Liberty Media Corporation Reports First Quarter 2025 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--May 07, 2025--
Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported first quarter 2025 results. Headlines include(1) :
-- Attributed to Formula One Group
-- Renewed agreements for Mexico Grand Prix through 2028 and Miami
Grand Prix through 2041
-- Secured new sponsorship deals including Barilla Pasta and PWC as
Official Partners
-- Formula 1 and all ten teams signed 2026 Concorde Commercial
Agreement
-- Grand Prix Plaza in Las Vegas opened to the public on May 2nd,
providing immersive F1 attractions year-round
-- Liberty continues to work constructively with the European
Commission on regulatory process for the MotoGP acquisition
-- Attributed to Liberty Live Group
-- Fair value of Live Nation investment was $9.1 billion as of March
31st
"2025 is off to a strong start. Formula 1 is benefiting from exciting racing on the track and financial momentum underpinned by new commercial partnerships that took effect this year," said Derek Chang, Liberty Media President & CEO. "We believe Formula 1's contracted and diversified revenue streams position it well against the current macro and consumer backdrop. The business fundamentals remain strong and we're confident in our ability to deliver long-term value. At Live Nation, strong first quarter results and key forward indicators are pointing to another record year ahead with sustained demand for live music and continued growth in the global experience economy."
Discussion of Results
Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2025 to the same period in 2024.
FORMULA ONE GROUP -- The following table provides the financial results attributed to Formula One Group for the first quarter of 2025. In the first quarter, Formula One Group incurred $14 million of corporate level selling, general and administrative expense (including stock-based compensation expense).
The businesses and assets attributed to Formula One Group consist primarily of Liberty Media's subsidiaries, F1 and Quint.
1Q24 1Q25
-------------- -------------
amounts in millions
Formula One Group
Revenue
Formula 1 $ 553 $ 403
Corporate and other 44 53
Intergroup elimination (10) (9)
------ ------
Total Formula One Group $ 587 $ 447
------ ------
Operating Income (Loss)
Formula 1 $ 136 $ (28)
Corporate and other (41) (39)
------ ------
Total Formula One Group $ 95 $ (67)
------ ------
Adjusted OIBDA (Loss)
Formula 1 $ 208 $ 85
Corporate and other (6) (12)
------ ------
Total Formula One Group $ 202 $ 73
------ ------
F1 Operating Results
"Formula 1 is six races into another incredible season and delighting fans in new and creative ways. Close racing throughout the field has created captivating on-track action, helping drive viewership growth on linear and digital platforms. Our promoter partners continue to innovate on their race weekend experiences, generating demand and sell-out crowds, " said Stefano Domenicali, Formula 1 President and CEO. "Importantly, we agreed to the commercial terms with all F1 teams for the 2026 Concorde Agreement which is financially attractive to all parties and provides stability for our future."
The following table provides the operating results of Formula 1 ("F1").
1Q24 1Q25 % Change
---------------- --------- ----------
$ amounts in millions
---------------------------
Number of races in period 3 2
Primary Formula 1 revenue $ 463 $ 319 (31)%
Other Formula 1 revenue 90 84 (7)%
-------- ------- -----
Total Formula 1 revenue $ 553 $ 403 (27)%
Operating expenses (excluding
stock-based compensation):
Team payments, excluding
Concorde incentive
payments (163) (114) 30%
Other cost of Formula 1
revenue (123) (128) (4)%
-------- ------- -----
Cost of Formula 1
revenue, excluding
Concorde incentive
payments $ (286) $ (242) 15%
Selling, general and
administrative expenses (59) (76) (29)%
-------- ------- -----
Adjusted OIBDA $ 208 $ 85 (59)%
Concorde incentive payments -- (50) NM
Depreciation and
Amortization(a) (72) (63) 13%
-------- ------- -----
Operating income (loss) $ 136 $ (28) NM
======== ======= ===== ===
______________
a) Includes $61 million and $50 million of amortization related to purchase
accounting for the periods ended March 31, 2024 and March 31, 2025,
respectively, that 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.
There were two races held in the first quarter of 2025 compared to three races held in the first quarter of 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season which will impact the year-over-year revenue and cost comparisons on a quarterly basis.
Primary F1 revenue decreased in the first quarter with declines across media rights, race promotion and sponsorship driven by the calendar variance compared to the prior year. Race promotion revenue decreased due to one less race in the quarter and the different mix of races held. Lower media rights and sponsorship revenue was driven by one fewer race held in the current period resulting in a lower proportion of season-based revenue recognized, and sponsorship revenue also decreased due to the impact of the mix of races on event specific revenue. The decline in media rights revenue recognized was partially offset by contractual increases in fees and continued growth in F1 TV subscription revenue. The decline in sponsorship revenue was largely offset by revenue recognized from new sponsors and growth in revenue from existing contracts. Other F1 revenue decreased in the first quarter primarily due to lower hospitality and experiences revenue driven by one less Paddock Club and the mix of events held, partially offset by higher freight income.
Operating income and Adjusted OIBDA(2) decreased in the first quarter. Team payments decreased due to the pro rata recognition of payments across the race season with one less race held in the current period, partially offset by the expectation of higher team payments for the full year. 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 due to higher freight costs driven by the mix of races and longer routes required as well as increased commissions and partner servicing costs associated with servicing Primary F1 revenue streams for the full year, partially offset by lower hospitality and experiences, travel and FIA regulatory costs due to one fewer event. Other cost of F1 revenue in the first quarter was also impacted by higher costs associated with the Grand Prix Plaza in Las Vegas due to more activity in its events business. Selling, general and administrative expense increased primarily due to higher marketing costs associated with the 75(th) season launch event at London's The O2 and increased personnel costs.
Corporate and Other Operating Results
Corporate and Other revenue increased in the first quarter due to Quint results. There was $6 million of rental income related to the Las Vegas Grand Prix Plaza in the first quarter compared to $7 million in the prior year period. In the first quarter, Quint results were primarily driven by NBA Experiences and F1 Experiences across the two races held. Quint's revenue is seasonal around its largest events, which are generally during the second and fourth quarters. Corporate and Other Adjusted OIBDA includes the rental income related to the Las Vegas Grand Prix Plaza, Quint results and other corporate overhead for the first quarter of 2025 and the prior year period.
LIBERTY LIVE GROUP -- In the first quarter, $4 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group.
The businesses and assets attributed to Liberty Live Group consist 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 February 1 through April 30, 2025. The total remaining repurchase authorization for Liberty Media as of May 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 headlines and other matters on Liberty
Media's earnings conference call that will begin at 10:00 a.m. (E.T.) on
May 7, 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 condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q for the period ended March 31, 2025.
Fair Value of Corporate Public Holdings
(amounts in millions) 12/31/2024 3/31/2025
------------ -----------
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) 9,019 9,094
-------- -------
Total Liberty Live Group $ 9,019 $ 9,094
Total Liberty Media $ 9,019 $ 9,094
======== =======
______________
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 condensed consolidated balance sheet at $430 million and $451
million as of December 31, 2024 and March 31, 2025, respectively.
Cash and Debt
The following presentation is provided to separately identify cash and debt information.
(amounts in millions) 12/31/2024 3/31/2025
------------ -----------
Cash and Cash Equivalents Attributable to:
Formula One Group(a) $ 2,631 $ 2,833
Liberty Live Group 325 314
-------- -------
Total Consolidated Cash and Cash Equivalents
(GAAP) $ 2,956 $ 3,147
-------- -------
Debt:
2.25% convertible notes due 2027(b) 475 475
Formula 1 term loan and revolving credit
facility 2,380 2,376
Other corporate level debt 53 51
-------- -------
Total Attributed Formula One Group Debt $ 2,908 $ 2,902
-------- -------
Fair market value adjustment 84 80
-------- -------
Total Attributed Formula One Group Debt
(GAAP) $ 2,992 $ 2,982
-------- -------
Formula 1 leverage(c) 1.3x 1.2x
2.375% Live Nation exchangeable senior
debentures due 2053(b) 1,150 1,150
Live Nation margin loan -- --
-------- -------
Total Attributed Liberty Live Group Debt $ 1,150 $ 1,150
-------- -------
Fair market value adjustment 406 432
-------- -------
Total Attributed Liberty Live Group Debt
(GAAP) $ 1,556 $ 1,582
-------- -------
Total Liberty Media Corporation Debt (GAAP) $ 4,548 $ 4,564
======== =======
______________
a) Includes $1,310 million and $1,547 million of cash held at F1 as of
December 31, 2024 and March 31, 2025, respectively, and $78 million and
$69 million of cash held at Quint as of December 31, 2024 and March 31,
2025, respectively.
b) Face amount of the convertible notes and exchangeable debentures with no
fair market value adjustment.
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 March 31, 2025.
Total cash and cash equivalents attributed to Formula One Group increased $202 million during the first quarter primarily due to cash from operations at F1, partially offset by $131 million of an extension payment related to the MotoGP acquisition and capital expenditures at F1. Total debt attributed to Formula One Group was relatively flat in the first quarter.
Total cash and cash equivalents attributed to Liberty Live Group decreased $11 million during the first quarter primarily due to interest payments and corporate overhead. Total debt attributed to Liberty Live Group was flat during the first quarter.
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 May 7, 2025. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13748883 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, the Formula 1 race calendar, the planned acquisition of MotoGP, expectations regarding Formula 1 and Live Nation's businesses 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 and 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 Forms 10-K and 10-Q, 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
March 31, 2025 (unaudited)
Attributed
-----------------
Formula Liberty
One Live Intergroup Consolidated
Group Group Eliminations Liberty
-------- ------- -------------- --------------
amounts in millions
Assets
Current assets:
Cash and cash
equivalents $ 2,833 314 -- 3,147
Trade and other
receivables,
net 143 1 -- 144
Other current
assets 376 -- -- 376
------ ------ -------- ---- -------- ----
Total current
assets 3,352 315 -- 3,667
------ ------ -------- ---- -------- ----
Investments in
affiliates,
accounted for
using the equity
method 31 479 -- 510
Property and
equipment, at
cost 1,039 -- -- 1,039
Accumulated
depreciation (214) -- -- (214)
------ ------ -------- ---- -------- ---
825 -- -- 825
------ ------ -------- ---- -------- ----
Goodwill 4,134 -- -- 4,134
Intangible assets
subject to
amortization, net 2,632 -- -- 2,632
Deferred income tax
assets 600 220 (32) 788
Other assets 512 217 -- 729
------ ------ -------- ---- -------- ----
Total assets $12,086 1,231 (32) 13,285
====== ====== ======== === ======== ====
Liabilities and
Equity
Current
liabilities:
Accounts payable
and accrued
liabilities $ 330 -- -- 330
Current portion
of debt 30 -- -- 30
Deferred revenue 1,009 -- -- 1,009
Financial
instrument
liabilities 30 -- -- 30
Other current
liabilities 47 -- -- 47
------ ------ -------- ---- -------- ----
Total current
liabilities 1,446 -- -- 1,446
------ ------ -------- ---- -------- ----
Long-term debt 2,952 1,582 -- 4,534
Other liabilities 277 1 (32) 246
------ ------ -------- --- -------- ----
Total
liabilities 4,675 1,583 (32) 6,226
------ ------ -------- --- -------- ----
Equity / Attributed
net assets 7,411 (374) -- 7,037
Noncontrolling
interests in
equity of
subsidiaries -- 22 -- 22
------ ------ -------- ---- -------- ----
Total
liabilities
and equity $12,086 1,231 (32) 13,285
====== ====== ======== === ======== ====
LIBERTY MEDIA CORPORATION
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2025 (unaudited)
Attributed
--- -------------------
Formula Liberty
One Live Consolidated
Group Group Liberty
--------------- ------- --------------
amounts in millions
Revenue:
Formula 1 revenue $ 400 -- 400
Other revenue 47 -- 47
--- ------ ------ --------- ---
Total revenue 447 -- 447
Operating costs and
expenses:
Cost of Formula 1 revenue
(exclusive of
depreciation shown
separately below) 286 -- 286
Other cost of sales 39 -- 39
Other operating expenses 1 -- 1
Selling, general and
administrative (1) 100 4 104
Acquisition costs 11 -- 11
Depreciation and
amortization 77 -- 77
--- ------ ------ --------- ---
514 4 518
--- ------ ------ --------- ---
Operating income
(loss) (67) (4) (71)
Other income (expense):
Interest expense (48) (7) (55)
Share of earnings
(losses) of affiliates,
net (3) 4 1
Realized and unrealized
gains (losses) on
financial instruments,
net 82 (17) 65
Other, net 34 2 36
--- ------ ------ --------- ---
65 (18) 47
--- ------ ------ --------- ---
Earnings (loss) before
income taxes (2) (22) (24)
Income tax (expense)
benefit 24 5 29
--- ------ ------ --------- ---
Net earnings (loss) 22 (17) 5
Less net earnings (loss)
attributable to the
noncontrolling interests -- -- --
--- ------ ------ --------- ---
Net earnings (loss)
attributable to Liberty
stockholders $ 22 (17) 5
=== ====== ====== ========= ===
(1) Includes stock-based
compensation expense as
follows:
Selling, general and
administrative $ 2 -- 2
LIBERTY MEDIA CORPORATION
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2024 (unaudited)
Attributed
------------------------
Formula Liberty Liberty
One Live SiriusXM Consolidated
Group Group Group Liberty
--------- ------- -------- --------------
amounts in millions
Revenue:
Formula 1 revenue $ 550 -- -- 550
Other revenue 37 -- -- 37
---- ------ -------- --------- ---
Total revenue 587 -- -- 587
Operating costs and
expenses:
Cost of Formula 1
revenue
(exclusive of
depreciation
shown separately
below) 279 -- -- 279
Other cost of
sales 26 -- -- 26
Other operating
expenses 1 -- -- 1
Selling, general
and
administrative
(1) 91 2 -- 93
Acquisition costs 9 -- -- 9
Depreciation and
amortization 86 -- -- 86
---- ------ -------- --------- ---
492 2 -- 494
---- ------ -------- --------- ---
Operating
income
(loss) 95 (2) -- 93
Other income
(expense):
Interest expense (55) (7) -- (62)
Share of
earnings
(losses) of
affiliates,
net (3) (21) -- (24)
Realized and
unrealized
gains (losses)
on financial
instruments,
net 48 (69) -- (21)
Other, net 15 6 -- 21
---- ------ -------- --------- ---
5 (91) -- (86)
---- ------ -------- ---------
Earnings (loss) from
continuing
operations before
income taxes 100 (93) -- 7
Income tax
(expense)
benefit (23) 20 -- (3)
---- ------ -------- ---------
Net earnings (loss)
from continuing
operations 77 (73) -- 4
Net earnings (loss)
from discontinued
operations -- -- 241 241
---- ------ -------- --------- ---
Net earnings (loss) 77 (73) 241 245
Less net
earnings (loss)
attributable to
the
noncontrolling
interests -- -- 42 42
---- ------ -------- --------- ---
Net earnings (loss)
attributable to
Liberty
stockholders $ 77 (73) 199 203
==== ====== ======== ========= ===
(1) Includes
stock-based
compensation
expense as
follows:
Selling, general
and
administrative $ 12 1 -- 13
LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2025 (unaudited)
Attributed
-------------------------
Formula Liberty
One Live Consolidated
Group Group Liberty
---------------- ------- ---------------
amounts in millions
Cash flows from
operating activities:
Net earnings (loss) $ 22 (17) 5
Adjustments to
reconcile net earnings
(loss) to net cash
provided by operating
activities:
Depreciation and
amortization 77 -- 77
Stock-based
compensation 2 -- 2
Share of (earnings)
loss of affiliates,
net 3 (4) (1)
Realized and
unrealized (gains)
losses on financial
instruments, net (82) 17 (65)
Deferred income tax
expense (benefit) (25) (4) (29)
Other, net (1) 1 --
Changes in operating
assets and
liabilities
Current and other
assets (143 ) -- (143 )
Payables and other
liabilities 538 (3) 535
-------- ----- ------ -------- -----
Net cash provided
(used) by
operating
activities 391 (10) 381
-------- ----- ------ -------- -----
Cash flows from
investing activities:
Investments in equity
method affiliates and
debt and equity
securities (5) (1) (6)
Cash (paid) received
for acquisitions, net
of cash acquired (131) -- (131)
Capital expended for
property and
equipment, including
internal-use software
and website
development (33) -- (33)
Other investing
activities, net (11) -- (11)
-------- ---- ------ -------- ----
Net cash provided
(used) by
investing
activities (180) (1) (181)
-------- ---- ------ -------- ----
Cash flows from
financing activities:
Repayments of debt (6) -- (6)
Other financing
activities, net (7) -- (7)
-------- ---- ------ -------- ----
Net cash provided
(used) by
financing
activities (13) -- (13)
-------- ---- ------ -------- ----
Effect of foreign
exchange rate changes
on cash, cash
equivalents and
restricted cash 4 -- 4
-------- ----- ------ -------- -----
Net increase
(decrease) in cash,
cash equivalents and
restricted cash 202 (11) 191
Cash, cash
equivalents and
restricted cash
at beginning of
period 2,638 325 2,963
-------- ----- ------ -------- -----
Cash, cash
equivalents and
restricted cash
at end of period $ 2,840 314 3,154
======== ===== ====== ======== =====
Cash and cash
equivalents $ 2,833 314 3,147
Restricted cash included
in other current
assets 7 -- 7
-------- ----- ------ -------- -----
Total cash, cash
equivalents and
restricted cash at
end of period $ 2,840 314 3,154
======== ===== ====== ======== =====
LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2024 (unaudited)
Attributed
-------------------------
Formula Liberty Liberty
One Live SiriusXM Consolidated
Group Group Group Liberty
------- ------- -------- --------------
amounts in millions
Cash flows from
operating
activities:
Net earnings (loss) $ 77 (73) 241 245
Adjustments to
reconcile net
earnings (loss) to
net cash provided
by operating
activities:
Net (earnings)
loss from
discontinued
operations -- -- (241) (241)
Depreciation and
amortization 86 -- -- 86
Stock-based
compensation 12 1 -- 13
Share of
(earnings) loss
of affiliates,
net 3 21 -- 24
Realized and
unrealized
(gains) losses on
financial
instruments, net (48) 69 -- 21
Deferred income
tax expense
(benefit) 9 (18) -- (9)
Intergroup tax
allocation (27) (2) -- (29)
Other, net 2 -- -- 2
Changes in
operating assets
and liabilities
Current and
other assets (90) (3) -- (93)
Payables and
other
liabilities 116 (4) -- 112
----- ------ ------- --------- ---
Net cash
provided
(used) by
operating
activities 140 (9) -- 131
----- ------ ------- --------- ---
Cash flows from
investing
activities:
Investments in
equity method
affiliates and
debt and equity
securities (1) -- -- (1)
Cash (paid)
received for
acquisitions, net
of cash acquired (205) -- -- (205)
Capital expended
for property and
equipment,
including
internal-use
software and
website
development (27) -- -- (27)
Other investing
activities, net (63) -- -- (63)
----- ------ ------- ---------
Net cash
provided
(used) by
investing
activities (296) -- -- (296)
----- ------ ------- ---------
Cash flows from
financing
activities:
Repayments of debt (10) -- -- (10)
Other financing
activities, net (1) 2 -- 1
----- ------ ------- --------- ---
Net cash
provided
(used) by
financing
activities (11) 2 -- (9)
----- ------ ------- ---------
Net cash provided
(used) by
discontinued
operations:
Cash provided
(used) by
operating
activities -- -- 264 264
Cash provided
(used) by
investing
activities -- -- (354) (354)
Cash provided
(used) by
financing
activities -- -- (73) (73)
----- ------ ------- ---------
Net cash
provided
(used) by
discontinued
operations -- -- (163) (163)
----- ------ ------- ---------
Net increase
(decrease) in
cash, cash
equivalents and
restricted
cash (167) (7) (163) (337)
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 $1,241 298 152 1,691
===== ====== ======= ========= ===
Cash and cash
equivalents $1,233 298 135 1,666
Restricted cash
included in other
current assets 8 -- -- 8
Restricted cash
included in current
assets of
discontinued
operations -- -- 8 8
Restricted cash
included in
noncurrent assets
of discontinued
operations -- -- 9 9
----- ------ ------- --------- ---
Total cash, cash
equivalents and
restricted cash
at end of period $1,241 298 152 1,691
===== ====== ======= ========= ===
NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES
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, Concorde incentive payments and restructuring, acquisition 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 ended March 31, 2024 and March 31, 2025, respectively.
QUARTERLY SUMMARY
(amounts in millions) 1Q24 1Q25
---- -----
Formula One Group
Operating income (loss) $ 95 $(67)
Depreciation and amortization 86 77
Stock compensation expense 12 2
Acquisition costs(a) 9 11
Concorde incentive payments -- 50
--- ----
Adjusted OIBDA $202 $ 73
=== ====
Liberty Live Group
Operating income (loss) $(2) $ (4)
Stock compensation expense 1 --
--- ----
Adjusted OIBDA $(1) $ (4)
=== ====
______________
a) Formula One Group incurred $11 million and $9 million of costs related to
corporate acquisitions during the three months ended March 31, 2025 and
March 31, 2024, respectively.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250506660946/en/
CONTACT:
Shane Kleinstein (720) 875-5432
(END) Dow Jones Newswires
May 07, 2025 08:15 ET (12:15 GMT)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.