- Liberty Media Corp FWONA reported first-quarter 2022 results, with results attributed to Liberty SiriusXM Group, Formula One Group, and Braves Group.
- Liberty SiriusXM Group: Liberty SiriusXM reported first-quarter FY22 revenue growth of 6% year-on-year to $2.19 billion.
- Liberty SiriusXM operating income expanded 108% Y/Y to $493 million.
- Liberty SiriusXM's adjusted OIBDA was $690 million, up 1% Y/Y.
- Liberty Media's ownership of SiriusXM was 81.4% as of April 26.
- Formula One Group reported Q1 revenue growth of 100% Y/Y to $360 million.
- The Group reported an operating income of $19 million and an adjusted OIBDA of $112 million.
- Braves Group reported Q1 revenue growth of 43.8% Y/Y to $23 million. The adjusted OIBDA loss was $(19) million.
- Total consolidated cash and equivalents totaled $3.29 billion (Sirius XM's $710 million, Formula One's $2.27 billion, and Braves' $311 million).
- Liberty Media's board increased the remaining repurchase authorization by $1 billion on May 4.
- "SiriusXM produced robust financial results while navigating well through challenging macroeconomic conditions and supply chain issues. Live Nation continues to experience record-breaking demand which it is matching with compelling live experiences. The powerful allure of Formula 1 continues, and we were excited to announce that the Las Vegas Grand Prix will join the calendar in November 2023," CEO Greg Maffei said.
- Price Action: FWONA shares traded higher by 2.55% at $57.51 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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