The Liberty Braves Group (BATRK) 5 May 232023 Q1 Earnings call transcript

Welcome to the Liberty Media Corporation's 2023 Q1 Earnings Call.

During the presentation, all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded, May 05.

I would now like to turn the conference over to Shane Kleinstein, Vice President of Investor Relations. ahead. go Please

good and Thank morning. you

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

of today's or is we any speak found scheduled this OIBDA definitions disclaims contained end measures today, the and statements as events, any Liberty certain for change including only Media's non-GAAP with website. or of any Media undertaking at adjusted Media Media discuss which the date in and EBITDA. on forward-looking reflect issued and forward-looking financial statement expressly in press will adjusted can expectations and call conditions circumstances These regard earnings on be any to The through such of Liberty disseminate revisions statements or required Liberty's or three available SiriusXM obligation thereto for to change and which based. Liberty any Liberty is release herein the updates On reconciliations to one call, SiriusXM any

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

still of morning. believe with are completion the and review. Principal and to before the of end good SEC speaking call also the up Financial speed the the the the SEC the and we going new of Wendling. of Shane, the Today Liberty Domenicali, creation nearing are of Chief Brian filed are quarter. Tracker. and We the process I'm the we you Stefano first second that end targeting amended CEO, President and S-X pleased Live We you, and Braves on Accounting Formula Officer, Thank One's split we will update Liberty's have and

SiriusXM. Liberty to first Turning

We We the we our amount balance of basket of Siri of $XXX efforts – sheet there. repurchase converts continued simplify two the including LSXMA of and $XXX exchangeables. million principal and $XXX used to million the and $XXX convert LSXMA raised X.XXX% the million X.XXX% proceeds to debt delever X.XX% million

We further balance April. gross of in structures rationalizing reclassification LSXMA reduction the million near-term. focused on debt of also without remaining will The repaid was activity. and year-to-date, tracker the to continue a in over the LSXM's That stake be we those our the just structure April and in simplify Live including $XXX Siri the

at me itself. look Let SiriusXM

due had expected, a and first As market challenging quarter they ad to trends. the SAAR

as new app. enhancement, this to net interactivity. perform marketing We our self-pay saw rollout rolling than on point will bright trial Advertising in in product low a leverages due churn starts, to of our expectations the new podcasting out spot. We content better solid our revolutionary and did XXXL, best and be year and continues lower higher the – the which of to progress pay pullback expect net the the QX QX ads, net is seasonal way the we

in trials We expect XXXX. car XX% by XX% – end of penetration its penetration new year

of with reduction We in are with consumers use did and in if and XXXL, advanced see good EBITDA. in seasonality SiriusXM of costs see features. and take and X% ads benefiting workforce with a the self-pay an will improvement likely operating the the lift net the we vehicles revenue in aware are confident particularly year cost out ad We positive half business conversion March, year, of back the results at for savings that we

previously XXXX guidance, EBITDA Tom and to announcement $XX the was Barry CFO. their cash We free earnings Chief on each. name new since As Accounting as were new Sean on He has SiriusXM elements a result, million well and both flow course. and role of SiriusXM in his raised the excited of do his Officer. We detailed He's our wish and knowledge a the with strategic success business. financial been

Nation. up all tickets free converted AOi period. great and QX, were AOi quarter, XX% sold events reasonably up of at to was continued Live year live even with though comp was a stunning year million, of growth We they shows open a into segments forward across expected Turning Nation GTV Live the $XXX in record to not in look its for said, against that markets strong last Live of Tremendous year-to-date. about as XX yet to cash international XX% some pretty XX%, there million I that $XXX prior flow. a another million were Ticketing with

to manage expect globally. XXX million We tickets

a will comp, host of believe fans at Live XXXX number shows periods. against even future. a can record from benefit rescheduled for the in We the foreseeable digits at compound which strong We AOi double prior

recognize make to begin momentum progress the hope to solid On market legislative we the and continue the there. updates, will

actually we on to continue momentum TICKET bill positive the called support. We in the Act Ticketing Act significant the first FAIR a is Senate towards step and the proposed gain implementing initiatives

One now Turning Formula Group. the to

and conference we’ll race weekend. our in weeks several to note, of iterations we side, here of is would had leaders the intergroup This Miami million together we further this an effective X.X off, amount Accelerate the On the of settle million and after at business basket $XX FX future. the summit paid to sports, we the The of I convert that shares $XXX cash back proportionate the interest share of brought was have in corporate beginning successful. first FX with expect exciting the the buyback yesterday, with repurchased. tech converts. a connection LSXM media, to FWONA repurchase That’s season in

and resulting I on now full we’ll in tweaks format itself. the no – days announced GP a days with continued points this of standalone expect impact We in excitement. to and to format three three separate full grid improvements Sprint the also events, see event on-track

weekend the up Sprint versus Baku in due XXXX was X% to to sport. TV in The see GP Sprint. the audience part We continue growth

on in was in year, Continuing quarter display. here dramatically, were record we the YouTube, versus date. fallers Saudi up first the on on biggest TikTok prior One’s U.S. now XX% and from live full The across fandom media most ESPN Miami, see the GP in cable’s U.S. audience social and GP Formula to U.S. and the is growth Snapchat. Instagram,

Virgin ticket Wave deals itself many already Wave of spring. Quick over in construction X completed Hard Rock. The sales We complete. final update announced. X Wave The this is on added confident Vegas. Paddock most We demand. with strong the expected big pipeline We X later are with Building remain and sponsorship XX% our sales at recently

CapEx race of modestly is one. exceeding our economics the Reiterate running reiterating the in original cost line year for – specific purchase. with expectations, land

We approach in will race total five profit and expect million, we $XXX do revenues top economics. a that expect be will

X.X our of FX’s quarter end was existing a This B basis margin term leverage sheet, loan reduction balance trigger the future at leverage XX ratios. regardless On permanent times. point the will on in

the the games to date. crowd Best NLF the XX home opening Major a franchise Jr. season Great to ticket Truist and month six for had He We and the tails Park selling led NL the was Braves. April. for start time named the list NLEs seen XX Turning by started runs. player history League ticket Baseball of stolen season, the [ph] Acuna Record first season demand We’ve leading history. in Ronald day. and stopped incredible and opener largest wait and in We to bases for before in

season. over to the sell out this We half games expect

you’ve benefiting from clearly below about the highest MLB’s minutes League up shorter Baseball, Baseball last is Games and over downtime rule hours. less more attempts Games have XX versus action stolen rate year XXXX. versus XX% year and seen and base across since last dropping three Major changes. are to

to new from favorable Looking at plan fan already themselves concessions will to year Braves POS any implement shorter we help to and we this seeing our a concessions system games, implement we and to are in there, a year-to-date. mitigate enhance and new trends actually already experience, this impact – the plan innovation

more our for results. turn Let to financial me on over it Brian

and million level $X.X directly at At loan capacity margin of at billion margin cash to also Liberty cash Group Thanks, investments attributed Live $XXX our SiriusXM of loans. quarter approximately SiriusXM good related morning, of and liquid parent the SiriusXM. There’s undrawn million, held $XX excludes Nation Greg, everyone. end, had which and

value the X, the Live May held by $XX.X billion, $X.X our of SiriusXM was LSXM value the of was billion. As stock Nation of and stock

pro pay billion billion amount holdings $X.X We occurred additional down quarter. after the debt in the forma or have $X.X for against of these principal that

Sirius notes debentures. X.XXX% aggregate proceeds net of Group of of principal $XX at amount Total LSXMA We repurchase debt of issued $XXX amount Liberty In directly and due $X.X SiriusXM convertible million amount million the includes level. offering billion, billion X.XX% the convertible which attributed principal $XXX the of Liberty principal SiriusXM March, Group XXXX. X.XXX% $XXX the used notes senior exchangeable this to million cash is

and the Group settlement million net bond LSXM underlying of In of including and proceeds the the addition convertible intergroup raised proportional from FWONA convertible, the shares used received the corresponding million cash One interest the on $X.X $XX portion new Formula cash from to hand, hedge to from repurchase. warrant retire

settled which cash be additional SiriusXM in $XXX the October. well extinguished is filed the at remaining $XXX release the for and our and as S-X approximately that information remaining date. Subsequent and remaining There’s interest April-foot connection settled in to with the to was X.XXX% Liberty X.XXX% exchangeables quarter SEC. the end, press million available spin-off the call are senior regarding the million in expected interest on intergroup Braves with as intergroup All notes, mature convertible

billion Formula cash, Group holdings One level. billion public quarter cash $X.X monetizable and end, of investments at $X attributed which at the Formula includes liquid had One of

Group One in expect the stock in attribute with tracking quarter, Formula trackers. we to the the funds Liberty $XXX of the Live exchange of first which announced traded connection reclassification Group purchased to million

level. billion of attributed principal B debt million X.X basis the of in point which which at ratio $X undrawn loan million revolvers $X.X FX Total and Formula $XXX their reduction a One trigger leverage $XXX corporate debt billion, leaving at XX of will includes term margin the the was on amount times, ends FX quarter Group debt.

the let’s the you this on at business year a quickly FX at quarter. said, a business to that quick being remind given will variability, full look But basis. Looking look we at operating take quarterly

in due count race the revenue media partially quarter a sponsorship. in quarter attendance. freight two primarily Primary FX was offset rights revenue race the across races. with with grew inflation Club year first in year-over-year consistent Paddock versus decreased easing increases which the growth prior Other was by to promotion, and Our first cost

Other best are in our year. payments of to increased as costs than This increased to of other cost percent of FX revenue the cost team higher the FX recognition of rata revenue pro and from quarter the side, FX SG&A costs freight partner for the easing hospitality the paid payments the grew offset that to viewed first streams. – costs servicing On related benefited the due Reminder by a revenue. largely commission total inflation. in revenue of growth the primary was revenue, and

included SG&A, costs the – On million Grand Vegas LV Las Prix. from of quarter the first the $X from

Vegas, $XX the nearly the in recognized related revenue of approximately capital Club building a The that. we at all Looking LBGP’s and place, the when fourth Las first incurred on progressing to Vegas. of be level will is race schedule. reminder expenditures just In corporate on takes quarter Paddock million quarter, costs

One the allocation Formula FX We CapEx. providing Opco corporate and will not between the be forward-looking a

the will and but in building the period, as will to in fees during revenue LBGP use consolidation. corporate at the corporate of will eliminate out the for financial which pay fourth of One up race Opco our statements in Formula show FX quarter, level rent other

quarter amount of principal the had million. Braves million of their end, of of our Group attributed restricted liquid Group debt which at and had are compliance cash. excludes cash $XXX debt Finally, in quarter $XXX million, end. Liberty at and Braves at they $XX with investments subsidiaries consolidated attributed covenants

Formula I’ll One. over discuss Stefano that, to And it to turn with

Brian. Miami. Thanks, from morning Good

vibrant resurfaced in the are now back fully Grand thrilled Stadium excitement on is Miami as where to and Paddock as upgraded event the expanded our Dolphins year city a feature be year Prix, inside one. This second We track. for located Club the Paddock and

races We record our race calendar. four XXXX have into

still season the with While in and Red excitement it early have the packed races is Bull date, race has drama. the dominated and been to very

this Arabia, adding finish line. strategy unmatched red Alonso crossing with podium, and flags featured performance. first XX FX to in complexity Aston place marked recent feet. six XX claim Saudi of Grand Martin one of making history drivers only even more the about fans cheer in to only three have The Alonso XXX ended drivers his Australian finishes these Prix him with

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key Prix races in cables of fans digital markets across Europe million Global most season audiences the engaging the Grand on ESPN million Saudi QX, and U.S., our for marking exceed channels, XX.X significant of America. Arabian two North the viewers Prix across with and viewers XX platform. as followers One million increases Across first In the FX up social Grand reached Formula media broke XX% our viewed year-over-year. record. is X.XX with

and a the last the website vast continue year. are record guide launched fX.com videos internal weekend. XXXX Australian the of with flock one weekend perform over his section marks new prior globally. Melbourne dedicated race new to history. nearly welcomed The at FX is majority our attendance. year recent new XXX,XXX season. largest in FX weekend record We fans the a additional to sold what the Crowds XXX,XXX fans also content races total of over beginner’s set fans from course event for the sport. as Our out to apps and Bahrain weekend up including sporting XXX,XXX this record the century events new top a with the to have This

last since Prix FX recent crowd our XXXX to fans. out our On This updates anniversary mark promotion, XXX,XXX of [ph]. event fully on agreements. year Grand to through we will extended in Turning commercial race our Austrian XXth sold returned year Spielberg

the We the through extension Azerbaijan XXXX. also Grand announced of Prix

reach America will entered with Latin half On FX with the coverage extension channel, races the a to in our Meteorite, and multiyear broadcast across and fan expand to has and full continued season social to base. available on of ESPN ESPN allowing and live the of we Plus. Star develop attract the increasingly diverse of dedicated partnership content platforms, provide streaming ESPN over in service us into web the our Caribbean. global

product Access season. see growth to and Pro continue Our solid subscriber this

the made we an Moly partner. sponsorship, official On Liqui

relation We Our track enhanced the the and races welcomed opportunity as in sports regional at broadcast in demonstrated three insertion grew in fee. digital agreement within out for Moly ad XX partner races sponsor includes branding official first XXXX, official the Liqui visual our to signage now XXXX. and XXXX

entertainment collaboration partners. We and sport following to partner We successful continue an season. thrilled to last growing announce our value were official to as our Paramount+ demonstrate

feature placement. and Our at Zone series digital Fan display new in popular multiyear the on agreement trackside will

of MSC we provider as in extended partnership a week, apparel XXXX. Puma announced as throughout global sports our FX This Cruises multiyear partner agreement and we and new with official

will As the part unique extension, of experience. a bring specialty MSC

sponsorship pipeline strong. Our remains

XX, to try survive casual to to didn't new disappoint. Grand Building of we by in February, drawn Vegas topping the a On out concrete for To fifth Las April on Paddock latest the return barrier its continue top The and cities. our structure. season fans placing season of alike symbolic the be Prix avid, celebrate

local efficiency We talented Prix Vegas construction for pleased collaboration with our their team, of our incredible them this design Grand function a support. and of officials. very is crew thank all the between The are project We and Las the progress.

told XXX will race will Paddock X,XXX It The the club. feet largest long, be wide Paddock rooftop and Paddock the three spans Building feet stories the calendar on the largest host with deck. and Building

provides screen FX the unparalleled has years. On can Vegas, the you branding U.S. a the LED that logo you established Las monetize foot When future roof, have third-party over will LED and that know we of in in our shape We the home permanent square in a the XX,XXX display branding fly FX opportunities. screen

AV extraordinary more The share we time and convert to users. hope I you between of website in to video Vegas have encourage to garages are activation range has Las construction ample development, the and year-round Grand itself a year-round visit coming temporary ensures advanced the the broad capabilities, walls the flexibility thin Prix entire space building features under of the Future lapse for months. to progress. for additional

surface and complete, scheduled years years. roads to Once surfaces track July. began can this last Vegas phase is second the track Las last month, six XX for Our of

recently Vegas build front Hard will event partner, of this to Rock sponsorship was in The Fan and who's presenting International, of and a Harmon Zone. entitlement named have mirage to partner addition Las also Hotel, on street. East announced the lineup. team name Virgin will the grandstand the an

we March, infrastructure sustainable an with and conscious for its can supply company and who announced we LVGP practice Switch, establish technology event goals race the will with partnership In beyond. [indiscernible] the

on electric following inclusion FX of effort. part needs sustainable the automotive touching to alongside up sustainability Union broader sustainable work solution of fuel European vehicles and the to FX role recently The fuels recognized play cement extensive future our This XXXX. that Finally, the the policymakers. with as

advanced are cars sustainable at running and running fuels, sustainable to this in fuels season. Current track sustainable FX are on FX XXX% we and FX Our XX% XXXX. are XX% fuels cars introduce

races the three place. last second and Marta session of Paul Prime just new/old in separating to its Racing from [ph] Barcelona third with our in two opening on testing place weekend, began season her series, X.X France. on winning and in Ricard finisher the FX seconds Garcia Congratulations weekend, The the Austria in Academy, following two

final for. with of have Academy towards us participation FX October. XXXX motor FX have journey, in a structure alongside come those race professional in series to level. we'll hope and grassroots and reach have seven joined creation FX the sports. and race female we forward in nurture aspirational we those increasing all are an best I'm it now the young aspiring is weekends say be to the the believe for season of we will possible that to It aim find yet in is motor start Academy Academy pleased weekends. The sport; to will FX step Austin to already races female in drivers creating important opportunity the female including for through season, The from talent, the I

We forward Yesterday, to partnered Journal first looking from are host FX FX Custom season. or Wall our the Accelerate Summit. with to Street Events

alongside and We faces Brooke from Maverick welcome Bruckheimer, a Sharapova they country diversity Group Trailblazer on significant technology business culture. across sustainability future make but how traveled We entertainment the FX walls into of the and brought Magnus performance, their the Joe was familiar and interesting from figures only and Leno of business, Sarah business from can not executives together Jerry Carter, sport, [indiscernible]. the discuss our Marquee the to and [ph]. impact own across Maria Kosinski, Jay Harden as management including Sports host in

is for We operation. hope One brands and the commercial for leverage and Formula the drive sporting time the success worlds. innovation It FX in to commercial to continue and on an track exciting entertainment

will it break to doubleheader a the Our the like was triple-header. break meaning action season Miami head we ahead. season of believe I summer work There the the first to first full us cars intensifies at early of come [indiscernible] for their mandatory have before didn't sprint as plenty is speed progresses. season competition upgrade. caused unusual Europe with hard of shutdown

back will over I Greg. to call now Thank you. And turn the

Orioles your the see to support thank And of Miami in and we our you our Media, and appreciate Stefano, Grand listening Liberty weekend the you, you to of Brian. Prix tonight. interest and turn we series Braves hope all will Thank continued against audience, in the this start

to for line And the operator, I'd like open with questions. that

Instructions] Thank go you. first of Morgan. The questions. ahead. [Operator Karnovsky David now open question Please coming from The floor for is J.P. is

And format contracts? been promotion How the to have new side. about the from process know on your then Stefano, to on you the own the what's response GPs thinking has Thanks. And can just sales? that build partners what that to get interested I'm lift determine ticket is into they you format? something what are sprint potential your the their

thanks, Well, Dave.

is and did teams in we always is that the the sure you because during one also our very one course, FIA thing know, idea about to that Actually, team the racing result and media track. the are with accordance year as Of there that. make promoter, partners, this our positive action every with first the the partners of very on encouraging been has and of weekend of

take can the weekend Of if course, at something the has in there we that even to – as is of learned general do to something want better. there first learn lesson something summer is that to of But format term, great. a a end some see been sprint we the

I third I a think a not today and number We go. consistent of I one summarize special to of want of I opportunity with calendar the another that where important, not And the with can always don't do Sport stay limited needs in in going reaction. seen regulation. wanted we to to normally big the the think situation right that. very, stable, that's to one course go your that is the say different very keep Motor the say, in the would let's And real be But that to sporting value ecosystem, a with pushing trophies format. longer competition the, commercial to reaction something trend give for of a Promoter to that for something be bit, the the want with let's the see is sprint and races we're new that have term. I these awaited very with future is in thing fans maybe But And to I if fans, may regard as traditional think standardized we've to the create we we things. way say was to number, positive thing all a

We I the will NBA what are just following what the be, following just base has done.

to that means have to sport all excitement the the the more and that the input partners fans, that new asking to So to listen game. around and request promoters, needs are the professional

project. and positive this to forward on So looking keep working

you've few releases FX Okay. now. for in then TV out a quarters your called And

Just wanted to partner the the just see is terms us the to you the you buys Brian, an extent if on of Thanks. at update in the it with of booked trajectory. then that could someone the the annual first see in plan where for growth cost? season. And just Is quarter races? all product of Or the start proportional that

very may So is it, I FX well. TV first working of the if really part

that term really effect strong are of doing the and provider. You providing in of is terms is also products And quality, regular. I we numbers can know there you are countries what broadcaster of select is in an with any that we But a opportunity not new attention on that. tell in where and market certain term not to

want We update our do back the to now you some what as of taken are said, couple ago. years have of we content a other with that has to new we question? to decision of the I a very been give progress of Brian, fans. to And great high after investment, plan paying a years want couple also

your David, season. question, on second over it's Yes, proportional the

Great, thank you.

of Bryan go from ahead. Kraft Bank. Thank Please question is next Deutsche coming you. The

should and like that's of the good you time, it's Tracker, particularly part the wanted and needs plan think morning. over to capital to business capital Live ask Liberty owning how venues. and operating seems about I of the evolves we the as it intensive. both and of still side assume Liberty I Hi, initially begins Greg, invest in Live

So funding just Thank about you. might you go how to wanted understand those endeavors.

Bryan, Thanks, for question. the

of outlined, capital. to cash to to we large of there. sources other something Live we've other the decent go we have – We'll out capitalize candidly Liberty amount find a degree and of do expect capital sources but cash, with As

ideas a on will massive the it expect So much I your itself, generator if as don't trackers looking Liberty have be we of that's Bryan? there. that leveraging cash what's think as fear, would asset reliance Live But involve some you not base in other

Yes, question. that was the Thank nature of you. the

might You bit. subtext little read that have a

good it, think lot people are about Well, a so, it's to… of asking I

You asking get to straight upfront.

get up front. You to straight asking

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maybe being elements take full may of And a participate chain for us opportunities the but to not them. created our to so role for both benefits. be alongside of there and of co-promotion value further

look and to partners that the degree that’s talk certainly we’ll So available. to at

at another for a are promoters are pushing quality important very comment qualitative this of if that also Formula effect may you in is One. the investment, already direct us add we with And after the that

prix. given working have every of is system of effect course, events unique grand game very are direct the that approach the not viable, to that commercially lifting but well, now So the to very, say as I quality would

Greg. Thanks, Yes. Thanks, Appreciated. Stefano.

is from Please Thank go Evercore. you. coming of ahead. The Vijay next question Jayant

on Hi good I One. have morning Formula a couple

should think, of for payments Greg, than, quarter sort of the have team is And communicated little rates billion and the at how I look about implies you something Vegas of sort $X.X the sort talk team contractual? year proxy Can fact $XXX sort team given EBITDA something of have payments we number? the that not different So with is on of thinking full you a year. the in the the you’re million that a what been less year this as to that

the for if Wave free possible? obviously, second, about to One can free you ticket assuming was way flow very, think do the sort help And us with ticket at cash X X on excluding sales, Vegas. I Wave of the had Any and supporter very and underlying that strong flow cash what sales think Formula

on cash second. free and So And I’ll first be that would on comment flow add the Brian, when to great. I’m the if anything done, you want

of positive Looking I well we this in a it’s to that look our And great the more conservatively the having it by manage and probably It’s is – at Vegas. events year have. the volatility Particularly We unknown. experience payroll volatility. as potential even some It you quarter as year. event. going be try payments, is of you know, we we’ve that the at of given added But in if rather think not to other team some think conservatively. the to the first rightly history,

go. conservative we So, at the proxy how you will expect that for look year should I think as a

generated cash been you of towards X deferred money teams flow, up year. the free Wave show It’s we sales, because the but lot of The and thing of end the cash in to last in want do note, has that cash it’s broadcast. a Wave flow line. collection, is that anticipation The free overspending don’t have rightly of X

recognize but probably operating true as progresses. QX, for impact as year of the business we the free do So overstated flow to the cash expect that it has

clarity too a work. to more level providing we want because wanted more I comment without gosh, real much don’t a you some do Vijay know, comment Brian, on to can if little normalized or

takes. at think other look XXXX. deferred say, the Yes. schedules, you March up would there go see give related revenue Formula I first I that our last to see if the take, back quarter you of look and It’s efforts, at related to roughly help could tracking and you and although are year, at or revenue from at I mean can to can Vegas, you stock you guess, the and million, the XXXX, largely you look being of as puts can $XXX our XX, deferred One

comment… may I If add one

Stefano, ahead add. Go please

far. So Vijay, important for it’s it so that directly will at I think we incredible them mean an the teams it’s that for And for add important Formula proposition One. ecosystem number end in of the to Vegas business. to investing want get a that benefiting also indirectly, an are consider the is doing them to two opportunity remember stronger their as comments are just day, to develop what even in and I I our

important I as that a something approach to of very dispose really is magnitude we mentioning, all we that what to think prudential us. you be gives was very, need a deliver I for and have the that of So, will need do

Thanks, Vijay.

Thank you.

go Thank you. ahead. question Supino Peter from Please Wolfe of The next Research. is coming

morning good thanks. Hey and

a both if the you Greg, the business risks On Thank separately, the down if about second question, XXXX investors supply? Live Concorde of you’d investigation? ought think slow post in I Agreement, of bear after how Greg, talk could about then timing view like renegotiation? or wondered Stefano, DOJ on And that to lot wondered that would the then Greg posed the I of this Nation, And the pandemic the by – comment you to surge case your you.

Concorde obligation there’s is no doesn’t to Concorde among if do Look, to and hot certainly time on try we But the and a the risk and now while left several that a years agreement. be there’s ourselves that extend FIA and and teams to renew strike have might certainly done. and consensus the good the iron that I run the agreement. There’s think get no

historically and operated new a As you a and cases, without basically They’ve teams start. deal Concorde went the Concorde many to the done have Concorde was we in right the agreement. handshake then supposed the end period recall, may – when to agreement the completed post,

the we’ll of going certainty involved. have teams sees be hope benefit way what we dynamic with would a particular. I in to positive Stefano that is of providing because the Chase Our and and you hope everybody add? and able that this have Stefano, relationship early dynamic change in more changed the time part for the that all

I I that perfectly because strategies the that now. think will our think situation. sympathize Nothing be And you

it several what hotline we’ve not is decree look, say And a those potential as consent And renewed. report it’s that can being was decree. I perceive consent we’ve always had say a the couple I for decree. Nation, Live considered. which consent another continuously but that, investigating and and of the of DOJ On DOJ years monitor investigation, you DOJ obviously is of that some has would track, violations who is there of a now monitor the could anybody a talked and mentioned about that are bills alleged is perceived or There legislative violations they

And ends do a market it will main, get speculation those side not think moves I’m be. view as as positive. the forward those but it risk bills big about sure nearly is positive and not as in anything negative to regulatory we we the frankly, I bills the done, that perceives because perceive the

the we the when On scenarios like. what is business see and as and hard going upcoming business are and it that. grow. the recession expectations, see see of do going forward continue tours to you we strong itself, I none the noted, consumer to will But to our project with demands We can imagine

Greg. Thanks lot, a

you, Peter. Thank

is Stephen Goldman question coming The you. Thank next Sachs. go Please Laszczyk of from ahead.

could portfolio especially wondering comprehensive one that how had know amount sponsors XX constraints, this like could into I seems there’s is you past MSC this think Maybe much as Paramount+ you you look sponsors and limit Good Great. for if up maybe talk up FX at I global packages. any fair sponsorship more to morning. with a step your more us? across in opportunity about quarter. [indiscernible] It success finding was stepping Stefano. if some you partners more you’re on there sponsorship being already is there of

Well, the thanks question. Stephen for

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Should for forward on one One historical back loan us Greg. you the this to from you’re then more you levels? expect now more your for that some thinking the to trigger leverage to you. Thank Thanks just going point that. on Could give Formula about allocation at hit quarter? you this capital term And this way we maybe flexibility update Great. ramp

you Stephen. Well, thank

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Greg. thanks Okay,

David of go Thank you. Joyce Partners. The ahead. Seaport Research next coming from question is Please

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Some others silent. quite are

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Great. and Stefano. Thanks Greg

Company. Thank from go next ahead. Harrigan Benchmark Please you. Matthew is question of coming The

other merit you. absolute home run just Nation Mexico OCESA, Thank among Live Colombia. its acquisition for and

as talked are think Michael the I [ph] business in expand cross-market appeal do and other growth XX% is just of there there they out see the artists I given the AOI like said were many you underlay quarter Thank music about year-over-year. yesterday? targets to mean internationally that Asia globalized Tino now of as you.

Thank you, Matthew.

long in Mexico right, City, who acting some with is stays a probably take that and You’re agreement as Formula Grand a primarily has Nation is history the as deal, potential also out we targets being regulatory the not partnership interest successfully. Soberon’s the fold but could in nice Live get our where the usually some we partner so are done it’s other because scale involved, there, management promoters point into a successfully Prix of OCESA Alejandro adding issues. of business, many that There of But is ownership OCESA of great well. One

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Greg. Thanks,

Again, the done. think next your we’re with a not if to Media you to And look our And listening have interest in I great you quarter, weekend. Operator, We audience. forward speaking Liberty for sooner. thank Companies.

this and today’s gentlemen, concludes event. Ladies

and or log enjoy rest the disconnect at of time, may your off webcast this You lines day. the your