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, reflecting the impact of the acquisition completed on July 3, 2025[8] - 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 in the same period of 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] - 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] 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 approximately 39.3%[45][47] - Adjusted OIBDA decreased by 10% to $66 million for the three months ended September 30, 2025, and declined 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] 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 approximately 40.4%[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 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, reflecting 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] Debt and Liabilities - Total attributed Liberty Media Corporation debt increased to $7,037 million as of September 30, 2025, from $4,799 million[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 as of September 30, 2024, indicating an increase of approximately 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] - 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 $14 million for the three months ended September 30, 2025[45] - The company incurred $3 million and $14 million in acquisition costs during Q3 2024 and Q3 2025, respectively[56] Attendance and Engagement - MotoGP's operating results indicate record attendance and growth in TV viewership and digital engagement, highlighting the brand's momentum post-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] Other Financial Metrics - The company reported a share of earnings from affiliates of $121 million for the three months ended September 30, 2025, compared to $116 million in the same period of 2024[45][47] - Net earnings for the quarter were $218 million, compared to a loss of $2,412 million in the previous period[52] - Depreciation and amortization expenses rose from $263 million in the first nine months of 2024 to $275 million in 2025[56] - Constant currency operating results are used to assess MotoGP's financial performance, excluding foreign currency fluctuations[58]
Liberty(LLYVK) - 2025 Q3 - Quarterly Results