- **Strategic Restructuring**: Liberty Media splits off Liberty Live into FWONK, positioning for enhanced trading dynamics.
- **F1 Growth Drivers**: 9% revenue growth, Apple U.S. partnership, and record Paddock Club sales (36,000 guests). Apple integration to amplify F1's digital reach.
- **MotoGP Integration**: 17 races year-to-date with 17% revenue growth, despite OIBDA decline due to investment in commercial functions.
- **Vegas Execution**: Ticket sales on track, cost control measures implemented, and Paddock Club expansion planned for 2026.
- **Sponsorship Momentum**: 2026 pipeline strong with renewals and new logos, including Disney, Pottery Barn, and Hello Kitty licensing deals.
- **Competitive Balance**: F1's 2026 engine regs maintain competitive dynamics, with new manufacturers (Audi, Honda) set to join.


**【CEO Summary Section】**
- **Strategic Split-Off Update**: Liberty Media plans to complete the split-off of Liberty Live on December 15, with the new asset-backed equity trading under the ticker FWONK. Shareholder vote scheduled for December 5.
- **Formula One Momentum**: Renewed multiyear deal with Heineken, landmark Apple partnership for U.S. distribution, and 9% year-to-date revenue growth despite one fewer race. Paddock Club sales up 8% to 36,000 guests.
- **MotoGP Integration Progress**: 17 races year-to-date with revenue growth across sponsorship, media rights, and hospitality. Adjusted OIBDA down due to higher costs but strategic investments in commercial functions.
- **Apple Partnership Impact**: U.S. media rights transition to Apple expected to enhance fan engagement through integrated ecosystem (Apple News, Music, Fitness). F1 TV subscription revenue to be absorbed into Apple platform.

**【CFO Financial Commentary】**
- **Financial Health**: Formula One Group holds $1.3 billion in cash, with $5.1 billion in debt. F1 net leverage at 3.0x, below covenant threshold, enabling margin reduction. MotoGP net leverage at 5.6x.
- **Revenue Growth**: F1 media rights +15%, sponsorship +9%, and race promotion flat (offset by one fewer race). MotoGP revenue up 17% YoY, driven by additional races and contractual uplifts.
- **Cost Management**: F1 team payments flat YoY, team share of adjusted OIBDA at 61.5%. MotoGP SG&A up due to headcount expansion for commercial functions.

**【Q&A Highlights】**
- **Vegas Race Execution**: Ticket sales on track, cost control measures implemented. Paddock Club sold out, with plans to expand capacity in 2026. Hospitality revenue growth driven by premium pricing and new activations.
- **Sponsorship Pipeline**: 2026 pipeline strong with renewals and new logos (e.g., LVMH, Volcan Tequila). Licensing partnerships with Disney, Pottery Barn, and Hello Kitty driving long-term merchandising growth.
- **MotoGP Renewals**: 8 of 16 2027 race renewals completed, with interest from new markets (Brazil, Argentina). Focus on improving race experience and digital engagement (Video Pass subscribers +6%).
- **Competitive Balance**: F1's 2026 engine regulations expected to maintain competitive dynamics, with mechanisms to address performance gaps. Audi, Honda, Ford, and Cadillac set to join in 2026.


Formula One Group (FWONK) Q3 2025 Earnings Call Transcript

- **Liberty Live Split-Off**: Expected Q4 2025 completion, with Chad Hollingsworth leading the new entity.
- **F1 Financial Strength**: Q2 revenue +14%, OIBDA +21%, driven by sponsorship and media rights growth.
- **MotoGP Growth Strategy**: Targeting 3-4x net leverage by 2026, with focus on commercial build-out, brand campaigns, and global expansion.
- **F1 Movie Success**: $500M box office revenue, with long-term benefits for F1's licensing and sponsorship pipeline.
- **Vegas GP Progress**: Ticket sales ahead of 2024, with cost management agreements reducing future build-out costs.

**【Management Opening Remarks】**
- Liberty Media announced the planned split-off of Liberty Live (LLYVK) with an expected completion in Q4 2025. The transaction involves filing an S-4 and completing regulatory reviews.
- Derek Chang highlighted the acquisition of MotoGP, outlining near-term priorities such as building commercial teams and launching a new brand campaign, and medium-term goals like enhancing race experiences and expanding global reach.
- The company emphasized the potential for MotoGP to scale sponsorship revenue, noting F1's 5x-10x higher monetization in key areas.

**【CEO (Derek Chang) Commentary】**
- Liberty Live split-off: Chad Hollingsworth will lead the new entity, with the transaction expected to close in Q4 2025.
- MotoGP strategy: Focus on commercial function build-out, brand positioning, and collaboration with F1. Medium-term goals include improving race experiences, expanding global presence, and scaling sponsorships.
- Financial discipline: Targeting 3-4x net leverage for MotoGP by end-2026, with refinancing efforts underway.

**【CFO (Brian Wendling) Financial Commentary】**
- F1 Q2 performance: Year-to-date revenue +14%, OIBDA +21%, driven by sponsorship, media rights, and F1 TV growth. Team payments as % of OIBDA improved to 58.4% vs. 61.9% prior year.
- MotoGP acquisition: Pro forma debt of $1.2B, with refinancing reducing annual interest expense. 6/30/25 Spanish GAAP revenue: €220M, EBITDA: €75M. U.S. GAAP adjustments expected to show higher growth rates.
- Liquidity: F1 OpCo cash of $3.1B, undrawn $500M revolver. Liberty Media remains compliant with debt covenants.

**【Q&A Highlights】**
- **U.S. Media Rights**: F1 in discussions with multiple partners, prioritizing long-term value over short-term monetization. F1 TV will be a key part of the package.
- **Vegas Grand Prix**: Ticket sales ahead of 2024, with lower price points driving early demand. Cost management agreements with partners to reduce future build-out costs.
- **MotoGP Growth**: Targeting 3-4x net leverage by 2026. Sponsorship pipeline strong, with focus on quality partners. Media rights renewals expected to drive revenue growth.
- **F1 Movie Impact**: Generated $500M in box office revenue, with long-term benefits for F1's ecosystem through increased brand awareness and licensing opportunities.


Liberty Live (LLYVK)-7 Aug 25-2025 Q2 Earnings call transcript

- **Sponsorship momentum**: 80% media rights renewals, with 50%+ new deals (e.g., PwC, Barilla).
- **Digital growth**: F1 TV Premium up 20%, targeting $100M+ digital revenue.
- **Cost control**: 2026 Concorde simplifies ecosystem, reducing $100M+ costs.
- **Sustainability**: $50M+ biofuel investment, 100% attendance growth in 15 markets.

**【CEO Summary Section】**
- Highlighted progress on Dorna acquisition and regulatory approvals, emphasizing attendance records in Argentina (+15%) and Thailand (+20%).
- Launched LEGO partnership with 12,000 sold-out hospitality tickets, driving $50M+ revenue.
- Focused on renewing 80% of 2024 media rights, with U.S. viewership up 45% YoY.

**【CFO Financial Commentary】**
- Q1 OIBDA $12M vs. $53M prior year due to calendar shift, with 61% team payments.
- $50M+ team payments offset by $1.5B cash, 1.2x leverage, and $2.8B liquidity.
- 2025 race calendar expansion to 23 events, with $500M+ sponsorships secured.

**【Q&A Highlights】**
- 50% sponsorship renewals vs. 2024, with $50M+ new deals (e.g., PwC, Barilla).
- F1 TV Premium tier up 20% YoY, targeting $100M+ digital revenue.
- $50M+ team payments budget, with $100M+ upside from ticket sales.
- 2026 Concorde agreement simplifies ecosystem, reducing costs by $100M+.
- $50M+ sustainability investment in 100% biofuels, aligning with ESG goals.

Formula One (FWONA)-7 May 25-2025 Q1 Earnings call transcript

- **Roster Strength**: 2025 season features key player returns and additions, positioning the Braves for deep postseason contention.
- **Fan Access Expansion**: New streaming and over-the-air deals ensure all Braves fans can watch games, regardless of location.
- **Revenue Growth**: 2024 total revenue up 3.4% YoY, driven by broadcasting deals and stadium development.
- **Financial Health**: Improved profitability with adjusted OIBDA up 5.1% YoY, supported by cost management and revenue diversification.
- **Strategic Investments**: $110M cash reserve fuels stadium upgrades and The Battery Atlanta expansion, enhancing fan experience year-round.

**【CEO Opening Remarks】**
- The 2025 season begins with a strong roster, including the return of key players like Ronald Acuña and Austin Riley, and the addition of All-Star outfielder Jurickson Profar.
- The Braves are set to host the 2025 MLB All-Star Game in July, with plans to showcase Atlanta and Truist Park to a global audience.
- Emphasis on providing a world-class fan experience both on and off the field, with investments in stadium upgrades and The Battery Atlanta development.

**【Media Partnerships & Stadium Development】**
- **Broadcast Expansion**: New streaming partnership with FanDuel Sports Network and over-the-air broadcasts with Gray Media, ensuring unprecedented fan access to games across Braves Country.
- **Stadium Enhancements**: Opening of the Outfield Market food hall and the Children's Healthcare of Atlanta Park, enhancing fan engagement during games and non-game events.
- **Development Milestones**: Completion of the Five Ballpark Center for Truist Securities, adding 1,000 new jobs, and Shake Shack's first full-service bar in The Battery Atlanta.

**【Financial Highlights】**
- **Full Year 2024 Results**: Total revenue of $662.7 million, up 3.4% YoY, driven by baseball event revenue and broadcasting deals.
- **Adjusted OIBDA**: $39.7 million, up 5.1% YoY, reflecting cost control and revenue growth.
- **Cash Position**: $110.1 million in cash and equivalents, with a focus on liquidity for strategic investments.

**【Q&A Key Takeaways】**
- **Broadcast Rights Strategy**: Local media partnerships prioritize fan accessibility, while national rights discussions are expected to maintain strong demand.
- **Capital Structure**: Comfortable with current debt levels, with a focus on real estate asset-backed debt and baseball operational flexibility.
- **Player Salaries**: Anticipate remaining a top-10 salary spender, balancing competitive balance tax considerations with championship aspirations.
- **International Growth**: Leveraging social media and the All-Star Game to expand global fanbase, particularly in Latin America and Asia.


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