小蓝视频

小蓝视频 Reports First Quarter 2025 Financial Results

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 小蓝视频 (鈥溞±妒悠� Media鈥� or 鈥溞±妒悠碘��) (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported first quarter 2025 results. Headlines include⁽¹⁾:

• Attributed to Formula One Group
  • Renewed agreements for Mexico Grand Prix through 2028 and Miami Grand Prix through 2041
  • Secured new sponsorship deals including Barilla Pasta and PWC as Official Partners
  • Formula 1 and all ten teams signed 2026 Concorde Commercial Agreement
  • Grand Prix Plaza in Las Vegas opened to the public on May 2^nd, providing immersive F1 attractions year-round
  • 小蓝视频 continues to work constructively with the European Commission on regulatory process for the MotoGP acquisition
• Attributed to 小蓝视频 Live Group
  • Fair value of Live Nation investment was $9.1 billion as of March 31^st

鈥�2025 is off to a strong start. Formula 1 is benefiting from exciting racing on the track and financial momentum underpinned by new commercial partnerships that took effect this year,鈥� said Derek Chang, 小蓝视频 Media President & CEO. 鈥淲e believe Formula 1鈥檚 contracted and diversified revenue streams position it well against the current macro and consumer backdrop. The business fundamentals remain strong and we鈥檙e confident in our ability to deliver long-term value. At Live Nation, strong first quarter results and key forward indicators are pointing to another record year ahead with sustained demand for live music and continued growth in the global experience economy.鈥�

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2025 to the same period in 2024.

FORMULA ONE GROUP 鈥� The following table provides the financial results attributed to Formula One Group for the first quarter of 2025. In the first quarter, Formula One Group incurred $14 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

The businesses and assets attributed to Formula One Group consist primarily of 小蓝视频 Media鈥檚 subsidiaries, F1 and Quint.

F1 Operating Results

鈥淔ormula 1 is six races into another incredible season and delighting fans in new and creative ways. Close racing throughout the field has created captivating on-track action, helping drive viewership growth on linear and digital platforms. Our promoter partners continue to innovate on their race weekend experiences, generating demand and sell-out crowds,鈥� said Stefano Domenicali, Formula 1 President and CEO. 鈥淚mportantly, we agreed to the commercial terms with all F1 teams for the 2026 Concorde Agreement which is financially attractive to all parties and provides stability for our future.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 two races held in the first quarter of 2025 compared to three races held in the first quarter of 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season which will impact the year-over-year revenue and cost comparisons on a quarterly basis.

Primary F1 revenue decreased in the first quarter with declines across media rights, race promotion and sponsorship driven by the calendar variance compared to the prior year. Race promotion revenue decreased due to one less race in the quarter and the different mix of races held. Lower media rights and sponsorship revenue was driven by one fewer race held in the current period resulting in a lower proportion of season-based revenue recognized, and sponsorship revenue also decreased due to the impact of the mix of races on event specific revenue. The decline in media rights revenue recognized was partially offset by contractual increases in fees and continued growth in F1 TV subscription revenue. The decline in sponsorship revenue was largely offset by revenue recognized from new sponsors and growth in revenue from existing contracts. Other F1 revenue decreased in the first quarter primarily due to lower hospitality and experiences revenue driven by one less Paddock Club and the mix of events held, partially offset by higher freight income.

Operating income and Adjusted OIBDA⁽²⁾ decreased in the first quarter. Team payments decreased due to the pro rata recognition of payments across the race season with one less 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 freight costs driven by the mix of races and longer routes required as well as increased commissions and partner servicing costs associated with servicing Primary F1 revenue streams for the full year, partially offset by lower hospitality and experiences, travel and FIA regulatory costs due to one fewer event. Other cost of F1 revenue in the first quarter was also impacted by higher costs associated with the Grand Prix Plaza in Las Vegas due to more activity in its events business. Selling, general and administrative expense increased primarily due to higher marketing costs associated with the 75^th season launch event at London鈥檚 The O2 and increased personnel costs.

Corporate and Other Operating Results

Corporate and Other revenue increased in the first quarter due to Quint results. There was $6 million of rental income related to the Las Vegas Grand Prix Plaza in the first quarter compared to $7 million in the prior year period. In the first quarter, Quint results were primarily driven by NBA Experiences and F1 Experiences across the two 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 includes the rental income related to the Las Vegas Grand Prix Plaza, Quint results and other corporate overhead for the first quarter of 2025 and the prior year period.

LIBERTY LIVE GROUP 鈥� In the first quarter, $4 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to 小蓝视频 Live Group.

The businesses and assets attributed to 小蓝视频 Live Group consist of 小蓝视频 Media鈥檚 interest in Live Nation and other minority investments.

Share Repurchases

There were no repurchases of 小蓝视频 Media鈥檚 common stock from February 1 through April 30, 2025. The total remaining repurchase authorization for 小蓝视频 Media as of May 1, 2025 is $1.1 billion and can be applied to repurchases of common shares of any of the 小蓝视频 Media tracking stocks.

FOOTNOTES

NOTES

The following financial information with respect to 小蓝视频 Media's equity affiliates, available for sale securities, cash and debt is intended to supplement 小蓝视频 Media's condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q for the period ended March 31, 2025.

Fair Value of Corporate Public Holdings

Cash and Debt

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

小蓝视频 Media and F1 are in compliance with their debt covenants as of March 31, 2025.

Total cash and cash equivalents attributed to Formula One Group increased $202 million during the first quarter primarily due to cash from operations at F1, partially offset by $131 million of an extension payment related to the MotoGP acquisition and capital expenditures at F1. Total debt attributed to Formula One Group was relatively flat in the first quarter.

Total cash and cash equivalents attributed to 小蓝视频 Live Group decreased $11 million during the first quarter primarily due to interest payments and corporate overhead. Total debt attributed to 小蓝视频 Live Group was flat during the first quarter.

Important Notice: 小蓝视频 (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) will discuss 小蓝视频 Media's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on May 7, 2025. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13748883 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 小蓝视频 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 Formula 1 race calendar, the planned acquisition of MotoGP, expectations regarding Formula 1 and Live Nation鈥檚 businesses 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 小蓝视频 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 小蓝视频 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 小蓝视频 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 小蓝视频 Media, including the most recent Forms 10-K and 10-Q, for additional information about 小蓝视频 Media and about the risks and uncertainties related to 小蓝视频 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 and 小蓝视频 Live Group, together with reconciliations to operating income, as determined under GAAP. 小蓝视频 Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges.

小蓝视频 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, 小蓝视频 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 小蓝视频 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 小蓝视频 Media to operating income (loss) calculated in accordance with GAAP for the three months ended March 31, 2024 and March 31, 2025, respectively.

QUARTERLY SUMMARY

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Shane Kleinstein (720) 875-5432

Source: 小蓝视频

Released May 7, 2025