Liberty Media Corp. Q1 FY2024 earnings call

• Liberty SiriusXM: LSXM SIRI transaction progressing well, regulatory process on track for Q3 close. SiriusXM had solid first quarter, revenue up 1%, EBITDA up 4%, benefiting from cost optimization. New app showing promising metrics. - Formula One Group: Acquired MotoGP, new technical regulations announced for 2027. Attendance at races performing well. Return to China successful, Miami GP sold out with record attendance. - Live Nation: Global fan demand surging, revenue and AOI up, strong sponsorship. - Atlanta Braves Holdings: Off to great start, multiple sellouts, renovations at Truist Park generating incremental revenue, new sponsors announced.

Liberty SiriusXM: Revenue up 1%, EBITDA up 4%. Attributed cash and liquid investments of $64 million, excluding $71 million of cash held at SiriusXM. Paid down $65 million under the SiriusXM margin loan. Formula One Group: Attributed cash, liquid investments and monetizable public holdings of $1.3 billion. MotoGP acquisition progressing, expecting close by year-end. Live Nation: Global fan demand surged, first quarter revenue up 21%, AOI up 15%, sponsorship up 24%. Atlanta Braves Holdings: Strong season start, multiple sellouts, renovations at Truist Park generating incremental revenue. Battery grew revenue 13% and adjusted OIBDA 9% in the quarter.

• SiriusXM: Expect net adds improvement in second half of fiscal '24 versus '23. - Formula One Group: MotoGP acquisition expected to close by year-end. - Live Nation: Indicators point to another record year. - Atlanta Braves Holdings: Positioned for another great year on and off the field.

• Regulatory uncertainties related to mergers and acquisitions. - Potential impacts of economic conditions on SiriusXM subscriber growth. - Uncertainties in media rights renewals and regulatory approvals for acquisitions.

Q: Can you talk about the trajectory of team payments as a percentage of pre-team EBITDA?

A: Brian Wendling said team payment percentage to teams is fixed for incremental EBITDA and EBIT through current Concorde Agreement, expect leverage in team payments as percent of pre-team share EBIT.

Q: Any update on sponsorship pipeline at Formula One?

A: Stefano Domenicali said sponsorship pipeline is very positive with 10 global sponsors and strong pipeline, quality of sponsorship is key.

Q: On Live Nation and trust case?

A: Gregory Maffei said Live Nation management summarized DOJ investigation focused on specific business practices, not merger or structure.

Q: On Sirius app and subscriber growth?

A: Gregory Maffei said early days, hope to see positive impact and learnings from new app, app rollout will help drive growth.

Q: On F1 TV and media rights renewals?

A: Stefano Domenicali said F1 TV is an additional entertainment fab, renewals have been attractive, strong demand continues.

Q: On Quint's seasonality?

A: Brian Wendling said Q1 is lowest quarter for Quint, followed by Q3, Q2 and Q4 ramp up.

Q: On MotoGP acquisition update?

A: Gregory Maffei said MotoGP acquisition regulatory process ongoing, conjuring plans but can't act concretely until approval.

Q: On F1 media rights renewals?

A: Gregory Maffei said happy with renewals, strong demand, F1 TV is an asset.

Q: On Braves TV rights?

A: Derek Schiller said Braves have large territory, optimistic about future if rights come back, monitoring Diamond Holdings situation.

Q: On Sirius transaction closing?

A: Renee Wilm said making good progress with SEC and FCC, on track to close in early 3Q, filing expected in next few weeks.

Q: On race promotion and renewals?

A: Stefano Domenicali said race promotion demand is pushing up fees, expecting new venues, progress in different markets.

Q: On Braves rule changes impact?

A: Derek Schiller said rule changes have been successful, embraced by fans, media, players, making game better.