1 unchanged sentence
We are exposed to market risk in the normal course of business due to our ongoing investing and financial activities and the conduct of operations.
−Removed: Market risk refers to the risk of loss arising from adverse changes in stock prices and interest rates.
+Added: Market risk refers to the risk of loss arising from adverse changes in interest rates and foreign currency exchange rates.
The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings.
11 unchanged sentences
dollar amounts in millions
−Removed: Formula One Group
−Removed: Liberty Live Group
−Removed: The Company is exposed to changes in stock prices primarily as a result of our significant holdings in publicly traded securities.
−Removed: We continually monitor changes in stock markets, in general, and changes in the stock prices of our holdings, specifically.
−Removed: We believe that changes in stock prices can be expected to vary as a result of general market conditions, technological changes, specific industry changes and other factors.
−Removed: We periodically use equity collars and other financial instruments to manage market risk associated with certain investment positions.
−Removed: These instruments are recorded at fair value based on option pricing models and other appropriate methods.
−Removed: Additionally, our stock in Live Nation (an equity method affiliate), a publicly traded security, is not reflected at fair value in our balance sheet.
−Removed: This security is also subject to market risk that is not directly reflected in our financial statements, and had the market price of such security been 10% lower at December 31, 2024, the aggregate value of such security would have been $902 million lower.
+Added: MotoGP’s functional currency is the Euro.
+Added: Fluctuations in the Euro / U.S.
+Added: dollar exchange rate impact the amount of total assets, liabilities, earnings and cash flows for MotoGP included in our consolidated financial statements for, and as of the end of, each reporting period.
+Added: For example, the strengthening of the U.S.
+Added: dollar against the Euro will reduce the amount of MotoGP’s cash and cash equivalents, intangibles, deferred revenue, current and non-current liabilities, revenue and expenses reported in our consolidated financial statements for, and as of the end of, each reporting period.
+Added: MotoGP's reported revenue for the year ended December 31, 2025 would have been impacted by approximately $33 million for every 10% change in the Euro / U.S.
+Added: dollar exchange rate.
Financial Statements and Supplementary Data.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.