Financial 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 loss for Q1 2025 was $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 decline 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's Adjusted OIBDA was $(4) million, indicating a decline from the previous year[45] Cash and Debt Management - Total cash and cash equivalents attributed to Formula One Group rose by $202 million to $2.833 billion during Q1 2025[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] - Total cash, cash equivalents, and restricted cash at the end of the period amounted to $1.691 billion[41] - Total debt attributed to Formula One Group remained relatively flat at $2.902 billion as of March 31, 2025[22] - The company experienced a net increase in cash and cash equivalents of $1.666 billion at the beginning of the period[41] Assets and Liabilities - Total assets as of March 31, 2025, were $13,285 million, compared to $12,086 million in the previous period[31] - Total liabilities stood at $6,226 million as of March 31, 2025, reflecting an increase from $4,675 million[31] Operational Metrics - The number of races held in Q1 2025 was 2, down from 3 in Q1 2024, impacting revenue generation[9] - The company reported a net cash provided by operating activities of $381 million for Q1 2025, compared to a net cash used of $10 million in Q1 2024[37] - Cash provided by operating activities was $140 million, while cash used in investing activities was $296 million[41] - The company incurred acquisition costs of $11 million in Q1 2025, up from $9 million in Q1 2024[34][36] - Depreciation and amortization expenses for Q1 2025 were $77 million, compared to $86 million in Q1 2024[34][36] - Stock-based compensation expenses totaled $12 million, down from $2 million in the previous year[45] Investments and Partnerships - 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] - New sponsorship deals secured for Formula 1 include Barilla Pasta and PWC as Official Partners[3] - Liberty Media is actively working with the European Commission on the regulatory process for the MotoGP acquisition[3] Stock Repurchase - Liberty Media has a remaining stock repurchase authorization of $1.1 billion as of May 1, 2025[16]
Liberty(LSXMK) - 2025 Q1 - Quarterly Results