jvid视频

jvid视频 Reports Third Quarter 2019 Financial Results

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- jvid视频 ("jvid视频" or 鈥淟iberty鈥�) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported third quarter 2019 results. Headlines include⁽¹⁾:

• Attributed to Liberty SiriusXM Group
  • SiriusXM reported very strong third quarter 2019 financial results
    • Third quarter revenue increased to $2.0 billion; pro forma growth of 7%
    • Net income of $246 million; diluted EPS of $0.05
    • Adjusted EBITDA⁽²⁾ hit record $657 million, up 12%
    • SiriusXM repurchased $464 million of common stock in the third quarter
    • SiriusXM increased 2019 revenue, adjusted EBITDA and free cash flow guidance
  • jvid视频鈥檚 ownership of SiriusXM stood at 71.5% as of October 29^th
  • From August 1^st through October 31^st, Liberty repurchased 1.4 million LSXMK shares at an average price per share of $41.68 and total cash consideration of $60 million
• Attributed to Formula One Group
  • FIA World Motor Sport Council unanimously approved Formula 1 technical, sporting and financial regulations effective 2021
    • Regulations intended to promote closer racing, more balanced competition and financial sustainability
  • 2020 race calendar expanded to 22 races
  • Renewed or extended agreements for Italian, Mexican and Spanish races
  • Mercedes secured 6^th consecutive Constructors鈥� Championship and Lewis Hamilton won 6^th Drivers鈥� Championship title
• Attributed to Braves Group
  • Braves won 2^nd straight NL East division title

鈥淪iriusXM continues to deliver and posted another record breaking quarter. The company has made great progress in monetization at Pandora, reaching an all-time high for ad revenue in the quarter,鈥� said Greg Maffei, jvid视频 President and CEO. 鈥淔ormula 1 continues to show great momentum and is on track to hit 2019 targets, benefitting from foundation building over the last two years, and the Braves secured their second straight NL East division title.鈥�

Unless otherwise noted, the following discussion compares financial information for the three months ended September 30, 2019 to the same period in 2018.

LIBERTY SIRIUSXM GROUP 鈥� The following table provides the financial results attributed to Liberty SiriusXM Group for the third quarter of 2019. In the third quarter, approximately $5 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Liberty SiriusXM Group.

SiriusXM completed the acquisition of Pandora on February 1, 2019. The financial results above include the results of Pandora for the three months ended September 30, 2019 but not for the three months ended September 30, 2018. Pro forma results for SiriusXM including Pandora for all periods presented, including adjustments related to amortization of acquired intangible assets, depreciation of property and equipment, acquisition costs, fair value of gain or loss on the Pandora investment and associated tax impacts, can be found in jvid视频鈥檚 Form 10-Q for the quarter ended September 30, 2019.

SiriusXM is a separate publicly traded company and additional information about SiriusXM can be obtained through its website and filings with the Securities and Exchange Commission. SiriusXM reported its stand-alone third quarter results on October 31, 2019. For additional detail on SiriusXM鈥檚 financial results for the third quarter, please see SiriusXM鈥檚 earnings release posted to its Investor Relations website. For presentation purposes on page one of this release, we include the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. jvid视频 believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results is best understood in the context of SiriusXM's historical financial presentation.

The businesses and assets attributed to Liberty SiriusXM Group consist primarily of jvid视频鈥檚 interest in SiriusXM, which includes its subsidiary Pandora.

FORMULA ONE GROUP 鈥� The following table provides the financial results attributed to the Formula One Group for the third quarter of 2019. In the third quarter, the Formula One Group incurred approximately $10 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

鈥淲e were thrilled to have the World Motor Sport Council unanimously approve the 2021 regulations, which were the result of input from all stakeholders across the sport of Formula 1. We believe these regulations stay true to the DNA of Formula 1 while seeking to improve the competition and action on the track,鈥� said Chase Carey, Formula 1 Chairman and CEO. 鈥淭his season continues to produce some spectacular racing and we congratulate Lewis Hamilton and Mercedes on their amazing achievements. We now look forward to the final two races of 2019 and a record 22 race 2020 season, including our new event in Vietnam and our return to the Netherlands.鈥�

The following table provides the operating results of Formula 1 (鈥淔1鈥�).

F1 Operating Results

Primary F1 revenue is comprised of (i) race promotion fees, (ii) broadcasting fees and (iii) advertising and sponsorship fees. Results in the third quarter of 2019 were unfavorably impacted by the timing of the 2019 race calendar, with seven races taking place in the third quarter of 2019 compared to eight races in the third quarter of 2018.

Race promotion revenue decreased due to one less race held in the third quarter of 2019 and the impact of the renewal terms of one contract. Broadcast revenue increased primarily due to contractual rate increases, partially offset by the lower proportionate recognition of season-based income during the quarter (7/21 races took place in the third quarter of 2019 compared to 8/21 in the third quarter of 2018). Advertising and sponsorship revenue increased due to revenue from new sponsorship agreements. Other F1 revenue decreased in the third quarter primarily due to one less race held in the third quarter of 2019 and non-recurring television production fees in the prior year period.

Operating income and Adjusted OIBDA⁽²⁾ increased in the third quarter as the revenue decline was more than offset by reduced costs. Team payments were lower in the third quarter driven by the pro rata recognition of such payments across the race season, and other cost of Formula 1 revenue was lower due to one less race in the quarter, which drove decreases in FIA regulatory fees, advertising and sponsorship, hospitality and other event based costs. Selling, general and administrative expense was relatively flat in the quarter.

F1鈥檚 total net debt to covenant OIBDA ratio, as defined in F1鈥檚 credit facilities for covenant calculations, was 5.3x as of September 30, 2019, as compared to a maximum allowable leverage ratio of 8.25x.

The businesses and assets attributed to the Formula One Group consist of jvid视频鈥檚 subsidiary F1, its interest in Live Nation, minority equity investments and an intergroup interest in the Braves Group. There are approximately 9.1 million notional shares of the Braves Group underlying the Formula One Group鈥檚 15.1% intergroup interest as of October 31, 2019.

BRAVES GROUP - The following table provides the financial results attributed to the Braves Group for the third quarter of 2019. In the third quarter, approximately $2 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Braves Group.

The following table provides the operating results of Braves Holdings, LLC (鈥淏raves鈥�).

Baseball revenue is comprised of (i) ballpark operations, (ii) local and national broadcast rights and (iii) licensing and other shared MLB revenue streams. Development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income.

Baseball revenue per home game grew in the third quarter of 2019 primarily due to increased ticket and concession sales. Development revenue was modestly lower in the third quarter of 2019 as a result of the sale of the residential development in October 2018 and therefore the loss of its revenue in the current quarter. Operating income and Adjusted OIBDA declined in the third quarter of 2019, as revenue growth was more than offset by elevated operating expenses. The increase in operating expenses was primarily driven by higher player salaries, and to a lesser extent elevated costs due to the opening of the new spring training facility, scouting expenses, increased obligations under MLB鈥檚 revenue sharing plan and stadium operation costs driven by concessions.

The Formula One Group holds an approximate 15.1% intergroup interest in the Braves Group as of October 31, 2019. Assuming the issuance of the shares underlying the intergroup interest held by the Formula One Group, the Braves Group outstanding share count as of October 31, 2019 would have been 60 million.

The businesses and assets attributed to the Braves Group consist primarily of jvid视频鈥檚 subsidiary the Braves, which indirectly owns the Atlanta Braves Major League Baseball Club, six minor league baseball clubs and certain assets and liabilities associated with the Braves鈥� ballpark and mixed-use development project.

Share Repurchases

From August 1, 2019 through October 31, 2019, jvid视频 repurchased approximately 1.4 million Series C Liberty SiriusXM shares (Nasdaq: LSXMK) at an average cost per share of $41.68 for total cash consideration of $60 million. The total remaining repurchase authorization for jvid视频 is approximately $419 million and can be applied to repurchases of Series A and Series C shares of any of the jvid视频 tracking stocks.

FOOTNOTES

NOTES

The following financial information with respect to jvid视频's equity affiliates and available for sale securities is intended to supplement jvid视频's condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q for the period ended September 30, 2019.

Fair Value of Corporate Public Holdings

Cash and Debt

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

Total cash, liquid investments and restricted cash attributed to Liberty SiriusXM Group decreased $104 million in the third quarter as cash from operations at SiriusXM and net borrowings were more than offset by return of capital at both Liberty SiriusXM Group and SiriusXM and capital expenditures. Included in the cash, liquid investments and restricted cash balance attributed to Liberty SiriusXM Group at September 30, 2019 is $90 million held at SiriusXM. Although SiriusXM is a consolidated subsidiary, it is a separate public company with a significant non-controlling interest, therefore jvid视频 does not have unfettered access to SiriusXM鈥檚 cash balances. Liberty SiriusXM Group received $38 million of dividends from SiriusXM during the quarter.

Total debt attributed to Liberty SiriusXM Group increased $140 million during the quarter primarily as a result of additional borrowing under Liberty SiriusXM鈥檚 margin loan and SiriusXM鈥檚 revolving credit facility.

Total cash and liquid investments attributed to the Formula One Group increased $85 million during the quarter primarily due to cash from operations at Formula 1. Total debt at Formula One Group was flat in the quarter.

Total cash, liquid investments and restricted cash attributed to the Braves Group increased $41 million during the quarter as cash from operations at the Braves and additional borrowing more than offset capital expenditures related to the mixed-use development. Total debt attributed to the Braves Group increased $70 million during the quarter primarily due to draw downs on the team revolver and spring training credit facility to fund regular baseball operating activities and spring training facility capital expenditures. The second phase of the Battery Atlanta mixed-use development is expected to cost approximately $200 million, which the Braves and affiliated entities expect to fund through a mix of approximately $55 million in equity and approximately $145 million in debt.

Important Notice: jvid视频 (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) President and CEO, Greg Maffei, will discuss jvid视频's earnings release on a conference call which will begin at 10:00 a.m. (E.S.T.) on November 11, 2019. The call can be accessed by dialing (888) 254-3590 or (323) 994-2093, passcode 3845573 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 . Links to this press release will also be available on the jvid视频 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 prospects, Formula 1鈥檚 race calendar and new races, the expected benefits to Formula 1 of the 2021 regulations, the Battery Atlanta, the continuation of our stock repurchase plan 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, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of pending or future litigation, the failure to realize benefits of acquisitions, rapid technological and industry change, continued access to capital on terms acceptable to jvid视频, and changes in law, including consumer protection laws, and their enforcement and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and jvid视频 expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in jvid视频'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 jvid视频, including the most recent Forms 10-K and 10-Q, for additional information about jvid视频 and about the risks and uncertainties related to jvid视频's business which may affect the statements made in this press release.

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