Liberty(US:FWONA)2023-11-03 20:44Financial Data and Key Metrics Changes - Q3 results showed a 4% year-over-year growth in EBITDA and a 6% sequential increase, with $40 million in cost savings realized during the quarter [114] - Liberty SiriusXM Group had attributed cash, liquid investments, and monetizable public holdings of $339 million at quarter end [11] - Total Liberty SiriusXM Group attributed principal amount of debt was $11.5 billion, including $9.4 billion at SiriusXM [121] Business Line Data and Key Metrics Changes - The Formula One Group recognized a higher proportion of season-based income due to eight out of 22 races occurring during the quarter, compared to seven in the prior year [138] - Baseball revenue for the Braves was up 11% year-to-date, driven by increased ticket demand and attendance [136] - The Battery mixed-use revenue grew due to increased rental income from existing and new tenants [124] Market Data and Key Metrics Changes - Year-to-date concert fans are up 21%, with international fans up 34% [119] - F1's global audience averaged approximately 70 million, with significant growth in digital and social media engagement [17] - The Las Vegas Grand Prix is expected to generate a total local economic benefit of over $1.2 billion [21] Company Strategy and Development Direction - The company plans to enhance its partnership with F1 and expand to other live sporting events through the acquisition of Quint, which is expected to grow over time [6] - A new streaming experience and branded platform will be announced to drive engagement and enhance subscriber acquisition and retention [131] - The company is focused on sustainability initiatives, including the development of 100% advanced sustainable fuel [22] Management's Comments on Operating Environment and Future Outlook - Management remains bullish on the broader value creation at the Las Vegas Grand Prix, believing it outweighs the increased investment in start-up costs [118] - The company sees strong demand and interest from sponsors, with a growing pipeline of new and renewed sponsorships [20] - Management expressed confidence in the F1 renewals, particularly in the U.S. market, where the product is gaining traction [32] Other Important Information - The company raised its dividend by 10%, reflecting confidence in cash flow generation capabilities [5] - The inaugural Las Vegas race is generating record-breaking sponsorship levels, with new marquee brands participating [8] - The F1 Academy completed its debut season, highlighting the company's commitment to diversity and inclusion [40] Q&A Session Summary Question: What are the expectations for the economics of the Vegas race in the first year? - Management acknowledged that initial start-up costs were larger than anticipated but remains optimistic about the race being profitable [150][154] Question: Can you provide insights on the market for sports rights? - Management noted that while fragmentation poses challenges, sports remain a desirable area for investment due to ongoing demand [156] Question: What is the timeline for reaching an agreement with the special committee of Sirius? - Management indicated that if an agreement is reached, it would likely require a shareholder vote, with the process expected to take several months [159]