Liberty(US:LSXMA)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] - 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 Expenses - 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] - Formula 1's operating expenses decreased by 2% to $552 million in Q3 2025, compared to $561 million in Q3 2024[11] - 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] - 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, amounted to $785 million, compared to $1,315 million in the same period of 2024, showing a decrease of approximately 40.3%[49][51] - 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, reflecting a decline of approximately 46.5%[49][51] - 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, cash equivalents, and restricted cash at the end of the period totaled $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] - 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] - MotoGP leverage was reported at 5.6x as of September 30, 2025[32] - Liberty Media remains in compliance with its debt covenants as of September 30, 2025[34] Earnings and Adjusted OIBDA - 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] - 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] - Adjusted OIBDA for the Formula One Group was $207 million for Q3 2024 and $297 million for Q3 2025, with a nine-month total of $574 million for 2024 and $739 million for 2025[56] Acquisition and Costs - 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, reflecting an increase of approximately 366.7%[45][47] - The company reported a depreciation and amortization expense of $275 million for the nine months ended September 30, 2025, compared to $88 million for the same period in 2024, indicating a significant increase[49][51] - Interest expense for the three months ended September 30, 2025, was $86 million, an increase from $62 million in the same period of 2024, representing a rise of approximately 38.7%[45][47] Future Outlook - The company expects to complete the split-off of Liberty Live Group on December 15, 2025, which will create a separate public company[5] - MotoGP's management expressed confidence in long-term growth opportunities following the acquisition, highlighting record attendance and increased digital engagement[19]