Liberty SiriusXM Group (NASDAQ:LSXMK) Q1 2022 Earnings Conference Call May 6, 2022 10:00 AM ET

Company Participants

Courtnee Chun - Chief Portfolio Officer

Gregory Maffei - President and CEO

Brian Wendling - Chief Accounting Officer and Principal Financial Officer

Stefano Domenicali - President and CEO, Formula One

Conference Call Participants

David Karnovsky - JPMorgan

Bryan Kraft - Deutsche Bank

Vijay Jayant - Evercore

Stephen Laszczyk - Goldman Sachs

Barton Crockett - Rosenblatt Securities

David Joyce - Barclays

Jason Bazinet - Citi

Matthew Harrigan - Benchmark

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Liberty Media Corporation’s First Quarter 2022 Earnings Call. During the presentation all participants will be in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded May 06.

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 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 and 10-Q or Liberty Media Acquisition’s most recent Forms 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 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 Schedules 1 and 2 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.

Gregory Maffei

Thank you, Courtney, 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 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 $30 million of that special dividend. We continued our share repurchases, repurchasing $182 million across LSXMA and K from February to April. We repurchased those at a look-through price on Siri of about $3.56 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.