David Karnovsky
JPMorgan Chase & Co, Research Division

Okay. Great. So we'll kick things off today. Here on my left, I have from Liberty Media, Derek Chang, President and CEO. Derek, thanks for being here.

Derek Chang
President, CEO & Director

Thanks for having me.

David Karnovsky
JPMorgan Chase & Co, Research Division

All right. Great. So Liberty Media is about 6 months into its current era, operating as an asset-backed stock with 2 main units in Formula One and MotoGP. So Derek, what does this new structure meant in terms of your focus or priorities?

Derek Chang
President, CEO & Director

The -- as you know, we spun off Liberty Live last year -- late last year, which holds the interest in Live Nation, which has left Formula One with Formula One and MotoGP, as you alluded to earlier. I don't know if it necessarily changes much in terms of our sort of unyielding focus on sort of the operations of the business and how we grow the businesses. And that's been our fundamental focus, I think, for a while now, which is how do you take these great assets that we have and continue to grow them and continue the momentum that you have, particularly at F1, where these guys have just -- Stefano and his team have been sort of on fire, as you know, based on the performance that you've seen. But I think how do you continue to drive that over the next few years and where are those opportunities for growth.