Financial Performance - Liberty Media reported full year 2023 revenue of $8.95 billion, with a net income of $1.26 billion and diluted EPS of $0.32[1]. - SiriusXM's full year adjusted EBITDA was $2.79 billion, and free cash flow for the year was $1.20 billion[1]. - Formula One Group's total revenue for 2023 was $3.22 billion, reflecting a 25% increase compared to 2022[9]. - Formula 1's primary revenue grew by 21% year-over-year to $2.56 billion, driven by race promotion, media rights, and sponsorship fees[12]. - Liberty Media's total revenue for the previous year was $12,164 million, with Sirius XM Holdings revenue at $9,003 million and Formula 1 revenue at $2,573 million[41]. - Operating income for Liberty Media Corporation was $2,063 million, with a net earnings attributable to Liberty stockholders of $761 million[39]. - Net earnings for Liberty Media reached $2,029 million, with Liberty SiriusXM Group contributing $1,502 million[46]. - Adjusted OIBDA for Liberty Media consolidated was $3,423 million for 2023, slightly up from $3,419 million in 2022[51]. - Liberty SiriusXM Group's operating income decreased from $1,919 million in 2022 to $1,808 million in 2023[51]. - Formula One Group's adjusted OIBDA increased significantly from $551 million in 2022 to $686 million in 2023[51]. Cash Flow and Investments - The company reported a net cash provided by operating activities of $2,464 million, with significant adjustments including $1,030 million in depreciation and amortization[43]. - Cash flows from operating activities totaled $2,546 million, with Liberty SiriusXM Group contributing $1,959 million[46]. - Free cash flow for SiriusXM was $2,790 million for 2023, down from $2,833 million in 2022[54]. - Total cash, cash equivalents, and restricted cash at the end of the period was $2,276 million[46]. - Cash flows from investing activities resulted in a net cash used of $1,240 million, primarily due to capital expenditures of $1,111 million[43]. - Net cash used in investing activities increased from $(548) million in 2022 to $(686) million in 2023, reflecting a rise of approximately 25.2%[56]. - Additions to property and equipment rose from $(426) million in 2022 to $(650) million in 2023, an increase of approximately 52.7%[56]. - Capital expenditures for property and equipment amounted to $735 million[46]. Debt and Liabilities - Liberty Media reduced Liberty SiriusXM Group debt by $782 million in 2023, including $279 million in Q4[1]. - Total debt attributed to Liberty SiriusXM Group decreased by $434 million during Q4 2023, totaling $11.106 billion as of December 31, 2023[29]. - Total Liberty Media Corporation debt decreased to $15.360 billion as of December 31, 2023[24]. - Liberty Media's interest expense totaled $782 million, impacting overall earnings before income taxes of $1,185 million[39]. - The company experienced a stock compensation expense of $232 million, which included various operational costs[39]. - Liberty Media's net cash used in financing activities was $3,148 million, primarily due to debt repayments[46]. Assets and Equity - Liberty Media's total assets amounted to $41.168 billion as of December 31, 2023[37]. - Liberty Media's total liabilities were $21.723 billion as of December 31, 2023[37]. - Liberty Media's attributed net assets totaled $16.396 billion as of December 31, 2023[37]. - Liberty Media's total remaining repurchase authorization as of February 1, 2024, is $1.1 billion[20]. Audience and Engagement - F1 fan attendance reached 6 million in 2023, a 5% increase from 2022, with 1.5 billion cumulative TV viewers[1]. - The inaugural Las Vegas Grand Prix generated over 16 billion global social media impressions during race week[1]. Free Cash Flow Insights - Free cash flow is viewed as a supplemental measure to assess financial stability and is not an alternative to GAAP cash flow measures[56]. - The company emphasizes that free cash flow does not account for debt maturity payments, limiting its discretionary expenditure representation[56]. - Free cash flow is intended to provide useful information for investors to evaluate current cash flow and compare operating performance with other companies in the sector[56]. - SiriusXM excludes certain cash flows from free cash flow calculations, focusing on ongoing business performance[56].
Liberty(LLYVK) - 2023 Q4 - Annual Results