Group 1 - Liberty Media Corporation - Liberty Formula One Series A reported a quarterly loss of $1.03 per share, significantly missing the Zacks Consensus Estimate of $0.58, and compared to earnings of $0.25 per share a year ago, representing an earnings surprise of -277.59% [1] - The company posted revenues of $1.07 billion for the quarter ended December 2024, missing the Zacks Consensus Estimate by 14.23%, and down from $1.23 billion in the same quarter last year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Group 2 - The stock has added about 4.7% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] - The current consensus EPS estimate for the coming quarter is -$0.29 on $431 million in revenues, and for the current fiscal year, it is $0.80 on $3.88 billion in revenues [7] - The Zacks Industry Rank indicates that Media Conglomerates is currently in the top 25% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8]

[Overall Financial Results and Highlights](index=1&type=section&id=Overall%20Financial%20Results%20and%20Highlights) This section outlines CEO Derek Chang's 2025 strategic priorities and key business highlights, including F1 fan growth and Live Nation's **$9.0 billion** valuation [CEO Statement & Strategic Priorities](index=1&type=section&id=CEO%20Statement%20%26%20Strategic%20Priorities) New CEO Derek Chang highlighted strategic priorities for 2025, including capitalizing on Formula 1's growth, closing the MotoGP acquisition, and addressing the Liberty Live structure, with a commitment to driving shareholder value - Strategic priorities for 2025 include leveraging F1's success, acquiring MotoGP, and optimizing the Liberty Live structure[1](index=1&type=chunk) - The date for regulatory approval of the MotoGP acquisition has been extended to June 30, 2025[2](index=2&type=chunk) [Key Business Highlights](index=1&type=section&id=Key%20Business%20Highlights) In 2024, Formula One Group saw a **9%** increase in fan attendance and renewed several key race promotion and partnership agreements. Liberty Live Group's investment in Live Nation was valued at **$9.0 billion** at year-end - F1 fan attendance reached **6.5 million** in 2024, a **9% increase** from 2023, with **1.6 billion** cumulative TV viewers[2](index=2&type=chunk) - F1 renewed multiple race promotion agreements, including long-term deals for the Chinese (through 2030), Italian, and Monaco Grands Prix (both through 2031)[2](index=2&type=chunk) - The fair value of the Live Nation investment, attributed to Liberty Live Group, was **$9.0 billion** as of December 31, 2024[2](index=2&type=chunk) [Formula One Group Financial Performance](index=3&type=section&id=FORMULA%20ONE%20GROUP) This section details Formula One Group's financial performance, covering overall revenue and operating income trends, alongside F1's operating results and profitability analysis [Overall Financial Results (Formula One Group)](index=3&type=section&id=Overall%20Financial%20Results%20%28Formula%20One%20Group%29) For the full year 2024, Formula One Group's revenue increased to **$3.65 billion** from **$3.22 billion** in 2023, while operating income slightly decreased to **$287 million**. The fourth quarter saw a decline in both revenue and operating income compared to the prior year Formula One Group Financial Summary (in millions) | | Three months ended Dec 31, | | Twelve months ended Dec 31, | | :--- | :--- | :--- | :--- | :--- | | | **2023** | **2024** | **2023** | **2024** | | **Total Revenue** | $1,230 | $1,167 | $3,222 | $3,653 | | **Total Operating Income** | $122 | $23 | $297 | $287 | | **Total Adjusted OIBDA** | $243 | $200 | $686 | $774 | [F1 Operating Results](index=5&type=section&id=F1%20Operating%20Results) F1 achieved record full-year revenue and Adjusted OIBDA in 2024, driven by growth in sponsorship, media rights, and race promotion fees from an expanded 24-race calendar. However, Q4 results declined due to lower proportionate revenue recognition and reduced income from the Las Vegas Grand Prix compared to its inaugural year [F1 Revenue Analysis](index=5&type=section&id=F1%20Revenue%20Analysis) Full-year 2024 F1 revenue grew **6%** to **$3.41 billion**, with Primary F1 revenue up **8%** due to increases in sponsorship, media rights, and fees from two additional races. Q4 revenue fell **8%** to **$1.13 billion**, primarily due to lower race promotion and media rights income F1 Revenue Performance (in millions) | | Three months ended Dec 31, 2024 | % Change | Twelve months ended Dec 31, 2024 | % Change | | :--- | :--- | :--- | :--- | :--- | | **Primary F1 revenue** | $797 | (5)% | $2,757 | 8% | | **Other F1 revenue** | $329 | (16)% | $654 | (1)% | | **Total F1 revenue** | $1,126 | (8)% | $3,411 | 6% | - For FY 2024, primary revenue streams were race promotion (**29.3%**), media rights (**32.8%**), and sponsorship (**18.6%**)[11](index=11&type=chunk) - Full-year primary revenue growth was driven by new sponsors, contractual fee increases, and two additional races (China and Imola)[13](index=13&type=chunk) - Q4 primary revenue decreased due to lower ticketing revenue from the Las Vegas Grand Prix and lower proportionate recognition of season-based media rights fees (6/24 races in Q4 2024 vs. 6/22 in Q4 2023)[14](index=14&type=chunk) [F1 Operating Income and Adjusted OIBDA Analysis](index=6&type=section&id=F1%20Operating%20Income%20and%20Adjusted%20OIBDA%20Analysis) For the full year 2024, F1's operating income rose **26%** to **$492 million** and Adjusted OIBDA grew **9%** to **$791 million**, despite higher team payments and operating costs associated with the expanded calendar. Q4 operating income and Adjusted OIBDA decreased by **18%** and **15%** respectively, driven by lower revenue F1 Profitability (in millions) | | Three months ended Dec 31, 2024 | % Change | Twelve months ended Dec 31, 2024 | % Change | | :--- | :--- | :--- | :--- | :--- | | **Adjusted OIBDA** | $202 | (15)% | $791 | 9% | | **Operating income** | $126 | (18)% | $492 | 26% | - Full-year operating income and Adjusted OIBDA grew. Team payments increased due to higher F1 revenue, but as a percentage of pre-team payment Adjusted OIBDA, they decreased from **62.6%** in 2023 to **61.5%** in 2024[16](index=16&type=chunk) - Q4 operating income and Adjusted OIBDA decreased primarily due to the decline in revenue, partially offset by lower team payment costs[18](index=18&type=chunk) [Corporate and Other Operating Results](index=8&type=section&id=Corporate%20and%20Other%20Operating%20Results) Corporate and Other revenue and Adjusted OIBDA grew in both the fourth quarter and full year 2024, primarily due to the inclusion of Quint's results and rental income from the Las Vegas Grand Prix Plaza - Revenue growth was driven by the inclusion of Quint's results and rental income from the Las Vegas Grand Prix Plaza, which amounted to **$13 million** in Q4 and **$33 million** for the full year[19](index=19&type=chunk) - Quint's revenue is seasonal, with the second and fourth quarters being the largest, driven by F1 Experiences[19](index=19&type=chunk) [Liberty Live Group](index=8&type=section&id=LIBERTY%20LIVE%20GROUP) The Liberty Live Group primarily consists of an investment in Live Nation, valued at **$9.0 billion** at year-end 2024, an increase from **$7.6 billion** at the end of Q3 2024. The group was allocated **$11 million** in corporate expenses for the full year - The businesses and assets attributed to Liberty Live Group consist primarily of Liberty Media's interest in Live Nation and other minority investments[21](index=21&type=chunk) Fair Value of Live Nation Investment (in millions) | Date | Fair Value | | :--- | :--- | | **9/30/2024** | $7,625 | | **12/31/2024** | $9,019 | [Capital Management](index=8&type=section&id=Capital%20Management) This section reviews Liberty Media's capital management, including share repurchase activity and the cash and debt positions of the Formula One and Liberty Live Groups [Share Repurchases](index=8&type=section&id=Share%20Repurchases) Liberty Media did not repurchase any of its common stock between November 1, 2024, and January 31, 2025. The company has **$1.1 billion** remaining in its repurchase authorization as of February 1, 2025 - No share repurchases occurred from November 1, 2024, to January 31, 2025[22](index=22&type=chunk) - The total remaining repurchase authorization is **$1.1 billion** as of February 1, 2025, applicable to any of Liberty Media's tracking stocks[22](index=22&type=chunk) [Cash and Debt Position](index=11&type=section&id=Cash%20and%20Debt%20Position) As of December 31, 2024, Formula One Group held **$2.63 billion** in cash and **$2.91 billion** in debt. Liberty Live Group held **$325 million** in cash and **$1.15 billion** in debt. Both entities were in compliance with their debt covenants Cash and Debt Summary as of Dec 31, 2024 (in millions) | Attributed Group | Cash & Cash Equivalents | Total Debt | | :--- | :--- | :--- | | **Formula One Group** | $2,631 | $2,908 | | **Liberty Live Group** | $325 | $1,150 | - Formula One Group's cash decreased by **$35 million** in Q4 due to seasonal working capital changes and capital expenditures, while debt remained relatively flat[30](index=30&type=chunk) - Liberty Live Group's cash decreased by **$63 million** in Q4 due to debt reduction and interest payments. Debt decreased by **$50 million** due to the settlement of exchangeable senior debentures[31](index=31&type=chunk) [Consolidated Financial Statements](index=14&type=section&id=Consolidated%20Financial%20Statements) This section presents Liberty Media's consolidated financial statements, including the balance sheet, statement of operations, and statement of cash flows [Balance Sheet](index=14&type=section&id=Balance%20Sheet) As of December 31, 2024, Liberty Media reported total consolidated assets of **$12.95 billion** and total liabilities of **$5.90 billion**. The Formula One Group accounted for the majority of assets (**$11.76 billion**) and liabilities (**$4.37 billion**) Consolidated Balance Sheet Summary as of Dec 31, 2024 (in millions) | | Amount | | :--- | :--- | | **Total current assets** | $3,347 | | **Total assets** | $12,948 | | **Total current liabilities** | $1,133 | | **Total liabilities** | $5,897 | | **Total equity** | $7,051 | [Statement of Operations](index=15&type=section&id=Statement%20of%20Operations) For the full year 2024, Liberty Media reported total revenue of **$3.65 billion**, all attributed to the Formula One Group, resulting in a consolidated operating income of **$276 million**. The company posted a net loss attributable to stockholders of **$2.06 billion**, heavily impacted by a large loss from discontinued operations (Liberty SiriusXM Group) 2024 Statement of Operations Summary (in millions) | | FY 2024 | FY 2023 | | :--- | :--- | :--- | | **Total revenue** | $3,653 | $3,572 | | **Operating income** | $276 | $255 | | **Net earnings (loss) from continuing operations** | ($63) | ($24) | | **Net earnings (loss) from discontinued operations** | ($2,412) | $986 | | **Net earnings (loss) attributable to Liberty stockholders** | ($2,063) | $761 | - Liberty SiriusXM Group, which was combined with SiriusXM on September 9, 2024, is presented as a discontinued operation, contributing a net loss of **$2.41 billion** for FY 2024[38](index=38&type=chunk) [Statement of Cash Flows](index=17&type=section&id=Statement%20of%20Cash%20Flows) For the twelve months ended December 31, 2024, Liberty Media generated **$553 million** in net cash from operating activities. Net cash used in investing activities was **$187 million**, while financing activities provided a net cash inflow of **$894 million**, largely due to the issuance of Series C Liberty Formula One common stock 2024 Statement of Cash Flows Summary (in millions) | | FY 2024 | | :--- | :--- | | **Net cash provided by operating activities** | $553 | | **Net cash used by investing activities** | ($187) | | **Net cash provided by financing activities** | $894 | | **Net increase in cash** | $935 | [Non-GAAP Financial Measures](index=21&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES) This section defines and reconciles Adjusted OIBDA, a key non-GAAP financial measure, for both the Formula One Group and Liberty Live Group [Adjusted OIBDA Reconciliation](index=21&type=section&id=Adjusted%20OIBDA%20Reconciliation) The company uses Adjusted OIBDA (Operating Income Before Depreciation & Amortization) as a key performance indicator. For the full year 2024, Formula One Group's Adjusted OIBDA was **$774 million**, reconciled from an operating income of **$287 million**. Liberty Live Group's Adjusted OIBDA was a loss of **$7 million** - Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and other related costs and impairment charges[47](index=47&type=chunk) Adjusted OIBDA Reconciliation (in millions) | | 4Q24 | 2024 | | :--- | :--- | :--- | | **Formula One Group** | | | | Operating income (loss) | $23 | $287 | | Adjusted OIBDA | $200 | $774 | | **Liberty Live Group** | | | | Operating income (loss) | ($4) | ($11) | | Adjusted OIBDA | ($3) | ($7) |

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 12300 Liberty Boulevard Englewood, Colorado (Address of principal executive offices) 80112 (Zip Code) Registrant's telephone number, including area code: (720) 875-5400 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File N ...

Financial Data and Key Metrics Changes - Formula One Group reported total revenue growth of 6% in 2024, driven by two additional races, contractual increases, and a 10% rise in sponsorship revenue year-over-year [22][24][27] - The attributed cash and liquid investments at year-end were $2.6 billion, with $1.3 billion in cash at F1 and $78 million at the corporate level [20] - The total principal amount of debt was $2.9 billion, with F1 holding $2.4 billion of that debt [20] Business Line Data and Key Metrics Changes - F1's adjusted OIBDA margin improved nearly 70 basis points year-over-year, with payments as a percentage of pre-team adjusted OIBDA decreasing from 62.6% in 2023 to 61.5% in 2024 [24][27] - Paddock Club revenue saw strong growth at most events, while other F1 revenue remained relatively flat [23] Market Data and Key Metrics Changes - The Las Vegas Grand Prix missed internal expectations on revenue and OIBDA, primarily due to ticket sales [13][22] - F1 TV product subscribers increased by 15%, with the U.S. being the largest market [35][44] Company Strategy and Development Direction - The company is focused on closing the Dorna acquisition and simplifying its structure while highlighting the value of its Live Nation equity stake [10][11] - F1 aims to expand its platform and revenue sources, particularly in the U.S. market, leveraging the Las Vegas Grand Prix as a testbed for product expansion [13][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong financial position heading into 2025, with most revenue under contract and a focus on improving the Las Vegas Grand Prix's performance [27][28] - The company is optimistic about the growth of its fan base, particularly among younger demographics, and aims to enhance engagement through new initiatives [43][49] Other Important Information - The company is on track to achieve net-zero emissions by 2030 and has begun investing in sustainable aviation fuel [54] - The Las Vegas Grand Prix will see operational integration into the F1 team in London to maximize its commercial value [41] Q&A Session Summary Question: What are the strategic priorities for Liberty shareholders? - The company is focused on closing the Dorna acquisition, structural simplification, and supporting F1's growth trajectory [61][63] Question: How is the demand for U.S. media rights for F1? - Management indicated ongoing discussions with ESPN and other potential partners, emphasizing the strong interest in F1 content [68][72] Question: What steps are being taken to improve the Las Vegas Grand Prix's financial performance? - Management is focusing on cost structure improvements and enhancing local relationships to boost the event's success [82][86] Question: What is the impact of GM Cadillac joining F1? - The entry of Cadillac is expected to enhance the sport's ecosystem without negatively impacting the current Concord agreement discussions [92][110] Question: What is the outlook for media rights internationally? - Management is optimistic about the global demand for media rights, influenced by the ongoing U.S. negotiations [126]

Group 1 - The earnings call for Liberty Media Corporation is scheduled for February 27, 2025, at 10:00 AM ET, focusing on the Q4 2024 financial results [1] - Participants in the call include key executives from Liberty Media and various analysts from major financial institutions [1][2] - The call will cover non-GAAP financial measures, specifically adjusted OIBDA, with definitions and reconciliations provided [5]

Company Overview - Liberty Live Group is a tracking stock representing Liberty Media Group's 30% ownership stake in Live Nation Entertainment, a global live entertainment company operating through segments including Concerts, Ticketing, and Sponsorship & Advertising [1][3] - Live Nation promotes live music events, manages ticketing operations, and sells sponsorships and advertising [1][3] Investment Insights - ValueAct has taken a 5.51% position in Liberty Live and a 0.44% stake in Live Nation, making its effective ownership of Live Nation approximately 2%, positioning it as a top shareholder [3] - ValueAct's investment philosophy focuses on misunderstood companies and long-term value creation, which aligns with the current market perception of Live Nation [4] Market Dynamics - The live performance and touring sector has become the most lucrative revenue stream for artists, with Live Nation dominating this market due to its full vertical integration [4] - The U.S. Department of Justice (DOJ) filed a lawsuit in May 2024 to break up Live Nation and Ticketmaster, causing a stock price drop of about 8% [5] Strategic Developments - Live Nation is expanding its venue portfolio to address the lack of concert venues in various cities, with a 48% increase in capital expenditures over the past two years [6][7] - The company’s debt has tripled since 2015, indicating significant investment in venue expansion, which is expected to yield long-term returns [6][7] Valuation Considerations - The tracking stock of Liberty Live trades at a discount to Live Nation, presenting a potential investment opportunity as the discount may compress following a planned spinoff into a separate public company [8] - Historical precedents suggest that similar tracking stocks have seen value appreciation post-spinoff and merger, which could apply to Liberty Live and Live Nation [8]

Group 1 - Liberty Media plans to spin off most of its entertainment assets, excluding Formula One, into a new publicly traded entity called Liberty Live [1][2] - CEO Greg Maffei will step down at the end of 2024, with John Malone taking over as interim CEO [4] - The spin-off is expected to simplify Liberty Media's complex stock structure, creating separate tracking stocks for Formula One and Liberty Live [4] Group 2 - Liberty Live will include a 30% stake in Live Nation Entertainment and the Quint ticket and hospitality firm [3] - Liberty Media will retain its ownership of Formula One and MotoGP, with the split anticipated to be completed in the second half of 2025 [3] - Liberty Broadband is being acquired by Charter Communications, with shareholders receiving 0.236 of a Charter share for each Liberty share owned [5]

Financial Performance - Liberty Media reported total revenue for the Formula One Group of $911 million in Q3 2024, a 3% increase from $887 million in Q3 2023[4]. - Formula One's operating income increased to $146 million in Q3 2024, up 11% from $132 million in Q3 2023[6]. - Adjusted OIBDA for the Formula One Group rose to $207 million in Q3 2024, a 5% increase from $197 million in Q3 2023[4]. - Formula One Group generated total revenue of $911 million for the three months ended September 30, 2024, with $848 million from Formula 1 revenue[31]. - Operating income for Formula One Group was $110 million, while net earnings attributable to Liberty stockholders were $117 million[31]. - Total revenue for the three months ended September 30, 2023, was $936 million, with Formula One Group contributing $887 million[33]. - Operating income for the same period was $101 million, with Formula One Group generating $107 million[33]. - Net earnings attributable to Liberty stockholders for the three months ended September 30, 2023, were $385 million, including $291 million from discontinued operations[33]. - Net earnings for the Formula One Group were $124 million, while Liberty Live Group reported a loss of $19 million, and Liberty SiriusXM Group had net earnings of $802 million, with the Braves Group showing a loss of $109 million, resulting in consolidated net earnings of $798 million[36]. - Adjusted OIBDA for the Formula One Group was $197 million, while Liberty Live Group reported an Adjusted OIBDA loss of $4 million, and the Braves Group had an Adjusted OIBDA of $3 million, leading to a consolidated Adjusted OIBDA of $196 million[42]. Cash Flow and Debt - Total cash and cash equivalents attributed to Formula One Group increased by $1,175 million during the third quarter, primarily due to equity issuance and cash from operations[22]. - Liberty Media's total attributed debt as of September 30, 2024, was $4,215 million, reflecting a decrease of $150 million from the previous quarter[29]. - Total debt attributed to Formula One Group remained relatively flat at $2,920 million as of September 30, 2024, with a leverage ratio of 1.3x[23][24]. - Liberty Live Group's total cash and cash equivalents decreased by $18 million during the third quarter, primarily due to net debt repayment and interest payments[25]. - Cash and cash equivalents at the end of the period were $3,054 million, up from $2,028 million at the beginning of the period[35]. - The company reported a net loss of $2,118 million for the nine months ended September 30, 2024, primarily due to losses in the Liberty SiriusXM Group[35]. - Cash provided by operating activities was $580 million, with $554 million from the Formula One Group, while Liberty Live Group used $3 million, and the Braves Group provided $32 million[36]. - The company incurred $173 million in investments in equity method affiliates and debt and equity securities, while cash proceeds from dispositions amounted to $111 million[36]. - Net cash used in investing activities totaled $425 million, with the Formula One Group using $391 million and the Braves Group using $35 million[36]. - Borrowings of debt amounted to $1,165 million, with $1,135 million from Liberty Live Group and $30 million from the Braves Group, while repayments of debt totaled $1,002 million[36]. - Cash and cash equivalents at the end of the period were $2,120 million, with $1,470 million from the Formula One Group, $315 million from Liberty Live Group, and $335 million from Liberty SiriusXM Group[36]. - The company reported a net increase in cash of $156 million, with a decrease of $263 million from the Formula One Group and an increase of $315 million from Liberty Live Group[36]. Investments and Acquisitions - Liberty Media completed a public offering of 12.2 million FWONK shares for gross proceeds of $949 million in Q3 2024[1]. - The company secured $850 million in incremental Term Loan B and $150 million in Term Loan A commitments for the MotoGP transaction[1]. - Liberty Media issued 12.2 million shares of Series C Formula One common stock for gross proceeds of $949 million to fund the acquisition of Dorna Sports, S.L.[22]. - The planned acquisition of MotoGP is expected to enhance market presence and operational capabilities for Liberty Media[27]. - The margin on Formula One's Term Loan B was permanently reduced from 2.25% to 2.00%, with potential further reduction based on leverage tests[24]. - Liberty Media is in compliance with its debt covenants as of September 30, 2024[21]. Race Attendance and Events - Race attendance for Formula 1 reached 5.8 million season-to-date, with sellout crowds at nearly all races[5]. - The number of races held in Q3 2024 was 7, compared to 8 in Q3 2023, impacting revenue recognition[7].

Core Viewpoint - Liberty Media Corporation - Liberty Formula One Series A reported quarterly earnings of $0.48 per share, exceeding the Zacks Consensus Estimate of $0.31 per share, and showing an increase from $0.39 per share a year ago [1][2] Financial Performance - The company achieved revenues of $848 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 2.79%, although this represents a decline from $887 million in the same quarter last year [3] - The earnings surprise for the quarter was 54.84%, while the previous quarter saw a significant negative surprise of -70.59% [2] Stock Performance - Liberty Media Corporation - Liberty Formula One Series A shares have increased approximately 29.9% since the beginning of the year, outperforming the S&P 500's gain of 25.8% [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.62 on revenues of $1.24 billion, and for the current fiscal year, it is $1.54 on revenues of $3.53 billion [8] - The estimate revisions trend for the company is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Industry Context - The Media Conglomerates industry, to which Liberty Media belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, suggesting potential challenges ahead [9]

Financial Position - As of September 30, 2024, the Formula One Group had cash and cash equivalents of approximately $2,666 million, including $1,449 million of subsidiary cash[140]. - Cash and cash equivalents for Formula 1 amounted to $1,383 million as of September 30, 2024[166]. - Cash provided by operating activities for Formula One Group was $587 million for the nine months ended September 30, 2024, compared to $554 million for the same period in 2023[170]. - Liberty's primary uses of cash during the nine months ended September 30, 2024, included $205 million for acquisitions and $117 million for debt repayments[170]. - Total cash and cash equivalents at the end of the period were $3,061 million, up from $2,120 million at the end of September 30, 2023[19]. - Total liabilities decreased to $5,749 million as of September 30, 2024, from $21,882 million at December 31, 2023[6]. - Total assets as of December 31, 2023, amounted to $29.901 billion, with current assets at $1.361 billion and long-term debt at $10.063 billion[36]. - Total assets for the Formula One Group were $11,980 million as of September 30, 2024[118]. - Total liabilities and equity as of September 30, 2024, amounted to $13,208 million, a decrease from $41,327 million as of December 31, 2023[9]. Revenue and Earnings - Consolidated revenue decreased by $25 million to $911 million for the three months ended September 30, 2024, compared to the same period last year, primarily due to a decrease in Braves Holdings revenue and Formula 1 revenue[146]. - For the nine months ended September 30, 2024, consolidated revenue increased by $144 million to $2,486 million, driven by an increase in Formula 1 revenue and revenue from QuintEvents[146]. - Operating income for Formula 1 increased by $14 million to $146 million for the three months ended September 30, 2024, and increased by $118 million to $366 million for the nine months ended September 30, 2024[147][148]. - Net earnings from continuing operations for the three and nine months ended September 30, 2024, were $132 million and $294 million, respectively, compared to $152 million and $41 million for the same periods in 2023[163]. - Revenue for the three months ended September 30, 2024, was $1,664 million, a decrease of 26.7% compared to $2,271 million for the same period in 2023[39]. - Operating income for the three months ended September 30, 2024, was a loss of $2,979 million, compared to an operating income of $528 million for the same period in 2023[39]. - Net earnings attributable to Live Nation stockholders for the three months ended September 30, 2024, were $452 million, compared to $521 million in the same period of 2023, a decline of 13.3%[88]. Acquisitions and Investments - The Company completed the acquisition of QuintEvents, LLC for total consideration of approximately $277 million, which included $205 million in cash[135]. - Liberty Media Corporation acquired QuintEvents, LLC for approximately $277 million, including $205 million in cash and $6 million for a pre-existing condition, resulting in $235 million of goodwill recorded[27]. - The company agreed to acquire approximately 86% of Dorna Sports, S.L. for a purchase price of approximately €3.0 billion, funded with cash[28]. - Liberty issued approximately 12.2 million shares of Series C Liberty Formula One common stock at $77.50 per share, generating gross proceeds of approximately $949 million to partially fund the Dorna acquisition[28]. - The company recorded $121 million of deferred revenue as a result of the QuintEvents acquisition[28]. - The company holds an ownership interest in Live Nation, which is accounted for as an equity method investment as of September 30, 2024[129]. Operational Performance - The operational risks of subsidiaries and business affiliates with operations outside of the U.S. could impact overall performance[125]. - The Company’s financial condition is influenced by the regulatory and competitive environment of the industries in which it operates[125]. - The Atlanta Braves Holdings Split-Off in 2023 negatively impacted Braves Holdings revenue, contributing to the overall revenue decrease[146]. - Revenue from QuintEvents, acquired in January 2024, partially offset the revenue decline from Braves Holdings[146]. - The company anticipates recognizing approximately $673 million in revenue from undelivered performance obligations for the remainder of 2024[113]. Stockholder Information - Basic net earnings from continuing operations attributable to Liberty stockholders for Series A, B, and C Liberty Formula One common stock was $0.48 per share for the three months ended September 30, 2024[14]. - Basic earnings attributable to Liberty Formula One stockholders for the three months ended September 30, 2024, were $117 million, compared to $118 million for the same period in 2023[67]. - Diluted earnings attributable to Liberty Formula One stockholders for the three months ended September 30, 2024, were $117 million, up from $95 million in the same period of 2023[67]. - The company reported a net loss from discontinued operations of $(315) million for the nine months ended September 30, 2024[18]. - Comprehensive earnings attributable to Liberty stockholders for the nine months ended September 30, 2024, were $(2,429) million, a decrease from $421 million in the same period in 2023[16]. Strategic Developments - The Atlanta Braves Holdings Split-Off was completed on July 18, 2023, and was intended to be tax-free to stockholders, except for cash received in lieu of fractional shares[134]. - The Liberty Sirius XM Holdings Split-Off was completed on September 9, 2024, with each outstanding share of Liberty SiriusXM common stock exchanged for 0.8375 of a share of Liberty Sirius XM Holdings common stock[136]. - The split-off of Liberty Sirius XM Holdings was completed on September 9, 2024, representing a strategic shift with a major effect on the company's operations and financial results[32]. - The IRS agreed with the nontaxable characterization of the Atlanta Braves Holdings Split-Off and the Reclassification, completed in July and September 2024, respectively[44]. Cost Management - Selling, general and administrative expenses increased by $22 million to $79 million for the three months ended September 30, 2024, primarily due to higher personnel and IT costs[184]. - Selling, general, and administrative expenses for the three months ended September 30, 2024, were $116 million, an increase of 24.7% compared to $93 million in the prior year[11]. - Cost of Formula 1 revenue decreased by $54 million to $561 million for the three months ended September 30, 2024, compared to $615 million in the prior year[182]. - Team payments decreased by $61 million to $371 million for the three months ended September 30, 2024, due to one less event held[181]. Market Trends - The company is focused on expanding its market presence and enhancing its strategic investments in the media and entertainment sectors[128]. - The company anticipates potential impacts from economic conditions and consumer demand fluctuations on its operations and financial performance[122]. - Liberty recognized that Formula 1's revenue and expenses are generally lower in the first quarter compared to the rest of the year due to the seasonality of World Championship race events[30].