Atlanta Braves Holdings, Inc. Q3 FY2023 earnings call

• Liberty SiriusXM: Proposed combination of LSXM and SIRI to rationalize corporate structure, enhance trading dynamics. Q3 results showed EBITDA growth, cost savings, and expanded partnership with Ford.
• Formula One Group: Acquired Quint for better customer understanding and expansion into other live events. Repriced F1 term loan B. Prepared for Vegas race with various preparations and highlighted F1's popularity and engagement growth.
• Liberty Live Group: Live Nation had strong year-to-date performance in ticket sales, revenue, and AOI. Issued new bonds and repurchased existing ones.
• Atlanta Braves: Had successful season on and off the field, with strong financial performance in baseball revenue and Battery mixed-use adjusted OIBDA.

Liberty SiriusXM

• Q3 results showed EBITDA grew 4% versus prior year and 6% sequentially, with $40 million of cost savings realized in Q3. Dividend was raised 10%. Announced expanded partnership with Ford for SiriusXM to be standard in all 2024 model year traditional F1s. Will launch new streaming experience next Wednesday.
• Revenue contribution: Not explicitly stated in absolute terms for each product, but key focus on EBITDA growth, cost savings, and partnership developments.

Formula One Group

• Announced planned acquisition of Quint, a provider of hospitality inventory for sporting events. Repriced $1.7 billion of F1 term loan B, tightening the spread. Vegas race preparation: Pit Building ready, received certificate of occupancy, set to offer unparalleled fan experience with All-Star opening ceremony and Netflix Cup. F1 saw surge in popularity, sellouts, growth in engagement across social, TV, and digital platforms.
• Revenue contribution: Not explicitly stated in absolute terms for each product, but focus on growth in popularity, sponsorship, and event-related financials.

Liberty Live Group

• Live Nation had record quarter with 140 million tickets sold year-to-date (vs 121 million in 2022), revenue up 36%, AOI up 33%. Strength in all markets, venues, and price points, with international leading the way. Raised $1.15 billion of new Live Nation exchangeable bonds and used proceeds to repurchase existing bonds.
• Revenue contribution: Not explicitly stated in absolute terms for each product, but focus on ticket sales, revenue, and bond activities.

Atlanta Braves

• Had best record in MLB with 104 wins vs 58 losses, 3.2 million tickets sold (new record at Truist Park), won sixth straight National League title. Baseball revenue up 11% year-to-date, Battery mixed-use adjusted OIBDA up 15% in nine months.
• Revenue contribution: Not explicitly stated in absolute terms for each product, but focus on season performance, ticket sales, and financials.

• For Vegas race: Remain bullish on profitability despite initial start-up costs, expecting it to be a profitable race for F1. Still expect revenue and profitability within reasonable estimates.
• For F1: Anticipate increased efficiency and growing profitability in years two and beyond for Vegas race, and continued growth in popularity and financials for F1 overall.

• Acquisition Negotiation: Uncertainty around the timing and outcome of the proposed combination of LSXM and SIRI, including regulatory and shareholder vote risks.
• Vegas Race Start-up Costs: Higher-than-expected initial start-up costs for Vegas race, including safety, security, and traffic planning costs.
• IRS Personnel Change: Albert leaving Liberty after 20 years, though he will remain as a senior adviser, which could impact corporate development and tax strategies.

Q: On Formula One payments, how have you adjusted expectations for the economics of the Vegas race in the first year?

A: Greg Maffei noted there were higher-than-anticipated initial start-up costs but remains bullish on the overall impact and profitability of the Vegas race once past initial costs.

Q: What is the timeline for reaching an agreement and closing the spin and merge of Sirius?

A: Greg Maffei stated he won't comment on negotiations, timing, but noted post-deal would likely require shareholder vote, regulatory clearances, and would expect several months delay.

Q: What are the advantages of acquiring Quint for Formula One?

A: Greg Maffei said Quint helps in better understanding customers, utilizing their talents to grow and expand the F1 ecosystem, and exploring opportunities outside of F1 in other live sporting events.

Q: Were initial start-up costs for Vegas fully captured in increased CapEx guidance?

A: Greg Maffei said he doesn't believe they were fully captured in previous CapEx guidance and there's no new announcement on ongoing maintenance CapEx for Vegas Grand Prix.

Q: Thoughts on baseball's streaming experience and replacement of RSN revenues?

A: Derek Schiller stated they are continuing to deliver under agreement terms, and Greg Maffei mentioned baseball was an innovator but legal situation is ongoing with no specific replacement plan disclosed yet