Liberty Media Corporation ("Liberty Media" or “Liberty”)
(NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported fourth quarter
and year end 2024 results. Headlines include (1):
- Attributed to Formula One Group
- 2024 F1 fan attendance of 6.5 million, up 9% compared to
2023
- 1.6 billion cumulative TV viewers and 97 million social media
followers
- Renewed several race promotion agreements, including Belgian
Grand Prix in multi-year rotation, Dutch Grand Prix through 2026,
Chinese Grand Prix through 2030 and Italian and Monaco Grands Prix
through 2031
- Announced extension of partnership with Crypto.com through 2030
and signed new agreement with global lottery operator Allwyn as
Official Partner
- Hosted season launch event at London’s The O2 to celebrate F1’s
75th anniversary year with over 40 global broadcasters airing the
show
- Liberty Media extended date for regulatory approval of MotoGP
acquisition to June 30, 2025
- Attributed to Liberty Live Group
- Fair value of Live Nation investment was $9.0 billion as of
December 31, 2024
“As I reflect on my first month as CEO, I am energized by the
opportunities ahead at Liberty Media and our portfolio companies,”
said Derek Chang, Liberty Media President & CEO. “My time as a
board member has enabled an efficient transition as we move quickly
to accomplish our strategic priorities for 2025. This includes
capitalizing on Formula 1’s success with the key building blocks to
drive continued growth, closing the acquisition of MotoGP and
addressing the Liberty Live structure. I am committed to
maintaining our current momentum and working with the Liberty team
as we execute our strategy to drive shareholder value.”
Discussion of Results
Unless otherwise noted, the following discussion compares
financial information for the three months or year ended December
31, 2024 to the same period in 2023.
FORMULA ONE GROUP – The following table provides the
financial results attributed to Formula One Group for the fourth
quarter and full year 2024. $17 million and $66 million of
corporate level selling, general and administrative expense
(including stock-based compensation expense) was allocated to
Formula One Group in the fourth quarter and full year 2024,
respectively.
The businesses and assets attributed to Formula One Group
consist primarily of Liberty Media’s subsidiaries, F1 and
Quint.
Three months ended
Twelve months ended
December 31,
December 31,
2023
2024
2023
2024
(unaudited)
amounts in millions
amounts in millions
Formula One Group
Revenue
Formula 1
$
1,230
$
1,126
$
3,222
$
3,411
Corporate and other
16
118
16
373
Intergroup elimination
(16
)
(77
)
(16
)
(131
)
Total Formula One Group
$
1,230
$
1,167
$
3,222
$
3,653
Operating Income (Loss)
Formula 1
$
153
$
126
$
392
$
492
Corporate and other
(31
)
(103
)
(95
)
(205
)
Total Formula One Group
$
122
$
23
$
297
$
287
Adjusted OIBDA (Loss)
Formula 1
$
238
$
202
$
725
$
791
Corporate and other
5
(2
)
(39
)
(17
)
Total Formula One Group
$
243
$
200
$
686
$
774
F1 Operating Results
“Formula 1 capped off a record 2024 in race count, revenue and
Adjusted OIBDA,” said Stefano Domenicali, Formula 1 President and
CEO. “We are equally optimistic about 2025 as we mark F1’s 75th
anniversary which will provide incremental momentum for our brand,
and we celebrated this milestone by welcoming the entire F1
community to a first of its kind season launch event at The O2 last
week. Our sponsorship roster is the strongest in the sport’s
history and the commercial pipeline remains robust. This commercial
success is paired with on-track excitement, as we expect more
intense competition after last season’s highly competitive
Championship and we welcome several rookie drivers to the
grid.”
The following table provides the operating results of Formula 1
(“F1”).
Three months ended
Twelve months ended
December 31,
December 31,
2023
2024
% Change
2023
2024
% Change
(unaudited)
amounts in millions
amounts in millions
Primary Formula 1 revenue
$
838
$
797
(5
)%
$
2,560
$
2,757
8
%
Other Formula 1 revenue
392
329
(16
)%
662
654
(1
)%
Total Formula 1 revenue
$
1,230
$
1,126
(8
)%
$
3,222
$
3,411
6
%
Operating expenses (excluding stock-based
compensation):
Team payments
(327
)
(297
)
9
%
(1,215
)
(1,266
)
(4
)%
Other cost of Formula 1 revenue
(589
)
(543
)
8
%
(1,041
)
(1,066
)
(2
)%
Cost of Formula 1 revenue
$
(916
)
$
(840
)
8
%
$
(2,256
)
$
(2,332
)
(3
)%
Selling, general and administrative
expenses
(76
)
(84
)
(11
)%
(241
)
(288
)
(20
)%
Adjusted OIBDA
$
238
$
202
(15
)%
$
725
$
791
9
%
Stock-based compensation
(1
)
(1
)
—
%
(3
)
(3
)
—
%
Depreciation and Amortization(a)
(84
)
(75
)
11
%
(330
)
(296
)
10
%
Operating income (loss)
$
153
$
126
(18
)%
$
392
$
492
26
%
Number of races in period
6
6
22
24
a)
Includes amortization related to purchase
accounting of $74 million and $61 million for the fourth quarters
of 2023 and 2024, respectively, and $298 million and $244 million
for the full years 2023 and 2024, respectively, which is excluded
from calculations for purposes of team payments.
Primary F1 revenue represents the majority of F1’s revenue and
is derived from (i) race promotion revenue, (ii) media rights fees
and (iii) sponsorship fees. For the year ended December 31, 2024,
these revenue streams comprised 29.3%, 32.8% and 18.6%,
respectively, of total F1 revenue.
There were 24 and 6 races held in the full year and fourth
quarter of 2024, respectively, compared to 22 and 6 races held in
the full year and fourth quarter of 2023. In the fourth quarter of
both 2024 and 2023, F1 directly promoted the Las Vegas Grand Prix
and recognized the revenue (ticketing, sponsorship, hospitality)
and costs related to the event.
Primary F1 revenue grew for the full year with increases across
all primary revenue streams. Sponsorship revenue grew due to
recognition of revenue from new sponsors, contractual increases
from existing sponsors and additional sponsorship inventory with
two additional races held. Media rights revenue increased due to
contractual increases in fees and continued growth in F1 TV
subscription revenue. Race promotion revenue grew primarily due to
fees from the two additional races held compared to the prior year,
following the return of China and Imola to the calendar, as well as
contractual increases in fees, partially offset by lower ticketing
revenue generated from the Las Vegas Grand Prix.
Primary F1 revenue decreased in the fourth quarter primarily
driven by a decline in race promotion and media rights revenue.
Race promotion revenue decreased due to lower ticketing revenue
generated from the Las Vegas Grand Prix. Media rights revenue
declined due to the lower proportionate recognition of season-based
income (6/24 races took place in the fourth quarter of 2024
compared to 6/22 in the fourth quarter of 2023), partially offset
by continued growth in F1 TV subscription revenue. Sponsorship
revenue increased in the fourth quarter due to recognition of
revenue from new sponsors, which offset the lower proportion of
season-based revenue recognized.
Other F1 revenue decreased in the full year and fourth quarter.
Growth in hospitality income at most events and higher freight and
licensing revenue was offset by lower hospitality revenue generated
from the Las Vegas Grand Prix. For the full year, Other F1 revenue
also benefited from the sale of new F2 cars and associated parts at
the beginning of the new F2 vehicle cycle.
Operating income and Adjusted OIBDA(2) grew for the full year.
Team payments increased for the full year driven by the growth in
F1 revenue and the associated impact on the calculation of the team
payments, which are 100% variable under the 2021 Concorde
Agreement. Team payments as a percent of pre-team payment Adjusted
OIBDA decreased from 62.6% in 2023 to 61.5% in 2024 reflecting
growth in Adjusted OIBDA and an associated reduction on the payout
percentage calculated under the terms of the 2021 Concorde
Agreement. Other cost of F1 revenue is largely variable in nature
and is mostly derived from servicing both Primary and Other F1
revenue opportunities. These costs increased in the full year
primarily due to the annual impact of lease expense for the Las
Vegas Grand Prix Plaza which became operational in November of
2023, as well as higher commissions and partner servicing costs
associated with servicing Primary F1 revenue streams, the costs of
supplying the new F2 cars and associated parts and increased
freight, technical, digital and FIA regulatory costs from the
additional races held. This was partially offset by lower event
promotion, hospitality and experiences costs incurred in promoting
and delivering the Las Vegas Grand Prix compared to the prior year.
Selling, general and administrative expense increased for the full
year driven by higher personnel, marketing, IT and property costs
as well as legal and other professional fees, partially offset by
foreign exchange favorability.
Operating income and Adjusted OIBDA decreased in the fourth
quarter primarily due to the decline in revenue. Team payments
decreased due to the lower pro rata recognition of payments across
the race season and a reduction in team payment costs based on full
year results. Other cost of F1 revenue decreased in the fourth
quarter primarily due to reduced costs in promoting and delivering
the Las Vegas Grand Prix, partially offset by increased freight
costs and higher commissions and partner servicing costs. Selling,
general and administrative expense increased in the fourth quarter
due to higher marketing, personnel, IT and property costs as well
as legal and other professional fees, partially offset by foreign
exchange favorability.
Corporate and Other Operating
Results
Corporate and Other revenue grew in the full year and fourth
quarter due to the inclusion of Quint results and $33 million and
$13 million of rental income related to the Las Vegas Grand Prix
Plaza recognized in the full year and fourth quarter, respectively.
In the fourth quarter, Quint results were primarily driven by F1
Experiences across the six races held. Quint’s revenue is seasonal
around its largest events, which are generally during the second
and fourth quarters.
Corporate and Other operating income and Adjusted OIBDA for the
full year and fourth quarter of 2024 include the rental income
related to the Las Vegas Grand Prix Plaza, Quint results and other
corporate overhead.
LIBERTY LIVE GROUP – Liberty Live Group was allocated $4
million and $11 million of corporate level selling, general and
administrative expense (including stock-based compensation expense)
in the fourth quarter and full year 2024, respectively.
The businesses and assets attributed to Liberty Live Group
consist primarily of Liberty Media’s interest in Live Nation and
other minority investments.
Share Repurchases
There were no repurchases of Liberty Media’s common stock from
November 1, 2024 through January 31, 2025. The total remaining
repurchase authorization for Liberty Media as of February 1, 2025
is $1.1 billion and can be applied to repurchases of common shares
of any of the Liberty Media tracking stocks.
FOOTNOTES
1)
Liberty Media will discuss these
highlights and other matters on Liberty Media’s earnings conference
call which will begin at 10:00 a.m. (E.T.) on February 27, 2025.
For information regarding how to access the call, please see
“Important Notice” later in this document.
2)
For a definition of Adjusted OIBDA (as
defined by Liberty Media) and the applicable reconciliation, see
the accompanying schedule.
NOTES
The following financial information with respect to Liberty
Media’s equity affiliates, available for sale securities, cash and
debt is intended to supplement Liberty Media’s consolidated balance
sheet and statement of operations to be included in its Form 10-K
for the year ended December 31, 2024.
Fair Value of Corporate Public
Holdings
(amounts in millions)
9/30/2024
12/31/2024
Formula One Group
Other Monetizable Public Holdings
N/A
N/A
Total Formula One Group
N/A
N/A
Liberty Live Group
Live Nation Investment(a)
7,625
9,019
Total Liberty Live Group
$
7,625
$
9,019
Total Liberty Media
$
7,625
$
9,019
a)
Represents the fair value of the equity
investment in Live Nation. In accordance with GAAP, Liberty Media
accounts for its investment in the equity of Live Nation using the
equity method of accounting and includes it in its consolidated
balance sheet at $422 million and $430 million as of September 30,
2024 and December 31, 2024, respectively.
Cash and Debt
The following presentation is provided to separately identify
cash and debt information.
(amounts in millions)
9/30/2024
12/31/2024
Cash and Cash Equivalents Attributable
to:
Formula One Group(a)
$
2,666
$
2,631
Liberty Live Group
388
325
Total Consolidated Cash and Cash
Equivalents (GAAP)
$
3,054
$
2,956
Debt:
2.25% convertible notes due 2027(b)
475
475
Formula 1 term loan and revolving credit
facility
2,384
2,380
Other corporate level debt
54
53
Total Attributed Formula One Group
Debt
$
2,913
$
2,908
Fair market value adjustment
15
84
Total Attributed Formula One Group Debt
(GAAP)
$
2,928
$
2,992
Formula 1 leverage(c)
1.1x
1.3x
0.5% Live Nation exchangeable senior
debentures due 2050(b)
50
—
2.375% Live Nation exchangeable senior
debentures due 2053(b)
1,150
1,150
Live Nation margin loan
—
—
Total Attributed Liberty Live Group
Debt
$
1,200
$
1,150
Fair market value adjustment
237
406
Total Attributed Liberty Live Group
Debt (GAAP)
$
1,437
$
1,556
Total Liberty Media Corporation Debt
(GAAP)
$
4,365
$
4,548
a)
Includes $1,383 million and $1,310 million
of cash held at F1 as of September 30, 2024 and December 31, 2024,
respectively, and $65 million and $78 million of cash held at Quint
as of September 30, 2024 and December 31, 2024, respectively.
b)
Face amount of the convertible notes and
exchangeable debentures with no fair market value adjustment. The
0.5% Live Nation exchangeable senior debentures due 2050 were
redeemed in September 2024 and remaining exchange obligations were
settled in October 2024.
c)
Net leverage as defined in F1’s credit
facilities for covenant calculations.
Liberty Media and F1 are in compliance with their debt covenants
as of December 31, 2024.
Total cash and cash equivalents attributed to Formula One Group
decreased $35 million during the fourth quarter driven by cash used
in operations at F1 primarily due to seasonal working capital
changes and capital expenditures. Total debt attributed to Formula
One Group was relatively flat in the fourth quarter.
Total cash and cash equivalents attributed to Liberty Live Group
decreased $63 million during the fourth quarter primarily due to
debt reduction and interest payments. Total debt attributed to
Liberty Live Group decreased $50 million during the quarter due to
the settlement of the remaining 0.5% Live Nation exchangeable
senior debentures due 2050.
Important Notice: Liberty Media Corporation (NASDAQ:
FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media's earnings
release on a conference call which will begin at 10:00 a.m. (E.T.)
on February 27, 2025. The call can be accessed by dialing (877)
704-2829 or (215) 268-9864, passcode 13748880 at least 10 minutes
prior to the start time. The call will also be broadcast live
across the Internet and archived on our website. To access the
webcast go to
https://www.libertymedia.com/investors/news-events/ir-calendar.
Links to this press release will also be available on the Liberty
Media website.
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements about business strategies, market
potential, future financial performance and prospects, our 2025
strategic priorities, our expectations regarding the planned
acquisition of MotoGP, our expectations regarding the F1 business
and other matters that are not historical facts. These
forward-looking statements involve many risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by such statements, including, without
limitation, the satisfaction of all conditions to closing for the
transaction with MotoGP possible changes in market acceptance of
new products or services, regulatory matters affecting our
businesses, the unfavorable outcome of future litigation, the
failure to realize benefits of acquisitions, rapid industry change,
failure of third parties to perform, continued access to capital on
terms acceptable to Liberty Media, changes in law, including
consumer protection laws, and their enforcement. These
forward-looking statements speak only as of the date of this press
release, and Liberty Media expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein to reflect any change in
Liberty Media's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. Please refer to the publicly filed documents of Liberty
Media, including the most recent Form 10-K, for additional
information about Liberty Media and about the risks and
uncertainties related to Liberty Media's business which may affect
the statements made in this press release.
LIBERTY MEDIA
CORPORATION
BALANCE SHEET
INFORMATION
December 31, 2024
(unaudited)
Attributed
Liberty Live
Formula One
Live
Inter-Group
Consolidated
Group
Group
Eliminations
Liberty
amounts in millions
Assets
Current assets:
Cash and cash equivalents
$
2,631
325
—
2,956
Trade and other receivables, net
114
—
—
114
Other current assets
277
—
—
277
Total current assets
3,022
325
—
3,347
Investments in affiliates, accounted for
using the equity method
33
458
—
491
Property and equipment, at cost
1,007
—
—
1,007
Accumulated depreciation
(197
)
—
—
(197
)
810
—
—
810
Goodwill
4,134
—
—
4,134
Intangible assets subject to amortization,
net
2,689
—
—
2,689
Deferred income tax assets
577
217
(34
)
760
Other assets
494
223
—
717
Total assets
$
11,759
1,223
(34
)
12,948
Liabilities and Equity
Current liabilities:
Accounts payable and accrued
liabilities
$
645
3
—
648
Current portion of debt
26
—
—
26
Deferred revenue
267
—
—
267
Financial instrument liabilities
138
—
—
138
Other current liabilities
54
—
—
54
Total current liabilities
1,130
3
—
1,133
Long-term debt
2,966
1,556
—
4,522
Other liabilities
275
1
(34
)
242
Total liabilities
4,371
1,560
(34
)
5,897
Equity / Attributed net assets
7,388
(359
)
—
7,029
Noncontrolling interests in equity of
subsidiaries
—
22
—
22
Total liabilities and equity
$
11,759
1,223
(34
)
12,948
LIBERTY MEDIA
CORPORATION
STATEMENT OF
OPERATIONS
Twelve months ended December
31, 2024 (unaudited)
Attributed
Liberty
Liberty
Formula One
Live
SiriusXM
Consolidated
Group
Group
Group
Liberty
amounts in millions
Revenue:
Formula 1 revenue
$
3,318
—
—
3,318
Other revenue
335
—
—
335
Total revenue
3,653
—
—
3,653
Operating costs and expenses:
Cost of Formula 1 revenue (exclusive of
depreciation shown separately below)
2,294
—
—
2,294
Other cost of sales
194
—
—
194
Other operating expenses
13
—
—
13
Selling, general and administrative,
including stock-based compensation (1)
408
11
—
419
Depreciation and amortization
352
—
—
352
Impairment and acquisition costs
105
—
—
105
3,366
11
—
3,377
Operating income (loss)
287
(11
)
—
276
Other income (expense):
Interest expense
(208
)
(29
)
—
(237
)
Share of earnings (losses) of affiliates,
net
(10
)
238
—
228
Realized and unrealized gains (losses) on
financial instruments, net
(120
)
(263
)
—
(383
)
Other, net
68
24
—
92
(270
)
(30
)
—
(300
)
Earnings (loss) from continuing operations
before income taxes
17
(41
)
—
(24
)
Income tax (expense) benefit
(47
)
8
—
(39
)
Net earnings (loss) from continuing
operations
(30
)
(33
)
—
(63
)
Net earnings (loss) from discontinued
operations
—
—
(2,412
)
(2,412
)
Net earnings (loss)
(30
)
(33
)
(2,412
)
(2,475
)
Less net earnings (loss) attributable to
the noncontrolling interests
—
(2
)
(410
)
(412
)
Net earnings (loss) attributable to
Liberty stockholders
$
(30
)
(31
)
(2,002
)
(2,063
)
(1) Includes stock-based compensation
expense as follows:
Selling, general and administrative
$
30
4
—
34
Note: Liberty Media completed the
combination of Liberty SiriusXM Group and SiriusXM on September 9,
2024. Liberty Sirius XM Group is presented as a discontinued
operation in Liberty Media’s consolidated financial statements.
LIBERTY MEDIA
CORPORATION
STATEMENT OF
OPERATIONS
Twelve months ended December
31, 2023 (unaudited)
Attributed
Liberty
Liberty
Formula One
Live
SiriusXM
Braves
Consolidated
Group
Group
Group
Group
Liberty
amounts in millions
Revenue:
Formula 1 revenue
$
3,222
—
—
—
3,222
Other revenue
—
—
—
350
350
Total revenue
3,222
—
—
350
3,572
Operating costs and expenses:
Cost of Formula 1 revenue (exclusive of
depreciation shown separately below)
2,240
—
—
—
2,240
Other operating expenses
—
—
—
274
274
Selling, general and administrative
(1)
316
11
—
69
396
Depreciation and amortization
369
—
—
37
406
Impairment and acquisition costs
—
—
—
1
1
2,925
11
—
381
3,317
Operating income (loss)
297
(11
)
—
(31
)
255
Other income (expense):
Interest expense
(214
)
(10
)
(4
)
(20
)
(248
)
Share of earnings (losses) of affiliates,
net
(4
)
22
127
12
157
Realized and unrealized gains (losses) on
financial instruments, net
42
(153
)
(59
)
3
(167
)
Unrealized gains (losses) on intergroup
interests
15
—
—
(83
)
(68
)
Other, net
75
(28
)
(6
)
5
46
(86
)
(169
)
58
(83
)
(280
)
Earnings (loss) from continuing operations
before income taxes
211
(180
)
58
(114
)
(25
)
Income tax (expense) benefit
(27
)
38
(13
)
3
1
Net earnings (loss) from continuing
operations
184
(142
)
45
(111
)
(24
)
Net earnings (loss) from discontinued
operations
—
—
986
—
986
Net earnings (loss)
184
(142
)
1,031
(111
)
962
Less net earnings (loss) attributable to
the noncontrolling interests
(1
)
—
202
—
201
Net earnings (loss) attributable to
Liberty stockholders
$
185
(142
)
829
(111
)
761
(1) Includes stock-based compensation
expense as follows:
Selling, general and administrative
$
20
2
—
7
29
LIBERTY MEDIA
CORPORATION
STATEMENT OF CASH FLOWS
INFORMATION
Twelve months ended December
31, 2024 (unaudited)
Attributed
Liberty
Liberty
Formula One
Live
SiriusXM
Consolidated
Group
Group
Group
Liberty
amounts in millions
Cash flows from operating activities:
Net earnings (loss)
$
(30
)
(33
)
(2,412
)
(2,475
)
Adjustments to reconcile net earnings to
net cash provided by operating activities:
(Earnings) loss from discontinued
operations
—
—
2,412
2,412
Depreciation and amortization
352
—
—
352
Stock-based compensation
30
4
—
34
Non-cash impairment costs
73
—
—
73
Share of (earnings) loss of affiliates,
net
10
(238
)
—
(228
)
Realized and unrealized (gains) losses on
financial instruments, net
120
263
—
383
Loss (gain) on early extinguishment of
debt
6
—
—
6
Deferred income tax expense (benefit)
35
(6
)
—
29
Intergroup tax allocation
(107
)
(2
)
—
(109
)
Intergroup tax (payments) receipts
129
2
—
131
Other charges (credits), net
14
(4
)
—
10
Changes in operating assets and
liabilities
Current and other assets
39
—
—
39
Payables and other liabilities
(104
)
—
—
(104
)
Net cash provided (used) by operating
activities
567
(14
)
—
553
Cash flows from investing activities:
Capital expended for property and
equipment, including internal-use software and website
development
(75
)
—
—
(75
)
Cash proceeds from dispositions of
investments
10
107
—
117
Cash (paid) received for acquisitions, net
of cash acquired
(205
)
—
—
(205
)
Investments in equity method affiliates
and debt and equity securities
(8
)
(3
)
—
(11
)
Return of investment in equity method
affiliates
1
—
—
1
Other investing activities, net
(15
)
1
—
(14
)
Net cash provided (used) by investing
activities
(292
)
105
—
(187
)
Cash flows from financing activities:
Borrowings of debt
645
—
—
645
Repayments of debt
(677
)
(71
)
—
(748
)
Issuance of Series C Liberty Formula One
common stock
939
—
—
939
Taxes paid in lieu of shares issued for
stock-based compensation
(14
)
(3
)
—
(17
)
Other financing activities, net
72
3
—
75
Net cash provided (used) by financing
activities
965
(71
)
—
894
Effect of foreign exchange rate changes on
cash, cash equivalents and restricted cash
(10
)
—
—
(10
)
Net cash provided (used) by discontinued
operations:
Cash provided (used) by operating
activities
—
—
882
882
Cash provided (used) by investing
activities
—
—
(709
)
(709
)
Cash provided (used) by financing
activities
—
—
(488
)
(488
)
Net cash provided (used) by discontinued
operations
—
—
(315
)
(315
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
1,230
20
(315
)
935
Cash, cash equivalents and restricted cash
at beginning of period
1,408
305
315
2,028
Cash, cash equivalents and restricted cash
at end of period
$
2,638
325
—
2,963
LIBERTY MEDIA
CORPORATION
STATEMENT OF CASH FLOWS
INFORMATION
Twelve months ended December
31, 2023 (unaudited)
Attributed
Liberty
Liberty
Consolidated
Formula One
Live
SiriusXM
Braves
Group
Group
Group
Group
Liberty
amounts in millions
Cash flows from operating activities:
Net earnings (loss)
$
184
(142
)
1,031
(111
)
962
Adjustments to reconcile net earnings to
net cash provided by operating activities:
(Earnings) loss from discontinued
operations
—
—
(986
)
—
(986
)
Depreciation and amortization
369
—
—
37
406
Stock-based compensation
20
2
—
7
29
Share of (earnings) loss of affiliates,
net
4
(22
)
(127
)
(12
)
(157
)
Realized and unrealized (gains) losses on
financial instruments, net
(42
)
153
59
(3
)
167
Unrealized (gains) losses on intergroup
interests, net
(15
)
—
—
83
68
Loss (gain) on early extinguishment of
debt
(1
)
35
—
—
34
Deferred income tax expense (benefit)
18
(37
)
13
(3
)
(9
)
Intergroup tax allocation
(176
)
—
(1
)
(1
)
(178
)
Intergroup tax (payments) receipts
122
—
—
(1
)
121
Other charges (credits), net
4
(2
)
6
4
12
Changes in operating assets and
liabilities
Current and other assets
46
(5
)
—
(34
)
7
Payables and other liabilities
86
5
1
66
158
Net cash provided (used) by operating
activities
619
(13
)
(4
)
32
634
Cash flows from investing activities:
Capital expended for property and
equipment, including internal-use software and website
development
(426
)
—
—
(35
)
(461
)
Cash proceeds from dispositions of
investments
110
1
—
—
111
Investments in equity method affiliates
and debt and equity securities
(173
)
(3
)
—
—
(176
)
Other investing activities, net
(21
)
3
—
—
(18
)
Net cash provided (used) by investing
activities
(510
)
1
—
(35
)
(544
)
Cash flows from financing activities:
Borrowings of debt
—
1,135
—
30
1,165
Repayments of debt
(70
)
(918
)
—
(20
)
(1,008
)
Settlement of intergroup interests
(273
)
—
—
—
(273
)
Atlanta Braves Holdings, Inc.
Split-Off
—
—
—
(188
)
(188
)
Reclassification
(100
)
100
—
—
—
Taxes paid in lieu of shares issued for
stock-based compensation
(9
)
—
—
(1
)
(10
)
Distribution from former subsidiary
—
—
3
—
3
Other financing activities, net
17
—
—
9
26
Net cash provided (used) by financing
activities
(435
)
317
3
(170
)
(285
)
Effect of foreign exchange rate changes on
cash, cash equivalents and restricted cash
1
—
—
—
1
Net cash provided (used) by discontinued
operations:
Cash provided (used) by operating
activities
—
—
1,830
—
1,830
Cash provided (used) by investing
activities
—
—
(696
)
—
(696
)
Cash provided (used) by financing
activities
—
—
(1,188
)
—
(1,188
)
Net cash provided (used) by discontinued
operations
—
—
(54
)
—
(54
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(325
)
305
(55
)
(173
)
(248
)
Cash, cash equivalents and restricted cash
at beginning of period
1,733
NA
370
173
2,276
Cash, cash equivalents and restricted cash
at end of period
$
1,408
305
315
—
2,028
NON-GAAP FINANCIAL MEASURES
SCHEDULE 1
To provide investors with additional information regarding our
financial results, this press release includes a presentation of
Adjusted OIBDA, which is a non-GAAP financial measure, for Formula
One Group and Liberty Live Group, together with reconciliations to
operating income, as determined under GAAP. Liberty Media defines
Adjusted OIBDA as operating income (loss) plus depreciation and
amortization, stock-based compensation, separately reported
litigation settlements, restructuring, acquisition and other
related costs and impairment charges.
Liberty Media believes Adjusted OIBDA is an important indicator
of the operational strength and performance of its businesses by
identifying those items that are not directly a reflection of each
business’ performance or indicative of ongoing business trends. In
addition, this measure allows management to view operating results
and perform analytical comparisons and benchmarking between
businesses and identify strategies to improve performance. Because
Adjusted OIBDA is used as a measure of operating performance,
Liberty Media views operating income as the most directly
comparable GAAP measure. Adjusted OIBDA is not meant to replace or
supersede operating income or any other GAAP measure, but rather to
supplement such GAAP measures in order to present investors with
the same information that Liberty Media's management considers in
assessing the results of operations and performance of its
assets.
The following table provides a reconciliation of Adjusted OIBDA
for Liberty Media to operating income (loss) calculated in
accordance with GAAP for the three months and years ended December
31, 2023 and December 31, 2024, respectively.
(amounts in millions)
4Q23
4Q24
2023
2024
Formula One Group
Operating income (loss)
$
122
$
23
$
297
$
287
Depreciation and amortization
115
89
369
352
Stock compensation expense
6
6
20
30
Impairment and acquisition costs(a)
—
82
—
105
Adjusted OIBDA
$
243
$
200
$
686
$
774
Liberty Live Group
Operating income (loss)
$
(6
)
$
(4
)
$
(11
)
$
(11
)
Stock compensation expense
1
1
2
4
Adjusted OIBDA
$
(5
)
$
(3
)
$
(9
)
$
(7
)
a)
During the year ended December 31, 2024,
Formula One Group incurred (i) $32 million of costs related to
corporate acquisitions and (ii) a $73 million non-cash impairment
charge related to Quint goodwill.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250226468907/en/
Shane Kleinstein, (720) 875-5432
Liberty Media (NASDAQ:FWONK)
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