Formula One Group (FWONA) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 6, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation’s First Quarter 2022 Earnings Call. During the presentation all participants will be in a listen-only mode. Afterwards, we will conduct a Q&A session. [Operator Instructions] As a reminder, this conference is being recorded May 6.

I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead.

Courtnee Chun

Thank you. Before we begin, we'd like to remind everyone 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 or Liberty Media acquisitions most recent Form 10-K and 10-Q filed with the SEC. These forward-looking statements speak only as of the date of this call and Liberty Media and Liberty Media Acquisition expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media or Liberty Media Acquisitions expectations with regard with regard there to or any change in events, conditions or circumstances on which any such statement is based.

On today's call, we will discuss certain 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 and two 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 Liberty President and CEO, Greg Maffei.

Greg Maffei

Thank you, Courtnee, and good morning to all of our listeners. Today. Speaking on the call we'll also have Formula One's President and CEO, Stefano Domenicali and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. So I'll begin with Liberty SiriusXM, we received $872 million of gross dividends from SIRI tax free in the first quarter including the special and regular dividend. We, because of the nature of our convertible bonds, we had to pass through a $30 million of that special dividend. We continued our share repurchases repurchasing $182 million across LSXMA/K from February to April. We repurchased those at a look through price on Siri of about 356 a share. We of course remain disappointed with the discount and attack it as much as we can. We are very focused on long-term value creation for our shareholders.