Financial Performance - Consolidated revenue decreased by $140 million to $447 million for the three months ended March 31, 2025, compared to $587 million in the same period of 2024, primarily due to a decrease in Formula 1 revenue[148] - Formula 1 revenue was $403 million for the three months ended March 31, 2025, down from $553 million in the prior year[148] - Consolidated operating loss increased by $164 million to $(71) million for the three months ended March 31, 2025, compared to $93 million in operating income for the same period in 2024[149] - Adjusted OIBDA for the Formula One Group was $73 million for the three months ended March 31, 2025, down from $202 million in the prior year[148] - Formula 1 operating income (loss) was $(28) million for the three months ended March 31, 2025, compared to $136 million in the same period of 2024[148] - Adjusted OIBDA decreased by $132 million to $69 million in Q1 2025 compared to $201 million in Q1 2024, primarily due to a decrease in Formula 1 Adjusted OIBDA[152] - Formula 1's total revenue decreased to $403 million in Q1 2025 from $553 million in Q1 2024, with primary revenue down by $144 million[172][173] - Operating income for Formula 1 was a loss of $28 million in Q1 2025, compared to a profit of $136 million in Q1 2024[172] Cash and Investments - Liberty Live Group had cash and cash equivalents of approximately $314 million as of March 31, 2025[141] - The Formula One Group had cash and cash equivalents of approximately $2,833 million as of March 31, 2025, which included $1,617 million of subsidiary cash[140] - Cash provided by operating activities for Formula One Group was $391 million in Q1 2025, up from $140 million in Q1 2024[165] - Net cash used in investing activities for Formula One Group was $(180) million in Q1 2025, compared to $(296) million in Q1 2024[165] - Liberty's cash and cash equivalents totaled $2.833 billion as of March 31, 2025, with $1.547 billion held by Formula 1[163] Tax and Earnings - The company recognized a tax benefit of $29 million in Q1 2025, compared to a tax expense of $3 million in Q1 2024[158] - Net earnings from continuing operations were $5 million in Q1 2025, slightly up from $4 million in Q1 2024[159] Costs and Expenses - Stock-based compensation expense for Q1 2025 was $2 million, down from $13 million in Q1 2024, with total unrecognized compensation cost of approximately $13 million as of March 31, 2025[150] - Acquisition costs increased to $11 million in Q1 2025 from $9 million in Q1 2024[151] - Cost of Formula 1 revenue decreased by $44 million to $242 million during the three months ended March 31, 2025, compared to the prior year[176] - Other costs of Formula 1 revenue increased by $5 million to $128 million during the three months ended March 31, 2025, primarily due to higher freight costs and commissions[178] - Selling, general and administrative expenses increased by $17 million to $X million during the three months ended March 31, 2025, primarily due to higher marketing and personnel costs[179] - Depreciation and amortization decreased by $9 million to $X million during the three months ended March 31, 2025, primarily due to a decrease in amortization expense related to intangible assets[181] Debt and Market Risk - As of March 31, 2025, the company had $176 million in variable rate debt with a weighted average interest rate of 6.2% and $2,726 million in fixed rate debt with a weighted average interest rate of 4.4%[183] - The company is exposed to market risk from significant holdings in publicly traded securities, with a potential $909 million decrease in value if the market price of Live Nation stock were to drop by 10%[184] Corporate Actions - The company agreed to acquire approximately 86% of Dorna Sports, S.L. for a purchase price of approximately €3.0 billion, with regulatory review extending beyond December 31, 2024[144] - The Liberty Live Split-Off is intended to be tax-free to stockholders and is subject to various conditions including shareholder approval[145] - The company completed the split-off of Liberty Sirius XM Holdings on September 9, 2024, which was intended to be tax-free to holders of Liberty SiriusXM common stock[137]
Liberty(LSXMK) - 2025 Q1 - Quarterly Report