Liberty Media Corporation (NASDAQ:LMCA) Q3 2019 Earnings Conference Call - Final Transcript

Nov 10, 2019 • 06:00 pm ET

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Liberty Media Corporation (NASDAQ:LMCA) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation 2019 Third Quarter Earnings Call. During the presentation all participants will be in listen-only mode. Afterwards we'll conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded November 11.

I would like to turn the conference over to Courtnee Chun, Chief Portfolio Officer & Senior Vice President of Investor Relations. Please go ahead.

Executive
Courtnee Chun

Thank you. 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 our most recent Forms 10-K and 10-Q filed with the SEC. These forward-looking statements speak only as of the date of this call and Liberty Media and Liberty TripAdvisor expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media and Liberty TripAdvisor's 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, including adjusted OIBDA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media and SiriusXM Scheduled 1 and 2 can be found at the end of the earnings press release issued today, which is available on our website.

Now I'd like to turn the call over to Greg Maffei, Liberty's, President and CEO.

Executive
Gregory B. Maffei

Thank you. Courtnee, good morning. Today speaking on the call we'll also have Formula One's Chairman and CEO, Chase Carey, and Liberty Media's Principal Financial Officer, Brian Wendling. During Q&A, we will also be able and available to answer questions related to Liberty TripAdvisor.

So beginning with Liberty SiriusXM. We continued our repurchases of Liberty SiriusXM stock, buying an additional $60 million in the period August 1 to October 31. If you look at that, We effectively bought the underlying SiriusXM shares at a look through price of $4.47 per share. We will continue to take advantage of the discount NAV as long as you, the marketplace, continue to give it to us.

Our ownership today stands in SiriusXM at 71.5%. Actually it was as of October 29. Looking at SiriusXM itself, fantastic results yet again-robust subscriber growth, solid expansion of adjusted EBITDA and free cash flow. The Pandora acquisition has increased our scale to approximately 100 million users. Continued focus on distribution and content. We have a new deal with Google making SiriusXM available on Google Assistant and Google Max devices. We have a collaboration with Marvel to create scripted and unscripted podcasts.

Year-to-date through October, SiriusXM has returned over $2 billion of capital to shareholders. Formula One Group made tremendous progress during the period regarding the regulations for 2021 and beyond, also experience exciting racing on the track. Lewis Hamilton won his 6th World Championship in Austin, and