Liberty(LSXMA) - 2025 Q1 - Quarterly Results

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, down from a profit of $136 million in Q1 2024[7] - Adjusted OIBDA for Formula One Group decreased to $73 million in Q1 2025, a decline of 64% from $202 million in Q1 2024[7] - Primary Formula 1 revenue fell 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 27% decline[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] 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[23] - 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 $494 million in Q1 2024[37][40] - Long-term debt as of March 31, 2025, was $4,534 million, reflecting an increase from previous periods[31] - Total debt attributed to Liberty Media Corporation increased slightly to $4.564 billion as of March 31, 2025[23] - Liberty Media's total remaining repurchase authorization as of May 1, 2025, is $1.1 billion[16] - The company reported a net cash used by investing activities of $(296) million[41] - The company had a net increase in cash and cash equivalents of $(167) million during the period[41] Asset and Liability Overview - Total assets as of March 31, 2025, were $13,285 million, compared to $12,086 million in the previous year[31] - The total current liabilities were $1,446 million as of March 31, 2025, unchanged from the previous year[31] Operational Costs - The company reported a depreciation and amortization expense of $77 million for Q1 2025[34] - Depreciation and amortization expenses were $86 million for the quarter[45] - The company incurred $11 million in acquisition costs during the three months ended March 31, 2025[47] Investment and Regulatory Activities - The fair value of Live Nation investment attributed to Liberty Live Group was $9.1 billion as of March 31, 2025[3] - Liberty Media continues to work on the regulatory process for the MotoGP acquisition[3] - Liberty Media and F1 are in compliance with their debt covenants as of March 31, 2025[25] Adjusted OIBDA Definition - Liberty Media defines Adjusted OIBDA as operating income plus several adjustments, highlighting its importance for operational performance assessment[42]