Liberty(US:FWONA)2025-11-05 20:22Revenue Performance - Formula One Group reported total revenue of $1,085 million for Q3 2025, a 19% increase from $911 million in Q3 2024[8] - MotoGP generated $169 million in revenue for Q3 2025, reflecting the impact of the acquisition completed on July 3, 2025[8] - Formula 1's primary revenue decreased by 3% to $738 million in Q3 2025, attributed to one less race compared to the previous year[11] - Total motorsport revenue for Formula 1 increased by 9% to $2,498 million for the nine months ended September 30, 2025, compared to $2,285 million for the same period in 2024[11] - Total revenue for the three months ended September 30, 2025, was $1,085 million, an increase from $911 million in the same period of 2024, representing a growth of approximately 19.1%[45][47] Operating Income and Adjusted OIBDA - Adjusted OIBDA for Formula One Group increased to $297 million in Q3 2025, up 43% from $207 million in Q3 2024[8] - Operating income for Formula One Group rose to $158 million in Q3 2025, compared to $110 million in Q3 2024, marking a 43% increase[8] - Operating income for the three months ended September 30, 2025, was $149 million, compared to $107 million in the same period of 2024, reflecting an increase of about 39.3%[45][47] - Adjusted OIBDA decreased by 10% to $66 million for the three months ended September 30, 2025, and by 3% to $150 million for the nine months ended September 30, 2025[20] - Operating income for the three months ended September 30, 2025, was $28 million, a decline of 22% compared to $36 million in the same period of 2024[20] Cash Flow and Assets - Cash flows from operating activities for the nine months ended September 30, 2025, were $785 million, compared to $1,315 million in the same period of 2024, showing a decrease of about 40.3%[49][51] - Total cash and cash equivalents attributed to Formula One Group decreased by $1,849 million during the third quarter of 2025, primarily due to the acquisition of MotoGP[35] - Cash provided by operating activities was $587 million, while cash used in investing activities was $(277) million, resulting in a net cash increase of $1,265 million[52] - Total cash, cash equivalents, and restricted cash at the end of the period amounted to $3,061 million[52] - Cash and cash equivalents at the end of the period on September 30, 2025, were $1,588 million, a decrease from $2,963 million at the end of the same period in 2024, indicating a decline of approximately 46.5%[49][51] Debt and Liabilities - Total attributed Liberty Media Corporation debt increased from $4,799 million to $7,037 million as of September 30, 2025[32] - MotoGP leverage was reported at 5.6x as of September 30, 2025, reflecting the impact of the acquisition[32] - Liberty Media remains in compliance with its debt covenants as of September 30, 2025[34] - Total liabilities as of September 30, 2025, were $9,731 million, compared to $7,736 million in the same period of 2024, reflecting an increase of about 25.8%[42][46] Earnings and Expenses - Net earnings attributable to Liberty stockholders for the three months ended September 30, 2025, were $13 million, a decrease from $117 million in the same period of 2024, indicating a decline of approximately 88.9%[45][47] - Interest expense for the three months ended September 30, 2025, was $86 million, compared to $62 million in the same period of 2024, representing an increase of approximately 38.7%[45][47] - The company incurred acquisition costs of $14 million for the three months ended September 30, 2025, compared to $3 million in the same period of 2024, indicating a significant increase in acquisition-related expenses[45][47] - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025[49] - Depreciation and amortization expenses were $88 million for Q3 2024 and $118 million for Q3 2025[56] Company Developments - The company expects to complete the split-off of Liberty Live Group on December 15, 2025, which will create a separate public company[5] - Liberty Media's investment in Live Nation was valued at $11.4 billion as of September 30, 2025[1] - The number of races held year-to-date through the third quarter of 2025 was 17, compared to 15 in the same period of 2024[22] - MotoGP's operating results indicate record attendance and growth in TV viewership and digital engagement, highlighting the brand's momentum[19] - Other MotoGP revenue decreased by 4% to $22 million for the three months ended September 30, 2025, but increased by 11% to $52 million for the nine months ended September 30, 2025[20] Stock Compensation - Stock compensation expense decreased from $6 million in Q3 2024 to $7 million in Q3 2025[56]