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].

Financial Data and Key Metrics Changes - Formula One Group reported a revenue increase of 15% year-to-date and adjusted OIBDA growth of 21% [10] - At the end of Q3, Formula One Group had attributed cash and liquid investments totaling $2.7 billion, including $1.4 billion in cash at F1 [18] - Total attributed principal amount of debt was $2.9 billion, with F1's leverage at 1.1 times [19][20] Business Line Data and Key Metrics Changes - F1 recognized a lower proportion of season-based income with 29% of races occurring in Q3 compared to 36% in the prior year, leading to a decline in sponsorship revenue [22] - Race promotion revenue increased despite one less race held, attributed to a favorable mix of events [23] - Adjusted OIBDA margin improved from 24.4% to 25.8% year-to-date through Q3 [26] Market Data and Key Metrics Changes - Attendance at MotoGP events increased by 9% year-to-date, with 2.9 million attendees [14] - F1 TV subscriber growth was robust, with a 10% year-over-year increase, particularly strong in the U.S. market [37] Company Strategy and Development Direction - The company is focused on expanding partnerships with iconic brands, including a new 10-year deal with LVMH starting in 2025 [41] - Plans for the Las Vegas Grand Prix include leveraging the event for broader ecosystem benefits and enhancing fan experiences [72][74] - The company is exploring new markets and potential race calendar expansions, with Madrid confirmed for 2026 [82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial security and stability of the ecosystem, with positive conversations regarding the Concord agreement [56] - The competitive nature of the F1 season is expected to drive fan engagement and attendance, with a strong outlook for sponsorship revenue in 2025 [60][66] - The company is optimistic about the Las Vegas race's contribution to the overall F1 ecosystem and its potential for future growth [74] Other Important Information - The MotoGP transaction is progressing with the European Commission, and a year-end close is expected [13] - The company is committed to sustainability, having made its first investment in sustainable aviation fuels [49] Q&A Session Summary Question: Updates on Concord negotiations - Management indicated that conversations are progressing well, with no urgent rush due to existing agreements [56][58] Question: Sponsorship revenue growth outlook - Management expressed optimism about the pipeline for commercial activity in 2025 and beyond, highlighting significant interest from high-value partners [60][66] Question: Media rights landscape and negotiations with ESPN - Management noted that negotiations with ESPN are ongoing, with a focus on balancing economic opportunities and fan experience [68][69] Question: Demand for the Las Vegas Grand Prix - Management reported an uptick in ticket sales and positive expectations for the event, benefiting from a competitive championship [72][74] Question: Expansion of the race calendar - Management confirmed plans for Madrid in 2026 and indicated ongoing discussions about potential new venues while maintaining exclusivity [82][106]

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][3]. Estimate Revisions - The rising trend in earnings estimate revisions reflects growing analyst optimism regarding the company's earnings prospects, which is expected to positively impact its stock price [2]. - For the current quarter, the earnings estimate is $0.31 per share, representing a decrease of 20.51% from the previous year, but the Zacks Consensus Estimate has increased by 10.64% over the last 30 days with no negative revisions [4]. - For the full year, the earnings estimate is $1.23 per share, indicating a substantial increase of 98.39% from the previous year, with a 7.89% increase in the consensus estimate over the past month [5]. Zacks Rank - The favorable estimate revisions have led Liberty Media Corporation - Liberty Formula One Series A to achieve a Zacks Rank 1 (Strong Buy), indicating strong potential for outperformance [6]. - Stocks with Zacks Rank 1 and 2 are shown to significantly outperform the S&P 500 [7]. Investment Sentiment - Investors have shown confidence in Liberty Media Corporation - Liberty Formula One Series A, as evidenced by a 6.8% stock gain over the past four weeks, driven by solid earnings growth prospects [8].

Core Viewpoint - The article emphasizes the importance of identifying sustainable trends in short-term investing, highlighting that while price momentum can be profitable, it requires strong fundamentals to maintain that momentum [1][2]. Group 1: Stock Performance - Liberty Media Corporation's Formula One Series A (FWONA) has shown a solid price increase of 7.7% over the past 12 weeks, indicating investor confidence in its potential upside [4]. - The stock has also increased by 6.8% over the last four weeks, suggesting that the upward trend is still intact [5]. - FWONA is currently trading at 97.8% of its 52-week high-low range, indicating a potential breakout [5]. Group 2: Fundamental Strength - FWONA holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% 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 performance [7]. Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks with sufficient fundamental strength to sustain their recent uptrends, including FWONA [3][8]. - The article suggests that there are multiple stocks passing through this screen, providing additional investment opportunities for trend-focused investors [8].

Exhibit 99.1 Englewood, Colorado, August 8, 2024- Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported second quarter 2024 results. Headlines include (1): ● Attributed to Liberty SiriusXM Group o SiriusXM reported second quarter 2024 operating and financial results ◾ Second quarter 2024 revenue of $2.18 billion ◾ Ad revenue of $443 million ◾ Net income of $316 million; diluted EPS of $0.08 ◾ Adjusted EBITDA(2) of $702 million ◾ Fre ...