Formula One Group (NASDAQ:FWONA) Q4 2022 Earnings Conference Call March 1, 2023 10:00 AM ET Company Participants Shane Kleinstein - VP, IR Gregory Maffei - President & CEO Brian Wendling - Chief Accounting & Principal Financial Officer Stefano Domenicali - President & CEO, Formula One Conference Call Participants Vijay Jayant - Evercore Benjamin Swinburne - Morgan Stanley Barton Crockett - Rosenblatt Securities Stephen Laszczyk - Goldman Sachs Peter Supino - Wolfe Research Jason Bazinet - Citi Operator Welc ...

Debt and Financial Obligations - As of December 31, 2022, the company had outstanding corporate-level indebtedness of $4.1 billion[220]. - The corporate-level debt includes $790 million under 1.375% cash convertible senior notes due 2023 and $920 million under 0.5% exchangeable senior debentures due 2050[221][222]. - Sirius XM Holdings had an aggregate principal amount of approximately $9.5 billion of indebtedness outstanding as of December 31, 2022[344]. - The company's indebtedness increases its vulnerability to adverse economic conditions and limits its ability to borrow additional funds[345]. Revenue and Economic Sensitivity - A significant portion of revenue is derived from discretionary spending, which may decline during economic downturns, adversely affecting revenue and subscriber retention[227]. - Sirius XM Holdings' financial performance is significantly influenced by discretionary consumer spending, which is affected by economic conditions, consumer confidence, and inflationary pressures[268]. - Advertising expenditures are cyclical and influenced by overall economic conditions, which could lead to fluctuations in revenue for Sirius XM Holdings[288]. Operational Risks and Challenges - The company's ability to access cash flow from subsidiaries is limited due to covenant restrictions and the presence of non-controlling interests[220]. - The company faces risks related to the phase-out of LIBOR, which could increase borrowing costs under existing debt instruments[224]. - Legal proceedings involving subsidiaries could have a material adverse impact on financial performance[231]. - The company operates in international markets, which expose it to various operational risks and regulatory compliance challenges[232]. - Supply chain issues, particularly related to semiconductor shortages and the war in Ukraine, have adversely affected the company's ability to secure essential components for its satellite radios[242]. - The company has experienced delays in obtaining application-specific integrated circuits, which are critical for its satellite radios, potentially impacting operations and financial conditions[243]. - The ongoing COVID-19 pandemic has introduced significant uncertainties that could materially affect the company's revenue and operations, with potential long-term impacts on discretionary spending[240]. Competition and Market Position - Competition for listeners and subscribers is increasing, with the company facing challenges from various content providers and platforms, which could affect revenue and market position[247]. - The effectiveness of the company's extensive marketing efforts is crucial for attracting and retaining subscribers, and any decline in effectiveness could adversely impact operations[253]. - The automotive industry is a critical source of subscription growth for Sirius XM, with a significant portion of new subscribers coming from purchasers and lessees of new and used vehicles[276]. - Sirius XM Holdings relies on agreements with major automakers to include its satellite radios in new vehicles, which are essential for subscriber growth[277]. - The company faces challenges in retaining subscribers who are on discounted pricing plans, which may hinder its ability to migrate them to higher-priced plans[272]. - The effectiveness of Sirius XM's personalized playlist system is crucial for retaining listeners, and failure to accurately predict content preferences may adversely affect subscriber growth[302]. Legal and Regulatory Compliance - Privacy and data security regulations may impact Sirius XM's ability to market its services and could expose the company to legal liabilities[303]. - The company is subject to significant regulatory scrutiny regarding its compliance with consumer protection laws, which could adversely affect its marketing efforts and subscriber retention[306]. - Sirius XM Holdings may incur significant costs related to compliance with evolving cybersecurity and data protection laws, which could impact its financial condition[323]. - The company does not have insurance for its in-orbit satellites, and any material failure could significantly harm its business operations[281]. - There is no guarantee that Sirius XM Holdings will be able to renew its direct licenses for music rights on favorable terms, which could lead to increased content costs[334]. - The company relies on complex licenses with copyright owners for its services, and failure to maintain these licenses could adversely affect its ability to operate Pandora Premium and other services[331]. Strategic Investments and Acquisitions - The success of acquisitions and strategic investments is uncertain and depends on effective integration and management[226]. - The success of the company's acquisitions and strategic investments depends on effective integration and management, which poses risks to realizing expected benefits[264]. - The company has entered into multi-year commitments for original podcast content, which may require upfront cash payments and could impact margins if listener expectations are not met[261]. Brand and Customer Retention - Maintaining and enhancing the company's brands is crucial for expanding its subscriber base and advertising revenue[353]. - A substantial number of Sirius XM service subscribers periodically cancel their subscriptions, impacting the company's ability to retain customers and predict churn rates[271]. - The company has experienced a consistent decline in monthly active users for its ad-supported Pandora business, which may adversely affect its advertising revenue[285]. Employee and Talent Management - Sirius XM Holdings' success depends on its ability to attract and retain qualified personnel, which is challenging in the competitive media and technology industries[346][347]. - The company may face significant costs to attract and retain employees, impacting its ability to achieve business objectives[347]. External Risks - Natural disasters or terrorist activities could damage Sirius XM Holdings' facilities, interrupting services and harming its business[348]. - The outcome of pending or future litigation could have an adverse impact on Sirius XM Holdings' operations and financial condition[350].

Liberty Media Corporation (NASDAQ:FWONA) Q3 2022 Results Conference Call November 4, 2022 10:00 AM ET Company Participants Courtnee Chun - Chief Portfolio Officer Greg Maffei - President and CEO Stefano Domenicali - President and CEO, Formula 1 Brian Wendling - Chief Accounting and Principal Financial Officer Conference Call Participants Doug Mitchelson - Credit Suisse Bryan Kraft - Deutsche Bank Jason Bazinet - Citi David Karnovsky - JP Morgan Ben Swinburne - Morgan Stanley Barton Crockett - Rosenblatt Sec ...

FORM 10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ...

Formula One Group (NASDAQ:FWONA) Q2 2022 Earnings Conference Call August 5, 2022 10:00 AM ET Company Participants Courtnee Chun - Chief Portfolio Officer Gregory B. Maffei - President and CEO, Liberty Media Corporation Stefano Domenicali - President and CEO, Formula One Group Brian J. Wendling - Chief Accounting and Principal Financial Officer Renee L. Wilm - Chief Legal Officer and Chief Administrative Officer Conference Call Participants Benjamin Swinburne - Morgan Stanley Bryan Kraft - Deutsche Bank Vija ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 (Stat ...

Formula One Group (NASDAQ:FWONA) Q1 2022 Earnings Conference Call May 6, 2022 10:00 AM ET Company Participants Courtnee Chun - Chief Portfolio Officer Greg Maffei - President and Chief Executive Officer, Liberty Media Corporation Brian Wendling - Chief Accounting and Principal Financial Officer Stefano Domenicali - President and Chief Executive Officer, Formula One Group Conference Call Participants David Karnovsky - JPMorgan Bryan Kraft - Deutsche Bank Vijay Jayant - Evercore-ISI Stephen Laszczyk - Goldma ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 (Sta ...

Table of Contents For the transition period from to Commission File Number 001-35707 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 LIBERTY MEDIA CORPORATION FORM 10-K (Exact name of Registrant as specified in its charter) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 State of Delaware For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 12300 Liberty Boulev ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ...