Q3 2024 Liberty Media Corp Earnings Call Transcript
Key Points
- Liberty Formula One Group (FWONA) reported a 15% increase in revenue and a 21% rise in adjusted EBITDA year-to-date, showcasing strong financial performance.
- The company has seen double-digit growth across all revenue streams, supported by two additional races and new partnerships.
- Liberty Formula One Group (FWONA) successfully refinanced its term loan, reducing the margin on its Term Loan B from 2.25% to 2%, with potential further reductions.
- The company has signed several new commercial agreements, including a groundbreaking 10-year deal with LVMH, enhancing its sponsorship portfolio.
- Attendance at MotoGP events is up 9% year-to-date, with six races setting all-time attendance records, indicating strong fan engagement.
- Sponsorship revenue declined in the third quarter due to lower pro rata revenue recognition and the mix of races.
- The Valencia MotoGP race was canceled due to flooding, impacting the season's schedule and potentially affecting revenue.
- The Las Vegas Grand Prix ticket revenue is expected to be down from initial budget projections, although costs have been reduced.
- There is uncertainty surrounding the media rights renewal with ESPN, with negotiations still ongoing.
- The company faces challenges in maintaining profitability in the Las Vegas market, which is characterized by high volatility in ticket sales.
Welcome to Liberty Media Corporation 2024 for third quarter earnings call. During the presentation, all participants will be in a listen only mode.
Afterwards, we will conduct a question-and-answer session at that time if you have a question, please press star one on your telephone keypad. As a reminder, this conference will be recorded November 7th.
I would now like to turn the call over to Shane Kleinstein to Senior Vice President of Investor Relations.
Please go ahead.
Thank you, Good morning.
Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Actual events or results could differ materially due to a number of risks seven 10 K 10 Q filed by Liberty Media Corporation with the SEC.
These forward-looking statements speak only as of the date of this call, and Liberty Media Corporation
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