Liberty Media Corporation - Series A Liberty Formula One · NASDAQ:FWONA
Liberty Media Corporation - Series A Liberty Formula One — Liberty Media — Investor Day (November 2023)
95 slides from Liberty Media Corporation - Series A Liberty Formula One's investor day presentation, Nov 9, 2023
Slide 1: 2023 Investor Day
2023 Investor Day NOVEMBER 9, 2023
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”) and Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”), includi
Slide 3: Disclaimers (cont)
Disclaimers (cont) INDUSTRY INFORMATION Certain information included herein concerning Liberty Media’s, Atlanta Braves Holdings’ 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 regardin
Slide 4: Premium IP…lives forever.
Premium IP…lives forever. GREG MAFFEI PRESIDENT & CEO
Slide 5: Updates Since Our Last Meeting
Updates Since Our Last Meeting • Simplified tracking stock and reduced net debt balance by $533m • Proposed split-off and combination with Sirius XM Holdings • SiriusXM improved operating results throughout year • Debuted next gen streaming app on 11/8, expect to strengthen position in and out of ca
Slide 6: Investor Day Debut
Investor Day Debut Revisiting Liberty Live Group Creation Previous Tracking Stock Structure Simplifications • Simplified tracking stock structure • Cleaner equity for investment in attractive Liberty Media Group Live Nation business • Focused investment opportunities at LLYV • Evolving investment th
Slide 7: When You Love Something, Set it Free
When You Love Something, Set it Free Merits to Being Standalone Public Company: BATR • Aim to reduce discount to private market value +12% to +38% From Nov ’22 Annc. to Today(1) BATR • Increased liquidity as standalone public equity +130% Avg. Daily Volume Post Split-Off(2) • Removed complexity of i
Slide 8: Things We've Said…
Things We’ve Said… Liberty Investing in Premium Businesses and Exiting Traditional Media Pre-2016 Focus on Subscription Businesses, Exit Vulnerable Media, Seek Protected Niches Where We Can Be Market Leader, Increase Emotional Engagement in Customer Experience, Think Global 2016 Music Streaming has
Slide 9: …What We've Done and Where We're Going
…What We’ve Done and Where We’re Going Acquired Sold Investment Addtl. Investment Sold Acquired Annc. Acquisition 2007 2009 2009 2010 2016 2017 2023 Focused on Premium IP Ecosystem 9 Quint acquisition pending, expected to close by year-end.
Slide 10: What Does it Mean to be a Premium IP Owner?
What Does it Mean to be a Premium IP Owner? Exclusive Commercial Rights Holder to F1 World Championship The global pinnacle of motorsport for 73 years 2023 calendar spans 20 countries and 5 continents Fans Scarcity are Increases Longest Continually Operating Sports Customers Demand Franchise with On
Slide 11: Fandom: Loyal and Growing…
Fans are Customers Fandom: Loyal and Growing… Incredible Fan Growth and Massive Global Engagement Across Platforms 2022 vs. 2018(1) 40% Growth 40% Female Fans 37yr Avg. Fan Age 1/3 Fans Overall Fandom (+25% vs. 2018) (Down from 40yr in 2018) Started Following F1 in Last 4yrs 2018 2023(2) Linear Line
Slide 12: …Especially in Key US Growth Market
Fans are Customers …Especially in Key US Growth Market Huge Crowds at North American Races Engaging US Audiences 3 of 4 Largest US Live Race 2.0 1.8 1.8 Audiences in Million Million Million Miami ‘22 Canada ’22 Austin ’22 Mexico ’22 Miami Monaco Canada 243k 338k 440k 395k 2023 Season 19% F1 TV US Su
Slide 13: There is Only One
Scarcity Increases Demand There is Only One High demand meets scarcity of supply DEMAND SUPPLY Competition amongst and within host Limit to amount of race weekends countries, new race locations, Race Promotion +5% CAGR(1) on calendar higher fan attendance Additional players in sports rights Scarcity
Slide 14: Expanding Valuable IP
Scarcity Increases Demand / Opportunities for Expansion Expanding Valuable IP Demonstrating Brand Value… +12 New Commercial Sponsorship Team values up avg. >5x since Drawing new star-studded investors Partners Added Since 2021 Liberty acquisition(1) into F1 teams …Broadening Experience to Create Eve
Slide 15: Extending Reach in Premium Experiences With Quint
Opportunities for Expansion Extending Reach in Premium Experiences With Business Overview • Industry leader in hospitality and travel solutions for marquee sporting events around world • Partner with event organizers to package and sell ticketing inventory with unique, premium experiences • Bring fa
Slide 16: Vegas: It's About More Than A Race
Opportunities for Expansion Vegas: It’s About More Than A Race Unmatched Excitement for the Race(1) Value for Broader F1 Ecosystem 144m Social Impressions 12m Engagements 71m Video Views Expand opportunities with Grow F1 fandom and build commercial partners brand value (esp. in Americas) Significant
Slide 17: Deepening Our Fan Relationships
Opportunities for Expansion Deepening Our Fan Relationships Linear F1.com 70m 24.9m 9.8m 7.2m Approximate 110m Avg. Viewership Unique Users per Race 13.0m 9.6m Expanding DTC opportunities to gain additional insight into growing fanbase Leveraging data and customer insight to tailor fan outreach, imp
Slide 18: Live Nation: Controlled Supply and Huge Demand Drive Growth
: Controlled Supply and Huge Demand Drive Growth When Fans are Your Customers Supply Of Artists Drives Demand North America Concerts 90% Fans say if their favorite artist is in town, International Concerts they always find a way to buy tickets Total Attendance Global fans say one of the most memorab
Slide 19: Curates Premium Content AND Relationships
Curates Premium Content AND Relationships Programming of Premium, Scaled Brand Value Fans are Customers Desirable Content Attracts Talent • Hosts and celebrities • Form relationships with personalities • Quality of brand • Sense of community and comfort • Leveraging premium content • Ease of use mod
Slide 20: Braves Country = Best Country
Braves Country = Best Country Reinvigorating Baseball Braves Very Successful Team within Reinvigorated Sport • MLB energized fans with new rule changes • Incredible season • More action-filled product and boosted demand(1): • Clinched sixth straight NL East title 24 minute Reduction in avg. game tim
Slide 21: LMC Composite Price per Share
History of Strong Returns Focused on Shareholder Returns: Composite LMC(1) Value per Share Up 15-Fold Since Issuance May 2006 $2,000 $1,800 $1,600 LMC Composite Price per Share $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 FWONA LMDIA LSTZA DTV STRZA LGF/B FWONK LBRDA LBRDK LBRDK Rights LSXMA LSXMK LS
Slide 22: Sustainable Business: It's Good Business
Sustainable Business: It’s Good Business Sustainability Initiatives that Drive Real Value for Stakeholders and Shareholders Real community impact including through the Synthetic e-fuels: transitioning to cleaner fuel Atlanta Braves Foundation without compromising competitive racing. Expanding applic
Slide 23: Brian Wendling
Brian Wendling CHIEF ACCOUNTING OFFICER & PRINCIPAL FINANCIAL OFFICER
Slide 24: It Happened.
It Happened. Redemptive Split-off of Braves Recapitalization of LMC Collection of private and public assets 30% LSXM shares LLYV shares FWON shares 24
Slide 25: Liberty NAV Refresh
Liberty NAV Refresh $ millions SiriusXM 84% Formula 1 100% Live Nation 30% 3,205.8m shares 69.6m shares Cash(1) $75 Cash and Liquid Investments(3) $1,157 Cash and Liquid Investments(5) $417 Quint $313 Private Assets(6) $380 Vegas Land Acquisition Price $241 Other Private Assets(4) 3.75% Convertible
Slide 26: 2023 Actions to Simplify LSXM Balance Sheet
2023 Actions to Simplify LSXM Balance Sheet • Key capital markets activities: LSXM Net Debt(2) $ billions • Issued 3.75% LSXMA convertible $2.33 $533m lower leverage improves net debt- • Retired 2.125% SIRI exchangeable to-asset value(3) to 11.3% (from 14.7%) • Retired 1.375% basket convertible • In
Slide 27: Liberty Live Group Liquidity
Liberty Live Group Liquidity Liquidity & Public Securities $ billions Total Public Equities $1,760 69.6m LYV shares Unencumbered Public Equities $5,945 Encumbered Shares 49.0m LYV shares $4,184 Cash, Cash Equivalents, Marketable Securities $817 and Margin Loan Capacity $817 Primary Sources of Liquid
Slide 28: Brake-ing Out Components That Fuel F1 OIBDA
Brake-ing Out Components That Fuel F1 OIBDA Realizing Leverage on Team Payments Investing in Growth Opportunities $ millions FWON Operating Expenses Excl. Team Payments 69.5% YTD 2022 YTD 2023 68.3% 67.7% Other Cost Other Cost of F1 of F1 Revenue Revenue excl. excl. freight, freight & hospitality 66
Slide 29: F1 Consistently Strong FCF Conversion
F1 Consistently Strong FCF Conversion Adjusted OIBDA to FCF Conversion 2018-2023E(1) F1 OpCo - 5-yr. Avg. • Attractive margins and low capital intensity (excl. 2020) F1 Adj. OIBDA 100% • Largest cost item (teams’ Prize Fund) Working Capital 11% 100% variable since 2021 Capital Expenditures (8%) • Ti
Slide 30: Managing Leverage…
Managing Leverage… • Over last year lowered TLB spread to 225 bps from 325 bps = $17m annual savings • Step down to 300 bps achieved when covenant leverage (1) <2.4x in Q2 • Completed reprice in October to further reduce spread to 225 bps Liquidity F1 OpCo Leverage $ millions FWON Cash Undrawn F1 Re
Slide 31: …While Strategically Investing at FWON
…While Strategically Investing at FWON Strong Cash Flow Generation Has Supported Attractive Investments and Capital Structure Initiatives $2.3b Quint Acquisition Vegas Land Purchase Vegas Pit Building and Track Construction $1.2b F1 Broadcast Center Refurbishment Investment in F1 Arcade Net Debt Red
Slide 32: LVGP – It's Next Week!
LVGP — It’s Next Week! bee A
Slide 33: Racing Toward the Finish Line
Racing Toward the Finish Line • Long-term investment to race in Las Vegas for 10+ years • Attractive organic investment in F1 business • Meaningful expense and capital deployed for inaugural race to ensure highest quality fan experience • Iconic race will benefit overall F1 ecosystem • Significant o
Slide 34: The Team + The Battery
: The Team + The Battery Third Party Valuations(1) $ millions $2,750 $2,600 $2,540 Stabilized NOI(2) $2,380 Property Type Sq. Ft. Tenants Ownership % ($ millions) $2,100 Retail/Dining 248k Multiple 100% $9.0 $1,875 Comcast, TKE, Papa Johns, Office(3) 916k 100% / 75%(3) $35.0 Truist Securities, Other
Slide 35: ABH Cap Structure: Covering All Our Bases
ABH Cap Structure: Covering All Our Bases • Braves maintain strong revenue growth while continuing to invest in team • Incremental Battery development • Approx. $20m(1) net Office III capital spend complete; expect majority of construction to be completed by beginning 2025 • Modest land contribution
Slide 36: Appendix
(fern) Appendix
Slide 37: LMC Convertible / Exchangeable Debt Cheat Sheet
LMC Convertible / Exchangeable Debt Cheat Sheet 2.25% Convert. Notes 0.50% Exch. Debent. 2.375% Exch. Debent. 2.75% Exch. Debent. 3.75% Convert. Notes Description Issuing Entity Liberty Media Corporation Attributed Tracking Formula One Group Liberty Live Group Liberty Live Group Liberty SiriusXM Gro
Slide 38: 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 revenue recognized pro-rata across race calendar, with some variation due to FX m
Slide 39: 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 40: LVGP Revenue and Cost Recognition
LVGP Revenue and Cost Recognition ILLUSTRATIVE PRESENTATION OF LVGP RELATED REVENUE AND COST (NOT ALL-ENCOMPASSING) Majority of LVGP related revenue/cost will be recognized in Q4-23 when race occurs Race Promotion • Grandstand and GA ticket sales Revenue • Title Sponsorship Sponsorship • Other race-
Slide 41: F1 Tax Considerations
F1 Tax Considerations •F1 expects to remain UK taxpayer in 2024 and future years • F1 cash generating entities are UK based • UK corporate tax rate increased to 25% in April 2023 (from 19%) •Estimated cash taxes for F1 (primarily UK) expected to be high single digit percentage of F1 adjusted OIBDA (
Slide 42: Limited Currency Exposure at F1
Limited Currency Exposure at F1 • Roughly 84% of F1 revenue US$ denominated APPROXIMATE REVENUE EXPOSURE BY CURRENCY • P&L exposed to both transactional and translational moves in FX EUR • Team payments impacted by transactional FX gains and losses, 6% AUD & CAD GBP 1% thereby sharing in exposure wi
Slide 43: FWON Purchase Accounting Amortization
FWON Purchase Accounting Amortization 2018 2019 2020 2021 2022 LTM Q3-23 $ millions Reported F1 Adjusted OIBDA $400 $482 $56 $495 $593 $634 Team Payments $913 $1,012 $711 $1,068 $1,157 $1,207 Reported Depreciation & Amortization $452 $446 $429 $386 $351 $334 Purchase Accounting Amortization $412 $40
Slide 44: Composite LMC – It All Adds Up
Composite LMC – It All Adds Up • 5/9/06: LCAPA (“LMC”) tracking stock issued Composite LMC FWONA $15 • 3/3/08: LMC issues LMDIA/B 4-for-1 LSTZA tracker 101 DTV after 1 year: $42.15 x 4 169 • 11/19/09: DTV spun from LMDIA 1-for-1; remaining assets become LSTZA on a 0.10-to-1 basis Earnings on $168.60
Slide 45: Liberty Holdings
ILIBERTY} HOLDINGS
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Slide 47: Record Breaking Attendance vs. 2022
RECORD BREAKING ATTENDANCE VS. 2022 Australia Canada Great Britain Mexico Belgium ‘> \\ fl \\ SS \\ wi a 445k 345k 480k 401k 380k SPECTATORS SPECTATORS SPECTATORS SPECTATORS SPECTATORS +676 +276 +20%6 +176 +676 Total attendees Sold out races | | through MX GP season to date
Slide 48: Renewed through
Renewed through Renewed through Renewed through Renewed through Renewed through Renewed through
Slide 49: Extended through
*Select deals only Extended through Multi-year deal through Extended through Extended through Extended through
Slide 50: Growing Commercial Partnerships
GROWING COMMERCIAL PARTNERSHIPS New partners Sponsor signed renewals J" CRUISES QATAR 4 Heineken Paramount + [iam Ney
Slide 51: Formula 1 Las Vegas Grand Prix Partners
FORMULA 1 LAS VEGAS GRAND PRIX PARTNERS Title Partner * Heineken SILVER Founding Partners CAESARS y MGM uw, __ REWARDS. REWARDS. LAS VEGAS Presenting Partners AMERICAN Roy) He ARO EY Qt Wertel” EXPRESS WJ chrome are RedBol RE rts @ sohere E Mobile THE VENETIAN RESORT Event Partners aggreko |ASTIGMT:
Slide 52: F1 Key Areas of Focus
Fl KEY AREAS OF FOCUS + Maximizing commercial rights -- Expanding fan base + Investing in strategic markets ~ Bringing world-class racing ~ Prioritizing sustainability in our operations and with partners
Slide 53: Contracted revenue ($bn)
Contracted revenue ($bn) 2019 2020 2021 2022 Q3 2023
Slide 54: 2024 Race Calendar
ee Qi Pre-Season Testing 1) Bahrain 2 Saudi Arabia 3 Australia 4 Japan 5 China 6 | Miami 7 | Emilia-Romagna 8 | Monaco 93 | Canada 10 Spain 11) Austria 12 | United Kingdom 13 | Hungary 14 | Belgium 15 Netherlands 16 | Italy 17 | Azerbaijan 18 Singapore Q4 19| USA 20 Mexico 21 | Brazil 22 Las Vegas 2
Slide 55: Formula 1 Total 2022 Audience vs. Other Sports
Formula 1 MotoGP NFL Champions Premier Formula E NASCAR NBA League League Total 2022 audience 1.54b 430m 2.48b 1.83b 3.27b 70.5m 115.8m 717.2m
Slide 56: Our Commercial Partners
OUR COMMERCIAL PARTNERS Global Partners W x. ROLEX liRewu aramco )Heineken’( -00- _geaee_—s- QATAR-—s AWS. @ ueMSC > ee, — “AIRWAYS ~ a crypto.com CRUISES salesforce Official Partners {LIQUI) Regional Partners & Official Suppliers AMERICAN ne =p EXPRESS w Gad y. Gy COMMUNICATIONS eer AN MOTORSPORT
Slide 57: Fan Demographics
Average age of fans Female fans Of those attending (down from 40 in 2018) (+25% vs. 2018) a race in 2022 were first-time attendees (+21% vs. 2021) TV viewers Under 35 Female users Largest Ever US (+144% vs. 2018) on f1.com Audiences in (vs. 2018) 2023 Season Sources: F1 Fan Segmentation, Nielsen Spo
Slide 58: Sources: F1 Fan Segmentation
Sources: F1 Fan Segmentation
Slide 59: Belgian GP and Azerbaijan GP Sprint Format
Belgian GP Azerbaijan GP attendance on Fridays vs. non-sprint weekends2 of fans prefer the new format introduced 20233 Source: 1Nielsen 2 Post-event surveys 3F1 Fan Voice
Slide 60: Drive to Survive
DRIVE TO SURVIVE FO =] M U L KX 1 »500 Global cumulative audience (seasons 1-5) DRIVE TO SURVIVE wer SEASON 5 10 S5 of series reached Netflix Top 10 in 47 markets #094 Global audience S5 vs. 10 S4 in first 6 months os S5 debut week 403% global audience inUS vs. S4
Slide 61: F1 Arcade
Fl ARCADE VISITORS IN 15* BOO LONDON VENUE Thousand Birmingham UK in November 2023 Successful new experiential venue delivered by creators behind PuttShack, FlightClub, All Star Lanes & Bounce PERMANENT 20 VENUES IN NEXT 5 YEARS Venues Boston & Washington opening in 2024
Slide 62: F1 Exhibition
Fl EXHIBITION THE EXHIBITION © 1 FUTURE (FRAY I rare | eM a a = Travelling Exhibition’s first stop ona multi-year global tour allowing fans to get up close with history & technology of Fl VISITORS IN 1ST ay | te —m OPENING Thousand SPAIN'S BEST SELLING TEMPORARY EXHIBITION IN 2023 fY OW) DEVELOPED I
Slide 63: 2024 Calendar
2024 CALENDAR % Se es ee SES 49 8 9 ees OOOO © 24 Grands Prix 21 Countries 5 Continents 6 Sprint Races
Slide 64: Transformational Growth in US
TRANSFORMATIONAL GROWTH IN US Avg. linear TV viewership: Social followers: Austin attendance: Milli Millions Thousands
Slide 65: Sustainability
SUSTAINABILITY F1 is pioneering sustainable fuels 1 ° wk A Aavanced 1OO'% SUSTAINABLY . ee FUELLED GED BY 2026 — March 2023 EU agreed to exempt vehicles running P-{ pe FS on 100% e-fuels from upcoming 2035 combustion- from 2026 engine ban - supporting long-term strategy of Fl
Slide 66: Reducing Our Footprint
REDUCING OUR FOOTPRINT (+) f Reduction of European Hl road-freight emissions V {-) year-on-year »9 (?) f Reduction in CO2 emissions 10 at Austrian GP With Aggreko, piloted next generation low- carbonenergy generatorsat Austrian GP - running Solar power & HVO (hydrotreated vegetable oil) fuel FIA 3*
Slide 67: F1 Academy
Saudi Arabia 9 Mar Miami 5 May Spain 23 Jun Netherlands 25 Aug Singapore 22 Sep Qatar 01 Dec Abu Dhabi 08 Dec “F1 Academy is more than just a competition it is a movement. We want to inspire Women around - the world to follow their dreams and realise that with talent, passion and determination, ther
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Slide 69: 2023 Liberty Media Investor Day
2023 Liberty Media Investor Day
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Slide 71: SoundCloud
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Slide 72: SiriusXM app and content
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Slide 75: Core Audience Gen X and Above
Slide 76: Growth Audience Millennials and Younger
Growth Audience Millennials and Younger
Slide 77: Core + Growth Audiences Represent 50% of Adult Population
Core + Growth Audiences Represent 50% of Adult Population but 84% of Audio Spen
Slide 78: SiriusXM Top Strengths and Pain Points to Address
SiriusXM Top Strengths and Pain Points to Address Top Strengths to Lean into (% of SiriusXM users by segment that selected as important) Core Growth Seamlessly works in my car Offers uninterrupted ad-free listening Offers a wide variety of excellent content 6 68 8 6 6 6 Source: Lippincott Segmentati
Slide 79: Core Attributes
Core Attributes: « Newly redesigned, easy to use, modernized client applications December 14 « Improved search and discovery Pet « Improved sports and talk experiences $9.99 . » New commerce and identity platforms « Martech enablement through implementation of Salesforce
Slide 80: Always-On Personalization and Discovery Features
Always-On Greater Revamped Enhanced Central Audio Interactive Personalization Content Discovery Playback Search Library Onboarding oat ao oat er “sm oat ed ea as 5 => C=) CLS chamrele shows APodcests ite e Tell us what you like 5 Sports Pick atleast 2 sports, talk, comedy ° > Channels that play Bill
Slide 81: SiriusXM
SiriusXM
Slide 82: Stella
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Slide 84: This Life of Mine with James Corden
This Life fate of Mine... with James " fy Corden
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Slide 86: Artists and talent roster
§ — | Alice Cooper To) oe Olivia Rodrigo Selena Gomez Demi Lovato Sam Smith Jelly Roll Kane Brown Cardi B Nicky Jam David Guetta Kygo Mumford & Sons Ed Sheeran Dan + Shay Kelsea Ballerini Calvin Harris Metallica Tim McGraw
Slide 87: SiriusXM enabled vehicles on the road
SiriusXM enabled vehicles on the road 150M+ 0%-+ of new vehicles 5%+ of pre-owned vehicles currently sold Q3 2023 Edison in-car share of ear 9% 14% BAW Ml SiiusxM [ll Streaming Music Podcasts lJ Other
Slide 88: 360L Growing in New SiriusXM Vehicles
360L Growing in New SiriusXM Vehicles - -. . Jeep <> gacure @ =e OS B® opusaT 2%
Slide 89: Distribution partners
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Slide 90: SiriusXM
SirlusxXM SiriusXM * 34 million subscribers = ~1.6% self-pay monthly churn « 15-year high customer satisfaction rate Pandora and Off-Platform * 47 million MAUs and over 10 billion ad-supported listening hours in the last year * SXM Media reaches 150 million monthly total listeners « More podcasts in
Slide 91: Delivering Durable Results
Delivering Durable Results: Substantial Subscription and Advertising Scale & Strong Margins $6.87B . $1.76B . $317M _$8.95B Sub Revenue Ad Revenue Other Revenue Total Revenue T1% 20% 3.5% Of Total Revenue Of Total Revenue Of Total Revenue $2.82B $1.29B Adj. EBITDA Free Cash Flow 31.5% 45.7% Adj. EBI
Slide 92: Free Cash Flow
Free Cash Flow SiriusXM Cash Generation Set to Rebound 66% 64% } = 68% Wi Gj. EBITDA I Satellite Capex doles $2.77B $2.83B $2.75B | Fo oe 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 2028E LEO = a ~$61M ~$39M [] ~$45M $2m “S57 ~$119M ~$95M ~$175M ~$280-300M ~$300M
Slide 93: SiriusXM's Balance Sheet is Well-Positioned and Flexible
SiriusXM’s Balance Sheet is Well-Positioned and Flexible « No significant bond maturities until 2026 « Year-end 2023 total liquidity, including cash and undrawn revolver capacity, expected to be ~$2 billion i | Leverage Ratio: TTM Adj. EBITDA to Net Debt
Slide 94: Return of Capital
Return of Capital: Growing Dividend and Opportunistic Buyback Program $0.1064 ‘Annual Dividend 2.2% Estimated Yield 10% November 2023 Increase (J to Quarterly Dividend 15% Annualized Growth Rate ‘0 Since Inception in 2016 $2.38B $1.98B $1.81B $1.78B $657M Share Repurchases HB Recurring Dividends BB
Slide 95: SiriusXM
SiriusXM