Liberty Live Holdings, Inc 10-Q for FY2026 Q1

Liberty Live Holdings, Inc. (LLYVA)

10-Q 2026-05-07 For: 2026-03-31

Added on May 07, 2026

About this 10-Q

Liberty Live Holdings, Inc filed this 10-Q on May 7, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $63.62M; up 35.2% from $47.06M a year earlier
Net loss: $294.14M; compared with a net loss of $29.48M a year earlier
Diluted EPS: -$3.20; compared with -$0.32 a year earlier

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12300 Liberty Blvd. Englewood, Colorado	80112
(Address of Principal Executive Offices)	(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Series A Liberty Live Group Common Stock	LLYVA	The Nasdaq Stock Market LLC
Series C Liberty Live Group Common Stock	LLYVK	The Nasdaq Stock Market LLC


Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☒


	Series A	Series B	Series C
Liberty Live Group common stock	25,573,685	2,530,951	63,899,793

		Page

Part I	Financial Information

Item 1.	Financial Statements
	LIBERTY LIVE HOLDINGS, INC. Condensed Consolidated Balance Sheets (Unaudited)	I-3
	LIBERTY LIVE HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited)	I-4
	LIBERTY LIVE HOLDINGS, INC. Condensed Consolidated Statements of Comprehensive Earnings (Loss) (Unaudited)	I-5
	LIBERTY LIVE HOLDINGS, INC. Condensed Consolidated Statements of Cash Flows (Unaudited)	I-6
	LIBERTY LIVE HOLDINGS, INC. Condensed Consolidated Statements of Equity (Unaudited)	I-7
	LIBERTY LIVE HOLDINGS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)	I-8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	I-21
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	I-29
Item 4.	Controls and Procedures	I-29

Part II	Other Information	II-1

Item 1.	Legal Proceedings	II-1
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	II-1
Item 5.	Other Information	II-1
Item 6.	Exhibits	II-2

Signatures		II-3


	* *	March 31,		* *	December 31,
		2026			2025

Assets		amounts in thousands
Current assets:
Cash and cash equivalents		$	524,431		545,494
Trade and other receivables, net of allowance for credit losses of $1,053 and $1,056, respectively			31,229		30,372
Prepaid assets			91,941		44,163
Related party assets			2,486		—
Other current assets			20,077		9,435
Total current assets			670,164		629,464

Investments in equity securities			163,714		162,066
Investments in affiliates, accounted for using the equity method (note 4)			508,137		624,278
Goodwill (note 5)			127,547		127,367
Intangible assets subject to amortization, net (note 5)			112,275		118,605
Deferred tax assets			258,458		183,944
Tax sharing asset with Liberty Media			36,424		35,845
Other assets, at cost, net of accumulated amortization			7,356		7,324
Total assets			1,884,075		1,888,893
Liabilities and Equity
Current liabilities:
Accounts payable			8,546		11,521
Accrued liabilities			39,922		36,436
Deferred revenue			223,004		154,997
Related party liabilities			—		2,722
Current portion of long-term debt, measured at fair value (note 6)			1,818,523		1,666,546
Financial instrument liabilities (notes 3 and 6)			66,276		20,265
Other current liabilities			4,136		4,234
Total current liabilities			2,160,407		1,896,721
Other liabilities			19,402		19,307
Total liabilities			2,179,809		1,916,028
Equity:
Series A Liberty Live Group common stock, $.01 par value. Authorized 521,400,000 shares; issued and outstanding 25,573,685 at March 31, 2026 and December 31, 2025			256		256
Series B Liberty Live Group common stock, $.01 par value. Authorized 19,552,500 shares; issued and outstanding 2,530,951 at March 31, 2026 and December 31, 2025			25		25
Series C Liberty Live Group common stock, $.01 par value. Authorized 521,400,000 shares; issued and outstanding 63,899,114 and 63,826,864 at March 31, 2026 and December 31, 2025, respectively			639		638
Additional paid-in capital			402,530		403,647
Retained earnings (deficit)			(731,224)		(437,086)
Accumulated other comprehensive earnings (loss), net of taxes			10,094		(16,561)
Total stockholders' equity (deficit)			(317,680)		(49,081)
Noncontrolling interests in equity of subsidiaries			21,946		21,946
Total equity (deficit)			(295,734)		(27,135)
Commitments and contingencies (note 8)
Total liabilities and equity		$	1,884,075		1,888,893


	Three months ended
	March 31,
	2026		2025

	amounts in thousands,
	except per share amounts
Revenue, net	$	63,146	46,857
Related party revenue, net		474	202
Total revenue, net		63,620	47,059
Operating costs and expenses:
Cost of revenue		41,619	39,434
Related party cost of revenue		10,047	2,115
Selling, general and administrative expenses, including stock-based compensation		22,127	16,268
Depreciation and amortization		6,517	6,524
		80,310	64,341
Operating income (loss)		(16,690)	(17,282)
Other income (expense):
Interest expense		(7,561)	(7,334)
Dividend and interest income		4,627	4,097
Share of earnings (loss) of affiliates, net (note 4)		(124,326)	1,451
Realized and unrealized gains (losses), net (note 3)		(229,632)	(17,099)
Other, net		(2,027)	(1,020)
		(358,919)	(19,905)
Earnings (loss) before income taxes		(375,609)	(37,187)
Income tax (expense) benefit		81,471	7,711
Net earnings (loss)		(294,138)	(29,476)
Less net earnings attributable to noncontrolling interests		—	—
Net earnings (loss) attributable to Liberty Live Group	$	(294,138)	(29,476)

Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Live Group shareholders per common share (note 2)	$	(3.20)	(0.32)
Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Live Group shareholders per common share (note 2)	$	(3.20)	(0.32)



						Accumulated
						other		Noncontrolling
	Liberty Live Group				Additional	comprehensive	Retained	interest in	Total
	Common Stock				paid-in	earnings (loss),	Earnings	equity of	equity
		Series A	Series B	Series C	capital	net of taxes	(Deficit)	subsidiaries	(deficit)

	amounts in thousands
Balance at January 1, 2026	$	256	25	638	403,647	(16,561)	(437,086)	21,946	(27,135)
Net earnings (loss)		—	—	—	—	—	(294,138)	—	(294,138)
Other comprehensive earnings (loss)		—	—	—	—	26,655	—	—	26,655
Withholding taxes on net settlements of stock-based compensation		—	—	—	(4,514)	—	—	—	(4,514)
Stock-based compensation		—	—	—	2,506	—	—	—	2,506
Other		—	—	1	891	—	—	—	892
Balance at March 31, 2026	$	256	25	639	402,530	10,094	(731,224)	21,946	(295,734)


	Total Former Parent's Investment
			Accumulated
			other		Noncontrolling
		Former	comprehensive	Retained	interest in	Total
		Parent's	earnings (loss),	Earnings	equity of	equity
		Investment	net of taxes	(Deficit)	subsidiaries	(deficit)

	amounts in thousands
Balance at January 1, 2025	$	256,874	(86,139)	(369,970)	22,113	(177,122)
Net earnings (loss)		—	—	(29,476)	—	(29,476)
Other comprehensive earnings (loss)		—	1,510	—	—	1,510
Former Parent contribution (distribution)		(1,010)	—	—	—	(1,010)
Share of Live Nation change in accounting policies		—	—	2,092	—	2,092
Other		(472)	—	—	—	(472)
Balance at March 31, 2025	$	255,392	(84,629)	(397,354)	22,113	(204,478)


	March 31, 2026				December 31, 2025
			Quoted prices			Quoted prices
			in active	Significant		in active	Significant
			markets	other		markets	other
			for identical	observable		for identical	observable
			assets	inputs		assets	inputs
Description	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)

	amounts in thousands
Cash equivalents	$	485,696	485,696	—	507,389	507,389	—
Financial instrument liabilities	$	66,276	—	66,276	20,265	—	20,265
Debt	$	1,818,523	—	1,818,523	1,666,546	—	1,666,546


		March 31, 2026					December 31, 2025
		Percentage			Carrying		Carrying
		Ownership			amount		amount

				amounts in thousands
Live Nation		30%		$	490,543		604,654
Other		various			17,594		19,624
Total				$	508,137		624,278


Balance at January 1, 2026	$	127,367
Foreign currency translation adjustments		180
Balance at March 31, 2026	$	127,547


	March 31, 2026				December 31, 2025
	Gross			Net	Gross		Net
	carrying		Accumulated	carrying	carrying	Accumulated	carrying
	amount		amortization	amount	amount	amortization	amount

	amounts in thousands
Rightsholder relationships	$	171,069	(59,095)	111,974	170,081	(51,787)	118,294
Capitalized software		2,657	(2,356)	301	2,645	(2,334)	311
Total	$	173,726	(61,451)	112,275	172,726	(54,121)	118,605


	Outstanding
	principal			Carrying value
	March 31,			March 31,		December 31,
	2026			2026		2025

	amounts in thousands
Old 2.375% Exchangeable Debentures due 2053	$	33,685			51,832	1,666,546
New 2.375% Exchangeable Debentures due 2053		1,116,315			1,766,691	—
Live Nation Margin Loan		—			—	—
Total debt	$	1,150,000			1,818,523	1,666,546
Debt classified as current					(1,818,523)	(1,666,546)
Total long-term debt				$	—	—


	Series C
				Weighted			Aggregate
				average			intrinsic
	Options			remaining			value
	(thousands)	WAEP		life			(in thousands)
Options outstanding at January 1, 2026	1,248	$	46.45
Granted	—	$	—
Exercised	(149)	$	41.70
Forfeited/Cancelled	—	$	—
Options outstanding at March 31, 2026	1,099	$	47.09		2.6	years	$	51,685
Options exercisable at March 31, 2026	954	$	43.27		2.1	years	$	48,505


	Three months ended
	March 31,
	2026		2025

	amounts in thousands
Cash flows from operating activities:
Net earnings (loss)	$	(294,138)	(29,476)
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation and amortization		6,517	6,524
Stock-based compensation		2,506	461
Share of (earnings) losses of affiliate, net		124,326	(1,451)
Realized and unrealized (gains) losses on financial instruments, net		229,632	17,099
Deferred income tax expense (benefit)		(81,999)	(7,915)
Amortization of rightsholder relationships		940	667
Other noncash charges (credits), net		853	863
Changes in operating assets and liabilities
Decrease (increase) in accounts receivable		(857)	(10,297)
Decrease (increase) in prepaid expenses		(47,778)	(42,483)
Decrease (increase) in related party balances		(5,208)	(9,615)
Decrease (increase) in other assets		(10,767)	4,836
(Decrease) increase in trade accounts payable and accrued liabilities		(523)	3,010
(Decrease) increase in deferred revenue		67,703	50,844
(Decrease) increase in other liabilities		175	475
Net cash provided (used) by operating activities		(8,618)	(16,458)
Cash flows from investing activities:
Other investing activities, net		255	(598)
Net cash provided (used) by investing activities		255	(598)
Cash flows from financing activities:
Bank fees on debt transactions		(8,264)	—
Withholding taxes on net settlements of stock-based compensation		(4,514)	(437)
Former Parent contribution (distribution)		—	(1,010)
Minimum guaranteed payments on rightsholder relationships		(461)	(547)
Other financing activities, net		460	25
Net cash provided (used) by financing activities		(12,779)	(1,969)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash		79	225
Net increase (decrease) in cash, cash equivalents and restricted cash		(21,063)	(18,800)
Cash, cash equivalents and restricted cash at beginning of period		545,494	409,506
Cash, cash equivalents and restricted cash at end of period	$	524,431	390,706


	Three months ended
	March 31,
	2026
	number of shares in thousands
Basic WASO		91,952
Potentially dilutive shares (1)		543
Diluted WASO		92,495


	Three months ended
	March 31, 2026
			Corporate and
	Quint		Other	Total

	amounts in thousands
Revenue	$	63,620	—	63,620
Cost of revenue		(51,666)	—	(51,666)
Selling, general and administrative expenses (excluding stock-based compensation)		(14,606)	(5,015)	(19,621)
Adjusted OIBDA	$	(2,652)	(5,015)	(7,667)


	Three months ended
	March 31, 2025
			Corporate and
	Quint		Other	Total

	amounts in thousands
Revenue	$	47,059	—	47,059
Cost of revenue		(41,549)	—	(41,549)
Selling, general and administrative expenses (excluding stock-based compensation)		(12,220)	(3,587)	(15,807)
Adjusted OIBDA	$	(6,710)	(3,587)	(10,297)


	March 31, 2026
			Investments
	Total		in
	assets		affiliates

	amounts in thousands
Quint	$	496,055	—
Corporate and other		1,388,020	508,137
Consolidated Liberty Live	$	1,884,075	508,137


	Cash and cash
	equivalents
	amounts in thousands
Quint	$	98,779
Corporate and other		425,652
Total Liberty Live	$	524,431


Exhibit No.		Description
10.1		Indenture, dated as of March 20, 2026, between the Registrant, as Issuer, and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on March 23, 2026 (File No. 001-43015).
31.1		Rule 13a-14(a)/15d-14(a) Certification*
31.2		Rule 13a-14(a)/15d-14(a) Certification*
32		Section 1350 Certification**
101.INS		XBRL Instance Document * – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		XBRL Taxonomy Extension Schema Document*
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document*
104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)*


	LIBERTY LIVE HOLDINGS, INC.

Date: May 7, 2026	By:	/s/ Chad R. Hollingsworth
		Chad R. Hollingsworth
		President and Chief Executive Officer


Date: May 7, 2026	By:	/s/ Brian J. Wendling
		Brian J. Wendling
		Chief Accounting Officer and Principal Financial Officer


/s/ Chad R. Hollingsworth
Chad R. Hollingsworth President and Chief Executive Officer