Liberty Media Corporation - Series A Liberty Formula One · NASDAQ:FWONA
Liberty Media Corporation - Series A Liberty Formula One — Liberty Media — Investor Day (November 2021)
89 slides from Liberty Media Corporation - Series A Liberty Formula One's investor day presentation, Nov 18, 2021
Slide 1: 2021 Investor Day
2021 Investor Day NOVEMBER 18, 2021
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”), Liberty TripAdvisor Holdings, Inc. (“Liberty TripAdvisor”) and Libert
Slide 3: Disclaimers (cont.)
Disclaimers (cont.) FORWARD-LOOKING STATEMENTS (CONT.) These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, changes in market acceptance of new pro
Slide 4: Disclaimers (cont.)
Disclaimers (cont.) INDUSTRY INFORMATION Certain information included herein concerning Liberty Media’s, Liberty Broadband’s and Liberty TripAdvisor’s respective businesses and the related markets or industry position or prospects, as well as industry or market data and other statistical data regard
Slide 5: Liberty's Back…Alright!
Liberty’s Back…Alright! GREG MAFFEI – PRESIDENT & CEO
Slide 6: Highlights of This Season…
Highlights of This Season… • Jennifer Witz assumed role of CEO • Stefano Domenicali assumed role of CEO • Won World Series for first time since 1995 • Ownership of SIRI now over 80%, receive • Successfully managed 22-race calendar after entering All-Star break at 44-45 distributions tax-free • Hoste
Slide 7: Everyone is Talking About Supply…
Everyone is Talking About Supply… 7
Slide 8: …We've Got Demand
…We’ve Got Demand • #2 in home game attendance in 2021 • All-time F1 record of 400k fans achieved at • 83% of fans held tickets for postponed • Sold 2.3m regular season tickets shows(1) US GP • Record setting pace in online merch. sales • 2022 pipeline up double digits vs. 2019 • Record 23 race cale
Slide 9: F1 US Growth Strategy Paying Off
F1 US Growth Strategy Paying Off • US GP saw record fan count and engaging experiences • 400k attendees over weekend (+52% vs. 2018) • About two-thirds(1) of fans attending first F1 race, almost double vs. 2019 • 35k+ passengers passed through airport security day after race, Austin airport's busies
Slide 10: Substantial Cash on FWON Balance Sheet
Substantial Cash on FWON Balance Sheet CONVERT ABOUT 60% OIBDA TO LFCF FWON CASH AND MARKETABLE SECURITIES $2.4B AS OF 9/30 1 2 3 4 Invest in Share Potential Proactive Business Repos Investments Debt • Augmenting technical and content capabilities • Repurchased 1m FWONA shares for • Committed $250m
Slide 11: We Crossed 80% At SiriusXM (Finally)
We Crossed 80% At SiriusXM (Finally) • On 11/3, exchanged 5.3m LSXMA shares for 43.7m SIRI shares with public shareholder • Market-based exchange price of $50.02 per LSXMA share with no premium paid by parties • Structured to make SIRI an ATB • LSXM’s ownership of SIRI now 80.2%(1) • Liberty owns 3,
Slide 12: But Wait, There's More
But Wait, There’s More SIRIUSXM UPDATES LIBERTY SIRIUSXM UPDATES • SiriusXM record Q3-21 results • Continued to buy back shares… Bought 8.5m • Record high 32m self-pay subs and 616k net adds LSXMA/K shares at avg. price of $45.13 for $382m • ARPU +4.9% vs. PY and +1.9% vs. PQ total cash through 10/3
Slide 13: Continue to Take Advantage of Discount at LBRD
Continue to Take Advantage of Discount at LBRD LBRD NAV ACCRETION IN BUYBACKS THROUGH 10/31 EXCESS OF CHTR APPRECIATION 30% LBRD NAV CHTR • NAV discount remains wide, creating attractive return 25% potential 20% Current • LBRD selling into CHTR’s buyback monthly to Spread: 2% maintain 26% fully dilu
Slide 14: Reiterating Charter's Competitive Positioning
Reiterating Charter’s Competitive Positioning Since our last in-person Investor Day (i.e. Pre-Covid)… Broadband Subscribers LTM Adj. EBITDA LTM Free-Cash-Flow $20,245 $8,478 29,899 $16,490 26,325 $3,913 Q3 2019 Q3 2021 Q3 2019 Q3 2021 Q3 2019 Q3 2021 Charter has a long runway ahead… • Flexible, cost
Slide 15: Mobile Adds Another Leg to Stool
Mobile Adds Another Leg to Stool MOBILE •Broadband + Mobile is new emerging bundle • 2m customers (>3m lines) taking bundle since Spectrum Mobile launch just 3 years ago • Cable has captured ~30%(1) of wireless industry net adds over period •Poised to move up penetration curve with improving unit ec
Slide 16: Braves Year in Review
Braves Year in Review BRAVES WON WORLD SERIES after being below 0.500 at the All-Star break • Sold 2.3m regular season tickets in 2021 • #2 in MLB average attendance at 29k • Fully opened capacity on May 7th • Incredible Battery traffic, especially during postseason • Total traffic in October of 1.2
Slide 17: Tripadvisor Resilience and Growth Potential
Tripadvisor Resilience and Growth Potential CONFIDENT IN TRIP’S BASE BUSINESS Expected 100% Recovery(1) • Improved cost structure: Reduced headcount and discretionary Leisure Travel costs at beginning of pandemic will largely retain through recovery 120 • $200m+ discretionary cost savings in 2020 vs
Slide 18: Liberty's Portfolio Approach to ESG
Liberty’s Portfolio Approach to ESG Our largest impact and greatest value can be unlocked through a coordinated portfolio approach to Environmental, Social and Governance issues (“ESG”) ESG Oversight and Support Leverage best practices, shared resources and long-term owner’s mentality across Liberty
Slide 19: Announcing the Liberty Climate Initiative
Announcing the Liberty Climate Initiative AT LIBERTY, WE ARE COMMITTING TO… • Carbon neutral on scope 1 and 2 emissions by 2030 at corporate level • Ensuring all portfolio companies publicly report on carbon footprints • Encouraging portfolio companies toward emission reductions and low carbon strat
Slide 20: History of Strong Returns
History of Strong Returns COMPOSITE LMC (1) • Value per share up almost 24-fold since issuance in May 2006 Composite return +75% since March 2020 • S&P +9% and NASDAQ +13% annually over same time period $2,000 $1,800 LMC Composite Price per Share $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 FW
Slide 21: Brian Wendling
Brian Wendling CHIEF ACCOUNTING OFFICER & PRINCIPAL FINANCIAL OFFICER
Slide 22: From Spring 2020 to Today
From Spring 2020 to Today 1 Ensured liquidity across portfolio companies 2 Fortified balance sheets and secured covenant relief …BUT THIS IS OLD NEWS. SINCE LAST YEAR’S INVESTOR DAY… 3 Companies adapted & rebounded strongly in 2021 4 De-levered and have stronger balance sheets today 22
Slide 23: Formula 1 Returned with Strong 2021
Formula 1 Returned with Strong 2021 LIQUIDITY NEVER IN DOUBT Total Liquidity ($m) Minimum Liquidity Threshold ($m) $1,085 $1,037 $929 $500m $824 $765 undrawn $639 capacity + $585m cash balance $108 $200 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 …AND DE-LEVERED NEAR TARGET RANGE Leverage Covenant Thr
Slide 24: Impressive OIBDA to FCF Conversion
Impressive OIBDA to FCF Conversion CONSISTENTLY CONVERT HIGH AMOUNTS OF FCF 2016-2021E • Attractive margins and low capital (1) F1 OpCo - 5-yr. Avg. (excl. 2020) intensity F1 Adj. OIBDA 100% • Largest cost item (teams’ Prize Working Capital 1% Material Race Promotion Fees Timing Impact 3% Fund) now
Slide 25: Healthy Braves Balance Sheet
Healthy Braves Balance Sheet MAINTAINING STRONG CASH BALANCE… …AND MANAGING DEBT MATURITIES ($ in millions) ($ in millions) $230 $217 $40 $207 $212 $190 $30 $185 $73 $45 $83 $158 $67 $140 $78 Intend to replace $38 $107 construction loans $100 $83 with term debt $70 $34 $177 $83 $134 $47 $95 $48 $73
Slide 26: Solid Asset Coverage at LSXM
Solid Asset Coverage at LSXM LIQUIDITY & PUBLIC SECURITIES ($B) Encumbered SIRI shares $7.2 LYV Encumbered Shares 2020 Investor Day: $2.9 $14.6b Unencumbered Public Equities Total 2.0b SIRI shares $28.7 Public Equities(1) 46.0m LYV shares 3.2b SIRI shares 7.0m IHRT shares & 69.6m LYV shares warrants
Slide 27: Optimizing GCI's Balance Sheet
Optimizing GCI’s Balance Sheet PROVIDING AMPLE RUNWAY • Strong operating performance and credit rating upgrades from B2 to B1 at Moody’s and B to B+ at S&P • Paid down $278m on credit facility YTD 9/30 • In October 2021, refinanced Term Loan B and credit facility • New Term Loan A with $250m funded
Slide 28: Did Some TRIP Planning
Did Some TRIP Planning MARCH BALANCE SHEET ACTIONS BENEFICIAL TO LONG TERM STRUCTURE Repurchased 42% of Certares preferred shares for $373m(1) • $281m cash from portion of proceeds of concurrently issued exchangeable bonds • $330m of 0.50% TRIP exchangeable bonds due 2051 • $92m from delivery of 1.7
Slide 29: Finally, an LBRD Update from our Tax Team
Finally, an LBRD Update from our Tax Team TAX CONSIDERATIONS RELATED TO CHTR SHARE SALES • Sale proceeds treated as dividend income for tax purposes • Dividends eligible for 65% dividends-received-deduction (“DRD”) • Forecasted cash tax rate on 2021 share sales 5.0% - 7.0% • Higher rate expected in
Slide 30: Appendix
(QB (eeers) Appendix
Slide 31: LMC Convertible / Exchangeable Debt Cheat Sheet
LMC Convertible / Exchangeable Debt Cheat Sheet 1.0% Convert. Notes 1.375% Convert. Notes 2.25% Exch. Debent. 0.50% Exch. Debent. 2.125% Exch. Debent. 2.75% Exch. Debent. Description Issuing Entity Liberty Media Corporation Attributed Tracking Formula One Group Liberty SiriusXM Group Liberty SiriusX
Slide 32: LSXM is Hedged on 1.375% Cash Convertible Notes
LSXM is Hedged on 1.375%Cash Convertible Notes • Attributed to Liberty SiriusXM Group • $1b Convertible Senior Notes • 1.375% semi-annual coupon • Final maturity 2023 • Cash settle • Basket of securities per $1,000 notes includes: • 21.4296 shares of LSXMA • Based on 1.0163 LSXMA per basket • 5.2715
Slide 33: Successful Year of Commercial Agreements for F1
Successful Year of Commercial Agreements for F1 RESULTS OF F1 NIELSEN FAN SURVEY: 167K RESPONSES, +13% VS. 2017 • DHL: Official Logistics Partner • Crypto.com: inaugural global • Nordic Entertainment Group • Miami: new race in 2022 AVERAGE FAN partner of Sprint series streaming service in • 10-year
Slide 34: F1 Financials – Revenue Recognition
F1 Financials – Revenue Recognition CALENDAR AND TIMING OF RACES HAS SIGNIFICANT IMPACT ON QUARTERLY REPORTED RESULTS • Promotion revenue recognized on day of each race • Broadcast revenue recognized pro-rata across race calendar, with some variation due to FX movements • Sponsorship revenue: • Race
Slide 35: F1 Financials – Cost Recognition
F1 Financials – Cost Recognition • Team payments • Expense recognized pro-rata across race calendar • Cash payments: • Total prize fund paid in fairly even installments across months of March – November with “true-up” points • Final true-up balance paid post-season (January & February under 2021 Con
Slide 36: F1 Tax Considerations
F1 Tax Considerations • F1 expects to be UK taxpayer in 2021 and future years • F1 cash generating entities are UK based • UK interest expense deductions are limited to 30% of UK EBITDA • Estimated future cash taxes for F1 (primarily UK) expected to be single digit percentage of adjusted OIBDA (as r
Slide 37: Understanding Normalized F1 FX Exposure
Understanding Normalized F1 FX Exposure APPROXIMATE REVENUE • Roughly 80% of F1 revenue US$ denominated EXPOSURE BY CURRENCY • P&L exposed to both transactional and translational EUR AUD & CAD moves in FX 6% 1% GBP • Team payments impacted by transactional FX gains 13% and losses, thereby sharing in
Slide 38: Formula One Group Debt
Formula One Group Debt Carrying Value ($ in millions) as of 9/30/2021 Corporate Level Debt FWONK Convertible due 2023 $635 ATT Exchangeable due 2046(1) $- Other Corporate Level Debt $71 Total FWON Corporate Debt $706 F1 First Lien Term Loan B due 2024 $2,902 Total FWON Debt $3,608 (1) On 10/5/21, re
Slide 39: Liberty SiriusXM Group Debt
Liberty SiriusXM Group Debt Carrying Value ($ in millions) as of 9/30/2021 Corporate Level Debt LMC 1.375% Convertible Bond due 2023 $1,369 SIRI 2.125% Exchangeable due 2048 $414 SIRI 2.75% Exchangeable due 2049 $627 LYV 2.25% Exchangeable due 2048(1) $532 LYV 0.50% Exchangeable due 2050 $1,111 SIRI
Slide 40: Braves Group Debt
Braves Group Debt COVENANTS WAIVED UNTIL Q2-22 (1) As of 9/30/21 Total Capacity Outstanding Maturity ($ in millions) Non-recourse to Braves Holdings Secured by various revenue Team Operating Debt streams, including: • Naming Rights MLB Leaguewide Credit Facility $100 $100 2026 • Suite and Club Seat
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 14 LSTZA tracker 154 • 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: Footnotes and Other Sourcing Information
Footnotes and Other Sourcing Information ALL MARKET DATA AS OF 11/9/21 AND BALANCE SHEET DATA AS OF 9/30/21 UNLESS OTHERWISE NOTED. • Slide 6 • (1) Average SIRI look through price as of 11/16/21. • (2) LMAC price data as of 11/16/21. • Slide 8 • (1) As of Live Nation Q1-21 earnings call. • (2) Sourc
Slide 43: Formula 1 – A New Era
PR IVA TE A N D CON F IDEN TIA L Formula 1 – A New Era
Slide 44: A Platform for Growth
A Platform for Growth 2021: Record breaking 22 race calendar Fans return in person in huge numbers Incredible championship and mix of drivers on podium Fans and audiences engaging around the world More demand than ever to host a Grand Prix 2021 Financial Recovery 9 mos ended Sep-20 Sep-21 Revenue $6
Slide 45: 2021 Key Priorities
2021 Key Priorities Deliver a 22- Agreement Build the race season on future global fan with Sprint power unit – base and format with maintain included sustainable momentum in Fuels key markets 3
Slide 46: Key Priorities
4 Key Priorities 1. Putting the drivers at the center of F1 2. Delivering an incredible product on the track 3. Ensuring an attractive business model 4. Remaining committed to WeRaceAsOne platform 4
Slide 47: Successfully Delivered Safe Race Schedule in 2021
19 events so far & will achieve 22 races Fans returned in large numbers – 350,000 fans at Silverstone & 400,000 at COTA Successfully over the weekend Delivered Host countries using F1 as a platform to Safe Race show pandemic recovery Schedule in 2021 Successful Sprint events at three races New races
Slide 48: Fan Engagement As Strong As Ever…
Fan Engagement As Strong As Ever… Viewership Up in majority of markets Strong growth vs 2020 & 2019 in USA, Netherlands, France, Greece, Spain and Hungary Social Platforms Growing 45m followers vs. 35m compared to end of 2020 Unique users across the F1 website and app +56% YoY F1 Esports events in p
Slide 49: Demonstrating Long-Term Value of Sponsorships
Demonstrating Long-Term Value of Sponsorships • Aramco • Crypto.com 2021 has been a strong year & • DHL created new sponsorship Global • Emirates opportunities Partners • Heineken • Pirelli • New Global Partner – Crypto.com • New Official Partners – Zoom & • Rolex Ferrari Trento • AMG • Welcomed Wor
Slide 50: Media Rights Partners
Media Rights Partners • Agreements now in place to replace Fox Disney in Asia • New agreement with Sky Germany from 2021 • New agreement with Bandeirantes in Brazil • Renewed contracts with existing partners including NENT • F1TV growing strongly by gaining more flexibility in certain markets and pa
Slide 51: Sprint Format Success
Sprint Format Success • 3 successful events in 2021 - Silverstone, Monza and Brazil • Value clear for teams, broadcasters, partners and promoters • Positive feedback from fans and stakeholders • Creates a three-day event – with more action on Friday and Saturday • Aim for up to 6 events in 2022 • Wo
Slide 52: Key Initiatives for Long-Term Growth
Key Initiatives for Long-Term Growth Technical and 5-year Concorde Streamlined FIA Sporting Agreement with Governance Regulations for Teams Structure 2022 Strengthened Diversity & 2026 Power Unit Balance Sheet Sustainability 10
Slide 53: Leader in ESG initiatives
Leader in ESG initiatives • In 2019 announced plans to be Net Zero Carbon by 2030 • Actions already being delivered: reducing freight, 100% sustainably powered offices and FIA 3* accreditation • Top priority - next generation engine combining hybrid technology with sustainable fuels • Current F1 hyb
Slide 54: Looking Forward to the Future
Looking Forward to the Future Successfully weathered a tumultuous 2020 and complex 2021 international travel rules, while adding new races to both 2021 and 2022 calendars Success of Sprint events and working with teams and FIA on 2022 plans Return of fans and Paddock Club driving very positive momen
Slide 55: Liberty Media Investor Day
LIBERTY MEDIA INVESTOR DAY Jennifer Witz, CEO
Slide 56: Disclaimer on Forward-Looking Statements
Disclaimer on Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon the current beliefs and expectations and are inherently subject to significant
Slide 57: North America's Audio Leader
North America’s Audio Leader 150m listener reach across paid and free listeners Over 40 million paying subscribers Largest share-of-ear in car & growing out of car 3 *Source: Edison Research Share of Ear, Q3 2021, Daily Listening Figures
Slide 58: 2021: Long-Term Positioning + Strong Execution
2021: Long-Term Positioning + Strong Execution • Secured new, expanded, and multi-platform content • Delivered higher OEM penetration and 360L gains • Integrated and grew advertising platform under SXM Media • Acquired key podcast talent and brands On track to attain increased subscriber and financi
Slide 59: Curated, Premium & Diverse Content
Curated, Premium & Diverse Content 5
Slide 60: Unique Value To Listeners
Unique Value To Listeners © (Siriusximy) - pandora ° Say
Slide 61: Personalization, Curation, & Artist Connections
Personalization, Curation, & Artist Connections 7
Slide 62: The Best Home For Creators
The Best Home For Creators SiriusXM radio show Top ranked podcast now with Band creates fulltime SiriusXM Critically acclaimed comedy horror on Triumph channel, exclusive global ad deal with SiriusXM, music channel, starts Modes podcast with SiriusXM exclusively, a podcast, plans to collaborate crea
Slide 63: Driving Long-Term Growth
Driving Long-Term Growth Extend Our Ad Reinforce-Leadi Platform In-Car Position 68° 8:29 —V(\\ 2 N ces SiriusXM / Recommended For You x | |e eo.” eat Get Along ae @ f \y ‘The TODAY Show 7 a (> NIDay , nn ZZ Ja At TODAY cn t08 a pop ttstom oO = 4 ThE Morning ve® ~ Panj. 98 Mash Uy ni a ee NC! At The
Slide 64: Reinforce Leading In-Car Position
Reinforce Leading In-Car Position SiriusXM Penetration Rate SiriusXM Enabled Fleet >80% 78% 145m 73% >50% 44% 48% 132m 122m Used New • Continuing to ramp 360L; now deployed with nine automakers • Personalizing in-car listening, delivering more value to OEMs, evolving to a platform 10
Slide 65: Expanding Digital Engagement
Expanding Digital Engagement • Leaning into our strength — premium, curated bundle now outside the car • Increasing value to existing subscribers • Broadening market opportunity SiriusXM Self-Pay Streamers Growing at 42% CAGR 11
Slide 66: Extending Multi-Platform Ad Reach
Extending Multi-Platform Ad Reach TTM Ad Revenue Up 31% • Leading suite of distribution and monetization for creators $1.7b • Providing efficient and effective solutions for advertisers, supported by large first party data set $1.3b • Securing valuable audio advertising inventory on- and off-platfor
Slide 67: 2021 Subscriber & Financial Guidance
2021 Subscriber & Financial Guidance 2020 2021E Sirius XM Self-Pay Net Subscriber Additions 909,000 >1.1 million Revenue $8.05 billion ~$8.65 billion Adj. EBITDA $2.58 billion ~$2.75 billion Free Cash Flow $1.66 billion >$1.80 billion 13
Slide 68: Significant Capital Returns & Investments
Significant Capital Returns & Investments $225m $16.8 Billion: $2.5b Total capital returned to $2.2b stockholders since 2013 $2.0b $237m $48m $1.8b $190m $1.7b Growing Dividends: $201m $1.6b $180m Annual per share dividend $1.4b $1.3b $1.3b increase averaging 17% since inception, including recent an
Slide 69: Shaping The Future Of Audio
Shaping The Future Of Audio Embedded position in all vehicle brands and growing digital user base creates “call options” • Free SiriusXM tier • Niche audio services • Universal in-car audio platform • Spectrum monetization • Further content or distribution bets 15
Slide 70: Well Positioned For Growth
Well Positioned For Growth • Creating and curating the best content • Expanding in car — new and used - and out of car • Growing ad platform under SXM Media • Continuing to deliver strong financial results and capital returns 16
Slide 71: SiriusXM
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Slide 72: Investor Day 2021 – World Series Champions
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Slide 73: Betting on the Atlanta Braves
BETTING ON THE ATLANTA BRAVES § Perennial strong on-field performance § Consistent financial performance with top-line growth § Success in building new revenue streams § Innovative approach to core revenues with solid growth opportunities § Promising short and long-term value creation 2
Slide 74: The Comeback
THE COMEBACK § Opened to 100% capacity in May and was 2nd across MLB in total attendance § High level of data-driven fan engagement marketing strategy during 2020 and leading into 2021 § Collaborative approach with sponsors to “make good” in 2020 and expand relationship in 2021 § The Battery Atlanta
Slide 75: Tickets & Attendance
KEY PERFORMANCE INDICATORS TICKETS & ATTENDANCE 2017 2018 2019 2021 Avg Ticket Price $34.94 $35.40 $36.67 $44.91 Avg Paid Attendance 30,900 31,600 32,800 29,500 Avg Gate Receipts ($M) $1.08 $1.12 $1.14 $1.32 Premium Ticket Revenue ($M) $39.60 $39.10 $41.00 $36.10 Consistent fan support – over 25 yea
Slide 76: Corporate Support
CORPORATE SUPPORT § The Braves brand continues market dominance and has support from key segments, including: § Banking § Home Improvement § Airline § Telecommunications 5% CAGR § Beer § Auto § Soft Drink § Gaming § 94% of contracted revenue is locked up in 5+ year deals, 42 deals > $1M in value § 5
Slide 77: Broadcast
BROADCAST Sinclair now locked in at higher per game revenues through 2027 6 *Local Broadcast revenues represents cash received – revenue recognized differs slightly
Slide 78: The Battery Atlanta
PHASE 2 NOW COMPLETE 7 THE BATTERY ATLANTA
Slide 79: Mixed Use Update
MIXED USE UPDATE PHASE I LEASABLE SPACE SF % LEASED Retail/Dining 237,000 82% Office 322,000 100% Entertainment 53,000 100% Hotel 220,000 TOTAL PHASE I 832,000 PHASE II LEASABLE SPACE SF % LEASED Retail/Dining 16,000 84% Office 339,000 68% Entertainment 51,000 100% Hotel 71,000 TOTAL PHASE II 477,00
Slide 80: 2021 Results
($M) Nine Months Nine Months Ended Ended YOY 9/30/2021 9/30/2020 Change 2021 RESULTS Baseball Revenue $ 433 $ 119 264% Development Revenue 33 24 38% Total Revenue 466 143 226% Baseball Expenses 364 179 103% Development Expenses 10 9 11% Total Expenses 374 188 99% Baseball Adjusted OIBDA 69 (60) NM D
Slide 81: Future Growth Opportunities
FUTURE GROWTH OPPORTUNITIES 10
Slide 82: Sports Betting
SPORTS BETTING Bb 6 The State Of The States October 2021 * Sports Betting Live * Sports Betting Law Enacted * Legislation Pending
Slide 83: Data Driven Strategy
Braves/MLB Data Timeline Nov 2021) PES Analytics Data Consumer Consumer CRM Function Warehouse Salesforce Data! Loyalty Implemented Added Constructed Implemented Platfori Platform ke ek mi | Fe | a i | 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2010 2025 ADALWULS N3AAIYC V
Slide 84: Investor Day 2021
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Slide 85: Appendix
APPENDIX 14
Slide 86: 2021 Results
APPENDIX 2021 RESULTS 2021 ADJUSTED OIBDA to OPERATING INCOME ($M) YTD YTD 9/30/2021 9/30/2020 Adjusted OIBDA $ 92 $ (45) Stock-based Compensation (6) 11 Depreciation/Amortization (56) (54) Operating Income $ 30 $ (88) 15
Slide 87: 2021 Results
APPENDIX BRAVES DEVELOPMENT COMPANY – 2021 NET OPERATING INCOME Phase I Current Occupancy % Sep 2021 YTD NOI2 % of Revenue Stabilized NOI3 % of Revenue 2021 RESULTS Office 97% $ 6.8 76% $ 11.4 86% Retail 88% 4.0 54% 6.4 53% Entertainment 100% 1.0 68% 2.2 82% Total Phase I NOI $ 11.8 $ 20.0 Hotel I1
Slide 88: 2021 Results
APPENDIX 2021 RESULTS 2021 NET OPERATING INCOME RECONCILIATION to GAAP OPERATING INCOME YTD ($M) 9/30/2021 Net Operating Income-Development (1) $ 18 Parking/Other 6 Ownership expenses (1) Stock-based Compensation (2) (1) Depreciation/Amortization (13) Operating Income - Development $ 9 NOTES: (1) Se
Slide 89: 2021 Results
APPENDIX BRAVES DEVELOPMENT COMPANY – LEASABLE SQUARE FOOTAGE SF 000s Keys 2021 RESULTS Office 322 Retail 237 Entertainment 53 Hotel 220 264 Phase 1 832 Office - TK (1) 302 Office - Other 37 Retail 16 Entertainment 51 Hotel 71 142 Phase 2 477 Total (2) 1,309 406 NOTES: (1) Does not include the Innov