Core Insights - Liberty Media Corporation - Liberty Formula One Series C reported quarterly earnings of $0.05 per share, exceeding the Zacks Consensus Estimate of a loss of $0.18 per share, but down from earnings of $0.32 per share a year ago [1] - The earnings surprise was 127.78%, following a previous quarter where the company reported a loss of $1.03 against an expected earnings of $0.46, resulting in a surprise of -323.91% [2] - The company posted revenues of $400 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 8.38%, but down from $550 million in the same quarter last year [3] Financial Performance - Over the last four quarters, the company has surpassed consensus EPS estimates two times [2] - The company has also topped consensus revenue estimates two times over the last four quarters [3] - The current consensus EPS estimate for the upcoming quarter is $0.55 on revenues of $1.16 billion, and for the current fiscal year, it is $1.22 on revenues of $3.71 billion [8] Market Position - Liberty Media Corporation - Liberty Formula One Series C shares have declined approximately 1.4% since the beginning of the year, compared to a decline of 4.7% for the S&P 500 [4] - The Zacks Industry Rank places Media Conglomerates in the top 31% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [9] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and the trends in earnings estimate revisions [4][5] - The current Zacks Rank for the stock is 3 (Hold), suggesting it is expected to perform in line with the market in the near future [7]

Financial Performance - Formula One Group revenue decreased by 27% to $403 million in Q1 2025 from $553 million in Q1 2024[7] - Operating income for Formula One Group turned to a loss of $67 million in Q1 2025 compared to a profit of $95 million in Q1 2024[7] - Adjusted OIBDA for Formula One Group fell by 64% to $73 million in Q1 2025 from $202 million in Q1 2024[7] - Total revenue for Q1 2025 was $447 million, a decrease of 24% compared to $587 million in Q1 2024[34][36] - Formula 1 revenue in Q1 2025 was $400 million, down 27% from $550 million in Q1 2024[34][36] - Operating income for Q1 2025 was a loss of $71 million, compared to an operating income of $93 million in Q1 2024[34][36] - Net earnings attributable to Liberty stockholders for Q1 2025 were $5 million, a significant decrease from $203 million in Q1 2024[34][36] - Net earnings for the quarter were $77 million, compared to a loss of $73 million in the previous year[41] - Liberty Live Group reported an Adjusted OIBDA of $(4) million, reflecting ongoing operational challenges[45] Cash and Debt Management - Total cash and cash equivalents attributed to Formula One Group increased by $202 million during Q1 2025, reaching $2.8 billion[25] - Cash and cash equivalents at the end of Q1 2025 totaled $3,147 million, an increase from $2,963 million at the beginning of the period[37] - Cash, cash equivalents, and restricted cash at the end of the period totaled $1.691 billion, down from $2.028 billion at the beginning of the period[41] - Total debt attributed to Formula One Group remained relatively flat at $2.9 billion as of March 31, 2025[25] - Long-term debt stood at $4,534 million as of March 31, 2025[31] - The company experienced a net cash decrease of $337 million during the period[41] Operational Highlights - The number of races held in Q1 2025 was 2, down from 3 in Q1 2024, impacting revenue generation[9] - New sponsorship deals secured for Formula 1 include Barilla Pasta and PWC as Official Partners[3] - The company reported a net cash provided by operating activities of $381 million for Q1 2025[37] - The company incurred acquisition costs of $11 million in Q1 2025[34] - Cash flows from operating activities provided $140 million, while investing activities used $296 million, resulting in a net cash decrease[41] - The company incurred $11 million in acquisition costs during the three months ended March 31, 2025[47] Depreciation and Expenses - Depreciation and amortization expenses for Q1 2025 were $77 million[34] - Depreciation and amortization expenses were $86 million for the quarter[45] - Stock-based compensation expenses were $12 million, a decrease from $2 million in the previous year[45] Investments - Live Nation investment's fair value increased to $9.1 billion as of March 31, 2025, from $9.0 billion at the end of 2024[3] - Liberty Media has a remaining stock repurchase authorization of $1.1 billion as of May 1, 2025[16] - Liberty Media continues to work with the European Commission on the regulatory process for the MotoGP acquisition[3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 12300 Liberty Boulevard Englewood, Colorado 80112 (Address of principal executive offices) (Zip Code) For the transition period from to Commission File Number 001-35707 LIBERTY MEDI ...

Revenue Performance - Formula One Group reported Q4 2024 revenue of $1,230 million, a decrease of 8% compared to Q4 2023 revenue of $1,126 million[7]. - For the full year 2024, Formula One Group revenue was $3,222 million, reflecting a 6% increase from $3,411 million in 2023[7]. - Formula 1 revenue for the twelve months ended December 31, 2024, was $3,318 million, an increase from $3,222 million in 2023[38][41]. - Total revenue for Liberty Media Corporation in 2024 was $3,653 million, compared to $3,572 million in 2023, reflecting growth in various segments[38][41]. Operating Income and Adjusted OIBDA - Adjusted OIBDA for Formula One Group in Q4 2024 was $243 million, down 15% from $200 million in Q4 2023[10]. - Formula One Group's operating income for Q4 2024 was $122 million, significantly up from $23 million in Q4 2023[7]. - Operating income for Formula One Group was $287 million for the twelve months ended December 31, 2024, compared to $297 million in 2023[38][41]. - The Formula One Group's Adjusted OIBDA for 2023 was $686 million, reflecting operational strength despite a decrease from $774 million in 2024[50]. Cash Flow and Debt Management - Total cash and cash equivalents attributed to Formula One Group decreased by $35 million during Q4 2024, primarily due to cash used in operations and capital expenditures[30]. - Total debt attributed to Formula One Group remained relatively flat at $2,928 million as of December 31, 2024, with a leverage ratio of 1.3x[30][36]. - Total cash and cash equivalents attributed to Liberty Live Group decreased by $63 million during Q4 2024, mainly due to debt reduction and interest payments[31]. - Total attributed Liberty Live Group debt decreased by $50 million during the quarter, settling the remaining 0.5% Live Nation exchangeable senior debentures due 2050[31]. - The company reported a net cash increase of $935 million in cash, cash equivalents, and restricted cash, ending the period with $2,963 million[45]. - The company reported $1,165 million in borrowings of debt, while repayments totaled $1,008 million, resulting in a net cash used by financing activities of $285 million[45]. Corporate Developments and Strategic Initiatives - Liberty Media extended the regulatory approval date for the MotoGP acquisition to June 30, 2025[2]. - The company is planning to acquire MotoGP, which is expected to enhance its market position and growth potential[33]. - Liberty Media has a remaining share repurchase authorization of $1.1 billion as of February 1, 2025[22]. Earnings and Financial Performance - Net earnings attributable to Liberty stockholders for the twelve months ended December 31, 2024, were a loss of $2,063 million, significantly impacted by discontinued operations[38][41]. - Net earnings for Liberty Media Corporation were $962 million for the twelve months ended December 31, 2023, compared to a net loss of $2,475 million in the previous period[45]. - Cash flows from operating activities provided $634 million, a significant increase from the previous period's cash used of $14 million[45]. - Liberty Media incurred $32 million in costs related to corporate acquisitions and a $73 million non-cash impairment charge during the year ended December 31, 2024[50]. - The company recognized $167 million in realized and unrealized gains on financial instruments, contributing positively to its financial performance[45]. Race and Event Statistics - The total number of races held in 2024 was 24, compared to 22 in 2023, with 6 races in Q4 for both years[12]. - Formula One Group's primary revenue streams for 2024 comprised 29.3% from race promotion, 32.8% from media rights, and 18.6% from sponsorship fees[11]. Other Financial Metrics - Corporate and Other revenue grew in Q4 2024 due to the inclusion of Quint results and rental income from the Las Vegas Grand Prix Plaza[19]. - Stock-based compensation expenses amounted to $29 million, indicating ongoing investment in employee incentives[45]. - Capital expenditures for property and equipment totaled $461 million, including $35 million for internal-use software and website development[45].

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 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware (State or other juri ...

Group 1 - Liberty Media Corporation - Liberty Formula One Series C (FWONK) is part of the Consumer Discretionary sector, which includes 265 individual stocks and holds a Zacks Sector Rank of 2 [2] - The Zacks Rank system indicates that FWONK has a Zacks Rank of 1 (Strong Buy), suggesting it has characteristics to outperform the market in the near term [3] - The Zacks Consensus Estimate for FWONK's full-year earnings has increased by 25.2% in the past quarter, indicating improved analyst sentiment and earnings outlook [4] Group 2 - FWONK has gained approximately 7.4% year-to-date, outperforming the average gain of 4.4% for Consumer Discretionary stocks [4] - In comparison, Ralph Lauren (RL), another Consumer Discretionary stock, has increased by 16.3% year-to-date and has a Zacks Rank of 2 (Buy) [5] - FWONK belongs to the Media Conglomerates industry, which includes 13 companies and currently ranks 46 in the Zacks Industry Rank, with an average gain of 1.4% this year [6] Group 3 - Ralph Lauren is part of the Textile - Apparel industry, which consists of 21 stocks and is ranked 57, with a year-to-date gain of 1.2% [7] - Both FWONK and Ralph Lauren are showing solid performance, making them noteworthy for investors interested in Consumer Discretionary stocks [7]

Core Viewpoint - Liberty Media Corporation - Liberty Formula One Series C has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for Liberty Media Corporation for the fiscal year ending December 2024 is projected at $1.36 per share, reflecting a substantial increase of 119.4% compared to the previous year [9]. - Over the past three months, analysts have raised their earnings estimates for Liberty Media Corporation by 13.3% [9]. Zacks Rating System - The Zacks rating system is based on changes in earnings estimates, which are crucial for predicting near-term stock price movements [2][3]. - The system classifies stocks into five groups, with Zacks Rank 1 (Strong Buy) to Zacks Rank 5 (Strong Sell), and has shown a strong track record, with Zacks Rank 1 stocks averaging an annual return of +25% since 1988 [8]. Investment Implications - The upgrade to Zacks Rank 2 positions Liberty Media Corporation in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [11]. - Rising earnings estimates and the corresponding rating upgrade indicate an improvement in the company's underlying business, which could lead to increased buying pressure and a higher stock price [6][4].

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 1'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] - 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 in operating income[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] - For the nine months ended September 30, 2024, net cash provided by operating activities was $576 million, with Formula One Group contributing $587 million[35] - The company reported a depreciation and amortization expense of $263 million for the nine months ended September 30, 2024[35] - The company incurred $3 million in impairment and acquisition costs during Q3 2024 for the Formula One Group[42] Debt and Financing - 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 Media's total attributed debt as of September 30, 2024, was $4,215 million, reflecting a decrease of $12 million in Liberty Live Group's debt[29] - 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] - Liberty Media completed a public offering of 12.2 million FWONK shares for gross proceeds of $949 million in Q3 2024[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] Cash and Liquidity - 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] - Cash and cash equivalents at the end of the period were $3,054 million, reflecting an increase of $1,033 million during the period[35] - 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] - Total cash and cash equivalents at the end of the period were $2,120 million, with $1,470 million from the Formula One Group and $335 million from Liberty SiriusXM Group[36] - Cash flows from operating activities provided $580 million, while investing activities used $425 million, resulting in a net cash used of $276 million from financing activities[36] Partnerships and Investments - Liberty Media announced new multi-year partnerships with LVMH and Lenovo, along with licensing deals with LEGO and Mattel Hot Wheels for F1 products launching in 2025[1] - The fair value of Live Nation investment attributed to Liberty Live Group was $7.6 billion as of September 30, 2024, up from $6.5 billion in the previous year[18] - The planned acquisition of MotoGP is expected to enhance market potential and financial performance for Liberty Media[27] Attendance and Engagement - Race attendance for Formula 1 reached 5.8 million season-to-date, with sellout crowds at nearly all races[5] - Corporate level selling, general and administrative expenses for the Formula One Group were $21 million in Q3 2024[3] Historical Comparisons - Adjusted OIBDA for the Formula One Group was $197 million for Q3 2023, projected to increase to $207 million in Q3 2024[42] - Liberty Live Group reported an operating loss of $5 million in Q3 2023, with an expected improvement to a loss of $3 million in Q3 2024[42] - Net earnings for the nine months ended September 30, 2023, were $798 million, with the Formula One Group contributing $124 million and Liberty SiriusXM Group contributing $802 million[36]

Liberty Media Corporation - Liberty Formula One Series C (FWONK) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 60%. A quarter ago, it was expected that this company would post earnings of $0.32 per share when it actually produced earnings of $0.10, delivering a surprise of -68.75%.O ...

The core asset of Liberty Media, Formula 1 (NASDAQ: FWONK ), will benefit from tailwinds including hikes in sports media rights, an extended race calendar, and better monetization of sponsorship, hospitality, and digital mediums. F1 is the 3Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving comp ...