| Information About 麻豆最新出品's Operating Segments |
(18)听听Information About 麻豆最新出品鈥檚 Operating Segments
The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries. The Company identifies its reportable segments as (A)听those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B)听those equity method affiliates whose share of earnings (losses) represent 10% or more of the Company鈥檚 annual pre-tax earnings (loss).
麻豆最新出品鈥檚 chief operating decision maker evaluates performance and makes decisions about allocating resources to the Company鈥檚 reportable segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as subscriber growth, churn and penetration.
For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business鈥 performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices.
The Company has identified the following subsidiaries as its reportable segments:
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鈼 |
Sirius XM Holdings is a consolidated subsidiary that operates two complementary audio entertainment businesses, Sirius XM and Pandora and Off-platform. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels and other content, as well as podcasts and infotainment services, in the U.S. on a subscription fee basis. Sirius XM鈥檚 packages include live, curated and certain exclusive and on demand programming. The Sirius XM service is distributed through its two proprietary satellite radio systems and streamed via applications for mobile devices, home devices and other consumer electronic equipment. Sirius XM also provides connected vehicle services and a suite of in-vehicle data services. Pandora operates a music, comedy and podcast streaming discovery platform.听 Pandora is available as an ad-supported radio service, a radio subscription service, called Pandora Plus, and an on-demand
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subscription service, called Pandora Premium. Pandora also sells advertising on other audio platforms in widely distributed podcasts, which are considered to be off-platform services. |
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鈼 |
Formula听1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors鈥 Championship and drivers compete for the Drivers鈥 Championship. The World Championship takes place on various circuits with a varying number of events taking place in different countries around the world each season. Formula听1 is responsible for the commercial exploitation and development of the World Championship as well as various aspects of its management and administration.
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The Company鈥檚 reportable segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments that are also consolidated subsidiaries are the same as those described in the Company鈥檚 summary of significant policies.
As of December 31, 2023, Live Nation met the Company鈥檚 reportable segment threshold for equity method affiliates. Accordingly, the segment presentation for prior periods has been conformed to current period segment presentation. Although the Company owns less than 100% of the outstanding shares of Live Nation, 100% of the Live Nation amounts are included in the tables below and are subsequently eliminated in order to reconcile the account totals to the Company鈥檚 consolidated financial statements. As disclosed in note 2, the Company鈥檚 investment in Live Nation was reattributed from the 麻豆最新出品 SiriusXM Group to the 麻豆最新出品 Live Group effective August 3, 2023. 听
Performance Measures
鈥
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|
|
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|
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|
|
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|
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|
鈥 |
鈥 |
Years听ended听December听31, |
听 |
鈥 |
鈥 |
2023 |
鈥 |
2022 |
鈥 |
2021 |
听 |
鈥 |
听听听听 |
鈥 |
鈥 |
听听听听 |
Adjusted |
听听听听 |
鈥 |
听听听听 |
Adjusted |
听听听听 |
鈥 |
听听听听 |
Adjusted |
听 |
鈥 |
鈥 |
Revenue |
鈥 |
OIBDA |
鈥 |
Revenue |
鈥 |
OIBDA |
鈥 |
Revenue |
鈥 |
OIBDA |
听 |
|
鈥 |
鈥 |
amounts听in听millions |
听 |
麻豆最新出品 SiriusXM Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Sirius XM Holdings |
鈥 |
$ |
8,953 |
听 |
2,774 |
听 |
9,003 |
听 |
2,833 |
听 |
8,696 |
听 |
2,770 |
鈥 |
Live Nation |
鈥 |
鈥 |
11,475 |
鈥 |
1,188 |
鈥 |
16,681 |
鈥 |
1,407 |
鈥 |
6,268 |
鈥 |
324 |
鈥 |
Corporate and other |
鈥 |
鈥 |
鈥 |
鈥 |
(42) |
鈥 |
鈥 |
鈥 |
(26) |
鈥 |
鈥 |
鈥 |
(15) |
鈥 |
Eliminate equity method affiliate |
鈥 |
鈥 |
(11,475) |
鈥 |
(1,188) |
鈥 |
(16,681) |
鈥 |
(1,407) |
鈥 |
(6,268) |
鈥 |
(324) |
鈥 |
Total 麻豆最新出品 SiriusXM Group |
鈥 |
鈥 |
8,953 |
鈥 |
2,732 |
鈥 |
9,003 |
鈥 |
2,807 |
鈥 |
8,696 |
鈥 |
2,755 |
鈥 |
Formula One Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Formula 1 |
鈥 |
鈥 |
3,222 |
鈥 |
725 |
鈥 |
2,573 |
鈥 |
593 |
鈥 |
2,136 |
鈥 |
495 |
鈥 |
Corporate and other |
鈥 |
鈥 |
15 |
鈥 |
(39) |
鈥 |
鈥 |
鈥 |
(42) |
鈥 |
鈥 |
鈥 |
(29) |
鈥 |
Intergroup elimination |
鈥 |
鈥 |
(15) |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Total Formula One Group |
鈥 |
鈥 |
3,222 |
鈥 |
686 |
鈥 |
2,573 |
鈥 |
551 |
鈥 |
2,136 |
鈥 |
466 |
鈥 |
麻豆最新出品 Live Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Live Nation |
鈥 |
鈥 |
11,274 |
鈥 |
674 |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
Corporate and other |
鈥 |
鈥 |
鈥 |
鈥 |
(9) |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
Eliminate equity method affiliate |
鈥 |
鈥 |
(11,274) |
鈥 |
(674) |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
Total 麻豆最新出品 Live Group |
鈥 |
鈥 |
鈥 |
鈥 |
(9) |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
Braves Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Corporate and other |
鈥 |
听 |
350 |
听 |
14 |
听 |
588 |
听 |
61 |
听 |
568 |
听 |
104 |
鈥 |
Total Braves Group |
鈥 |
鈥 |
350 |
鈥 |
14 |
鈥 |
588 |
鈥 |
61 |
鈥 |
568 |
鈥 |
104 |
鈥 |
Total |
鈥 |
$ |
12,525 |
听 |
3,423 |
听 |
12,164 |
听 |
3,419 |
听 |
11,400 |
听 |
3,325 |
鈥 |
鈥
Other Information
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鈥 |
鈥 |
December听31,听2023 |
鈥 |
December听31,听2022 |
听 |
鈥 |
听听听听 |
Total |
听听听听 |
Investments |
听听听听 |
Capital |
听听听听 |
Total |
听听听听 |
Investments |
听听听听 |
Capital |
听 |
鈥 |
鈥 |
assets |
鈥 |
in听affiliates |
鈥 |
expenditures |
鈥 |
assets |
鈥 |
in听affiliates |
鈥 |
expenditures |
听 |
|
鈥 |
鈥 |
amounts听in听millions |
听 |
麻豆最新出品 SiriusXM Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Sirius XM Holdings |
鈥 |
$ |
29,801 |
听 |
707 |
听 |
650 |
听 |
29,501 |
听 |
665 |
听 |
426 |
鈥 |
Live Nation |
鈥 |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
16,461 |
鈥 |
409 |
鈥 |
377 |
鈥 |
Corporate and other |
鈥 |
鈥 |
100 |
鈥 |
8 |
鈥 |
鈥 |
鈥 |
978 |
鈥 |
158 |
鈥 |
鈥 |
鈥 |
Eliminate equity method affiliate |
鈥 |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
(16,461) |
鈥 |
(409) |
鈥 |
(377) |
鈥 |
Total 麻豆最新出品 SiriusXM Group |
鈥 |
鈥 |
29,901 |
鈥 |
715 |
鈥 |
650 |
鈥 |
30,479 |
鈥 |
823 |
鈥 |
426 |
鈥 |
Formula One Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Formula 1 |
鈥 |
鈥 |
9,057 |
听 |
2 |
听 |
112 |
鈥 |
8,980 |
听 |
鈥 |
听 |
38 |
鈥 |
Corporate and other |
鈥 |
听 |
1,236 |
听 |
39 |
听 |
314 |
听 |
2,036 |
听 |
34 |
听 |
253 |
鈥 |
Intergroup elimination |
鈥 |
鈥 |
(26) |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Total Formula One Group |
鈥 |
鈥 |
10,267 |
鈥 |
41 |
鈥 |
426 |
鈥 |
11,016 |
鈥 |
34 |
鈥 |
291 |
鈥 |
麻豆最新出品 Live Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Live Nation |
鈥 |
鈥 |
19,074 |
鈥 |
447 |
鈥 |
469 |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
Corporate and other |
鈥 |
鈥 |
1,162 |
鈥 |
333 |
鈥 |
鈥 |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
Eliminate equity method affiliate |
鈥 |
鈥 |
(19,074) |
鈥 |
(447) |
鈥 |
(469) |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
Total 麻豆最新出品 Live Group |
鈥 |
鈥 |
1,162 |
鈥 |
333 |
鈥 |
鈥 |
鈥 |
NA |
鈥 |
NA |
鈥 |
NA |
鈥 |
Braves Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Corporate and other |
鈥 |
鈥 |
NA |
鈥 |
NA |
鈥 |
35 |
鈥 |
1,477 |
鈥 |
95 |
鈥 |
18 |
鈥 |
Total Braves Group |
鈥 |
鈥 |
NA |
鈥 |
NA |
鈥 |
35 |
鈥 |
1,477 |
鈥 |
95 |
鈥 |
18 |
鈥 |
Elimination (1) |
鈥 |
鈥 |
(162) |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
(508) |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Consolidated 麻豆最新出品 |
鈥 |
$ |
41,168 |
听 |
1,089 |
听 |
1,111 |
听 |
42,464 |
听 |
952 |
听 |
735 |
鈥 |
| (1) |
As of December 31, 2022, this amount included the intergroup interests in the Braves Group previously held by the Formula One Group and the 麻豆最新出品 SiriusXM Group and the intergroup interest in the Formula One Group previously held by the 麻豆最新出品 SiriusXM Group, as discussed in note 2. The Braves Group intergroup interests attributable to the Formula One Group and the 麻豆最新出品 SiriusXM Group were presented as assets of the Formula One Group and 麻豆最新出品 SiriusXM Group, respectively, and were presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the 麻豆最新出品 SiriusXM Group was presented as an asset of the 麻豆最新出品 SiriusXM Group and was presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups were eliminated in consolidation.
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The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes:
鈥
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|
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鈥 |
鈥 |
Years听ended听December听31, |
听 |
鈥 |
听听听听 |
2023 |
听听听听 |
2022 |
听听听听 |
2021 |
听 |
|
鈥 |
鈥 |
amounts in millions |
听 |
Adjusted OIBDA |
鈥 |
$ |
3,423 |
听 |
3,419 |
听 |
3,325 |
鈥 |
Stock-based compensation |
鈥 |
听 |
(232) |
听 |
(237) |
听 |
(256) |
鈥 |
Depreciation and amortization |
鈥 |
听 |
(1,030) |
听 |
(1,044) |
听 |
(1,072) |
鈥 |
Impairment, restructuring and acquisition costs, net of recoveries (notes 5 and 8) |
鈥 |
鈥 |
(67) |
鈥 |
(74) |
鈥 |
(20) |
鈥 |
Litigation settlements, net of recoveries (note 17) |
鈥 |
鈥 |
(31) |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Operating income (loss) |
鈥 |
鈥 |
2,063 |
鈥 |
2,064 |
鈥 |
1,977 |
鈥 |
Interest expense |
鈥 |
听 |
(782) |
听 |
(689) |
听 |
(642) |
鈥 |
Share of earnings (losses) of affiliates, net |
鈥 |
听 |
138 |
听 |
99 |
听 |
(200) |
鈥 |
Realized and unrealized gains (losses) on financial instruments, net |
鈥 |
听 |
(323) |
听 |
599 |
听 |
(451) |
鈥 |
Gains (losses) on dilution of investment in affiliate |
鈥 |
鈥 |
(4) |
鈥 |
10 |
鈥 |
152 |
鈥 |
Other, net |
鈥 |
听 |
93 |
听 |
110 |
听 |
(47) |
鈥 |
Earnings (loss) before income taxes |
鈥 |
$ |
1,185 |
听 |
2,193 |
听 |
789 |
鈥 |
鈥
Revenue by Geographic Area
鈥
Revenue by geographic area based on the country of domicile is as follows:
鈥
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|
|
|
|
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|
鈥 |
鈥 |
Years听ended听December听31, |
听 |
鈥 |
听听听听 |
2023 |
听听听听 |
2022 |
听听听听 |
2021 |
听 |
|
鈥 |
鈥 |
amounts听in听millions |
听 |
United States |
鈥 |
$ |
9,199 |
听 |
9,480 |
听 |
9,163 |
鈥 |
United Kingdom |
鈥 |
听 |
3,222 |
听 |
2,573 |
听 |
2,136 |
鈥 |
Other |
鈥 |
鈥 |
104 |
鈥 |
111 |
鈥 |
101 |
鈥 |
鈥 |
鈥 |
$ |
12,525 |
听 |
12,164 |
听 |
11,400 |
鈥 |
鈥
Long-lived Assets by Geographic Area
鈥
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|
|
|
|
|
|
鈥 |
鈥 |
December听31, |
听 |
鈥 |
听听听听 |
2023 |
听听听听 |
2022 |
听 |
|
鈥 |
鈥 |
amounts听in听millions |
听 |
United States |
鈥 |
$ |
2,001 |
听 |
2,208 |
鈥 |
United Kingdom |
鈥 |
听 |
82 |
听 |
47 |
鈥 |
鈥 |
鈥 |
$ |
2,083 |
听 |
2,255 |
鈥 |
鈥
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