Q1 2020 Earnings Call

And any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty media's expectations with regard thereto or any change in events or circumstances on which any such statement is made today is all we will discuss certain non-gaap Financial measures including adjusted oibda and adjusted and requiring definitions and reconciliations for Liberty Media and Sirius XM scheduled one and two can be found at the end of the earnings. Press release the issue today, which is available on our website now, I'd like to turn the call over to Android mode. Say the president and see you. Thank you and good morning.

Live Nation steak and other assets and liabilities between the formula one group and Liberty SiriusXM on April 22nd. We spoke to many of you since this announcement. Obviously, we had a conference call right after that long so I won't go into detail, but I'd like to reiterate why this was beneficial to both for the formula one group birth rate the pure-play provided additional liquidity and reduce debt and forth. Section requiring Formula One race Live Nation interests.

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and the very strong cash flow of Sirius XM has shown through we still have 1.75 billion of available on our revolving credit facility, which is not correct. Formula one group. I'm sure you have all missed as of i f One racing. Hopefully, you've got a little taste by watching or re-watching both seasons of drive to survive on Netflix May expect you all of you watch the virtual GP this past weekend. There was an epic battle between Alex album and travel clerk. They pass and repass each other several times with album. Am finally taking the win the final results highlighted the next generation of F1 drivers and bustle of Leclerc exciting and going to be billing us for years to come home team is done a great job navigating the crisis and working on the 2020 calendar. They are planning an early July start in Austria and Chase. We'll talk more about that.

Our ownership SiriusXM as of April 24th stood at 72.2%

I know that we have stocked are we purchased as part of the reactivation?

But I expect the close of the plan rights offering and we June we will look at the start repurposing LS XM stock again.

nagging discount is an opportunity and one we will continue to take advantage of

SiriusXM continue to report the stock and we approached 80% ownership of Sirius XM. I expect the opportunity to make money.

Complimentary visits with us SiriusXM tracker had a compelling price and you'll have ample and clearly we are pleased with the stock market reaction since birth, you know.

Now looking at Sirius XM itself you continue to operate very well during the coding crank. It is launched Innovative new program, including a 24/7 covid-19 public office hotline nine new limited run Channels with iconic honest artists, including the prince channel with music and exclusive.

trying to Liberty Sirius XM

including the ls XM shares that we acquired as part of the rehab tribution Liberty SiriusXM. We purchased $98 in stock.

we continue to evaluate the needs of the business but definitely want to be opportunistic can find synergistic assets that we can add and we think we're well-positioned to do so

trying to Live Nation does not report until after the market today so obviously won't comment on your bolts but I want to say we are pleased with the announced actions they have taken to build the cleaning home of the brave we are working closely with Major League Baseball to see how we can put a season together we appreciate how the commissioner teams and players are working together towards that solution everyone is either be baseball

Braves players are either too. They've been doing Zoom sessions with the trainers medical staff and manager Brian snitker.

In celebration of twenty-five years since the Braves Nineteen Ninety Four, I will be retitled the 95 players joined a zoom reunion while watching the final game 6 a.m. Fox Sports Southeast. We're able to watch the zoom Live on YouTube as well. So with that I'm going to turn off your Brian for more on our financial results. Thank you Greg and good morning. Everyone. Your earnings release has are cash and balances by tractor as of March 31st this we completed the attribution in April is Greg discussed and repave the Martians of the F1 revolver today Thursday through the quiddity and got it already Sirius XM and the formula one group. That's March 31st on a pro-forma basis for these two transactions.

Liberty Media Sirius XM Formula One Formula One and the Braves are in compliance with all that governments as of March 31st have any uncertain impact of covid-19. F one in Gray and