Liberty(US:FWONK)2025-11-05 20:22Financial Performance - Formula One Group reported total revenue of $1,085 million for Q3 2025, a 19% increase from $911 million in Q3 2024[8]. - 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, reflecting a 43% increase[8]. - Total revenue for Liberty Media Corporation in Q3 2025 was $1,085 million, a 19% increase from $911 million in Q3 2024[45][47]. - Operating income for Q3 2025 was $149 million, compared to $107 million in Q3 2024, reflecting a 39% increase[45][47]. - Net earnings attributable to Liberty stockholders in Q3 2025 were $13 million, a significant recovery from a net loss of $2,368 million in Q3 2024[45][47]. - Net earnings for the quarter were $218 million, compared to a loss of $2,412 million in the previous period[52]. - Adjusted OIBDA for the Formula One Group was $207 million for Q3 2024 and $297 million for Q3 2025, reflecting a year-over-year increase of 43%[56]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $785 million, compared to $1,315 million for the same period in 2024[49][51]. MotoGP Performance - MotoGP generated $169 million in revenue for Q3 2025, with the acquisition completed on July 3, 2025[8][4]. - Primary MotoGP revenue for the three months ended September 30, 2025, was $147 million, a 1% increase compared to $146 million in the same period of 2024[20]. - Total motorsport revenue remained flat at $169 million for the three months ended September 30, 2025, while it increased by 12% to $417 million for the nine months ended September 30, 2025[20]. - MotoGP's operating results showed strong engagement with record attendance and growth in TV viewership and digital engagement[19]. - Liberty Media is focused on long-term monetization opportunities for MotoGP, aiming to accelerate growth following the acquisition[3]. - 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]. - 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]. - 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]. Debt and Cash Management - 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]. - Total attributed Liberty Media Corporation debt increased from $4,799 million as of June 30, 2025, 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]. - Cash and cash equivalents at the end of Q3 2025 were $1,588 million, down from $2,963 million at the end of Q3 2024[49][51]. - Current liabilities increased to $3,526 million in Q3 2025 from $3,526 million in Q3 2024, indicating stable short-term financial obligations[42]. - Long-term debt remained constant at $5,122 million, reflecting a stable capital structure[42]. - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025[49]. - The company incurred acquisition costs of $3 million and $14 million for the three months ended September 30, 2024, and September 30, 2025, respectively[56]. - Depreciation and amortization expenses rose from $263 million in the first nine months of 2024 to $275 million in the same period of 2025[56]. Investments and Future Outlook - Liberty Media's investment in Live Nation was valued at $11.4 billion as of September 30, 2025[1]. - The company expects to complete the split-off of Liberty Live Group on December 15, 2025, enhancing the visibility of its Live Nation investment[5]. - Liberty Media emphasizes the importance of Adjusted OIBDA as a measure of operational strength, which excludes non-operational items[54]. - Constant currency operating results are used to assess MotoGP's performance, excluding the effects of foreign currency fluctuations[58].