Liberty(US:LSXMB)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, with the acquisition completed on July 3, 2025[8][4]. - 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 1% to $869 million in Q3 2025, driven by growth in other revenue streams[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 increased by 1% to $147 million in Q3 2025 and by 13% to $365 million for the nine months, driven by two additional events and favorable currency exchange rates[20][23]. - Other MotoGP revenue decreased by 4% to $22 million in Q3 2025 but increased by 11% to $52 million for the nine months, primarily due to two additional races and favorable currency exchange rates[20][24]. 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, reflecting a 43% increase[8]. - Formula One Group's operating expenses decreased by 2% to $552 million in Q3 2025, reflecting cost management efforts[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% year-over-year, while for the nine months, it decreased by 7% to $41 million[20]. Cash Flow and Debt - Total cash and cash equivalents attributed to Formula One Group decreased by $1,849 million during Q3 2025, primarily due to the acquisition of MotoGP[32][35]. - Total debt attributed to Formula One Group increased to $5,056 million as of September 30, 2025, reflecting the consolidation of MotoGP's debt[32][35]. - 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]. - 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]. - The company reported a net cash increase of $1,265 million during the period, despite cash used in discontinued operations of $(315) million[52]. Earnings and Financial Metrics - 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]. - Net earnings for the quarter were $218 million, compared to a loss of $2,412 million in the previous period[52]. - Adjusted OIBDA for Q3 2025 was $66 million, down 10% from the previous year, and for the nine months, it was $150 million, a decline of 3%[20]. - 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]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $17,821 million, an increase from $16,360 million as of September 30, 2024, representing a growth of approximately 8.9%[42][46]. - 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 approximately 25.8%[42][46]. Corporate Actions and Investments - 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 has a remaining repurchase authorization of $1.1 billion for common shares as of November 1, 2025[29]. Engagement and Growth Potential - MotoGP is experiencing record attendance and growth in TV viewership, indicating strong engagement and potential for future revenue growth[19]. - Constant currency operating results are used to assess MotoGP's financial performance, excluding foreign currency fluctuations[58].