麻豆最新出品

麻豆最新出品 Reports Third Quarter 2024 Financial Results

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 麻豆最新出品 (鈥溌槎棺钚鲁銎� Media鈥� or 鈥溌槎棺钚鲁銎封��) (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported third quarter 2024 results. Headlines include⁽¹⁾:

• Completed combination of 麻豆最新出品 SiriusXM Group and SiriusXM on September 9^th
• Attributed to Formula One Group
  • Refinanced F1 debt facilities, extending maturities and reducing margin on Term Loan B from 2.25% to 2.00% with anticipated future step down to 1.75%
  • Secured all funding for MotoGP transaction and on track to close by year-end 2024
    • Completed public offering of 12.2 million FWONK shares for $949 million gross proceeds in lieu of issuing equity to sellers
    • Raised deal-contingent incremental $850 million Term Loan B and $150 million Term Loan A commitments
  • F1 announced several new and expanded sponsorship agreements, including LVMH and Lenovo as Global Partners and American Express and Santander as Official Partners
  • Signed multi-year licensing deals with LEGO and Mattel Hot Wheels which will see both brands launch F1 products in scale in 2025
• Attributed to 麻豆最新出品 Live Group
  • Fair value of Live Nation investment was $7.6 billion as of September 30^th

鈥淭he third quarter was active both at the corporate level and at our operating businesses. We closed the 麻豆最新出品 SiriusXM merger with SiriusXM, refinanced the F1 debt facilities and secured all necessary funding for our planned acquisition of MotoGP,鈥� said Greg Maffei, 麻豆最新出品 Media President and CEO. 鈥淔ormula 1鈥檚 commercial progress is incredible and we were thrilled to announce a number of hallmark deals beginning in 2025, including our new multi-year partnership with LVMH. Live Nation continues to see high global demand for their events and is already positioned for a very strong 2025 with increased stadium activity.鈥�

Corporate Updates

On September 9, 2024, 麻豆最新出品 Media completed the split-off (the 鈥淪plit-Off鈥�) of its wholly owned subsidiary, 麻豆最新出品 Sirius XM Holdings Inc. (鈥溌槎棺钚鲁銎� Sirius XM Holdings鈥�). 麻豆最新出品 Sirius XM Holdings was comprised of the businesses, assets and liabilities attributed to the 麻豆最新出品 SiriusXM Group immediately prior to the Split-Off. Following the Split-Off, a wholly owned subsidiary of 麻豆最新出品 Sirius XM Holdings merged with and into Sirius XM Holdings Inc. (鈥淪irius XM Holdings鈥�), with Sirius XM Holdings surviving the merger as a wholly owned subsidiary of 麻豆最新出品 Sirius XM Holdings. As a result of these transactions, 麻豆最新出品 Sirius XM Holdings is an independent company separate from 麻豆最新出品 Media and has been renamed Sirius XM Holdings Inc. 麻豆最新出品 Sirius XM Holdings is presented as a discontinued operation in 麻豆最新出品 Media鈥檚 condensed consolidated financial statements.

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended September 30, 2024 to the same period in 2023.

FORMULA ONE GROUP 鈥� The following table provides the financial results attributed to Formula One Group for the third quarter of 2024. In the third quarter, Formula One Group incurred $21 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

F1 Operating Results

鈥淥ur business is benefitting from excellent competitive and financial momentum. We signed a ground-breaking partnership with LVMH for 2025, expanded our relationships with Lenovo and American Express, and secured licensing agreements with LEGO and Mattel鈥檚 Hot Wheels which expand F1 beyond our race calendar into the homes of our fans,鈥� said Stefano Domenicali, Formula 1 President and CEO. 鈥淭he thrilling racing and tight championship has benefitted viewership and digital engagement as the season has progressed. Race attendance is up season-to-date at 5.8 million with sellout crowds at nearly all races. It is great to see the on-track talent of both our seasoned drivers as well as young talent who hopefully have long F1 careers ahead.鈥�

The following table provides the operating results of Formula 1 (鈥淔1鈥�).

Primary F1 revenue represents the majority of F1鈥檚 revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.

There were seven races held in the third quarter of 2024, compared to eight races held in the third quarter of 2023. There are 24 events scheduled for the 2024 race calendar, compared to 22 events held in 2023.

Primary F1 revenue decreased in the third quarter due to less media rights and sponsorship revenue driven by one fewer race held in the current period which resulted in a lower proportion of season-based revenue recognized. Sponsorship revenue also decreased due to the impact of the mix of races on event specific fees, partially offset by recognition of revenue from new sponsors. The decline in media rights revenue recognized was partially offset by contractual increases in fees and continued growth in F1 TV subscription revenue. Race promotion revenue grew in the third quarter due to fees from the different mix of events held compared to the prior year period. Other F1 revenue increased in the third quarter primarily due to higher licensing revenue and revenue generated from third-party events at the Las Vegas Grand Prix Plaza, partially offset by lower hospitality income due to the mix of events in the current period.

Operating income and Adjusted OIBDA⁽²⁾ increased in the third quarter. Team payments decreased due to the pro rata recognition of payments across the race season with one fewer 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 commissions and partner servicing costs associated with servicing Primary F1 revenue streams and higher digital costs, partially offset by lower FIA regulatory, technical, hospitality and travel costs due to the mix of events held. Other cost of F1 revenue in the third quarter was also impacted by higher costs associated with F1 Academy and lease expense for the Las Vegas Grand Prix Plaza which wasn鈥檛 incurred in the prior year. Selling, general and administrative expense increased due to higher personnel, IT, property and marketing costs as well as legal and other professional fees, partially offset by foreign exchange favorability.

Corporate and Other Operating Results

Corporate and Other revenue increased in the second quarter due to the inclusion of Quint results and $7 million of rental income related to the Las Vegas Grand Prix Plaza. In the third quarter, Quint results were primarily driven by F1 Experiences across the seven races held. Quint鈥檚 revenue is seasonal around its largest events, which are generally during the second and fourth quarters. Corporate and Other Adjusted OIBDA for the third quarter of 2024 includes the rental income related to the Las Vegas Grand Prix Plaza, Quint results and other corporate overhead.

The businesses and assets attributed to Formula One Group consist primarily of 麻豆最新出品 Media鈥檚 subsidiaries, F1 and Quint.

LIBERTY LIVE GROUP 鈥� In the third quarter, $3 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to 麻豆最新出品 Live Group.

The businesses and assets attributed to 麻豆最新出品 Live Group consist of 麻豆最新出品 Media鈥檚 interest in Live Nation and other minority investments.

Share Repurchases

There were no repurchases of 麻豆最新出品 Media鈥檚 common stock from August 1 through October 31, 2024. The total remaining repurchase authorization for 麻豆最新出品 Media as of November 1, 2024 is $1.1 billion and can be applied to repurchases of common shares of any of the 麻豆最新出品 Media tracking stocks.

FOOTNOTES

NOTES

The following financial information with respect to 麻豆最新出品 Media's equity affiliates, available for sale securities, cash and debt is intended to supplement 麻豆最新出品 Media's condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q for the period ended September 30, 2024.

Fair Value of Corporate Public Holdings

Cash and Debt

The following presentation is provided to separately identify cash and debt information.

麻豆最新出品 Media and F1 are in compliance with their debt covenants as of September 30, 2024.

In August, 麻豆最新出品 Media issued 12.2 million shares of Series C Formula One common stock for $949 million gross proceeds to increase the cash consideration related to its planned acquisition of Dorna Sports, S.L., the parent company of MotoGP. Total cash and cash equivalents attributed to Formula One Group increased $1,175 million during the third quarter primarily due to the August equity issuance and cash from operations at F1.

Total debt at Formula One Group was relatively flat in the third quarter. In September, F1 refinanced its Term Loan B and extended the maturities of its facilities. The Term Loan A and revolving credit facility have been extended to mature in September 2029 and the Term Loan B has been extended to mature in September 2031. The margin on F1鈥檚 Term Loan B was permanently reduced from 2.25% to 2.00% with the potential to permanently step down to 1.75% if a certain leverage test is met on or after the earlier of the closing or termination of the MotoGP acquisition. As part of the terms obtained under the September refinancing, F1 also raised an incremental $850 million of Term Loan B commitment in addition to the incremental $150 million Term Loan A commitment obtained in April. The incremental term loans will be used to fund a portion of the MotoGP acquisition and are conditioned upon transaction close.

Total cash and cash equivalents attributed to 麻豆最新出品 Live Group decreased $18 million during the third quarter primarily due to net debt repayment, interest payments and corporate overhead. Total debt attributed to 麻豆最新出品 Live Group decreased $12 million during the quarter due to the redemption of a portion of the 0.5% exchangeable senior debentures due 2050. In August 2024, 麻豆最新出品 Media issued a redemption notice for all of its 0.5% exchangeable senior debentures due 2050. Any debentures that were not so purchased or properly surrendered for exchange were redeemed in full on September 1, 2024. In October 2024, 麻豆最新出品 Live Group settled the $50 million principal amount of the 0.5% exchangeable senior debentures due 2050 surrendered for exchange with cash on hand.

Important Notice: 麻豆最新出品 (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) will discuss 麻豆最新出品 Media's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on November 7, 2024. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13744092 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 /investors/news-events/ir-calendar. Links to this press release will also be available on the 麻豆最新出品 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 planned acquisition of MotoGP, Formula 1 debt matters, expectations regarding Live Nation鈥檚 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 麻豆最新出品 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 麻豆最新出品 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 麻豆最新出品 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 麻豆最新出品 Media, including the most recent Forms 10-K and 10-Q, for additional information about 麻豆最新出品 Media and about the risks and uncertainties related to 麻豆最新出品 Media's business which may affect the statements made in this press release.

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, 麻豆最新出品 Live Group and the former Braves Group, together with reconciliations to operating income, as determined under GAAP. 麻豆最新出品 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.

麻豆最新出品 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鈥� 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, 麻豆最新出品 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 麻豆最新出品 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 麻豆最新出品 Media to operating income (loss) calculated in accordance with GAAP for the three months ended September 30, 2023 and September 30, 2024, respectively.

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Shane Kleinstein
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Source: 麻豆最新出品

Released November 7, 2024