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 54% increase from $381 million in Q1 2023[9] - Formula One Group's operating income rose to $95 million, a 494% increase from $16 million in the same period last year[9] - Total revenue for Liberty Media Corporation in Q1 2024 was $2,749 million, with SiriusXM Holdings revenue contributing $2,162 million and Formula 1 revenue contributing $550 million[41] - Operating income for Liberty Media Corporation in Q1 2024 was $502 million, with Liberty SiriusXM Group reporting $409 million and Formula One Group reporting $95 million[41] - Net earnings attributable to Liberty stockholders for Q1 2024 were $203 million, compared to $199 million in Q1 2023[41] Cash and Debt Management - Total cash and cash equivalents attributed to Liberty SiriusXM Group decreased by $171 million in Q1 2024, resulting in a balance of $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] - Total cash and cash equivalents attributed to Formula One Group decreased by $175 million during the quarter, with a balance of $1,233 million as of March 31, 2024[33] - Liberty Media Corporation's total liabilities as of March 31, 2024, were $22,760 million, with long-term debt amounting to $14,257 million[39] - Liberty Media's remaining stock repurchase authorization was $1.1 billion as of May 1, 2024[21] 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, reflecting a growth of 20.1%[52] - SiriusXM's adjusted EBITDA increased from $625 million in Q1 2023 to $650 million in Q1 2024, an increase of 4%[56] Subscriber and Engagement Metrics - The 2024 Formula 1 season has seen over 1 million fans in attendance across the first five races, indicating strong fan engagement[2] - The company experienced a significant increase in subscriber acquisition costs, totaling $90 million for SiriusXM Holdings[43] Strategic Investments and Acquisitions - Liberty announced the planned acquisition of MotoGP for €3.5 billion, expected to be completed by year-end 2024[4] - Formula One Group incurred $9 million in acquisition-related costs during Q1 2024 associated with the Quint acquisition and the planned acquisition of MotoGP[53] Cash Flow and Expenses - Cash flows from operating activities provided $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 investments in equity method affiliates 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] - Free cash flow decreased 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 Cost Management - Liberty Media's total operating expenses were $2,216 million, with selling, general, and administrative expenses accounting for $486 million[43] - SiriusXM recorded $28 million in impairment, restructuring, and acquisition costs in Q1 2024, down from $32 million in Q1 2023[56] - Liberty SiriusXM Group's depreciation and amortization expenses slightly decreased from $161 million in Q1 2023 to $155 million in Q1 2024[52] - Stock compensation expense for Liberty Media Corporation increased from $56 million in Q1 2023 to $61 million in Q1 2024[52] Compliance and Financial Health - Liberty Media Corporation is in compliance with its debt covenants as of March 31, 2024[30] - Formula 1 leverage ratio improved to 1.7x as of March 31, 2024, down from 1.9x in the previous quarter[28]
Liberty(LSXMK) - 2024 Q1 - Quarterly Results