Executive Summary

Mixed quarter: Liberty SiriusXM Group revenue was flat year-over-year at $2.29B, with Adjusted OIBDA down 6% and Operating Income down 14%; Formula One Group delivered a very strong Q4 driven by the inaugural Las Vegas Grand Prix, with revenue up 63% and Adjusted OIBDA up 80% year-over-year .
Management advanced strategic simplification, reiterating plans to complete the combination of Liberty SiriusXM Group with SiriusXM in early Q3 2024; LSXM Group reduced attributed debt by $279M in Q4 (–$782M for FY23) and retired its 1.375% converts .
SiriusXM (stand-alone) achieved FY23 revenue of $8.95B, adjusted EBITDA of $2.79B and free cash flow of $1.20B, and announced 2024 financial guidance (details in SIRI release), while launching a next-gen app; Live Nation fair value marked $6.5B at year-end .
Stock reaction catalysts: continued execution on the LSXM/SiriusXM combination timeline, sustained F1 commercial momentum (Las Vegas, new race deals), and capital allocation (debt reduction, $1.1B remaining repurchase authorization at Liberty Media) .

What Went Well and What Went Wrong

What Went Well

Formula 1 momentum: Q4 revenue +63% YoY to $1.23B with Adjusted OIBDA +80% to $243M, buoyed by Las Vegas GP hospitality and sponsorship/media growth; FY23 primary revenue +21% and other revenue +42% .
Strategic progress and simplification: LSXM/SiriusXM combination targeted early Q3 2024; LSXM Group debt reduced by $279M in Q4 and $782M for FY23; retired 1.375% converts and reduced margin loan usage .
Management tone and growth vectors: “Formula 1 had another fantastic year with double digit growth across all revenue streams… Las Vegas Grand Prix generated massive global buzz” (Greg Maffei); F1 CEO highlighted record attendance, fastest social growth among leagues, stronger US/youth/female audience, and 2026 Madrid race announcement .

What Went Wrong

Liberty SiriusXM Group margin pressure: Q4 Adjusted OIBDA fell 6% YoY (to $688M) and Operating Income fell 14% YoY (to $455M) despite flat revenue, reflecting cost dynamics and corporate SG&A .
Higher F1 costs: Other cost of revenue and team payments increased on Las Vegas GP operations and broader hospitality/travel/partner servicing; SG&A also elevated on personnel/IT/marketing (full-year), partly offset by FX favorability .
Limited estimate visibility at LSXMA level: S&P Global consensus for Q4 2023 at the LSXMA tracker level was unavailable via our toolset, constraining explicit vs-consensus comparisons (see Estimates Context) [GetEstimates error].

Financial Results

Liberty SiriusXM Group – Quarterly Performance

Metric	Q2 2023	Q3 2023	Q4 2023
Revenue ($USD Billions)	$2.250	$2.271	$2.288
Operating Income ($USD Millions)	$452	$528	$455
Adjusted OIBDA ($USD Millions)	$694	$736	$688

Notes: Revenue equals SiriusXM revenue attributed to Liberty SiriusXM Group .

Formula One Group – Quarterly Performance

Metric	Q2 2023	Q3 2023	Q4 2023
Revenue ($USD Millions)	$724	$887	$1,230
Operating Income ($USD Millions)	$52	$107	$122
Adjusted OIBDA ($USD Millions)	$141	$197	$243

F1 Revenue Composition – Quarterly

Metric	Q2 2023	Q3 2023	Q4 2023
Primary F1 Revenue ($USD Millions)	$618	$790	$838
Other F1 Revenue ($USD Millions)	$106	$97	$392
Total F1 Revenue ($USD Millions)	$724	$887	$1,230

Additional KPIs and Capital Structure (Select)

Metric	Q3 2023	Q4 2023
LSXM Group Cash & Equivalents ($MM)	$327	$306
LSXM Attributed Debt Face ($MM)	$11,540	$11,106
SiriusXM Margin Loan ($MM)	$775	$695
F1 Number of Races in Period	8	6
F1 FY23 Attendance/TV/Social	6.0M fans, 1.5B cumulative TV viewers, 70.5M social followers	—

SiriusXM (stand-alone, FY23): Revenue $8.95B, Net Income $1.26B, Diluted EPS $0.32, Adjusted EBITDA $2.79B, Free Cash Flow $1.20B; 2024 guidance announced by SiriusXM (see SIRI release) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
SiriusXM (stand-alone) 2024 Financial Guidance	FY 2024	N/A in Liberty release	“SiriusXM announced 2024 financial guidance” (details in SIRI’s Feb 1, 2024 release)	Not specified in Liberty release
Liberty Media Repurchase Authorization	As of Feb 1, 2024	$1.1B	$1.1B	Maintained

Note: Liberty’s Q4 materials reference SIRI guidance but do not include ranges; refer to SiriusXM’s own earnings release for specifics .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2023, Q3 2023)	Current Period (Q4 2023)	Trend
LSXM/SiriusXM structural simplification	Reclassification to create Liberty Live tracking stock; intergroup settlements (Q2)	Expect combination completion early Q3 2024	Progressing toward execution
SiriusXM product and cost actions	Next-gen app preview; resilient operations; incremental guidance on FCF (Q2); reiterated 2023 guidance and app event (Q3)	Launched next-gen app; cost management continues	Continued product push, disciplined costs
F1 commercial growth	24-race 2024 calendar; sponsor/media extensions (Q2)	Record Q4/FY; Las Vegas GP delivered; new Madrid race from 2026; renewals (UK, Japan, Brazil)	Broad-based growth and new assets
F1 cost dynamics	Freight cost easing; higher hospitality and commissions; Imola cancellation costs (Q2); early Las Vegas planning costs (Q3)	Elevated other costs from promoting Las Vegas GP and higher hospitality; SG&A mix shifts; team payments up with revenue	Costs up with event expansion; leverage improving YoY
Capital allocation	LSXM debt reduction, convert retirements; F1 TLB repriced down 75 bps (Q3)	Further debt reduction at LSXM; ongoing repurchase authorization	Balance sheet strengthening

Management Commentary

Greg Maffei, President & CEO: “Formula 1 had another fantastic year with double digit growth across all revenue streams. The Las Vegas Grand Prix generated massive global buzz… SiriusXM progressed a number of strategic achievements, launching its next generation app and investing in marquee talent while managing its cost structure” .
Stefano Domenicali, F1 CEO: “2023 marked another incredible season for Formula 1… record race attendance… fastest growing league on social media for the fourth consecutive year… excited for the 2024 season as we focus on deepening our relationships with fans and optimizing our commercial partnerships” .

Q&A Highlights

The full Q4 2023 earnings call transcript was not accessible via our tools (paywalled on third-party sites). As a result, we cannot provide direct Q&A excerpts or additional guidance clarifications beyond what is contained in Liberty’s press release .

Estimates Context

S&P Global (Capital IQ) consensus for LSXMA Q4 2023 was unavailable via our toolset due to a missing mapping for LSXMA, so we cannot present revenue/EPS/EBITDA vs-consensus comparisons for the tracker level at this time [SpgiEstimatesError].
Where investors need estimate context, we recommend referencing SiriusXM (SIRI) and Formula One Group (FWONA/FWONK) consensus directly for underlying asset-level comparisons; however, those were outside the scope of this Liberty-specific tool pull.

Key Takeaways for Investors

Formula One Group produced a powerful Q4/FY finish with outsized Las Vegas GP contributions and new commercial deals; momentum into 2024 remains a core upside driver for Liberty’s portfolio .
Liberty SiriusXM Group delivered flat revenue with lower OIBDA and Operating Income; focus turns to realizing synergies/valuation benefits from the announced LSXM/SiriusXM combination targeted for early Q3 2024 .
Balance sheet actions at LSXM Group (retired 1.375% converts, reduced margin loan) de-risk the equity and create headroom for the combination; ongoing debt paydown is a supportive medium-term theme .
F1 cost intensity (hospitality, event ops, travel) will ebb and flow with calendar mix (e.g., Vegas), but rising primary revenues (media/sponsorship/promotion) and improving team payment ratio (63% vs 66% in FY22) support incremental operating leverage .
Watch for near-term catalysts: regulatory/transaction milestones for the LSXM/SiriusXM combination, F1 schedule/commercial updates, and capital allocation signals (repurchase authorization remains $1.1B) .
With LSXMA-level consensus unavailable here, investors should triangulate bottom-up through SIRI and FWONA/FWONK estimates to gauge revisions risk post Q4 prints.

Appendix: Prior Quarter Benchmarks (for trajectory)

Liberty SiriusXM Group Q3 2023: Revenue $2.271B; Operating Income $528M; Adjusted OIBDA $736M .
Liberty SiriusXM Group Q2 2023: Revenue $2.250B; Operating Income $452M; Adjusted OIBDA $694M .
Formula One Group Q3 2023: Revenue $887M; Adjusted OIBDA $197M (8 races vs 7 prior year) .
Formula One Group Q2 2023: Revenue $724M; Adjusted OIBDA $141M (6 races vs 7 prior year due to Imola cancellation) .

Sources: Liberty Media Q4 2023 Form 8-K and Exhibit 99.1 press release (Feb 28, 2024) ; Q3 2023 press release (Nov 3, 2023) ; Q2 2023 press release (Aug 4, 2023) . Earnings call logistics and third-party transcript references: Liberty IR calendar and external sites .

Liberty Media Corp (LSXMA)·Q4 2023 Earnings Summary