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Formula One Group (FWONK) Presents At Goldman Sachs Communacopia & Technology Conference (Transcript)
Seeking Alpha· 2025-09-08 21:38
Group 1 - Liberty Media has seen significant developments with the appointment of a new CEO and the successful acquisition of MotoGP [1] - Collaboration with Apple to promote the F1 movie has proven to be highly successful, indicating strong brand synergy and marketing potential [1] Group 2 - The new CEO's top priorities over the past six months include focusing on the growth of both Formula 1 and MotoGP properties [2] - Looking ahead, the CEO aims to enhance Liberty Media as a whole, particularly through initiatives like Liberty Live [2]
Formula One Group: Lots To Look Forward To
Seeking Alpha· 2025-08-20 12:03
Group 1 - Formula One is celebrating its 75th anniversary, indicating the time required to establish a truly global racing league [1] - Moto GP, a sibling series to Formula One, has been in existence since 1949, one year prior to the inaugural F1 race at Silverstone in the UK [1] Group 2 - The article reflects a long-term investment perspective, emphasizing the importance of knowledge accumulation and strategic thinking in investment [1]
Liberty(FWONA) - 2025 Q2 - Quarterly Results
2025-08-07 20:54
[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Liberty Media's strategic progress, including the MotoGP acquisition, Liberty Live split-off, and strong financial performance of Formula 1, alongside key achievements [CEO Statement & Strategic Priorities](index=1&type=section&id=CEO%20Statement%20%26%20Strategic%20Priorities) Liberty Media's President & CEO, Derek Chang, highlighted significant progress on strategic priorities, including the acquisition of MotoGP, advancement of the Liberty Live split-off, and continued strong financial and operating results for Formula 1 - Liberty Media made excellent progress on stated priorities: completing the MotoGP acquisition, advancing the split-off of Liberty Live, and achieving excellent financial and operating results at Formula 1[1](index=1&type=chunk) - Formula 1's global strength drives commercial momentum and financial success, evidenced by new partners and record fan engagement[1](index=1&type=chunk) - The company is thrilled to begin its partnership with the MotoGP management team, working to support strategic direction and accelerate growth[1](index=1&type=chunk) [Key Achievements](index=1&type=section&id=Key%20Achievements) Key achievements include the completion of the MotoGP acquisition, significant renewals and new partnerships for Formula 1, the successful global release of the F1 movie, and progress towards the Liberty Live Group split-off - Formula One Group completed the acquisition of MotoGP on **July 3rd**[2](index=2&type=chunk) - Formula One Group renewed agreements with the Canadian Grand Prix (through **2035**) and Austrian Grand Prix (through **2041**), secured PepsiCo as a new Official Partner (through **2030**), and extended its Global Partnership with MSC Cruises (through **2030**)[2](index=2&type=chunk) - The F1 The Movie opened globally on **June 27th** and became Apple's highest-grossing film ever[2](index=2&type=chunk) - Liberty Live Group's fair value of Live Nation investment was **$10.5 billion** as of **June 30th**, and the split-off is expected to complete in **Q4 2025**[2](index=2&type=chunk) [Corporate Updates](index=3&type=section&id=Corporate%20Updates) This section details the completion of Liberty Media's acquisition of Dorna Sports, S.L. (MotoGP), outlining ownership structure and consolidation timing [MotoGP Acquisition](index=3&type=section&id=MotoGP%20Acquisition) Liberty Media completed the acquisition of Dorna Sports, S.L. (MotoGP) on July 3, 2025, gaining approximately 84% ownership, with financial results to be consolidated going forward. The initial accounting for the acquisition is not reflected in the current financial results due to timing - Liberty Media completed the acquisition of Dorna Sports, S.L. (MotoGP) on **July 3, 2025**[4](index=4&type=chunk) - Liberty Media owns approximately **84%** of MotoGP, with MotoGP management retaining **16%**[4](index=4&type=chunk) - MotoGP's financial results will be consolidated from the acquisition date, but initial accounting is not reflected in the reported **Q2 2025** results[4](index=4&type=chunk) [Financial Results - Formula One Group](index=3&type=section&id=Financial%20Results%20-%20Formula%20One%20Group) This section presents the consolidated financial performance of the Formula One Group, including detailed operating results for F1 and the Corporate and Other segments [Formula One Group Consolidated Financials](index=3&type=section&id=Formula%20One%20Group%20Consolidated%20Financials) The Formula One Group reported significant growth in Q2 2025, with total revenue increasing by 35.7% and operating income by 374.6% compared to Q2 2024. Adjusted OIBDA also saw substantial growth, up 123.6% for the quarter Formula One Group Financial Results (Q2 and H1 2025 vs. 2024) (amounts in millions) | Formula One Group | Three months ended June 30, 2024 (millions) | Three months ended June 30, 2025 (millions) | Six months ended June 30, 2024 (millions) | Six months ended June 30, 2025 (millions) | | :------------------ | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | **Revenue** | | | | | | Formula 1 | $871 | $1,226 | $1,424 | $1,629 | | Corporate and other | $141 | $145 | $185 | $198 | | Intergroup elimination | $(24) | $(30) | $(34) | $(39) | | **Total Revenue** | **$988** | **$1,341** | **$1,575** | **$1,788** | | **Operating Income (Loss)** | | | | | | Formula 1 | $84 | $293 | $220 | $265 | | Corporate and other | $(25) | $(13) | $(66) | $(52) | | **Total Operating Income (Loss)** | **$59** | **$280** | **$154** | **$213** | | **Adjusted OIBDA (Loss)** | | | | | | Formula 1 | $160 | $361 | $368 | $446 | | Corporate and other | $5 | $8 | $(1) | $(4) | | **Total Adjusted OIBDA (Loss)** | **$165** | **$369** | **$367** | **$442** | - Formula One Group's total revenue increased by **$353 million (35.7%)** in **Q2 2025** compared to **Q2 2024**[7](index=7&type=chunk) - Formula One Group's total operating income increased by **$221 million (374.6%)** in **Q2 2025** compared to **Q2 2024**[7](index=7&type=chunk) - Formula One Group's total Adjusted OIBDA increased by **$204 million (123.6%)** in **Q2 2025** compared to **Q2 2024**[7](index=7&type=chunk) [F1 Operating Results](index=3&type=section&id=F1%20Operating%20Results) F1's operating results showed strong growth in Q2 2025, driven by an additional race, contractual fee increases, new sponsors, and growth in F1 TV subscriptions and hospitality. Operating income surged by 249% and Adjusted OIBDA by 126% for the quarter Formula 1 Operating Results (Q2 and H1 2025 vs. 2024) (amounts in millions) | Formula 1 | Three months ended June 30, 2024 (millions) | Three months ended June 30, 2025 (millions) | % Change 2024 | Six months ended June 30, 2024 (millions) | Six months ended June 30, 2025 (millions) | % Change | | :------------------------------------------------ | :------------------------------------------ | :------------------------------------------ | :------------ | :---------------------------------------- | :---------------------------------------- | :------- | | Number of races in period | 8 | 9 | | 11 | 11 | | | Primary Formula 1 revenue | $739 | $1,032 | 40 % | $1,202 | $1,351 | 12 % | | Other Formula 1 revenue | $132 | $194 | 47 % | $222 | $278 | 25 % | | **Total Formula 1 revenue** | **$871** | **$1,226** | **41 %** | **$1,424** | **$1,629** | **14 %** | | Operating expenses (excluding stock-based compensation): | | | | | | | | Team payments, excluding Concorde incentive payments | $(435) | $(513) | (18)% | $(598) | $(627) | (5)% | | Other cost of Formula 1 revenue | $(210) | $(274) | (30)% | $(333) | $(402) | (21)% | | Cost of Formula 1 revenue, excluding Concorde incentive payments | $(645) | $(787) | (22)% | $(931) | $(1,029) | (11)% | | Selling, general and administrative expenses | $(66) | $(78) | (18)% | $(125) | $(154) | (23)% | | **Adjusted OIBDA** | **$160** | **$361** | **126 %** | **$368** | **$446** | **21 %** | | Concorde incentive payments | — | — | NM | — | $(50) | NM | | Stock-based compensation | $(1) | — | NM | $(1) | — | NM | | Depreciation and Amortization | $(75) | $(68) | 9 % | $(147) | $(131) | 11 % | | **Operating income (loss)** | **$84** | **$293** | **249 %** | **$220** | **$265** | **20 %** | - F1's total revenue increased by **41%** in **Q2 2025**, driven by an additional race (**9 vs. 8** in **Q2 2024**) and contractual increases across all primary revenue streams[11](index=11&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk) - F1 Operating Income increased by **249%** to **$293 million** in **Q2 2025**, and Adjusted OIBDA increased by **126%** to **$361 million**[11](index=11&type=chunk) [F1 Revenue Analysis](index=5&type=section&id=F1%20Revenue%20Analysis) This section analyzes the drivers of F1 revenue growth in Q2 and H1 2025, including primary revenue streams, hospitality, and licensing income - Primary F1 revenue, comprising race promotion, media rights, and sponsorship fees, increased by **40%** in **Q2 2025** due to calendar variance (additional race), contractual increases, new sponsors, and growth in F1 TV subscriptions[12](index=12&type=chunk)[14](index=14&type=chunk) - Other F1 revenue increased by **47%** in **Q2 2025**, primarily due to higher hospitality and experiences revenue (Paddock Club growth, additional event) and growth in licensing income[14](index=14&type=chunk) - For the six months ended **June 30, 2025**, Primary F1 revenue grew **12%** and Other F1 revenue grew **25%**, with growth across all revenue streams, including new sponsors, F1 TV subscriptions, and higher freight income[15](index=15&type=chunk) [Operating Income & Adjusted OIBDA Analysis](index=5&type=section&id=Operating%20Income%20%26%20Adjusted%20OIBDA%20Analysis) This section details the factors influencing F1's operating expenses, including team payments, cost of revenue, and selling, general, and administrative expenses - Team payments increased in both **Q2** and **H1 2025** due to the pro rata recognition of expected higher team payments for the full year[16](index=16&type=chunk) - Other cost of F1 revenue increased due to higher freight costs (different event order), increased commissions and partner servicing costs, higher Paddock Club costs, new sponsor servicing costs, and F1 TV delivery costs[16](index=16&type=chunk) - Selling, general and administrative expenses increased primarily due to higher personnel and marketing expenses, including costs for the **75th season launch event**[16](index=16&type=chunk) [Corporate and Other Operating Results](index=7&type=section&id=Corporate%20and%20Other%20Operating%20Results) The Corporate and Other segment's revenue increased in Q2 2025, primarily driven by Quint's results from F1 Experiences and the Kentucky Derby. Rental income from Grand Prix Plaza in Las Vegas remained stable - Corporate and Other revenue increased in **Q2 2025** due to Quint results, primarily from F1 Experiences across nine races and the Kentucky Derby[17](index=17&type=chunk) - Grand Prix Plaza in Las Vegas generated **$6 million** in rental income in both **Q2 2025** and **Q2 2024**[17](index=17&type=chunk) - Quint's revenue is seasonal, with its largest events generally occurring in the **second and fourth quarters**[17](index=17&type=chunk) [Financial Results - Liberty Live Group](index=9&type=section&id=Financial%20Results%20-%20Liberty%20Live%20Group) This section provides an overview of the Liberty Live Group's financial allocation and primary assets, including its interest in Live Nation [Liberty Live Group Overview](index=9&type=section&id=Liberty%20Live%20Group%20Overview) Liberty Live Group was allocated $7 million in corporate level selling, general and administrative expense in Q2 2025. Its assets primarily consist of Liberty Media's interest in Live Nation and other minority investments - Liberty Live Group was allocated **$7 million** of corporate level selling, general and administrative expense in **Q2 2025**[18](index=18&type=chunk) - The businesses and assets attributed to Liberty Live Group consist primarily of Liberty Media's interest in Live Nation and other minority investments[19](index=19&type=chunk) [Capital Structure & Liquidity](index=9&type=section&id=Capital%20Structure%20%26%20Liquidity) This section outlines Liberty Media's share repurchase activities, cash and debt positions for Formula One and Liberty Live Groups, and compliance with debt covenants [Share Repurchases](index=9&type=section&id=Share%20Repurchases) Liberty Media did not repurchase any common stock between May 1 and July 31, 2025. The company retains a remaining repurchase authorization of $1.1 billion - There were no repurchases of Liberty Media's common stock from **May 1** through **July 31, 2025**[20](index=20&type=chunk) - The total remaining repurchase authorization for Liberty Media as of **August 1, 2025**, is **$1.1 billion**[20](index=20&type=chunk) [Cash and Debt](index=10&type=section&id=Cash%20and%20Debt) Formula One Group's cash and cash equivalents increased by $307 million in Q2 2025, primarily from F1 operations and derivative settlements, while its debt remained relatively flat. Liberty Live Group's cash decreased slightly due to interest payments and corporate overhead, with debt remaining flat. Both Liberty Media and F1 are in compliance with their debt covenants Cash and Debt (amounts in millions) | (amounts in millions) | 3/31/2025 | 6/30/2025 | | :------------------------------------------ | :-------- | :-------- | | **Cash and Cash Equivalents Attributable to:** | | | | Formula One Group | $2,833 | $3,140 | | Liberty Live Group | $314 | $308 | | **Total Consolidated Cash and Cash Equivalents (GAAP)** | **$3,147** | **$3,448** | | **Debt:** | | | | Total Attributed Formula One Group Debt (GAAP) | $2,982 | $3,030 | | Formula 1 leverage | 1.2x | 0.7x | | Total Attributed Liberty Live Group Debt (GAAP) | $1,582 | $1,769 | | **Total Liberty Media Corporation Debt (GAAP)** | **$4,564** | **$4,799** | - Total cash and cash equivalents attributed to Formula One Group increased by **$307 million** during **Q2 2025**, primarily due to net cash from F1 operations and proceeds from derivative contracts[27](index=27&type=chunk) - Total cash and cash equivalents attributed to Liberty Live Group decreased by **$6 million** during **Q2 2025**, primarily due to interest payments and corporate overhead[28](index=28&type=chunk) - Liberty Media and F1 are in compliance with their debt covenants as of **June 30, 2025**[27](index=27&type=chunk) [Financial Statements](index=13&type=section&id=Financial%20Statements) This section presents the consolidated balance sheet, statement of operations, and statement of cash flows for Liberty Media, highlighting key financial movements and segment contributions [Balance Sheet Information](index=13&type=section&id=Balance%20Sheet%20Information) The consolidated balance sheet as of June 30, 2025, shows total assets of $13,821 million and total liabilities of $6,458 million. Formula One Group accounts for the majority of assets and liabilities, while Liberty Live Group holds significant investments in affiliates and current portion of debt Consolidated Balance Sheet Information (June 30, 2025, amounts in millions) | Assets | Formula One Group | Liberty Live Group | Intergroup Eliminations | Consolidated Liberty | | :---------------------------------------- | :---------------- | :----------------- | :---------------------- | :------------------- | | Cash and cash equivalents | $3,140 | $308 | — | $3,448 | | Total current assets | $3,793 | $309 | — | $4,102 | | Investments in affiliates | $33 | $589 | — | $622 | | Goodwill | $4,135 | — | — | $4,135 | | Total assets | **$12,485** | **$1,371** | **$(35)** | **$13,821** | | **Liabilities and Equity** | | | | | | Accounts payable and accrued liabilities | $469 | $1 | — | $470 | | Current portion of debt | $34 | $1,769 | — | $1,803 | | Total current liabilities | $1,333 | $1,770 | — | $3,103 | | Long-term debt | $2,996 | — | — | $2,996 | | Total liabilities | **$4,633** | **$1,860** | **$(35)** | **$6,458** | | Equity / Attributed net assets | $7,852 | $(511) | — | $7,341 | | Total liabilities and equity | **$12,485** | **$1,371** | **$(35)** | **$13,821** | [Statement of Operations Information](index=14&type=section&id=Statement%20of%20Operations%20Information) Liberty Media reported consolidated net earnings of $204 million for Q2 2025, a decrease from $507 million in Q2 2024. This change was primarily influenced by a significant shift in realized and unrealized gains/losses on financial instruments, which were negative for Liberty Live Group in 2025, and the absence of net earnings from discontinued operations present in 2024 Consolidated Statement of Operations (Three months ended June 30, 2025, amounts in millions) | | Formula One Group | Liberty Live Group | Consolidated Liberty | | :---------------------------------------- | :---------------- | :----------------- | :------------------- | | Total revenue | $1,341 | — | $1,341 | | Operating income (loss) | $280 | $(7) | $273 | | Interest expense | $(49) | $(8) | $(57) | | Share of earnings (losses) of affiliates, net | $(2) | $73 | $71 | | Realized and unrealized gains (losses) on financial instruments, net | $160 | $(289) | $(129) | | Earnings (loss) before income taxes | $455 | $(227) | $228 | | Income tax (expense) benefit | $(73) | $49 | $(24) | | Net earnings (loss) | $382 | $(178) | $204 | | Net earnings (loss) attributable to Liberty stockholders | $382 | $(178) | $204 | Consolidated Statement of Operations (Three months ended June 30, 2024, amounts in millions) | | Formula One Group | Liberty Live Group | Liberty SiriusXM Group | Consolidated Liberty | | :---------------------------------------- | :---------------- | :----------------- | :--------------------- | :------------------- | | Total revenue | $988 | — | — | $988 | | Operating income (loss) | $59 | $(2) | — | $57 | | Interest expense | $(53) | $(7) | — | $(60) | | Share of earnings (losses) of affiliates, net | $(2) | $85 | — | $83 | | Realized and unrealized gains (losses) on financial instruments, net | $(1) | $88 | — | $87 | | Earnings (loss) from continuing operations before income taxes | $23 | $170 | — | $193 | | Income tax (expense) benefit | $1 | $(36) | — | $(35) | | Net earnings (loss) from continuing operations | $24 | $134 | — | $158 | | Net earnings (loss) from discontinued operations | — | — | $349 | $349 | | Net earnings (loss) | $24 | $134 | $349 | $507 | | Net earnings (loss) attributable to Liberty stockholders | $24 | $134 | $299 | $457 | - Consolidated net earnings attributable to Liberty stockholders decreased from **$457 million** in **Q2 2024** to **$204 million** in **Q2 2025**[36](index=36&type=chunk)[38](index=38&type=chunk) [Statement of Cash Flows Information](index=16&type=section&id=Statement%20of%20Cash%20Flows%20Information) For the six months ended June 30, 2025, Liberty Media generated $612 million in net cash from operating activities, a significant increase from $394 million in the prior year. Investing activities resulted in a net outflow of $120 million, while financing activities provided $8 million. The overall net increase in cash was $509 million Consolidated Statement of Cash Flows (Six months ended June 30, 2025, amounts in millions) | Cash flows from operating activities: | Formula One Group | Liberty Live Group | Consolidated Liberty | | :------------------------------------------------------------------- | :---------------- | :----------------- | :------------------- | | Net earnings (loss) | $404 | $(195) | $209 | | Net cash provided (used) by operating activities | $628 | $(16) | $612 | | Cash flows from investing activities: | | | | | Net cash provided (used) by investing activities | $(119) | $(1) | $(120) | | Cash flows from financing activities: | | | | | Net cash provided (used) by financing activities | $8 | — | $8 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $526 | $(17) | $509 | | Cash, cash equivalents and restricted cash at end of period | $3,164 | $308 | $3,472 | Consolidated Statement of Cash Flows (Six months ended June 30, 2024, amounts in millions) | Cash flows from operating activities: | Formula One Group | Liberty Live Group | Liberty SiriusXM Group | Consolidated Liberty | | :------------------------------------------------------------------- | :---------------- | :----------------- | :--------------------- | :------------------- | | Net earnings (loss) | $101 | $61 | $590 | $752 | | Net cash provided (used) by operating activities | $401 | $(7) | — | $394 | | Cash flows from investing activities: | | | | | | Net cash provided (used) by investing activities | $(308) | $108 | — | $(200) | | Cash flows from financing activities: | | | | | | Net cash provided (used) by financing activities | $6 | — | — | $6 | | Net cash provided (used) by discontinued operations | — | — | $(111) | $(111) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $91 | $101 | $(111) | $81 | | Cash, cash equivalents and restricted cash at end of period | $1,499 | $406 | $204 | $2,109 | - Net cash provided by operating activities increased from **$394 million** in **H1 2024** to **$612 million** in **H1 2025**[40](index=40&type=chunk)[42](index=42&type=chunk) - Net cash used by investing activities decreased from **$200 million** in **H1 2024** to **$120 million** in **H1 2025**[40](index=40&type=chunk)[42](index=42&type=chunk) [Non-GAAP Financial Measures](index=18&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles Adjusted OIBDA, a non-GAAP financial measure used by Liberty Media to assess operational strength and performance [Adjusted OIBDA Reconciliation](index=18&type=section&id=Adjusted%20OIBDA%20Reconciliation) Liberty Media uses Adjusted OIBDA as a non-GAAP financial measure to assess operational strength and performance, excluding items not directly reflective of ongoing business trends. For Formula One Group, Adjusted OIBDA increased significantly in both Q2 and H1 2025 - Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, litigation settlements, Concorde incentive payments, and restructuring, acquisition, and impairment charges[44](index=44&type=chunk) - Adjusted OIBDA is considered an important indicator of operational strength and performance, allowing management to benchmark businesses and identify strategies for improvement[45](index=45&type=chunk) Formula One Group Adjusted OIBDA Reconciliation (amounts in millions) | Formula One Group | Three months ended June 30, 2024 | Three months ended June 30, 2025 | Six months ended June 30, 2024 | Six months ended June 30, 2025 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating income (loss) | $59 | $280 | $154 | $213 | | Depreciation and amortization | $89 | $80 | $175 | $157 | | Stock compensation expense | $6 | $6 | $18 | $8 | | Acquisition costs | $11 | $3 | $20 | $14 | | Concorde incentive payments | — | — | — | $50 | | **Adjusted OIBDA** | **$165** | **$369** | **$367** | **$442** | [Important Notices & Disclosures](index=9&type=section&id=Important%20Notices%20%26%20Disclosures) This section provides details for the upcoming earnings conference call and includes important disclaimers regarding forward-looking statements and associated risks [Earnings Conference Call](index=12&type=section&id=Earnings%20Conference%20Call) Liberty Media will host an earnings conference call on August 7, 2025, at 10:00 a.m. E.T. to discuss the financial results. Access details for both dial-in and webcast are provided - Liberty Media Corporation will discuss its earnings release on a conference call on **August 7, 2025**, at **10:00 a.m. (E.T.)**[29](index=29&type=chunk) - The call can be accessed by dialing **(877) 704-2829** or **(215) 268-9864**, passcode **13748884**, or via webcast at https://www.libertymedia.com/investors/news-events/ir-calendar[29](index=29&type=chunk) [Forward-Looking Statements](index=12&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements subject to various risks and uncertainties that could cause actual results to differ materially. Readers are advised to refer to Liberty Media's public filings for additional information on these risks - The press release includes forward-looking statements regarding business strategies, market potential, future financial performance, the Formula 1 race calendar, and the planned split-off of Liberty Live[30](index=30&type=chunk) - These statements involve risks and uncertainties, including market acceptance, regulatory matters, litigation outcomes, acquisition benefits, industry change, access to capital, and changes in law[30](index=30&type=chunk) - Liberty Media disclaims any obligation to update or revise forward-looking statements and advises referring to its Forms **10-K** and **10-Q** for additional risk information[30](index=30&type=chunk)
Liberty(FWONA) - 2025 Q2 - Quarterly Report
2025-08-07 20:33
Part I — Financial Information This section provides comprehensive financial statements and related disclosures for Liberty Media Corporation [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's consolidated balance sheets as of June 30, 2025, and December 31, 2024 | Metric | June 30, 2025 (millions) | December 31, 2024 (millions) | Change (millions) | | :-------------------------------- | :----------------------- | :-------------------------- | :----------------- | | Total assets | $13,821 | $12,948 | +$873 | | Total liabilities | $6,458 | $5,897 | +$561 | | Total equity | $7,363 | $7,051 | +$312 | | Cash and cash equivalents | $3,448 | $2,956 | +$492 | | Current portion of debt | $1,803 | $26 | +$1,777 | | Deferred revenue | $780 | $267 | +$513 | - Total assets increased by **$873 million**, primarily driven by an increase in cash and cash equivalents[9](index=9&type=chunk) - Current portion of debt saw a **significant increase** from **$26 million** to **$1,803 million**, indicating a reclassification of long-term debt to current[9](index=9&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the company's consolidated statements of operations for the three and six months ended June 30 | Metric (millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Total revenue | $1,341 | $988 | +$353 | $1,788 | $1,575 | +$213 | | Operating income (loss) | $273 | $57 | +$216 | $202 | $150 | +$52 | | Net earnings (loss) from continuing operations | $204 | $158 | +$46 | $209 | $162 | +$47 | | Net earnings (loss) attributable to Liberty stockholders | $204 | $457 | -$253 | $209 | $660 | -$451 | | Basic EPS (Formula One) | $1.53 | $0.10 | +$1.43 | $1.62 | $0.43 | +$1.19 | | Basic EPS (Liberty Live) | $(1.93) | $1.46 | -$3.39 | $(2.12) | $0.66 | -$2.78 | - Total revenue increased by **$353 million** (**35.7%**) for the three months ended June 30, 2025, and by **$213 million** (**13.5%**) for the six months ended June 30, 2025, primarily driven by Formula 1 and QuintEvents[15](index=15&type=chunk)[156](index=156&type=chunk) - Operating income significantly increased by **$216 million** for the three months and **$52 million** for the six months ended June 30, 2025, mainly due to improved Formula 1 operating results[15](index=15&type=chunk)[157](index=157&type=chunk) - Net earnings attributable to Liberty stockholders decreased significantly due to the discontinued operations of Liberty SiriusXM common stock in the prior year[15](index=15&type=chunk) [Condensed Consolidated Statements of Comprehensive Earnings (Loss)](index=7&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings%20%28Loss%29) This section presents the company's consolidated statements of comprehensive earnings (loss) for the periods ended June 30 | Metric (millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Net earnings (loss) | $204 | $507 | -$303 | $209 | $752 | -$543 | | Other comprehensive earnings (loss) from continuing operations | $67 | $(13) | +$80 | $72 | $(43) | +$115 | | Comprehensive earnings (loss) attributable to Liberty stockholders | $271 | $456 | -$185 | $281 | $589 | -$308 | - Other comprehensive earnings from continuing operations showed a **positive swing**, **increasing by** **$80 million** for the three months and **$115 million** for the six months ended June 30, 2025, primarily due to foreign currency translation adjustments and share of other comprehensive earnings of equity affiliates[22](index=22&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the company's consolidated statements of cash flows for the six months ended June 30 | Metric (millions) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------- | | Net cash provided (used) by operating activities | $612 | $394 | +$218 | | Net cash provided (used) by investing activities | $(120) | $(200) | +$80 | | Net cash provided (used) by financing activities | $8 | $6 | +$2 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $509 | $81 | +$428 | - Net cash provided by operating activities increased by **$218 million**, primarily due to higher net earnings from continuing operations and favorable changes in operating assets and liabilities[25](index=25&type=chunk) - Net cash used in investing activities decreased by **$80 million**, driven by higher cash proceeds from dispositions and foreign currency forward contracts, despite increased cash paid for acquisitions[25](index=25&type=chunk) [Condensed Consolidated Statements of Equity](index=9&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Equity) This section presents the company's consolidated statements of equity for the periods ended June 30 | Metric (millions) | Balance at June 30, 2025 | Balance at December 31, 2024 | Change | | :-------------------------------------- | :----------------------- | :--------------------------- | :----- | | Total equity | $7,363 | $7,051 | +$312 | | Retained earnings | $7,419 | $7,179 | +$240 | | Accumulated other comprehensive earnings (loss) | $(81) | $(153) | +$72 | - Total equity increased by **$312 million** from December 31, 2024, to June 30, 2025, primarily due to net earnings and other comprehensive earnings[12](index=12&type=chunk)[27](index=27&type=chunk) - Retained earnings increased by **$240 million**, reflecting the company's net earnings over the period[12](index=12&type=chunk)[27](index=27&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, explaining key accounting policies and events [(1) Basis of Presentation](index=11&type=section&id=%281%29%20Basis%20of%20Presentation) This note details the company's core business, GAAP basis of presentation, recent MotoGP acquisition, and intercompany agreements - Liberty Media Corporation is primarily engaged in the media and entertainment industries, with Formula 1 as its **most significant** subsidiary and Live Nation Entertainment, Inc. as its **most significant** equity method investment[33](index=33&type=chunk) - On July 3, 2025, the Company acquired approximately **84%** of Dorna Sports, S.L. (MotoGP) for a preliminary purchase price of approximately **$3.7 billion**, funded by cash on hand and **$1.0 billion** in borrowings. The acquisition is attributed to the Formula One Group[38](index=38&type=chunk)[40](index=40&type=chunk)[152](index=152&type=chunk) - The company has various agreements (Reorganization, Services, Facilities Sharing, Tax Sharing, Aircraft Time Sharing) with related publicly traded companies like QVC Group, Liberty Broadband, and Atlanta Braves Holdings to govern relationships and share services[41](index=41&type=chunk)[42](index=42&type=chunk) [(2) Discontinued Operations](index=13&type=section&id=%282%29%20Discontinued%20Operations) This note explains the split-off of Liberty SiriusXM Holdings in 2024, now presented as a discontinued operation - Liberty completed the split-off of Liberty Sirius XM Holdings on September 9, 2024, redeeming Liberty SiriusXM common stock for shares of Liberty Sirius XM Holdings common stock[47](index=47&type=chunk)[146](index=146&type=chunk) - Following the split-off, Liberty Sirius XM Holdings merged with Sirius XM Holdings Inc., making it an independent public company[48](index=48&type=chunk)[147](index=147&type=chunk) - Liberty Sirius XM Holdings is presented as a discontinued operation due to its strategic shift and significant impact on the Company's operations and financial results[49](index=49&type=chunk)[151](index=151&type=chunk) | Metric (millions) | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :--------------------------- | :--------------------------- | | Revenue | $2,178 | $4,340 | | Operating income (loss) | $471 | $880 | | Net earnings (loss) from discontinued operations | $349 | $590 | | Net earnings (loss) attributable to Liberty stockholders | $299 | $498 | [(3) Tracking Stocks](index=14&type=section&id=%283%29%20Tracking%20Stocks) This note clarifies tracking stock structure, business group compositions, and the planned Liberty Live Group split-off - Tracking stocks reflect the economic performance of a particular business group, not the company as a whole; holders are stockholders of the parent corporation[54](index=54&type=chunk)[57](index=57&type=chunk)[148](index=148&type=chunk) - As of June 30, 2025, the Formula One Group is primarily comprised of Liberty's interests in Formula 1 and QuintEvents, with cash and cash equivalents of approximately **$3,140 million**[58](index=58&type=chunk)[149](index=149&type=chunk) - As of June 30, 2025, the Liberty Live Group is primarily comprised of Liberty's interest in Live Nation, with cash and cash equivalents of approximately **$308 million**[59](index=59&type=chunk)[150](index=150&type=chunk) - The Company announced a plan on November 13, 2024, to split off the Liberty Live Group, expected in the second half of 2025, which will result in Liberty Live and Liberty (Formula One) becoming separate publicly traded companies[61](index=61&type=chunk)[153](index=153&type=chunk) [(4) Stock-Based Compensation](index=16&type=section&id=%284%29%20Stock-Based%20Compensation) This note details stock-based compensation programs, including expense, awards granted, and unrecognized costs | Metric (millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Stock-based compensation expense | $8 | $7 | $10 | $20 | - Stock-based compensation expense decreased by **$10 million** for the six months ended June 30, 2025, compared to the prior year[65](index=65&type=chunk) - As of June 30, 2025, total unrecognized compensation cost related to unvested awards was approximately **$40 million**, to be recognized over a weighted average period of approximately **0.8 years**[73](index=73&type=chunk)[158](index=158&type=chunk) | Stock Type | Options Granted (000's) | Weighted Average GDFV | | :-------------------------------------- | :---------------------- | :-------------------- | | Series C Liberty Formula One common stock | 214 | $94.11 | | Series C Liberty Live common stock | 24 | $76.45 | [(5) Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share](index=17&type=section&id=%285%29%20Earnings%20Attributable%20to%20Liberty%20Media%20Corporation%20Stockholders%20Per%20Common%20Share) This note presents basic and diluted EPS calculations for Liberty Formula One and Liberty Live common stock, including WASO | Metric (millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Basic WASO (Formula One) | 250 | 235 | 249 | 235 | | Diluted WASO (Formula One) | 252 | 238 | 255 | 240 | | Basic WASO (Liberty Live) | 92 | 92 | 92 | 92 | | Diluted WASO (Liberty Live) | 92 | 92 | 92 | 92 | | EPS (per share) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Basic EPS (Formula One) | $1.53 | $0.10 | $1.62 | $0.43 | | Diluted EPS (Formula One) | $1.52 | $0.10 | $1.55 | $0.42 | | Basic EPS (Liberty Live) | $(1.93) | $1.46 | $(2.12) | $0.66 | | Diluted EPS (Liberty Live) | $(1.93) | $1.46 | $(2.12) | $0.66 | - Approximately **6 million** and **3 million** potentially dilutive shares of Series A and Series C Liberty Formula One common stock, respectively, were excluded from diluted EPS for the three and six months ended June 30, 2025, as their inclusion would be antidilutive[75](index=75&type=chunk) [(6) Assets and Liabilities Measured at Fair Value](index=19&type=section&id=%286%29%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) This note details fair value measurements of assets and liabilities, including financial instruments and associated gains/losses | Category (millions) | June 30, 2025 Total | Level 1 | Level 2 | December 31, 2024 Total | Level 1 | Level 2 | | :-------------------------------------- | :------------------ | :------ | :------ | :---------------------- | :------ | :------ | | Cash equivalents | $774 | $774 | — | $2,466 | $2,466 | — | | Financial instrument assets | $244 | $101 | $143 | $167 | $84 | $83 | | Debt | $2,405 | — | $2,405 | $2,144 | — | $2,144 | | Financial instrument liabilities | $90 | — | $90 | $138 | — | $138 | | Realized/Unrealized Gains (Losses) (millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Debt measured at fair value | $(252) | $66 | $(253) | $(3) | | Foreign currency forward contracts | $227 | $8 | $335 | $8 | | Live Nation Forward Contracts | $(90) | — | $(90) | — | | Interest rate swaps | $(18) | $13 | $(53) | $54 | | Total | $(129) | $87 | $(64) | $66 | - Realized and unrealized gains (losses) on financial instruments, net, shifted from a gain of **$87 million** in Q2 2024 to a loss of **$129 million** in Q2 2025, primarily due to losses on debt measured at fair value and Live Nation Forward Contracts, partially offset by gains on foreign currency forward contracts[93](index=93&type=chunk)[165](index=165&type=chunk) [(7) Investments in Affiliates Accounted for Using the Equity Method](index=22&type=section&id=%287%29%20Investments%20in%20Affiliates%20Accounted%20for%20Using%20the%20Equity%20Method) This note details equity method investments, primarily Live Nation, including carrying amounts and share of earnings | Investment | Percentage Ownership | Fair Value (Level 1, millions) | Carrying Amount June 30, 2025 (millions) | Carrying Amount December 31, 2024 (millions) | | :-------------------------------------- | :------------------- | :----------------------------- | :--------------------------------------- | :----------------------------------------- | | Live Nation | 30% | $10,536 | $557 | $430 | | Total Consolidated Liberty | | | $622 | $491 | | Share of Earnings (Losses) of Affiliates (millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Live Nation | $69 | $83 | $73 | $63 | | Consolidated Liberty | $71 | $83 | $72 | $59 | - Live Nation's revenue increased to **$7,007 million** for the three months ended June 30, 2025, from **$6,023 million** in the prior year, and net earnings attributable to Live Nation stockholders were **$243 million**[100](index=100&type=chunk) [(8) Long-Term Debt](index=24&type=section&id=%288%29%20Long-Term%20Debt) This note summarizes the company's long-term debt, including corporate notes, subsidiary loans, and recent refinancing activities | Debt Type (millions) | Principal June 30, 2025 | Carrying Value June 30, 2025 | Carrying Value December 31, 2024 | | :-------------------------------------- | :---------------------- | :--------------------------- | :------------------------------- | | Formula One Group Total | $2,897 | $3,030 | $2,992 | | Liberty Live Group Total | $1,150 | $1,769 | $1,556 | | Total debt | $4,047 | $4,799 | $4,548 | | Debt classified as current | | $(1,803) | $(26) | - The **2.375%** Exchangeable Senior Debentures due 2053, attributed to the Liberty Live Group, have been classified as current liabilities as of June 30, 2025, due to holders' ability to exchange them within a one-year period[104](index=104&type=chunk)[107](index=107&type=chunk)[109](index=109&type=chunk) - Formula 1 refinanced its Senior Loan Facilities in September 2024, extending maturities and reducing the Term Loan B margin to **2.0%**. Incremental Term Loans of **$1.0 billion** were secured to fund the MotoGP acquisition[111](index=111&type=chunk)[112](index=112&type=chunk) - As of June 30, 2025, **10.5 million** shares of Live Nation common stock with a value of **$1,587 million** were pledged as collateral to the Live Nation Forward Contracts, and **9.0 million** shares with a value of **$1,357 million** were pledged to the Live Nation Margin Loan[106](index=106&type=chunk)[110](index=110&type=chunk) [(9) Commitments and Contingencies](index=27&type=section&id=%289%29%20Commitments%20and%20Contingencies) This note outlines commitments and contingent liabilities, including Formula 1 agreements and indemnification obligations - The 2021 Concorde Agreement for Formula 1 expires on December 31, 2025. A new 2026 Concorde Commercial Agreement, covering 2026-2030, was signed, with a **$50 million** incentive payment made to the 10 participating teams[116](index=116&type=chunk)[117](index=117&type=chunk) - The company retains liabilities for events prior to asset sales (e.g., tax, environmental, litigation) and generally indemnifies purchasers, but historically, no significant indemnification payments have been made[118](index=118&type=chunk) - Contingent liabilities from legal and tax proceedings are not expected to be material to the condensed consolidated financial statements[119](index=119&type=chunk) [(10) Information About Liberty's Operating Segments](index=27&type=section&id=%2810%29%20Information%20About%20Liberty's%20Operating%20Segments) This note defines reportable segments, evaluates performance using Adjusted OIBDA, and provides segment-specific financial data - Liberty's reportable segments are Formula 1 and Live Nation (equity method affiliate), with performance evaluated using revenue, operating expenses, and Adjusted OIBDA[120](index=120&type=chunk)[122](index=122&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - Adjusted OIBDA is defined as revenue less operating expenses and selling, general and administrative expenses, excluding stock-based compensation, litigation settlements, Concorde incentive payments, and restructuring/acquisition/impairment charges[123](index=123&type=chunk)[160](index=160&type=chunk) | Metric (millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Consolidated Adjusted OIBDA | $364 | $164 | $433 | $365 | | Formula One Group Adjusted OIBDA | $369 | $165 | $442 | $367 | | Liberty Live Group Adjusted OIBDA | $(5) | $(1) | $(9) | $(2) | - Consolidated Adjusted OIBDA increased by **$200 million** for the three months and **$68 million** for the six months ended June 30, 2025, primarily due to increases in Formula 1's Adjusted OIBDA[160](index=160&type=chunk) - The company anticipates recognizing approximately **$1,542 million** in deferred revenue for the remainder of 2025, **$2,624 million** in 2026, and **$2,364 million** in 2027 from undelivered performance obligations[132](index=132&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes Liberty Media's financial condition, operating results, business overview, and segment performance, including recent corporate actions [Cautionary Note Regarding Forward-Looking Statements](index=32&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section provides a cautionary note regarding forward-looking statements and factors that could affect actual results - The report contains forward-looking statements regarding the proposed Liberty Live Split-Off, projected cash flows, interest rate and stock price fluctuations, and the anticipated non-material impact of contingent liabilities[136](index=136&type=chunk) - Key factors that could cause actual results to differ include the ability to obtain financing, debt impact on operations, popularity of tracking stock businesses, success of acquisitions, economic conditions, and regulatory compliance[136](index=136&type=chunk) [Overview](index=33&type=section&id=Overview) This section provides an overview of Liberty Media's business, tracking stock structure, and recent corporate actions - Liberty Media Corporation owns controlling and non-controlling interests in media and entertainment companies, with Formula 1 as its **most significant** operating subsidiary and Live Nation as a **key equity method investment**[140](index=140&type=chunk)[141](index=141&type=chunk) - The company's common stock was reclassified into three tracking stocks (Liberty SiriusXM, Liberty Formula One, Liberty Live) in August 2023. Liberty SiriusXM was split off in September 2024 and is now a discontinued operation[145](index=145&type=chunk)[146](index=146&type=chunk)[151](index=151&type=chunk) - The Formula One Group includes Formula 1 and QuintEvents, while the Liberty Live Group is primarily comprised of Live Nation. A plan to split off the Liberty Live Group is expected in the second half of 2025[149](index=149&type=chunk)[150](index=150&type=chunk)[153](index=153&type=chunk) - On July 3, 2025, Liberty acquired approximately **84%** of MotoGP for **$3.7 billion**, attributed to the Formula One Group[152](index=152&type=chunk) [Results of Operations—Consolidated](index=36&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) This section analyzes the consolidated operating results, including revenue, operating income, and other income/expense | Metric (millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Consolidated Revenue | $1,341 | $988 | +$353 | $1,788 | $1,575 | +$213 | | Consolidated Operating Income (Loss) | $273 | $57 | +$216 | $202 | $150 | +$52 | | Consolidated Adjusted OIBDA | $364 | $164 | +$200 | $433 | $365 | +$68 | - Consolidated revenue increased by **$353 million** and **$213 million** for the three and six months ended June 30, 2025, respectively, primarily due to growth in Formula 1 and QuintEvents[156](index=156&type=chunk) - Consolidated operating income increased by **$216 million** and **$52 million** for the three and six months ended June 30, 2025, respectively, driven by improved Formula 1 operating results[157](index=157&type=chunk) | Other Income (Expense) (millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :---------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Interest expense | $(57) | $(60) | $(112) | $(122) | | Share of earnings (losses) of affiliates, net | $71 | $83 | $72 | $59 | | Realized and unrealized gains (losses) on financial instruments, net | $(129) | $87 | $(64) | $66 | | Other, net | $70 | $26 | $106 | $47 | - Realized and unrealized gains (losses) on financial instruments, net, shifted from a gain of **$87 million** to a loss of **$129 million** for the three months ended June 30, 2025, primarily due to debt measured at fair value and Live Nation Forward Contracts[165](index=165&type=chunk)[166](index=166&type=chunk) [Material Changes in Financial Condition](index=39&type=section&id=Material%20Changes%20in%20Financial%20Condition) This section discusses significant changes in Liberty Media's financial condition, cash flows, and liquidity - As of June 30, 2025, Liberty's cash and cash equivalents totaled **$3,448 million**, with **$3,140 million** attributed to the Formula One Group and **$308 million** to the Liberty Live Group[172](index=172&type=chunk) - Liberty has **$400 million** available under its margin loan secured by Live Nation shares and is in compliance with all debt covenants[172](index=172&type=chunk)[173](index=173&type=chunk) - Primary uses of cash for the six months ended June 30, 2025, included a **$131 million** extension payment for the MotoGP acquisition and **$55 million** in capital expenditures for Formula 1[174](index=174&type=chunk)[175](index=175&type=chunk) - Projected uses of cash include investments in new businesses (like MotoGP), debt service, and potential share buybacks, funded by cash on hand, borrowing capacity, and subsidiary distributions[176](index=176&type=chunk)[177](index=177&type=chunk) [Results of Operations—Businesses](index=41&type=section&id=Results%20of%20Operations%E2%80%94Businesses) This section provides detailed results of operations for Liberty Media's individual business segments [Formula 1](index=41&type=section&id=Formula%201) Formula 1 experienced significant revenue and Adjusted OIBDA growth, driven by more events, fee increases, and media rights | Metric (millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Total Formula 1 revenue | $1,226 | $871 | +$355 | $1,629 | $1,424 | +$205 | | Formula 1 Operating income (loss) | $293 | $84 | +$209 | $265 | $220 | +$45 | | Formula 1 Adjusted OIBDA | $361 | $160 | +$201 | $446 | $368 | +$78 | - Primary Formula 1 revenue increased by **$293 million** for the three months and **$149 million** for the six months ended June 30, 2025, due to an additional event, different event mix, contractual fee increases, growth in F1 TV subscriptions, and new sponsors[183](index=183&type=chunk) - Other Formula 1 revenue increased by **$62 million** for the three months and **$56 million** for the six months ended June 30, 2025, driven by higher hospitality and experiences revenue, freight income, and licensing income[185](index=185&type=chunk) - Cost of Formula 1 revenue increased by **$142 million** and **$98 million** for the three and six months ended June 30, 2025, respectively, due to increased team payments, freight costs, Paddock Club costs, and partner servicing costs[188](index=188&type=chunk)[189](index=189&type=chunk)[192](index=192&type=chunk) - Selling, general and administrative expenses increased by **$12 million** and **$29 million** for the three and six months ended June 30, 2025, respectively, due to higher personnel and marketing costs[194](index=194&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section details market risks from interest rates and stock prices, and how they are managed through debt structures and financial instruments - Liberty is exposed to market risk from changes in interest rates and stock prices, managed through a mix of fixed and variable rate debt and financial instruments like interest rate swaps and equity collars[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) | Group | Variable Rate Debt Principal (millions) | Weighted Avg Interest Rate | Fixed Rate Debt Principal (millions) | Weighted Avg Interest Rate | | :---------------- | :-------------------------------------- | :------------------------- | :----------------------------------- | :------------------------- | | Formula One Group | $172 | 6.2% | $2,725 | 4.4% | | Liberty Live Group| NA | NA | $1,150 | 2.4% | - A **10% decrease** in the market price of Live Nation stock (an equity method affiliate) would result in a **$1,054 million** lower aggregate value of such security as of June 30, 2025[200](index=200&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirms effective disclosure controls and procedures as of June 30, 2025, with no material changes to internal controls - The company's disclosure controls and procedures were evaluated and deemed effective as of June 30, 2025, ensuring timely and accurate reporting of information[201](index=201&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended June 30, 2025[202](index=202&type=chunk) Part II — Other Information This section covers legal proceedings, risk factors, equity security sales, other information, and exhibits [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) No material changes to legal proceedings have occurred since the prior annual report - No material changes to legal proceedings have occurred since the December 31, 2024 Annual Report on Form 10-K[204](index=204&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) This section details updated risk factors for the Formula One Group, including popularity, agreements, competition, and regulatory challenges [Risks Relating to the Formula One Group](index=45&type=section&id=Risks%20Relating%20to%20the%20Formula%20One%20Group) This section details specific risks impacting the Formula One Group, including popularity, agreements, and regulatory compliance - The success of Formula 1 and MotoGP is highly dependent on their continued popularity, which could be adversely affected by competition, team participation, entertainment value, societal views, and economic conditions[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) - Termination of the 100-Year Agreements (Formula 1) or the FIM Agreement (MotoGP) could lead to the discontinuation of operations and loss of commercial rights[210](index=210&type=chunk)[211](index=211&type=chunk) - Formula 1 Teams have committed to participate until December 31, 2025 (2021 Concorde Agreement) and December 31, 2030 (2026 Concorde Commercial Agreement), but withdrawals could reduce popularity and impact commercial agreements[212](index=212&type=chunk)[214](index=214&type=chunk) - Both Formula 1 and MotoGP are subject to competition laws, with a Department of Justice investigation opened regarding Formula 1's conduct concerning the application by Andretti Formula Racing[221](index=221&type=chunk)[222](index=222&type=chunk) - Changes in tax laws, including the OECD's 'Two Pillar' approach, could lead to higher effective tax rates for Formula 1 and MotoGP[229](index=229&type=chunk)[230](index=230&type=chunk)[234](index=234&type=chunk) - Events beyond control (e.g., natural disasters, geopolitical conflicts, promoter failures) may cause cancellations or postponements, leading to revenue loss not covered by insurance[241](index=241&type=chunk)[242](index=242&type=chunk) - Fluctuations in USD/Euro exchange rates against functional currencies of Formula 1/MotoGP businesses and counterparties could adversely affect profitability and increase non-payment risk[257](index=257&type=chunk) - Indebtedness covenants for Formula 1 and MotoGP restrict financial and operating flexibility, including limitations on incurring additional debt, paying dividends, and selling assets[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details share repurchase programs, with **$1.1 billion** available, and no repurchases in Q2 2025 - Approximately **$1.1 billion** was available for future share repurchases under the company's authorized programs as of June 30, 2025[261](index=261&type=chunk) - No repurchases of Liberty Formula One common stock or Liberty Live common stock occurred during the three months ended June 30, 2025[261](index=261&type=chunk) [Item 5. Other Information](index=57&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers - No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fiscal quarter ended June 30, 2025[263](index=263&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report, including agreements, certifications, and financial information - Key exhibits include Senior Facilities Agreement, Master Forward Confirmation, Incremental Facility Commitment Letters, and various certifications[265](index=265&type=chunk) - Unaudited Attributed Financial Information for Tracking Stock Groups (Exhibit 99.1) is filed[265](index=265&type=chunk) [SIGNATURES](index=59&type=section&id=SIGNATURES) This section contains the required signatures for the Quarterly Report, confirming its submission by key executives - The report was signed by Derek Chang, President and Chief Executive Officer, and Brian J. Wendling, Chief Accounting Officer and Principal Financial Officer, on August 7, 2025[269](index=269&type=chunk)
What Makes Liberty Media Corporation - Liberty Formula One Series A (FWONA) a Strong Momentum Stock: Buy Now?
ZACKS· 2025-06-26 17:01
Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Group 1: Momentum Style Score - Liberty Media Corporation - Liberty Formula One Series A (FWONA) has a Momentum Style Score of B, indicating potential for solid momentum [3] - The Zacks Rank for FWONA is 2 (Buy), suggesting it is positioned for outperformance in the market [4] Group 2: Price Performance - FWONA shares have increased by 7.15% over the past week, outperforming the Zacks Media Conglomerates industry, which rose by 0.84% [6] - Over the past quarter, FWONA shares have gained 14.25%, and over the last year, they have increased by 44.05%, while the S&P 500 has only moved 5.86% and 12.83%, respectively [7] Group 3: Trading Volume - The average 20-day trading volume for FWONA is 124,046 shares, which serves as a baseline for price-to-volume analysis [8] Group 4: Earnings Outlook - In the last two months, one earnings estimate for FWONA has increased, raising the consensus estimate from $0.62 to $1.20 [10] - For the next fiscal year, one estimate has moved upwards with no downward revisions during the same period [10] Group 5: Conclusion - Given the positive momentum indicators and earnings outlook, FWONA is recommended as a 2 (Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [12]
Liberty Media: Looking Like MotoGP Is Getting The Green Flag
Seeking Alpha· 2025-06-12 05:56
Group 1 - Liberty Media agreed to acquire 86% of Dorna, the commercial rights holder of MotoGP, for EUR 3.0 billion, primarily funded in cash [1] - Initially, there were concerns from EU competition regulators regarding the acquisition [1]
Formula One: Securing Pole Position In Sports Entertainment
Seeking Alpha· 2025-05-25 14:03
Group 1 - Liberty Media acquired F1 Group in 2017 and has seen its revenue nearly double since then, indicating strong growth potential for the company [1] - F1 is positioned for further revenue growth, particularly driven by a premium in media [1] Group 2 - The article emphasizes the importance of independent analysis and the goal of empowering investors through well-researched insights [1]
Liberty Media Corporation - Liberty Formula One Series A (FWONA) Is a Great Choice for 'Trend' Investors, Here's Why
ZACKS· 2025-05-21 13:50
Core Viewpoint - The article emphasizes the importance of confirming the sustainability of stock trends for successful short-term investing, highlighting the use of a specific screening strategy to identify stocks with strong fundamentals and positive price momentum [1][2]. Group 1: Stock Performance - Liberty Media Corporation's Formula One Series A (FWONA) has shown a solid price increase of 2.2% over the past 12 weeks, indicating investor confidence in its potential upside [4]. - The stock has experienced a significant price increase of 16.8% over the last four weeks, suggesting that the upward trend is still intact [5]. - FWONA is currently trading at 81.3% of its 52-week high-low range, indicating a potential breakout opportunity [5]. Group 2: Fundamental Strength - FWONA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7]. Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks with sufficient fundamental strength to maintain their recent uptrends, including FWONA [3][8]. - The article suggests that there are several other stocks that meet the criteria of the "Recent Price Strength" screen, encouraging investors to explore these options [8].
Will Liberty Media Corporation - Liberty Formula One Series A (FWONA) Gain on Rising Earnings Estimates?
ZACKS· 2025-05-12 17:20
Core Viewpoint - Liberty Media Corporation - Liberty Formula One Series A shows a significant improvement in earnings outlook, making it an attractive investment option as analysts continue to raise earnings estimates for the company [1][2]. Earnings Estimate Revisions - The upward trend in earnings estimate revisions indicates growing analyst optimism regarding the company's earnings prospects, which is expected to positively impact the stock price [2]. - The current quarter's earnings estimate is $0.52 per share, reflecting a remarkable increase of +420% compared to the previous year [7]. - Over the last 30 days, one estimate has been revised upward, leading to a 36.84% increase in the Zacks Consensus Estimate for the current quarter [7]. - For the full year, the expected earnings are $1.20 per share, representing a substantial change of +1023.08% from the prior year [8]. - The consensus estimate for the current year has risen by 93.55% due to one upward revision and no negative revisions [9]. Zacks Rank and Performance - Liberty Media Corporation - Liberty Formula One Series A has achieved a Zacks Rank 2 (Buy), indicating favorable estimate revisions and strong analyst agreement [10]. - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the S&P 500 [11]. - The stock has gained 24.4% over the past four weeks, driven by solid estimate revisions and positive earnings growth prospects [12].
Liberty Media Corporation - Liberty Formula One Series A (FWONA) Tops Q1 Earnings Estimates
ZACKS· 2025-05-08 00:45
Core Viewpoint - Liberty Media Corporation - Liberty Formula One Series A reported quarterly earnings of $0.05 per share, exceeding the Zacks Consensus Estimate of $0.02 per share, but down from $0.32 per share a year ago, indicating a significant earnings surprise of 150% [1] - The company posted revenues of $400 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 4.54% and down from $550 million year-over-year [2] Group 1: Earnings Performance - The company has surpassed consensus EPS estimates two times over the last four quarters [2] - The recent earnings report showed a significant earnings surprise compared to the previous quarter, where a loss of $1.03 was reported against an expected earnings of $0.58, resulting in a surprise of -277.59% [1][2] Group 2: Revenue Insights - Revenue for the quarter was $400 million, which is a decline from $550 million in the same quarter last year [2] - The company has only topped consensus revenue estimates once in the last four quarters [2] Group 3: Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future earnings expectations [3] - Current consensus EPS estimate for the upcoming quarter is $0.38 on revenues of $1.11 billion, and for the current fiscal year, it is $0.62 on revenues of $3.78 billion [7] Group 4: Industry Context - The Media Conglomerates industry, to which the company belongs, is currently ranked in the top 31% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]