Liberty Media Corp. Q1 FY2025 earnings call

• Dorna Acquisition: Progressing Phase II regulatory with European Commission, hope for approval by June 30, 2025. MotoGP 2025 season launch in Bangkok, 22 races, with attendance records at Argentina, COTA, etc., and commercial agreements like Pirelli tire supply and GP extensions. - Structural Simplification: Continuing path towards structural simplification, including planned split off of Liberty Live. - Formula One Momentum: Sponsorship/licensing momentum with LEGO partnership in Miami, LVGP ticket sales trending ahead of last year, U.S. media rights discussions ongoing, $14.2 billion future revenue secured under contract.

Formula One Group: At quarter end, attributed cash and liquid investments were $2.8 billion, including $1.5 billion cash at F1 and $69 million at Quint. Race promotion revenue decreased due to race mix. Media rights and sponsorship declined but offset by new deals. Adjusted OIBDA declined with revenue. Grand Prix Plaza had new year-round activations starting May 2. Liberty Live Group: Attributed cash of $314 million, $400 million undrawn margin loan capacity related to Live Nation margin loan, Live Nation stock value $9.3 billion, $1.15 billion principal amount of debt against holdings.

• Dorna acquisition expected to receive approval by June 30, 2025. - Formula One TV subscriber growth robust, U.S. market up 20%, new F1 TV Premium tier outperformed expectations. - LVGP ticket sales trending ahead, Grand Prix Plaza year-round activations starting to generate revenue.

• Regulatory risk for Dorna acquisition pending with European Commission. - Macro-economic uncertainties potentially affecting business performance. - Calendar variance impacting revenue and adjusted OIBDA due to race count and mix differences between periods.

Q: Stefan Laszczyk of Goldman Sachs on team payments and sponsorship.

A: Brian Wendling and Stefano Domenicali discussed team payment budget structure, sponsorship opportunities with focus on future years, and '26 sponsorship funnel.

Q: Benjamin Swinburne of Morgan Stanley on U.S. media rights and Concorde agreement.

A: Stefano Domenicali and Derek Chang talked about U.S. media rights discussions, F1 TV as an asset, and leverage in '26 Concorde agreement.

Q: Kutgun Maral of Evercore ISI on MotoGP.

A: Derek Chang mentioned progress on Dorna acquisition and upside potential for MotoGP once deal closes.

Q: Peter Supino of Wolfe Research on sponsorship and media rights.

A: Brian Wendling and Stefano Domenicali commented on sponsorship growth offsetting race count headwind and media rights strategy for casual fans.

Q: Steven Cahall of Wells Fargo on other costs of revenue and Concorde agreement.

A: Brian Wendling discussed other costs and Stefano Domenicali talked about Concorde agreement's focus on competitive balance.

Q: Ryan Gravett of UBS on non-U.S. media rights.

A: Stefano Domenicali mentioned dynamic renewal discussions in non-U.S. markets.

Q: Joseph Stauff of Susquehanna International Group on organic KPIs and team competition.

A: Brian Wendling and Stefano Domenicali addressed organic growth comparisons and team competition relevance.

Q: Spencer Amer of Deutsche Bank on Miami Grand Prix extension.

A: Stefano Domenicali and Derek Chang explained early extension due to Miami's strong partnership and investment.

Q: Jason Bazinet of Citibank on sponsorship defensiveness.

A: Stefano Domenicali and Derek Chang discussed sponsorship defensiveness due to long-term partner relations and global sport relevance.

Q: Matthew Harrigan of Benchmark on engagement metrics.

A: Stefano Domenicali and Derek Chang talked about engagement metrics and monetization through ecosystem building.