Liberty(US:FWONK)2025-05-07 21:13Financial Performance - Formula One Group revenue decreased by 27% to $403 million in Q1 2025 from $553 million in Q1 2024[7] - Operating income for Formula One Group turned to a loss of $67 million in Q1 2025 compared to a profit of $95 million in Q1 2024[7] - Adjusted OIBDA for Formula One Group fell by 64% to $73 million in Q1 2025 from $202 million in Q1 2024[7] - Total revenue for Q1 2025 was $447 million, a decrease of 24% compared to $587 million in Q1 2024[34][36] - Formula 1 revenue in Q1 2025 was $400 million, down 27% from $550 million in Q1 2024[34][36] - Operating income for Q1 2025 was a loss of $71 million, compared to an operating income of $93 million in Q1 2024[34][36] - Net earnings attributable to Liberty stockholders for Q1 2025 were $5 million, a significant decrease from $203 million in Q1 2024[34][36] - Net earnings for the quarter were $77 million, compared to a loss of $73 million in the previous year[41] - Liberty Live Group reported an Adjusted OIBDA of $(4) million, reflecting ongoing operational challenges[45] Cash and Debt Management - Total cash and cash equivalents attributed to Formula One Group increased by $202 million during Q1 2025, reaching $2.8 billion[25] - Cash and cash equivalents at the end of Q1 2025 totaled $3,147 million, an increase from $2,963 million at the beginning of the period[37] - Cash, cash equivalents, and restricted cash at the end of the period totaled $1.691 billion, down from $2.028 billion at the beginning of the period[41] - Total debt attributed to Formula One Group remained relatively flat at $2.9 billion as of March 31, 2025[25] - Long-term debt stood at $4,534 million as of March 31, 2025[31] - The company experienced a net cash decrease of $337 million during the period[41] Operational Highlights - The number of races held in Q1 2025 was 2, down from 3 in Q1 2024, impacting revenue generation[9] - New sponsorship deals secured for Formula 1 include Barilla Pasta and PWC as Official Partners[3] - The company reported a net cash provided by operating activities of $381 million for Q1 2025[37] - The company incurred acquisition costs of $11 million in Q1 2025[34] - Cash flows from operating activities provided $140 million, while investing activities used $296 million, resulting in a net cash decrease[41] - The company incurred $11 million in acquisition costs during the three months ended March 31, 2025[47] Depreciation and Expenses - Depreciation and amortization expenses for Q1 2025 were $77 million[34] - Depreciation and amortization expenses were $86 million for the quarter[45] - Stock-based compensation expenses were $12 million, a decrease from $2 million in the previous year[45] Investments - Live Nation investment's fair value increased to $9.1 billion as of March 31, 2025, from $9.0 billion at the end of 2024[3] - Liberty Media has a remaining stock repurchase authorization of $1.1 billion as of May 1, 2025[16] - Liberty Media continues to work with the European Commission on the regulatory process for the MotoGP acquisition[3]