Liberty(US:LSXMA)2024-11-12 16:33Financial 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]. - Total cash and cash equivalents for Formula One Group as of September 30, 2024, amounted to $2,666 million, with $1,383 million held by Formula 1 and $1,283 million in corporate and other[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 prior year[170]. - Cash equivalents as of September 30, 2024, were $2,677 million, compared to $1,053 million as of December 31, 2023[78]. - 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 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]. - Retained earnings as of September 30, 2024, were $7,520 million, down from $15,061 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 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]. - Primary Formula 1 revenue decreased by $32 million to $758 million for the three months ended September 30, 2024, compared to $790 million in the same period last year, primarily due to one less event held[178]. - Total Formula 1 revenue for the nine months ended September 30, 2024, increased by $293 million to $2,285 million, driven by two additional events held compared to the prior year[180]. - 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, while for the nine months, it was $294 million versus $41 million in 2023[163]. - Net earnings for the three months ended September 30, 2024, were $(2,870) million, compared to $443 million for the same period in 2023[16]. - Comprehensive earnings attributable to Liberty stockholders for the nine months ended September 30, 2024, were $(2,429) million, a decrease from $421 million 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 about €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]. - The company recorded $121 million of deferred revenue as a result of the QuintEvents acquisition[28]. - The company expects to use net proceeds from the stock offering for general corporate purposes in addition to funding 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 increased by $118 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 increased by $117 million to $570 million for the nine months ended September 30, 2024[152]. - The company reported an operating cost of $804 million for the three months ended September 30, 2024, compared to $835 million in the same period of 2023, indicating a reduction of 3.7%[11]. - Selling, general and administrative expenses rose by $22 million to $79 million for the three months ended September 30, 2024, primarily due to higher personnel and IT costs[184]. - The cost of services for the three months ended September 30, 2024, was $792 million, down 25.1% from $1,057 million in the same period in 2023[39]. Risks and Challenges - The Company’s ability to realize benefits from acquisitions or strategic investments is a key factor influencing future performance[125]. - The operational risks of subsidiaries and business affiliates outside the U.S. could materially affect results[125]. - The Company’s financial condition is subject to various risks, including changes in consumer demand and economic conditions[125]. - The company anticipates potential impacts from economic conditions and consumer demand fluctuations on its operations and financial performance[122]. 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 for the three months ended September 30, 2024, down from $0.50 in the same period of 2023[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 experienced a share of earnings from affiliates of $116 million for the three months ended September 30, 2024, down from $143 million in the same period of 2023[11].