Financial Position - As of June 30, 2023, the Liberty SiriusXM Group had cash and cash equivalents of approximately $311 million, including about $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]. - Total cash and cash equivalents for Liberty as of June 30, 2023, amounted to $1,489 million for the Formula One Group, $311 million for the Liberty SiriusXM Group, and $131 million for the Braves Group[248]. - Liberty had $1,075 million available under margin loans secured by shares of Sirius XM Holdings as of June 30, 2023[248]. - As of June 30, 2023, Liberty and its subsidiaries were in compliance with their debt covenants[249]. 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, primarily due to declines in revenue from Formula 1 and Sirius XM Holdings[224]. - The Formula One Group's revenue decreased by $20 million to $724 million for the three months ended June 30, 2023, compared to the same period in 2022[223]. - SiriusXM's total revenue for the three months ended June 30, 2023, was $2,250 million, a slight decrease of 0.2% compared to $2,254 million in the same period of 2022[271]. - Net earnings for the three and six months ended June 30, 2023, were $303 million and $355 million, respectively, compared to $674 million and $970 million for the same periods in 2022, reflecting fluctuations in revenue and expenses[243]. Operating Income and Expenses - Operating income decreased by $33 million to $523 million for the three months ended June 30, 2023, driven by a $15 million decrease in Sirius XM Holdings operating results[225]. - Consolidated Liberty's operating income decreased by $156 million to $863 million for the six months ended June 30, 2023, compared to the same period in 2022[225]. - 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 rising player salaries and game day expenses[304]. Adjusted OIBDA - Adjusted OIBDA increased by $1 million to $877 million for the three months ended June 30, 2023, primarily due to a $23 million increase in Sirius XM Holdings Adjusted OIBDA[229]. - Adjusted OIBDA for the three months ended June 30, 2023, was $702 million, an increase from $679 million in the same period of 2022[271]. Cash Flow - Cash provided by operating activities for Liberty SiriusXM Group was $854 million for the six months ended June 30, 2023, down from $887 million in the same period of 2022[251]. - Cash provided by investing activities for Liberty SiriusXM Group was $(377) million for the six months ended June 30, 2023, compared to $(280) million in the same period of 2022[251]. - Liberty's primary uses of cash during the six months ended June 30, 2023, included $524 million for net debt repayments and $140 million for capital expenditures[251]. Subscriber Information - As of June 30, 2023, SiriusXM had approximately 34.0 million subscribers, while Pandora had approximately 6.2 million subscribers[261][263]. - Subscriber revenue for SiriusXM increased approximately 1% to $1,597 million for the three months ended June 30, 2023, driven by an increase in self-pay revenue[271]. Formula One Performance - Formula 1's primary revenue decreased by $10 million to $618 million for the three months ended June 30, 2023, but increased by $17 million to $932 million for the six months ended June 30, 2023, compared to the prior year[291]. - Total Formula 1 revenue for the three months ended June 30, 2023, was $724 million, a decrease from $744 million in the same period of 2022, while for the six months, it remained relatively stable at $1,105 million compared to $1,104 million in 2022[290]. - Operating income for Formula 1 increased to $72 million for the three months ended June 30, 2023, compared to $65 million in the prior year, and to $107 million for the six months, up from $99 million[290]. Stock-Based Compensation - Stock-based compensation expense was $110 million for the six months ended June 30, 2023, consistent with the prior year[227]. - Stock-based compensation decreased 11% to $42 million for the three months ended June 30, 2023, compared to the same period in the prior year[287]. - The total unrecognized compensation cost related to unvested Liberty equity awards was approximately $22 million as of June 30, 2023, expected to be recognized over 1.4 years[227]. Marketable Securities - The fair value of marketable equity securities held by the company was $148 million as of June 30, 2023, with a potential loss of approximately $15 million if market prices decreased by 10%[311].
Liberty(LSXMK) - 2023 Q2 - Quarterly Report