Financial Analysis

(4) Acquisition On January 2, 2024, Liberty Media completed the acquisition of 100% of the equity interest in Quint. The total consideration transferred was $271.5 million, comprised of $257.2 million of cash and $14.3 million of replacement warrants. In connection with the acquisition, Quint issued replacement warrants valued in total at $21,499 thousand, of which, $14,334 thousand was included as part of the total consideration transferred and $7,165 thousand related to the post acquisition period. The $7,165 thousand in replacement warrants value related to the post acquisition period was expensed immediately in the consolidated statement of operations given there was no further vesting required. Such amount is recorded as stock-based compensation included within cost of revenue in the consolidated statements of operations for the year ended December 31, 2024. The final acquisition price allocation for Quint is as follows (amounts in thousands): Cash and cash equivalents $ 66,259 Receivables 24,783 Goodwill 194,270 Intangible assets subject to amortization 170,078 Other assets 41,696 Deferred revenue (122,620) Other liabilities assumed (83,432) Deferred tax liabilities (19,564) Total purchase consideration $ 271,470 Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, inc …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

(14) Commitments and Contingencies Quint acts as an official partner to certain rightsholders and event organizers with agreements that require Quint to satisfy minimum guaranteed purchases and/or payments to these entities. The terms of the agreements range from events to be held in 2026 to 2028. Total revenue earned from events associated with the largest two rightsholders represented approximately 83% and 81% of total consolidated revenue earned during the years ended December 31, 2025 and December 31, 2024, respectively. Quint operates in many different jurisdictions globally that require revenue generating entities to comply with regulations including value-added tax and sales and use tax. In 2023, Quint identified exposure as it relates to certain jurisdictions whereby either Quint was not properly registered, or the historical compliance returns filed with the different jurisdictions were incomplete or inaccurate. Quint has recognized a total estimated liability for a probable loss of approximately $25,428 thousand as of December 31, 2025, $12,330 thousand of which is recorded in accrued liabilities, and $13,098 thousand is recorded in other long-term liabilities in the consolidated balance sheets. Of the total $25,428 thousand liability, $19,893 thousand was recorded prior to the Companys acquisition of Quint and $3,243 thousand was recognized as an expense during the year ended December 31, 2025 within cost of revenue on the consolidated statements of operations. As …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

(8) Debt Debt is summarized as follows: Outstanding principal Carrying value December 31, December 31, December 31, 2025 2025 2024 amounts in thousands 2.375% Exchangeable Debentures due 2053 $ 1,150,000 1,666,546 1,556,399 Live Nation Margin Loan Total debt $ 1,150,000 1,666,546 1,556,399 Less debt classified as current (1,666,546) Total long-term debt $ 1,556,399 2.375% Exchangeable Senior Debentures due 2053 and Live Nation Forward Contracts In September 2023, Liberty Media closed a private offering of approximately $1,150 million aggregate principal amount of its 2.375% exchangeable senior debentures due 2053 (the Debentures). In December 2025, Liberty Media entered into a supplemental indenture to the indenture governing the Debentures to irrevocably elect cash-only settlement of exchanges and repurchases of the Debentures. The Company assumed the Debentures from Liberty Media pursuant to a supplemental indenture executed in connection with the Split-Off. The number of shares of LYV attributable to a Debenture represents an initial exchange price of approximately $104.91 per share. A total of approximately 11 million shares of LYV are attributable to the Debentures. Interest is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Debentures may be redeemed by the Company, in whole or in part, on or after September 30, 2028. Holders of the Debentures also have the right to require the Company to purchase their Debentures on Sep …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

(12) Stock-Based Compensation Incentive Plans Liberty Media granted, to certain of its directors and employees, restricted stock (RSAs), restricted stock units (RSUs) and stock options to purchase shares of its Liberty Live Group common stock (collectively, Awards) under the Liberty Media Corporation 2022 Omnibus Incentive Plan (the 2022 Plan). At the time of the Split-Off, the Awards were exchanged into RSUs and stock options to purchase shares of our Liberty Live Group common stock. Pursuant to the Liberty Live Holdings 2025 Omnibus Incentive Plan (the 2025 Plan), Liberty Live may grant to certain of its directors, employees and employees of its subsidiaries, Awards in respect of a maximum of 15.0 million shares of LLYVA, LLYVB and LLYVK. The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (GDFV) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Awards generally vest over 1-5 years and have a term of 7-8 years. Liberty Live issues new shares upon exercise of equity awards. Included in selling, general and administrative expenses …

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(5) Assets and Liabilities Measured at Fair Value For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The Company does not have any recurring assets or liabilities measured at fair value that would be considered Level 3. The Companys assets and liabilities measured at fair value are as follows: December 31, 2025 December 31, 2024 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 $ 507,389 507,389 335,345 335,345 Financial instrument liabilities 20,265 20,265 Debt $ 1,666,546 1,666,546 1,556,399 1,556,399 The fair value of debt and financial instrument liabilities, which includes forward contracts, is based on quoted market prices but is not considered to be traded on active markets, as defined by GAAP. Accordingly, thos …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(7) Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill related to Quint are as follows (amounts in thousands): Balance at January 1, 2024 $ Acquisition (1) 194,270 Impairments (2) (67,066) Foreign currency translation adjustments (1,709) Balance at December 31, 2024 125,495 Foreign currency translation adjustments 1,872 Balance at December 31, 2025 $ 127,367 (1) See note 4 to the accompanying consolidated financial statements for additional information about the acquisition of Quint. (2) See discussion of the impairment of Quint below . Intangible Assets Subject to Amortization Intangible assets subject to amortization are comprised of the following: December 31, 2025 December 31, 2024 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in thousands Rightsholder relationships $ 170,081 (51,787) 118,294 170,863 (29,208) 141,655 Capitalized software 2,645 (2,334) 311 2,382 (2,255) 127 Total $ 172,726 (54,121) 118,605 173,245 (31,463) 141,782 Rightsholder relationships are amortized over 3 to 13 years. Capitalized software is amortized over 3 years. Amortization expense was $25,651 thousand and $26,883 thousand for the years ended December 31, 2025 and 2024, respectively. Based on its amortizable intangible assets as of December 31, 2025, Liberty Live expects that amortization will be as follows for the next five years (amounts in thousands): 2026 $ 26, …

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(9) Income Taxes Certain entities and activities of Liberty Live were included in the federal and state combined income tax returns of Liberty Media during the periods prior to the Split-Off. The tax provision included in these consolidated financial statements has been prepared on a stand-alone basis, as if Liberty Live had not been part of the consolidated Liberty Media tax group. To the extent tax benefits generated by Liberty Live were allocated to Liberty Media upon the Split-Off, a tax sharing receivable from Liberty Media was recorded at Liberty Live. Income tax expense (benefit) consists of: Years ended December 31, 2025 2024 amounts in thousands Current: Federal $ 886 State and local 6 Foreign 1,430 814 2,322 814 Deferred: Federal (15,223) (29,748) State and local (192) (1,100) Foreign (15,415) (30,848) Total: Federal (14,337) (29,748) State and local (186) (1,100) Foreign 1,430 814 Income tax expense (benefit) $ (13,093) (30,034) The following table presents a summary of our domestic and foreign earnings (loss) from continuing operations before income taxes: Years ended December 31, 2025 2024 amounts in thousands Domestic $ (105,206) (144,441) Foreign 4,979 323 Total $ (100,227) (144,118) Expected income tax expense (benefit) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2025 and 2024 as a result of the following: Years ended December 31, 2025 2024 (thousands) (percent ) (thousands) (percent ) …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories at interim and annual reporting periods (ASU 2024-03). ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is in the process of evaluating the impact of ASU 2024-03 on the related disclosures. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which requires more detailed income tax disclosures. ASU 2023-09 requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The Company adopted ASU 2023-09 retrospectively during the fourth quarter of 2025. See note 9 for additional information about income taxes. …

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(11) Related Party Transactions Quint, Delta Topco Limited (the parent company of Formula 1), and MotoGP Sports Entertainment Group, S.L. (formerly Dorna Sports, S.L., the parent company of MotoGP) (MotoGP) are related parties through Liberty Medias common control. Quint maintains rightsholder agreements with Formula 1 and MotoGP to execute, produce and fulfill experiential packages utilizing their naming rights and the event tickets purchased from Formula 1, MotoGP, race promoters and other third parties to market and sell these packages to third-parties, which are disclosed in the consolidated statement of operations as related party cost of revenue. Quint also earns commissions on the sale of certain Formula 1 and MotoGP event tickets, which are disclosed in the consolidated statement of operations as related party revenue, net. …

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(15) Information About Liberty Lives Operating Segments The Company, through its ownership of Quint and Live Nation, is primarily engaged in the entertainment and hospitality industries. The Company identifies its reportable segments as those operating segments that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets. The Companys CODM, the chief executive officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, cost of revenue, operating expenses, selling, general and administrative expenses, and Adjusted OIBDA. In addition, the Company reviews nonfinancial measures such as website traffic. For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring, acquisition and impairment charges. The Company believes this measure 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 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. This measur …

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(2) Summary of Significant Accounting Policies Cash and Cash Equivalents The Company maintains cash deposits with financial institutions that at times may exceed federally insured limits. The Company maintains deposits held in money market fund accounts that are measured at fair value (level 1). The balance held in money market funds as of December 31, 2025 and 2024, was $507,389 thousand and $335,345 thousand, respectively. Prepaid Assets Quint has prepaid assets that primarily consist of pre-purchased event tickets along with other prepaid assets related to delivering experiential programs to its customers. In the event that Quint cannot utilize the prepaid assets or to the extent such assets will be sold at an amount that is less than the cost to purchase, Quint records an impairment expense through cost of revenue in the consolidated statements of operations. Assets and Liabilities Measured at Fair Value For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

(10) Stockholders Equity Preferred Stock Liberty Lives preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by the Board of Directors. As of December 31, 2025, no shares of preferred stock were issued. Common Stock Series A Liberty Live Group common stock (LLYVA) has one vote per share, Series B Liberty Live Group common stock (LLYVB) has ten votes per share and Series C Liberty Live Group common stock (LLYVK) has no votes per share except as otherwise required by Nevada law. Each share of LLYVB is exchangeable at the option of the holder for one share of LLYVA. All series of our common stock participate on an equal basis with respect to dividends and distributions. Purchases of Common Stock There were no repurchases of the Companys common stock during the years ended December 31, 2025 and 2024. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing