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spk_0: welcome to the liberty media corporations third quarter twenty twenty two earnings conference call during the presentation all participants will be in a listen only mode afterwards we will conduct a question and answer session at that time if you'd like to ask a question please post star one on your telephone keypad as a reminder this conference will be recorded today november fourth i would now like to turn the call over to your host courtney john chief portfolio officer please go ahead
spk_1: thank you and your for you before you can we like to remind everyone that calling troops are deployed looking statements with the media the private securities litigation reform act of ninety ninety five actual events or resolve can differ materially different is it enough land to didn't really get much we can can can kill or liberty media acquisition of most recent one can
spk_2: you filed with yes she's
spk_1: the four hundred students the only as the date of this call and liberty media and liberty media and expressed like plain any obligation or hundred and seventy any updates revisions towards the statement came here and like any change in liberty media or yeah sufficient expectations are there to or any change in events could do since or circumstances on which any such is based on today's call we will discuss or non gaap financial measures media and sirius xm including adjusted oil and adjusted eat off the require definitions and reconciliation for the pretty media period sex and schedules one into can be found at the end of the earnings personally issue today which is available memory media website night like turn the policy hillary's president and ceo thank you
spk_3: good morning to begin the all you to have a wasn't present shows that matter because i am liberties cheap accounting and principle financial officer time when much so me start with liberty series exam last quarter we discussed our intention or produced that that our sex them and we took action during the third quarter we offer to have purchased about twenty one percent of the one in three yates bastard covered combining couldn't debt management and fact i'm sure about that
spk_2: one paid sixty four million and batter paid fourteen million to well let's accept that settle their respective in a
spk_3: the remainder of your purchase responded with a let's accept cash and twenty seven million dollars from a unwind of on edge and more offensively this was a share repurchase across the lmt equities with a one hundred and seventy nine million going to cost of on purchase four point five million our sex am a shares and one point one million wanna and five hundred thousand that route intergroup ensures effectively repurchase we are still hedged other remaining exposure under that compares with are in a group interest thirteen thousand thirty six itself they reported stolen third quarter pants results despite the macro a gym factors impact in the difference the resilience of aids experience to record low charge of one and a half percent ravaging was up four percent it was flat as we continue to make investments including in product development despite the soft on ourselves we continue achieve people penetration we're gonna be able to sleep of approximately one hundred and fifty million thirty six i'm also set up strong cash flow desserts and times per year for your guidance for twenty twenty two we can get a modern headwinds advertising and reduced sarge impact on the top of the final series is also making progress and the streaming business september was one of the biggest straining sub acquisition months and experience today and we continue to an exclusive interview first content of in and out of the car for example we extended the nfl agreement sports is proven obviously be i appeal produce up supposed to baltimore a high rate of fire retention once they are obtained i'm trying to live by nation continue to see incredible the man with fans prioritizing spending on live events the first twenty nine to a oh i was up forty five percent and three cash what was up for percent five also be last quarter's record for fires quarterly attendance with over forty four million fans across eleven thousand and events per and spending was up thirty percent through september and us amphitheaters and ticketmaster experience all time high g t v was up to sixty two percent versus two thousand and nineteen why is closing had a record year but there was more wrote that come with a hundred and fifteen million tickets already sold and sponsorship for twenty twenty three up thirty percent over this point last year trained out of the one group we continue to come up with do analogies which are familiar and have one continue to fire on all cylinders with incredible van demand very significant both in grandstand and padded club tenants with many sell outs and records broken importantly as we've been best of there's been attempting to jump rope also on us market with three races planned for next year including our landmark vegas race we also announced the renewal of rgs pm contract out of value which was many multiples of the prior contract we also announced a record twenty four with calendar for the coming year including doing in monaco where we have a year agreement you keep our iconic race on schedule luigi in mexico city where we have a three year deal with highlighted the valued at one brings to all these for example between two thousand and fifteen and twenty twenty one and mexico city grand prix generated two point four billion dollars of economic activity concrete created fifty seven thousand jobs we will continue to capitalize on the momentum and a business and example recently years of film al apple has planned which we think will be topic we has a star studded cast including brad pitt directed by joseph kosinski and it's produced by jerry bruckheimer all stars in their own right
spk_4: very exciting
spk_3: at the corporate level we refinanced of like convertible on attractive terms with fewer shares under a flying the instrument and a lower initial conversion price of eighty six so six and now turning to race or is finished and impressive season securing their fifth straight and as an lg title they finished a hundred and one and sixty one for the first time since two thousand and three they won over one hundred games and it was an epic come back to the second half of the season you may recall beginning the started june we were china have games by a mess from there we went on a major league that nearly seven hundred win rate from that started a that until the end of the season the fans had an incredible turnout with fifty two games sell out the truest and more tickets sold at the stadium since we had done lots in two thousand obviously the finale with novel we've had hoped when i remind you we did when the world series last year we are for a few more weeks the reigning world series champions and are wonderful things that come from that are also can lead to increased costs we think the ultimately precise to the franchise and and game and which was like revenue for an increase hostile a largest component has been reinvesting in increase payroll we think that such as well as a wealth of while rather for future years but other elevated cost from the or record attendance the borgias long of we have other already cause rather from our record attendance and for conditional on james aperture was ballpark there were also modest cost increases for post world series activities for example a trophy tours and pretty special merchandise and let me finish by talking about l mack we recently sent out a press release announcing our vote for an early rewind while the results of not have been what we watch it in terms of finding the deal that we thought was attractive and will tell you we evaluated over a hundred and three targets but the high valuations for twenty twenty one for are you i feel market plus overall market volatility letter to the conclusion that we could not find a solid charged with attacked evaluation and return characteristics finally the recent cash what changes under the i right created additional content liabilities if we were to extend the unwind into to twenty twenty three and therefore we took action
spk_2: to unwind and return the capital to the investors in twain twenty two and with that i'm going to church bryant to let him talk about our financial results in more detail
spk_3: thank you greg and good morning everyone the quarter and liberty serious exempt group has attributed cash on liquid investments approximately two hundred and twenty five which excludes thirty nine million occassional directly at yours xm there's also one point three billion of undrawn margin lung capacity of power level related to our serious examined my is martin in september of liberty sirius xm group pay approximately two hundred eighty four million to repurchase two hundred and ten million syria will not have the one point three seven five percent as convertible notes this was founded with one hundred seventy nine million a cash on hand as well as cash from the formula one group braids group from the settlement of their intergroup interest health at liberty serious for responding to the amount of notes repurchased as a result one point one million won a shares five hundred thousand hours years underlying portion of their respective intergroup interests how by alex exam the researchers six exam group to receive twenty seven nine proceeds from an assortment of upon had warrants related to the purchase of the country as of november third the value of the series success stock held at liberties years group was nineteen point five billion divide the libraries shock held was five point three we have two point eight billion principal want that because these whole total ellis exams group attributed principal amount of data for three point four billion which includes nine point nine joint of debt
spk_5: directly to risks now
spk_3: for me wonder about attributed catholic would investment on of high school public holdings one point one billion a quarter and which excludes one point one billion to pass on the formula total formula one group attributed principal not tapestry pipeline which includes the two point nine doing directly on and forty one leaving five hundred sixty seven corporate during the quarter we as to four hundred seventy five million aggregate principal now have two point two five percent for convertible notes to twenty two portion of the proceeds from the offering was used repurchase two hundred thirty nine hundred and principle of the one percent one convertible notes to twenty twenty three leaving just twenty seven not stand for at one five hundred million dollar revolvers on bronze formula one's leverage great mansions l mack father proxy statement to obtain stockholder for hold on one for your and wonder wonder if it's turn fractionally twenty million in costs and sell max idea and junior of twenty twenty one through the initial worn investment subsequent working capital on on one is immaterial investments will not be recoverable about the two hundred fifty million for purchase agreement that formula one group had committed l mack will be terminated on a formula one operating business we will remind you that appointed best you don't have all your bases given some volatility in quarters of one helps that embraces during the third portersville about twenty twenty one and twenty twenty two are there wasn't one additional fly away rates during two three twenty one with russia having taken place last year to france hosting or is this year right promotion ravaged decreased accordingly for the quarter to fly way race is typically pay higher ups as a reminder we recognize the payment team payments programs across great younger not for where we recognize less revenue to the mixed races the tape raymond percentage may appear disproportionately large at one also recognized hire other costs of revenue primarily due to one additional tadic club operating in two three twenty twenty two and from the cost of servicing significantly larger pack love attendances compared to surprise appearance as to it as percent of total revenue was generally in line with the summer largest for the for course we have modest increases personnel costs to do change the companies out there from start to cash a bonus program and it reset countless for growth looking here today revenue increased thirty five percent are just waiting for forty three percent unemployment points of march six by way of the braves group quarter and a have attributed catholic wouldn't battlements of one hundred sixty nine million which excludes the nine of restrict to cash and brands group had attributed principal amount of six or six hundred one liberty in arkansas did subsidiaries are in compliance with the deck covenants and quarter act with adults or of and stuff
spk_6: has via their two thousand and twenty two season has continued to delete or very impressive racing for all of a fence and once again shows have the new taking to regulation have to live in terms of racing on the track they insist the informal one is shoot from sense potential partners and those who wants to host the race we continue to believe that this is due to us seeking device for days as the seasons to grow the sports in the correctly and to focus on the most important priorities former one just finished a couple of amazing weekends next to sitting in austin and the two thousand and twenty two seasons has delivered it's exciting action on the text messages that the as been incredible season setting as they could for most mean into season within fourteen grandbabies wins so fighting doesn't twenty two with is winning mexico city last weekend he secured the second world championship in suzuka as a boot want to consecutive championships there says since two thousand and thirteen the team dedicated to victory to red bulls fans are didn't matter since he was a visually who helped transform our sport and the will do miss even with this championship settled that is see the battle among the drivers and for starters as with this finished can have a meaningful the but both financially and
spk_7: for instance
spk_6: excitement for our sports on t to will certainly lead seems that the the race of senses and now have ten races the crowds over three hundred thousand we three of those the season four hundred thousand many of these events has been complete so sellouts a great example of growing interest is austin where we left welcome four hundred and forty thousand and says across the that's more than the doubles the attends in two thousand and nineteen the promote the states that the ticket the men who that reached five hundred thousand of these focus on my senior high quality fun business we've also seen more first time and he made sense is that that were raced across the ten races while we gather spectators the dates of the she is first time offenders were about fifty percent of that sort of routes and we've seen surge in demand on this high them to we the they could save him today club and now with hospitality brothers these sorts of the man means our races slots are highly police as we were pleased to confirmed that two thousand and two is because ended a few weeks ago we were happy to renew wow what a dream and with monocle and was raised their some to doesn't to the side with expanded rights for for want related to broadcast started flat and sponsors we also mouse a one year and you have for belgium and that's a year and you will from mexico city as with mention that the economic benefits as well as wrote to mexico city since two thousand and six seats has been incredible these i lights designed to of hours for can bring to see this globally additionally we will increase the number of sweet events it's doesn't send you three to six hundred thousand country three these events that are in high demand from our promoters and provide a decent sponsorship opportunities embedded to have a broadcast partners lil announced events for those events let's see a to announced that the out of the with john for one in two thousand and twenty six deaths selected solver as this to attach partners and plan to apply the states in the south group who will complete as a now decide to retain from two thousand and twenty six former was present the global stage for the lz breasts and they see this high performance and competition i was both as a driver of innovation and signals as the was quoted attracted to f one given our thoughts and sustainability and cost efficiencies which will aid in a tv that own sustainability goals it's also shows the increase in value of the thieves in the current environment that eaten by the stability provided under the new regulations and the growth of the sport of whichever one enough one continues to benefits were delighted to grow apart and issue with a w us as the announced yesterday the expansion of of partnerships were with them becoming a double part in the former once we both share a passion for technological innovations and we work together to build the fan experience of the future the was completed to tune in as well as we have seen substantially is related to our media rights we are now some partnership with sky that extent rise in germany and italy empty two thousand twenty seven and the uk and ireland and in two thousand twenty nine skies for that was we continue to be the only did the kids attend the to broadcast motor sports in each of these markets and they're highly rated comment that he will be available in over eighty markets skies has see significant growth in their viewership so far this season with average viewership you pick up to sixty percent since two thousand ninety pizza the up to twenty percent two thousand twenty was and germany up to twenty four since two thousand and twenty one they've also seen attracted demographic shifts with view was becoming more diverse in younger we also says the dow what a us agreements and we yes yes to to doesn't twenty five they have been a great partner to us as it is new deal at least sixteen races for years with air on either a b c or yes n with old broth as to mercilessly through a raises into doesn't twenty two they've seen an average audience of one point two million up from life for nine thousand in two thousand twenty one day my immigrant breathe through an average viewership have two boys six million the largest us oldest so they could for allegedly additionally we extended our agreement with service tv in lcs anti two thousand and twenty six and secured the partnership with tell seven till next in mexico to bring excellency the brought to subscribers who can easily as the service onto their existing contest for mobile forty into services the f one is for see this through championships presented by allowed to return for for events each spanning over to use these include more live show as the teams and the drive is best for this seven hundred fifty thousand dollars prize bought similar to as once we've seen several high profile drivers me across the bridge we look forward to building on the incredible engagement for the doesn't with the once well we so full point five million fans tune in for the grumps enough the see if we as one point three million players attempt to qualify almost three times the amount we had in two thousand twenty one we continue to expand the way we engage with fence and introduce the f one okay the london this is the first as one license experiences that but bathrooms can be fully immersed in sixty motion simulators and experience the thrill of ration what enjoying a premium food and beverage offerings in the heart of london we plan to roll out these concepts in additional cities and finally some for the our for august two lets you have former to a formula three announced a partnership with a around to play on a sustainable food from two thousand and thirty three this is an important step to reach one hundred percent sustainable fueled by two thousand twenty six which would be a requirement of old as i hm ships have to win a three have proven to be a great tests that this footage released as they were of with the eighteen ages size now using former once we conceded to show the innovation the the should be that acknowledges base and believe that our sustainable see what can have a huge real world it's for the automotive sector and greenhouse gas emissions i want to thank the was excellent so many our fans and i would invest some for all the support this you to model get hosting a lot forty las vegas of caesar's palace we bringing the best recent in the world to the entertainment capital of the world including alaska to run on las vegas boulevard we look forward to complete in an amazing two thousand twenty two seasons as we traveled to brazil and other deaths of attitude that full speed ahead and now i would so the cold back over to wreck of a shelf
spk_3: and do stuff for now and thanks brian
spk_2: we look forward to seeing many of you at archangel interest rate on thursday november seventeenth please visit the i our children our website for registration details
spk_3: java lot of i will be hosting are entitled to an expression if you'd like to submit questions in advance you can email and better at liberty media dot com
spk_1: we appreciate your continued support off been interesting liberty media and with the operator
spk_3: i like to open the line for questions
spk_8: thank you
spk_0: at this time will be conducting a question and answer session if you like dash question please press dar one on your telephone seabed a confirmation tell when the your line is in the questions you you may press start to if you'd like to remove your question from the que for participants using speaker equipment it may be necessary to pick up your handset before pressing the stores one moment please while we polled for questions i first question comes from doubt the middle son with credit suisse please proceed with your questions
spk_9: i'll take so much crackers wanted to focus on liberty a serious xm group i just a curious if you have any updated thoughts on the discount asset value and sort of options and and timing of options to improve that him i guess is part of that specifically discouraged if you talk about the strategy or on the live nation state at liberty and whether there's ways for liberty to create value with that stake beyond just sort of an ongoing shareholder of of life station which i'm i'm sure your bullish on the other other ways for liberty to our trade value with that worship say thank you
spk_3: or dog i think thank you for the question i think we've gone through some of the options are on the table and discuss before and i'm probably are unlikely to do that to go for more jen like to say how we were aware were paying attention were taking actions to prepare ourselves for different choices i set ourselves up and when we have something to announce obviously will make the announcement the i just want to reiterate we think lived is very attractive we think that guy certainly devalues not fully recognized in our sex out and we think there are things that businesses that are worthy to add on to live that could be extinct or opportunity for us there's much we can do around apples are around the lives they can particular but i'm less likely to go for every you are what we can do and exempt as i think we covered those before
spk_9: maybe greg is just a quick followup you can help investors kind of shapes time frames as are other things that you can do that you think are in a material and him in the short term ya next four months for these things that will take longer to play out any any thoughts are on helping us with with timeframe
spk_3: labels
spk_10: give you full credit for for systems but i think
spk_3: thank you very much
spk_0: thank you doug
spk_11: our next question is from brian crafts with deutsche bank please proceed with your question
spk_3: hi good morning i've got one for stuff now and one for brag that he may or may not answer but i'll try i think on task cause when asked about the atp status of sirius xm he says believe it is and a td i was wondering if your connection with respect to sirius xm being an atp has since increase know can you say more definitively at it that it's actually die does have a to be sadness and in stefano your comments on the attendance increases i think really interesting i think that's the view on race promotion revenue historically has been that it sort of us ladder type revenue outlook given the high pricing on those deals some talents promoter economics but with the increases in ticket sales and attack did she talks about of us deliver lot of i'd promoters do you think that that means his promotion revenues could become actually a significance and consistent revenue growth driver going forward thanks
spk_12: let's stefano coverage and his voice and then i'll watch on the things i'm not going to which
spk_3: sexual okay thanks extract actually you're totally right to the as the us embassy villages just regulators and insert in terms of us all the what for what is ringing maybe to new audiences and that is to the his mother were happy with the with it was so to promote it is it more relates to the side that that he's a see that as a result as i am the part of the think that is on our side and every little bit of the challenged by the be opportunity to move forward visit how we can maximize revenue and the and and monotype that i believe the weekend states on the that for one is become more more fact that's really what we gonna do in the future that it's a way to the with says i'm sure that we got us capitalized these growth in the in the best way that we can let couple of years stefano so far i'm going to give you confidence i'm going to read i still believe series examines the need to be a change in our positions
spk_11: and together governor all been found out at the time just something just tested but that we still have deposition
spk_0: okay thank you
spk_3: our next question is from jason bazinet with city please proceed with your questions
spk_11: you guys have always talking the past about some flexibility that you did to trackers give you can see you can sort of move assets and liabilities across
spk_13: zero zero you know but when i step back and i think about sort of broader liberty it feels like they're there is sort of a slow march towards asset backed securities right like a eventually the terminal year
spk_3: it seems to be everything is going to be asset that is that wrong well thank you for the question jason i don't think we really seen a change in our procedure we think the tracker has real value and gives us flexibility spot history has also been that we created many many asset backed securities off the top of my head i can think of the media which was effectively direct t v commerce have expedia got liberty expedia going to expedia on the list goes on and we pack obviously bringing to write off on it's own american many many times and i mean that's going back in my seventeen years not sure we've had a
spk_13: jimmy mission and our interests and trackers or a change our respective asset backed securities certainly have their value at the right time and place okay this is good it did sort of unwinding shuddering dispatched
spk_3: sort of much more in the direction of not needing flexibility years as soon as a false interpretations guy i'm not sure i would read as interpretation i think it's a recognition of he thinks have a life the market at a moment in time we got there was an opportunity we couldn't find the one we wanted unlike many sponsors of facts were playing for the carry with committed real capital and were concerned about and aligned with our shareholders and one to have a good return or not just a pop
spk_0: i think specs are obviously challenge for many reasons both because the martyr reaction right now on us because of a regulatory profiles towards them so that was a recognition of those factors not in a statement about lack of optionality or flexibility your desire for them
spk_14: okay
spk_3: or next question comes from david carnoustie with jp morgan please proceed with your question they do stefano wanted to see if you to expand to be on a meteorite samuel would sky which are the decision to do that you'll early and across multiple territories and then grade just wanted to see if you get update on how you thinking about his formula one cash balance in wider net leverage and decision on l neck thanks thanks david i think that it a we talked about me to is is there is a landscape where that we have a to consider the evolution made into new markets becoming a for from the was in the more than three traditional and mature markets i think that was the have taken as a decision to invest and to be stable is guys means a lot because until moses of the of the other opportunities market does not really the ones that can this extended from the financial that also for the is to that point of view and the concert to view would want to achieve it is clear that the the fact that the we're rolling eg give us potential for the future to see out in that kind of that they mentioned totally pay tv but also others and mean that would be interesting for that could be attractive for our business of course we want to make sure that the for the first the decisions that is also the bush beads or for our as on tv is going tremendously wealth to be incorporated a job for us to our customers so that's really the saddest the we are thinking so far and and and the and this is that would say you should go like this guy's to the completion of the valuable or that that some for the that lot of our at one confidence intervals
spk_2: job i could just add on i mean i and reinforce the point sky's gray partner
spk_3: across three important geography is for more than that they're a great partner in terms of their production most to give your and us are watching this guy broadcast and tell you i'm i'm always very impressed with what they do and securing that and ensuring that the sponsorship for longer periods was attractive know as far as what are you to the cash you're going to be we have a high quality problem that we have a great free cash flow generating energy in formula one with we believe the potential to increase that over time have you seen us or buybacks stock at various times and form of the one but we also think there are potentially in this market opportunities for all the reasons that i talked about the difficult to organize a non market
spk_0: tested or no need to do extra and financing ability to do something on on could create interesting opportunities so we will continue to way both the flexibility that were provided by those for castles of the delivering against what's your purchases against other alternatives and space like investing in our visited las vegas and alps
spk_15: i'd opportunities
spk_16: i guess our next question is from bench when swinburne's with morgan stanley please proceed with your question thanks the morning see one on f one for for greg or stephen or or both of you are on the east india which is where does media is now formally announced
spk_3: it elite sort of the press you guys took less money skull lot of money but less money than you could have had to dig i know why but could you spend a couple minutes talking about why it what is new in this e s p n a b c deal besides more money that you think it's strategic and sort of the that the data sets of disagreements and the duration that you pay time because obviously us markets a huge opportunity for you and then maybe this is for brian but just didn't mention currency in the press release at a flaunted he knows that was a material or not material impact in the quarter and she in a in corporate costs are both up quite a bit year on year and and quarter on quarter city vegas related to any color there's there's one timers would be helpful every was all touch on such i have been first and then let's that know at if it's okay lot we have had a believe in the strength of the business which causes to cartoonishly a shorter deal with up getting the highest paid lot of time and this were know we did the same we wanted the brought us exposure he has been it's been a very good partner we think the after to continue to grow the sport united states cause us to cut a relatively short term deal with them because we think we will do better on the road so far betting on ourselves has been the right strategy getting on growth betting on bread rather than current page has been already tragic and i think you saw that exhibited there were other things that he has pm has been a great partner about and i think the option to work with them on things like have one t v our up with a part of why they were a good partner and and go forward on that basis so i'm we're very excited about half what about f one and he has been been together for the next three years graphics a say ross excited about the kind of opportunity will seem three years when we were new with somebody that's an overdrive i couldn't agree more of a drag dragon the that this we need to they could say that the because sometimes we have a virtual memory a couple of years go there with not so many and media rights holders you are the ones to investment us and now we need to get ready to yes pm that internal constantly civil of attention to mobile how with dear really falling for one as they did a phenomenal job which will be even stronger in the next three years because we have us and v the you know the position of the reason that in the in and certain channels as who had more attention to that so i see that this week we with have carefully about that these test and i think that the fact those the with this agreement we keep us as rebel nation of the of lumpy the private sale on our side means a lot so i think that the best solution than a three time we see how that market was develop we're pretty sure you to the growth and us that the would be other players that will be around the table that interested to be with us in the future death and ban on your other two questions effect was pretty much to the universe for the quarter loses remind you that about eighty percent of our our revenue cause for actually us dollar so we've we we do have ups and downs on fx from time to time it was it was not a powerful for a quarter you a question again i would just reiterate always better to lunch at the a for your basis but we we did have a makeshift indeed
spk_17: in the number of reasons that worried european vs fly away we lost russia in the current period
spk_0: so that has good of a margin impact there was hired you need support the overall revenue growth and margin expansion on a year to day basis
spk_18: and then as you pointed out on vegas still not material but obviously there are some passenger went to vegas as they have their prepare for the launch of and ticket sales they expressed us or next question comes from barton crockett with rosenblatt securities please proceed with your question okay i thank you i guess so to questions if i could that the first as south you know the macro situation in europe
spk_19: really kind of our levels that we haven't seen in years maybe in my lifetime hundred and one others and i'm just wondering
spk_3: at what point do you think that this could have an impact on the f one business i didn't seem like it has to date and maybe the answers it never will but at what point i do think with the ever get to a point where this could have an impact on attendance at races and maybe an impact on race promotions seized those communities are in our promoters or economically challenged thank you for coming let's let me think about these things first of all been a world championship we can spread around the world reason for that kind of situation to manage on the other hand it's like that we have long term agreements would reduce exposure to these are these risks and the what i can say and said we do is that we already see an incredible number privatization with the against the ticketing of next year so this is a good signing a contract that you're saying and maybe you know that i'm leaving
spk_20: it is clear that the recession is to keep the other thing that this the with the are such are the way that we have that the deal will protect us a little a little with unable to move forward these elections that for i would say these these cancellation
spk_3: let us think that we should be optimistic and these companies of these courses
spk_2: we haven't thought about that this is what we see today
spk_3: yeah i think i meant that i that are you that we're seeing a case where
spk_18: you'll look across our business i am consumers are still purchasing when the that's in formula one or at live nation or if the lead a brave for all of services is very high and i think that is reinforcement ones that stuff not mean we have many promoters was doing very well and putting those in the
spk_21: in europe and there's high demand both among consumers and therefore promoter conference on the against the long term contracts very good okay
spk_3: and then the other thing i was curious about it you know the the fact that you know if we've got the the race winner it's a team winners pretty well so now well before the season is over a formula one versus last year thinks we're pretty competitive right you know until the very on last lap on what difference does that make in terms of the financial mark of your business over the balance of this year i mean it's out ahead went in any way you know anything you can speak to based on historical or any other kind of anecdotes well actually we don't see any kind visitor at a told them and first the whole the of the last race was so out things and at the end and and the numbers
spk_22: he is really close as the attention of with the sheets of course in other fight on the sporting on on the sport in there and sporty perspective so that's part of the of other races and the i was like twenty five million other comments if we are totally positive on the impact that the changes exists for dishes and that
spk_0: we cannot comment on the fact that the team but specifically in this kid were good old much as tough as an incredible job babysit other team did to take the right opportunities but what we saw on the track is that will to erase investment we wanted and up from totally confident that takes years to fight on the track with a right up to the end of the
spk_11: or of the clintons and that and the and that it as yet and the agency's the last races you know on on the on the sport is sad that is a lot of attention to raise of fight for places does it also for the do perspective it said related to their financial position and the financially rewarding easily achievable as you better get busy so i think that they will be a lot of interest in does he live in love with that we do with novel
spk_3: okay thank you our next question is from david joyce with barclays please proceed with your questions make you a couple in formula one first those wondering if you could help us understand what's the incremental than the new agreement with eight of us are and and secondly it's wonder if you could explain what the gating factors would be to adding another if one team how is it allowed in the current conquered agreement or without requires duel and is it's not as a factor of the these of the the by in to keep everybody equal to speak to kind of prohibitive for the secret to start walk us through the thought process and ill restrictions there be helpful
spk_23: as for the question as you can imagine the on the on the comments metal valuable they are a that last weekend go into the taste but as a it is a very strong relationship that the it's a starting from a very technical
spk_3: the point of you were working together with them on that replaced the graphics were working together ignore the to give the right state of to our customers and twelve a fan so the fact that we have a new phone so many years it without interrupting the a present them of a fanatical to visit means of the also not a dozen best they could like the power all our of i'll have that with regards to be denoted did the bedroom or or the processor related to the possibility of f one team and to be that easy deep into the their into this age them championships of course says that is the primaries said that the both awesome athlete to been agreements with that and as and i think that the the first the that the we need to concede that he is this eventual possibly the will bring an extra value to the championships a it's so of course we cannot discuss it internally and we see it is visit any kind of a real potential new entries game can get cannot give the band for for this for for the value of the champs you're on top of it that he's of that you that has to be recognized to the team that that already been to the championship because oppose it always they cannot allow any dilution of of their financial
spk_24: as you would have one helped so this is the principle the the what is written in the conference agreements and but mainly that boy is it does eventually a new entries will bring get a better position or f one championship this is ready to double value and he said look at you from the financial point of view and from by the from this point
spk_0: and there is i may have that
spk_3: is not a problem to do i think level teams well beds racing and that full that would see what months so the situation is would be a real credible the new entry
spk_25: last seen that want to discuss with that we're ready to discuss but we are nazis were not enough as position to the for that
spk_11: good great thank you very much
spk_3: our final question comes in a line of matthew harrigan with benchmark please proceed with your question oh thank you so you can float soon it's or since one of those with are so you see lot more activity on the he was he a cool doesn't seem to sit around forever i guess since two thousand and is there for council what are your son somewhat lean and former of your that or else in the right now now that you've got a movie it feels like you're good
spk_25: yo games and and so or another area where you could probably high increase yeah ancillary with you and thank you
spk_3: i'm matthew i think that's a sad the fact that will bring you into customers that are getting younger and younger i'll ask to see on the lights has some point of view an experimental opportunity to of having a interest and this and this will happen now pretty short about is the only solution incredible effect on on on on on this on the other hand i would say what we need to see always felt that it's as that we oughta a physical sports on the check so any kind of growth that is happy on the a gaming or or that has to be translates into the fashion the we want to see people going to the track and this is really the see are we are focusing because that's an opportunity to study like the little for was bought for the future
spk_0: makes sense thank you
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