Liberty(US:FWONK)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] - 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]