Acquisition and Investments - Liberty Media completed the acquisition of MotoGP on July 3, 2025, owning approximately 84% of the business[4] - Liberty Live Group's fair value of Live Nation investment was $10.5 billion as of June 30, 2025[2] - Liberty Media has a remaining repurchase authorization of $1.1 billion for common stock as of August 1, 2025[20] Financial Performance - Formula One Group's total revenue for Q2 2025 was $1,341 million, a 36% increase from $988 million in Q2 2024[7] - Formula 1's primary revenue increased by 40% in Q2 2025 to $1,032 million, up from $739 million in Q2 2024[11] - Adjusted OIBDA for Formula One Group reached $369 million in Q2 2025, a 123% increase from $165 million in Q2 2024[7] - Operating income for Formula One Group in Q2 2025 was $280 million, compared to $59 million in Q2 2024, reflecting a 376% increase[7] - Total revenue for Formula One Group reached $1,203 million in Q2 2025, a significant increase from $853 million in Q2 2024, representing a year-over-year growth of approximately 41%[36][38] - Net earnings attributable to Liberty stockholders for Q2 2025 were $382 million, up from $24 million in Q2 2024, reflecting a year-over-year increase of over 1,491%[36][38] - Net earnings for Liberty Media were $752 million, with a significant loss of $590 million from discontinued operations[42] Cash and Liquidity - Liberty Media's total cash and cash equivalents increased to $3,448 million as of June 30, 2025, up from $3,147 million as of March 31, 2025[25] - Total cash and cash equivalents for Formula One Group increased by $307 million during Q2 2025, primarily due to net cash from operations and derivative contract settlements[27] - Total current assets for Liberty Media Corporation as of June 30, 2025, amounted to $4,102 million, with cash and cash equivalents contributing $3,448 million[33] - The company reported a net cash provided by operating activities of $612 million for the first half of 2025, compared to a net cash used of $16 million in the same period of 2024[40][41] - Cash flows from operating activities generated $394 million, while cash used in investing activities was $200 million[42] - Cash, cash equivalents, and restricted cash at the end of the period totaled $2,109 million, up from $2,028 million at the beginning[42] - The company reported a net increase in cash of $81 million during the period[42] Liabilities and Debt - Total liabilities for Liberty Media Corporation were $6,458 million as of June 30, 2025, with long-term debt remaining stable at $2,996 million[33] - Liberty Media's total debt attributed to Formula One Group remained relatively flat during Q2 2025, indicating stable financial leverage[27] Operational Metrics - The number of races held in Q2 2025 was nine, compared to eight in Q2 2024, contributing to increased revenue[13] - Adjusted OIBDA for Formula One Group was $165 million for Q2 2024 and $369 million for Q2 2025, indicating growth in operational performance[47] - Operating income for Formula One Group was $59 million for Q2 2024 and $280 million for the six months ended June 30, 2024[47] Expenses and Costs - The company incurred $11 million in acquisition costs for Q2 2024 and $3 million for Q2 2025, totaling $20 million and $14 million for the six-month periods respectively[47] - Depreciation and amortization expenses were $175 million for the six months ended June 30, 2024, compared to $157 million for the same period in 2025[47] - Stock compensation expense was $6 million for Q2 2024 and $8 million for the six months ended June 30, 2025[47] Forward-Looking Statements - The company expects to complete the split-off of Liberty Live in Q4 2025[2] - Liberty Media Corporation's forward-looking statements highlight potential risks including market acceptance of new products and regulatory matters, which could impact future financial performance[30] Foreign Exchange Impact - The company experienced a foreign exchange rate effect of $(8) million on cash and cash equivalents[42]
Liberty(LLYVA) - 2025 Q2 - Quarterly Results