The Liberty Braves Group (BATRK) 3 Nov 232023 Q3 Earnings call transcript

Welcome to the Liberty Media Corporation's 2023 Q3 Earnings Call. [Operator Instructions] As a reminder, this conference will be recorded November 3. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

Thank you.

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

Braves These this forward-looking any to any any events, with change Holdings or any and Holdings statements statements date speak is or disseminate such conditions thereto only expectations as revisions disclaim call, in Atlanta herein contained forward-looking of the expressly reflect Atlanta obligation any of to regard or Media in to or on undertaking based. change and statement which circumstances Liberty any or Liberty Media updates Braves

will are earnings financial and Atlanta reconciliations adjusted release Media, found today's EBITDA. at the can definitions Holdings OIBDA issued Schedules required be discuss including On The SiriusXM certain and Holdings, Liberty we measures Media, for and Braves non-GAAP call, Braves and adjusted end Media Atlanta SiriusXM for of today, X X the and Liberty Braves through available which Atlanta website. on press Holdings Liberty

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

during be Today, Atlanta be and call, Financial questions speaking Shane, well. Principal Liberty's the Braves CEO, Braves the Wendling. Accounting will and as all. will you, available related have management morning the Brian President on Chief to Officer, we answer Formula and Domenicali; will Holdings Thank to Also Stefano available and good to also we One's Q&A, and

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and engagement and at team a this retention. Sirius the we experience believe their by drive own next Wednesday, and before new enhance branded Analyst and be experience subscriber Day day You will will see the streaming management to able platform event, our announced new acquisition

this currently and the to and FX in Quint EBITDA merger the both, All-Star time. NBA, asset hospitality capabilities Quint Quint. cash live us acquisition enable but Group. is high-growth of over our sporting an grow September expect expand more partnership We Turning provider and this us events. with for the will sporting Kentucky sell a to is or we'll are unique experiences enhanced of the to planned announce purchase Formula We Derby FX, NBA now and a they announced already flow events. game, with to and inventory, One will positive other lead other believe

other Turning to at things FX.

in engagement it we term awareness the the spread quarter, loan popularity FXT, basis like in consumer sellouts surge Paddock $X.X media continues. of platforms, and repriced and we social in across Club. XXX growth to our digital tightened points. FX and seen FX continued platforms TV, itself, billion grandstands and B, others. the During had there We've in the points basis October, we social At we've see the XXX in from

You continue to see interest One. Formula in new

at Reynolds X-year investment we a and extension Anthony seen that in race investors June. in Mahomes, through we've our investors, high-profile Alpine, For Joshua This and Rory also announced Patrick XXXX. of McIlroy, new Brazil morning, FX, joined Ryan example, follows at

largest The We calendar. certificate the Building will inaugural in occupancy and for wraparound views are under Pit ready. Vegas received will track. the of XXX-degree balcony weeks race Pit excited the on operate We Building rooftop the The the X just FX provide is for the This begin. be deck race. of to

bridges in are structure complete. place. The temporary The is

ever ESPNX. go. November they'll will Keith live event Urban, It's name others. Balvin, Andra the This We'll an off it which will Cup. a first and its kick golf the Wednesday an lineup We ceremony a with sporting FX Day, the hosting To be to offer to ready All-Star Netflix race, be Netflix stream X:XX will This the before for J going event Eastern p.m. on are experience. on few, and PGA have and drivers will.i.am of will air players, unparalleled XXth opening at Tour fan tournament also on Time. Netflix with

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million were used XX% in X.XX we Let existing of me turn [indiscernible] to those where Group, billion exchangeable. X X September, and of Live our proceeds repurchase XXX to new now X issued of live Liberty exchangeable

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was XXXX. international way. full They they've Looking year-to-date, sold points versus leading million up XX%. XXX up venues million was for strength AOI XX%, tickets the saw price in with all XXX the Revenue and markets,

and are sees double in pipeline international been are lives venues and on live concert fan untapped are by Mastercard, into and digits. Live spent to XX%, with with fans the continuing We XX%. up international tremendous a potential XXXX and a is globally are wallets showing business, theaters up digits platform. experiences. and sponsorship up see the a and new large profitability sponsorship Year-to-date, beyond. up clubs, double growth again driven fans be Consumer large globalization operated with commitments, win in has concerts Per owned tailwinds continuing continuing at of deal which

Baseball, wins had looking titles against million we of at more National most institution season XX The the the hoped. ended were field any off than even Divisional the since tickets X.X record and XXX earlier We won for playoff sold, have title. run won Braves on in was We sixth obviously team Braves. with incredible if best Lastly, It straight in division of Play disappointing and finished Truist a the new League XXXX. losses. an Major the field, record Park. in the was our baseball League

me up for results. adjusted strong from XX% traffic and financial X demand performance. And attendance, more up Braves continue with increased months our year-to-date to Brian to let turn the with it versus rent revenue and Battery the growth financial from prior that, some OIBDA Baseball benefit at over and in the ticket year. increased the mixed-use on had was XX%

see and release. for completed of the adjusted noted morning we'll talking X/XX I'm when balance was comparing sheet Thank that the about X, that balances our morning. you, was be figures, as on this are good the X/XX split-off stocks My in July reclassification remarks on August you'll that to Greg, and completed the adjusted XX tracking

At quarter of holdings $XXX and had liquid Group investments end, Liberty monetizable attributed million. public cash, SiriusXM

X/XX. held $XX Battery at at of and SiriusXM Excluding cash as $XX LSXM million the million including of stake that's valued at held

near the margin at also level our term. shares debt third-party related these lenders billion with expect down parent will of We loan pay in to margin exchanged SiriusXM $X.X be capacity loan. the to undrawn There's

the SiriusXM the value stock As $XX.X of of November was X, billion.

have in We remaining of convertible at debt retired debt the of principal Subsequent Total against X.XXX quarter amount Liberty $XX.X Group end, principal Liberty $X.X billion, billion value SiriusXM notes. attributed of is holdings. includes billion $XXX SiriusXM of basket SiriusXM. debt these face $X.X which amount to million the outstanding

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in variability analyzed as points. year-over-year brief in business said, of I to is its though, will margin And FX its an make calendar. in few basis, annual on a B loan October, results. remarks the XX the quarterly resulting XXX repriced best Greg the mentioned, on given The rate basis FX basis term that compression With points

out proportion income FX higher out quarter, of recognized occurring this of the races during due quarter compared year. of X X in a to XX During last to XX season-based

mix versus third races period. Singapore X taking results our year races has with quarter, France the in year benefited place and financial Japan The prior of the in flyaway also this

were race grew in period, in while One revenue OIBDA Academy. the the realized the initiatives prior incurred Vegas quarter with not also year that Formula leverage FX incremental line growth. payments or lower quarter the fee during We and and like investments on growth making in

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through recognized be third when CapEx largely as the will $X said, sales of On related preparation. occurs. cost fourth approximately race other to incurred million we quarter, is SG&A, million and Paddock quarter the in quarter the revenues and to ready. LVGP. LVGP-related related Pit the included costs Non-Vegas, that Year-to-date, building the Note track the Greg the structure $XXX third of of building

margin CapEx at to FX-OPCO One investments to Group, million, level the At The majority $XXX assets. separate our sorry, public undrawn will ETF and buildings from million of One will be of Group, land of the the Nation Pit FX liquid as and spend and margin Live the the the level. Track-related corporate the related and also attributed Formula Formula the incurred sit $XXX includes CapEx holdings Live incurred related has within at building Liberty OPCO. cash, There's loan has be there's which loan. capacity -- monetizable

As billion. $X.X stock of our value Nation November of X, Live was the

XX proceeds during bonds outstanding X.XX these quarter, we issuance. in exchangeable outstanding billion There's And X.X% to used principal from a remaining were the XX% X.XXX expect Nation Nation X.X% of on against recent to the new bonds. put debt date raised with Live billion repurchase our have $X.X million. million call the the bonds, Live for which September amount remaining that Portion 'XX of settle of $XXX have exchangeable approximately we these We of proceeds holdings.

subsidiaries And which baseball of game impact home due and operating mixed-use briefly to the games including league rental income in current then existing tenants, turning the increased Battery than player in quarter minor the at their primarily Liberty related Braves. revenue, regular end. grew payroll expenses. in increased revenue Atlanta season are X covenants grew new in growth offset in increased reflects and primarily and quarter and and concession revenues, compliance attendance, our from ticket more quarter, consolidated debt with Revenue third higher to to period. and due that growth the the costs less

turn third SG&A And costs Formula the that, to with discuss I'll was split-off. One. Stefano also the in to over elevated to driven by it quarter, related

Brian. Thanks, Good morning.

Austin coming header and City and We winning had Bull Mexico the Red Max Constructor season to to end the an incredible Championship have triple action-pack from are in weekend to Americas, Verstappen their consecutive third of Brazil. this consecutive title. second an

the been way We X has represented excitement with season Mercedes Championship have throughout with around type at down the podium strategy the strength and several still teams the competing on the date. evidenced secured While Lando's are had races, firstly, various all have in and tight different battles the field other gained to season implemented. McLaren, Ferrari teams excellent Norton the for start

Mexico and and the closer races. in getting is to

their even with appearing With to XXXX challenge a number We be to for have to over witness hope in performance recent teams left events, for focus the closing we real year. for forecast. season, more the gaps next shifting the of of battles remainder

strength. interest number we have high, in is the a financial ecosystem. which including generating expansion engagement the much brand a anticipated business Our their incremental strong. Pitt. of And position teams sponsorship, starting sustainably is works, benefit our Fun improved in initiatives health, FX The entire have of Brad own is commercial their

where in recorded for are Prix Singapore Prix, for fans. at will our third continues record XXXX. highlights, Grand another a weekend Netherlands These in event I to of the crowds have race. at recent next total last any Liberty's momentum highest highest out attendance XXX,XXX Day in strategy British Mexico, the XXX,XXX to capitalize massive The the level Braves attendance to to was highlight weekend the this week. in with out a country The more decades. so XXX,XXX out. Grand Japanese of so weekend share since sell quarter Other XXXX Investor the sold attending. record XXX,XXX we on the XXX,XXX Silverstone Attendance the sold on

fans As content social. increasing leaner, our discussed, and we've in FX excess media including multiple platforms, in are across digital

XX% richer approximately Spain, solid seen a global Growth in the year-over-year building has on YouTube of content the All as where also video as in million audiences well types TV viewership are digital particularly to various FX had a subscribers, reaching XX XX have varied seen channel and strong including growth Mexico We million. TV, satisfy more the market U.S., growth across we We've with growth Australia, subs. median FX funs. almost averaged viewership, year-over-year. plus

platform up Across our social year-over-year. media content for biggest now channels, FX reached FX XX.X audience and million followers growing TikTok our fans market surpassing U.S. racing June, as of fastest-growing XX% to both new our game existing QX, media, social gravitate launched Massive for social their time. lifestyle on the and first EI U.K. the and the in is channels. XX alike. the is now game, across

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with as commentary, their Netherlands more. the providing a we strategic On media part in allow radiocommunication to angles, Viaplay with customer TV the subscription, incremental that of access and fans camera will into Pro entered their right, Viaplay FX partnership

were Netherlands strong new to growth TV in This week, RTBF of with the DAZN in deal of Belgium an agreement attractive for Our announced in our expansion have multiple the seasons. market with and also broadcast a with in end an Spain viewership past we until XXXX, FX agreement

subscribers TV and a to provide media our tailwind right access grow to are and Pro revenue. continuing

the and with the as special races in our Vegas across FX and until were On partner will Liqui them access new official Card members the renew FX on-site global for for securing with benefits announced We curated Americas to their regional place agreement Americas, Pirelli recently in sponsorship, FX payment also Pirelli and Moly. including XXXX, presale and will welcome supply American long-standing remain thrilled benefits. have our tickets One. to multiyear partner partnership Express, as Las Formula

a sustainability align our to in the multiyear Overall, an Liqui official given FX demand be as with from growth and continue the interest under Moly initiatives. opportunity partner will brand sponsors continue to renewal. strong, and also

We securing confident and All renewed Las we continue eyes to pipeline. our the Prix sponsors, we and as Grand Vegas countdown are weekend. on coming success in now in have to meaningful new are

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now partnerships the XX over Grand Prix the date this Vegas has announced agreements to quarter, Las secured event. marquee the With for

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Academy This partners by inspired be commitment generation and can and demonstrates both to who the talent. of FX incredible in support this existing broadcast our bringing new FX their fan, racing

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Aramco, operating by Just our they synthetic XXXX. plus that partner, announced fuels start produce last X week, to will

use partnership biofuel across to was Our truck DHL the highly with the successful. European of season

reduced are in They races the an We the the this excited connection continue diesel-driven only we in X beyond. about record-breaking and XXXX as gaining season. the we of opportunity biofuel with to have the And compared XX% emission of average further insight The will use exploring year by we're left into trucks. are

partners to shareholders fans, I all their decision. support teams, thank FX of family, FIA, our and and to enthusiasm want

done own Our excitement yet. isn't

now racing, today before of hope battle round at we make the this week wrap to Las to likely updates And Investor Brazil into With the weekend will Grand of over way to season forward speed I look then Vegas down now the tune last you. call our come Day Thank Liberty's providing you next full additional back and Greg. of in we the I outside Prix turn place ahead. first to standing

Brian. you, Stefano, and thank and Stefano

Officer. recently, is Albert years who relinquished our XX seen Tax. after know much shareholders. Previously, Chief know. may release as he really served you Development He Corporate and of of for have never of value he's he was you our that Most how retiring that we at Many Head is as added Liberty. Some

will in Fortunately, future talent, with pleased to We a have he they our that will the bench of to those and we'll on drive development remain both a work deep corporate them grow opportunities continue tax me and tax investment do -- teams, and I'm areas. senior and strategies. But adviser. Albert

November We X, look forward you our at in Annual of Investor to York. New many Thursday, seeing Day on

John our our is information Malone will session. hosting Additional available be annual and I Q&A on website.

investorday@libertymedia.com. Atlanta in your like of if in line there We can the the that questions will open the would Liberty continued advance, submit we questions will appreciate Holdings. you you to about And and None can comedy. e-mail Media interest ask for If questions. do be with operator, Braves

Instructions] first line from question JPMorgan. with Karnovsky the [Operator Our David of comes

related implied payments, where in year-to-date, the On costs significant a down you payments Formula full for year, figure to August. One launch if relative it we was noted look our bit team in the nonrecurring it's Vegas. think at to I Greg,

So for wanted expectation the economics adjusted first the see if race year? to your of I in the you've

a at quarterly team going basis. just comments payouts to his Vegas I'll misleading let those or on be I'm Brian little can about some it's looked a payouts and of how clarity reiterate -- then hopefully, on comment

security, the a things had the than like to but anticipated, more help be spectacle be other onetime there have consultants there point, yes, outlined costs. like bigger On some up. is were of that first proven I and it open them impactful ceremony, proving also start-up but us day increased initial Vegas to I we set think ones

like. Permitting and were unusual the costs that

bullish. remain profitable bullish very for by Vegas the higher potential itself. overall had So and a there estimated. of be said, I impact are We very race costs a Formula as One I we are on, the of bunch initial this that originally exercise probably than Las remain

running we're just year-to-date, And Yes. XX.X%. at

of noted. what the in are As the implied team higher we typically QX But QX have than you tend lower rightly the noted payment flyways. versus just for that an economics by out, have the those European Greg overall for see higher races decline a covered year, and see team because but you year what of percentage full that mix to payment can

So that say lower revenue, to payouts -- the ratio have higher races might we into payout the team, as the overall. way, come one will a percentage to higher but another of that some are expect be

So that the this quarter that indicative year -- be may not full help? of Does number.

Vegas Yes. go And with the just a sticking possibility it like is Obviously, should potential how of the impact resolve strike work second, a looks next hotels. but stoppage at are this could a about you for week labor a there through? before the race, thinking

We have believe Las what overall worked unions, on and not may with obviously I will We're impact watching the have the Vegas be that race directly. our market. impacted

Our comes the Ben of line Stanley. from with Morgan Swinburne next question

the Congratulations guess, and to I Albert,

going him done we're around. -- He's We're yet. to to goodness, keep not thank quite going

I I'm to goodbye yet. him to don't So have say sorry. But go ahead,

revenue this are you think No numbers? to Or that still weekend approaching of type want will today? finer the know, top are EBITDA -- problem. you million put I expecting X of Greg, point top within X freezing guys that on just it, a changing people sort race perspective $XXX to be

thoughts. A couple of

I still estimate reasonable a think on revenue that approaching those profitability. numbers

us, is we've how may is noted anticipated. start-up been I only remembering this directly, this seen profitable not but think have indirectly, for race very a some costs larger and impactful to us. onetime I than that But

X noted will but top don't one have world the obviously, a as we top this that X, we As the have tell being that as are, measured impact. what far

impact increase let's year, to time see next particularly on increase. a have That's -- Once be clear, we FWON, for but when I and you initial other I having these costs, as still look to we we And there, able think and of past it I optimize we'll I that get we'll this well the as that's that being profitability, of noted. bottom being think we say and start-up at year, some that great be some think variables overall. have optimize, it will will true, for that won't not race. we profitability. optimize will on objectives line

Okay. the kind inflation And acknowledging then charter probably in. we're in Disney, the conference Sports thing Greg, recently, to you just at going a a that rates and post rights I be made think interest you world impacted. higher the comment, are of

You There out was Apple probably comment this deal. guys you the just won't announced on. that story there

just feels forecasting a can can market an are the sports what us of as direction whether right now think business? like businesses the in indication give perspective seller? on But you as the you your sports about rights the And that -- for your ahead guys is deal we

you're still relatively and pricing is and a mean, of trends distributed really your variables about on the U.S., are pretty of good stable we're I couple growing focused nascent, certainly Nonetheless, a pause. There you increases fragmentation property, here. give at that think, Ben, there our product if and dramatically. market we've audiences are some properties. We're in somewhat seen where fully our gaining of different a are more and sports might the position, traction, I and rightly overall

can There very the the and are find renewals you and feel in do a scale. factors much if know decide will made fragmentation property overall of well, content get increase things to that SAG things challenge difficult continued the scale be always market. to with of strike, other desirable of side, be place reached. But make where on sports cost be market. reach comfortable So I think you the scripted I paid the more overall be And with that where like between than is the like still do lot how in the very the place you're I the more a a a to the managed market trying with fragmentation FX to and

are the that on make -- are whole there trends FX. still a counter-growing market, So but bunch very bullish me of on

compare tougher How Is than Europe those? you would the U.S.?

or market and the are is of -- to may the well. you're wants is get very a in be needs fewer market it negative Ben, that where almost think a unrelated as rates multiple how sports going will U.S. And bidders, that than in are product. the reality trends bidders that be what bid And Europe. particular cases, further in know, well, there along to are there in the do largely which do most less in the geography. are a I the on product market the function you of distributor what the where could you But lot of going

next Our Kraft the Bank. of Bryan line with question from Deutsche comes

I think Special I like guess ask reach assuming you I of time if And will Sirius, address if wondering one? you that second I which close Committee maybe to been what the look key the the couple, just not, what question to wanted has line you Greg, and whether or reach with could. spin one, do you an probable if that once timing merge? the you answered the agreement and milestones reach a do do an would agreement, the could reached, to is be was agreement

about is events. an then And want Once Or it acquisition from you ask of pursue of Quint you acquisition, just opportunities the separately, more FX? to that I outside there to FX to advantages owning opportunistic close significant growth are asset?

Okay. It's a lot, Bryan. All right.

likely, I the shareholder If will further any to or I'm a be also equity SEC a -- not on structure regulatory on ownership and structure the they typical LSXM the that required how side, it already deal going with reached, structure Let's charter vote work bylaws and their matters think and the will of the to I be said But the quicker. be be on will is the matters shareholder comment there FCC negotiations, cleared. like. the timing start given our SXM -- have in of the side, likely high

any delay several deal would reached. post I even still that months has So expect made

think reasons, both who I'll Renee, Quint about Quint, either and do views let excited us. can it. because or we're On Stefano But for excited I what we're many for have it add of

having customers One are is and pushing of we understanding really Formula forward the direct One trends that a in better connection. our

will needs will Vegas whether are trend us to do be better or app so add desires. our things power and the we think Quint, allow continuing that you their it understand And many Las FX that's more. much that a allow the doing, customers to to and I and And see us ecosystem or

FX are of live how of some mentioned Downs. that expand that very can best those where We our events utilize the and but customer The sporting Quint-type and customers because I experiences. interesting. are some there important at places many how their is talents understanding they touch from benefit opportunity customer our of base, base. grow events, is to of many of are our outside they also MBA, could Quint also Churchill think customers we existing

potentially to think to Liberty of And be we reach them position help leagues and some a in out opportunities. those can

do it we're outside Stefano, want excited So what can sports. can do for what to do for hopefully of world together, you in the anything? both FX and we help add

No.

One, them need better with FX I to talk allow products think, is acquisition better the this the that will that exactly for it's in have the makes our to of and Greg, we things point the experience, that -- Formula be related all us them world. better for the you request enable sure. touched And to will The our better customer. offer growth understanding -- world of to closer be and them will that to around and

on one one. I the if ask first could just follow-up Greg,

I mentioned no How what my there approval be? have is an is already Commission Is Communications hard think needed? control. FCC's Federal role there think because would you you I matters. we would the guess in understanding about HSR approval be should FCC needed

Renee, is want My -- understanding is, you go? that to

much be forma we're what It pro to. to expecting. likely would XX I'm happy done Yes. within application No, is days a very XX process,

I point, the to get X X an the thing should months we announcement. entire I longer take which to review, be a have Greg's maybe done think after SEC months, to few think will the

from comes with Our of next question Evercore. line the Vijay Jayant

the A holding question a company spend as on the assuming money the Las paying is of race. land that Liberty I'm the promotion Media promoter, and a the track given Vegas OPCO on sort fee.

you Or are So the operating the OPCO sort you the Vegas race, the the that arguably is about talk that of payment -- assuming when includes at -- expecting the from race? when profitability of OPCO it to from the holdco? to profits the company, you're Greg,

there that correct you're is relationship. Vijay, Well, that

also, think, be OPCO totality, a we how about well. the I are time, but talking over will race think I as profitable very the

both at look it ways. you So I think can

that just about sort these race confirm Vegas the then is talked attendance on sold Can the you And -- races. Stefano of in ticketing? out all

Stefano, I'm one. happy Vijay, Renee. it's to take that

the have purpose. -- We the that tickets for hold back in a is Vegas left, the coming and in, handful which knowing demand of last minute, ticket didn't market, last-minute we

by sold very we the we event. be out time So the are excited, of and will

relatively is Vegas Las which Angeles of war Los the part for late, strategy.

of with question line Sachs. Laszczyk from next Our Stephen comes the Goldman

the be a you'd just FX to add I media would question. media global a follow-up long and be through think to single a Just exclusive Formula Ben's you entering IP deal just think better extent would you to of could pros understand with suited curious strategy Maybe I how term? the the right of curious extent And rights to the willing for over for cons to have that One type the a distributor? structure well be follow-up. longer-term the on

question. the for Thanks

in think tried we've profitability. today have be consistent the between in distributors are reach There's markets. to a few, and There their relatively do any, players individual reach answering I this. that if always who respective global trade-off

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Our next of TD line Cowen. Glagola with question comes the Stephen from

fully Were for costs increased your Grand are Prix And the expectations annual these what start-up the CapEx Vegas for recurring initial Vegas? captured for maintenance guidance last CapEx quarter? in

anything. think We we CapEx quarter. from said changing last I are about what said we not

really were of most think comments OpEx. my directed at more I

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Stefano. I can appreciate ask or one I if just that. more And with you

to How you With the the month, admission more respect adding you what us items just And grid? any give to updates this? FIA views potential for incrementally with gating get evaluating inclined to approving the last you can are are on or your to reject?

I'll let Stefano answer that.

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Our David next question Seaport comes of with Joyce Partners. Research from the line

to wanted Live to the I turn Liberty tracker.

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David. you, Thank Yes.

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intent no above, the today and plan we or any ideas on have -- we're So but of working through. they're

or own And thoughts revenues on significant from any RSNs. Is if league the annually RSN Braves second, there equation, the on be Atlanta on any needed, that's your by could I or if capabilities? update replaced side the could, either that's coming the of that the how

you to that? handle want do Derek,

sure. Yes,

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of question from Jason with the line comes Bazinet next Citi. Our

a Formula question had just I on One.

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So I and have streams upside. think did all miss? Stefano, are what I healthy X revenue

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I question. last believe our

Barton of Crockett Securities. Our with final the Rosenblatt question comes from line

that from think it platform experience value Do opportunity the to can local Greg, creates about some a on and experience team I shareholders? their for an the be a to thoughts Do optimize happen experience aggregation teams local local kind market think from existing streaming rights type your you think that into than the you now your if was right baseball of overall curious, opportunities a time streaming should own create of developing kind you happen? play broadcast. Do about of for kind a you consumer perspective? that's doing fragmented better circumstance new of that, over of should the guys streaming streaming, role own with there or their

with complicated. to good, rights think times, the mlb.com, probably increased the how Derek MLB on various much help I'll over been And everything has to an Bob back with comment, the that We, looked with and that innovation to divided potentially to this at is time. have at been more all some that. you're difficult of has made and has regime was Bowman benefit. partnering in accrued BAMTech. then did Baseball that local that right And sport with they add. interest the And year, I'll that let I innovator the

add? out I demand sport. would Derek, come what are plans pass, but none think many you looked a there the being at, to yet there's in there surely has

Greg. Yes. Thanks,

just So still and of this. baseball fragmentation trying changes happening think much maybe content the macro in level, get office of the about baseball that's in marketplace. demand ahead and the too sports commissioner's far not or say, But what the on in to even live very that, ahead of regardless I you all would

I a So good live sports content is in very the certainly business think being thing.

then got to you've baseball specifically, XXX And games.

of enormous extremely an amount there's popular. the is that content So sport

selling year factors. other Greg million tickets mentioned, this As just XX all the and

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especially significantly of our a sets. marketplace, are advantaged in against peer lot We that

there. And opportunity, at certainly the same disruption and opportunity and broader might the for us I But lot for the so a time, is happen. sport of that there's think

Thank you interest in all for Media. your Liberty

I of part Atlanta I Braves being your question. the to forward don't think was We I so Braves. them to family. have in I to last our look that used for interest. Thank our seeing separately. out mean you to don't the call friends.

look said, our forward of in you. many next you on week Thank New seeing As if I not, we to And call. earnings next York.

teleconference. today's concludes This

Thank your your disconnect lines participation. at for you now this may You time.