Welcome to the Liberty Media Corporation's 2023 Q1 earnings call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, please press star one on your telephone keypad. As a reminder, this conference is being recorded May 5th. I would now like to turn the conference over to Shane Kleinstein, Vice President of Investor Relations. Please go ahead. Thank you and good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in Liberty Media's most recent Forms 10-K and 10-Q filed with the SEC. These forward-looking statements speak only as of the date of this call. Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. On today's call, we will discuss our non-GAAP financial measures for Liberty Media and SiriusXM, including adjusted OIBDA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media and SiriusXM, Schedules one through three, can be found at the end of the earnings press release issued today, which is available on Liberty Media's website. Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO. Thank you, Shane. Good morning. Today, speaking on the call, we will also have Formula One's President CEO, Stefano Domenicali, and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. I'm gonna first update you on the split off of the Braves and the creation of the new Liberty Live tracker. We filed the amended S-4 and are pleased with the speed of the SEC review. We believe we are nearing the end of that SEC process, and we are still targeting completion before the end of the Q2. Turning first to Liberty SiriusXM, we continued our efforts to de-lever and simplify the balance sheet there. We raised $575 million of three and three-quarter LSXM converts. We used the proceeds to repurchase $703 principal amount of LSXM debt, including $591 million of the one and three-eighths basket convert and $112 million of the 2 and 2.125% SIRI exchangeables. We also repaid the remaining balance of those in April. That was a reduction in gross debt just over $400 million year-to-date, including the April activity. The reclassification of the LSXM tracker without the live stake will simplify our structure further. We continue to be focused on rationalizing SIRI and LSXM structures in the near term. When we look at SiriusXM itself, as expected, they had a challenging Q1 due to the SAR and ad market trends. We expect this as the low point of the year on net self-pay net ads due to the lower Q4 trial starts, the seasonal Q1 higher churn, and the pullback in marketing as we will wait to roll out our new app. Advertising did perform better than expectations. Podcasting continues to be a bright spot. We saw solid progress in rolling out 360L, our revolutionary new product enhancement, which leverages the best of our content and interactivity. We expect 40% penetration in new car trials by year-end 2023. We see a good conversion lift in vehicles with 360L, particularly as consumers are aware of and use advanced features. We did take costs out of the business at SiriusXM with an 8% workforce reduction in March. We are confident we will see improvement in operating results for the year, with likely positive self-pay net adds in the back half of the year and the cost savings and ad revenue seasonality benefiting EBITDA. As a result, SiriusXM, on their earnings announcement, raised both EBITDA and free cash flow guidance $50 million each. We were excited to name Tom Barry as the new CFO. He was previously our Chief Accounting Officer. He's been with SiriusXM since 2009 and has a detailed knowledge of financial and strategic elements of the business. We do wish Sean well in his new role and his success on the course. Turning to Live Nation. Tremendous quarter, continued growth in live events across all of its segments with a great Q1, as I said, even against a pretty reasonably strong comp last year, though there were some international markets that were not open in the prior period. Ticketing GTV was up 60%, AOI was up a stunning 53% to $320 million, and they converted 59% of that AOI into $190 million of free cash flow. We look forward to yet another expected record year at Live, with about 90 million tickets sold for Live Nation shows year to date. We expect to manage 600 million tickets globally. We will host a record number of fans, even against a strong 2022 comp, which benefits from rescheduled shows in prior periods. We believe the AOI at Live can compound at double digits for the foreseeable future. On the legislative updates, we continue to make solid progress and hope the market will begin to recognize the momentum there. We continue to gain momentum on the Fair Ticketing Act and the proposed bill in the Senate called the TICKET Act is actually a significant positive first step towards implementing initiatives we support. Turning now to the Formula One Group. On the corporate side, we paid $202 million of cash to LSXM to settle the intergroup interest in connection with the repurchase of the basket converts. That's an effective buyback of 3.1 million Quanta shares at $65 a share, proportionate to the amount of the convert repurchased. The F1 season is back after several weeks off, beginning here with the exciting Miami race this weekend. I would note we had our first F1 Accelerate conference yesterday. It was successful. This business summit brought together leaders in sports, tech, and media, and we expect we'll have further iterations of that in the future. We announced format tweaks to Sprint events. Now a standalone event with separate points and no impact to the grid on the GP itself. I also expect we'll see continued improvements in this format resulting in three full days of on-track excitement. We continue to see growth in the sport. The Baku Sprint weekend TV audience was up 7% versus the 2022 GP, in part due to the Sprints. Continuing from here in Miami, we see growth in the U.S. fandom on full display. The Saudi GP was on ESPN and cable's most live GP on record to date. U.S. social media followers are up dramatically, 43% in the Q1 versus the prior year. The U.S. is now Formula One's biggest audience across Instagram, YouTube, TikTok, and Snapchat. Quick update on Vegas. We completed the wave 1 and 2 ticket sales with strong demand. The final wave 3 sales are expected later this spring. We remain confident in our sponsorship pipeline, with many big deals already announced. We most recently added Virgin at Hard Rock. The construction of the paddock building itself is over 60% complete. CapEx is running in line with expectations, modestly exceeding our original cost of land purchase. I reiterate the race-specific economics for year 1. We expect total revenues will approach $500 million, and we do expect it will be a top 5 race in profit economics. On the balance sheet, F1 leverage at quarter end was 2.2x. This will trigger a 25 basis point permanent reduction in the margin on our existing Term Loan B, regardless of future leverage ratios. Turning to Braves. Great start to the season. 22 and 10, best record in the NL and leading the NL East by six games. Ronald Acuña Jr. was named NL Player of the Month for April. He led the Major League Baseball in stolen bases and runs. We had the largest home opener crowd in Truist Park history. We've seen incredible ticket demand for season to date. We stopped selling season ticket sales for the first time in franchise history and started a wait list before opening day. We expect to sell out over half the games this season. Baseball is clearly benefiting from MLB's rule changes. Games have more action and less downtime. Across Major League Baseball, you've seen stolen base attempts up over 30% versus last year to the highest rate since 2012. Games are about 30 minutes shorter versus last year and dropping below 3 hours. Looking at the Braves themselves and innovations there, we already plan to implement a new POS system this year to enhance our fan experience, and this will help mitigate any impact to concessions from shorter games. We are actually seeing favorable trends in concessions year to date. Let me turn it over to Brian for more on our financial results. Thanks, Greg. Good morning, everyone. At quarter end, Liberty SiriusXM Group had attributed cash and liquid investments of approximately $377 million, which excludes $53 million of cash held directly at SiriusXM. There's also $1.5 billion of undrawn margin loan capacity at the parent level related to our SiriusXM and Live Nation margin loans. As of May fourth, the value of our SiriusXM stock held by LSXM was $11.5 billion. The value of the Live Nation stock was $4.7 billion. We have $2.7 billion in principal amount of debt against these holdings, or $2.4 billion pro forma for the additional paydown that occurred after the quarter. Total Liberty SiriusXM Group attributed principal amount of debt is $13 billion, which includes $9.6 billion directly at the Sirius level. In March, Liberty SiriusXM Group issued $575 million aggregate principal amount of 3.75 LSXMA convertible notes due 2028. We used the net proceeds of this offering to repurchase $591 million principal amount of the 1.375 cash convertible notes and $112 million of the 2.125 SIRI exchangeable debentures. In addition to the proceeds raised from the new convertible, LSXM used cash on hand, including $39 million from the proportional net settlement of the bond hedge and warrant and cash received from Formula One Group to retire $3.1 million Swan A intergroup interest shares underlying the corresponding portion of the convertible repurchase. Subsequent to quarter end, Liberty SiriusXM settled the remaining 2.125 SIRI exchangeables for $275 million at the April put call date. There's approximately $199 million remaining on the 1.375 cash convertible notes, which mature in October. All remaining intergroup interests are expected to be settled and extinguished in connection with the Braves spinoff. Additional information regarding the intergroup interest is available in our press release, as well as the S-4 that was filed with the SEC. Formula One Group had attributed cash, liquid investments, and monetizable public holdings of $1.8 billion at quarter end, which includes $1 billion of cash at the Formula One level. Formula One Group purchased $129 million of exchange traded funds in the Q1, which we expect to attribute to the Liberty Live Group tracking stock in connection with the announced reclassification of the trackers. Total Formula One Group attributed principal amount of debt was $3 billion, which includes $2.4 billion of debt at F1, leaving $538 million at the corporate level. F1's $500 million revolver is undrawn, and their leverage ratio at quarter end is 2.2 times, which will trigger a 25 basis point reduction in the margin on the Term Loan B debt. Looking quickly at the F1 operating business. Given quarterly variability, we remind you to look at this business on a full year basis. That being said, let's take a quick look at the quarter. Our race count in the Q1 was consistent year-over-year with 2 races. Primary revenue grew with increases across race promotion, media rights, and sponsorship. Other F1 revenue decreased in the Q1, primarily due to easing of freight cost inflation versus the prior year, which was partially offset by growth in Paddock Club attendance. On the cost side, our team payments grew in the Q1 due to the pro rata recognition of increased payments for the year. Reminder that other costs of revenue, F1 revenue, and SG&A are best viewed as a% of total revenue. Other costs of F1 revenue benefited from the easing of the freight inflation. This was largely offset by increased hospitality costs and higher commission than partner servicing costs paid to related to the growth in the primary F1 revenue streams. On SG&A, the Q1 included $6 million of costs from the Las Vegas Grand Prix. Looking at Vegas, nearly all of LVGP's revenue and costs will be recognized in the Q4 when the race takes place. Just a reminder on that. The Paddock Club building is progressing on schedule. In the Q1, we incurred approximately $53 million of corporate-level capital expenditures related to Las Vegas. We will now be providing a forward-looking allocation between the F1 OpCo and the Formula One corporate CapEx. LVGP will pay rent and other fees out of F1 OpCo to Formula One corporate for use of the building during the race period. Which will show up in our financial statements as revenue at the corporate level in the Q4, but will eliminate in consolidation. At the Race Group at quarter end, they had attributed cash and liquid investments of $215 million, which excludes $30 million of restricted cash. Race Group had attributed principal amount of debt of $542 million. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end. With that, I'll turn it over to Stefano to discuss Formula One. Thanks, Brian. Good morning from Miami. We are thrilled to be back for our second Miami Grand Prix, where the excitement in the city is as vibrant as year one. This year event feature on expanded paddock, now located inside the Dolphin Stadium, an upgraded Paddock Club, and a fully resurfaced track. We are 4 races into our record 23 race calendar. While Red Bull has dominated the race to date, it is still very early in the season, and the races have been packed with excitement and drama. Alonso fans have had much to cheer about with Aston Martin recent performance. Alonso first place finishes in Saudi Arabia mark his 100th podium, making him 1 of only 6 drivers in F1 history to claim this feat. The Australian Grand Prix featured three red flags, adding even more complexity to tire strategy, and ended with only 12 of 20 drivers crossing the finish line. The new Sprint format was unanimously approved by the teams F1 and FIA in advance of Baku. We all believe that the new format is the right one for our fans and the sport, and increase the level of intensity and action across the weekend. Starting this season at the sixth Sprint events, all three days of the weekend will be packed with on-track excitement. The Saturday Sprint Shootout is a shorter qualifying session to determine the Sprint grid later that day. This makes the Sprint standalone event with no bearing on the Grand Prix, allowing drivers to fight more aggressively without fear of the implication. Formula One is engaging with our fans across platform. Global audiences exceed 70 million viewers for the first 2 races of the season, with significant increases in key markets across Europe and North America. In the U.S., the Saudi Arabian Grand Prix broke 1.52 million viewers, marking ESPN and cable's most viewed Grand Prix on record. Across our digital channels, F1 reached 62.9 million social media followers as of Q1, up 31% year-over-year. Our F1.com website and F1 apps have launched additional content, including a new What is F1 section dedicated to new fans with videos and beginner's guide to the sport. Crowds continue to flock to our races globally. The vast majority of events are sold out for the 2023 season. Bahrain set its new record with nearly 100,000 fans over the weekend. Melbourne topped last year record as the largest weekend sporting event in the recent Australian history. We welcomed 445,000 fans over the course of the weekend, up from 420,000 the prior year. This also marks a new record this century for Formula One in terms of total race weekend attendance. Turning to recent updates on our commercial agreements. On race promotion, we extended our Austrian Grand Prix through 2027, following last year's sold-out crowd of 303,000 fans. This year event will mark our 10th anniversary since F1 returned to Spielberg. We also announced the extension of the Azerbaijan Grand Prix through 2026. On media rights, we entered into a multi-year extension of our partnership with ESPN to broadcast F1 channel in Latin America and in the Caribbean. ESPN will provide live coverage of over half of the races with the full season available on the streaming service Star+. ESPN has continued to develop dedicated content across web and social platforms, allowing us to expand our global reach and attract an increasingly diverse fan base. Our Pro and Access product continued to see solid subscriber growth this season. On sponsorship, we made LIQUI MOLY an official partner. Our enhanced agreement includes track signage at the 3 races and virtual branding at 15 races, demonstrating the opportunity for digital ad insertion within the broadcast feed. We first welcomed LIQUI MOLY as a regional sponsor in 2019, grew our relations to official sponsor in 2020, now official partner in 2023. We continue to demonstrate growing value to our partners. We were thrilled to announce Paramount+ as official partner following our successful sport and entertainment collaboration last season. Our new multi-year agreement will feature their popular seniors at Fan Zone on trackside display and in digital placement. This week, we announced PUMA as official provider of F1 sporting apparel in a new multi-years partnership. We extended our agreement with MSC Cruises as global partner throughout 2026. As part of the extension, MSC will bring a unique hospitality experience. Our sponsorship pipeline remains strong. Formula 1: Drive to Survive returned for its 5th season in February. Avid, casual, and new fans alike continue to be drawn to the series. The latest season didn't disappoint. On April 14th, we celebrate the topping out of our Las Vegas Grand Prix Paddock building by placing a symbolic concrete barrier on top of the structure. We are very pleased with our progress. The efficiency of this project is a function of the incredible collaboration between the Las Vegas Grand Prix team, our talented design and construction crew, and local officials. We thank them all for their support. The Paddock building spans 1,000 feet long, 100 feet wide, and three stories tall with a rooftop deck. It will be the largest Paddock building on the race calendar and will host the largest Paddock Club. On the roof, we have a 28,000 sq ft LED screen in the shape of our F1 logo that provides unparalleled branding opportunities. When you fly over Las Vegas, you will know that F1 has established a permanent home in the U.S. We can monetize the LED screen and display third-party branding in the future years. The building itself has advanced AV capabilities. Temporary walls between team garages and additional features ensures ample flexibility to convert the entire space for a broad range of year-round users. Future year-round activation are under development, and we hope to have more to share in the coming months. I encourage you to visit the Las Vegas Grand Prix website for a time-lapse video of the extraordinary construction progress. Our truck resurfaces of Las Vegas roads began last month, and the second phase is scheduled for July. Once complete, this truck surface can last 6-10 years. The team also recently announced addition to the sponsorship lineup. Virgin Hotels Las Vegas was named an event partner and will have entitlement to the East Harmon Zone. Hard Rock International was named a presenting partner and will build a grandstand in front of the Mirage on the strip. In March, we announced an event partnership with Switch, the technology infrastructure company, who will supply LVGP with its sustainable goals and establish environmental conscious practice for the race weekend and beyond. Touching on our broader F1 sustainability and inclusion effort. The European Union recently recognized the role that sustainable fuel needs to play as part of the automotive solution alongside the electric vehicles up to 2035. This cement the future of sustainable fuels following F1 extensive work with policymakers. Our F2 and F3 cars are running 55% sustainable fuel this season. Current F1 cars are running at 10% sustainable fuels, and we are on track to introduce 100% advanced sustainable fuels in 2026. The F1 Academy, our new all-female series, began its season in Austria last weekend, following 2 testing session in Barcelona and Paul Ricard in France. Congratulations to Marta García from PREMA Racing on winning 2 of the 3 races on opening weekend, with just 0.3 seconds separating her and the second place finisher in the third race. The season will have 7 race weekends with the final race alongside us in Austin in October. I'm pleased to say that in 2024 season, we'll have all F1 Academy races join F1 weekends. The creation of F1 Academy is an important step forwards towards increasing opportunity for female participation in motorsport. It is the start of a journey, and we hope it will be inspirational for young female drivers aspiring to reach professional motorsport who now have the F1 Academy to aim for. I believe we are creating the best possible structure to find and nurture female talent, including those already in the series and those yet to come through from the grassroots level. We are looking forward to the season. Yesterday, F1 partnered with Custom Events from Wall Street Journal to host our first F1 Accelerate Summit. We brought together trailblazers from the worlds of sport, entertainment, and business to discuss how they can make a significant impact on the future of technology, performance, diversity, and sustainability, not only in their own business, but across industry and culture. We welcome familiar faces from the F1 Grid and management alongside marquee sport figures including Maria Sharapova and Alizé Lim. Jay Leno was our host as business executives. Traveled from across the country, including Jerry Bruckheimer, Joseph Kosinski, Maverick Carter, Sarah Harden, and Burke Magnus. We hope to continue to leverage the F1 brands to drive innovation and commercial success for the sporting and entertainment worlds. It is an exciting time for Formula One, on the track and in the commercial operation. Our unusual early season spring break didn't have a mandatory shutdown like summer break, meaning teams were hard at work with their cars at gray. I believe competition will intensify as the season progresses. Miami closed out the first double header of the season before we head to Europe for the first triple header. There is plenty of action to come. Avanti Tutta. Full speed ahead. Now I will turn the call back over to Greg. Thank you. Ciao. Thank you, Stefano, and thank you, Brian. To our listening audience, we appreciate your continued support of and interest in Liberty Media. We hope you will all turn in to see the Miami Grand Prix this weekend and the start of our Braves series against the Orioles tonight. With that operator, I'd like to open the line for questions. Thank you. The floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad at this time. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. Once again, that's star one for questions. The first question is coming from David Karnovsky of J.P. Morgan. Please go ahead. Thanks. Stefano, just on the new sprint format, I'm interested to know what the response has been from your partners on the promotion side. How are they thinking about the potential lift to their own ticket sales? What's the process you have to determine what GPs get that format? Is that something you can build into your contracts? Well, thanks, David. Of course, we did that thing in accordance with the teams and with the FIA, because, as you know, our idea is to make sure that during the racing weekend, there is always action on the track. Actually, the result of the first one of this year has been very encouraging, and every one of our partners, promoter, media partners and also team are very positive about that. Of course, there is something that, we want to take as a lesson learned to see, at the end of summer, if there is something that we can learn to do even something better. In general terms, the first weekend of the Sprint format has been great, I think that as always, when you want to do something different in a very standardized ecosystem, the reaction of the, let's say, the traditional fans is the one that needs to be awaited for longer term. Normally with the new fans, we've seen a very, very positive reaction. promoter was pushing for that. I would say the real thing is that we don't want to go in a situation where in the future we're gonna have all the races with the Sprint format. We want to keep a limited number of it, maybe 1/3 of the calendar number, and create something special with regard to the competition that we can give sporting value with trophies and of course, commercial opportunity to these things. I think that's the right way to go. If I may summarize another thing that I think is important, I see a big trend today about the sport not to be stable, let's say, not to stay consistent with your regulation. We're just following what baseball did. They're just following what NBA has done. That means that all the professional sport needs to listen to the request and to the new input that the fans, promoters and partners are asking to have more excitement around the games. Positive and looking forward to keep working on this project. You've called out F1 TV in your releases for a few quarters now. Just wanted to see if you could update us on the product, where you see it in terms of the growth trajectory. Just for Brian, to the extent someone buys an annual plan at the start of the season, is that all booked in the Q1 with the partner cost, or is that proportional to the races? Thanks. If I may, the first part of it, F1 TV is really working very well. You know that we are not providing any numbers on that. What I can tell you in term of quality, in term of product and in term of attention, is also an opportunity to select new markets where there is not really a strong broadcaster provider. We are doing that with certain countries and the effect is really good. We have a new plan also to update some of the content that we want to give to our fans. As I said, after a couple of years of very high investment, now we are paying back what has been a great decision taken a couple of years ago. Brian, you want to progress with the other question? Yeah. David, on your second question, it's proportional over the season. Great. Thank you. Thank you. The next question is coming from Bryan Kraft of Deutsche Bank. Please go ahead. Hi. Good morning. Greg, I wanted to ask you, how should we think about the capital needs of the Liberty Live Group, both initially and over time, particularly as the business side of Liberty Live Group evolves and begins to invest in owning and operating venues? I assume that's still part of the plan, and it seems like it's capital intensive. Just wanted to understand how you might go about funding those endeavors. Thank you. Thanks, Brian, for the question. As we've outlined, we expect to capitalize Liberty Live with a decent amount of cash, but candidly, to the degree we go out and do something large there, we'll have to find other sources of capital, other sources of cash capital. I don't think it will be a massive generator of cash as you would expect, looking what's in the asset base there. We have some ideas that involve leveraging Liberty Live itself, not reliance as much on other trackers, if that's your fear, Brian. Yeah, that was the nature of the question. Thank you. I asked it also. I try. I just might have read that subtext a little bit. A lot of people are asking about it, you know, I think it's good to get the message out there. You're, you get to ask it straight up front. You get to ask it straight up front. If I could ask you also, maybe related on the F1 side, I mean, it seems like what you're doing in Vegas is really exciting. Do you see other opportunities to invest in F1's business by taking on the promoter role in other markets and investing in facilities to drive that longer term growth? Look, I think Vegas was unique in the opportunity and also the geography and a bunch of other factors which made it the place where we should be the promoter first. We'll try not to have too much hubris and assume that we need to prove we can be a good promoter first. I don't look at a lot of other places where it's as obvious. I have mentioned in the past that I do think in some cases, some of our partners in the promoter space are not necessarily as capital rich as Formula One. There may be opportunities for us to participate alongside them. Maybe not in a full co-promotion role, but to take elements of the chain of value being created and further it for both of our benefits. We'll certainly look at that and talk to partners to the degree that's available. If I may add another comment, Greg, an indirect qualitative effect is that with this investment, we are pushing also up the quality of the promoters that are already very important for us in Formula One. Now the game is to have unique events that are working very, very well, of course, commercially viable, but I would say that direct effect will be as given to the system an uplift in the quality approach of every Grand Prix. Great. Thanks, Greg. Thanks, Stefano. Appreciate it. Thank you. The next question is coming from Vijay Jayant of Evercore. Please go ahead. Hi. Good morning. I have a couple on Formula One. Greg, the $112 million of team payments in the quarter implies a little less than, I think, $1.3 billion for the year. Can you sort of talk about, you know, how, you know, team payments are being communicated to the teams, given the fact that this year you have something sort of different with the Vegas race that is not sort of contractual? You know, is that something we should look at as a proxy in what you're sort of thinking on the full year EBITDA number? Second, obviously the free cash flow was very, very strong at Formula One's quarter, and I'm assuming that had to do with ticket sales for I think wave one and wave two on Vegas. Any way you can help us think about what sort of the underlying free cash flow is excluding the ticket sales, if possible? I'll comment on the first and second, and if Brian Wendling, you wanna add anything on the free cash flow when I'm done, that would be great. Looking at the team payments, I think if you look at our history, we try to manage that conservatively, particularly in the Q1 of the year. As you rightly note, probably even more conservatively this year, given we've added some volatility to payroll or rather to the potential in by having Vegas. We think it's positive volatility. It's going to be a great event, but it is unknown. It is not as well experienced as some of the other events that we have. I think you should look at that as a conservative proxy for how we expect the year will go. The last thing we wanna do is have teams overspending in anticipation of monies that don't show up towards the end of the year. On the free cash flow, you rightly note, because of the wave one and two sales, a lot of cash has been brought to us. It's deferred collection, but it's generated into that free cash flow line. It has probably overstated the true impact of the operating business for Q1, but we do expect to recognize that as free cash flow as the year progresses. I don't know, Brian, if you wanna comment or can comment a little on a more normalized level without providing Vijay too much clarity, 'cause gosh knows we want him to do some real work. Yeah. I mean, to help the efforts, I guess I would say if you look at our tracking stock schedules, you can see the deferred revenue as of March 31, 2023, and you can go back and If you look at our Q1 from last year, you can see the deferred revenue related to Formula One at 2022. It's up, you know, roughly $130 million, give or take. You could think of that largely being related to Vegas, although there are other puts and takes. If I may add one comment. Sorry, Brian. No, go ahead. Stefano, please add. Sorry. No, Vijay, I just want to add 2 comments that I think is important to consider and to remember. That at the end of the day, it's important to remember the team, the teams are benefiting for what we are doing so far. I mean, investing in Vegas for them is an incredible opportunity and directly also for them to develop their business. Indirectly, this will get our proposition even stronger as an ecosystem in Formula One. I think that is really something that, as Greg was mentioning, we have a prudential approach, but that gives you the magnitude of what we need to do and need to deliver in this project that will be very, very important for all of us. Thanks, Vijay. Thank you. Thank you. The next question is coming from Peter Supino of Wolfe Research. Please go ahead. Hey, good morning, and thanks. On the Concorde Agreement, Greg, I wondered or Greg or Stefano, I wondered if you could comment on how you'd like investors to think about the timing of that renegotiation. Then a second question, Greg, if you would talk about Live Nation, your view of both the risks posed by the DOJ investigation and then separately the bear case that the business ought to slow down a lot in 2024 after this post-pandemic surge of supply. Thank you. Look, we have several years left to run on the Concorde Agreement. I think there's a consensus among the teams and the FIA and ourselves that now might be a good time to try and strike while the iron is hot and renew and extend the Concorde Agreement. There's certainly no obligation to do that, and there's certainly no risk if that doesn't get done. As you may recall, we went right to the end. Historically, in many cases, the teams have operated without a Concorde Agreement. They've basically done a handshake and then completed the deal post the period when the new Concorde Agreement was supposed to start. Our hope is that this time we'll be able to change that dynamic, in part because of the way that Chase and Stefano have changed the dynamic with the teams in particular. I hope we have a more positive relationship and everybody sees the benefit of going early and providing certainty for all involved. Stefano, what would you add? Nothing, because I think that you synthesized perfectly the situation, and I think, that will be our strategy now. On Live Nation, you know, I would not say it's a DOJ investigation. You could always say that, but look, we've had a DOJ consent decree and monitor now for several years, and it was renewed. There is a hotline that anybody can report what they perceive as violations of that consent decree. The DOJ has a monitor who is investigating continuously perceived or alleged violations of the consent decree. There obviously is another track which is a legislative potential, and we've talked about some of those. I mentioned the couple of bills that are being considered. I'm not sure those bills will get done, but in the main, we view those bills as positive. Frankly, I think anything that moves forward and ends the negative speculation about the regulatory side is positive because we do not perceive it nearly as big a risk as the market perceives it to be. On the business itself, you know, hard to project what the consumer will do when you can imagine recession scenarios and the like, but we see none of that. We see strong demand, and we see it going forward with upcoming tours. Our expectations, as I noted, are the business is going to continue to grow. Thanks a lot, Greg. Thank you, Peter. Thank you. The next question is coming from Stephen Laszczyk of Goldman Sachs. Please go ahead. Great. Good morning. Maybe one on F1 sponsorship for Stefano. It seems like you're finding a fair amount of success in stepping up some sponsors into more comprehensive packages. You had Paramount+, MSC, and LIQUI MOLY this past quarter. I was wondering if you could maybe talk about, you know, this more, how much opportunity you think there is, as you look out across your sponsorship portfolio to step more sponsors up and if there's any constraints, especially, with there being 10 global partners already, you know, that could limit this. Thanks, Stephen, for the question. I think that we always need to look behind to understand what we are doing today. I mean, we were talking about only 4 official partners just 2 years ago. Now we are heading to 10 official partners, plus an incredible group of technical partners that are part of our family. I think that our main goal is to, for sure, to connect with the potential business partners that are interesting to develop business together. In any case, we don't have to overcrowd our group in order to offer what they need, and it's up to us to prepare for them different packages with different contents, with different experience, with different opportunities. This is what we are doing. The fact that we are so strong in this moment that the pipeline is still very solid also for the future is giving us the creativity to work on the digital landscape, to have different proposition, different markets, for example, as one opportunity we have today, or including other categories that are interested to come back in Formula One. I would say now the real thing is not to work only on adding more, but making sure that each of them receives the right qualitative answer to their question. The other thing that I think is really relevant that gives in another way the fact that we are serious on the sustainability platform, because no one will invest today in a business that is not credible on this landscape. That is another push that we receive from our partners to make sure that our goals with the sustainability net capital in trying 2030 has been achieved. It's a, let's say, a constructive push that we are working together in order to be stronger and stronger together. Great. Thanks for that. Maybe one for Greg. Could you just update us on the way you're thinking about capital allocation at Formula One now that you hit the trigger on your term loan this quarter? Should we expect this to give you some more flexibility from this point going forward to ramp leverage back to more historical levels? Thank you. Well, thank you, Stephen. I think look, we are pleased to have triggered the reduction. Honestly, that's a nice benefit, but it has not been what's driving our thinking about capital allocation. We are looking for and believe we will find attractive opportunities for our cash and our generate cash flow generation. I've talked about some of those in the past, including the Vegas effort, which I think is gonna generate a good return. Ancillary businesses around which are synergistic and around our existing business and the potential for return of capital versus share repurchase. As I noted, we effectively did that this quarter for just over 3 million shares for the intergroup interest settlement. I expect you'll see us look at all of the alternatives above. Again, it was nice to click off the 25 basis points reduction, but that wasn't what drove our thinking. It's really the strength of the business which is generating the capital. Great. Thanks, Greg. Thank you. The next question is coming from David Joyce of Seaport Research Partners. Please go ahead. Thank you. A couple questions. First, on Formula One, what's the current view of Formula One, the league and FIA and the F1 teams related to potential addition of more teams? What are the gating factors from here? Then secondly, if you could provide any update on your views of what's happening with the regional sports network as it pertains to Atlanta Braves. Thanks. I'll let Stefano handle the first part, and I'll handle the RSN question. Thank you, Greg. I mean, with regard to the situation of a new team potentially entering or interesting Formula One, you know, as always said, there are someone that is quite vocal, some other are quite silent. As you may know, David, there is a process in place that has been activated by the regulator to see and to collect the interest of other partners to be part of Formula One. The first step will be finished, I think it's within the middle of May, then there will be the analysis done properly, checking the technical feasibility, the financial feasibility. Then we're gonna have the discussion to see if any kind of potential enter will fit into the equation of creating more value to the sport. That's something that we're gonna take the decision at the right time within the end of the year. That's the plan. Of course, that is once again showing the growth of Formula One. I mean, just couple years ago, the value of a team was very small, actually almost none. Today, the value of the franchise is very high, so we have the duty to protect the business and making the right decision. This is something we're gonna do within the end of this year. Regarding the RSNs, look, obviously it's a difficult situation given Diamond's filing. That having been said, we continue to receive payments from our Sports South contract. That is not true for some other RSNs out there, where my understanding is 3 or 4 have not received payments from Diamond. That, I think, reflects the fundamental strength of the territory we have and the strength, the interest in the Braves, such that our understanding is we have a profitable RSN, so it's unlikely that Diamond will view us as an executory contract which they wish to reject. Even if they were to reject it, which again, don't expect, I think there are other alternatives we could construct in the marketplace that would enable us to get paid and have our products shown to our fans, which is really the most important thing. You know, we're certainly prepared, if we have to go out and exercise those alternatives. Great. Thanks, Greg and Stefano. Thank you. The next question is coming from Matthew Harrigan of The Benchmark Company. Please go ahead. Thank you. Live Nation, among its other merits, absolute, you know, home run acquisition of OCESA, just Mexico and Colombia, I think they said that, and Asia were, like, 50% of the AOI growth in the quarter year-over-year. I mean, do you see very many other targets out there to expand internationally as the music business, is just now unbelievably globalized given the cross-market appeal of artists, as Michael Altino talked about yesterday? Thank you. Thank you, Matthew. You're right, OCESA is a great deal, and it's nice that Alejandro Soberón 's business, who's also our partner in the Formula One, Mexico City Grand Prix, is acting so successfully. There are other targets out there. Probably not as many with the scale of OCESA that we could get done, 'cause of potential regulatory issues. Live Nation has a long history of successfully adding primarily promoters, into the fold, usually in some form of a partnership agreement where the management stays involved, but we take some ownership interest as well. I expect you'll continue to see that either in venues or promoter relationships where we continue to take advantage of the strength of our business and our ability to try and offer both fans and artists a global product. The more we can fill in our global footprint, the better for both of them. Thanks, Greg. Operator, I think we're done. To our listening audience, again, thank you for your interest in the Liberty Media companies. We look forward to speaking with you next quarter, if not sooner. Have a great weekend. Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.