Revenue 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, marking its first revenue contribution since Liberty Media's acquisition[8] - Primary revenue for Formula 1 decreased by 3% in Q3 2025 to $738 million, attributed to fewer races compared to the previous year[11] - 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] - 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, reflecting a 43% increase[8] - 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] - 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] - Liberty Media emphasizes the importance of Adjusted OIBDA as a measure of operational strength and performance[54] Net Earnings and Cash Flows - 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] - Cash flows from operating activities for the nine months ended September 30, 2025, amounted to $785 million, compared to $1,315 million in the same period of 2024, showing a decrease of about 40.3%[49][51] - The company reported a net cash increase of $1,265 million during the period, despite cash used in discontinued operations of $(315) million[52] Debt and Liabilities - Total attributed Formula One Group debt increased to $5,056 million as of September 30, 2025, reflecting the consolidation of MotoGP's debt[32] - Liberty Media's total debt increased to $7,037 million as of September 30, 2025, following the acquisition of MotoGP[32] - Total liabilities as of September 30, 2025, were $9,731 million, compared to $7,736 million as of September 30, 2024, reflecting an increase of about 25.8%[42][46] - The company had a total current liability of $3,526 million as of September 30, 2025, compared to $2,800 million as of September 30, 2024, indicating an increase of approximately 26%[42][46] Acquisition and Investments - Liberty Media's investment in Live Nation was valued at $11.4 billion as of September 30, 2025[1] - The acquisition of MotoGP was completed on July 3, 2025, impacting cash and debt presented from that date[31] - Liberty Media expects to complete the split-off of Liberty Live Group on December 15, 2025, enhancing the visibility of its investment in Live Nation[5] - The company incurred acquisition costs of $14 million for the three months ended September 30, 2025[45] - The company incurred acquisition costs of $3 million and $14 million for Q3 2024 and Q3 2025, respectively[56] Attendance and Engagement - MotoGP's operating results showed record attendance and growth in TV viewership and digital engagement since the acquisition[19] - 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] Assets and Cash Equivalents - Total assets as of September 30, 2025, were $17,821 million, an increase from $16,360 million as of September 30, 2024, representing a growth of approximately 8.9%[42][46] - Cash and cash equivalents at the end of the period for September 30, 2025, were $1,588 million, a decrease from $2,963 million at the end of September 30, 2024, indicating a decline of approximately 46.5%[49][51] - Total cash, cash equivalents, and restricted cash at the end of the period amounted to $3,061 million, up from $2,028 million at the beginning[52] Depreciation and Expenses - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025[49] - Depreciation and amortization expenses rose from $263 million in the first nine months of 2024 to $275 million in 2025[56] - Liberty Media's corporate level selling, general, and administrative expenses were $15 million in Q3 2025, including stock-based compensation[6]
Liberty(LLYVA) - 2025 Q3 - Quarterly Results