Financial Performance - Formula One Group reported a total revenue of $3,653 million for the year ended December 31, 2024, a 6% increase from $3,222 million in 2023[7] - Adjusted OIBDA for Formula One Group was $774 million for the full year 2024, reflecting a 13% increase from $686 million in 2023[7] - The operating income for Formula One Group increased by 3% to $287 million in 2024, compared to $297 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] - Operating income for Liberty Media Corporation was $276 million for the twelve months ended December 31, 2024, compared to $255 million in 2023[38] Attendance and Events - F1 fan attendance reached 6.5 million in 2024, up 9% compared to 2023[2] - The number of races held in 2024 increased to 24 from 22 in 2023, contributing to revenue growth[12] Debt and Cash 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, compared to $2,992 million in the previous quarter[30] - 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 total cash, cash equivalents, and restricted cash at the end of the period was $2,028 million, down from $2,276 million at the beginning of the period[45] Strategic Initiatives - Liberty Media's investment in Live Nation had a fair value of $9.0 billion as of December 31, 2024[2] - Liberty Media extended the regulatory approval date for the MotoGP acquisition to June 30, 2025[2] - The company expects to pursue strategic priorities in 2025, including the planned acquisition of MotoGP[33] Earnings and Impairments - 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] - Liberty Media incurred $32 million in costs related to corporate acquisitions and a $73 million non-cash impairment charge related to Quint goodwill during the year ended December 31, 2024[50] - The company experienced a loss from discontinued operations amounting to $986 million, impacting overall net earnings[45] Cash Flow - Net cash provided by operating activities for Liberty Media was $634 million, with a net earnings of $962 million for the twelve months ended December 31, 2023[45] - The company reported a net cash used in investing activities of $544 million, primarily due to capital expenditures of $461 million for property and equipment[45] - Liberty Media's net cash provided by financing activities was $(285) million, which included $1,165 million in borrowings of debt and $1,008 million in debt repayments[45] Other Financial Metrics - Team payments as a percentage of pre-team payment Adjusted OIBDA decreased from 62.6% in 2023 to 61.5% in 2024[16] - The fair market value adjustment for Formula One Group debt was $15 million as of September 30, 2024, and $84 million as of December 31, 2024[30] - Adjusted OIBDA for the Formula One Group was $686 million for 2023, while the Liberty Live Group reported an Adjusted OIBDA of $(9) million[50] - The Formula One Group's operating income for 2023 was $297 million, with depreciation and amortization expenses of $369 million[50] - Cash provided by discontinued operations from operating activities was $1,830 million, while cash used in investing activities was $(696) million[45] - The effect of foreign exchange rate changes on cash was a decrease of $10 million[45]
Liberty(LLYVK) - 2024 Q4 - Annual Results