Liberty Live Group Q3 FY2024 earnings call

• Corporate updates: Completed LSXM-Siri merger on 9th September; updates to voting and governance at Atlanta Braves Holdings with transition to standalone private company. - Formula One: Refinanced Term Loan B, expect F1 leverage between 3.5-4 times post MotoGP deal; season highly competitive with constructors' and drivers' championships tight; revenue streams up double-digit; signed new commercial agreements; F1 TV subscriber growth robust; social media followers grew 38% year-over-year. - MotoGP: Making progress with European Commission for regulatory approval; Valencia race canceled due to flooding, final race in Barcelona; extended rights agreement with FIM until 2060; announced 2025 calendar. - Quint: Saw strong F1 experiences in Q3 despite seasonally light quarter. - Live Nation: Had strong first half, set up well for 2025, but results not commented on as LYB's earnings were not released yet.

Formula One Group: Year-to-date, revenue up 15% and adjusted OIBDA up 21%. Cash, liquid investments, and monetizable public holdings at Formula One Group were $2.7 billion at quarter end. MotoGP: Year-to-date attendance was 2.9 million, up 9%, with six races setting all-time attendance records. Extended rights agreement with FIM until 2060 and announced 2025 calendar with 22 races. Quint: Q3 was seasonally light but saw strong F1 experiences. Live Nation: Had strong first half, set up well for 2025, but results not commented on as LYB's earnings were not released yet.

• Formula One: Expect F1 leverage to be between 3.5 to 4 times assuming year-end close on MotoGP deal. - MotoGP: Expect to release new brand identity post-season; 2025 MotoGP calendar with 22 races across 18 countries. - Live Nation: Set up very well for 2025, which will be a monster stadium year.

• Regulatory risks: Progress with European Commission remaining as a hurdle for MotoGP acquisition. - Event-related risks: Impact of events like Valencia flooding on MotoGP race and related relief efforts. - Media rights risks: Uncertainties in negotiating media rights deals, especially with ESPN for U.S. renewal. - Sponsorship and ticket sales risks: Volatility in sponsorship go-get and Vegas ticket sales affecting financial results.

Q: Any potential updates on Concord progress, tone of talks, or expected timing?

A: Conversations progressing well, very positive, with no urgent rush, and will inform when concrete announcement made.

Q: On team payment accrual, any specific to call out in Q3 that shifted assumptions on pre-team profit for the year?

A: Represents conservatism towards Vegas, being the last remaining uncontracted revenue stream, and typical year two trends for promoters.

Q: On Formula One sponsorship, how meaningful the sponsorship revenue growth outlook in coming years?

A: Announcements mostly '25 related, with strong progress on sponsorship, licensing, and other activities, but hard to predict '26 deals specifically.

Q: Thoughts on sports media rights landscape heading into U.S. renewal next year and approach with ESPN?

A: Negotiating with ESPN, looking for best economic opportunity and fan exposure, with other partner interest.

Q: On Vegas, demand heading into final few weeks and revenue/profitability expectations?

A: Uptick in ticket sales traffic and conversion rates, all-in cost of Vegas race weekend in line with other U.S. races, focusing on profitability and broader ecosystem benefit.

Q: On Live Nation stock and Republican DOJ impact on lawsuit, and team payments full year vs swing factor of Vegas?

A: Live Nation continues to prosper, no basis for lawsuit; slight leverage on team payments, Vegas a swing factor due to high volatility in sponsorship and ticket sales.

Q: On race promotion and calendar in 2026, and positioning for renewals?

A: '26 race promotion includes Madrid, balancing economic benefits and market growth; renewals focused on reach and economic opportunity for fans and F1.

Q: On media rights in Americas, bundling, and impact of streaming?

A: No huge renewals in Americas making bundling logical, but no certainty; streaming a major component of sports rights packages, considering F1 TV growth.

Q: On Vegas ticket revenue and profitability?

A: Aggregate ticket revenue down from original budget, but costs reduced, focusing on profitability and broader ecosystem benefit.

Q: On media rights objectives and accounting of F1 movie?

A: Goals include reach and fan experience, deals chosen based on market situation; F1 movie revenues expected to be small.

Q: On Vegas off-season monetization and sponsorships?

A: Working on year-round business launch starting late Q1 '25, focusing on educating new fans; 2025 to be a strong year for sponsorship.

Q: On expanding race calendar in emerging markets and balancing exclusivity?

A: Balance in race calendar numbers is right, propositions help in making future strategy stronger, balancing financial and regional considerations