Liberty Live Holdings (LLYVK) Q4 2023 earnings summary

Executive summary

• 2023 brought a portfolio restructuring: Atlanta Braves Holdings was split off, three tracking stocks were reclassified, and a SiriusXM combination was announced for expected completion in early Q3 2024.

• Consolidated revenue rose $361 million to $12.525 billion; adjusted OIBDA was nearly flat at $3.423 billion, while net earnings fell to $962 million from $2.029 billion.

Financial highlights

• FY2023 revenue was $12.525 billion versus $12.164 billion; operating income was $2.063 billion versus $2.064 billion.

• Net earnings were $962 million versus $2.029 billion; net earnings attributable to stockholders were $761 million versus $1.815 billion.

• Adjusted OIBDA was $3.423 billion versus $3.419 billion; the $4 million increase reflected Formula 1 growth partly offset by lower Sirius XM and Braves results.

• Operating cash flow was $2.464 billion; investing and financing cash flows were uses of $1.240 billion and $1.473 billion, respectively.

Outlook and guidance

• The SiriusXM split-off and merger were expected to close in early Q3 2024, subject to conditions including tax opinions and completion of the split-off.

• The planned MotoGP acquisition was expected to close by year-end 2024; it was described as an intended accretive deployment of capital.

• Formula 1 targets Net Zero by 2030 and expected to introduce 100% advanced sustainable fuel in 2026; the Madrid race is scheduled to begin in 2026.