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Liberty Media Corporation Reports Fourth Quarter and Year End 2023 Financial Results

ENGLEWOOD, Colo.–(BUSINESS WIRE)–Liberty Media Corporation (“Liberty Media” or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported fourth quarter and year end 2023 results. Headlines include (1):

  • Attributed to Liberty SiriusXM Group

    • SiriusXM reported fourth quarter and full year 2023 operating and financial results

      • 2023 full year revenue of $8.95 billion
      • Full year net income of $1.26 billion and diluted EPS of $0.32
      • Full year adjusted EBITDA(2) of $2.79 billion
      • Full year free cash flow(2) of $1.20 billion
      • SiriusXM announced 2024 financial guidance
    • Expect to complete planned combination of Liberty SiriusXM Group and SiriusXM early third quarter 2024
    • Reduced Liberty SiriusXM Group debt by $279 million in fourth quarter and $782 million in full year
    • Liberty Media’s ownership of SiriusXM was 83.4% as of January 30, 2024
  • Attributed to Formula One Group

    • 2023 F1 fan attendance of 6 million, up 5% compared to 2022
    • 1.5 billion cumulative TV viewers and 70.5 million social media followers in 2023

      • Inaugural Las Vegas Grand Prix generated over 16 billion global social media impressions during race week
    • F1 announced multiple race promotion deals, including new multi-year agreement to race in Madrid from 2026 and renewals of British, Japanese and Brazilian Grands Prix
    • Closed Quint acquisition on January 3, 2024
  • Attributed to Liberty Live Group

    • Fair value of Live Nation investment was $6.5 billion as of December 31, 2023

“Liberty had a productive 2023. We split-off the Atlanta Braves, created the Liberty Live Group tracking stock and announced the combination of Liberty SiriusXM Group with SiriusXM,” said Greg Maffei, Liberty Media President and CEO. “Formula 1 had another fantastic year with double digit growth across all revenue streams. The Las Vegas Grand Prix generated massive global buzz, and we look forward to delivering great racing, fan experiences and economic benefit to F1 and the local community for years to come. SiriusXM progressed a number of strategic achievements, launching its next generation app and investing in marquee talent while managing its cost structure. Live Nation is capitalizing on the globalization of the music industry, with 2024 already poised to surpass a record 2023.”

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months or year ended December 31, 2023 to the same period in 2022.

LIBERTY SIRIUSXM GROUP – The following table provides the financial results attributed to Liberty SiriusXM Group for the fourth quarter and full year 2023. $13 million and $61 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty SiriusXM Group in the fourth quarter and full year 2023, respectively.

 

Three months ended

 

 

 

 

Twelve months ended

 

 

 

 

December 31,

 

 

 

 

December 31,

 

 

 

 

2022

 

2023

 

% Change

 

2022

 

2023

 

% Change

 

amounts in millions

 

 

 

 

amounts in millions

 

 

 

Liberty SiriusXM Group

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

SiriusXM

$

2,283

 

$

2,288

 

%

$

9,003

 

$

8,953

 

(1

)%

Total Liberty SiriusXM Group

$

2,283

 

$

2,288

 

%

$

9,003

 

$

8,953

 

(1

)%

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

SiriusXM

 

542

 

 

475

 

(12

)%

 

1,958

 

 

1,876

 

(4

)%

Corporate and other

 

(13

)

 

(20

)

(54

)%

 

(39

)

 

(68

)

(74

)%

Total Liberty SiriusXM Group

$

529

 

$

455

 

(14

)%

$

1,919

 

$

1,808

 

(6

)%

Adjusted OIBDA (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

SiriusXM

 

742

 

 

699

 

(6

)%

 

2,833

 

 

2,774

 

(2

)%

Corporate and other

 

(8

)

 

(11

)

(38

)%

 

(26

)

 

(42

)

(62

)%

Total Liberty SiriusXM Group

$

734

 

$

688

 

(6

)%

$

2,807

 

$

2,732

 

(3

)%

SiriusXM is a separate publicly traded company and additional information about SiriusXM can be obtained through its website and filings with the Securities and Exchange Commission. SiriusXM reported its stand-alone fourth quarter and full year results on February 1, 2024. For additional detail on SiriusXM’s financial results, please see SiriusXM’s earnings release posted to its Investor Relations website. For presentation purposes on page one of this release, we include the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. Liberty Media believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results is best understood in the context of SiriusXM’s historical financial presentation.

The businesses and assets attributed to Liberty SiriusXM Group consist primarily of Liberty Media’s interest in SiriusXM, which includes its subsidiary Pandora.

FORMULA ONE GROUP – The following table provides the financial results attributed to Formula One Group for the fourth quarter and full year 2023. $16 million and $72 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Formula One Group in the fourth quarter and full year 2023, respectively.

“2023 marked another incredible season for Formula 1. We had strong engagement across all platforms, with record race attendance and F1 holding its position as the fastest growing league on social media for the fourth consecutive year. F1 saw continued fan growth especially in the US market, strengthened by the successful Las Vegas Grand Prix, and across a younger and more female audience,” said Stefano Domenicali, Formula 1 President and CEO. “Our sustainability initiatives remain a priority for F1 and our partners, and we look forward to running all seven F1 Academy races this season alongside the F1 calendar. We are excited for the 2024 season as we focus on deepening our relationships with fans and optimizing our commercial partnerships to bring incremental value.”

 

Three months ended

 

Twelve months ended

 

December 31,

 

December 31,

 

2022

 

2023

 

2022

 

2023

 

amounts in millions

 

amounts in millions

Formula One Group

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

Formula 1

$

754

 

$

1,230

 

$

2,573

 

$

3,222

 

Corporate and other

 

 

 

15

 

 

 

 

15

 

Intergroup elimination

 

 

 

(15

)

 

 

 

(15

)

Total Formula One Group

$

754

 

$

1,230

 

$

2,573

 

$

3,222

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

Formula 1

$

58

 

$

153

 

$

239

 

$

392

 

Corporate and other

 

(17

)

 

(31

)

 

(66

)

 

(95

)

Total Formula One Group

$

41

 

$

122

 

$

173

 

$

297

 

Adjusted OIBDA (Loss)

 

 

 

 

 

 

 

 

Formula 1

$

147

 

$

238

 

$

593

 

$

725

 

Corporate and other

 

(12

)

 

5

 

 

(42

)

 

(39

)

Total Formula One Group

$

135

 

$

243

 

$

551

 

$

686

 

The following table provides the operating results of Formula 1 (“F1”).

F1 Operating Results

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Twelve months ended

 

 

 

 

December 31,

 

 

 

 

December 31,

 

 

 

 

2022

 

2023

 

% Change

 

2022

 

2023

 

% Change

 

(unaudited)

 

 

 

 

(unaudited)

 

 

 

 

amounts in USD millions

 

 

 

 

amounts in USD millions

 

 

 

Primary Formula 1 revenue

$

568

 

$

838

 

48

%

$

2,107

 

$

2,560

 

21

%

Other Formula 1 revenue

 

186

 

 

392

 

111

%

 

466

 

 

662

 

42

%

Total Formula 1 revenue

$

754

 

$

1,230

 

63

%

$

2,573

 

$

3,222

 

25

%

Operating expenses (excluding stock-based compensation included below):

 

 

 

 

 

 

 

 

 

 

 

 

Team payments

 

(319

)

 

(327

)

(3

)%

 

(1,157

)

 

(1,215

)

(5

)%

Other cost of Formula 1 revenue

 

(208

)

 

(589

)

(183

)%

 

(593

)

 

(1,041

)

(76

)%

Cost of Formula 1 revenue

$

(527

)

$

(916

)

(74

)%

$

(1,750

)

$

(2,256

)

(29

)%

Selling, general and administrative expenses

 

(80

)

 

(76

)

5

%

 

(230

)

 

(241

)

(5

)%

Adjusted OIBDA

$

147

 

$

238

 

62

%

$

593

 

$

725

 

22

%

Stock-based compensation

 

(1

)

 

(1

)

%

 

(3

)

 

(3

)

%

Depreciation and Amortization(a)

 

(88

)

 

(84

)

5

%

 

(351

)

 

(330

)

6

%

Operating income (loss)

$

58

 

$

153

 

164

%

$

239

 

$

392

 

64

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of races in period

 

6

 

 

6

 

 

 

 

22

 

 

22

 

 

 

____________________

a)

Includes amortization related to purchase accounting of $81 million and $74 million for the fourth quarters of 2022 and 2023, respectively, and $325 million and $298 million for the full years 2022 and 2023, respectively, which is excluded from calculations for purposes of team payments.

 

Primary F1 revenue represents the majority of F1’s revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees. For the year ended December 31, 2023, these revenue streams comprised 29.3%, 32.2% and 18.0%, respectively, of total F1 revenue.

There were 22 and 6 races held in the full years and fourth quarters of both 2023 and 2022. In the fourth quarter of 2023, F1 directly promoted the inaugural Las Vegas Grand Prix and recognized the revenue (ticketing, sponsorship, hospitality) and cost related to the event.

Primary F1 revenue grew in the full year and fourth quarter with increases across all revenue streams. Race promotion revenue grew primarily due to ticketing revenue from the inaugural Las Vegas Grand Prix and other contractual increases in fees. Race promotion revenue in the full year and fourth quarter also benefited from the mix of races held in each period compared to the comparable periods in the prior year. Sponsorship revenue increased due to the recognition of revenue from the Las Vegas Grand Prix, income from new sponsors and growth in revenue from existing sponsors. Media rights revenue grew due to increased fees under new and renewed contractual agreements and continued growth in F1 TV subscription revenue. Other F1 revenue increased in the full year and fourth quarter primarily driven by higher hospitality revenue generated from the delivery of hospitality and experiences at the Las Vegas Grand Prix as well as Paddock Club growth at other events, with full year growth partially offset by lower freight income driven by the easing of freight cost inflation on billing rates.

Operating income and adjusted OIBDA(2) grew in the full year and fourth quarter. Team payments increased in the full year and fourth quarter driven by the growth in F1 revenue and the associated impact on the calculation of the team payments, which are 100% variable under the 2021 Concorde Agreement. Team payments as a percent of pre-team payment adjusted OIBDA decreased from 66% in 2022 to 63% in 2023 reflecting growth in adjusted OIBDA and an associated reduction on the payout percentage under the terms of the 2021 Concorde Agreement. Other cost of F1 revenue is largely variable in nature and is mostly derived from servicing both Primary and Other F1 revenue opportunities. These costs increased in the full year and fourth quarter primarily driven by the costs of promoting, organizing and delivering the Las Vegas Grand Prix as well as higher hospitality costs at other events associated with increased Paddock Club attendance and cost inflation, partially offset by significantly lower freight costs. Other cost of F1 revenue also increased in both periods due to higher commissions and partner servicing costs associated with growth in Primary F1 revenue streams and higher travel costs. Selling, general and administrative expense increased for the full year due to higher personnel, IT and marketing costs as well as costs associated with planning and running the Las Vegas Grand Prix, partially offset by lower legal and professional fees and foreign exchange favorability. Selling, general and administrative expense decreased in the fourth quarter as higher personnel costs were offset primarily by foreign exchange favorability.

The businesses and assets attributed to Formula One Group during the fourth quarter of 2023 consisted of Liberty Media’s subsidiary F1 and other minority investments, and as of January 3, 2024, consist primarily of Liberty Media’s subsidiaries F1 and Quint, and other minority investments.

LIBERTY LIVE GROUP – Liberty Live Group was allocated $6 million and $11 million of corporate level selling, general and administrative expense (including stock-based compensation expense) in the fourth quarter and full year 2023, respectively.

The businesses and assets attributed to Liberty Live Group consist primarily of Liberty Media’s interest in Live Nation and other minority investments.

Share Repurchases

There were no repurchases of Liberty Media’s common stock from November 1, 2023 through January 31, 2024. The total remaining repurchase authorization for Liberty Media as of February 1, 2024 is $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media tracking stocks.

FOOTNOTES

1)

Liberty Media will discuss these highlights and other matters on Liberty Media’s earnings conference call which will begin at 10:00 a.m. (E.T.) on February 28, 2024. For information regarding how to access the call, please see “Important Notice” later in this document.

2)

For definitions of adjusted OIBDA (as defined by Liberty Media) and adjusted EBITDA and free cash flow (as defined by SiriusXM) and applicable reconciliations, see the accompanying schedules.

 

NOTES

The following financial information with respect to Liberty Media’s equity affiliates, available for sale securities, cash and debt is intended to supplement Liberty Media’s consolidated balance sheet and statement of operations to be included in its Form 10-K for the year ended December 31, 2023.

Fair Value of Corporate Public Holdings

(amounts in millions)

 

9/30/2023

12/31/2023

Liberty SiriusXM Group

 

 

 

 

 

 

 

Atlanta Braves Holdings, Inc.(a)

 

 

65

 

 

 

Total Liberty SiriusXM Group

 

$

65

 

$

 

 

 

 

 

 

 

 

 

Formula One Group

 

 

N/A

 

 

N/A

 

 

 

 

 

 

 

 

 

Liberty Live Group

 

 

 

 

 

 

 

Live Nation Investment(b)

 

 

5,783

 

 

6,519

 

Other Monetizable Public Holdings(c)

 

 

102

 

 

113

 

Total Liberty Live Group

 

$

5,885

 

$

6,632

 

 

 

 

 

 

 

 

 

Total Liberty Media

 

$

5,950

 

$

6,632

 

____________________

a)

In the fourth quarter of 2023, the 1.8 million shares of Atlanta Braves Holdings Series C common stock held at Liberty SiriusXM Group were exchanged with a third party in satisfaction of certain debt obligations attributed to Liberty SiriusXM Group, and Liberty SiriusXM Group no longer holds any shares of Atlanta Braves Holdings.

b)

Represents the fair value of the equity investment in Live Nation. In accordance with GAAP, Liberty Media accounts for its investment in the equity of Live Nation using the equity method of accounting and includes it in its consolidated balance sheet at $372 million and $307 million as of September 30, 2023 and December 31, 2023, respectively.

c)

Represents the carrying value of other public holdings that are accounted for at fair value.

 

Cash and Debt

The following presentation is provided to separately identify cash and debt information.

(amounts in millions)

9/30/2023

12/31/2023

Cash and Cash Equivalents Attributable to:

 

 

 

 

Liberty SiriusXM Group(a)

$

327

 

$

306

 

Formula One Group(b)

 

1,470

 

 

1,408

 

Liberty Live Group

 

315

 

 

305

 

Total Consolidated Cash and Cash Equivalents (GAAP)

$

2,112

 

$

2,019

 

 

 

 

 

 

 

 

 

 

 

Debt:

 

 

 

 

SiriusXM senior notes(c)

$

8,750

 

$

8,750

 

Pandora convertible senior notes

 

20

 

 

 

1.375% cash convertible notes due 2023(d)

 

199

 

 

 

3.75% convertible notes due 2028(d)

 

575

 

 

575

 

2.75% SiriusXM exchangeable senior debentures due 2049(d)

 

586

 

 

586

 

SiriusXM margin loan

 

775

 

 

695

 

Other subsidiary debt(e)

 

635

 

 

500

 

Total Attributed Liberty SiriusXM Group Debt

$

11,540

 

$

11,106

 

Unamortized discount, fair market value adjustment and deferred loan costs

 

 

 

31

 

Total Attributed Liberty SiriusXM Group Debt (GAAP)

$

11,540

 

$

11,137

 

 

 

 

 

 

2.25% convertible notes due 2027(d)

 

475

 

 

475

 

Formula 1 term loans and revolving credit facility

 

2,411

 

 

2,407

 

Other corporate level debt

 

59

 

 

58

 

Total Attributed Formula One Group Debt

$

2,945

 

$

2,940

 

Unamortized discount, fair market value adjustment and deferred loan costs

 

(48

)

 

(34

)

Total Attributed Formula One Group Debt (GAAP)

$

2,897

 

$

2,906

 

Formula 1 leverage(f)

 

2.2x

 

1.9x

 

 

 

 

 

0.5% Live Nation exchangeable senior debentures due 2050(d)

 

62

 

 

62

 

2.375% Live Nation exchangeable senior debentures due 2053(d)

 

1,150

 

 

1,150

 

Live Nation margin loan

 

 

 

 

Total Attributed Liberty Live Group Debt

$

1,212

 

$

1,212

 

Unamortized discount, fair market value adjustment and deferred loan costs

 

14

 

 

105

 

Total Attributed Liberty Live Group Debt (GAAP)

$

1,226

 

$

1,317

 

 

 

 

 

 

Total Liberty Media Corporation Debt (GAAP)

$

15,663

 

$

15,360

 

____________________

a)

Includes $53 million and $216 million of cash held at SiriusXM as of September 30, 2023 and December 31, 2023, respectively.

b)

Includes $947 million and $1,002 million of cash held at F1 as of September 30, 2023 and December 31, 2023, respectively.

c)

Outstanding principal amount of Senior Notes or Term Loan with no reduction for the net unamortized discount.

d)

Face amount of the cash convertible notes and exchangeable debentures with no fair market value adjustment.

e)

Includes SiriusXM revolving credit facility and term loan.

f)

Net debt to covenant OIBDA ratio of F1 operating business as defined in F1’s credit facilities for covenant calculations.

 

Liberty Media and its consolidated subsidiaries are in compliance with their debt covenants as of December 31, 2023.

Total cash and cash equivalents attributed to Liberty SiriusXM Group decreased $21 million during the fourth quarter as net debt repayment at both Liberty SiriusXM Group and SiriusXM and return of capital at SiriusXM more than offset cash from operations at SiriusXM. Included in the cash and cash equivalents balance attributed to Liberty SiriusXM Group at December 31, 2023 is $216 million held at SiriusXM. Although SiriusXM is a consolidated subsidiary, it is a separate public company with a non-controlling interest, therefore Liberty Media does not have ready access to SiriusXM’s cash balance. Liberty SiriusXM Group received $85 million of dividends from SiriusXM during the fourth quarter and $318 million of dividends for the full year ended December 31, 2023.

Total debt attributed to Liberty SiriusXM Group decreased $434 million during the fourth quarter due to debt repayments at both Liberty SiriusXM Group and SiriusXM. During the quarter, Liberty SiriusXM Group retired the remaining $199 million outstanding principal amount of its 1.375% cash convertible notes with cash on hand and settled the remaining associated bond hedge and warrants, and paid down $80 million under its SiriusXM margin loan, in part using $61 million of proceeds received through the debt-for-equity exchange of 1.8 million shares of previously held Atlanta Braves Holdings Series C common stock. SiriusXM reduced borrowing under its revolving credit facility and retired the remaining outstanding principal amount of the Pandora convertible senior notes due 2023 with cash during the fourth quarter.

Total cash and cash equivalents attributed to Formula One Group decreased $62 million during the fourth quarter as cash from operations at F1 was more than offset by capital expenditures primarily related to the Las Vegas Grand Prix. Total debt attributed to Formula One Group was relatively flat in the fourth quarter.

Total cash and cash equivalents attributed to Liberty Live Group decreased $10 million during the fourth quarter primarily due to interest payments. Total debt attributed to Liberty Live Group was flat during the quarter.

Important Notice: Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media’s earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on February 28, 2024. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13742815 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertymedia.com/investors/news-events/ir-calendar. Links to this press release will also be available on the Liberty Media website.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, and our planned combination of Liberty SiriusXM Group and SiriusXM (the “Proposed Combination”), our expectations regarding the F1 and Live Nation businesses, the continuation of our stock repurchase plan and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of pending or future litigation, the failure to realize benefits of acquisitions, rapid technological and industry change, failure of third parties to perform, continued access to capital on terms acceptable to Liberty Media, changes in law, including consumer protection laws, and their enforcement, the satisfaction of all conditions to the Proposed Combination, and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and Liberty Media expressly disclaims 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, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Media, including the most recent Form 10-K, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media’s business which may affect the statements made in this press release.

 

LIBERTY MEDIA CORPORATION

BALANCE SHEET INFORMATION

December 31, 2023 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed

 

 

 

 

 

 

Liberty SiriusXM

 

Formula One

 

Liberty Live

 

Inter-Group

 

Consolidated

 

 

Group

 

Group

 

Group

 

Eliminations

 

Liberty

 

 

amounts in millions

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

$

306

 

1,408

 

305

 

 

2,019

 

Trade and other receivables, net

 

709

 

123

 

 

 

832

 

Other current assets

 

346

 

180

 

 

 

526

 

Total current assets

 

1,361

 

1,711

 

305

 

 

3,377

 

Investments in affiliates, accounted for using the equity method

 

715

 

41

 

333

 

 

1,089

 

 

 

 

 

 

 

 

Property and equipment, at cost

 

3,105

 

973

 

 

 

4,078

 

Accumulated depreciation

 

(1,860

)

(135

)

 

 

(1,995

)

 

 

1,245

 

838

 

 

 

2,083

 

 

 

 

 

 

 

 

Intangible assets not subject to amortization

 

 

 

 

 

 

Goodwill

 

15,209

 

3,956

 

 

 

19,165

 

FCC licenses

 

8,600

 

 

 

 

8,600

 

Other

 

1,242

 

 

 

 

1,242

 

 

 

25,051

 

3,956

 

 

 

29,007

 

Intangible assets subject to amortization, net

 

1,014

 

2,858

 

 

 

3,872

 

Other assets

 

515

 

863

 

524

 

(162

)

1,740

 

Total assets

$

29,901

 

10,267

 

1,162

 

(162

)

41,168

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Intergroup payable (receivable)

$

62

 

(63

)

1

 

 

 

Accounts payable and accrued liabilities

 

1,474

 

535

 

1

 

 

2,010

 

Current portion of debt

 

1,074

 

36

 

70

 

 

1,180

 

Deferred revenue

 

1,195

 

247

 

 

 

1,442

 

Other current liabilities

 

71

 

32

 

8

 

 

111

 

Total current liabilities

 

3,876

 

787

 

80

 

 

4,743

 

Long-term debt

 

10,063

 

2,870

 

1,247

 

 

14,180

 

Deferred income tax liabilities

 

2,245

 

3

 

 

(162

)

2,086

 

Other liabilities

 

526

 

188

 

 

 

714

 

Total liabilities

 

16,710

 

3,848

 

1,327

 

(162

)

21,723

 

Equity / Attributed net assets

 

10,165

 

6,419

 

(188

)

 

16,396

 

Noncontrolling interests in equity of subsidiaries

 

3,026

 

 

23

 

 

3,049

 

Total liabilities and equity

$

29,901

 

10,267

 

1,162

 

(162

)

41,168

 

 

LIBERTY MEDIA CORPORATION

STATEMENT OF OPERATIONS

Twelve months ended December 31, 2023 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed

 

 

 

 

Liberty SiriusXM

 

Formula One

 

Liberty Live

 

Braves

 

Consolidated

 

 

Group

 

Group

 

Group

 

Group

 

Liberty

 

 

amounts in millions

Revenue:

 

 

 

 

 

 

Sirius XM Holdings revenue

$

8,953

 

 

 

 

8,953

 

Formula 1 revenue

 

 

3,222

 

 

 

3,222

 

Other revenue

 

 

 

 

350

 

350

 

Total revenue

 

8,953

 

3,222

 

 

350

 

12,525

 

Operating costs and expenses, including stock-based compensation:

 

 

 

 

 

 

Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):

 

 

 

 

 

 

Revenue share and royalties

 

2,895

 

 

 

 

2,895

 

Programming and content

 

618

 

 

 

 

618

 

Customer service and billing

 

476

 

 

 

 

476

 

Other

 

220

 

 

 

 

220

 

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

 

 

2,240

 

 

 

2,240

 

Subscriber acquisition costs

 

359

 

 

 

 

359

 

Other operating expenses

 

322

 

 

 

274

 

596

 

Selling, general and administrative

 

1,534

 

316

 

11

 

69

 

1,930

 

Depreciation and amortization

 

624

 

369

 

 

37

 

1,030

 

Impairment, restructuring and acquisition costs, net of recoveries

 

66

 

 

 

1

 

67

 

Litigation settlements, net of recoveries

 

31

 

 

 

 

31

 

 

 

7,145

 

2,925

 

11

 

381

 

10,462

 

Operating income (loss)

 

1,808

 

297

 

(11

)

(31

)

2,063

 

Other income (expense):

 

 

 

 

 

 

Interest expense

 

(538

)

(214

)

(10

)

(20

)

(782

)

Share of earnings (losses) of affiliates, net

 

108

 

(4

)

22

 

12

 

138

 

Unrealized gain/(loss) on intergroup interests

 

68

 

15

 

 

(83

)

 

Realized and unrealized gains (losses) on financial instruments, net

 

(215

)

42

 

(153

)

3

 

(323

)

Gains (losses) on dilution of investment in affiliate

 

(6

)

 

2

 

 

(4

)

Other, net

 

43

 

75

 

(30

)

5

 

93

 

 

 

(540

)

(86

)

(169

)

(83

)

(878

)

Earnings (loss) before income taxes

 

1,268

 

211

 

(180

)

(114

)

1,185

 

Income tax (expense) benefit

 

(237

)

(27

)

38

 

3

 

(223

)

Net earnings (loss)

 

1,031

 

184

 

(142

)

(111

)

962

 

Less net earnings (loss) attributable to the noncontrolling interests

 

202

 

(1

)

 

 

201

 

Net earnings (loss) attributable to Liberty stockholders

$

829

 

185

 

(142

)

(111

)

761

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation expense as follows:

 

 

 

 

 

 

Programming and content

 

34

 

 

 

 

34

 

Customer service and billing

 

5

 

 

 

 

5

 

Other

 

6

 

 

 

 

6

 

Other operating expenses

 

46

 

 

 

 

46

 

Selling, general and administrative

 

112

 

20

 

2

 

7

 

141

 

Stock compensation expense

$

203

 

20

 

2

 

7

 

232

 

 

Contacts

Shane Kleinstein, (720) 875-5432

Read full story here

Written by SerieAUKWire

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