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].

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]

[First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) [Highlights and Management Commentary](index=1&type=section&id=Highlights%20and%20Management%20Commentary) Liberty Media reported a strong Q1 2025, driven by Formula 1's new commercial partnerships and Live Nation's sustained demand, highlighted by F1 Grand Prix renewals and the 2026 Concorde Commercial Agreement - Management highlights a strong start to 2025, citing exciting racing and new commercial partnerships at Formula 1, and sustained demand for live music pointing to a record year for Live Nation[1](index=1&type=chunk) - Formula 1 renewed its agreement for the Mexico Grand Prix through **2028** and the Miami Grand Prix through **2041**[3](index=3&type=chunk) - New sponsorship deals were secured with Barilla Pasta and PWC as Official Partners[3](index=3&type=chunk) - An agreement was reached with all ten F1 teams on the **2026** Concorde Commercial Agreement[3](index=3&type=chunk)[8](index=8&type=chunk) - The company is working with the European Commission on the regulatory process for the MotoGP acquisition[3](index=3&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) [Formula One Group](index=3&type=section&id=Formula%20One%20Group) Formula One Group's Q1 2025 total revenue decreased to **$447 million** from **$587 million** in Q1 2024, resulting in a **$67 million** operating loss, primarily due to fewer races held in the quarter Formula One Group Financial Summary (Q1 2025 vs Q1 2024) | Metric | 1Q24 (in millions) | 1Q25 (in millions) | | :--- | :--- | :--- | | **Total Revenue** | $587 | $447 | | **Operating Income (Loss)** | $95 | $(67) | | **Adjusted OIBDA** | $202 | $73 | [F1 Operating Results](index=3&type=section&id=F1%20Operating%20Results) F1's revenue declined **27%** to **$403 million** and Adjusted OIBDA dropped **59%** to **$85 million** due to fewer races in Q1 2025, impacting promotion, media, and sponsorship revenue, partially offset by contractual increases and new sponsors F1 Operating Results (Q1 2025 vs Q1 2024) | Metric | 1Q24 (in millions) | 1Q25 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Number of races in period | 3 | 2 | - | | **Total Formula 1 revenue** | $553 | $403 | (27)% | | Team payments | $(163) | $(114) | 30% | | **Adjusted OIBDA** | $208 | $85 | (59)% | | **Operating income (loss)** | $136 | $(28) | NM | - The decrease in Primary F1 revenue was driven by having one less race in the quarter, which impacted race promotion, media rights, and sponsorship fees due to a lower proportion of season-based revenue being recognized[10](index=10&type=chunk)[11](index=11&type=chunk) - The decline in media rights revenue was partly offset by contractual fee increases and growth in F1 TV subscriptions. The decline in sponsorship revenue was largely offset by new sponsors and growth from existing contracts[11](index=11&type=chunk) - Selling, general and administrative expenses increased primarily due to higher marketing costs for the **75th** season launch event and increased personnel costs[12](index=12&type=chunk) [Corporate and Other Operating Results](index=6&type=section&id=Corporate%20and%20Other%20Operating%20Results) Corporate and Other revenue increased in Q1 2025, primarily from Quint's NBA and F1 Experiences, with the Las Vegas Grand Prix Plaza generating **$6 million** in rental income - Corporate and Other revenue increased due to Quint's results, which were driven by NBA Experiences and F1 Experiences across the two races held in the quarter[13](index=13&type=chunk) - The Las Vegas Grand Prix Plaza generated **$6 million** in rental income in Q1 2025, compared to **$7 million** in the prior year period[13](index=13&type=chunk) [Liberty Live Group](index=6&type=section&id=Liberty%20Live%20Group) The Liberty Live Group, primarily Live Nation, had a fair value of approximately **$9.1 billion** as of March 31, 2025, and was allocated **$4 million** in corporate SG&A expenses - The fair value of the investment in Live Nation was **$9.1 billion** as of March 31, 2025[3](index=3&type=chunk) - The businesses and assets attributed to Liberty Live Group consist of Liberty Media's interest in Live Nation and other minority investments[15](index=15&type=chunk) - **$4 million** of corporate level selling, general and administrative expense was allocated to Liberty Live Group in Q1 2025[14](index=14&type=chunk) [Capital Management](index=6&type=section&id=Capital%20Management) [Share Repurchases](index=6&type=section&id=Share%20Repurchases) Liberty Media made no common stock repurchases from February 1 to April 30, 2025, retaining **$1.1 billion** in remaining repurchase authorization as of May 1, 2025 - No repurchases of Liberty Media's common stock were made from February 1 through April 30, 2025[16](index=16&type=chunk) - As of May 1, 2025, the total remaining repurchase authorization is **$1.1 billion**[16](index=16&type=chunk) [Supplemental Financial Information](index=8&type=section&id=Supplemental%20Financial%20Information) [Fair Value of Corporate Public Holdings](index=8&type=section&id=Fair%20Value%20of%20Corporate%20Public%20Holdings) Liberty Media's public holdings, primarily its Live Nation investment within the Liberty Live Group, increased slightly from **$9.02 billion** at year-end 2024 to **$9.09 billion** by Q1 2025 Fair Value of Public Holdings (in millions) | Group | 12/31/2024 | 3/31/2025 | | :--- | :--- | :--- | | **Liberty Live Group** | | | | Live Nation Investment | $9,019 | $9,094 | | **Total Liberty Media** | **$9,019** | **$9,094** | [Cash and Debt](index=9&type=section&id=Cash%20and%20Debt) As of March 31, 2025, Formula One Group's cash increased by **$202 million** to **$2.83 billion** with stable debt at **$2.9 billion**, while Liberty Live Group's cash decreased by **$11 million** to **$314 million** with unchanged debt at **$1.15 billion**, improving F1's net leverage to **1.2x** Cash and Debt Summary (as of March 31, 2025) | (amounts in millions) | Formula One Group | Liberty Live Group | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | $2,833 | $314 | | **Total Attributed Debt** | $2,902 | $1,150 | | **F1 Net Leverage** | 1.2x | N/A | - Formula One Group's cash increased by **$202 million** during Q1, driven by cash from operations at F1, partially offset by a **$131 million** payment for the MotoGP acquisition[25](index=25&type=chunk) - Liberty Live Group's cash decreased by **$11 million** in Q1, mainly due to interest payments and corporate overhead[26](index=26&type=chunk) [Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) [Balance Sheet](index=12&type=section&id=Balance%20Sheet) As of March 31, 2025, Liberty Media reported total consolidated assets of **$13.29 billion** and liabilities of **$6.23 billion**, with the Formula One Group comprising the majority of assets at **$12.09 billion** Consolidated Balance Sheet Highlights (March 31, 2025) | Metric (in millions) | Amount | | :--- | :--- | | Total current assets | $3,667 | | **Total assets** | **$13,285** | | Total current liabilities | $1,446 | | **Total liabilities** | **$6,226** | | **Total equity** | **$7,059** | [Statement of Operations](index=13&type=section&id=Statement%20of%20Operations) For Q1 2025, Liberty Media reported total revenue of **$447 million**, a consolidated operating loss of **$71 million**, and net earnings of **$5 million**, compared to **$587 million** revenue, **$93 million** operating income, and **$203 million** net earnings in Q1 2024 Consolidated Statement of Operations (Q1 2025 vs Q1 2024) | Metric (in millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total revenue** | $447 | $587 | | **Operating income (loss)** | $(71) | $93 | | **Net earnings (loss) attributable to Liberty stockholders** | $5 | $203 | [Statement of Cash Flows](index=15&type=section&id=Statement%20of%20Cash%20Flows) In Q1 2025, Liberty Media generated **$381 million** in net cash from operating activities, used **$181 million** in investing activities (including a **$131 million** acquisition payment), resulting in a **$191 million** net cash increase and **$3.15 billion** total cash at period end Consolidated Statement of Cash Flows (Q1 2025) | Metric (in millions) | Amount | | :--- | :--- | | Net cash provided by operating activities | $381 | | Net cash used by investing activities | $(181) | | Net cash used by financing activities | $(13) | | **Net increase in cash** | **$191** | | **Cash at end of period** | **$3,154** | [Non-GAAP Financial Measures](index=17&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Adjusted OIBDA](index=17&type=section&id=Reconciliation%20of%20Adjusted%20OIBDA) Liberty Media uses Adjusted OIBDA as a key operational indicator, with Formula One Group reporting **$73 million** and Liberty Live Group a **$4 million** loss for Q1 2025 Adjusted OIBDA Reconciliation (Q1 2025) | (amounts in millions) | Formula One Group | Liberty Live Group | | :--- | :--- | :--- | | **Operating income (loss)** | **$(67)** | **$(4)** | | Depreciation and amortization | 77 | — | | Stock compensation expense | 2 | — | | Acquisition costs | 11 | — | | Concorde incentive payments | 50 | — | | **Adjusted OIBDA** | **$73** | **$(4)** | - Adjusted OIBDA is defined as operating income plus depreciation & amortization, stock-based compensation, litigation settlements, Concorde incentive payments, and restructuring/acquisition charges[42](index=42&type=chunk)

[Part I — Financial Information](index=3&type=section&id=Part%20I%20%E2%80%94%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Liberty Media Corporation and its subsidiaries for the quarterly period ended March 31, 2025, including balance sheets, statements of operations, comprehensive earnings, cash flows, and equity, along with notes detailing accounting policies and significant events like the Liberty Sirius XM Holdings discontinued operation presentation [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to **$13.285 billion** from **$12.948 billion** at year-end 2024, primarily driven by increases in cash and cash equivalents and deferred revenue, while total liabilities rose to **$6.226 billion** from **$5.897 billion**, and total equity remained relatively stable at **$7.059 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$13,285** | **$12,948** | | Cash and cash equivalents | $3,147 | $2,956 | | Total current assets | $3,667 | $3,347 | | Goodwill | $4,134 | $4,134 | | **Total Liabilities** | **$6,226** | **$5,897** | | Deferred revenue | $1,009 | $267 | | Long-term debt | $4,534 | $4,522 | | **Total Equity** | **$7,059** | **$7,051** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, total revenue significantly decreased to **$447 million** from **$587 million** in the prior-year period, primarily due to lower Formula 1 revenue, resulting in an operating loss of **$71 million**, a reversal from an operating income of **$93 million** in Q1 2024, with net earnings from continuing operations at **$5 million**, comparable to **$4 million** in the prior year, aided by gains on financial instruments Q1 2025 vs Q1 2024 Statement of Operations (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $447 | $587 | | Operating Income (Loss) | $(71) | $93 | | Net Earnings (Loss) from Continuing Operations | $5 | $4 | | Net Earnings (Loss) Attributable to Liberty Stockholders | $5 | $203 | Diluted EPS from Continuing Operations | Stock Group | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Liberty Formula One | $0.05 | $0.32 | | Liberty Live | $(0.18) | $(0.79) | [Condensed Consolidated Statements of Comprehensive Earnings (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings%20%28Loss%29) Comprehensive earnings attributable to Liberty stockholders for Q1 2025 was **$10 million**, a decrease from **$133 million** in Q1 2024, comprising **$5 million** in net earnings and **$5 million** in other comprehensive earnings, primarily from foreign currency translation adjustments and share of affiliate's OCI, offset by losses on credit risk for fair value debt Comprehensive Earnings (Loss) (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Earnings (Loss) | $5 | $245 | | Other Comprehensive Earnings (Loss) from Continuing Operations | $5 | $(30) | | Comprehensive Earnings (Loss) Attributable to Liberty Stockholders | $10 | $133 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first three months of 2025, net cash provided by operating activities was **$381 million**, a significant increase from **$131 million** in the prior-year period, while net cash used in investing activities was **$181 million**, mainly for acquisitions, and net cash used in financing activities was **$13 million**, resulting in a net increase in cash of **$191 million** for the period Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $381 | $131 | | Net Cash from Investing Activities | $(181) | $(296) | | Net Cash from Financing Activities | $(13) | $(9) | | Net Increase (Decrease) in Cash | $191 | $(337) | [Condensed Consolidated Statements of Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity increased slightly from **$7.051 billion** at the start of the year to **$7.059 billion** as of March 31, 2025, primarily driven by **$5 million** in net earnings and **$5 million** in other comprehensive earnings, with minor impacts from stock-based compensation and other adjustments Reconciliation of Total Equity (in millions) | Description | Amount | | :--- | :--- | | Balance at January 1, 2025 | $7,051 | | Net earnings (loss) | $5 | | Other comprehensive earnings (loss) | $5 | | Stock-based compensation & other | $(2) | | **Balance at March 31, 2025** | **$7,059** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the basis of presentation, significant accounting policies, and key corporate events, including the accounting for the Liberty Sirius XM Holdings Split-Off as a discontinued operation, the structure of the Formula One and Liberty Live tracking stocks, a planned split-off of the Liberty Live Group, and the pending acquisition of Dorna Sports, along with detailed breakdowns of debt, financial instruments, segment performance, and commitments like the Formula 1 Concorde Agreement - The company is primarily engaged in the media and entertainment industries, with its most significant subsidiary being Formula 1 and its most significant equity method investment being Live Nation Entertainment, Inc[32](index=32&type=chunk) - On September 9, 2024, the company completed the split-off of Liberty Sirius XM Holdings, which is now presented as a discontinued operation[33](index=33&type=chunk)[45](index=45&type=chunk) - The company has agreed to acquire approximately **86%** of Dorna Sports, S.L. for about **€3.0 billion**, with the closing date extended to June 30, 2025, to accommodate a Phase II regulatory investigation[37](index=37&type=chunk) - The company announced a plan to split-off the Liberty Live Group, which would make Liberty Live Holdings, Inc. a separate public company and the remaining Liberty Formula One common stock would no longer be a tracking stock[59](index=59&type=chunk)[61](index=61&type=chunk) - In March 2025, Formula 1 paid a one-time incentive of **$50 million** to the 10 competing teams for signing the 2026 Concorde Commercial Agreement, which covers the 2026-2030 seasons[111](index=111&type=chunk) Reconciliation of Adjusted OIBDA to Pre-Tax Earnings (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Adjusted OIBDA** | **$69** | **$201** | | Concorde incentive payments | $(50) | — | | Acquisition costs | $(11) | $(9) | | Stock-based compensation | $(2) | $(13) | | Depreciation and amortization | $(77) | $(86) | | **Operating income (loss)** | **$(71)** | **$93** | | Interest expense | $(55) | $(62) | | Share of earnings (losses) of affiliates, net | $1 | $(24) | | Realized and unrealized gains (losses) on financial instruments, net | $65 | $(21) | | Other, net | $36 | $21 | | **Earnings (loss) from continuing operations before income taxes** | **$(24)** | **$7** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial results and condition, detailing the performance of its operating segments, primarily Formula 1, attributing the decline in Q1 revenue and profitability to the timing of races, and covering the company's tracking stock structure, recent and planned corporate actions, liquidity, capital resources, and an analysis of other income and expense items [Overview](index=28&type=section&id=MD%26A%20Overview) Management provides an overview of the company's structure, which includes the Formula One Group and the Liberty Live Group tracking stocks following the 2024 split-off of Liberty SiriusXM, with the Formula One Group holding the Formula 1 business and QuintEvents, and the Liberty Live Group holding the investment in Live Nation, while key strategic initiatives include the pending acquisition of Dorna and a planned split-off of the Liberty Live Group - The Formula One Group, as of March 31, 2025, includes Formula 1, QuintEvents, and had cash of approximately **$2.833 billion**[140](index=140&type=chunk) - The Liberty Live Group, as of March 31, 2025, is primarily comprised of the interest in Live Nation and had cash of approximately **$314 million**[141](index=141&type=chunk) - The company is pursuing a split-off of the Liberty Live Group, which would result in two separate publicly traded companies: Liberty Media Corporation (holding Formula One) and Liberty Live Holdings, Inc[145](index=145&type=chunk) [Results of Operations—Consolidated](index=30&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) Consolidated revenue for Q1 2025 decreased by **$140 million** year-over-year, driven by lower revenue at Formula 1, leading to a consolidated operating loss of **$71 million** compared to a **$93 million** income in the prior year, and consolidated Adjusted OIBDA fell to **$69 million** from **$201 million**, also primarily due to Formula 1's results Consolidated Revenue by Group (in millions) | Group | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Formula One Group | $447 | $587 | | **Consolidated Liberty** | **$447** | **$587** | Consolidated Adjusted OIBDA by Group (in millions) | Group | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Formula One Group | $73 | $202 | | Liberty Live Group | $(4) | $(1) | | **Consolidated Liberty** | **$69** | **$201** | Reconciliation of Operating Income (Loss) to Adjusted OIBDA (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating income (loss) | $(71) | $93 | | Depreciation and amortization | $77 | $86 | | Stock-based compensation | $2 | $13 | | Acquisition costs | $11 | $9 | | Concorde incentive payments | $50 | — | | **Adjusted OIBDA** | **$69** | **$201** | [Other Income and Expense](index=33&type=section&id=Other%20Income%20and%20Expense) Total other income was **$47 million** in Q1 2025, a significant shift from an **$86 million** expense in Q1 2024, driven by a **$65 million** net gain on financial instruments, compared to a **$21 million** loss previously, primarily from foreign currency forward contracts and changes in fair value of debt, with share of earnings from affiliates also improving, contributing **$1 million** versus a **$24 million** loss in the prior year Components of Other Income (Expense) (in millions) | Component | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Interest expense | $(55) | $(62) | | Share of earnings (losses) of affiliates, net | $1 | $(24) | | Realized and unrealized gains (losses) on financial instruments, net | $65 | $(21) | | Other, net | $36 | $21 | | **Total Other Income (Expense)** | **$47** | **$(86)** | - The gain on financial instruments was primarily driven by a **$108 million** gain on foreign currency forward contracts, partially offset by a **$35 million** loss on interest rate swaps[156](index=156&type=chunk) [Material Changes in Financial Condition](index=34&type=section&id=Material%20Changes%20in%20Financial%20Condition) As of March 31, 2025, the company held **$2.833 billion** in cash at the Formula One Group and **$314 million** at the Liberty Live Group, with cash from operations being a primary source of liquidity during the quarter, and the main use of cash being a **$131 million** extension payment for the Dorna acquisition, while the company remains in compliance with all debt covenants and believes it has sufficient liquidity for future needs Cash and Cash Equivalents by Group as of March 31, 2025 (in millions) | Group | Cash and Cash Equivalents | | :--- | :--- | | **Formula One Group** | **$2,833** | | Formula 1 | $1,547 | | Corporate and other | $1,286 | | **Liberty Live Group** | **$314** | - During Q1 2025, Formula 1 distributed **$131 million** to Liberty, and as of March 31, 2025, Liberty had **$400 million** available under its margin loan secured by Live Nation shares[163](index=163&type=chunk) Cash Flow by Group (in millions) | Cash Flow Activity | Formula One Group | Liberty Live Group | | :--- | :--- | :--- | | Operating Activities | $391 | $(10) | | Investing Activities | $(180) | $(1) | | Financing Activities | $(13) | $— | [Results of Operations—Businesses (Formula 1)](index=36&type=section&id=Results%20of%20Operations%E2%80%94Businesses) Formula 1's financial performance declined in Q1 2025 compared to Q1 2024, primarily because there were only two races held in the quarter versus three in the prior-year period, with total revenue falling to **$403 million** from **$553 million**, Adjusted OIBDA decreasing to **$85 million** from **$208 million**, and the business posting an operating loss of **$28 million**, which includes a **$50 million** Concorde incentive payment, compared to an operating income of **$136 million** in Q1 2024 Formula 1 Operating Results (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Formula 1 revenue | $403 | $553 | | Adjusted OIBDA | $85 | $208 | | Operating income (loss) | $(28) | $136 | | Number of Events | 2 | 3 | - Primary Formula 1 revenue decreased by **$144 million** due to recognizing revenue from one less event and a different mix of events compared to the prior year[173](index=173&type=chunk) - Cost of Formula 1 revenue decreased by **$44 million**, mainly due to lower team payments which are recognized pro-rata across the events on the calendar[176](index=176&type=chunk)[177](index=177&type=chunk) - Selling, general and administrative expenses increased by **$17 million**, primarily due to higher marketing costs for the 75th season launch event and increased personnel costs[179](index=179&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risk from changes in stock prices and interest rates, with interest rate risk managed through a mix of fixed and variable rate debt and the use of interest rate swaps, and as of March 31, 2025, the majority of the company's debt was fixed rate, while stock price risk arises from significant holdings in publicly traded securities, including its equity method investment in Live Nation, which is not carried at fair value on the balance sheet Debt Structure as of March 31, 2025 (Principal in millions) | Group | Variable Rate Debt | Fixed Rate Debt | | :--- | :--- | :--- | | Formula One Group | $176 | $2,726 | | Liberty Live Group | NA | $1,150 | - The company is exposed to stock price volatility through its investment in Live Nation, where a hypothetical **10%** decrease in Live Nation's stock price at March 31, 2025 would have reduced its aggregate value by **$909 million**[184](index=184&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and principal financial officer, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2025, with no material changes occurring during the quarter that affected, or are reasonably likely to materially affect, the company's internal control over financial reporting - Based on an evaluation as of the end of the reporting period, the CEO and principal financial officer concluded that the company's disclosure controls and procedures were effective[185](index=185&type=chunk) - There were no material changes to the company's internal control over financial reporting during the first quarter of 2025[186](index=186&type=chunk) [Part II — Other Information](index=39&type=section&id=Part%20II%20%E2%80%94%20Other%20Information) [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to the company's Annual Report on Form 10-K for the year ended December 31, 2024, for a description of legal proceedings and directs the reader to Note 9 of the condensed consolidated financial statements in this report for any updates - For information on legal proceedings, the report refers to the 2024 Form 10-K and Note 9 of the current financial statements for any changes[187](index=187&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to its risk factors from the 2024 Annual Report, except for two specific risk factors that have been replaced, relating to the adverse effects of foreign currency fluctuations on Formula 1's profitability and the potential for weak economic conditions to reduce consumer discretionary spending on the company's products and events - The risk factor concerning fluctuations in the U.S. dollar against other currencies has been updated, highlighting that an appreciation of the dollar could increase costs for Formula 1's counterparties and affect profitability[190](index=190&type=chunk) - The risk factor regarding weak economic conditions has been updated to include the impacts of inflation, higher interest rates, and trade tariffs, which could reduce discretionary consumer spending on live-entertainment and sporting events[191](index=191&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activity, noting that no shares of Liberty Formula One or Liberty Live common stock were repurchased during the three months ended March 31, 2025, and approximately **$1.1 billion** remains available under its authorized share repurchase program - No repurchases of Liberty Formula One or Liberty Live common stock were made during the first quarter of 2025[193](index=193&type=chunk) - As of March 31, 2025, approximately **$1.1 billion** was available for future share repurchases under the existing program[193](index=193&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) The company reports that none of its directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the fiscal quarter ended March 31, 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2025[195](index=195&type=chunk) [Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report on Form 10-Q, including a 3rd Amendment Agreement, officer certifications, and XBRL data files List of Filed Exhibits | Exhibit No. | Name | | :--- | :--- | | 10.1 | 3rd Amendment Agreement, dated March 29, 2025... | | 31.1 | Rule 13a-14(a)/15d-14(a) Certification | | 31.2 | Rule 13a-14(a)/15d-14(a) Certification | | 32 | Section 1350 Certification | | 99.1 | Unaudited Attributed Financial Information for Tracking Stock Groups | | 101 | Inline XBRL Documents |

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]