In This Article:
-
Attributed Cash and Liquid Investments: $2.8 billion at Formula One Group, including $1.5 billion at F1.
-
Total Debt: $2.9 billion at Formula One Group, with $2.4 billion at F1.
-
Future Revenue Secured: $14.2 billion under contract as of March 31.
-
Adjusted OIBDA: Declined due to calendar variance and fewer races in Q1 2025 compared to Q1 2024.
-
Race Promotion Revenue: Decreased due to the mix of races and fewer races held in Q1 2025.
-
Media Rights and Sponsorship Revenue: Declined due to fewer races but offset by strong growth from new and renewed deals.
-
SG&A Expenses: Increased due to marketing costs associated with the season launch event.
-
Team Payments: Decreased in Q1 due to fewer races but expected to increase for the full year.
-
CapEx: Total F1 CapEx was approximately $33 million year-to-date, including less than $20 million for Grand Prix Plaza.
-
Social Media Growth: F1 social media followers reached 100 million, growing 30% year over year.
-
F1 TV Subscribers: Total subscribers up 4% year over year, with US market up 20%.
-
Live TV Viewership: Grew for the first five races, with notable growth in the US, Brazil, France, and Australia.
Release Date: May 07, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Liberty Media Corp (NASDAQ:FWONA) is progressing well with its 2025 priorities, including the Dorna acquisition, structural simplification, and driving momentum at Formula One.
-
The MotoGP season has started strong with increased attendance and new commercial agreements, including a new tire supplier and race extensions.
-
Formula One continues to see strong sponsorship and licensing momentum, highlighted by successful collaborations like the LEGO partnership.
-
Advanced ticket sales for Formula One events remain robust, with high visibility into future revenue due to contractual agreements.
-
Formula One's media rights discussions are active and productive, with strong viewership growth in the US and other key markets.
Negative Points
-
Formula One's Q1 2025 results were impacted by a lower race count compared to the previous year, affecting revenue and adjusted OIBDA.
-
Sponsorship revenue faced challenges due to the calendar shift and the loss of race-specific local title sponsorships.
-
Higher freight costs and increased commissions contributed to a rise in other costs of Formula One revenue.
-
The variability in year-over-year results due to the race calendar makes quarterly comparisons challenging.
-
The MotoGP acquisition is still pending regulatory approval, with potential delays impacting the timeline.
