Liberty Formula One Q1 2023 Earnings Report

Liberty Media Corporation reported first quarter results, with Formula One Group revenue increasing driven by growth across media rights, race promotion, and sponsorship.

Key Takeaways

Liberty Media Corporation reported first quarter 2023 results. The Formula 1 season is underway and fans are tuning in across platforms. Arrangements for the Las Vegas Grand Prix are ramping up, with the Paddock Building construction and track preparations progressing on-time and in-line with our capex expectations.

Targeting completion of planned split-off of Atlanta Braves Holdings, Inc. and reclassification of tracking stocks to create Liberty Live Group tracking stock by end of second quarter 2023

SiriusXM reported first quarter 2023 revenue of $2.14 billion; down 2% year-over-year

SiriusXM increased full-year adjusted EBITDA and free cash flow guidance on April 27th

Extended agreement with ESPN to broadcast F1 in Latin America and Caribbean through 2025

Total Revenue

$381M

Previous year: $360M

+5.8%

EPS

-$0.58

Previous year: -$0.15

+286.7%

Cash and Equivalents

$2.23B