Formula One Group (FWONA) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

March 1, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the Liberty Media 2022 Year-End Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference will be recorded today, March 1.

I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

Shane Kleinstein

Thank you. 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 Form 10-K 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 statements 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 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 scheduled one through three can be found at the end of the earnings press release issued today, which is available on Liberty's website.

Now I'd like to introduce Greg Maffei, Liberty President and CEO.

Gregory Maffei

Thank you, Shane, and good morning to all of you. Today speaking on the call, we will also have Formula One's President and CEO, Stefano Domenicali; and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. First, let me start with an update on the split-off of the Braves and the creation of Liberty Life Tracker. We filed the amended S-4 and we still expect completion in the second quarter.

Let me turn to Liberty Sirius XM. We expect we will have a simplified structure following the recapitalization of LSXM and the creation of Liberty Life Tracker, and we are focused on rationalizing this structure in the near-term. Looking at SiriusXM, the underlying asset, reported strong fourth quarter results with record high ARPU and EBITDA and record low churn. Management did give more cautious forward-looking commentary given multiple headwinds we're experiencing here in the early part of 2023.