Atlanta Braves Holdings, Inc. Q4 FY2023 earnings call

• Liberty SiriusXM: LSXM and SIRI transaction on schedule, filing preliminary proxy on Jan 30, expecting to close by early Q3; NAV discount closed to ~25%; SiriusXM's strong performance with self-pay net adds, margin discipline, tech stack rebuild, and app relaunch.
• Formula One Group: 2023 financial and racing highlights; Vegas race success with $1.2 billion economic impact; 2024 race calendar includes 24 races; Quinn acquisition closed in Jan, benefiting corporate and other adjusted OIBDA; media rights deals secured.
• Live Nation: 2023 record attendance, ticket sales, and sponsorship; strong pipeline for 2024 with double-digit growth in large venue shows and increased amphitheatre shows.
• Braves: 2023 team performance (947 runs scored, tied MLB homerun record); financial growth (baseball revenue up 9%, adjusted OIBDA up 11%); strong fan base with 8.4 million fans in South region.

Liberty SiriusXM

• 2023 showed strong operating and financial performance; self-pay net adds up in second half boosted by streaming; rebuilt tech stack and relaunched app in Q4. Attributed cash, liquid investments and monetizable public holdings of $90 million, excluding $216 million cash at SiriusXM.

Formula One Group

• 2023 had double-digit growth in all revenue streams, adjusted OIBDA up 22%; Vegas race had $1.2 billion economic impact; 2024 to host 24 races. Attributed cash and liquid investments of $1.4 billion, including $1 billion cash at Formula One.

Live Nation

• 2023 was biggest year ever with record attendance (145 million fans), ticket sales, and sponsorship; global demand for concerts continues to grow.

Braves

• 2023 had 947 runs scored, baseball revenue up 9%, adjusted OIBDA up 11%; season tickets sold out with a 16,000-person waitlist.

• Liberty SiriusXM: Expect to close LSXM-SIRI transaction by early Q3.
• Formula One Group: Corporate and other adjusted OIBDA to benefit from Quinn acquisition and full year of rent payments in 2024.
• Braves: Anticipate a $10 million to $15 million annual run rate for corporate overhead.

Q: Benjamin Swinburne with Morgan asked about optimizing cost structure in Vegas and Concord agreement update.

A: Gregory Maffei and Renee Wilm responded on cost optimization in Vegas, and Stefano Domenicali provided an update on the Concord agreement.

Q: Bryan Kraft with Deutsche inquired about steps to close LSXM-SIRI transaction, Madrid Grand Prix details, media rights outlook, and F1 operating leverage.

A: Gregory Maffei discussed SEC approval process for the proxy, Stefano Domenicali spoke on Madrid Grand Prix and media rights, and Brian Wendling mentioned Quint acquisition's accretive impact.

Q: David Karnovsky with J.P. Morgan asked about Vegas hotel partners and F1 operating leverage.

A: Renee Wilm addressed Vegas hotel partner accommodation, and Brian Wendling clarified F1 operating leverage drivers.

Q: David Joyce with J.P. Morgan asked about Quint's impact on F1 and Braves' RSNs process.

A: Gregory Maffei spoke on Quint's arm's length deal and Derek Schiller provided an update on Braves' RSNs process.

Q: Barton Crockett with Rosenblatt Securities asked about EBITDA growth and MLB's sports rights plans.

A: Gregory Maffei commented on LVGP's impact on EBITDA, and Derek Schiller provided clarity on Braves' streaming rights.

Q: Stephen Laszczyk with Goldman Sachs asked about F1 hospitality revenue growth and sponsorship opportunities.

A: Stefano Domenicali discussed hospitality revenue growth and sponsorship opportunities, including gambling and financial services verticals.

Q: Peter Supino with Wolfe Research asked about F1 contract durations and sports rights values.

A: Stefano Domenicali spoke on F1 contract durations, and Gregory Maffei provided insights on sports rights values.

Q: Jeffrey Wlodarczak with Pivotal Research Group asked about Vegas promotion plans and 11th team entry.

A: Gregory Maffei discussed Vegas promotion collaboration, and Stefano Domenicali provided an update on the 11th team entry process