Liberty(FWONA) - 2024 Q3 - Quarterly Results

Financial Performance - Liberty Media reported total revenue for the Formula One Group of $911 million in Q3 2024, a 3$887 million in Q3 2023[4]. - Formula One's operating income increased to $146 million in Q3 2024, up 11$132 million in Q3 2023[6]. - Adjusted OIBDA for the Formula One Group rose to $207 million in Q3 2024, a 5$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].