Liberty Media Corporation - Series A Liberty Formula One · NASDAQ:FWONA
Liberty Media Corporation - Series A Liberty Formula One — Liberty Media — Investor Day (November 2022)
99 slides from Liberty Media Corporation - Series A Liberty Formula One's investor day presentation, Nov 17, 2022
Slide 1: 2022 Investor Day
2022 Investor Day NOVEMBER 17, 2022
Slide 2: Disclaimers
Disclaimers FORWARD-LOOKING STATEMENTS This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Liberty Media Corporation (“Liberty Media”), including statements about the proposed reclassification of Liberty M
Slide 3: Disclaimers (cont.)
Disclaimers (cont.) ADDITIONAL INFORMATION Nothing in this presentation shall constitute a solicitation to buy or an offer to sell shares of common stock of Liberty Media or Atlanta Braves Holdings. The proposed offer and issuance of shares of common stock of Atlanta Braves Holdings in the Split-Off
Slide 4: Disclaimers (cont.)
Disclaimers (cont.) INDUSTRY INFORMATION Certain information included herein concerning Liberty Media’s and Qurate Retail’s respective businesses and the related markets or industry position or prospects, as well as industry or market data and other statistical data regarding their respective busine
Slide 5: Greg Maffei
GREG MAFFEI PRESIDENT & CEO, LIBERTY MEDIA
Slide 6: Updates Since Last Investor Day
Updates Since Last Investor Day • SIRI solid performance despite auto • Won NL East for 5th consecutive year • Multiple broadcast extensions and ad market pullback • ESPN in US through 2025 • Record low churn of 1.5% • Finished season 101-61 • Multiyear across 3 key Sky markets • Expanded exclusive
Slide 7: Today's Announcements
Today’s Announcements • Braves Group to become separate legal entity named Atlanta Braves Holdings, Inc. through redemptive split • Subject to approval of Braves Group stockholders and MLB • Expect status quo for management, independent Board and voting structure • Liberty Media to be recapitalized
Slide 8: Long History of Spins and Splits
Long History of Spins and Splits Performance of Historical Spins / Splits vs. S&P Rationale for Transactions 1-Year Following Separation(1) • Further simplifies tracking stock structure Weighted average performance +16% vs. S&P 66% • Aim to reduce discount to NAV 24% • Better enable potential future
Slide 9: Simplified Liberty SiriusXM
Simplified Liberty SiriusXM Pro Forma • 1.375% Cash Convertible • 2.125% SiriusXM Exchangeables • 2.75% SiriusXM Exchangeables • SiriusXM Margin Loan $20.1b value $225m Cash $2.8b Debt (3,205.8m shares) ACTIONS TAKEN GOING FORWARD • Repurchased $538m LSXMA/K shares YTD as of 10/31 • Focused on ratio
Slide 10: A Braves New World
A Braves New World ANOTHER STRONG SEASON 2 Gold Glove Awards • 5th consecutive NL East Title • Posted MLB best .696 winning percentage from start of June to end of regular season • Secured young players under long-term contracts • Strider, Riley, Acuña, Harris, Olson, Albies under contract until 202
Slide 11: High Demand for Sports Assets
High Demand for Sports Assets $20B INVESTED IN SPORTS LEAGUES AND TEAMS SINCE 2020 (1) Teams Sold to Traditional Buyer Base Influx of Alternative Buyers Rumored Sale Processes Todd Boehly consortium The Walton Family Fenway Sports Group Alex Rodriguez & Marc Lore 11 (1) Source: Market research from
Slide 12: F1 Fan Engagement Drives Growth…
F1 Fan Engagement Drives Growth… Established Fan Base Newer, Converted Fan Base • Growth markets (Americas, China) • Heritage European markets • Attracted to global spectacle, celebrities, • Affinity for racing technology and/or cars luxury, driver personalities, stories CHANGES TO F1 SINCE 2017 Div
Slide 13: …Across Race Promotion…
…Across Race Promotion… RACE PROMOTION REVENUE REVENUE DRIVERS ($ in millions) $772 • Supply / demand dynamics (and competition among host countries) $644 • Increasing fan attendance 2019 LTM Q3-22 • New and engaging fan experiences (i.e. Sprint event) RECENT RACE RENEW ALS • Optimizing mix of races
Slide 14: …Media Rights…
…Media Rights… MEDIA RIGHTS REVENUE REVENUE DRIVERS ($ in millions) • Competition among bidders (incl. digital) $959 $795 • Compelling track product and better coverage • New audiences and race markets 2019 LTM Q3-22 BROADCAST RENEW ALS AND F1 TV GROW TH • Local drivers and fan support USA FRANCE AU
Slide 15: …Sponsorship…
…Sponsorship… SPONSORSHIP REVENUE REVENUE DRIVERS ($ in millions) $424 • Brand awareness and relevance • Global / local / regional presence $311 • Expanded inventory (i.e. Sprint event, pre-season testing, Paddock Club partnerships) 2019 LTM Q3-22 NEW SPONSORS AND RENEW ALS • New industries • Increa
Slide 16: …And Hospitality and Experiences
…And Hospitality and Experiences HOSPITALITY REVENUE REVENUE DRIVERS YTD Q3 Hospitality revenue at 109% FY 2019 (excl. several of largest PCs taking place Q4-22) • Fan enthusiasm • VIP offerings 53.5k guests across first 15 • Increased capacity F1 delivered Paddock Clubs • Pricing • Additional new e
Slide 17: What Happens in Vegas
What Happens in Vegas WHY VEGAS Year Round Home of F1 in North America 3.8 MILE • Continue to grow US fan base with 3rd race in 2023 STREET CIRCUIT • US avg. viewership per GP +28% vs. 2021(1) • Half of US fans started following F1 over last 4 years OVER 1 MILE STRAIGHT • Flywheel effect on revenue
Slide 18: FWON the Jackpot
FWON the Jackpot Total Capacity: 100k+ / day LAUNCH PARTY 11/5 Ultra High-End • Public fan fest with ~50k fans Limited $15k+ 5 day access(1) • First wave of tickets sold out in Tickets Available 45min across all blocks Hospitality (incl. Paddock Club) • 3.4b+ media impressions 25k-30k $8k-$15k 5 day
Slide 19: Building Liquidity Leads to Optionality
Building Liquidity Leads to Optionality (1) (2) FWON Corporate Cash ($m) F1 Cash and Undrawn Revolver Capacity ($m) F1 OpCo Leverage $3,000 25.0x $2,695 $2,619 Q1-17 leverage (at acquisition) 7.4x 20.5x $2,500 20.0x $2,086 $1,085 $2,000 $639 $1,615 15.0x $1,500 $1,610 10.0x $1,000 $920 $919 6.5x 6.3
Slide 20: Summarizing Liberty's Investment Thesis
Summarizing Liberty’s Investment Thesis ALIGNED INCENTIVES FINANCIAL TOOLBOX • Owner’s mentality • Creative deal formation • Compensation of mgmt. closely tied to stock performance • Flexible capital structures • Willing to exit opportunistically • Permanent capital, long duration • Tax-efficiency •
Slide 21: Integrating ESG Across Portfolio
Integrating ESG Across Portfolio Coordinated portfolio approach to ESG leverages best ideas and innovation across the portfolio. Annual ESG Summit ‘Micro’ ESG Summits LIBERTY MEDIA ➢ Every Liberty company ➢ Proxy season preparedness CORPORATE ➢ Wide range of material issues ➢ Government affairs tren
Slide 22: Brian Wendling
Brian Wendling CHIEF ACCOUNTING OFFICER & PRINCIPAL FINANCIAL OFFICER
Slide 23: Here's What's Happening…
Here’s What’s Happening… 1 Redemptive Split-off of Braves • Braves to become standalone public company • Subject to approval by Braves Group stockholders and MLB • Anticipate addressing BATR intergroup interests in connection with split-off 2 Recapitalization of LMC Collection of private and public
Slide 24: …Here's How Our Cap Structures Look
…Here’s How Our Cap Structures Look (Post Braves Split) Tracking Stock $ in Millions (2) (1) 100% ASSETS 82% 100% 31% 3,205.8m shares 69.6m shares 100% Cash $225 Cash and Liquid Investments(3) $2,209 Cash and Liquid Investments TBD Cash $159 1.375% Cash Convertible Operating Credit Facilities $993 2
Slide 25: Addressing Basket Convertible
Addressing Basket Convertible • Repurchased $210m aggregate principal of 1.375% Cash Convertible Notes in Q3-22 • Represents 21% of principal outstanding • LSXM maintains intergroup interests to hedge exposure, and will settle intergroup interests as basket convertible is addressed • Final maturity
Slide 26: Braves Financial Bullpen
Braves Financial Bullpen HISTORY OF REVENUE GROWTH REINVESTING IN TEAM $ in Millions $ in Millions Q4 Revenue (incl. Post Season) Baseball Development Development Revenue Baseball Revenue $7 $30 $62 $37 $102 $39 $34 $92 $33 $27 $13 $81 $77 $23 Other Opex $17 increase $26 primarily $535 attributable
Slide 27: + Balance Sheet
+ Balance Sheet • Amended StadCo debt facilities to allow more frequent restricted cash distributions • TeamCo credit facility upsized to provide greater ongoing liquidity and extend maturity to 2029 • Retired 100% of StadCo floating rate notes using TeamCo credit facilities • Refinanced Three Ballp
Slide 28: Driving Financial Growth at F1
Driving Financial Growth at F1 • Significant long-term contracted core revenue provides visibility and stability despite macro environment • Nearly $10b future revenue under contract as of 9/30, plus additional contract renewals signed Q4 • Highly variable cost base • Team payments represented 62% o
Slide 29: F1 Cost Structure Supports Growth in Business
F1 Cost Structure Supports Growth in Business OTHER COST OF F1 REVENUE $ in Millions Increase $386 $257 Other costs within bucket: Freight costs ↑ driven Commissions to partners, Hospitality costs ↑ by market capacity digital media costs, FIA driven by higher leading to cost inflation, fees activity
Slide 30: SG&A and Other Cost of Revenue
SG&A and Other Cost of Revenue Stable as % of Total Revenue $ in Millions % of Total F1 Revenue Team Payments SG&A Other Cost of F1 Revenue $565 22% $421 20% $381 19% $196 8% $360 20% $152 7% $147 7% $154 8% $1,216 $1,012 $1,068 $913 2018 2019 2021 LTM 9/30/22 Team Pmt % PTS 70% 68% 68% 66% Adj. OIB
Slide 31: Viva Las Vegas
Viva Las Vegas Non-Race Customers LVGP Race Customers PRELIMINARY ASSUMPTIONS • Revenue expected to approach $500m Year Round Ticketing Activations Sponsorship in year one Beginning 2024 and Ancillary Arms Length Payment Arrangement • Expect profit contribution will be as attractive FWON Corporate F
Slide 32: F1 Consistently Strong FCF Conversion
F1 Consistently Strong FCF Conversion ADJUSTED OIBDA TO FCF CONVERSION 2017-2022E (1) • Attractive margins and low capital F1 OpCo - 5-yr. Avg. (excl. 2020) intensity F1 Adj. OIBDA 100% • Largest cost item (teams’ Prize Fund) Working Capital 3% now 100% variable Capital Expenditures (3%) • Timing di
Slide 33: Limited Currency Exposure at F1
Limited Currency Exposure at F1 • Roughly 80% of F1 revenue US$ denominated APPROXIMATE REVENUE EXPOSURE BY CURRENCY • P&L exposed to both transactional and translational moves in FX • Team payments impacted by transactional FX gains and losses, EUR AUD & CAD 6% 3% thereby sharing in exposure with F
Slide 34: Appendix
(i BE eT) Appendix
Slide 35: LMC Convertible / Exchangeable Debt Cheat Sheet
LMC Convertible / Exchangeable Debt Cheat Sheet 1.0% Convert. Notes 2.25% Convert. Notes 1.375% Convert. Notes 0.50% Exch. Debent. 2.125% Exch. Debent. 2.75% Exch. Debent. Description Issuing Entity Liberty Media Corporation Attributed Tracking Formula One Group Formula One Group Liberty SiriusXM Gr
Slide 36: Overview of 1.375% Cash Convertible Senior Notes at LSXM
Overview of 1.375% Cash Convertible Senior Notes at LSXM • Attributed to Liberty SiriusXM Group • $790m principal outstanding • 1.375% semi-annual coupon • Final maturity October 2023 • Cash settle • Basket of securities per $1,000 notes includes: • 21.4296 shares of LSXMA • Based on 1.0163 LSXMA pe
Slide 37: F1 Financials – Revenue Recognition
F1 Financials – Revenue Recognition CALENDAR AND TIMING OF RACES HAS SIGNIFICANT IMPACT ON QUARTERLY REPORTED RESULTS • Promotion revenue recognized on day of each race • Media rights revenue: • Season-long TV contract revenues recognized pro-rata across race calendar, with some variation due to FX
Slide 38: F1 Financials – Cost Recognition
F1 Financials – Cost Recognition • Team payments • Expense recognized pro-rata across race calendar • Cash payments: • Total prize fund paid in fairly even installments across months of March – November with “true-up” points during the year as forecasts are revised • Final true-up balance paid post-
Slide 39: F1 Tax Considerations
F1 Tax Considerations •F1 expects to remain UK taxpayer in 2022 and future years • F1 cash generating entities are UK based • UK corporate tax rate increases to 25% in April 2023 (from 19% now) •Estimated cash taxes for F1 (primarily UK) expected to be mid to high single digit percentage of adjusted
Slide 40: FWON Purchase Accounting Amortization
FWON Purchase Accounting Amortization 2018 2019 2020 2021 LTM Q3-22 $ in Millions Reported F1 Adjusted OIBDA $400 $482 $56 $495 $629 Team Payments $913 $1,012 $711 $1,068 $1,216 Reported Depreciation & Amortization $452 $446 $429 $386 $360 Purchase Accounting Amortization $412 $404 $385 $359 $333 De
Slide 41: Composite LMC – It All Adds Up
Composite LMC – It All Adds Up • 5/9/06: LCAPA (“LMC”) tracking stock issued Composite LMC • 3/3/08: LMC issues LMDIA/B 4-for-1 FWONA 13 LSTZA tracker 104 • 11/19/09: DTV spun from LMDIA 1-for-1; remaining assets become LSTZA on a 0.10-to-1 basis DTV after 1 year: $42.15 x 4 169 Earnings on $168.60
Slide 42: Liberty
pul (LIBERTY)
Slide 43: Atlanta Braves 2022 Investor Day
ATLANTA BRAVES 2022 INVESTOR DAY Derek Schiller President & CEO Atlanta Braves NESS EVERY YEAR
Slide 44: An Integral Part of Baseball History and Its Future
Y Ged UY] wort series tis 22 omision mes 57 sa oF ramens 5B cou cioves 7 most vavuaste pavers 6 cyvoune winners GS rooxtes oF tHe Year Y E A R Ss AN INTEGRAL PART OF BASEBALL HISTORY AND ITS FUTURE The Braves are the longest continuously operating franchise in MLB For 152 years, the Braves have embo
Slide 45: The Braves Own the South
THE BRAVES OWN THE SOUTH The Braves are a unique property that represent the rapidly growing southeastern U.S., but are a national presence. 2021 TICKET BUYERS (WS Total population of the states that make up “Braves Country”: 40 million Wii, 2022 Braves total season attendance: 3.13 million Mtddlidd
Slide 46: ATL Is a Homerun
ATL IS A HOMERUN RACE PERCENT MARKETSIZE A Diverse City White 45.5% 2,775,500 A Young Population Vibrant Economy From 1994 to 2024, f.. ATL's population has Black or African American 33.6% 2,049,600 . Meiansed toons 22 te Z oa Leann Metro-Atlanta is now the 6th 6.IM an ; : largest market in the US .
Slide 47: Braves Fanbase
BRAVES FANBASE FANDOM 20M Americans identify as Braves fans* YOUTHFUL 21% of Braves fans are age 25-34? FAMILY FUN 33% of Braves fans have children? DIVERSITY 19% of Braves fans are African American? MARRIED COUPLES 46% of Braves fans are married? FEMALE FANS 43.8% of our national fanbase are women?
Slide 48: Growth in Direct Connections With Our Fans
GROWTH IN DIRECT CONNECTIONS WITH OUR FANS “DATA IS OUR MVP” TOTAL IDENTIFIABLE FANS BY DATE OF FIRST INTERACTION 6M FANS 4M FANS 2M FANS 2005 2010 2015 2020 Data from all ticket sales and commercial channels.
Slide 49: Nationwide Media Reach and Fan Engagement
A NATIONWIDE MEDIA REACH AND FAN ENGAGEMENT The Braves reach a growing fanbase across the country through TV and streaming LEGEND External Streaming Audience! @ Home Television Territory? HOME ERRTORY, potential cable, satellite and broadband households MARKET SIZE OPPORTUNITY (A) Indicates househol
Slide 50: Local Broadcast Revenue Is Growing
“f| LOCAL BROADCAST REVENUE IS GROWING a Sy LOCAL BROADCAST REVENUE ($M) $80 $60 $40 $20 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 SINCLAIR CONTRACTUAL REVENUE HIGHER PER GAME STARTING IN 2023 *Local Broadcast revenues represents cash received
Slide 51: Fans Love Truist Park
FANS LOVE TRUIST PARK Since moving from Turner Field in 2017 to Truist Park, ticket sales and season ticket holders have dramatically increased =<—_- People have visited Truist Park since the inaugural season in 2017 Record breaking attendance in 2022 3,129,931 42 sellouts in 81 home games ATTENDANC
Slide 52: Growth Across Key Indicators
A 10 GROWTH ACROSS KEY INDICATORS GROSS CONTRACTED SPONSORSHIP (SM) AVERAGE PAID ATTENDANCE (K) $90 ° 39 $80 37 $70 $60 = $50 33 $40 34 30 . 29 $20 $10 27 oO 25 2017 2018 2019 2021 2022 2017 2018 2019 2021 2022 AVERAGE TICKET PRICE sus AVERAGE GATE RECEIPTS ($M) $46 $1.7 $44 $1.6 $40 $1.5 $38 $1.4 $
Slide 53: The Battery Atlanta
BE) THE . TERY ATLANTA The Braves organization owns the development property surrounding Truist Park, called The Battery Atlanta. It has transformed the fan experience and become a model for sports business. Non-Braves events per year RETAIL/DINING 248,000 93% Visitors to The Battery each year OFFIC
Slide 54: 2022 Results
12 2022 RESULTS ($M) NINE MONTHS NINE MONTHS ENDED ENDED YOY a . a CHANGE Baseball Revenue 496 433 15% Development Revenue 39 33 18% Total Revenue 535 466 15% Baseball Expenses 441 364 21% Development Expenses 13 10 30% Total Expenses 454 374 21% Baseball Adjusted OIBDA -20% Development Adjusted OIB
Slide 55: Appendix
Slide 56: 2022 Adjusted OIBDA to Operating Income
A APPENDIX 2022 ADJUSTED OIBDA TO OPERATING INCOME em 9s 2oz2 90/3008 $ 81 $ 92 Adjusted OIBDA Stock-based Compensation (6) (6) Depreciation/Amortization (57) (56) Impairment, restructuring (5) and acquisition costs, net of recoveries Operating Income $ 13 $ 30 14
Slide 57: Braves Development Company 2022 Net Operating Income
15 APPENDIX BRAVES DEVELOPMENT COMPANY 2022 NET OPERATING INCOME ™ RE, RS lila Pll RETAIL/DINING 93% 58% 55% OFFICE 91% us 71% 186 82% NEW OFFICE - TRUIST HQ* 100% - — 10.9 75% ENTERTAINMENT 100% 19) 70% 3.7 83% TOTAL NOI $ 19.3 $ 42.3 HOTEL* $ 15.6 46% $ 22.0 40% OPERATING INCOME - DEVELOPMENT® $ 1
Slide 58: 2022 Net Operating Income Reconciliation to GAAP Operating Income
APPENDIX 2022 NET OPERATING INCOME RECONCILIATION TO GAAP OPERATING INCOME m 980/002 A Net Operating Income-Development* $ 19 Parking/Other 9 Ownership Expenses (2) Stock-Based Compensation? (1) Depreciation/Amortization (13) Operating Income - Development $ 12 16 (1) See NOI Slide (2) Stock comp is
Slide 59: Braves Development Company Leasable Square Footage
APPENDIX BRAVES DEVELOPMENT COMPANY LEASABLE SQUARE FOOTAGE RETAIL/DINING 248 OFFICE 666 NEW OFFICE -TRUISTHQ 250 ENTERTAINMENT 104 HOTEL 291 406 (1) Does not include the Innovation Tower or conference space owned/operated by TK or parking squre footage wy
Slide 60: 2022 Liberty Media Investor Day: Jennifer Witz
2022 Liberty Media Investor Day Jennifer Witz Chief Executive Officer
Slide 61: Forward-Looking Statements
Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectation
Slide 62: An Audio Powerhouse
71 6 06 71 9 An Audio Powerhouse 82 7 17 82 0 Our Vision: To shape the future of audio where everyone is effortlessly connected to the voices, stories, and music they love 93 8 28 93 1 049 39 042 1 5 0M 40M 1 53 M Total Listeners Paid Subscribers Enabled Auto Fleet* * As of September 30, 2022 Sirius
Slide 63: Growth Priorities
Growth Priorities In-Car Streamin Ad Platform g SiriusXM Everywhere
Slide 64: Reinforcing SiriusXM's Leadership In-Car
Reinforcing SiriusXM’s Leadership In-Car Doubling down on our commitment to deliver the best in car listening experience 82 83 78 % 73% % % NE W 50 52 48 44 % % % USE % D 201 202 202 2022 9 0 1 YTD New and used penetration rates reach peak levels in 2022
Slide 65: Expanding Streaming
Expanding Streaming Creating a superior listening experience everywhere our customers tune in Design Refresh A Sleeker In-App Experience Exclusive Content Streaming Only Stations & Artist Experiences Expanded Reach New Distribution & Promotional Agreements
Slide 66: Extending Our Ad Platform
Extending Our Ad Platform Supporting the complete audio advertising ecosystem A leader in monetization across the audio ecosystem with $1.8 billion in audio advertising, supporting advertisers, creators, publishers, and listeners. Trailing Twelve Months Advertising Revenue 4Q’20 – 3Q’21: $1.7B 4Q’21
Slide 67: Extending Our Ad Platform
Extending Our Ad Platform Supporting the complete audio advertising ecosystem
Slide 68: SiriusXM Everywhere
SiriusXM Everywhere The next phase of our evolution
Slide 69: SiriusXM Everywhere
SiriusXM Everywhere The next phase of our evolution
Slide 70: SiriusXM Everywhere
SiriusXM Everywhere The next phase of our evolution
Slide 71: Super-Serving Our Audiences
Super-Serving Our Audiences SiriusXM at the intersection of scale and passion Fueling Fandom Something for Creating Culture Curated Content Passionate Exclusive Talent and Audiences Crave Everyone Must-Hear Moments A Diverse Portfolio with Personalized Listening
Slide 72: SiriusXM Self-Pay Subscribers
SiriusXM Self-Pay Subscribers Long record of continued growth >32.0 32.0 30.9 187,000 30.0 Net additions in 3Q 2022 201 202 202 2022 9 0 1 (In millions)
Slide 73: Trailing Twelve Month Financial Highlights
Trailing Twelve Month Financial Highlights Solid financial performance $ 1.79B $ 6.86B $ 9.00B Ad Revenue Sub Revenue Total Revenue Up 4.6% YoY Up 5% YoY Up 4.6% YoY $ 2.76B $ 1.50B Adj. EBITDA Free Cash Flow Flat YoY Down 16% YoY Note: Financial highlights exclude impacts of share-based payment exp
Slide 74: Consistent Record of Revenue and Adj. EBITDA Growth
Consistent Record of Revenue and Adj. EBITDA Growth Plus substantial continued cash generation ~$9.00E $2.77 ~$2.80E $1.83 $8.69 $1.65 $1.66 $2.58 ~$1.55E $8.04 $7.92 $2.43 201 202 202 2022 201 202 202 2022 201 202 202 2022 9 0 1 9 0 1 9 0 1 Revenue Adj. EBITDA Free Cash Flow (in billions) (in billi
Slide 75: Strong Capital Returns
Strong Capital Returns Healthy cash generation enables significant capital returns Dividends $0.0968 1.5% $ 1.8B Year-to-date capital returns to stockholders Per Year Yield $2.39B $1.84B 10% $1.81B $1.78B November 2022 increase to quarterly dividend 16% Annualized growth rate since inception 201 202
Slide 76: SiriusXM
((Siriusxim))
Slide 77: Appendix
Appendix
Slide 78: Reconciliation from GAAP Net Income to Non-GAAP Adj. EBITDA
Reconciliation from GAAP Net Income to Non-GAAP Adj. EBITDA For the Three Months Ended For the Twelve Months Ended September December September December 31, March 31, June 30, 30, 31, March 31, June 30, 30, September 30, (in millions) 2020 2021 2021 2021 2021 2022 2022 2022 2021 2022 $ $ $ $ $ $ $ $
Slide 79: Stefano Domenicali, Formula 1 President and CEO
Stefano Domenicali Formula 1® President and CEO November 17 2022
Slide 80: Key Priorities & Opportunities
KEY PRIORITIES & OPPORTUNITIES DELIVE�ING AN INC�E�IBLE PRODU�T THAT �T�ENGTHENS COMPETITION A�� A�TION ON THE T�ACK ENHANCING THE LONG-TE�M PROS�E�TS OF THE S�ORT, ENS�RING AN ATT�A�TIVE BUSINE�S MODEL FOR ALL PARTICIPANTS A�� ATT�A�TING PARTNE�S CONTINUING TO DELIVE� ON O�R SU�TAINABILITY A�� DIVE
Slide 81: Netflix Drive To Survive continues to attract new fans to the sport
Netflix Drive To Survive continues to attract new fans to the sport Drive To Survive has become a gateway into F1® for our key market� & demog�aphic� 73% 64% 65% 65% % of viewers more intere�ted in F1® as a re�ult of viewing S3 Season 4 released. US viewers Non-�ans F1® �ans To�al Seasons 5 & 6 conf
Slide 82: 2023 Race Calendar
Q1 Q2 Q3 Q4 Pre-Season 4 | China 12 | Great Bri�ain 19 | Qa�ar Te��ing 5 | Azerbaijan 13 | Hungary 20 | Au��in 1 | Bah�ain 6 | Miami 14 | Belgium 21 | Mexico City 2 | Saudi A�abia 7 | Emilia-Romagna 15 | Ne�herlands 22 | São Paulo 3 | Au�t�alia 8 | Monaco 16 | I�aly 23 | Las Vegas 9 | Spain 17 | Sin
Slide 83: F1 Business Drivers
F1 BUSINESS DRIVERS ® 2O21 CONCORDE AG�EEMENT VALUE OF F1 TEAMS ® OEM INTE�E�T FAN INTE�E�T CONT�A�TE� REVENUE 5
Slide 84: 2022 Q3 YTD Race Attendance Highlights
IN +73% VS. 2019 2022 Q3 YTD S �A M +69% VS. 2021 IU RACE ATTENDANCE B E LG Z A +68% VS. 2019 +49% N HIGHLIGHTS M O � IA VS. 2019 A U � T C E +30% VS. 2019 A F� IA N L +29% VS. 2019 U � T� A R Y +26% VS. 2019 A U N G A IN +13% VS. 2021 +10% H A I T R VS. 2021 B IN �T A U CO +10% VS. 2019 +7% A N O A
Slide 85: 2022 Q3 YTD Attendance Highlights
2022 Q3 YTD (Races 1-20) ATTENDANCE HIGHLIGHTS +31% GROWTH IN RACE ATTENDANCE vs.Races 1-18 in 2019 5.3M ESTIMATED RACE ATTENDANCE >90% YTD Q3 RACE DAYS SOLD OUT Source: Promoter da�a 7
Slide 86: Increased Global Interest
INCREASED GLOBAL INTEREST Is �a�te�t growing global spo�t on social media Formula1.com +30% US �a�te�t growing market for F1 on social media INCREASE IN USERS ON ALL PLATFORMS +40% YOY YEAR ON YEAR Source�: Emplifi, Google Analy�ic� (Q3 ’22 vs. Q3 ’21) 8
Slide 87: Continued Growth of a Diverse Fanbase
CONTINUED GROWTH OF A DIVERSE FANBASE 50% 40% OF NEW VIEWERS OF NEW VIEWERS IN 2022 UNDER SINCE 2019 35 YEARS OLD ARE WOMEN Deutschland UK Source: Sky Spo�t� 9
Slide 88: F1 Fan Data
F1 FAN DATA ® 37 YEARS AVERAGE AGE OF FAN 40% OF FANS ARE FEMALE 22% OF FANS ARE AGED 16-24 Source: Nielsen survey 10
Slide 89: A record 24-race calendar, 6 F1 Sprint races
A record 24-�ace �alendar 6 F1 Sprint �ace� 11
Slide 90: New Races, Renewals & Extensions
Spain Monaco New Races, Renewals 5 year renewal ‘22- ’26 3 year renewal ’23-’25 Belgium Lorem ipsum & Extensions 1 year extension ‘23 NEW Imola 4 year deal ’22-’25 Japan 3 year renewal ‘22-’24 NEW Las Vegas China 4 year renewal Mexico ‘22-’25 3 year renewal ‘23-’25 Au��in 5 year renewal ‘22-’26 NEW
Slide 91: Las Vegas Grand Prix Strong Partner Pipeline
‘Heineken FORMULA 2 HEINEKEN re ®) LAS VEGAS GRAND PRIX 2e= > STRONG PARTNER PIPELINE Title Partner of the Formula 1°Las Vegas Grand Prix 2023 ) Heineken | SILVER Founding Partners of the Formula 1°Las Vegas Grand Prix 2023 CAESARS ms REWARDS. iol MGM ds sate (Yeqes- Presenting Partners of the Formu
Slide 92: High Demand for Pre-Sale Tickets, State-of-the-Art Circuit Design
HIGH DEMAND �TATE-OF-THE-ART FOR PRE-SALE TICKETS CIRCUIT DE�IGN 14
Slide 93: Key Broadcast Renewals
KEY BROADCAST RENEWALS GERMANY & ITALY: 2027 UK: 2029 RENEWED THROUGH 2025 RENEWED FROM 2025 THROUGH 2029 15
Slide 94: Additional Broadcast Renewals
Additional Broadcast Renewals Belgium Au�tria Mexico China (digi�al) B�azil Au��alia La�in Ameri�a (digi�al) 16
Slide 95: Global Broadcast Reach of Formula 1
GLOBAL BROADCAST REACH OF FORMULA 1° 180+ | RRITO R ES | 60+ BROA DCASI 17
Slide 96: High inbound sponsor interest
High inbound sponsor interest Multiple new partners & renewals signed and a strong piepline to support further growth Global Partners Official Partners Renewals Strong Financial Travel Pipeline Services Cyber 5G Key Sectors New Assets 18
Slide 97: Our Key Pillars
Our Key Pillars SU�TAINABILITY DIVE�SITY & INCLUSION COMMUNITY Formula 1® aims to be Formula 1® aims to Formula 1® aims Net Zero Carbon create a sport as to leave a positive by 2030 diverse as the lasting impact World in which wherever we race we race 19
Slide 98: Sustainable Fuels, Advanced Hybrid Engine
100% Su��ainable Advanced Cu��ing-edge Fuels Hybrid engine telemetry and delivering >65% wi�h increased CO2 redu��ion ele�trifi�a�ion conne��ivity 20
Slide 99: Thank You
lr THANK YOU Full speed aheat!