jvid视频

jvid视频 Reports Fourth Quarter and Year End 2023 Financial Results

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- jvid视频 ("jvid视频" or 鈥淟iberty鈥�) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported fourth quarter and year end 2023 results. Headlines include ⁽¹⁾:

• Attributed to Liberty SiriusXM Group
  • SiriusXM reported fourth quarter and full year 2023 operating and financial results
    • 2023 full year revenue of $8.95 billion
    • Full year net income of $1.26 billion and diluted EPS of $0.32
    • Full year adjusted EBITDA⁽²⁾ of $2.79 billion
    • Full year free cash flow⁽²⁾ of $1.20 billion
    • SiriusXM announced 2024 financial guidance
  • Expect to complete planned combination of Liberty SiriusXM Group and SiriusXM early third quarter 2024
  • Reduced Liberty SiriusXM Group debt by $279 million in fourth quarter and $782 million in full year
  • jvid视频鈥檚 ownership of SiriusXM was 83.4% as of January 30, 2024
• Attributed to Formula One Group
  • 2023 F1 fan attendance of 6 million, up 5% compared to 2022
  • 1.5 billion cumulative TV viewers and 70.5 million social media followers in 2023
    • Inaugural Las Vegas Grand Prix generated over 16 billion global social media impressions during race week
  • F1 announced multiple race promotion deals, including new multi-year agreement to race in Madrid from 2026 and renewals of British, Japanese and Brazilian Grands Prix
  • Closed Quint acquisition on January 3, 2024
• Attributed to Liberty Live Group
  • Fair value of Live Nation investment was $6.5 billion as of December 31, 2023

鈥淟iberty had a productive 2023. We split-off the Atlanta Braves, created the Liberty Live Group tracking stock and announced the combination of Liberty SiriusXM Group with SiriusXM,鈥� said Greg Maffei, jvid视频 President and CEO. 鈥淔ormula 1 had another fantastic year with double digit growth across all revenue streams. The Las Vegas Grand Prix generated massive global buzz, and we look forward to delivering great racing, fan experiences and economic benefit to F1 and the local community for years to come. SiriusXM progressed a number of strategic achievements, launching its next generation app and investing in marquee talent while managing its cost structure. Live Nation is capitalizing on the globalization of the music industry, with 2024 already poised to surpass a record 2023.鈥�

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months or year ended December 31, 2023 to the same period in 2022.

LIBERTY SIRIUSXM GROUP 鈥� The following table provides the financial results attributed to Liberty SiriusXM Group for the fourth quarter and full year 2023. $13 million and $61 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty SiriusXM Group in the fourth quarter and full year 2023, respectively.

SiriusXM is a separate publicly traded company and additional information about SiriusXM can be obtained through its website and filings with the Securities and Exchange Commission. SiriusXM reported its stand-alone fourth quarter and full year results on February 1, 2024. For additional detail on SiriusXM鈥檚 financial results, please see SiriusXM鈥檚 earnings release posted to its Investor Relations website. For presentation purposes on page one of this release, we include the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. jvid视频 believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results is best understood in the context of SiriusXM's historical financial presentation.

The businesses and assets attributed to Liberty SiriusXM Group consist primarily of jvid视频鈥檚 interest in SiriusXM, which includes its subsidiary Pandora.

FORMULA ONE GROUP 鈥� The following table provides the financial results attributed to Formula One Group for the fourth quarter and full year 2023. $16 million and $72 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Formula One Group in the fourth quarter and full year 2023, respectively.

鈥�2023 marked another incredible season for Formula 1. We had strong engagement across all platforms, with record race attendance and F1 holding its position as the fastest growing league on social media for the fourth consecutive year. F1 saw continued fan growth especially in the US market, strengthened by the successful Las Vegas Grand Prix, and across a younger and more female audience,鈥� said Stefano Domenicali, Formula 1 President and CEO. 鈥淥ur sustainability initiatives remain a priority for F1 and our partners, and we look forward to running all seven F1 Academy races this season alongside the F1 calendar. We are excited for the 2024 season as we focus on deepening our relationships with fans and optimizing our commercial partnerships to bring incremental value.鈥�

The following table provides the operating results of Formula 1 (鈥淔1鈥�).

Primary F1 revenue represents the majority of F1鈥檚 revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees. For the year ended December 31, 2023, these revenue streams comprised 29.3%, 32.2% and 18.0%, respectively, of total F1 revenue.

There were 22 and 6 races held in the full years and fourth quarters of both 2023 and 2022. In the fourth quarter of 2023, F1 directly promoted the inaugural Las Vegas Grand Prix and recognized the revenue (ticketing, sponsorship, hospitality) and cost related to the event.

Primary F1 revenue grew in the full year and fourth quarter with increases across all revenue streams. Race promotion revenue grew primarily due to ticketing revenue from the inaugural Las Vegas Grand Prix and other contractual increases in fees. Race promotion revenue in the full year and fourth quarter also benefited from the mix of races held in each period compared to the comparable periods in the prior year. Sponsorship revenue increased due to the recognition of revenue from the Las Vegas Grand Prix, income from new sponsors and growth in revenue from existing sponsors. Media rights revenue grew due to increased fees under new and renewed contractual agreements and continued growth in F1 TV subscription revenue. Other F1 revenue increased in the full year and fourth quarter primarily driven by higher hospitality revenue generated from the delivery of hospitality and experiences at the Las Vegas Grand Prix as well as Paddock Club growth at other events, with full year growth partially offset by lower freight income driven by the easing of freight cost inflation on billing rates.

Operating income and adjusted OIBDA⁽²⁾ grew in the full year and fourth quarter. Team payments increased in the full year and fourth quarter driven by the growth in F1 revenue and the associated impact on the calculation of the team payments, which are 100% variable under the 2021 Concorde Agreement. Team payments as a percent of pre-team payment adjusted OIBDA decreased from 66% in 2022 to 63% in 2023 reflecting growth in adjusted OIBDA and an associated reduction on the payout percentage under the terms of the 2021 Concorde Agreement. Other cost of F1 revenue is largely variable in nature and is mostly derived from servicing both Primary and Other F1 revenue opportunities. These costs increased in the full year and fourth quarter primarily driven by the costs of promoting, organizing and delivering the Las Vegas Grand Prix as well as higher hospitality costs at other events associated with increased Paddock Club attendance and cost inflation, partially offset by significantly lower freight costs. Other cost of F1 revenue also increased in both periods due to higher commissions and partner servicing costs associated with growth in Primary F1 revenue streams and higher travel costs. Selling, general and administrative expense increased for the full year due to higher personnel, IT and marketing costs as well as costs associated with planning and running the Las Vegas Grand Prix, partially offset by lower legal and professional fees and foreign exchange favorability. Selling, general and administrative expense decreased in the fourth quarter as higher personnel costs were offset primarily by foreign exchange favorability.

The businesses and assets attributed to Formula One Group during the fourth quarter of 2023 consisted of jvid视频鈥檚 subsidiary F1 and other minority investments, and as of January 3, 2024, consist primarily of jvid视频鈥檚 subsidiaries F1 and Quint, and other minority investments.

LIBERTY LIVE GROUP 鈥� Liberty Live Group was allocated $6 million and $11 million of corporate level selling, general and administrative expense (including stock-based compensation expense) in the fourth quarter and full year 2023, respectively.

The businesses and assets attributed to Liberty Live Group consist primarily of jvid视频鈥檚 interest in Live Nation and other minority investments.

Share Repurchases

There were no repurchases of jvid视频鈥檚 common stock from November 1, 2023 through January 31, 2024. The total remaining repurchase authorization for jvid视频 as of February 1, 2024 is $1.1 billion and can be applied to repurchases of common shares of any of the jvid视频 tracking stocks.

FOOTNOTES

NOTES

The following financial information with respect to jvid视频鈥檚 equity affiliates, available for sale securities, cash and debt is intended to supplement jvid视频鈥檚 consolidated balance sheet and statement of operations to be included in its Form 10-K for the year ended December 31, 2023.

Fair Value of Corporate Public Holdings

Cash and Debt

The following presentation is provided to separately identify cash and debt information.

jvid视频 and its consolidated subsidiaries are in compliance with their debt covenants as of December 31, 2023.

Total cash and cash equivalents attributed to Liberty SiriusXM Group decreased $21 million during the fourth quarter as net debt repayment at both Liberty SiriusXM Group and SiriusXM and return of capital at SiriusXM more than offset cash from operations at SiriusXM. Included in the cash and cash equivalents balance attributed to Liberty SiriusXM Group at December 31, 2023 is $216 million held at SiriusXM. Although SiriusXM is a consolidated subsidiary, it is a separate public company with a non-controlling interest, therefore jvid视频 does not have ready access to SiriusXM鈥檚 cash balance. Liberty SiriusXM Group received $85 million of dividends from SiriusXM during the fourth quarter and $318 million of dividends for the full year ended December 31, 2023.

Total debt attributed to Liberty SiriusXM Group decreased $434 million during the fourth quarter due to debt repayments at both Liberty SiriusXM Group and SiriusXM. During the quarter, Liberty SiriusXM Group retired the remaining $199 million outstanding principal amount of its 1.375% cash convertible notes with cash on hand and settled the remaining associated bond hedge and warrants, and paid down $80 million under its SiriusXM margin loan, in part using $61 million of proceeds received through the debt-for-equity exchange of 1.8 million shares of previously held Atlanta Braves Holdings Series C common stock. SiriusXM reduced borrowing under its revolving credit facility and retired the remaining outstanding principal amount of the Pandora convertible senior notes due 2023 with cash during the fourth quarter.

Total cash and cash equivalents attributed to Formula One Group decreased $62 million during the fourth quarter as cash from operations at F1 was more than offset by capital expenditures primarily related to the Las Vegas Grand Prix. Total debt attributed to Formula One Group was relatively flat in the fourth quarter.

Total cash and cash equivalents attributed to Liberty Live Group decreased $10 million during the fourth quarter primarily due to interest payments. Total debt attributed to Liberty Live Group was flat during the quarter.

Important Notice: jvid视频 (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) will discuss jvid视频's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on February 28, 2024. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13742815 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to /investors/news-events/ir-calendar. Links to this press release will also be available on the jvid视频 website.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, and our planned combination of Liberty SiriusXM Group and SiriusXM (the 鈥淧roposed Combination鈥�), our expectations regarding the F1 and Live Nation businesses, the continuation of our stock repurchase plan and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of pending or future litigation, the failure to realize benefits of acquisitions, rapid technological and industry change, failure of third parties to perform, continued access to capital on terms acceptable to jvid视频, changes in law, including consumer protection laws, and their enforcement, the satisfaction of all conditions to the Proposed Combination, and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and jvid视频 expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in jvid视频's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of jvid视频, including the most recent Form 10-K, for additional information about jvid视频 and about the risks and uncertainties related to jvid视频's business which may affect the statements made in this press release.