The following is a summary of the Formula One Group (FWONK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Liberty Sirius XM Group reported an increase of 1% in revenue and 4% in EBITDA in Q1, due to cost optimization strategies across the board.

• Sirius XM is maintaining its margins while also investing in future growth.

• Formula One Group had attributed cash liquid investments and monetizable public holdings worth $1.3 billion, including $1 billion of cash at Formula One.

• The Quint acquisition was completed using $205 million of Formula One Group's cash on hand.

• Formula One Group's attributed principal amount of total debt stands at $2.9 billion.

Business Progress:

• Sirius XM is advancing strategic initiatives, including the launch of a new app aimed at increasing engagement levels.

• Partnership with Hyundai Genesis has been expanded to improve consumer conversion rates.

• Formula One Group plans to attract a global audience by expanding through the acquisition of MotoGP.

• Record race event audience sizes were noted in key markets like China and the US.

• New partnerships with Charlotte Tilbury, PUMA, Tommy Hilfiger, and American Express were announced.

• Continued expansion has resulted in F1 exhibitions opening in Indiana, Toronto, and Madrid.

• The sport's new technical regulations promise closer racing and more overtaking opportunities by 2027.

• In line with their sustainability goals, F1 released their first impact report showcasing their progress towards achieving net zero by 2030.

• The Sirius transaction is on track to close in early 3Q, demonstrating progress towards their strategic initiatives and partnerships.

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