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Dec 31, 2021
Liberty Formula One Q4 2021 Earnings Report
Liberty Media reported strong Q4 2021 results, driven by Formula One Group's revenue growth and Braves Group's baseball revenue increase.
Key Takeaways
Liberty Media Corporation reported strong fourth-quarter and year-end 2021 results, with Formula One Group and Braves Group contributing significantly to the company's overall performance. F1 successfully completed a record 22-race calendar in 2021, and the Braves celebrated their World Series title.
Formula 1 revenue increased due to higher race promotion, media rights, and sponsorship revenue.
Braves Group revenue grew driven by baseball revenue increase due to more regular and postseason home games played with more fans.
Liberty SiriusXM Group's SiriusXM reported record revenue and adjusted EBITDA levels and announced a $1 billion special dividend.
Liberty Media effectively repurchased shares of Formula One Group and Liberty SiriusXM Group.
Liberty Formula One
Liberty Formula One
Liberty Formula One Revenue by Segment
Revenue by Segment
Total Formula One Group Revenue
CapyFin.com Forward Guidance
Liberty Media anticipates continued growth and success across its various business segments, including Formula One, SiriusXM, and the Braves, with a focus on enhancing fan engagement, expanding content offerings, and driving operational efficiencies.
Positive Outlook
- Record setting 23-race calendar for 2022 with new cars, regulations, races and drivers
- The Paddock Club operated at only one event in 2020, and even then with strictly limited capacity, and resumed more normal operations in July 2021, operating at 6 races in the third quarter and 5 in the fourth quarter.
- Media rights revenue increased for the full year driven by higher broadcasting fees due to improved terms in certain new and renewed broadcasting agreements, other contractual rate increases, strong growth in F1 TV subscription revenue and the effect on the prior year of one-time changes in contract fees resulting from the pandemic and associated calendar disruptions.
- Baseball revenue increased in the fourth quarter and full year as all primary sources of revenue grew driven by the increase in the number of regular and postseason home games played with significantly more fans in attendance and the Braves success in the 2021 postseason as World Series Champions.
- The second phase of the Battery Atlanta mixed-use development is nearing an on-time and on-budget completion.
Challenges Ahead
- Possible changes in market acceptance of new products or services
- Regulatory matters affecting Liberty Media's businesses
- The unfavorable outcome of pending or future litigation
- The failure to realize benefits of acquisitions
- Rapid technological and industry change