Formula One Group (FWONA) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 4, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the Liberty Media Corporation's 2023 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 4th.

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

Shane Kleinstein

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 most recent Forms 10-K and 10-Q filed and registration statement on Form S4 followed by Liberty Media and Atlanta Braves Holdings with the SEC on June 8, 2023.

These forward-looking statements speak only as of the date of this call and Liberty Media and Atlanta Braves Holdings 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 or Atlanta Braves Holdings 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, SiriusXM and Atlanta Braves Holdings including adjusted OIBDA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media, SiriusXM and Atlanta Braves Holdings scheduled one through three can be found at the end of the earnings press release issued today, which is available on Liberty Media and Atlanta Braves Holdings website.

Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO.

Greg Maffei

Thank you. Good morning. Today speaking on the call we will also have Formula One's President and CEO, Stefano Domenicali, Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. Also during Q&A, we will be able to answer questions related to Atlanta Braves Holdings, and the Braves management will be available too.

Starting with some corporate updates. Atlanta Braves Holdings began trading as a C Corp on July 19th. We believe this Split-Off will better highlight value at the Braves and its real estate. For example, the BATRA [ph], A shares, and the K shares are up 38% since the Split announced last November. We also settled all of the remaining inter-group interests in connection with this Split-Off.