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]. - The company had cash and cash equivalents of $2.666 billion as of September 30, 2024, with $1.383 billion held by Formula 1[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 in the same period of 2023[170]. - Cash flows from operating activities for the nine months ended September 30, 2024, were $576 million, slightly down from $580 million in 2023[18]. - 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 by $16,133 million to $5,749 million as of September 30, 2024, compared to $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 liabilities and equity as of September 30, 2024, were $13,208 million, down from $41,327 million as of December 31, 2023[9]. - The company reported a decrease in retained earnings to $7,520 million as of September 30, 2024, from $15,061 million at the end of 2023[9]. - The balance of retained earnings as of September 30, 2024, was $7,520 million, reflecting a decrease due to comprehensive losses[21]. Revenue and Earnings - Consolidated revenue decreased by $25 million to $911 million for the three months ended September 30, 2024, compared to the prior 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]. - Net earnings from continuing operations for the three months ended September 30, 2024, were $132 million, compared to $152 million for the same period in 2023, reflecting fluctuations in revenue and expenses[163]. - For the nine months ended September 30, 2024, net earnings from continuing operations were $294 million, up from $41 million in the prior year[163]. - The company reported a net comprehensive earnings (loss) of $36 million for the period, contributing to the overall equity adjustments[25]. - The company reported a loss of $(2,511) million from discontinued operations attributable to Liberty SiriusXM common stock for the three months ended September 30, 2024[16]. - The company reported a decrease in net earnings for the three months ended September 30, 2024, to $(2,870) million, compared to $443 million for the same period in 2023[16]. 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 and foreign currency forward contracts[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]. Operational Performance - Operating income for Formula 1 increased by $14 million to $146 million for the three months ended September 30, 2024, and by $127 million to $366 million for the nine months ended September 30, 2024[147][148]. - Adjusted OIBDA increased by $9 million to $205 million for the three months ended September 30, 2024, and by $117 million to $570 million for the nine months ended September 30, 2024, primarily due to increases in Formula 1 Adjusted OIBDA[152]. - Other net income increased by $48 million and $64 million for the three and nine months ended September 30, 2024, respectively, due to decreases in losses on early extinguishment of debt and increases in foreign exchange gains[160]. - The company incurred impairment, restructuring, and acquisition costs of $3,322 million for the three months ended September 30, 2024, compared to $6 million for the same period in 2023[39]. - The company incurred impairment and acquisition costs of $23 million for the nine months ended September 30, 2024, compared to $1 million in the same period last year[120]. Stockholder Equity and Dividends - Total stockholders' equity as of September 30, 2024, was $7,436 million, a decrease from $16,396 million as of December 31, 2023[9]. - The company reported dividends paid by subsidiaries totaling $(16) million during the period[22]. - The balance at January 1, 2023, for total equity was $19,126 million, with net earnings contributing to an increase of $798 million[24]. Split-Offs and Reclassifications - 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[132]. - 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 Reclassification on August 3, 2023, involved the conversion of existing shares into three new tracking stocks, including Liberty Formula One common stock[133]. - The IRS agreed with the nontaxable characterization of both the Reclassification and the Atlanta Braves Holdings Split-Off in July and September 2024, respectively[44]. Economic and Operational Risks - The operational risks of subsidiaries and business affiliates outside the U.S. could materially affect the Company's results[125]. - The Company’s financial condition is influenced by various factors, including economic conditions and consumer demand for its products and services[125]. - The company anticipates potential impacts from economic conditions and consumer demand fluctuations on its operations and financial performance[122].
Liberty(LLYVA) - 2024 Q3 - Quarterly Report