LSXMB - The Liberty SiriusXM Group (LSXMK) Q1 2024 Earnings Call Transcript
2024-05-08 15:34:41 ET
The Liberty SiriusXM Group (LSXMK)
Q1 2024 Earnings Conference Call
May 08, 2024 10:00 AM ET
Company Participants
Clare Adams - Senior Manager of Investor Relations
Gregory Maffei - President and Chief Executive Officer
Brian Wendling - Chief Accounting Officer and Principal Financial Officer
Stefano Domenicali - President and Chief Executive Officer of Formula One
Derek Schiller - President and Chief Executive Officer of Atlanta Braves
Renee Wilm - Chief Legal Officer and Chief Administrative Officer
Conference Call Participants
Vijay Jayant - Evercore ISI
Jeffrey Wlodarczak - Pivotal Research Group
David Karnovsky - JPMorgan Chase & Co.
Benjamin Swinburne - Morgan Stanley
Stephen Laszczyk - Goldman Sachs
Barton Crockett - Rosenblatt Securities
Bryan Kraft - Deutsche Bank
David Joyce - Seaport Research Partners
Matthew Harrigan - Benchmark Company
Presentation
Operator
Welcome to the Liberty Media Corporation's 2024 First Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference will be recorded, May 8.
I would now like to turn the call over to Clare Adams, Senior Manager, Investor Relations. Please go ahead.
Clare Adams
Good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Media and Atlanta Braves Holdings with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Media and Atlanta Braves Holdings expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Liberty Media or Atlanta Braves Holdings' expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, SiriusXM and Atlanta Braves Holdings, including adjusted OIBDA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media, SiriusXM and Atlanta Braves Holdings Schedules 1 through 3, can be found at the end of the earnings press release issued today, which are available on Liberty Media and Atlanta Braves Holdings website.
Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO.
Gregory Maffei
Thank you, Clare, and good morning to all. Today, speaking on the call, we will also have Formula One's President and CEO, Stefano Domenicali; Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. Also during Q&A, we will answer questions related to Atlanta Braves Holdings and Braves management will be available as well.
So beginning with Liberty SiriusXM, the LSXM SIRI transaction is progressing well. The regulatory process is on track, and we still expect a close by the – early in the third quarter. Turning to SiriusXM itself, had a solid first quarter performance, revenue up 1%, EBITDA up 4%. They are continuing to benefit from cost optimization across the org. They expect to self-pay net adds, improvements in the second half and in fiscal 2024 versus 2023. They did also on their call, reiterate the 2024 guidance. They are maintaining margins while investing to support future growth....
The Liberty SiriusXM Group (LSXMK) Q1 2024 Earnings Call Transcript