Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR 12300 Liberty Boulevard Englewood, Colorado 80112 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (720) 875-5400 | Securities registered pursuant to Section 12(b) of the Act: | | --- | ☐ TRANSITION REPORT PURSUANT TO ...

Revenue and Earnings - Total revenue for 2023 reached $12.525 billion, with Sirius XM Holdings contributing $8.953 billion and Formula 1 contributing $3.222 billion[7] - Net earnings attributable to Liberty stockholders for 2023 were $761 million, compared to $1.815 billion in 2022[7][9] - Revenue from other sources, including the Braves Group, was $350 million in 2023, compared to $588 million in 2022[7][9] - Net earnings for Liberty SiriusXM Group were $1,031 million, while Formula One Group reported a net loss of $142 million[11] - SiriusXM reported full-year 2023 revenue of $8.95 billion, net income of $1.26 billion, and adjusted EBITDA of $2.79 billion[51] Operating Income and Expenses - Operating income for 2023 was $2.063 billion, with Sirius XM Group contributing $1.808 billion and Formula One Group contributing $297 million[7] - Cost of Formula 1 revenue for 2023 was $2.24 billion, compared to $1.75 billion in 2022[7][9] - Stock-based compensation expense for 2023 was $232 million, with $203 million attributed to Sirius XM Group and $20 million to Formula One Group[7] - Depreciation and amortization expenses totaled $624 million for Liberty SiriusXM Group and $369 million for Formula One Group[11] - Stock-based compensation amounted to $203 million for Liberty SiriusXM Group and $20 million for Formula One Group[11] - Formula 1's operating income for 2023 was $392 million, a 64% increase from $239 million in 2022, reflecting higher revenue and improved cost management[30] - Formula 1's selling, general, and administrative expenses for 2023 were $241 million, a 5% increase from $230 million in 2022, driven by higher personnel, IT, and marketing costs[30][34] Assets and Liabilities - Total assets as of December 31, 2023, amounted to $41.168 billion, including $19.165 billion in goodwill and $8.6 billion in FCC licenses[5] - Long-term debt stood at $14.18 billion as of December 31, 2023, with Liberty SiriusXM Group holding $10.063 billion and Formula One Group holding $2.87 billion[5] - Cash and cash equivalents totaled $2.019 billion, with Liberty SiriusXM Group holding $1.408 billion and Formula One Group holding $305 million[5] - Total liabilities as of December 31, 2023, were $21.723 billion, including $14.18 billion in long-term debt and $2.086 billion in deferred income tax liabilities[5] - Liberty SiriusXM Group's total debt decreased by $434 million in Q4 2023 due to debt repayments, including the retirement of $199 million in 1.375% cash convertible notes[47] - Formula One Group's total cash and cash equivalents decreased by $62 million in Q4 2023, primarily due to capital expenditures related to the Las Vegas Grand Prix[48] - Liberty Live Group's total cash and cash equivalents decreased by $10 million in Q4 2023, mainly due to interest payments[49] - Liberty SiriusXM Group's total cash and cash equivalents decreased by $21 million in Q4 2023, with $216 million held at SiriusXM as of December 31, 2023[46] - Formula One Group's total debt remained relatively flat in Q4 2023, with a leverage ratio of 1.9x as of December 31, 2023[42][44] - Liberty Media's total consolidated cash and cash equivalents decreased from $2.112 billion on September 30, 2023, to $2.019 billion on December 31, 2023[42] - Liberty Media's total debt decreased from $15.663 billion on September 30, 2023, to $15.360 billion on December 31, 2023[42] Cash Flow and Capital Expenditures - Net cash provided by operating activities was $1,826 million for Liberty SiriusXM Group and $619 million for Formula One Group[11] - Capital expenditures for property and equipment were $650 million for Liberty SiriusXM Group and $426 million for Formula One Group[11] - Net cash used in financing activities was $1,185 million for Liberty SiriusXM Group and $435 million for Formula One Group[11] - SiriusXM's free cash flow for 2023 was $1,203 million, down from $1,551 million in 2022, primarily due to increased capital expenditures[24] Adjusted OIBDA and EBITDA - Adjusted OIBDA for Liberty SiriusXM Group was $2,732 million in 2023, compared to $2,807 million in 2022[19] - Adjusted OIBDA for Formula One Group increased to $686 million in 2023 from $551 million in 2022[19] - Liberty Media Corporation's consolidated Adjusted OIBDA remained stable at $3,423 million in 2023 compared to $3,419 million in 2022[19] - SiriusXM's adjusted EBITDA for 2023 was $2,790 million, compared to $2,833 million in 2022, reflecting a slight decrease[22] - Formula 1's adjusted OIBDA for 2023 was $725 million, a 22% increase from $593 million in 2022, driven by revenue growth and operational efficiencies[30] Formula 1 Specifics - Formula 1's total revenue for 2023 was $3,222 million, a 25% increase from $2,573 million in 2022, driven by growth in race promotion, media rights, and sponsorship revenue[28][30] - Primary Formula 1 revenue for 2023 was $2,560 million, a 21% increase from $2,107 million in 2022, with race promotion, media rights, and sponsorship fees contributing 29.3%, 32.2%, and 18.0% respectively[30][31] - Other Formula 1 revenue for 2023 was $662 million, a 42% increase from $466 million in 2022, primarily due to higher hospitality revenue from events like the Las Vegas Grand Prix[30][33] - Team payments for Formula 1 in 2023 were $1,215 million, a 5% increase from $1,157 million in 2022, driven by higher revenue and variable payment terms under the 2021 Concorde Agreement[30][34] - Other cost of Formula 1 revenue for 2023 was $1,041 million, a 76% increase from $593 million in 2022, primarily due to costs associated with the Las Vegas Grand Prix and higher hospitality expenses[30][34] - Formula One Group's 2023 fan attendance reached 6 million, a 5% increase compared to 2022, with 1.5 billion cumulative TV viewers and 70.5 million social media followers[51] Investments and Fair Value - The fair value of Liberty Live Group's investment in Live Nation was $6.5 billion as of December 31, 2023[53] Cash and Cash Equivalents - Cash, cash equivalents, and restricted cash at the end of the period were $315 million for Liberty SiriusXM Group and $1,408 million for Formula One Group[11]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware (State or other juri ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 (Stat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 OR State of Delaware 37-1699499 (State or other jurisdiction of incorporation or organization) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 FORM 10-Q LIBERTY MEDIA CORPORATION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of Registrant as specified in ...

Table of Contents State of Delaware UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) (State or other juri ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 (Stat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 (Sta ...