Financial Performance - Formula One Group reported Q4 2024 revenue of $1,230 million, an 8% decrease from Q4 2023, while full-year revenue was $3,222 million, a 6% increase year-over-year[7]. - Adjusted OIBDA for Formula One Group in Q4 2024 was $243 million, down 18% from Q4 2023, while full-year Adjusted OIBDA increased to $686 million, up 9% from the previous year[10]. - Formula One Group's operating income for Q4 2024 was $122 million, compared to $23 million in Q4 2023, while full-year operating income rose to $297 million, up 3% from 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]. - Total revenue for Liberty Media Corporation for the twelve months ended December 31, 2024, was $3,653 million, compared to $3,572 million in 2023[38]. - Operating income for Formula One Group was $287 million for the twelve months ended December 31, 2024, compared to $255 million in 2023[38]. - 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]. - Net earnings for Liberty Media Corporation were $962 million for the twelve months ended December 31, 2023, compared to a loss of $2,475 million in the previous period[45]. Attendance and Engagement - F1 fan attendance reached 6.5 million in 2024, a 9% increase compared to 2023, with a cumulative 1.6 billion TV viewers and 97 million social media followers[2]. Strategic Initiatives - Liberty Media plans to close the acquisition of MotoGP by June 30, 2025, as part of its strategic priorities for growth[2]. - The company expects to pursue strategic priorities in 2025, including the planned acquisition of MotoGP[33]. - The company extended several race promotion agreements, including the Belgian Grand Prix in a multi-year rotation and the Chinese Grand Prix through 2030[2]. Financial Position and Cash Flow - 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]. - Cash flows from operating activities provided $634 million, a significant increase from the previous period's cash used of $14 million[45]. - The company reported a net cash used by investing activities of $544 million, primarily due to capital expenditures of $461 million[45]. - Liberty Media's financing activities resulted in a net cash used of $285 million, including $1,165 million in borrowings and $1,008 million in debt repayments[45]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $2,028 million, down from $2,276 million at the beginning of the period[45]. - The company experienced a net increase in cash of $935 million during the period, despite cash used by discontinued operations amounting to $315 million[45]. Profitability Metrics - Team payments as a percentage of pre-team payment Adjusted OIBDA decreased from 62.6% in 2023 to 61.5% in 2024, indicating improved profitability[16]. - Adjusted OIBDA for the Formula One Group was $686 million for 2023, reflecting operational strength despite a decrease from $774 million in 2024[50]. - The Formula One Group's operating income for 2023 was $297 million, with depreciation and amortization expenses of $369 million[50]. - Liberty Live Group reported an operating loss of $11 million for 2023, with an Adjusted OIBDA of $(9) million[50]. Corporate Developments - Liberty Media's investment in Live Nation was valued at $9.0 billion as of December 31, 2024, reflecting a significant increase from previous valuations[2]. - The total remaining repurchase authorization for Liberty Media as of February 1, 2025, is $1.1 billion, available for repurchases of common shares[22]. - The company incurred $32 million in costs related to corporate acquisitions and a $73 million non-cash impairment charge related to Quint goodwill during 2024[50]. - Liberty Media Corporation is in compliance with its debt covenants as of December 31, 2024[30].
Liberty(LSXMK) - 2024 Q4 - Annual Results