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]
Liberty(LLYVA) - 2023 Q4 - Annual Results