10-KPeriod: FY2022

Liberty Media Corp Annual Report, Year Ended Dec 31, 2022

Filed March 1, 2023For Securities:FWONKFWONAFWONB

Summary

Liberty Media Corporation's (FWONK) 2022 10-K filing highlights a year of significant operational performance across its diverse business segments, including Sirius XM Holdings, Formula 1, and Braves Holdings. The company reported consolidated revenue of $12.16 billion, a notable increase driven by growth in all three primary segments. Sirius XM Holdings demonstrated resilience with increased subscriber and advertising revenue, while Formula 1 experienced a strong rebound with record attendance and increased media rights and sponsorship revenue. The Braves Group also saw revenue growth, aided by a full baseball season and increased fan attendance at Truist Park. Financially, the company reported consolidated operating income of $2.06 billion, up from $1.98 billion in 2021, and Adjusted OIBDA of $3.42 billion. A key strategic development during the year was the authorization of a plan to split-off the Braves Group into an independent, publicly-traded company, Atlanta Braves Holdings, Inc., and subsequently reclassify its remaining tracking stocks into Liberty SiriusXM, Liberty Formula One, and a new Liberty Live Group. These transactions are anticipated to be completed in the first half of 2023, aiming to unlock further value for shareholders.

Financial Highlights

41 data points
Beta

Revenue

$3.16B

Net Income

$1.81B

57.4% Net Margin

Total Assets

$42.46B

Cash & Equivalents

$1.88B

Free Cash Flow

$2.55B

Financial Statements
Beta
Revenue$3.16B
SG&A Expenses$393.00M
Operating Expenses$3.02B
Operating Income$145.00M
Interest Expense$689.00M
Net Income$1.81B

Key Highlights

  • 1Consolidated revenue reached $12.16 billion, up from $11.40 billion in 2021, driven by growth across Sirius XM Holdings, Formula 1, and Braves Holdings.
  • 2Sirius XM Holdings reported $9.00 billion in revenue, with subscriber revenue up 5% and advertising revenue up 2%, reflecting continued subscriber growth and a strong advertising market.
  • 3Formula 1 saw revenue increase by 20.5% to $2.57 billion, benefiting from record attendance and improved media rights and sponsorship agreements.
  • 4Braves Holdings reported revenue of $588 million, up 3.3%, driven by a full MLB season with fans and increased event activity at Truist Park.
  • 5Consolidated operating income increased to $2.06 billion, up from $1.98 billion in the prior year.
  • 6Adjusted OIBDA (a non-GAAP measure) increased to $3.42 billion from $3.33 billion in 2021.
  • 7The company announced plans for a split-off of its Braves Group into a separate public company and a reclassification of its remaining tracking stocks, expected in the first half of 2023.

Frequently Asked Questions

Liberty Media reported a consolidated revenue of $12.16 billion and operating income of $2.06 billion for the year ended December 31, 2022. Adjusted OIBDA, a key performance indicator for the company, was $3.42 billion. These results indicate a strong operational year with growth across its major business segments.

Liberty Media operates through three main tracking stock groups: Liberty SiriusXM Group (primarily Sirius XM Holdings and Live Nation), Liberty Braves Group (Braves Holdings), and Liberty Formula One Group (Formula 1). In 2022, Sirius XM Holdings generated $9.00 billion in revenue, Formula 1 generated $2.57 billion, and Braves Holdings generated $588 million, all showing year-over-year growth.

The most significant strategic development announced is the plan to split off the Braves Group into an independent, publicly-traded company, Atlanta Braves Holdings, Inc. Following this split-off, Liberty Media intends to reclassify its remaining tracking stocks, creating a new Liberty Live Group. These transactions are expected to be completed in the first half of 2023.

Sirius XM Holdings reported $9.00 billion in revenue for 2022. Its primary revenue streams are subscriber revenue ($6.37 billion) and advertising revenue ($1.77 billion). Subscriber revenue saw a 5% increase year-over-year, driven by subscriber base growth and higher average revenue per subscriber. Advertising revenue increased by 2%.