FWONA - Earnings call transcript Q4 2021

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation 2021 Q4 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 February 25. to Officer. conference like Chun, to now Portfolio Chief would turn over the Courtnee I ahead. go Please

Courtnee Chun

Good morning.

SEC. Before statement These we'd XX-Q or statements of in Liberty measures definitions those acquisitions certain filed events for be Liberty end most reconciliations a which is the forward-looking and Litigation we Media's with of number Liberty Forms and registration Liberty call OIBDA to X change website. Act Media and Liberty and any today's the any Media expectations change Schedules or statements this and will or begin, certain on earnings SiriusXM or Reform to as statement this Media in discuss and materially within XX-K call, Media's X regard circumstances and only for release Liberty found forward-looking EBITDA. The at including like results to expressly in Liberty thereto of issued revisions today, and could recent can adjusted adjusted Media financial the herein the Acquisition's due XXXX. press risks mentioned meaning based. of of Media or the required non-GAAP On or of statement undertaking differ any or any is call forward-looking to SiriusXM, Liberty conditions with contained reflect obligation Liberty we form any available events, such Securities everyone speak updates Media Private date Actual Acquisition S-X the any remind to disseminate disclaim includes including uncertainties, and Media which on

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

Greg Maffei

Principal Formula morning good and President Today all Liberty's One's Officer, will and and have also speaking Brian on Courtnee, Chief you. Stefano Accounting CEO, the Financial and Wendling. call, we Domenicali; you of Thank to

Liberty Gap] special with [Audio dividend. beginning So,

LSXMA pass-through a net back during and shares did be through to though shares, LSXMK continue about share across of our $XXX the to expect November quarter million bondholders. from We buying million repurchasing We $XXX January.

remains the shares discount of SIRI know, over at just $X. price were of you -- able As repurchase we on and a our to look-through therefore

take continue advantage opportunity. to the will of discount We

settled our exchangeable January $XXX for X.XX% of margin the also We draws. exchange Nation million consideration in of and cash Live a using loan some

experienced SiriusXM, at they for recorded churn. of results and year the straight improving year revenue the subs business also underlying record the record Looking adjusted EBITDA. high fifth And

up year. in New penetration in in more XXXL car is And vehicle across models prior to than from XX% XX XXXX. we launched new OEMs the XX% various

new SiriusXM-equipped Now more incorporated opportunity. the fourth our quarter than XX% of XXXL in sold vehicles

Small subscribers. subscriptions We also for Discovery teamed and a introduced by plan Music distribution up and at AdsWizz adding existing Plus We quarter Platinum Apple and VIP connect and during enabling powered with the went AudioID of and with Cole identity including Go-Go's, and live and listener in with Stage Young reach and John solution Mayer featured premier The Series H.E.R., new music Keys, artist Alicia popular Junkie including January. launched and had Crime intimate David Ed Sheeran, We which Bowie channels we exclusive monetization more. J. performances Neil of generations, Apple to XX-month scale. Stitcher new Discovery live podcast spanning artist marketers consumers

of at ever double-digit up Nation, grow to were the at period XXXX in U.K. was XXXX the Live five months GDP. ticket in XXXX. continues in per busy outdoor months in as and U.S. last in top cap great a sales versus versus and December At On-site October, November the rate spend the terms and three a attendance quarter. a So quarter the same events well. XX% Fan of

for Every in the count leading venues We Confirmed to well OCESA acquisition. business February XXXX. adding through already -- million as history. reports XXXX XXXX. is versus through XXXX XX show this portfolio indicator entering chapter shows XX% expanded our a new multiyear their year sold Live growth in and XX is in its no-show venue back We a the have points strongest levels. concert up Nation tickets half down rates to record are

the at Formula Looking One Group.

convert corporate repurchased repurchase FWONA side, per statement $XX and our On we share to underlying $XX.XX. the turn effective And share cash and sure FWONK FX to bought. X.X you Russia. we price million the included of an and let shares of I'm million purchase me address circumstances this FWONA due at now both in that repurchases of morning. share of the an saw first average effectively shares FWONK FWONK That the

and As watching GP shock sadness the circumstances. it's the and Russian are we hold to we the with in situation current impossible said,

back Index, the many a and and and affecting NASCAR. What ending initiatives. to FX of further ahead with on tuning came championships our coming of Even attendance, contracted month announcements we to of we've good by saw in. our attending Fans And a Sports desirable two major Turning now FX very Super and the signed followers, sustainability numerous billion a since in We the in race Average on COVID to attendance as Bowl. Global being season. Motor great was at in that of making TV once MotoGP more with Sustainable with many strength in And cliffhanger viewership X.XX renewals FIA million such races. E, showing come. to XXXX. XX% XXX sport Dhabi, media a XXX locations, across the fastest-growing saw media. growth of had are chunk continue social thrilling number up the Abu continued again then evaluated Extreme platforms of of FX tuning on rivals out highest strong season revenue race we viewers once we like-for-like social a cumulative again at Championship which

to of see we at if you We are and all not hope year. our ready races record-breaking to Season XX-race this kick off some XXXX the

leagues off League. We name. capped many The in had We and the XXX Braves. tour best visit of But our second baseball. accolades trophy XXX we the World the the will ERA, celebrating incredible will even too National with the home ranked title. Seasons XXXX seasons Series season second of to which holders XXXX And Series XX annual World a there in XXXX. since to an X.XX in Braves highest runs, in addition which was are stops, to number we had that, XXX player now Turning start with ticket

And ever. premium hold five history the the -- sold are Park million stadium and highest our Park grand seats We for all World And of in its premium Truist three the XXXX, will first concerts including including suites including during games. in all suites. the Truist had Innovation Battery out in to time nine Xth. on opening February TK the close XXX,XXX visitors seats the Tower Series Center took place XXXX,

sale Minor close did affiliates teams League the ensured teams also in January. development. last League that is of the on and alignment the We player this of reorg League Major geographic remain for do The will teams The year future of Minor important the continue.

address moment. for just the one me Let CBA

commenting the Braves management any latest We with developments are from our discussions are prohibited obviously further. but aware in certainly of

We continue to SPAC. opportunities and for review LMAC

me Liberty in the financial to will with SPAC we and before, that market strength. let it deals more do Brian difficult turn And but made has the our more for turbulence believe results. As over said benefit I've actually

Brian Wendling

and you Thank Greg, good morning, everyone.

drawing which in public in including securities mentioned appreciation with Live upsized in which exchangeable margin a for draws approximately at debt the had and equity settled investments consideration in QX our Group and amended of loan million. $XXX Live of exchanges January, forma $XXX price. SiriusXM exchanges, This margin had million, Nation liquid underlying Live on Pro funded the Nation Greg SiriusXM. loan, of Liberty X.XX% on newly liquid excludes we million As cash bonds and Nation the for $XXX total cash cash, was attributed held reflecting share part

We also at capacity undrawn million loan $XXX parent had of level. the margin

close, of was was billion. Liberty the stock $X.X the SiriusXM SiriusXM Live the value Nation held at As held of of value billion. the stock Group $XX.X And yesterday's

in Liberty at of $XX.X Group principal these of billion debt the $X.X amount $X.X pro for which the billion, is exchangeable debt Live of have holdings Nation SiriusXM. debt amount SiriusXM held directly We exchanges of includes attributed bonds. forma pro principal billion against forma Total

securities Group One billion, million had the liquid $X.X billion $XXX level. Formula FX Formula equity $X.X One. quarter Group attributed includes debt which at of corporate cash was at at million end $XXX $X.X liquid which excludes and Total One public of billion attributed investments held debt debt and at leaving principal amount of Formula cash of

X.X FWONK FWONK million repurchased Greg mentioned $XX million shares. face in effectively quarter, fourth value converts we underlying of retiring the of X% As

our X leverage on One's waiver X.X Formula down One's and quarter million year. leverage target of time revolver end are are we March period And a times go-forward undrawn. remains until of we Formula the be to of revising covenant the less Note, still than in was basis. $XXX this range a at

into other reclassified previously broadcast better XXXX, certain business. components with the revenue previously primary fees, and of fees, FX revenue amongst reclassifying align in FX reported subscriptions, in FX began digital FX currently the FX well other FX it as As FX beginning evaluates support primary disclosed advertising, and origination January as the in Components revenue to include TV way related items.

excludes be reclassification impact in and of the for debt had end ended the all Braves over debt four million, that $XXX found the discuss Stefano balance on earnings the and of Group liquid sheet. and posted million. subsidiaries our consolidated investments of revenue $XXX Additional of their One. can Schedule restricted the release which compliance At website. year, attributed attributed turn detail in With on cash including of years of end had our it to with their are XXXX Group that's the principal Formula Braves million to quarter At I'll our of cash amount of $XXX covenants. XX/XX/XX Liberty

Stefano Domenicali

challenge to for race, his rivalry Lewis for The and We XXXX, to in this the returning hope between the who to be match Brian. down we be pass Thanks, his Hamilton to to greatest. discussed World Championship eighth of continued season come World as It the will came final XXXX Championship. just first edge Verstappen look to to Max forward US, in people. decades includes the final of will Britain our X.X more Lewis, but and win Max not XXX,XXX and and limited over pursue one on around in for sold events field Grandstand moving to million up the in-person were fans poses drivers platforms. globe to We regularly. This stands COVID. new even in across off all with XXX,XXX attendance action crowds Great and capacity attracted events The track we over and the brought of in see sold due XX Mexico. three

was X.XX the X% season over was Spain an Netherlands, per season XX.X the were Cumulative for race million XXX.X Abu over total billion, increase growth cumulative with UK, and saw Our average Dhabi. audience of in TV our audience million US. tuning XXXX. Italy, the the the significant Markets The that of audiences biggest audiences finale in in

be average for with draw Our a Sprint weekend. to a proved TV of the uplift XX% events audience

in-depth only the arrangement have Germany, like-for-like developments. of XXXX. growth In average FX at plus Brazil, the arrangement year-on-year. markets XX.X audiences we audiences XXXX was enjoying now XXXX. and In across XX% seen since XXXX, where of XX% we broadcasting far and and significantly, broadcasting XXXX more note Germany maintained XXXX, changing Sky's despite in best than to Looking plus hours that more cumulative well in saw our year-on-year broadcasted positive up significant are being Please and in Brazil million coverage

double was views sport the digital major in their up in to social strong. One very XXXX page to the In We We from season app grew the video XX.X share XX% of Formula tallied followers league XX% billion The March start digital XX% digit. users consumed and views Our in look video of once of XXXX, XXXX million views. engagements XXXX. minutes unique video increased web were Bahrain. making and to in with seven growth. all forward billion follower fastest-growing FX again media reach X.X

and We have in are XX-race scheduled return to and XXXX Season tracks a plan could not XXXX. many we record visit to

calendar Imola, FIA again the the agreement We Brazil. extremely again to reached year; a at the the May unanimous excited the Prix and Sprint and three and are to welcome have Grand venues this to Austria Miami with teams in

grow and our excitement Hamilton Romeo driver have to provide the with the and joining look engage front, George new Lewis we On Albon Alex Alfa forward would welcome fan new China. the to opportunity we and a of driver turn that Russell from base Guanyu who pairing over Zhou grid in

and regulation there the aimed of The XXXX improving inches from and with to tires at the technology. racing XX many all XX the visible be most road changes the reducing to will of at aim switch other have regulation, will Speaking and car to the laterally. with a along relevance absorb to This are way cars covers. more is closer of the change be to dynamic the coming their inches and season, racing cars increasing impact changes and more overtaking. the cars with goal able Safety the XXXX allowing the off also new front for focus

the now and keep help should are promote car which Additionally, more cost standardized, components racing. down of closer

Xst. the development ethanol EXX will include changes the reduce of implementation which Unit a from cars zone for and March performance the also In addition in emission comprising will fuel COX Power XX% FX free

our exciting have recently many made growth driving future We for sport. announcements

racing XXXX; Abu through our and Singapore Circuit locations in in until Spain goals of sustainability XXXX. prominently. we appreciate until calendar and front, Each to which XXXX; agreements extended through until XXXX; something we Bahrain the feature this On unique will the partnership of race long-term these Dhabi through XXXX; China XXXX; America brings

sponsorship ongoing. robust with a interest and strong very pipeline a front, time busy it of discussion On the is

Philippines, weeks. We on to expect to been past Papua progressing have Vietnam, we and XXXX, the Hong rights, new a Guinea, Indonesia, announce of business channels On the number the Southeast Fox across Asia, that Brunei, few nine and successfully new further Singapore, of Sports October details securing closure broadcaster Thailand, due in New Myanmar. soon in concluded media Malaysia, in Kong, opportunities partnerships

Disney We partnership with existing also extended India. our Japan and

for The The series attendance had presented which Jarno title digital across Esports also XXXX audience through and Championship year-on-year season the FX and Championship full views Mercedes' also Pro season. XX Opmeer engagement with start In second Netherlands a consecutive platforms, a XXXX gathered secured XXXX, the million Aramco this a XXXX. FX the the to Team addition upon building platform. we XXXX have Championship achieved will streaming partnership new in Season Viaplay, increase. a of records, NENT's the viewership the in clinched for broke by Series thrilling and momentum Mercedes. huge The went over XXX% figures out new

another Series on are second to look ahead. forward already fantastic We for season Esports the and step qualifying of to XXXX

a environmental facing address promoters' invest our to We global communities. in Formula focus continue for initiatives to our areas social major ESG and we sports and the have of biggest One is Sustainability impact. greatest where issue and many our partners targeting can

the We increasing take Our the I engine, renewable event costs sources, efforts, hybrid energy on sustainable capital comprehensive initiatives it. can our recently emission, posted footprint, net-zero initiative on funding XXXX the a our Scholarship increase read for And A note reducing Engineering scholarship forms with around the of for scholars drive XX of to XXXX program to in full sport. living extended the the student's cost launched the our was Program selection diversity UK through of Italy. full in group duration tuition XXXX underrepresented their commitment within part of and briefing savings ESG carbon overall and with large our promoters targets is working website. announced energy to degrees. One partners you sustainability. to This encourage and their including XXX% a expenses recycling Formula the significant many fuels covers in

which skills. experience the step providing Formula were We in in proud to Prix, in in level the It to the we result diversity develop and new Programme believe Formula Miami program the opportunity seems the FX cars. And diversity over rivalries over new regulation eight Season we School for our visit full key Thank also we Miami to world, concluded interactive on watching Gardens. join just wanted and announce One will season, STEM provide to wider turn of part in continue social in the the and of business. old back operating tell engineering Asia. Series to reach will the hands-on across Combined countries Bye-bye. partnership program build to to internship Get Survive, to creating ready greater our School track. are XX the W you. in As advance making but XXXX. XXXX Drive a and off Series the ahead. drivers on apprenticeships with like to One largest STEM everyone including in initiatives more of thrilling We committed that the sport and demonstrates speed now One. call The with venues in of FX the series XX. March by new our will drama the XXXX. believe changes has Netflix in providing I highest W of races on is In launched five and the airs ready our the Greg. XXXX of We Formula will importance across a and to at and four inclusion Grand us I

Greg Maffei

Thanks, the continued to I'd your in productive operator the Liberty Media appreciate that to line forward look Stefano And to open And and for XXXX. listening questions. and we like with audience, Brian. interest a

Operator

[Operator you. Please Vijay first go We take ahead. from Instructions] our question Jayant. will Thank

is Your open. line

Vijay Jayant

on Thanks. of Couple sort morning. of questions Good buybacks.

think Conceptually, new One right we which about of your just is that of target sort least forward? and cash generation that's cash you onwards. that One. way you Formula Formula about XXXX should run $X Obviously, below lot do talked now. think leverage at on to how we you talk we going Can buybacks at have First what new but EBITDA flow free have of you about obviously targets leverage today, growth billion

out Curious they why then special SiriusXM, buyback into of of sort on sort some the as obviously, exchangeable Nation a revert return back a philosophically to to leakage this called you. and with dividend. Thank capital? dividend. payments time. have dividend Live a you selling buyback. special So to understand my that versus guys you one. really on announced strategy that's do maybe there the of you another on There's And first Is And

Greg Maffei

Lots Vijay. of questions. you, Thank

Okay, we'll try.

an effectively. on and when those you'd doing on money liability buybacks did That's there buybacks execute the on I'm equity that we're note in the both FWON management we converts. debt reduction repurchase both sure and buyback buyback. On FWON we effectively And

have quite cash or to we buy for that in I seen history our think to look we of do on we and buy have as will that act at flow in You've we're we plan lot free we repurchase. what an board you can don't open buy have terms buy But available generation. done going free And X at cash flow a said and of we've can a cash look quarter to cash we've X. in a we usually history. ever assume -- you what do and authorization

also We are to may to fair FWON that be looking SPAC. help at the opportunities LMAC

have in as of flow. But of keep lot outside opportunities but just we share a lot and those a free that noted repurchase. difficult may cash the been mind you do there far be arise that cash have So we quite

and SIRI entirely a in believe that's not might what still that I our round buyback. Obviously enough I other around SIRI. answer our intentions control. they come intend hope and stated So that's has arise. do to On things

group flow cash XX% fearful board of have own there go. independent in crossing are triggers but around have shrink want on who things some the and are should how probably their that there an where a do hurry. directors they float like to They -- opine are their at they on is of constraints available much We also

their have own repurchase. share around they issues So

taxable some we buyback it issues the our the with into have That's unless ongoing not actually of around because given is a We litigation. have to not directly the company. relationship us selling complicated

tax our a So, of equity like if the dividend. perspective we were effect maintain from just has to and looking that a sell position

allow to some of that us to address pointed to And was taxable your continue dividend share management that helps answer to help and attractive questions. the the it out. issues us So liability some we Hope not to special repurchase. of found both you

Vijay Jayant

Thanks for that.

Operator

from We question take will Swinburne. our now go next Ben ahead. Please

open. is line Your

Ben Swinburne

about new Hey Braves Vegas. been of what's morning. I if a lot and couple ask good promotion demand. host like the for as a Maybe there's Stefano one a Las ton could then There or race like pipeline look of cities? seems there's well. a on Obviously FX news

expand Are platform are you Russia what's You've Something US realistically? ESPN for you or big great XX this there? that's are success just you one look Can on teams ask versus the like Greg fat one. monetization? like the Media reach my you then my you about ESPN. talk something on the replacing with had with beyond guys else. Plus Braves And board thinking fairly first How on the outlook you That's And forward? check you've maybe as that? with priority deals coming about up the UFC deal your And seen a but a limited count can Rights races I'll that. after

Greg Maffei

do ahead. comment go want Yes. Stefano first. on you Stefano races to

Stefano Domenicali

It's okay go ahead on I will you that. Greg? for

are have in than the about have I just from you in the Russian can The new great very, to is possibility races the Thanks reiterate Ben due I good still platform question now related FX in to that any if last the point of So of to London that be I situation last to fact very just year. not success very problem specifically having. have is I already confirm solution mean morning there. that. this the big. flexible that proven year talking the finding we years mean. couple is situation, because to that can future to possible you one for to

that other for right future, mean the possible believe voices right are to mean go up there a this for we X. XX can this to Formula I be choices is for And in sure With say speaking the our the that follow problem option and an that market of because that. can So we the for we need for regulation year one venues vision the history I strategic know to of COVID just discussion make and lot But we confirm no with We going the yes all. just on. we around at I can could regard to expand number on that something in technically can our say written is you X. the forget as calendar team would that don't would XX year that be I races highest will it's have the of the races already agreement. calendar that Formula

So right I watch in think the can right that we that the decision. way taking

of not for a rush the are matter We in of that. possibility different It's we in have a us. just in tuning on that front

Greg Maffei

the logical Yes. of flexibility through I and to the that COVID also think themselves a understand a great We resources number have the FIAs managing there is Stefano the about of doesn't add less enthused in to and and are just who and that both on that races. of I'll done say but constituents way strain team job teams the increasing add are have all it and -- races we involved. do

we'll how and we XX see conjunction So, with XX can going but to contractually to as it noted our partners. rightly go Stefano goes do in we're

I a and perspective took paid can think off. rights, the add over meaning you think you deal. that's probably I a And broader broader and credit that taking on Chase comments, obviously -- deal, we money I'll coverage on the media the know Stefano On last shorter any

sponsorship you the coverage don't complete our money. about will what's and there'll long deal as of it's US weigh and degrees And benefit we us. access obviously well a and to trade-off. There of sponsorship a want wants more be US be breadth degrees US degrees think races into that as weighs potential more available having And more a will thinking which We know cut. to of how of I global presence, or

than that We be in is US years desirable even our today. confident product are in it the coming will more the very

continue et enthusiasm cetera. We audience, build to and

want add factors. and So, those we'll it's it's you also Stefano, duration. anything weigh to not that. all just breadth on And money,

Ben Swinburne

very That’s it. Got helpful.

Stefano Domenicali

are because now Formula And talking something No. developing the in the cut. Greg. awareness X That the possibility about on that that that are between with we measure key engaging the new are say, we point. return it's a or understand growth new exactly absolutely, having spot point. We fans focused on, and have I That's with Formula the really a that to one needs market on of was different to content need between is ratio also,

So, it's up the provide added to will the approach. to right the us be different that right quality and from typology fans

this So to have that's front the of all it's us, say. that we have great I but of news beauty in challenge

Ben Swinburne

Southeast? from I'm a Obviously, obviously sports remind And et without service what the But bear perspective Do Yeah. there's you Pay Bally. also Braves your act. sure and And either know Networks a Sports of can then, enabling cable point then, in Greg, the view? of tricky Braves in that's Charter, well the market do you at you valid lot Diamond a rights TV a in are the the Can and level just not business know think balancing direct-to-consumer in putting full the Sports news about what's your you us, of terms or distribution RSN the you pretty benefits cetera. a at-risk? -- through direct-to-consumer region enabling

Greg Maffei

are get it's do to don't certain way think that. structured, most rights But frankly teams attractive for There the triggered. it's out-of-market that I could

self-evident. to think it. you've play offering not whatever I pretty a want the will about there's comments. Rob that sure Diamond offering those. will I'm seen way Sinclair Bally we not seems Manfred's over-the-top call those against it's are owned that really How And by RSN DTC So don't incentive structured happen. you the an have And to trigger

going of the MVPDs negotiation can you type between If and get more suppliers put on it RSN an on MVPDs, any you're to pressure the DTC traditional product.

reach and a it's offerings breadth push. harder an absolute and of those product little again, money bundled to obviously not but there's relationship that probably that much with any So discussion around like time, competitive makes the

Ben Swinburne

you. Thank Yeah.

Operator

Please We David from next question our will go now Karnovsky. ahead. take

open. is line Your

David Karnovsky

set States success to the Survive is you Greg of weeks it's the release how series you its on teams? there's this from in buy Thank thoughts would to Question Obviously, in importance that of Stefano. where Netflix, be United Hi. to the been for and think the One the view fan in especially your terms base. growth. get long-term? in on Drive you. continuing see Formula a few or here a notable interested Do FX the And something widening you the for With

Greg Maffei

I'll first. you Stefano, go let

Stefano Domenicali

audiences to stay in has with also just an new David to you anticipate action Okay. I can And doubt can will is Thanks, It's US have would you will that incredible Greg. had no this imagine other that and what year tone tuned And to because the lot Survive, series, Drive possibility effect right and new continue sure. to markets the on. happened and with as for I on new like will. see has the you fantastic. it the last to be and be of there I've a mainly

So front to step good. I be always we think what of has in One shown Formula change to that's happen. that But have been has the as that everything

to to point that better believe friends, renegotiate or just speak But becoming value, not see Drive maybe possibility partners without of do for the sure, growth I that awareness, need maybe, could -- and be one that this I One to to for generation has think it's So with way on comers that with in different a It a future. and given a that Netflix to something added to the very, or will to moment Formula really a been think other be show it's our -- platform this it's is different about that product is what mainly Netflix with with platform having we important vital has the Formula of And the differentiating to of the good. Survive thank make factor. been where up quality Formula to that we new vision and for young a with with X. and very us the

Greg Maffei

Stefano's I agree with comments.

if add couple -- more. me a Let could just I

I partnership. think a it's great

year terms this down we the average aging other has you've across, too. other fan helped -- us dramatically has clearly was base. in number four for them. said, a our seen product both over come XX% declining are and TV in example fan sports and That win sports it's it is relatively the in our XX in It bases programming That at audience While of Netflix's our having who years years few one some point and for our for cost-effective been last during U.S. countries. age contrasts TV the how growth have many viewership. year It with the noted

think I absolute So an it's win.

of most had to the what the to has I think first Netflix him Netflix. as teams. in how a clearly to when would in he's much to Drive about talked describe for the and the way done I of well the host like now season, he us, as reasons. I hated they're pretty his Ted Survive a we've enthusiastic represented wouldn't change teams Reed And Toto had of We've product. I'd mentally fan. a enthused for participate, know the -- think I've feel. I As tease And done seen about very love And

thing around. a Netflix a but world, way So the grown the it win it's the our all U.S. as only for well. Clearly, but sport, is in great been not around

time. So I for continues the marriage a hope long

David Karnovsky

interested Concepts And terms can would then, long-term get opportunity the partnership. the more just here? one reach say what on of in the What's commitment for maybe fan FX's you Kindred is? financial And broadening your Stefano be, to Thanks. thoughts

Stefano Domenicali

off question, a I the because you So cut of repeat sorry. David, had line, can the

David Karnovsky

Sure.

you want on side. to your what's broaden get high-level to possible commitment their announced frame the view the guys Kindred Just partnership the reach financial it's opportunity ago, fan weeks the and a if few Concept's to on

Stefano Domenicali

Hello. David.

I Sorry -- hear the for but couldn't that,

David Karnovsky

coming through? Hi. I Kindred I'm No, Yes. just on your get We hope Concepts. wanted thoughts to high-level

Greg Maffei

Talking about podcasting --

David Karnovsky

opportunity broaden the to Any way fan financial The reach. to the commitment. frame

Greg Maffei

It's the podcasting, Stefano. about

Stefano Domenicali

Okay.

of to Sorry sure -- about as line X. is be the is in possibility fans our not different increase, is mean, I opportunity Formula the because to to talking of I clear And, connected way this for us. a something that said, for very an

that that bigger to again, level for know really I And good the the that future. to day, its can be uses potential something important -- we So of end I increase, and because at is what of great. together One, see Formula once the having stuff, podcasting very the getting is the think the going we do in because is

David Karnovsky

you. Thank

Operator

ahead. take question go Please We our will Jason now Bazinet. next from

Your line is open.

Jason Bazinet

I Perhaps I related question, were the response that that. dumb under beginning proceeds think of at to operating those because buyback in hinted question. But complexities sharing tax tax-free have you I sort some of of agreement. was you erroneously Siri did a the a to that at potential you, call, in the if the that assumption buyback participated to Vijay's and

elaborating you do mind So back that to circling and Mr. bit Maffei. just a

Greg Maffei

to that, Jason. Happy do

Charter where not SiriusXM. So for to if of one in an the deal agreement, that Broadband kind current have with you a tax relationship. example, with have we sells back do is at Charter, deal, directly Liberty We that look

have fact holdout If into to commensurate If with are that SiriusXM. currently have XX% We to is that stock but back company not taxable SiriusXM. do the sell we tax-sharing XX% an marketplace over would do we related have percentage owner not taxable. being or arrangement we or deal that of now percentage but percentage sell a a the not with our to agreement we sell that the we certain a be

Jason Bazinet

That makes sense.

Okay. you. Thank

Operator

question will now ahead. We David from our Joyce. Please next go take

is open. Your line

David Joyce

Thank you. Two questions, please.

since one sponsorship Oracle there also A for been large more room of some like sponsorship One, First be lot given in why acquired in generation investors Formula global light looks hasn't the that have Formula been FX on of deals. sponsorship will for still One. deal the there possibly And for teams. of categories there some wondering you

teams the do the deal closed years that line or have the announced for So Thank And acquisition what on just you FX fully does two-year secondly, more. technicality of period to potentially a next sponsorship to you. by the your end some the early then year. growing – two efforts at have revenue success LMAC. Do an

Stefano Domenicali

One, place. speech, the in there are Formula regard sponsorship in very to are Well, David negotiations important with as my I stated that before in

job that going and there we platform. are lot weeks I see a the One we interest really good attracting for teams. means that commercial is and together. to said, of Formula yet. of So around With the holder both as of is also doing it really I have outcome world That to the we regard that good is we're capable share us the What it. sponsorship can new done news of would a we think for that Otherwise, cannot some that the anticipate in clear coming

Greg Maffei

LMAC, extend base year. to a the pay SPAC, us opportunity and is Great. there two is And get the agreement more but for another for to years in money done on deal an little a

paying So another I we three by think then we And months there's – could some for more money. and past year that extend have. for

we So fair amount runway something if a found attractive. of I have think left we

David Joyce

very Great. Thank much. you

Operator

now take next Laszczyk. from Please ahead. go will We our question Stephen

Your line is open.

Stephen Laszczyk

ticket you the perhaps promoters see you Great. you. ticket these ticket alongside FX how of We've pretty a those strong little prices. if I as wondering the pandemic. years work maybe on partners about A space you talk pricing deals coming of over Thank pricing on tailwinds renew. the bit was in benefit Maybe more seen with some events question to next demand strategy. couple could the opportunity on out the live

Stefano Domenicali

the Stephen anyone pricing, else. has to the the not With ticket Thanks, – to right more promoters by the for right even the question. market regard he knows

else we that are that promoter believe that. different add we this we our the that there better that to in can new within some just give has and course, the important business on we And which because a because the have input that of with clients. can the local say and as But way I – events local But mentioned, So belongs the it's and want about the we is know they and the what would But could our give value. regard the to interest to offer market, is prepare in happened we growing because far you so we if of he pricing know that the strategy we anyone of couple structure customer dynamic success, so that is for this that to future. informed and course – saw able of the is model of something promoter. our interesting be the position far I we look the different we to last offer is that this was with

right the us. on business This different to service our fact the working that provide And as to want and is to we know to we the And managed a related something the believe that of the promoters, market. Club level the that to place on quality that because always, to something they depending talking is something we is around about by market experience story. the pricing place we that this you're If a other is the But we Paddock are that, them. course it's of that's way with present the versus and manage. know customers this that, of from

Stephen Laszczyk

elaborate for for legal I one alluded a But Greg. here. too complication SIRI could might then arrangement that And to a you hear think to with that. there have for I Thanks potential if you on Did why so, Great. you able that you Not question Series not correctly? might much belabor have is the And buyback be arrangement? to not possibility that that?

Greg Maffei

no to kind do you Sure. a weighted during at that. they that back the arrangement a have go for independent might We with a like trying and quarter bought deal, – independence. buyback. typical really we'll that, get arrangement something tax-free would an have something down about probably put would litigation, deals negotiate pressure a average and to And it's the where an where directors like negotiation signed like arrangement too But have other of you road, something the at we moment. at have that, of to bridge have to that time, on the would be done we far Perhaps go to when back have bought that with SiriusXM negotiate have SiriusXM price something might seen we've Sirius relationship but the no probably

Stephen Laszczyk

that. Got Thanks it. for

Operator

ahead. question our Mitchelson. go Doug from next Please will We take

open. is line Your

Doug Mitchelson

belabor to SIRI love would buyback actually the question. I Greg, much. so Thanks

is So my question – Greg and

Greg Maffei

should we to got this. Keep do – Doug going.

Doug Mitchelson

look one, long to comfort amplifying that's of also repurchase dollar at for uncertain. that position. is do share too give hand of did The – I'll cash just is but shares increased stock, away continue, the for the they to special sort Liberty with the a to increasing the up you And the use on term Liberty But I those the lever cash Formula well dividends second One extent to that beta repurchases ask sort dollar to question the bias to not extent, Or right your know – have on ability SIRI SIRI. of but I

Greg Maffei

get because Okay. our We'll Doug. one, that you are second special your alternative? question, back I can was saying to the don't we understand shares. okay come repurchase that dividend own we What

Doug Mitchelson

to is cash should able alternative a enough have comfort pay expense some second of on you for now you interest long be have hand to time. Well, that period

are you rates exchangeable is – substantial could have still So it and low amount loan interest as issue or with as of a margin you capital. they have could

Greg Maffei

if SIRI has are dividends there stock That's much little getting, you just given the I share of How a the same problem Look bit seem But just special – to can that have more to some it's use in Yeah. availability. probably we do would repurchase. with the directly. many buyback constraints the on all, want we it easier on – Doug the to of how market. are exchangeables, liquidity there first are cash

probably first and exchangeable that double down we're would be pay the interest than So that buy on cash, to our inclination exchangeable. use rather with getting the another to

Doug Mitchelson

to with be discount are versus point? should think Greg, And, directly the options ask this thinking other for sort your still you've SIRI this close that this but suggested investors on of any call, at I'll Liberty comments there about I

Greg Maffei

maybe allows degree will there to that think closing that's us all a moves we think that XXX% seems close special our eventually of up they and LSXM, we out we and become to seen. been dividends The and I are continue out there with that discount about that. choices vigor the move lot stock be that If Well, go at natural get hope. owner. remains of those I more stock, repurchase But we that's to capital to to forward. point the have attack like repurchase How some there That situation. continue

Doug Mitchelson

And the but experience right. a cover pathway too to the that given All take there term, so is much XD is XD to Formula on our not practical a One coverage wanted a renewal in to innovation to from experience? Formula to races given long look bit in with distribution going matter experience How well. reason, does Understood. these And a you're One touched Disney And you geography? the comments, this directly I I'm but technology sort of this going through regard there choosing your on is ask as broadcast much processes. more when partners

Greg Maffei

the are I'll take, Metaverse of see, you at events Stefano driver few which experiences example track. and to the for let the kind answer through, the wish suited kind well. angle as to whole sideways, watch across, of sporting camera the driver, angle your and of better looking from the driver, few imagine live that are around I can choosing to want you you what idea race

host interesting that, enter into opens into who that can potential programming and I of will a expressed as your point imagine thinking limitless. for ideas. an about we digital think the opportunities of how the are technology have sports innovation interest capabilities have have you getting in all And new up who new partners there

more I had going fact we've well even basis buy have I Electronic did think all depth that the in that our the by well somebody, Codemasters idea. those think video a on having partner to like forward. up probably So for us opportunities more or that situated obviously and Electronics distribution game Frankly, stand-alone than a in future Arts lead suited to strength we're partner. and

Doug Mitchelson

Yeah…

Stefano Domenicali

are this offer interest value or the to that I absolutely we can And that technology avid differentiation No see and is new. to we're between, edge related One. different in That's that important graphic, the see that mix channels for are. the And sell already always customers. the something say we we this Absolutely. the the leading ability FX of has of stronger new who from looking the because short-term, that can is do language with No, future. what whoever studying our experience is to What to think already I really we going factor fans see -- no we are to do I we what future. that our request always interest Formula matter, how is Greg. music, we respect, Because or is what that see are. that we're topic even the I customers. very our can are to use something of a what And they through can proudness say is because of in the content technologies, been going in the that, is some the And can the for been new our we

Doug Mitchelson

All right. Thank folks. you,

Operator

final our take will We question…

Stefano Domenicali

a that Is question? last

Operator

ahead. will Yes, our we take final question Matthew Harrigan. from Please go

Your line is open.

Matthew Harrigan

this Thank a SPACs. stupid number we've TMT, of that's a busted did, like potentially had But just is admirable you. because an Jason I'll self-identify question approach.

the than some there. been You may other space Thanks. get that's that, some SPAC that financial better -- own sorting of it's there if through meme-ish. way have engineering prospects advantage people out had this other or any word take Is angles, in but fairly pretty probably a of through because sectors are to through through good you're some your at like

Greg Maffei

not TMT When done, been were XX price. of the looked has rightly last Thank a recently weeks SPACs you, have back that trading busted alone. Matthew. as of $XX Well, the about SPACs. we They're bunch think, while XX had I below couple you probably described

with fair, have the think probably -- and that in are of our been some summer. investment later think at tried looking point be look ways of to being things of in at be partners there. wreck more about back your like And I you SPACs been clever to to that December. eight when there Most in different which now you I the SPACs be to to deals banking looking those most the the deals results the try finding to see and about, have are cut have like think months just deals also Now cut and traditional the is think may utilized. the done to six been We'd detritus, have SPACs -- out probably than this November if effectively we there ways the opportunities

So around investors SPAC market group somewhat hopefully, on that some that unparalleled structuring tech of in and fact wreck, the gone an would and the have between have really in the And the we I have can find cleverness who everybody is SPAC to be challenges we hopefully our that is one in interested. think opportunity a challenging market. that for challenge. pipe came in it the there's back difficult us. with an reason something. was It's resides money that But including But us they hopefully

Matthew Harrigan

Yeah. Thanks, Greg.

how Now pronounce to I correctly. know detritus

Greg Maffei

everyone And think, hope you that see quarter, With operator, next to for I you interest done Happy day. your Thank Liberty if not sooner. for help. we're in to we Media. the

Operator

participation. your for you Thank call. today's concludes This

disconnect. now may You

Liberty Live (LLYVK) 25 Feb 222021 Q4 Earnings call transcript