Formula One Group (FWONA) CEO Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 5, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Please standby. Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation’s 2022 Q2 Earnings 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 is being recorded August 5th. 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 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 Greg Maffei, Liberty’s President and CEO. Greg.

Gregory B. Maffei

Sorry was on mute. Good morning. Today on the call besides myself we will also have Formula One’s President and CEO, Stefano Domenicali and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. So let's begin with Liberty’s SiriusXM where we received a $70 million regular dividend from Sirius in the second quarter which was tax free. We also repurchased $93 million across the LSXMA and LSXMK shares from May to July and a look through price on Siri of $2.88 per share. We do understand the discount has widened and it is frustrating. And while the decline of LSXM is in line with the overall market, further widening of the discount has been very disappointing. We still believe repurchases are attractive means to capture that discount but it's becoming clear they are not enough to collapse on their own. We are focused on this.