Liberty Live Group Q4 FY2024 earnings call

Derek Chang's Remarks - Near-term priorities include closing the Dorna acquisition (regulatory process extended to June 30, 2025), continuing structural simplification to highlight Live Nation equity stake, and driving momentum at Formula One, including focusing on the Las Vegas Grand Prix and its impact on F1's growth in the Americas. - Mentioned the Las Vegas Grand Prix has taken steps to improve financials, including revising ticket strategy, managing costs, integrating operations into the London team, and bolstering local teams. ### Brian Wendling's Remarks - F1's 2024 revenue grew 6% across all primary streams, with sponsorship up 10%. Vegas missed expectations but steps are in place to improve. 2025 F1 will host 24 races, revenue mostly under contract. Corporate and other results in Q4 included rental income from Las Vegas Grand Prix Plaza. ### Stefano Domenicali's Remarks - Formula One finished 2024 strong, with 15% growth in F1 TV subscribers, new premium tier launch, strong sponsorship growth (landmark deals with LVMH, Lenovo, etc.), Las Vegas Grand Prix integrated into London team for commercial benefits, fan base growth (750M+ fans globally, under-35 and female fans up over 50% in 5 years), attendance records in 2024, and experiential licenses initiatives like F1 Arcade expansion and exhibition tours.

The Formula One business saw total revenue grow 6% in 2024, driven by additional races, contractual increases, and 10% growth in sponsorship revenue. However, the Las Vegas Grand Prix missed internal revenue and OIBDA expectations. Sponsorship revenue was derisked by pulling the pipeline forward. Corporate and other results in the fourth quarter had revenue of $118 million, including Quint results and rental income related to the Las Vegas Grand Prix Plaza, with an adjusted OIBDA loss of $2 million. F1 will host 24 races in 2025, with revenue mostly under contract and a focus on Vegas improvement.

- F1 will host 24 races in 2025, consistent with 2024. ### - Majority of revenue is under contract, including sponsorship revenue derisked by pulling the pipeline forward. ### - Focus on improving Vegas Grand Prix financials relative to 2024 results, with clear steps taken and in process. ### - F1 is in a strong financial position heading into 2025.

- Regulatory uncertainties related to the Dorna acquisition, with phase two review by the European Commission and extended long stop date to June 30, 2025. ### - Potential impact of Las Vegas Grand Prix underperformance on overall F1 financials. ### - Market uncertainties in media rights negotiations, including potential challenges in US media rights discussions.

Q: First on sponsorship, do you see even more opportunities as you look to the balance of this year?

A: Stefano said 2025 sponsorship pipeline is strong, with plans to continue growth.

Q: On the media rights opportunity internationally, any lessons from US negotiation?

A: Stefano said F1 TV is an important engagement tool, and Derek noted US rights not necessarily correlated to other markets but streaming platforms' demand is evolving.

Q: On Concord and team dynamics, how are team expectations?

A: Stefano said team dynamics recognize huge growth, and Brian Wendling said no expectation of degradation in team payments and stable relations.