Liberty Media Corporation Reports First Quarter 2023 Financial Results

About this update from Liberty Media Corporation - Series A Liberty Formula One

[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Media Corporation (\"Liberty Media\" or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported first quarter 2023 results. Headlines include(1):\n\n\n\nTargeting completion of planned split-off of Atlanta Braves Holdings, Inc. and reclassification of tracking stocks to create Liberty Live Group tracking stock by end of second quarter 2023\n\n\n\nAttributed to Liberty SiriusXM Group\n\n\nSiriusXM reported first quarter 2023 operating and financial results\n\n\nFirst quarter 2023 revenue of $2.14 billion; down 2% year-over-year\n\n\n\nNet income of $233 million, down from $309 million in 2022; diluted EPS of $0.06\n\n\n\nAdjusted EBITDA(2) of $625 million and free cash flow(2) of $144 million\n\n\n\nSiriusXM increased full-year adjusted EBITDA and free cash flow guidance on April 27th\n\n\n\n\n\n\nLiberty Media’s ownership of SiriusXM was 82.9% as of April 25th\n\n\n\nIssued $575 million of 3.75% LSXMA convertible senior notes and used proceeds, along with cash on hand, to repurchase $591 million aggregate principal of 1.375% cash convertible notes and $112 million aggregate adjusted principal of 2.125% exchangeable senior debentures\n\n\n\n\n\n\nAttributed to Formula One Group\n\n\nAnnounced multiple updates to sponsorship agreements, including extending MSC Cruises as Global Partner, welcoming Puma as Official Provider of F1’s sporting apparel and naming Paramount+ and Liqui Moly as Official Partners\n\n\n\nExtended agreement with ESPN to broadcast F1 in Latin America and Caribbean through 2025\n\n\n\nLas Vegas Grand Prix Paddock Building construction at 60% completion with expected occupancy by end of September\n\n\n\nFormula 1 leverage at quarter-end of 2.2x will trigger permanent reduction in existing Term Loan B margin from 3.25% to 3.00%\n\n\n\nFormula One Group paid $202 million in exchange for the cancellation of 3.1 million notional FWONA shares underlying intergroup interest held at Liberty SiriusXM Group corresponding to the portion of 1.375% cash convertible notes repurchased\n\n\n\n\n\n\nAttributed to Braves Group\n\n\nBraves home opener on April 6th drew 42,000 fans, largest home opener crowd in Truist Park history\n\n\n\n\n\n\n“We are progressing well on the split-off of the Atlanta Braves and the creation of the Liberty Live Group tracking ...

More updates from Liberty Media Corporation - Series A Liberty Formula One