Exhibit 99.2
Non-GAAP Reconciliation The following slide includes for Delta Topco Limited, the parent company of Formula 1, a presentation of Adjusted EBITDA together with reconciliations to operating profit as determined under International Financial Reporting Standards, as adopted by the EU, and applicable law (collectively “GAAP”). Adjusted EBITDA is a non-GAAP financial measure. We refer to Delta Topco Limited herein as “Formula 1” or “F1”. In determining Adjusted EBITDA, specific items are excluded from the GAAP measures of cost of sales and administrative expenses, resulting in the identification of alternative non-GAAP measures called "Adjusted Cost of Sales" and "Selling, General and Administrative Expenses". Formula 1 defines Adjusted EBITDA as operating profit less depreciation and amortization charges, with further adjustment to add back amortizing charges for historic contractual payments which were fully cash settled in past periods, stock-based compensation expenses of the Delta Topco Option Scheme, and exceptional and advisory costs incurred in connection with the group's ownership or capital structure that are included in the measurement of operating profit under GAAP. Formula 1 uses various non-GAAP measures both as key indicators of performance and, in conjunction with other criteria, to assess business performance and make decisions about allocating resources across the group. In addition, this measure allows for better comparison of results against prior periods and aids the understanding of underlying performance. As Adjusted EBITDA, Adjusted Cost of Sales and Selling, General and Administrative Expenses are non-GAAP measures, accordingly they should be considered in addition to, but not as a substitute for other GAAP-based measures such as operating profit, cost of sales and administrative expenses. Please refer to the Liberty Media Definitive Proxy Statement filed 12/9/2016 for additional information and reconciliations of the non-GAAP financial measures Adjusted Cost of Sales and Selling, General and Administrative Expenses to cost of sales and administrative expenses, respectively.
