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Dec 31, 2022
Liberty Formula One Q4 2022 Earnings Report
Liberty Media's Q4 2022 earnings were reported, showing mixed results across its various groups.
Key Takeaways
Liberty Media reported its Q4 and year-end 2022 results, with Formula One Group seeing a decrease in revenue and operating income for the quarter, while the Liberty SiriusXM Group experienced an increase in operating income. The company is also planning to complete the split-off of Atlanta Braves Holdings and the creation of the Liberty Live Group tracking stock in the second quarter of 2023.
Liberty Media is on track to split off Atlanta Braves Holdings and create Liberty Live Group tracking stock in Q2 2023.
Formula 1 confirmed a record 23-race calendar for 2023 and saw a 36% increase in fan attendance compared to 2019.
SiriusXM reported full-year 2022 revenue of $9.0 billion, up 4% year-over-year, and net income of $1.21 billion.
Battery development generated $16 million of operating income in 2022.
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 is focused on completing the planned split-off of the Braves and the creation of the Liberty Live Group tracking stock, while also driving growth in Formula 1 and SiriusXM.
Positive Outlook
- Completion of planned split-off of Braves and creation of Liberty Live Group tracking stock.
- Growing fan enthusiasm and success with commercial partners driving record engagement for Formula 1.
- Smart additions to the Atlanta Braves roster in the off-season.
- SiriusXM delivered its financial guidance in 2022 and reached new records for revenue and churn.
- Important technological investments by SiriusXM to capitalize on its position in the car.
Challenges Ahead
- Challenging automotive and advertising market impacting SiriusXM.
- Operating income and adjusted OIBDA decreased in the fourth quarter for Formula One Group.
- Operating income and adjusted OIBDA decreased in the full year and fourth quarter for Braves Group.
- Primary F1 revenue decreased in the fourth quarter
- Higher freight costs and costs associated with higher hospitality attendance in the Paddock Club increased Other cost of F1 revenue.