Liberty(FWONK) - 2024 Q4 - Annual Results

Revenue Performance - Formula One Group reported Q4 2024 revenue of $1,230 million, a decrease of 8% compared to Q4 2023 revenue of $1,126 million[7]. - For the full year 2024, Formula One Group revenue was $3,222 million, reflecting a 6% increase from $3,411 million in 2023[7]. - Formula 1 revenue for the twelve months ended December 31, 2024, was $3,318 million, an increase from $3,222 million in 2023[38][41]. - Total revenue for Liberty Media Corporation in 2024 was $3,653 million, compared to $3,572 million in 2023, reflecting growth in various segments[38][41]. Operating Income and Adjusted OIBDA - Adjusted OIBDA for Formula One Group in Q4 2024 was $243 million, down 15% from $200 million in Q4 2023[10]. - Formula One Group's operating income for Q4 2024 was $122 million, significantly up from $23 million in Q4 2023[7]. - Operating income for Formula One Group was $287 million for the twelve months ended December 31, 2024, compared to $297 million in 2023[38][41]. - The Formula One Group's Adjusted OIBDA for 2023 was $686 million, reflecting operational strength despite a decrease from $774 million in 2024[50]. Cash Flow and Debt Management - Total cash and cash equivalents attributed to Formula One Group decreased by $35 million during Q4 2024, primarily due to cash used in operations and capital expenditures[30]. - Total debt attributed to Formula One Group remained relatively flat at $2,928 million as of December 31, 2024, with a leverage ratio of 1.3x[30][36]. - Total cash and cash equivalents attributed to Liberty Live Group decreased by $63 million during Q4 2024, mainly due to debt reduction and interest payments[31]. - Total attributed Liberty Live Group debt decreased by $50 million during the quarter, settling the remaining 0.5% Live Nation exchangeable senior debentures due 2050[31]. - The company reported a net cash increase of $935 million in cash, cash equivalents, and restricted cash, ending the period with $2,963 million[45]. - The company reported $1,165 million in borrowings of debt, while repayments totaled $1,008 million, resulting in a net cash used by financing activities of $285 million[45]. Corporate Developments and Strategic Initiatives - Liberty Media extended the regulatory approval date for the MotoGP acquisition to June 30, 2025[2]. - The company is planning to acquire MotoGP, which is expected to enhance its market position and growth potential[33]. - Liberty Media has a remaining share repurchase authorization of $1.1 billion as of February 1, 2025[22]. Earnings and Financial Performance - Net earnings attributable to Liberty stockholders for the twelve months ended December 31, 2024, were a loss of $2,063 million, significantly impacted by discontinued operations[38][41]. - Net earnings for Liberty Media Corporation were $962 million for the twelve months ended December 31, 2023, compared to a net loss of $2,475 million in the previous period[45]. - Cash flows from operating activities provided $634 million, a significant increase from the previous period's cash used of $14 million[45]. - Liberty Media incurred $32 million in costs related to corporate acquisitions and a $73 million non-cash impairment charge during the year ended December 31, 2024[50]. - The company recognized $167 million in realized and unrealized gains on financial instruments, contributing positively to its financial performance[45]. Race and Event Statistics - The total number of races held in 2024 was 24, compared to 22 in 2023, with 6 races in Q4 for both years[12]. - Formula One Group's primary revenue streams for 2024 comprised 29.3% from race promotion, 32.8% from media rights, and 18.6% from sponsorship fees[11]. Other Financial Metrics - Corporate and Other revenue grew in Q4 2024 due to the inclusion of Quint results and rental income from the Las Vegas Grand Prix Plaza[19]. - Stock-based compensation expenses amounted to $29 million, indicating ongoing investment in employee incentives[45]. - Capital expenditures for property and equipment totaled $461 million, including $35 million for internal-use software and website development[45].