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spk_0: ladies and gentlemen thank you for standing by welcome to the liberty media corporation two thousand twenty one que three earnings call during the presentation all participants will be in anderson only mode off the war we will conduct the question and answer session at that time if you have a question please press star one on your telephone as a reminder this conference is being recorded november fourth two thousand twenty one i would now like to turn the conference over to courtney chum chief portfolio officer please go ahead
spk_1: thank you good morning again we must remind everyone certain forward looking statements within the medium private securities litigation reformat i've actually been through result could differ materially due to a number of uncertainty including those madrid in the really most recent one q or liberty media issue one of one registration filed with the of you see these forward looking statements the only out of the date of this call and liberty media and liberty media position expressly to screen any obligation or undertaken to disseminate any update the revision to any forward looking the do and contained herein to reflect any change in the written media or liberty me the acquisition corporation expectations with regard their to are you changing events conditions are forgiven on which any such payment of based on a date call we will discuss or non gaap financial measures for liberty media and three of them including adopted or into and injected into the required definitions and reconciliation the premier league yeah and three affect them schedules one into can be found at the end of their is press release issue today which is available of liberty media upstate ny like to turn the call over the great methane liberties president and ceo
spk_2: thank you called me and good morning toll on you they've begun the calling off how portable was president feels that the modem in a coward and liberty cheap accounting and principal financial officer brian when when
spk_3: it's core no surprise we're going to go with the brave
spk_2: well germans for the first time since nineteen ninety five a tank and seven playing ball and in like a person occasionally get the up do something great when the time comes only two things matter being prepared to feed the moment and having the courage to take your best when chloe the braved the that my work by ted turner been writing is that quote so congrats to work for members players and their performance the brave like were net home all the players have such well deserved admiration alex them fabulous with an axe one midseason trade and for the record hop on a brave man with jim carrey mike and dirt and all a brave country most of all this was an excellent team effort particular game six in houston starting with solar ginormous five hundred ish three run homer and the third the cleared the train tracks and much breed pitching were wiped out this but getting spiked and the are spinning it was amazing comeback the all star break when we were waiting for and forty five and the team why we invest in tell that trade deadline which helped turn around and also generated a great financial performance and i said the financial performance of the team with as impressive as the on your performance the didn't today baseball revenue for home game is up eleven percent compared to two thousand and nineteen and retail per caps are up thirty three percent versus two thousand and nineteen the braid ended the season number two and major league baseball on regular attendance at two point three million this is closed doors door collaborative two point four despite only reaching one hundred percent capacity in may with our on field success we already saw thousands of new season ticket plans for the two thousand and twenty two season the battery was booming throughout the playoffs and we estimate crowds will well in excess of one hundred thousand for each of our world jewry games
spk_3: very exciting
spk_2: for me turned out to liberate sirius xm this morning we also had some good news going over eighty percent as you respect them to with tax free exchange and we now expect that to be and eighty be cordingley all future distributions from surrey will be tax free we did continue our share repurchases repurchasing ninety eight million across the aid in the case from obvious through september shoot me through october it just kept remains and we were purchasing looked through price ansari of just double four dollars we continue to take advantage of that discount we also sold our entire art or speak in an average price of twenty five thirty one procedure for after tax proceed to one hundred and seventy five million the majority which we sold after quarter and in october
spk_4: this was well timed
spk_2: we sold his stock for a forty percent pretax thing
spk_5: this investment was intended to take an option and and jason business
spk_2: but we like the hand we have theory and now have additional cash to fuel incremental buybacks looking at syria so strong results for the quarter to six hundred sixteen thousand felt pain at at the highest quarterly bigger ever recorded we obtained are pull your guidance and nine months
spk_3: we also reported for the quarter the highest revenue and evident ever
spk_2: we have continued focus on growing engagement outside the vehicle perhaps you saw are very entertaining syria accept the series xm health ad campaign and we have been driving impressive growth and the advertising platform with revenue up thirty one percent we're back to producing live content and experiences with small were small stage series and we hosted dave matthews brandi carlile coldplay and drama later
spk_3: bergeron content we completed an investment in a car and agreement audio up which will create new original script and podcast for the series platforms
spk_2: turning briefly to live nation i know to reports winter days i really can't comment on the results of an say demand is in georgia now being met with supply and we are pleased with the equity performance of forty three percent here today during the form of the one group dark thrilling season continues the lead for the drivers' championship has gone back and forth between max and louis among the rest of the drivers very kind competition across the grid
spk_3: and then a constructive championship mercedes and red bull we're fighting for burst with mclaren and ferrari and a battle for third
spk_2: fans are attending and tuning in we have never seen such a crowd of often for example which that an opponent and read attendance record over the race weekend of the four hundred thousand people showed up in austin almost seventy percent were telling the first grand prix usually figures more like in the mid thirties that is definitely disgusting a moment recently results release result of f one fans are way survey and our democratic is doing younger something few other sports complaint we already looking towards twenty twenty two and of enough a twenty three race calendar we are excited to have our second race in the us and welcome the miami gp may demand is high two hundred and seventy five thousand people cree registered to purchase tickets at compared to no plan capacity around eighty thousand eighteen hundred people have played the five thousand a pop dollar deposit for luxury hospitality paddock club and sweet soul route that they sold out the available to tour the first day we've also told to the available grandstand tickets and the first day i've turned briefly l back we continue to review opportunities we believe that changes in this back market will ultimately be to liberties benefit and with that i'd like to turn over to brian for more on our financial results
spk_3: maybe greg hard to follow that but that will give it our best try good morning everyone liberty sirius xm group is attributed cash liquid investments of two hundred sixty five million for fifty million and public debt and equity security that the corporate level this excludes one hundred and sixty four million in cash it held directly your years like them
spk_6: we also have one point one billion of undrawn margin lung capacity of the parallel note that abortion work out to be used that early twenty twenty two to repay or two point two five percent live nation exchangeable bomb we should the redemption notice on these bombs just after the quarter they've been the verbally of the liability a quarter and the amount of cashews would be five hundred and thirty two
spk_3: as of november third the value of sirius xm stark held at liberty to like and group broke warm up for the exchange than off today was almost twenty point eight billion in the value of live nation stock held with some point three billion we have three point two billion a principal amount of that against his holdings photo liberty theoretic them group attributed principal amount of that thirteen point one billion which includes a point nine billion that series like them that is on earnings really the liberty through thick them group outstanding shares out as a temporary one procurement for the exchange would have been three hundred thirty six million shares formula one group had attributed cash on the good investments of one point six billion a quarter and which excludes five hundred eighty five nine of cash at wondered about another one hundred ninety four million and public debt and equity security photo formula one group attributed principal amount of debt was three point four billion which includes two point nine billion of the and one leaving five hundred forty six million at corporate level up one five hundred million dollar revolvers on wrong and formula one leverage at the end of the quarter was five point six times vary the target range of five times the know that we are still in a period of covenant waiver until march twenty twenty two
spk_6: please also note that beginning january one twenty twenty one of one began reclassifying certain components previously reported another up one revenue and a primary of one revenue to better align with way currently evaluating
spk_3: on it's reclassified into primary of one revenue included up one tv subscriptions up to and up three related the broadcast origination and sport the and digital advertising among others additional detail included in including the impact of revenue reclassification for the years ended
spk_7: amber thirty one nineteen and twenty can be found and schedules real earnings press release posted to our website
spk_3: a quarter and branch group had attributed cash and liquid investments of one hundred and thirty four million which excludes eighty three million of restricted cash
spk_6: rights group had attributed principal amount of debt of seven hundred and twenty one
spk_3: liberty in arkansas to subsidiaries are in compliance with er det covenants a quarter and and without alternate over to stuff know to discuss formula one
spk_8: thanks brian
spk_9: are two thousand and twenty one season continues to underline f one position as the undisputed finagle motor sport hamidullah and the stop and as feel badly for the checkers with the leave going back and forth almost every race these computers to produce best they can moments such as a month i'm coming together so much scott and up on the top of louis and in austin while the witnesses a speed at the race to emerge ahead after to well ps battle extend further down the field we computer to see that of phases on the podium into the are one and two for mclaren month chico finding in try the bible and throughout his return to the podium and such in the constructive championship method this is managed to retain the slightly delivered with the fight for the third between mclaren and ferrari even close we held our second sprint event in mom them which was a game well received and suddenly impacted the send a shotgun we will hold our third and final event in her zeal and the are actively collecting feet but to make this pretty prevents even bet that he doesn't twenty two as restriction have started to be easier we have seen the return of large crowd to our races many at capacity and the but the plant these jokers
spk_2: i didn't fully once again we were thrilled as for a while to come to them for the first time since nineteen eighty five the orange army came out in full force to see max when and the promoter over the of in every aspect in austen we walk on the hundred and forty thousand fans and sunday and set the new
spk_9: attendance has rifle with four hundred thousand over the weekend we finalize the two thousand and twenty one calender with khattab feel the weekend of november nineteen twenty one thereby creating their pre race run in the middle east to the end of two thousand and twenty one sees these agreement is part of a long that they year the top in two thousand twenty three africa tab host the fifa world cup in two thousand and twenty two the draw and popularity of formal one has never been greater this is reinforced by a recently published in nielsen the motor multiple survey covered in hundred and eighty seven countries participant identified that exciting his former one number one brand attribute with competitive and entertain any also making the top five for the first day the sample of response was the largest and most diverse ever with female participation dabbing and the average age degrees in four years to thirty two we know we're moving in the right direction and engage with remain strong across all black pulls on the digital trump unique users across the f one website and app the shit of up fifty six percent compared to two thousand and twenty social engagement continues to grow rich in nearly thirty five million social interaction for the that gp fifty two percent higher than the law as you have you been two thousand and nineteen and eighty million social interaction for the pen and gp are they good number of formula the total number of those following that one on social media loves tenth of over forty five minutes the tv audience out to the name and we have seen strong growth over two dozen twenty and their two thousand and pin in many markets notably from the netherlands greece spain hungary and the united states f one tv remains a great way for past to catch all the action of the race weekends the concurrent view for rated these have consistently be more than two point seven times higher than two thousand and twenty season average we were excited to announce that twenty three race calendar for two thousand twenty two if he's a great mix of these thought he can you at venues and we will welcome miami which will be our second base in the united states we look forward to this calendar which when paired with the new regulation and car designed to get a closer racy should produce another thing is if we do hope that two thousand twenty two finished more normal than the last two years while we can draw on the skills we have own to deal with the any challenge do we continue to face you to the going pandemic condition china will not be included on the two thousand twenty two cullen but will be restored to the can then the as soon as condition allow and we look forward to our long term partnership we remain in there and viable position of the man the of races continue to exceed the available to play weekends in the area of media rice we made it to announcements following the news that the top sports channels in asia with close they have reached agreement with multiple broadcaster partners across the region through the end of two thousand and twenty two sees this ensures that our fans in singapore time them the philippines malaysia relay indonesia good now we're ama and the chinese of minutes region of hong kong can watch the conclusion of the two thousand and twenty one season and every race in two thousand twenty two we also extended agreements with the disney in japan and india is that india
spk_4: on the other side of the world we extended our successful broadcast partnership with cannot lose in france and it doesn't twenty four which includes they have dedicated a live one show session from grand prix weekends will be broadcasted live and free to add along with event i like to well did
spk_9: do we continue to work with our commercial partners and allows the clip to come over take a word in addition to that tattoos sponsorship of hours green events it will be awarded to the driver was completed the most of it takes throughout the entirely all the two thousand twenty one season which can currently is up
spk_5: battle between to better than drivers battle and the laws
spk_9: it doesn't twenty one f one east for see this project was she presented by aramco is now to events in follow me now our hi ever number of fans authentic to qualify drivers computer to waste remotely but the hugely popular competition is broadcast that on their g infinity a sport that any london along with the live shows that the glue napoli pink i'm tom deacon and the chemical the action in the world championship is middle of the action on the track with multiple podium finishes across the first six races this year qualification now open to a challenge in the official if one twenty one the video game developed by pulled much in love with our goal of the net zero carbon by two thousand and thirty were aiming to help develop a hundred percent sustainable fuel for our new generation of puma one i breathe edges
spk_2: the focus is on their a job been fueled that can be used as a tad that internal combustion engines without any modifications to the engine with the pocket to achieve greenhouse gas emissions savings of at least sixty five percent relative to foster that at the federal the impact of these develop and could be enormous
spk_9: with one point eight billion causes be made to be on the road by two dozen thirty with only eight percent of those big puberty and that to bagels internal combustion engine and hybrid will continue to be essential to air and sea travel as well as they hobley industry our partners are all focus on e as she initiatives williams said than ambitious target to be climate positive by two thousand thirty they have launched our comprehensive sustainability strategy that encompasses the climate biodiversity is the was ships sustainable in the racial industry access for all the pope was originally the leadership on the promote site the gump real the frost become the first grumpy organizer to the see the highest levels of the big issue by the if i eat that commitment to a sustainable development approach it goes the elimination of a single use plastic i'm mobility plan the significantly the coupled with three or stick tape of travel and was drunk or meet them to social responsibility with seventeen races completed and well on our way to the leave it in the champ was you break of the twenty two the season despite the ongoing pandemic i'm so incredibly proud of the up one theme and all our partners the flexibility of the that these play all year is truly impressive any does been sort ward ensues see huge number of fans backup races celebrating our sport we'll see the enormous opportunity in front of us and we are committed to our vision as that that you to little and continue to evolve over was full of amplitude the full speed ahead and now our turn the call back over to wreck thank you bye a job
spk_3: thanks stefano and brian
spk_2: and to are listening audience we look forward to seeing you on earth day november eighteenth that our anyone better meeting the whole experience will be offered in person at the new york times center and virtually no link to register can be found on our home page please note all in person attendees must be fully vaccinated against coven nineteen we appreciate your contributed to liberty media and hope you was a safe and healthy and with that operate like children
spk_10: thank you
spk_0: we take our first question from brian craft with deutsche bank please go ahead your of open
spk_11: thank you good morning and congrats on the the braves when in the world series i had two questions
spk_12: one on i are and one on formula one on formula one you see i'm optimistic that twenty two marker return to full operating performance
spk_11: assuming that happens do you think twenty two could be the year where we see for the first time all the benefits of the last four and a half years initiatives coming together wants to drive financial performances in a really a step change higher than than twenty nineteen pre coded and then my other question is just curious greg what made you decide to say your i heart stock is that no longer strategic interest for sirius xm so just you know what change their backs
spk_2: well i think i don't know what's that no comment on the formula one as well look i think twenty twenty or we're going to the return of many elements of the business but will everything come to pass and will we be on a new hire plateau i think it's just the beginning and we'll see continued success from that level and above
spk_3: well everything come together
spk_2: always hard to predict not only because some of the issues around you know what contract get executed what sponsorship opportunities but obviously could there be the risk of attendance issues into twenty twenty two with kobe to be determined but i do think we will perform better and twenty twenty two than twenty twenty one and better than we did in nineteen substantially better and i think the trend continued to be
spk_13: definite want to know what you would add
spk_14: i would say greg use into that group the what i do need the will happen and of course you said one thing that is really good this success who will able to do to do to do to lead the did she decide type the damage was due to the job but we were flexible and that with the other things with the partners will become august to make sure that we would then digit with the beach eguchi i think that it would you still need to drink to put into perspective because we don't know exactly what how this we should develop of course we believe we can see in a good reason is improving and i would say that all the elements and all didn't shoot it be a we put the blatant beloved couple he is pushing up the back stabbing some year
spk_3: and as far as i art we took a steak because we thought it was attractive and encourage the potential optionality it's not something we're looking to pursue so it seemed to make sense to recognize the game we had and you'd like the proceed to go after our own discount our own opportunities okay thanks you both prescience banks with the question and thanks for the call on the braves
spk_0: thank you we take our next question from v j and to with evercore please go ahead your line is helping
spk_15: a good morning so could greg go didn't interesting transaction voted out last night
spk_14: i'm just curious them you know why that with the structure the the you know one of the stock swap with a shareholder to be the owner should look like you about eighty percent on on period now
spk_15: does that sort of suggest that who this could be qualified of me to be about it the gave you know know probably have three to be in bed with january i think bobby the one the community so what does that mean i'll be settled on doing the whole tracking fuck structure what what i'd like to believe that gets you taught them that thanks
spk_2: well i think you you rightly noted we to undertook a transaction where we get a tax rates change to make
spk_3: what and eighty be out of this ah you know when our famous one around here is no planner and intent and that one we have you ever been in my office you'll see i have some pillows would say that thank you from courtesy of corny but look are
spk_2: our whole idea to create optionality we have nothing to announce today about that we would have gone over eighty probably with jury has continued buyback but the way we trend that acted with attacks were exchange allowed to become an eight tv or something weeks back will be in a to be and great optionality and flexibility so no plans but we'll
spk_13: we'd like having a beach can have enough of them
spk_16: great thanks so much
spk_0: thank you and we take our next question from jaffray of check with people talking we have please go ahead your lines open
spk_17: good morning and are to congratulate you guys on the braves one a world series i that was kind of our left field for a lot folks of graduations and crossing eighty per cent barrier in theory
spk_2: i'm
spk_3: i guess a follow up on theory question would be obligatory now the you're at a the
spk_17: how should we expect nothing like what you're doing charter we'll maintain you stick around eighty and then you know participate in there by back and then also and theory post their call the us steel ceo made some comments that multiple auto manufacturers are ramping their steal the worries and planned a trip sure just it bottomed out
spk_3: the beginning in the fourth quarter first quarter
spk_18: are you seeing the same think mural reporters next
spk_3: oh you know on the up
spk_2: what we'll do we obviously have no
spk_3: you know no planner and ten we
spk_19: we try to keep are options open we would not be able to sell directly back to or it or sell our stock in the marketplace and whole that eighty above eighty unless we didn't agree with this all right to the company which we do not have at that time so
spk_2: probably dividends or the tax free most attractive thing and we can make a determination about whether we want to sell stock and into the marketplace and be above eighty will make that determination overtime but i would note that did that would not be tax free unless we had a ability so directly company which we do not have at this moment oh on the sore and where did you know it's going i think you know things will get better at our expectation but clearly the fact that we had a lower sore for many months in the second half of twenty twenty one mean the top of the funnel was not at all we do expect to recover and refill but it will be will have a look less opportunity for that knew that ad
spk_0: felt pain that add i into twenty twenty two so we'll see what it comes but we are optimistic that our partners will get on track a will have a we had a great
spk_20: helping that add color it will be a little tougher and twenty twenty was we had and unless that sorry fills quickly
spk_21: like you
spk_2: and can and we take our next question from that much her son with credit suisse please go ahead carolina helping well thanks so much job of the regulations are on the braves regret right now we we off say that the am
spk_20: go over to with the to but if we let our agreement between liberty in theory required for the a to be consideration i think you were implying that comments i just want to be sure
spk_1: we construct and transaction where we had a tax free exchange of our stock which is that is what was required to to we believed to make this and eighty be rather than the alternative which look like you would might naturally occurring which was to have theory by over out my back their on stock and pushes overeating
spk_22: so the actions we took the positive action of doing as tax for exchange we believe allows us to be to be
spk_21: thanks for that and them and maybe i'm missing something simple by the what was the purpose of the two fifty three letter agreement between liberty in theory them up all let alone when they talk about them
spk_23: the a degree letter grade that was actually a result of a negotiation between on that he had theory that them it with them additional material that needed to be delivered in connection with are taught to exchange that we didn't he didn't engage in a negotiation with that committee and other than out that they made and we you
spk_3: okay and then
spk_21: greg i think it can we are to get you to talk too much about the relationship between liberty syrian theory until the alex day but let me try this way that more appealing to create long term value by taking advantage of a persistent discount over a long period of gap with becomes available do so say using theory dividends the buyback you know liberty series here's what would you rather close it is cause rapidly as boss
spk_0: what what's the better path to the grid wander about agree
spk_24: but this is a debate in the beginning of time you could think about buybacks are by back to be done to buy your own to talk at a discount on try and get your stock up we generally they were the long term path and like a and that alternative but clearly there is an advantage your thing the discount close as well so i think it's a win win dog okay we'll wait for the animals day for for one i want thank you and can we take our next question from ben swinburn with morgan stanley please go ahead your line of open
spk_25: great thank you gordon and like a thirty about the braves it's been covered
spk_24: and for the award i guess to question to me all of the sort of qualitative the and quantitative between the qualitative data as the sports having an unbelievable year and i'm wondering if you could talk about sort of to opportunities one in race promotion or you do think your ears strengthening kind of your pricing power with your host partners as you move into renewal the over the next few years given all the attendant trends and i will if we just came out a kobe where things were incredibly days the on that front but it seems like that party or business may have more price and than we've seen in the path that that the first one and then secondly next year
spk_2: you've got a new car the budget cap and stepped down again you guys wanted to make the sport more attractive for new team
spk_13: you know that in new capital to come into the sport new engine manufacturers i guess question is does a lot of rumors out there but i'm curious if you are bullish you're going to see that start to really show up in the business and twenty two and and beyond
spk_14: thank you go out of pick the first shot all step know obviously at look i think we the strength of the sport in terms of the demand and the audience helps in many ways we've seen new
spk_9: the city's want to enter like cutter we've seen an increased performance and increase success of existing promoters for example austin and adding extra seating all of those allow it frankly both sides of that allow us to get a better deal and to do better both with the new park
spk_14: years and with the existing partners so all for the good of a promotion side
spk_9: i would you are getting a promotion
spk_14: now up and that you're probably right thing that the not on the a network of people that are also something link to the quality of the of this show that to have beginning of the what year old so keen on is often for the people that are ten races that unique experience it's been it's web
spk_9: former one with all things related to the company and opposite and sponsor to get it and leave it it's something that you should get be so beach with that situation it would have to be how old's that that match
spk_14: more than he can make getting on the second part of the question the people you in oklahoma
spk_2: i think that that we're talking about the you regulation we're talking about the fact that the discussion at the beach club now you see that the the value of each be nice if you get an idea to investment that we're doing of the cab on the computer because on the fact that for a better good pal or the corporate situation at the thought of the fact that we want to have a motive for that would mean that level teach i mean that each but as mean really
spk_3: vocals in and on sorry added the new regulation unable to because to be more more you to be overtly good do you want to the other we have an incredible number of neither the we gonna loved that food so it's been a method of find the right balance with the fact that would be for sure new one for want to come me that that fucking want will give the idea
spk_2: the data already into the school and then in the discussion that yeah they're all that eating on the public domain about what to do to technological jack johnson that we are not yet taken for the future poetry the fact that the new manufacturer the a discussion with the affiliate you know it's a very very
spk_24: encouraging situation because me that that mean that the f one that take you guys that can good decisions for it's future so once again we have been an incredible among the top a great opportunity in order to consolidate this food that is really in a great shape today yeah and i wouldn't do that goes from the thought i have that stefano said look i'm one of the important things with to help the ecosystem and you really think the strength of the teams to so much better and i appreciate all the kind words they now say about liberty and about born had one manager and i think that's because guess what the value the teams had gone up dramatically and we knew that was necessary and the actions we talked with the budget cap and the like and changing some of the payout all were designed to create help of the ecosystem and that happened so in many ways the teams have gotten that success because it was necessary to make them healthy
spk_2: for out the get to build to the next level and the interest you're seeing of new entrant accompanied by teams are is only an echo that success so i think there's a lot of things are setting up well for us if your want all those pieces about demand all those pieces about the strength of the just are all set up well for future success and where i mentioned you know that twenty twenty two was going gonna be a step up but certainly not the last when i think we have a long trajectory of success in front of us i'm very optimistic
spk_3: if that's great and maybe just like a new one quick farben on the braves
spk_2: not to sound like debbie downer after the world series but but there's obviously a lot going on her got going on with your rs and partner to say the least is that something that concerns you greg given the revenue contribution that the braves get from local media right
spk_10: as we look into you know through with happening with diamonds words and dish and cetera
spk_0: the accord that concerns me but let me give you a few facts and we have a good deal not an amazing deal with not a god you're like deal at our
spk_14: rs and partner it is probably one of the two or three most profitable are it's and outdoor right now and our territory twelve plus million cable how old is the largest territory that people have so when you think about a digital conversion as wealth that up and move think about what the alternatives are to the traditional rs and model it really does the bob which i suspect it will overtime were as well set up and position does anybody and based
spk_26: cool so lot to read the think that are are as and partner doing pretty well they can continue to to do well the deal it not done till twenty eight ah and we have they said alternatives an opportunity to i think in the digital footprint with your unparalleled in baseball
spk_2: thank you
spk_27: thank you
spk_2: we take our next question from david karnofsky with j p morgan please go ahead tell yeah linus or thing
spk_3: i do greg marriage at the following your prior comment if given the value of one is creating for the teams and some of the team principal that big spoke about achieving you to billion dollar valuation this week how do you kind of think about with the right economic split should be between at one of the teams video that the longer on a
spk_2: and then just don't of one a repurchase do you expect a buyback more shares some girls that kind of more about capturing a discount between the in the case years as the why not a lot over the summer so ah
spk_0: i'm very happy to see the teams do well and i think i said that was necessary
spk_28: for that success about one the new carpet agreement has some incentives that is revenue and profit increase we take backs of of that which had been given over the last several deals you know i already warned the teams expect more demands from a on how much except they've had and they smiled so we'll see how those negotiations go but i'm optimistic that we can continue to have success with the teams as we've had over the last couple of years and we're both benefit on the wanna i think we liked both evaluation and way to obviously try to take advantage of the discount we liked winning twice and that transaction and as we generate free cash flow it won as we will you'll see a pic actions and try and take advantage of pricing and other things that we think are attractive the market what are you know if i live i said earlier know planner and ten announced today
spk_2: like give and can we take our next question from david chalian with barclays capital peace corps contact your linus open
spk_28: thank you
spk_2: appreciate the great numbers on the austin grand prix could you also provide color on
spk_14: with the perk up spending increases during the third quarter of the average attendance we moved overall were burden and the the races as well as with the paddock club just comparing it to twenty nine pain and then linda the fourth quarter with of for the remaining the races when one is for the capacity of look like thanks
spk_29: yeah i think that the heart comparison because and twenty nineteen we had
spk_0: that different timing of different races and ship it around so it's not a it's not a per in if not an equivalent thing because the calendar has shifted so we're not prepared to the fact that are in a now that forecasts for twenty or the fourth korea
spk_17: and need further color that we can learn about to the with the perk up spending and if you can compare race to race i'll let either never know what are you want comment but i think yeah what hotel
spk_15: yeah i mean what i can see that's for sure the lucky that's where people that get them did we see the we resold increase of course add or the product of licencing the have thrown out because that he did and really dated or the the possibility to shed experience in the and the and the had the right clouded by so that like and say i can see that it's happening
spk_2: and at what i can add on top of you said reduce it egypt for sure now we heading to races where
spk_14: we have capacity to get back to be in the grand dad and that we should by the bloodshed that he do something that had people to should people back again look at peggy
spk_9: ten cares question we take our next question from matthew harrigan with benchmark peace corps hatcher line open
spk_14: oh thank you have them and them you'll want to each year was you know then you'd be seeger was born he thought about improvement in your dynamics next year you're closer following better passing more excited racing and then you also elaborated developments in the saudi aramco jv that the he formed in march two
spk_2: last year and he really as as nothing alluded to be really talked about your the applications for the road vehicles as well as on track a i always have the impression that even know there are some nuances you smaller engines and all that that it might be backward compatible for to see vehicles on on the road road which i i don't know how reasonable that is better job of the stuff in a completely excluded that either or maybe even bother mentioning it and if it's a kind of a while question what they were with every possibility for years back to get involved now i think it's mandated is limited to the t m t but
spk_30: clearly this is something that i know it's a it's a moonshot bit of felt like it so it's pretty interesting given some of that the principles and bought like form the one and and saudi aramco thank you
spk_9: i'll let stefano com at odds over the tactical can't believe that then i'll get on of bus back
spk_14: okay so i talked on the technical like first of all we don't have to forget that at one of the always standing for of the novelty technologies which can be and i've been over the gate transferred from the racetrack to the production a bagel and this would be decades also in our future mean come on
spk_31: new technology in the having a in nagging imaginable power train that would be for sure i combined the hybrid engine with the with the sustainable through a part of these equations and beach will be very beneficial because of at the end of the be what we want to blame as a as a sport platform there are ways to keep them
spk_32: the sport of the center of the technological searched not trying to pull the people yet the bubbles for the small the the can for decades technology into a get equation so i think that these really
spk_0: taking the league on something that we have been over always the be that way of to acknowledge that not sport won't be that that will add what blood line is a little thing about not a sport that talking about the motion so the balance between that a high level of a set of the vatican and something that that that that the carson and
spk_33: the facts was the sounded like he's a very important but bothers to respect of the wife you know we can see other odyssey glacial that the got knocked the cage and that black over the been proven that to be the best look so good would be a good the future the pulse on the technological development of for whatever
spk_13: wow lab well it you know our backers a pretty broad mandate and we have nothing to announce today we really do look at the advancement in synthetic you will than a have looked around them as whether there's an investment up to whether it's this back or some other part of liberty haven't found one yet but certainly are not at birth
spk_34: the idea and recognize were in a unique position to try and the opportunity their next they promote them as well
spk_10: but it's it's just put my question of apologize i don't have got the inference from had this morning that this could actually be backward compatible for vehicles are already on on the road i mean it it might go through and misunderstand matters i would be in the scope of what you're trying to do
spk_0: that when i don't want to add up a confirmed that yeah yeah now i think that is absolutely the yes because that pizza be that with enough to forget that the own around the world that are billions of thought that that needs to be consumed with future so our answer is with a sustainable people the rules that we had a working on
spk_35: of course we the ramp about the all be a old the oil supply of a party and a the beast of a lot of the thieves or working out of that we get the chance to make sure that the this path will be sustainable also forbids because okay guy will be around the world in the future the third paragraph bucks
spk_36: and help
spk_37: thank you we take our next question from jason passing have to with city please go ahead your line us open
spk_38: i'd fit of it maybe a strange question do you guys have an estimate and turns out how much capital you think liberty would need to close the maybe discount on liberty series if you chose to do that
spk_2: does your
spk_18: oh
spk_2: we don't have an advocate i'm sorry
spk_3: okay thank you
spk_2: thank you
spk_35: when you take our next question hum steven last checked with goldman sachs please go ahead carolina's open i great thanks for taking the questions on formula on it sounds like there was a lot of the man on the promoter side has sprint races
spk_3: her for next year and maybe go off and earlier question cause you discuss the extent which we should expect on monetized or sprint races on you're gonna next year and and many more broadly i was curious how much more room you think there's for formula one that took spanish french market beyond the secretary says everytime
spk_2: i'll let you handle that now
spk_39: that know that we lose you
spk_10: can upload a oh yes sir
spk_0: okay i'll take a cut even though i will not be as eloquent as stefano oh look the there the tension
spk_2: we like it the fans like it
spk_40: the team's you know and the drivers don't say love it partly because you know their know the system and partly because it incurs potential incremental expense for them against the costs gap
spk_0: there are revenue opportunities around it both in terms of a greater attendance at events including qualifying but also in terms of the casually sponsorship of the sprint rate in the like so clearly there is an economic reason but there's attention which were not dismiss about that it puts more stress on the teams and more stress
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