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spk_0: ladies and gentlemen thank you for standing by welcome to the liberty media corporation twenty two thousand twenty two get your earnings call during the presentation operators offense will be analyst and only mode afterwards we will conduct a question and answer session at that time if you have a question please post star one on your telephone as a reminder this conference is being recorded august fifth and i like to turn the conference over to courtney john to portfolio officer please go ahead
spk_1: and you before we begin we'd like to remind everyone that the calling for certain forward looking statements within the meaning of the private securities litigation reform act ninety nine by actual event a result could differ materially due to a number of right and uncertainties it will note measured in liberty media the most recent one time can turn q or liberty media acquisitions most recent one
spk_2: you filed with yeah
spk_1: different is a with the only of the date of the call and liberty media the media with ischaemic directly claim any obligation or undertaken to disseminate any updates or revision leaderboard look into payment contained herein to reflect any change and liberty media or liberty media rotation for guard there you are any change in a man conditions are circumstances any such treatment based on the did call will for non gaap financial matters for liberty media in three affect them including a joke that order and a job that even though the required definitions of reconciliation for liberty media and furious like them get one into can be found at the end up during the press release issued today which is available on the web no through the color but a great the fail every president and ceo
spk_3: bread chart the muting good morning to on the cob side myself also have little ones gregor ceo stefano give the gallery at liberty cheat accounting own principal financial officer brian when like what began when the be serious exam where we received at seventy million dollar regular dividend trump's jury in the second quarter which was tax free we all share repurchase ninety three million dollars cross the our sex i'm a and shirts from may to july and a look through price on syria to radiate bashir we do understand the discount has widened and it is frustrating and while the decline develop develops exam is in line with the overall market for the wedding of the discount has been very disappointing we still believe repurchases purchases are attracted me to capture that discount but it's becoming clear the not enough to collapse on the own we are focused on this i'm not a folsom with potential actions we might consider include reducing get our sex them to enable a combination and the not overly levered siri ls like them that's the better eliminate the value of i live stake and other potential actions i would remind you at liberty media and some of our various been authentidate we have a long history corporate action to capture discount a these include structuring the juicy i actually acquisition and fluctuate was a middle and eighty be the directv are empty and subsequent failed to adrian agency and the subsequent the separation of liberty expedia and subsequent merger with expedia in summary we have options and actions we had can take him we have a history of doing so so me the theory itself which i believe it's handling the market challenges well and maintaining their financial guidance despite a reduced some guides do delay weeks are which has been well documented for reasons like ship supply issues they had robust financial results from the second quarter including revenue up for preset turn steady at one point five percent and new and used car penetrations up to eighty four and fifty one percent respectively we also out extensions with important autumn maker partners including mark and mitsubishi we may continued progress on are connected tv platforms like amazon fire android tv lg and roko we sided new agreement to fully integrate he launched sirius xm audio experience accidentally would comcast with video to come an on demand music listening in the sirius xm app is up forty one percent year over year and that's partly driven by the addition of new the league and diverse content overall sports listening it up in the app our agreement to make sure exclusive third party platform for nfl games is helpful and keeping the family also announced an extension without one to cover every race on the world championship caliber lastly we're very excited about our continue work and captain america listen to audio of nine percent watch your project are ya of nine percent last year and i pod catching up platform because reading is work fifty percent we also expand our grabbing comscore to release a i powered podcast audience targeting capabilities somebody returned to live nation which the announce very strong results it is clear live events are back on a global scale of yet another quarter of record results vs two thousand and nine clean a wise up fifty percent free cash what was up seventy two percent and that rose to three hundred and seventy nine million die hours a ticket master itself a i was up eighty six percent and the transacted gtb was up seventy six percent again over two thousand and nineteen sponsorship a i was up eighty one percent over two thousand and nineteen and important clients including google eight up us and it we had the highest highest a quarterly tenant ever over thirty three million fans and are on site fan spend growth
spk_4: can used across all values
spk_3: we have an outlet for a record of twenty twenty two with one hundred million concert tickets already sold van attendance up thirteen percent of operate their news and almost thirty new gun using the pipeline and the two thousand and twenty three august pipeline is the largest we've ever had at this point in the year the exciting stuff turn the formula one group of one continued to see record attendance in viewership of the second quarter the australia austrian grand prix bizarre second part event viewership was up thirty nine percent versus be twenty twenty one austrian qualifying we also benefiting from the return of coverage on cctv boosting our audience in china similarly we've had record in person attendance for races this year of had over three hundred thousand attendance with incredible demand for the paddock club the hungarian weekend attendance for example with two hundred ninety thousand was the largest ticket at sporting event in history and hungary so we've seen strong ticket sales and sell out demand for the rest of the year and to congratulate calendars well the new regulations that were part of the concorde agreement are succeeding in a neighbor closer racing and and demonstrably more overtaking we are continuing to pursue trail with brazen work around sustainable drop and fuel and regenerate engine development and we think peace will have implications across the entire transportation that strict turning recent the or most recent work in las vegas we completed the land purchase a tough one corporate level we're excited about the potential for this property we do expect to have year round activations on this site the main paddick building which is why estimate to be none of it feet long with the like of three football fields will be exciting or actively working with potential commercial partners to expand opportunities there we are building out the f one team in vegas across sales marketing race operations and more we are leveraging local expertise and town as well including the a b c b a and our partners at live nation we're still working through the specifics on capacity but i'd note that our founding partners in vegas caesar's when an m g m are seeing incredible man and we haven't even announced the formal day we will obviously share more details on degas over time while some of you are excited you don't have to wake up early for races over the summer break we here at liberty ill afford to restarting gonna the one at spot on august twenty eight turning the braves they've been playing excellent baseball over the cap left past couple of months as of today we're just under six hundred record for the season and since june first we have the best record in baseball the spider sad lot of the mets last night it's an exciting team and the world halo is still driving fans to choice park praise or tenants is up twenty three percent compared to already strong two thousand and nineteen season we've had twenty four still out to the all star break and training to roughly fifty percent ads for the year tickets parking concessions and concert the roxy are all performing well well we've had fix all stars name is your most for the team since two thousand and eleven and double the amount from last year we just signed an extension what us riley a ten year deal a two hundred and twelve million dollars the largest in franchise history after outstanding performance by austin the season including a store july ah alex and published once again deserves credit for the movie took to strengthen the team for the trade deadline we do remember how well this worked out last year acquiring and grossman of left field an odor is a pitcher both to and shoreline it adding also our bullpen capacity we want to congratulate snip on it's by hundredth career when after leaving until last week
spk_5: and again we encourage you to tune in to the mets night we have nothing to report today on l mack but we do continue to review opportunity and look at the environment it was difficult respects as an opportunity for us and with that have turned over to brian for more on our financial results extra in good morning everyone a quarter and liberty service exam group had attributed cash liquid investments and liquid public debt and equity securities of approximately three hundred sixty eight million which excludes one hundred and twenty six million in cash l directly through like them there's also one point three billion of undrawn marjah lung capacity at the parent level related to our your exam and live nation margin months as of august fourth the value of are serious exam stock held at liberty here is like them group was twenty one point five billion and evaluate the value of the live nation stock with six point eight million we have two point eight billion and principal amount of data against his holdings total liberty serious exam group attributed principal amount of debt is thirteen point seven billion which included ten billion of data through sexism formula one hundred pet attributed cash liquid investment and monetize will public holdings of one point one billion a quarter and which excludes nine hundred and thirty five million of cash hell directly a formula one a formula one group attributed principal amount of that was three point two billion which includes the two point nine billion of that a formula one three hundred sixty nine of level during the quarter we were purchased the hundred and forty six million face value of one percent one can cast convertible notes i do and twenty twenty three for proximity two hundred point hiring point nine five million underlying plot shares at an average price of twenty nine eighty eight at one five hundred million dollar revolver these on drawn and formula one leverage at the end of the quarter was three times as we discussed last quarter hundred of the current concorde agreement team payments now take the form of an entirely variable prize fund which is calculated with reference to a measure of of wanted adjusted event rather than the adjusted even a measure use in previous agreements such a the calculation now takes into account callbacks incurred by including depreciation costs there is immaterial different today between the formula one adjusted even and adjusted ebitda for purposes of this calculation note that are reported that one preciation am already includes purchased counting amortization related to the acquisition that is excluded for purposes of the price on calculations with quantified in qualified this perch scanning amortization earnings release to system calculations also a formula one other up one revenue is running materially higher than the prior year up about eighty million in the second quarter and hundred and thirty million your day compared to twenty twenty one increased brain hospitality income accounts for ninety eight percent of the quarter over quarter increase know that the that a club didn't run and tell us july of last year while here today to the second quarter of one is welcomed over thirty five thousand and gas and seven events where we host rebrand are batticaloa other cost about one revenue is higher primarily due to the same factors god's rob seventy six million and second quarter approximately seventy five percent of which is due to frighten hospitality oscar it
spk_6: finally it up one at the last year investor day we include an appendix why detailing of ones foreign exchange exposure these percentages are still accurate was approximately eight percent of up one's revenue cost denominated in us dollars
spk_5: finally the bridge group the quarter and they had attributed cash and liquid investment of to o seven two hundred seven million which excludes sixty six million of restricted cash right group had attributed principal amount of that six hundred and two million ah the atlanta braves also announced several new construction projects for twenty twenty two a new office building will be constructed notify ballpark center are will have the national headquarters for true securities under eight that can year lease instruction is expected to begin in the second half twenty twenty two the brave that to make your cat contribution be a proxy only twenty million rather also working on a new project would go nra development company called the henry a luxury apartment building if completed the brains would have a minority equity stake in exchange for to acres have contributed land with no additional cash contribution from the bread additionally the braves are evaluating invaded to project goldenrod to build an adjacent hotel and condominium complex this is bill and the evaluation phase but would be another minority investment with a modest caching maps
spk_7: man
spk_3: a real stay projects of individually and collectively performed ahead of our expectations
spk_8: the battery is generating help the cash flow which is partially to support the operations of and future investments in the battery and partially to support braves baseball liberty in arkansas dated subsidiaries are in compliance with the deck covenant that quarter and with adults over seven oh to discuss formula one
spk_7: thanks brian
spk_8: for the latin and cold we were in miami for the inaugural miami grand prix it was an incredible weekend as for one was welcome to the city with open arms the celebrities came out in full force and much of the coverage at how did the soldiers abolition the for one in the u s it was wonderful to see so many of you impose are now over half way through that two thousand and twenty two racism and we have seen unpredictable outcomes and lot of wheel to wheel racing especially in the midfield it is a testament to the new regulation that everything else could points to read this is hello sign secure his first ep one can erase when up silverstone a loose hammer to mark his free hand the race card with the second place finish them first double podium all this is a former see this interest of trump much the top and currently live the drivers' championship over charlotte that a authority has shown incredible speed and the battle between these two is intense we have seen a fight between the latin and now been and it is great to see has beginning to move forward him and seven in the construction jeb bush and as we said let's say let's continue to fight back the looting and georgia podium get this action on the track has drawn in the fans will set out crowd at our event with the four hundred twenty thousand and the melbourne four hundred thousand of services for the have the thousand in austria three hundred thousand hungry and three and and thirty eight thousand and four camp
spk_3: and by the club as his previous record sales will come in over thirty five thousand people across ninety issue into the a record breaking the temperance of super some well we have seven thousand five hundred get the tv audiences is also june in in with the average odious spoken i'm bree
spk_8: to the france up to nine percent that's two thousand and one season average we competed to remember the globe on all platforms we were thrilled to announce that they're highly popular lead to see this drive to survive as the renewed for the fifth and sixth season the cheetahs is feel attracting new fans and system for broke into the legally top ten and fifty six countries
spk_7: bidding on the mouse what i will me you're right we reached a new agreement with band the ramp is in brazil throughout two thousand and twenty five which will cover all right by session and get up leaves all live free to have bases additionally we secured a strategic partnership with platypus seem to be the exclusive
spk_8: this to boot of f one tb pro in the country i want to be bro was proven to be a compelling product for our fans so it's worth a brief overview
spk_7: and one tb bro office coverage of every of one sees session live on the demand as well as live access to all twenty on board travis cameras and themes radio channels fisher says your replays and highlight live stream in of every effort to a three and four super cup session and the library span in over two thousand hours of archives and feature programming
spk_8: the problem was revamped in two thousand twenty one and is now more accessible than ever before with the release of the services across may have these twin platform and hansen the view in the screeners perform one fans around the world
spk_7: onto the ratio promotion side we were pleased to reach a long term ugly will remember that will have aspirations their food two thousand and thirty five
spk_8: the new agreement will bring up to an entry to the track for the first time ever
spk_7: we were also thrilled to announce home the at the type of sponsor of the japanese grumpy when we did soon to japan in october
spk_8: we are focused on the calendar for two thousand and twenty three and expect were more the thieves around early october on the sponsorship from we announced pattern tequila as the person ever official tequila partner of the air pump other club we also focused on licenses opportunity and pop and the with around room studios for the first official exhibition april one history the days into the band is on the same place would think as we have been will be announced the school we also said that i would agreement with the momentum group who the two thousand fifty five season he's already covered authentic certified the licensed embalmer memorabilia and now includes the right to sell xfr race and show cause the recently completed the ocean uploaded ninety ninety laden house cg ninety to one was placed second the president result for over five hundred thousand
spk_7: the computer to voice to keep our net zero problem by two thousand and thirty target if one is develop in that hundred percent sustainable fuel that will be using for more cause from two thousand and twenty six in line with the introduction of the next generation i prevent the fuel is purposely designed to talking for both internal combustion engine and with
spk_9: if he's already in development with support from our keys think all this year for a go and from the f one global partners cool providers and that's what these the manufacturer why ration fuel represent only zero point seven percent of avoid a mission we believe sustainable as you well we can have a great the same put on the
spk_8: oh but transportation sector while we have already institute the significant changes to create the most attainable sport we have now focus your the photo eight hours exploring caliber reduction measure for fast revenue to pull one events share in the cover induction activities from across i was putting community taking steps and continue to investigate our the measure to the libor motive we should logically and travel arrangements from air sea and land totally our commitment to the environment we are popular with bad person for their clumsily five percent of the global challenge come down to zero i called the competition that challenges anthem foreigners to create sustainable solution for the judge
spk_7: we computer to promote diversity in eating each sport and hosted the f one is poor woman like go to swedish day at the mclaren technological center
spk_8: first launch in two thousand and twenty one the woman the can represent another route into f one he sport for female participants the initiative was born from the desire to create space that the encouraged more females to take part in to that time tribes via the official now we do games with the pasta securing
spk_3: his fourth in their f one is boutros a vision for the chance to be selected by thing for the pro championship later this year we also now any the the year i would extend the funding commitment to the form one and judy the scholarship program for and represented group until two thousand twenty five continually eats drive to increase diversity within the sport we hope everyone has enjoyed the first part of the see why the teams in the driver's enjoy a much deserved break we will continue to capitalize on the growing popularity are one and convert these into opportunities to drive the business for about the to the full speed ahead and now our zone the cold back over to grip thank you have a job
spk_0: thank you brian and stuff know our annual investigating will be thursday november seventeen in new york please save the date
spk_10: additional details will be provided some we hope to see many of you there
spk_11: we create your continued support of and interest in liberty media and with that africa i'd like to open the line for questions
spk_3: if you'd like ask a question today signal by pressing star one on your telephone keypad if your train as using a speakerphone really funny a teacher and found to allow your signature hr equipment once again that star one if you'd like to ask a question today
spk_12: i'll turn first camp and sunburn with morgan stanley
spk_11: a cue the morning greg a couple a couple things on the structural thought want to ask you about you mention separating live nation you mention that act like contact with l series nice talk about ironically frozen could be just to be a benefit to be crushed by said i like the value i didn't say separate okay highlight the value okay yeah i guess my question was of how you how i do that here elijah peddler as you see fit
spk_3: and then i wanted to we get the question quite a bit i'm sure you do to about parts been of the brave future and you could just comment on kind of the puck and takes and pros and cons to that thought process and then i wanted to ask you and and stefano or want to take it on on vegas what are you guys do and second half of this year in terms of of both staffing up in on the cat backside with the track in the paddock have any way to help frame thirty and dutchman sighs here's a look into the back after the years you get ready for next year's race thanks
spk_13: so you know we all try and infrastructural questions and then catch on big it's others as well
spk_3: some a structural side look i'm we're not we're going out and the debate you'll know when we do and you know the advantages of our structure had been
spk_14: with the trackers have allowed have that flexibility to move that sits around of a lot of
spk_3: flexibility to
spk_15: a line things in the most
spk_3: attractive way to manage our taxes in the most efficient manner there are or reasons to want to keep and together until we have a tv flexibility around all of them
spk_16: that's just more optionality
spk_17: it's far as how we might highlight
spk_3: the you know value their away from spinning to creating another tracker to to other kind of actions we can take we have it obviously the side of those it we be announcement today the the
spk_18: history of liberty is as we tended to overtime take these business to where we dug the were weak and add value to keep the maternal in a gun at some point spend them out
spk_3: we got that they would be more attractive independent entities up with the long term not just in the short term and me i will monitor all that for all have already so obviously i give us much of a non answers i can then but that's just with our history flexibility should look at our history and say we had taken corporate actions to spend green goblin i went through a few of them and the subsequent disposition of those companies on vegas it's a little hard to forecast the cap acts because we're still plenty go to the program that we will undertake there and i mentioned our goal is to have a facility which is not only magnificent for the race but had the opportunity to be an ongoing activation we have ongoing activations and events at that facility when people underrated gonna go away
spk_19: you know i think you should be thinking we can well managed just within the capital we have
spk_3: it it's not going to drain some anyway and it got going to forestall us from doing other actions including
spk_20: potentially
spk_21: investments runs back in purchases debt management and the like
spk_3: in an hour
spk_21: if bryan or renee or to and i want to add anything on the biggest question
spk_22: think i can
spk_0: it's like yeah gregg gets to add on on the tag that the course a catholic
spk_23: it builds an air the tight program you dare we just the almost six month a sixteen month ago but it's important that we are working very hard drive you they gave them and get the the new city excited before one so we gonna come back to the gets out with all the plan that we have been order to make sure that we want to bring at one too light with emotion passion but these really important to to recreate the level of the gated they'll we had a spectrum legacy thank you everybody
spk_21: thanks i'll take the next question for minecraft with tightening
spk_23: oh thank you good morning i guess greg also had a structural question i guess it you know in eliminating are narrowing the and a be this guy else exam you know it sounds like you alluded to in aren't he's been merge i guess another option that you have would be to distribute serious xm shares the liberty shareholders
spk_3: the former though would you know basically make the combined company though still liberty company with either the liberty you know board and management and the liberty of the ability for liberty management board to make strategic investments and acquisitions you know the latter would sort of you know the an exit from that as a management teams i guess are both of those on the table or you know do you really want to kind of still patrol serious to be able to use it strategically and then i'm also on to ask a question on formula one cars how should we think about the hire us dna level this quarter in the context of future quarters it seems as though they're made have been since library impact on their from legal adviser he i guess is that right way to think about it you know or is what or that a meaningful or is their kind of a reset and the as dna run rate going forward and maybe there has to do something with degas thanks so on the first point i think god ryan there's a wide range it all the way from distribution of shares which would probably not would be you know unless you can figure out some way to get compensated for our control position probably not optimal there are things that are halfway in the middle you know like as you may remember with the media where we did where we spot are directv shares but we still had in the poor of the be sure it's having influence to took to heart spends that are just fully away and were you in
spk_5: some subsequent been merges like the gc i example are like effectively what we get and expedia so there's a i don't think there's any anything off the table you know what we might do their or our history i think there's a full range of opportunities and will try to the one that we can maximize long term guy i be on the side of expenses
spk_23: oh well as calm as well but will know we did have some increased expenses increased investment to start up around the vegas
spk_0: including some some that the issues there so our on far as the longer term i think we're not at an elevated level but i'll let others add their views
spk_24: it this is brian i'd say we have to hire personnel other causes sport the you know the large increase revenues and higher activity that we hadn't twenty twenty two vs prior year there were some minor one time professional fees that we wouldn't expect to
spk_25: i repeat and that i would say pretty minor vegas expenses at this point time
spk_24: okay thank you very much
spk_26: what's your next to each a giant with ever car thanks up on formula one of three greg that be acquiesced
spk_3: like because the contractual nature of the business but obviously there are numerous macro headwinds with inflation higher rates of if he get from colorado
spk_27: impact of for egg
spk_3: and you know would be educated can you help us really think about you know what the that the availability of outcome the god given all those he know a pressure that dad given your contractual nature the business is is sort of the budget and expectation pretty much in in line with what you thought of expected at the at the big media kind of thing for what the performance good the formula one operation so i think couple things i think you're you're right to note bj the highly contract and nature the business
spk_28: and
spk_24: which manages downside obviously there's fx downside and has cost potential downside but in general we've seen demand it's been able to outstrip as and while we made budget concert will be with contingencies is our nature
spk_25: we've been able to outperform as contingencies even like at the cost years so i remain you know i believe that the demand that we have and the strength of business
spk_29: on top of the contract and nature will allow us to power to most that but obviously we can't push the every inflationary impact but in general i think we've been able to work to those and the and the attacks
spk_3: and an old brian stefano anyone else one bad
spk_21: i think that out and greg
spk_3: and if i could follow up obviously on the maybe early on the wraith calendar for next year but there's a bunch of european races that come to that of and a contract looks like france belgium monaco and of the of a couple of new rates and next year coming in qatar coming back and shanghai
spk_21: coming back can talk about you know what what the that of race outlook can be next to be obviously going to have more than twenty two races and i were going to get more out of high a dollar value races
spk_3: i'm that are not as lucrative
spk_0: i'll like if i make gregory stefano
spk_30: please okay thank you were given a job as a they did before you know we will come back to the early october and due to the process of the of course have been to koreans for the were multiple counts in allowed to enter a of course it did i have a discussion that to make sure that the calendar a robust it's follow
spk_23: we also the fact that we would like to keep their the right clothing filmography should see a around the world would consider the needs of a calendar to be spread out for march two november around the world of course the the effect that he was seen before that the grill on the choice to the european and outlaw european races
spk_21: as an effect on on on the on the on the regular side but i would say do the main the main point is whether understated calendar the demand is very very high and it's our responsibility to be difficult than that that is available at blouse stakeholders but also able to to to respond to the regret that we are all about the world so i are we can spot the anything more the will be a say because they'll be of course finalize you know the details but that we for should expect why the a would see a couple of a similar issue better less than twenty five that's for sure eczema
spk_3: next up is data karnofsky with jp morgan
spk_21: i take you out for stefano and you be seen in the press the possibility of some auto orleans and during a on it around the manufacturer and inside and the question we sometimes get is what's the potential benefit the formula one either from a commercial standpoint or to the product itself so i wanted to put that question to you and then separately with other f one revenue and others lot of noise in there because of for a cause for wondering if you could speak to the performance outside of the past the revenues in particular areas i pad a cloud licensing and it how that works relative to prevent them occurred thanks
spk_3: okay thank you mean we do that to go to new a oh yeah come in as you can imagine the not is not a not for us to say anything that there will be they say it we shouldn't say it's it's you that we had encountered to without the manufacturer and hopefully the either the information so i think that the determine what what did the benefit beneficial credibility the benefit is a show that our strategy of the future will help did manufacturer to have another route that he allowed they're not the only for the electric the offered to the mobility side but also a using the expertise of all it for one through the thick know that we have can help them you know the to find new way over been that bad me the market i and you with state will feel that will be unable to be much more effective you know what opinion all around the world if you want to to achieve the book of the carbon neutrality and all the other hand it's from the the point of view the moment effect you we have the more structure in terms of have been manufacture without thebes will enable you know this put inside the weather i would see more team that could be silly than
spk_31: he did more independent input into the sports so ip that would be to read the news let's see how the we should will evolve that no matter will be the secluded this the defeated the that the orleans' we'll we'll we'll we'll we'll provide the market hopefully that issue we are strongly believe we're that our technological platinum for the future you'd there is the right body
spk_21: come of redundancy and if you something that the actually proved that and if i can juggle that i think that if aggregate data for as got the magnet that you know obviously and stefano touch on it's it's it's a great validation
spk_5: the have these aliens or want to enter are reportedly want to enter if they were they're both the once the scouts are both are enormous engines of innovation and enormous norm attention to promotion
spk_3: and all of those i've only seen to be good for our sport about the that i called him in europe no no i will just tried to blow the briefly touched base on the second question we see and this is what we have already seen a it will be here you credible numbers with got to bother club with the got to licenses that will let would be seen as an effect on about shit and we see already an incredible number of about that
spk_32: this tied to the callender not been announced already pilgrims they should for the for the to the the races that would be in any case the definitely illegal and the next year so a great the attention they need their that david that the attention on on our problems with cute today
spk_0: gadget just that the that david you know and the other at one category ninety eight percent of what we're saying on the increase increases all coming from a paddock climbing frame that we talked about in are prepared remarks were when we did not raise his last year and we were travelling as much a big increases there are within
spk_33: primary revenue you know we're saying increases across the board as that know just mansion so light and thing to your point and at one tv as well as the main three categories promotion sponsorship meteorite
spk_34: and to have you look at somebody things like that a club
spk_33: he arrived does that apply to make it look at me so many things like paddock what we've never seen more demand and we've not only thing the man we've been able then some cases promoters of able to increase the size of the paddock what areas and still are manager at a higher number higher prices so a lot of positives there
spk_34: because
spk_3: i'm cracking
spk_35: charities or next question
spk_3: hi thanks for taking the question greg
spk_18: the i just found out of liberty serious or serious
spk_3: if so much larger than that is how you would see what's at liberty brought back the charter why do you think that is why is there such a disconnect the sad and in any anyway you know what some of the solutions might be for that barnes a great question i think
spk_33: you could argue a little more complexity you could argue and best your fatigue you could argue the relative scale and size of the two entities compare the broadband entity
spk_21: do a tribute
spk_4: i bet you know any certainty to any of those but buttons are probably all factors you know
spk_33: fear that we're not going to act on it in some way where it's at broadband and maybe it's more crisp where the future going all of those your potential factors you know i i think as you said which we said before
spk_36: i said earlier on this call we're going to take advantage that through the discount and at some point we're going to take an action and we're looking at those actions to do to tighten that discount but in the interim we're gonna buy that stock and take advantage of it and drive our and a be relative to the underlying any be up
spk_37: i help anybody else in the team gun or somebody else want to add something i think it's hard to be determined of about which of these factors driving the difference
spk_3: how can am and i ask a one other kind of suffer question i'm i'm just get in your perspective on i'm streaming at this point advocates to kind of baseball aren't you know we have the a direct to consumer i'm watches at not then add at diamond sports the braves are not participating at this point on it was spent some dollop of right said some of the a platform players like apple edge
spk_38: do you think that this is the time you know to move and and and restructure
spk_3: restraining right on for baseball or if a guy that right yeah you don't know what to do yeah well i think up baseball
spk_18: it has a more complicated situation because about the regional sports network situation then
spk_3: other sports in particular the the the cleaners comparisons are the has it's football and suddenly my understand mlb would love to find the structure where they could deliver
spk_39: more national rights
spk_40: which is why not available difficult today and on some kind of games
spk_23: the dreaming interest has been high for people like apple which is a good sign
spk_13: and obviously the irish and weakness is going to create an opportunity whether that happens this year or next i do think there will be some change in that given were diamond appears to be headed
spk_41: a looking just at the braves were blessed as we said before with a lot of demand and and good audience in our territory were also blessed with the largest broadband
spk_3: household territory among baseball teams so we remain optimistic about are relative position on any kind of training a deal and we feel good that
spk_42: you know we have a a product which people want in a big territory and probably what some people estimate maybe the most profitable are as and where we're getting paid pretty well but the or a settlers also making money to that the to create some opportunity where they'll be somebody wants you something history and our space but stay tuned
spk_23: thank you
spk_21: thank you
spk_3: managed to data joy thank you
spk_41: because some more clarification wandered into the structural opportunities
spk_43: a girl like you mentioned in response turbans question something about
spk_44: yeah the reasons to keep things together until you have full a tv flexibility
spk_11: and maybe i misheard or misunderstood right and then your heart that everything was
spk_23: there's just one of their new what restrict know i are still riley good we're we're at a bargain just interrupt him i said that's one of the factors we loved to have as much flexibility and eighty beaches task was buried so that a factor but that's not the only reason i think i mentioned to keep the corporate together order to keep links with
spk_45: i mentioned somebody every that around by to move asset tax advantage to attack folks like that so i got it and in the just want to get what we said the question i want to make that's not
spk_18: let notify know but a know that
spk_46: no that's fine of the clarification is that is what was part of my question than any other aspect you are there any other further it gating factors on the look on the new separation of the equities and such as new a needle into need to prioritize getting something done with l nexus backers are sir
spk_3: it is that the completely separate bath yeah i don't i can i don't normally have taught my head bad the i'll just note the one you call about i don't think anything we're going to around l back as back and likely to be impacted by structural changes because you know it's generally getting funded by the excess cash and any and metal will be funded by the other for extra cash had one so i don't i don't think that's a that's the driver
spk_47: to get appreciate that you
spk_48: thank you
spk_23: act out their faith and i've met with city
spk_49: i just had a high level question you guys over the years have done such a good job improving the finance financials of the braves and formula one hope to see curious as as you said have look at the landscape would you describe both of those sort of one off in a rare exceptions unique unique opportunities
spk_3: hundred or do you think you're sort of building a competent chicken might be applicable to other potential assets
spk_21: sir
spk_3: yeah i don't know
spk_21: i don't know if we have a carpenter like to think that the credit to the teams at both the braves and formula one for what they've done with those assets that i think they take an attractive bit nuts it only made them better and i credit that so up that if we deserve credit for find the right management teams in fact that the doing the great work that they've done
spk_8: i i can actually we can take much beyond that
spk_3: thank you
spk_50: alma mater harrigan with benchmark
spk_49: oh thank you firstly given more specific on the same tools bouncers there's the report in the european the or the porsche something going to lay the do testing that basically carbon capture synthetic the methanol and story also alluded to saudi aramco building poignancy saudi arabia
spk_3: and it's been like i guess you call will be bad specifically it you nailed down a path on on the technology are you looking a lot of different thing than an emulator capital commitment to vaguely we going to have met that sort of plant because of the sounds a little more real and as well as regional at this point and that certainly are now on the your about the ticketmaster didn't snap yard and now work with to talk is that something that you really see in a pushing event the man is was you to people propensity to see get out about the house right now and i had one super cool fall of if you don't mind stefano you want to take a synthetic your question yeah yeah thank you thank you greg thank you but yeah i think that that you know all this technology cap attacked year and the and other things that are related to the path of technology is related to transition would be set to the related and the beauty of of have worked i believe we're doing the with their tremendous effectiveness
spk_49: is the fact that the you know we are just pushes the system toward toward the future in the right wait so all the that the committee that we have taken on i was set to go to to veto campbell fuel in such short term is it because we do believe that it that's it i way to go and the good news is that will get inside the basement
spk_3: on our side is not relevant because you're we didn't you with an already capital letters back so we're just be a laborer who they all the stakeholders are because could boost for the the future and because something we do believe it is no way to go and there and that we don't have to forget oh one other important element of the equation that we're not talking about the my only about the manufactured that data pablo would beat back battle without with the our feet the we are promoters we are the a lot of the people that the have to is that a lot because we're we're talking about big big big events were talking places where believe related you will for hosting a good be where there are no oh the one thousand people leave level path of a glue should not be sick novelty and this is also where we have should the season to do with the would of action so i think we should be very very proud of these idea of pushing forward these technologies to our leadership on that respect
spk_51: at mathew on the second point i'm not sure exactly what you're referring to maybe you can help yeah i know about your hesitant because comment on the operating companies but it
spk_43: they did a
spk_0: an arrangement with would snap your number of much you go to push basically ticketmaster pushing your tickets are not a snapshot and i took a couple days ago
spk_52: in out something really similar with with can talk is that something that you really he has been a nightmare because the demand on undertake an entirely different people are still crazy up ago that made us want to get outside of the house
spk_3: well i think god you know it's part of live nation strategy to be ubiquitous possible making buy a ticket
spk_21: the tickets as simple as possible and you know the technology they get down to distribute their ticket buying capabilities are unique id badge i think compared to most in the industry and they want to be where buyers are and it buyers are on to doc which they increasingly are and by and looking for music and that the place which would they originate to logical place for them to be
spk_0: in that same thing i think about that which has obviously had music aspirations as well so am i think it's an important
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