Wed, May 7, 8:01 PM (15 days ago)
**Liberty Media Corporation (FWONA, FWONK, LLYVA, LLYVK) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $447 million (down from $587 million in Q1 2024). - **Operating Loss:** $71 million (vs. $93 million profit in Q1 2024). - **Net Earnings:** $5 million (vs. $203 million in Q1 2024). - **Cash Flow from Operations:** $381 million (vs. $131 million in Q1 2024). **Profit Margins:** - **Operating Margin:** -16% (vs. 16% in Q1 2024). - **Net Margin:** 1.1% (vs. 34.6% in Q1 2024). **Cash Flow:** - **Operating Cash Flow:** $381 million (vs. $131 million in Q1 2024). - **Investing Cash Flow:** -$181 million (vs. -$296 million in Q1 2024). - **Financing Cash Flow:** -$13 million (vs. -$9 million in Q1 2024). **Earnings Changes:** - **Earnings from Continuing Operations:** $5 million (vs. $4 million in Q1 2024). - **Earnings from Discontinued Operations:** $0 (vs. $241 million in Q1 2024). **Quarterly Performance Discussion:** - **Revenue Decrease:** Driven by a decrease in Formula 1 revenue, partially offset by an increase in QuintEvents revenue. - **Operating Loss Increase:** Primarily due to a decrease in Formula 1 operating results. - **Cash Flow Improvement:** Driven by better operating cash flow. **Trends & Uncertainties:** - **Seasonality:** Formula 1 recognizes lower revenue and expenses in Q1 due to the timing of World Championship race events. - **Acquisitions:** Pending acquisition of Dorna Sports, S.L., with regulatory review extending beyond December 31, 2024. - **Split-Off:** Planned split-off of the Liberty Live Group, subject to shareholder approval and tax counsel opinion. **Future Operations Impact:** - **Dorna Acquisition:** Expected to fund with cash, with potential incremental debt financing. - **Liberty Live Split-Off:** If completed, will result in two separate publicly traded companies. - **Cash Management:** Liberty expects to fund its projected uses of cash with cash on hand, borrowing capacity, and distributions from operating subsidiaries.