The recent publication of the F1 Group's full financial results for 2017 gave us our first proper opportunity to judge the performance of Formula 1's new owner. And it was hard to miss the standout numbers - the income distributed among the 10 teams fell by 5% from $966million in 2016 to $919m last season.
This trend was hardly a surprise, and it had been signalled some time ago. But the official fourth quarter figures provided the definitive picture for the full year. So can we conclude that Liberty has done a poor job for its key partners?
It's a little early to draw that conclusion. As Liberty has regularly reminded us, F1 is not a short-term project - it's about investing now to generate results a few years down the line.