to be pretty similar to the current deal or can you made changes that really helped the sports forward.

Speaker Change: Affirmation of that in terms of what Liberty has done since since we acquired F. One and I think people really.

Speaker Change: We're excited about the future.

Speaker Change: And sort of growing the overall pie.

Jeffrey Volta: Stefano on the 2026 powertrains, you talked with you as they develop that.

Speaker Change: In terms of the economics of what the Spa.

Speaker Change: I'm going to let her I think very specifically on the.

Speaker Change: A major surprises positive or negative that you're seeing.

Speaker Change: Concorde agreement and our splits with the teams.

Jeffrey Volta: Yes.

Speaker Change: Now already remarked on the fact that hopefully we kept the Concorde agreement that soon at.

Jeffrey Volta: Yes.

Jeffrey Volta: Okay.

Speaker Change: At this point.

Jeffrey Volta: I think I think Jeffrey.

Speaker Change: The entry of an 11 candidates not really impacted sort of that discussion per say and if you think about it.

Speaker Change: I didn't get the second question properly to be honest the first related to cohort I think that's it is worth to say without.

Speaker Change: It doesn't impact the splits between us and the team that it certainly is and all that our team in terms of the allocation suboxone.

Speaker Change: <unk> seen anything that we can say so far is that the basic fundamentals that are quite similar to the actual structure that is definitely the way that we are working on that the way we are progressing with that.

Speaker Change: Teams themselves, but again I think with the entry of a group like yeah.

Speaker Change: Second one I have heard.

Speaker Change: Hope and thought here is that we continue to part of the overall pie for Formula one and the Formula one ecosystem.

Speaker Change: Some people related to the 2026 cars Jeffrey if you can repeat because the line was not great sorry for that.

Speaker Change: Thank you both very helpful.

Jeffrey Volta: Yes, no worries hopefully you can hear me now.

Speaker Change: I was just wondering if there were any major surprises on the development of those 26 powertrains that you've heard from Exxon.

Speaker Change: Thank you our next questions come from the line of Jeffrey Volta check with pivotal Research group. Please proceed with your questions.

Jeffrey Volta: Okay.

Speaker Change: Oh, good morning first of all congrats on the new.

Speaker Change: Yeah no. Thank you know understood. Thank you very much I think that's always where there is a change of regulation. There is a lot of.

Speaker Change: Position all I had.

Speaker Change: Couple related to Formula one I guess, a follow up on the Concorde agreement. So I mean should we expect that's going to be pretty similar to the current deal or can you make changes that really help the sport forward.

Speaker Change: A lot of things that are related to who is working with the best who knows or has it been able to maximize the performance out of the regulation that is totally new so a lot of expectation and that it is normal that the.

Ben Swinburne: Stefano on the 2026 powertrains, you talked with you as they develop that.

Speaker Change: Any major surprises positive or negative that you're seeing.

Speaker Change: Part of the of the ecosystem that stage is trying to see why we are changing the team is doing a moment, where the champion is so competitive that has been always the case with the cycle of former one I do believe that the fact that now with regard to the technological development. We put at the center of the sustainable fuel is something that will give them the future.

Ben Swinburne: Okay.

Ben Swinburne: Yes.

Ben Swinburne:

Ben Swinburne: Yeah.

Ben Swinburne: I think I think Jeffrey I mean.

Ben Swinburne: I didn't get the second question properly to be honest the first related to comfort I think that's it it's worth to say without a.

Speaker Change: Boost of a different thinking of.

Ben Swinburne: Saying that anything that we can say so far is this is the basic fundamentals are quite similar to the actual structure that is definitely the way that we are working on that the way we are progressing with that the second one I've heard some people related to the 2026 cars Jeffrey <unk>, Tim If you can repeat because the line was not sorry for that.

Speaker Change: Technological implication of the future and formal one that's one pretty convinced about it we need to keep at the center. The show the fact that the drivers' needs to be the center of the at the center of the stage and they take the technological choices for the future needs to be relevant for that we need to keep that clearly because it is relative.

Speaker Change: Yeah, No worries hopefully you can hear me now.

Speaker Change: To say that our sub base at <unk>.

Speaker Change: He is a shifting in terms of interest that we need to have the duty to make sure that is the right balance between the let's say the so called traditional funds versus the new plants and that's the focus that we want to keep together.

Speaker Change: I was just wondering if there were any major surprises on the development of those 26 powertrains that you've heard from them before.

Speaker Change: He is a popular coffee.

Speaker Change: Yeah no. Thank you know understood. Thank you very much I think that's always where there is a change of regulation. There is a lot of a lot of things that are related to always working the best who knows Oh has it been able to do to maximize the full myself to the regulation that is totally new so a lot of expense.

Speaker Change: Alright, thank you.

Speaker Change: Thank you our next questions come from the line of Bryan Kraft with Deutsche Bank. Please proceed with your questions.

Speaker Change: Hey, Brian are you able to check if yourself muted please.

Speaker Change: Patients and that it is normal that are a part of the of the ecosystem at that stage is trying to see why we are changing some things in a moment, where the championship. So competitive stuff. That's been always the case with recycled formal one I do believe that the fact that now with regard to the technological development, we put at the center of the sustaining.

Speaker Change: Our next questions come from the line of Stephen Lazar check with Goldman Sachs. Please proceed with your questions.

Speaker Change: Hey, guys. Thanks for taking the questions two if I could first on the media rights opportunity internationally for Stefano and Derek if you want to jump in on this one I'm.

Speaker Change: Fuel is something that will give them the future boost of a different thinking of a technological implication of the future. The formal one that's one pretty convinced about it we need to keep at the center. The show the fact that the drivers' needs to be the center of the at the center of the stage and they take the Corelogic.

Speaker Change: I'm curious if there's anything you've learned so far through your U S media rights negotiation that has made you more or less optimistic on the demand backdrop for media rights for F. One more globally.

Speaker Change: Choices for the future needs to be relevant for that you need to keep that clearly because it is relevant to say that there were some days. Its E is shifting into moving to they said we need to have the duty to make sure that he is the right balance between the let's say the so called traditional fast versus the new Fabs and that's the focus that we want to keep them together.

Thanks, Steven I mean from my side.

Speaker Change: I see that is non stop a great opportunity to exploit the maximum out of it I'm not really worried about that because I do believe that it's potentially you know we would not potentially actually actually we have a growing foundation, we need to make sure we find the right product and they liked it.

Speaker Change: Alright, thank you.

Speaker Change: Partner in order to engage with them and Thats really conclusion, and one thing that we need to with enough to forget that as part of the equation is our <unk> product because it's something that it is relevant to it is really an incredible tool all the engagements and this is something that we want to keep that inside the discussion.

Speaker Change: Thank you our next questions come from the line of Bryan Kraft with Deutsche Bank. Please proceed with your questions.

Speaker Change: Hey, Brian are you able to check up yourself muted. Please.

Speaker Change: Whoever will be the partner of the future because we believe of the value we truly believe it or not the value of this platform.

Speaker Change: Our next questions come from the line of Steven last check with Goldman Sachs. Please proceed with your questions.

Speaker Change: I would say that that I'm not so sure that U S. Reits are correlated to what we've learned through this experience isn't necessarily correlate it to.

Speaker Change: Guys. Thanks for taking the questions two if I could first on the media rights opportunity internationally for Stefano and Derek if he wants to jump in on this one.

Speaker Change: Other markets per se because each of them have their own individual characteristics. Both in terms of <unk>.

Demand as well as sort of players in the market I would say that that one thing that is obviously transpired over the last several years as some of the large streaming platforms have gotten engaged in sports.

Speaker Change: Thanks, Steven I mean from my side.

Speaker Change: And it's sort of a.

Speaker Change: Demand on their part for sort of worldwide rights for lack of better term and and hopefully that will certainly drive some of the demand as we walk you know around the world and if you see the.

Speaker Change: I see that as a non stop a great opportunity to exploit the maximum out of it I'm not really worried about that because I do believe that it's potentially you know we would not potentially actually actually we have a growing some days that we need to make sure we find the right product and they liked it.

Speaker Change: One of the big selling points of the Netflix sort of taking on the NFL Christmas games was deliberate.

Speaker Change: Partners in order to engage with them and Thats really conclusion, and one thing that we need to with enough to forget that this part of the equation is our F. One to be brought up because it's something that the S. E. T is it relevant to it is really an incredible tool all the engagements and and this is something that we want to keep that inside the discussion.

Speaker Change: So this.

Speaker Change: This is.

Speaker Change: Finally, an evolving space that we'll keep an eye on.

Speaker Change: Got it thanks for that and then second.

Speaker Change: Second question just on Vegas for Brian.

Speaker Change: I appreciate youre not commenting on very specific economics, but I was just curious if there's anything you can give us on the magnitude of the decline year over year in revenue and profit at the range just given the focus at the moment by the market.

Speaker Change: Whoever will be the part of the future because we believe of the value we truly believe the value of this platform.

Speaker Change: I would say that that the I'm not so sure that U S Reits and that's how it correlated to what we've learned through this experience isn't necessarily correlate it to.

Speaker Change: That could maybe give us confidence that some of the underperformance in the quarter was isolated to Vegas, specifically and maybe not more broadly throughout the half one core business. Thank you.

Speaker Change: Other markets per se because each of them have their own individual characteristics. Both in terms of demand as well as sort of players in the market I would say that that one thing that is obviously transpired over the last several years that as a somewhat large streaming platforms have gotten engaged in sports.

Speaker Change: Yes, we can't comment on the specifics, but the majority of the.

Speaker Change: Of the Miss that you guys are calculating based on the team payment was Vegas related.

Speaker Change: Got it that's helpful. Thank you both.

Speaker Change: Thank you our next questions come from the line of Bryan Kraft with Deutsche Bank. Please proceed with your questions.

It's sort of a demand on their part for first sort of worldwide rights for lack of better term and and hopefully that will certainly drive some of the demand as we walk you know around the globe if you see the.

Bryan Kraft: Hi can you hear me now.

Speaker Change: Yes.

Speaker Change: Great.

Speaker Change: Well, thanks for letting me back in welcomed Eric and congratulations.

Speaker Change: I had two questions. So first on the heels of several high profile race promotion renewals how did the results of those renewals lineup with your expectations that race promotion is increasingly becoming a revenue growth opportunity and then the second one is I know you don't want to give guidance, but could you just talk broadly about the media rights revenue outlook in 2012.

Speaker Change: One of the big selling points of the Netflix sort of taking on the NFL Christmas games was deliberate.

Speaker Change: So you know this.

Speaker Change: This is.

Speaker Change: Clearly an evolving space that we'll keep an eye on.

Speaker Change: Got it thanks for that and then a second.

Speaker Change: Second question just on Vegas for Brian.

Speaker Change: Five relative to 2024, it seems like growth in that line should accelerate this year.

Speaker Change: I appreciate you're not commenting on very specific economics, but I was just curious if there's anything you can give us on the magnitude of the decline year over year in revenue and profit at the rates just given the focus at the moment by the market.

Speaker Change: Would appreciate any color there. Thank you.

Speaker Change: Thanks, Brian I mean race promotion.

Speaker Change: As you know we have a let's.

That could maybe give us confidence that some of the underperformance in the quarter. It was isolated to Vegas, specifically and maybe not more broadly throughout the half one core business. Thank you.

Speaker Change: Let's say, we have taken the decision to be strong and long term agreement with the lease where we do believe it is.

Speaker Change: Is it relevant to stay focused and working together because there is a possibility to increase even other revenue stream.

Speaker Change: Yes, we can't comment on the specifics, but the majority of the.

Speaker Change: Of the Miss that you guys are calculating based on the team payment was Vegas related.

Speaker Change: Through this.

Speaker Change: Our relationship with the other thing is of course at every promoter is that ease at innovating investing and I remember very well when I had my first earnings calls there were a lot of that.

Speaker Change: Got it that's helpful. Thank you both.

Speaker Change: Thank you. Our next question is come from Atlanta to Bryan Kraft with Deutsche Bank. Please proceed with your questions.

Speaker Change: Note that this revenue stream would be able to grow because there was a lot of thinking that that was not possible actually we've proven the other way round and I do believe that the due to the tension positive attention of the market because we want a lot of a lot of countries was to host the Grand Prix and they've been well was to basically show that they are committed to long term.

Bryan Kraft: Hi can you hear me now.

Speaker Change: Yes.

Speaker Change: Okay great.

Speaker Change: Well, thanks for letting me back and welcomed Eric and congratulations.

Speaker Change:

Speaker Change: Two questions. So first on the heels of several high profile race promotion renewals how did the results of those renewals lineup with your expectations that race promotion is increasingly becoming a revenue growth opportunity and then the second one is I know you don't want to give guidance, but could you just talk broadly about the media rights revenue outlook in 2025 relative to.

Speaker Change: There is the possibility to keep growing this revenue stream. This is our focus of course what is good is that we everyone has now the focus on defense Who's attended the race. So every one of us to improve the different segmentation that defense.

Speaker Change: 2024, it seems like growth in that line should accelerate this year.

Speaker Change: Wise in term of at GAA in term of our media must be therapy in a higher profile hospitality working the marginality of course working on the experience of the fast together with the promotions. So in that respect I do believe the expectation even if we had not given any kind of guidelines on that to all of them in the direction will be very strong.

Speaker Change: Would appreciate any color there. Thank you.

Speaker Change: Thanks, Brian I mean race promotion.

Speaker Change: As you know we have a let's say we have taken the decision to be strong and long term agreement with the lease where we do believe is that is relevant to stay focused and working together because that is supposed to be two to increase even other revenue stream.

Speaker Change: Even in the future.

Speaker Change: With regard to the media right, but if I may say, Derek I would say on that.

Speaker Change: If you have a good package and if you have a good sport. If you have a good fan base the media rights should keep growing.

Speaker Change: So these are our relationship with the other thing is of course at every promoter is that ease that innovating investing and I remember very well when I had my first earnings call.

Speaker Change: And in that respect and I do believe that that what is important for the future is to see how the first wants to capture the content we're producing.

Speaker Change: Doubt that that this revenue stream would be able to grow because there was a lot of thinking that that was not possible actually we've proven the other way around and I do believe that the due to the tension positive attention of the market because we want a lot of a lot of countries are also hosted one three and they've been well was to basically show that they are committed to long term.

Speaker Change: And there would be not only the so called traditional media right, but there are other platforms that they will have a big effect.

On that note Tony Grove in depth, but also growing the different possibility to engaging with our fans and this is for me a in our opinion very very peculiar to the fact that this is relevant to the growth in that landscape.

Speaker Change: There is the possibility to keep growing interest in our revenue stream. This is our focus of course what is good is that we everyone has now the focus on defense Who's attended the race, so everyone loves to improve the different segmentation that defends our.

Speaker Change: Yes, I'd just add Brian specifically on 25 versus 24 for media rights, you're largely going to be seeing just regular uplifts in standard renewals. We would expect continued growth in F. One TV and we're launching our new premium F. One TV product two so those will be the primary drivers in 'twenty five.

Speaker Change: Rick Wise in terms of a J in terms of our media must be therapy in Ohio to provide hospitality working the marginality of course working on the experience of the fast together with the promotions. So in that respect I do believe the expectation even if we had not given any kind of guidelines from that to all of them.

Speaker Change: It's kind of similar in strength as last year from a growth perspective or would you expect any acceleration this year Brian.

Speaker Change: I'll leave it at what we what we've answered already Brian.

Speaker Change: And the direction will be very strong even in the future.

Speaker Change: Alright, Thank you both.

Speaker Change: With regard to the media right.

Speaker Change: Thank you. Our next question is come from the line of Steven <unk> with Wells Fargo. Please proceed with your question.

Speaker Change: They say Derek.

Speaker Change: I would say on that the if you have a good package and if you have a good sport. If you have a good fan base you know the media rights should keep growing.

Steven: Thank you for taking the question. So first just on media rights and with the expansion of premium F. One TV can you just help us conceptualize how that products fits into the discussions that you have with some of the larger streaming companies I guess the expectation is that those streaming companies probably don't want to see a competing streaming product in March.

Speaker Change: And in that respect and I do believe that what is important for the future is to see how the first wants to capture the content, we have come to us and there will be not only the so called traditional media right, but there are other platforms that they will have a big effect.

It even if it's your own so how do you manage those dynamics as you look to maximize the value of what you can get for rights.

Speaker Change: Paul on that not only drove in that but also growing the different possibility to engaging with the fast and this is for me a in our opinion very very peculiar to the fact that this is relevant to the growth in that landscape.

Speaker Change: And then just one on on Concord, and maybe Concord dynamics I think the last Concorde.

Speaker Change: A big overhang from what was going on with the pandemic and maybe the team's expectation or need to limit some of their downside risk you've grown the sport a lot. Since then the teams have also added a lot to their calendar, both with media and with races. So how do you think team dynamics are this time, what do you think they're X.

Speaker Change: Yes, I'll just add Brian specifically on twenty-five versus 'twenty four for media rights.

Speaker Change: Largely going to be seeing just regular uplifts in standard renewals. We would expect continued growth in F. One TV and we're launching our new premium F. One TV product too so those would be the primary drivers in 'twenty five.

Speaker Change: Spectation are and do you think that they have any feelings about your ability to kind of hold team payments flat and would be willing to accept that thank you.

Brian Wendling: It's kind of similar in strength as last year from a growth perspective or would you expect any acceleration this year Brian.

Yeah.

Brian Wendling: I'll leave it at what we what we've answered already Brian.

Speaker Change: Thanks Steven.

Speaker Change: With regard to the to the to the let's say the value of the premium F. One TD or pro or we're doing internal give some propositions as we said that we believe that this has to be placebo value and that we found solutions. I gave you. One example in the in our in our collaboration with a value play.

Speaker Change: Alright, Thank you both.

Speaker Change: Thank you. Our next question is come from the line of Steven Kay Hall with Wells Fargo. Please proceed with your question.

Speaker Change: Thank you for taking the question. So first just on media rights and with the expansion of premium F. One TV can you just help us conceptualize how that products fits into the discussions that you have with some of the larger streaming companies I guess the expectation is that those streaming companies probably don't want to see a competing streaming product in <unk>.

Speaker Change: That market, we were able to find a solution that is integrated that in that package. So I do believe that we are flexible to understand what will be the need of our future broadcast so knowing that there's a value because he is an incredible package and the extended and the different packages that we're offering you know allows our all our plans are to be connected with our world and I do believe this.

Speaker Change: Market, even if it's your own so how do you manage those dynamics as you look to maximize the value of what you can get for Reits.

Speaker Change: And then just one on on Concord, and maybe Concord dynamics I think the last Concorde had a big overhang from what was going on with the pandemic and maybe the team's expectation or need to limit some of their downside risk you've grown the sport a lot. Since then the teams have also added a lot to their calendar both with media.

Speaker Change: Is relevant also this element has to be considering in our negotiation with Twitch a part of.

Speaker Change: Cohort I mean, the team dynamics I would say everyone recognized huge growth all of the business. I mean, he is not totally related to the fact that there is a lot of interest on the eventually buying teams because they see the potential value of them you see from the numbers and the quality of partners the telco.

Bandwidth races. So how do you think team dynamics are this time, what do you think their expectations are and do you think that they have any feelings about your ability to kind of hold team payments flat and would be willing to accept that thank you.

Speaker Change: <unk> to each team that is definitely one of the huge though we're doing together and the dynamics are very constructive, but it's part of the game that everyone wants to try to to squeeze or maximize what they can bring home. That's part of the game, but I would say that for the bridge that we have found that we have now together.

Speaker Change: Yeah.

Speaker Change: Thanks, Steven I mean with regard to the to the to the let's say the value of the premium F. One TD or for or what they're doing in terms of different proposition as we said that we believe that these as to because he has added value and we find solutions I gave you. One example in the in our in that cause.

Speaker Change: As allow us to find the right balance so happy to progress with Canada.

Speaker Change: Kind of relationship because that's the key point of the future and the very stable growth of the business together, we see everyone as a stakeholder of the business. The FAA the teams and all the partners that they have in all of our partners.

Speaker Change: Elaboration that with the value play in the Dutch market, we were able to find a solution that is integrated that in that package. So I do believe that we are flexible to understand what will be the need of our future broadcast so knowing that there's a value because he isn't collectible package and the extended and the different packages that we're offering you know allows all our fans.

Speaker Change: Great. Thank you.

Speaker Change: Thank you.

Speaker Change: Just on the Concorde.

Speaker Change: One aspect that you were asking about we wouldn't expect to see degradation, we feel good with our relationship with the teams. So we would expect at a minimum we'd be in a similar place on the next agreement to where we finish out 2025.

Speaker Change: To be connected with our world and I do believe this is relevant also.

Speaker Change: These elements have to be considering in our negotiation with which are part of a cohort I mean, the team dynamics I would say everyone recognized huge growth all of the business. I mean, he is not totally related to the fact that the there is a lot of interest on the eventually buying teams because they see.

Speaker Change: Thank you our last question will come from the line of Barton Crockett with Rosenblatt. Please proceed with your questions.

Speaker Change: Okay. Thanks for taking the questions.

Barton Crockett: I was interested in terms of the broadcast rights.

Speaker Change: The potential value of them you see from the numbers and the quality of partners that are connected to each team that is definitely one of.

Speaker Change: Spent a lot of focus on the U S. As a solitary market, but theres rights that seem to be potentially up for renewal across the Americas, maybe even elsewhere in Japan.

Speaker Change: The huge though we're doing together and the dynamics are very constructive. It's it's part of the game that everyone wants to try 22222 to squeeze or maximize what they can bring home that's part of the game, but I would say the credibility that we have found that we have now together.

Speaker Change: Are we at a place now where it could be more interesting, perhaps to get closer and with some of the global streamers to negotiate globe large regional packages not exactly global but.

Speaker Change: Large kind of reagents that go just beyond like the U S.

Speaker Change: As allow us to find the right balance so happy to progress with does that kind of relationship because that's the key point of our future and the very stable growth of the business together, we see everyone as a stakeholder of the business. The FAA the teams and all the partners do they have in all of our partners.

Speaker Change: I'm, sorry, if you could discuss that.

Speaker Change: I mean do you want to go or I can go.

Speaker Change: I can just take the front end, we can wrap up this is the last question but.

Speaker Change: I think that the I think again like we said and I don't mean to keep repeating it but it's an evolving situation in terms of what.

Speaker Change: Great. Thank you.

Speaker Change: Thank you and just last one.

Speaker Change: Just on the Concorde.

The media rights landscape look like globally, what the different players out there and want to try to achieve with their own platforms. I think clearly the large streamers have consistently said that they want global rights to everything.

Speaker Change: Aspect that you were asking about we wouldn't expect to see degradation, we feel good with our relationship with the teams. So we would expect at a minimum we'd be in a similar place on the next agreement to where we finish out 2025.

Speaker Change: That may or may not be possible in that on a regional basis sort of similarly.

Speaker Change: Thank you our last question will come from the line of Barton Crockett with Rosenblatt. Please proceed with your questions.

Speaker Change: Hand on how you define these various regions, but I do think that.

Speaker Change: Okay. Thanks for taking the questions.

Speaker Change: I was interested in terms of the broadcast rights.

Speaker Change: If some of these players are strong across the region than clear.

Speaker Change: Spent a lot of focus on the U S as a solitary market but.

Speaker Change: Clearly there could be benefit and I think we do have some regional deals in play.

Speaker Change: Writes that seem to be you know potentially up for renewal across the Americas, maybe even elsewhere in Japan.

Speaker Change: We've got I know, we've got some deals with Booz Allen in various countries.

Speaker Change:

Speaker Change: For instance, obviously sky, we've got across multiple countries in Europe. So.

Speaker Change: We had a place now where it could be more interesting, perhaps you know to get closer and with some of the global streamers.

Speaker Change: You.

Speaker Change: It really depends on sort of what their strength and what their aspirations are and some of these markets because.

Speaker Change: Sure.

Speaker Change: Large regional packages not exactly global but.

Speaker Change: Large kind of reagents that go just beyond like the U S.

Speaker Change: At the summit.

Speaker Change: All of those is greater than us growing out individually.

Speaker Change: I'm, sorry, if you could discuss that.

Speaker Change: You have to look at that and our pursuit of this opportunity seriously and.

Speaker Change: I mean, David do you want to go Oh I can go.

Speaker Change: I think with that I appreciate everyone's time today I appreciate everyone listening in and all the warm welcome.

Speaker Change: I can just take the front end, we can wrap up this is the last question but.

Speaker Change: I think that the I think again like we said and I don't mean to keep repeating it but it's an evolving situation in terms of what.

Speaker Change: And look forward and look forward to seeing more of everyone on future earnings calls and thank you again.

Speaker Change: Thank you. This does conclude today's teleconference. We appreciate your participation you may disconnect. Your lines at this time enjoy the rest of your day.

Speaker Change: The media rights landscape, it looks like globally and what the different players out there why we want to try to achieve with their own platforms. I think clearly the large streamers have consistently said that they want global rights to everything.

Speaker Change: That may or may not be possible that on a regional basis sort of similarly.

Speaker Change: It depends on how you define these various regions, but I do think that if some of these players are strong across the region and then.

Speaker Change: Clearly there could be benefit and I think we do have some regional deals in play.

Speaker Change: <unk>.

Speaker Change: We've got I know, we've got some deals with Booz Allen in various countries.

Speaker Change: For instance, obviously sky, we've got across multiple countries in Europe. So.

Speaker Change: You.

Speaker Change: It really depends on sort of what their strength is and what their aspirations are and some of these markets because.

Speaker Change: It's a Sunday.

Speaker Change: All of those is greater than us going out individually.

Speaker Change: I'd have to look at that and in pursuit of this opportunity seriously and.

Speaker Change: I think with that I appreciate everyone's time today I appreciate everyone listening in and all the warm welcome.

Speaker Change: And look forward and look forward to seeing more of everyone on future earnings calls and thank you again.

Speaker Change: Thank you. This does conclude today's teleconference. We appreciate your participation you may disconnect. Your lines at this time enjoy the rest of your day.

Speaker Change: Okay.

Speaker Change: [music].

Q4 2024 Liberty Media Corp Earnings Call and Business Update

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