Revenue and Income - SiriusXM reported Q1 2024 revenue of $2.16 billion, up 1% year-over-year, with ad revenue increasing by 7%[1] - Net income for SiriusXM was $265 million, with diluted EPS of $0.07, and adjusted EBITDA of $650 million, up 4% year-over-year[1] - Formula One Group's revenue for Q1 2024 was $587 million, a 45% increase from $381 million in Q1 2023[9] - Formula One Group's operating income rose to $95 million, a 493% increase from $16 million in the same period last year[9] - Adjusted OIBDA for Formula One Group increased by 92% to $202 million from $105 million year-over-year[9] - Total revenue for Liberty Media Corporation in Q1 2024 was $2,749 million, with SiriusXM Holdings revenue at $2,162 million and Formula 1 revenue at $550 million[41] - Operating income for Liberty Media Corporation in Q1 2024 was $502 million, with net earnings attributable to Liberty stockholders at $203 million[41] - Operating income for the consolidated group was $340 million, with SiriusXM contributing $373 million and Formula 1 $16 million[43] Cash Flow and Investments - Cash flows from operating activities generated $395 million, with net earnings of $245 million for the consolidated group[45] - The company reported a net cash used in investing activities of $650 million, primarily due to acquisitions and capital expenditures[45] - Total cash and cash equivalents at the end of the period amounted to $1,691 million, down from $2,028 million at the beginning of the period[45] - Liberty Media's fair value investment was reported at $7.4 billion as of March 31, 2024[5] - Liberty Media has a remaining stock repurchase authorization of $1.1 billion as of May 1, 2024[21] Debt and Liabilities - Total liabilities for Liberty Media Corporation as of March 31, 2024, were $22,760 million, with total equity at $16,551 million[39] - Total cash and cash equivalents attributed to Liberty SiriusXM Group decreased by $171 million in Q1 2024, totaling $135 million as of March 31, 2024[30] - Total debt attributed to Liberty SiriusXM Group decreased by $36 million during the quarter, totaling $11,106 million as of March 31, 2024[32] - Formula 1 leverage ratio improved to 1.7x as of March 31, 2024, down from 1.9x[28] - Liberty Media Corporation is in compliance with its debt covenants as of March 31, 2024[30] Strategic Acquisitions and Plans - Liberty announced a planned acquisition of MotoGP for €3.5 billion, expected to close by year-end 2024[4] - The company plans to continue its stock repurchase plan and is exploring the acquisition of MotoGP[36] - Formula One Group incurred $9 million in acquisition-related costs during Q1 2024 related to the Quint acquisition and the planned MotoGP acquisition[53] Operational Performance - Liberty SiriusXM Group's operating income increased from $373 million in Q1 2023 to $409 million in Q1 2024, representing a growth of 9.66%[52] - Formula One Group's adjusted OIBDA surged from $105 million in Q1 2023 to $202 million in Q1 2024, marking a significant increase of 92.38%[52] - Liberty Media Corporation's consolidated adjusted OIBDA rose from $688 million in Q1 2023 to $826 million in Q1 2024, an increase of 20.1%[52] - SiriusXM's adjusted EBITDA increased from $625 million in Q1 2023 to $650 million in Q1 2024, reflecting a growth of 4%[56] - Free cash flow decreased slightly from $144 million in Q1 2023 to $132 million in Q1 2024, a decline of 8.33%[59] - Net cash provided by operating activities fell from $350 million in Q1 2023 to $308 million in Q1 2024, a decrease of 12%[59] Expenses and Costs - Liberty Media's total operating expenses were $2,216 million, with selling, general, and administrative expenses accounting for $486 million[43] - The company experienced a significant increase in subscriber acquisition costs, totaling $90 million for SiriusXM[43] - SiriusXM recorded $28 million in impairment, restructuring, and acquisition costs in Q1 2024, down from $32 million in Q1 2023[56] - Stock compensation expense remained stable at $45 million for both Q1 2023 and Q1 2024[56] - Liberty Live Group reported an operating income of $(2) million in Q1 2024, indicating a decline from previous performance[52] Dividends - Liberty SiriusXM Group received $85 million in dividends from SiriusXM during the quarter[31] Ownership and Mergers - Liberty Media's ownership of SiriusXM was 83.3% as of April 26, 2024, with a planned merger expected to complete in early Q3 2024[1]
Liberty(LLYVK) - 2024 Q1 - Quarterly Results