Liberty(US:LSXMA)2024-11-12 20:42Financial 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]. - Formula One Group's total revenue for the three months ended September 30, 2024, was $911 million, with $848 million attributed to Formula 1 revenue[31]. - Operating income for Formula One Group was $110 million, while consolidated operating income was $107 million for the same period[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 in operating income[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, resulting in consolidated net earnings of $798 million[36]. - Liberty Media's consolidated operating income for the third quarter was $101 million, with a projected increase to $107 million for the next quarter[42]. Debt and Financing - Total attributed debt for Formula One Group was $2,912 million as of September 30, 2024, with a leverage ratio of 1.3x[20][21]. - Liberty Media's total attributed debt as of September 30, 2024, was $4,215 million[20]. - 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]. - The company secured $850 million in incremental Term Loan B and $150 million in Term Loan A commitments for the MotoGP transaction[1]. - Cash flows from financing activities resulted in a net cash used of $(276) million, with significant debt repayments of $(1,002) million[36]. Cash and Cash Equivalents - 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 nine months[35]. - Total cash and cash equivalents and restricted cash at the end of the period were $3,061 million[35]. - The company reported a net cash used by investing activities of $172 million for the nine months ended September 30, 2024[35]. - Total cash and cash equivalents at the end of the period amounted to $2.12 billion, with $1.47 billion from the Formula One Group and $335 million from Liberty SiriusXM Group[36]. - The company reported a net increase in cash of $(156) million for the period, with cash equivalents at the beginning of the period totaling $2.276 billion[36]. Investments and Acquisitions - 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 a year earlier[18]. - 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]. Partnerships and Sponsorships - Liberty Media announced new multi-year partnerships with LVMH and expanded agreements with Lenovo and American Express[5]. Race Attendance - 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 media rights and sponsorship revenue[7].