Financial Performance - Formula One Group revenue for Q1 2025 was $447 million, a decrease of 24% compared to $587 million in Q1 2024[7] - Formula 1's operating income for Q1 2025 was a loss of $28 million, compared to a profit of $136 million in Q1 2024[7] - Adjusted OIBDA for Formula One Group decreased to $73 million in Q1 2025, down 64% from $202 million in Q1 2024[7] - Primary Formula 1 revenue decreased by 31% to $319 million in Q1 2025, attributed to one fewer race compared to the previous year[9] - 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 from $550 million in Q1 2024, representing a decline of 27%[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, a significant recovery from a loss of $73 million in the previous year[41] - Adjusted OIBDA for Formula One Group was $202 million, compared to $73 million in the same quarter last year[45] - Liberty Live Group reported an operating loss of $4 million, with an Adjusted OIBDA of $(4) million[45] Cash and Debt Management - Total cash and cash equivalents attributed to Formula One Group increased by $202 million during Q1 2025, reaching $2.833 billion[22] - 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] - Net cash provided by operating activities in Q1 2025 was $381 million, compared to $5 million in Q1 2024[37][40] - Long-term debt as of March 31, 2025, was $4,534 million, reflecting an increase from the previous period[31] - Liberty Media's total attributed debt as of March 31, 2025, was $4.564 billion, slightly up from $4.548 billion at the end of 2024[23] - The company reported a net cash decrease of $167 million during the period, ending with $1,241 million in cash and cash equivalents[41] - The company experienced a cash outflow of $354 million from discontinued operations in investing activities[41] Asset and Liability Overview - Total assets as of March 31, 2025, were $13,285 million, compared to $12,086 million in the previous period[31] - Total liabilities as of March 31, 2025, were $6,226 million, an increase from $4,675 million in the previous period[31] Strategic Initiatives - The 2026 Concorde Commercial Agreement was signed by Formula 1 and all ten teams, providing financial stability for the future[3] - Liberty Media has a remaining stock repurchase authorization of $1.1 billion as of May 1, 2025[16] - The company is working with the European Commission on regulatory processes for the MotoGP acquisition[3] - Liberty Live Group's fair value investment in Live Nation was $9.1 billion as of March 31, 2025, up from $9.0 billion at the end of 2024[20] Depreciation and Amortization - The company reported a depreciation and amortization expense of $77 million in Q1 2025, down from $86 million in Q1 2024[34][36] - Depreciation and amortization expenses were $86 million for the quarter, down from $77 million in the previous year[45]
Liberty(LLYVA) - 2025 Q1 - Quarterly Results