Financial Position - As of June 30, 2023, the Liberty SiriusXM Group had cash and cash equivalents of approximately $311 million, including $51 million of subsidiary cash[209] - The Formula One Group had cash and cash equivalents of approximately $1,489 million as of June 30, 2023, which included $1,055 million of subsidiary cash[212] - The Braves Group had cash and cash equivalents of approximately $131 million as of June 30, 2023[211] - Liberty's total cash and cash equivalents amounted to $1,489 million as of June 30, 2023, with significant holdings in Formula One Group[248] - Liberty had $148 million of unencumbered marketable equity securities available as potential sources of liquidity as of June 30, 2023[245] Corporate Actions - On July 12, 2023, the Formula One Group paid approximately $71 million to the Liberty SiriusXM Group to settle and extinguish the remaining intergroup interest[213] - The company completed the split-off of Atlanta Braves Holdings on July 18, 2023, exchanging each outstanding share of Liberty Braves common stock for one share of Atlanta Braves Holdings common stock[214] - Following the reclassification on August 3, 2023, each outstanding share of Liberty SiriusXM common stock was reclassified into one share of new Liberty SiriusXM common stock and 0.2500 of a share of Liberty Live common stock[218] - The company intends to either exchange or dispose of shares of Atlanta Braves Holdings Series C common stock attributed to the Liberty SiriusXM Group within one year of the split-off[216] Revenue and Earnings - Consolidated revenue decreased by $14 million to $3,244 million for the three months ended June 30, 2023, compared to the same period in 2022, and decreased by $27 million to $5,800 million for the six months ended June 30, 2023[224] - For the three months ended June 30, 2023, net earnings were $303 million, a decrease from $674 million in the same period of 2022, representing a decline of approximately 55%[243] - Formula 1 revenue decreased by $20 million to $724 million for the three months ended June 30, 2023, compared to the same period in 2022[224] - Braves Holdings' total revenue increased by $10 million to $270 million for the three months ended June 30, 2023, and by $18 million to $301 million for the six months, driven by increased baseball and mixed-use development revenue[303] Operating Performance - Operating income decreased by $33 million to $523 million for the three months ended June 30, 2023, and decreased by $156 million to $863 million for the six months ended June 30, 2023, primarily due to declines in Sirius XM Holdings and Braves Holdings[225] - The total operating income for Liberty SiriusXM Group was $452 million for the three months ended June 30, 2023, down from $472 million in the same period last year[223] - Adjusted OIBDA increased by $1 million to $877 million for the three months ended June 30, 2023, but decreased by $89 million to $1,565 million for the six months ended June 30, 2023, with significant contributions from Sirius XM Holdings[229] Expenses - Consolidated interest expense increased by $39 million to $200 million for the three months ended June 30, 2023, and increased by $78 million to $396 million for the six months ended June 30, 2023, driven by rising interest rates[232] - Selling, general and administrative expenses decreased 14% to $331 million for the three months ended June 30, 2023, primarily due to lower streaming marketing expenditures[283] - Other operating expenses for Braves Holdings increased by $22 million to $197 million for the three months ended June 30, 2023, and by $38 million to $236 million for the six months, primarily due to higher player salaries and game day expenses[304] Subscriber Metrics - SiriusXM had approximately 34.0 million subscribers as of June 30, 2023, maintaining a strong user base in the audio entertainment market[261] - Pandora had approximately 6.2 million subscribers as of June 30, 2023, contributing to the overall revenue through advertising and subscription services[263] Market Performance - Realized and unrealized losses on financial instruments totaled $(96) million for the three months ended June 30, 2023, compared to gains of $380 million in the prior year[235] - The fair value of marketable equity securities held by the company was $148 million as of June 30, 2023, with a potential decrease of $15 million if market prices fell by 10%[311]
Liberty(LLYVA) - 2023 Q2 - Quarterly Report