jvid视频

jvid视频 Reports First Quarter 2024 Financial Results

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- jvid视频 (鈥渏vid视频鈥� or 鈥淟iberty鈥�) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported first quarter 2024 results. Headlines include⁽¹⁾:

• Attributed to Liberty SiriusXM Group
  • SiriusXM reported first quarter 2024 operating and financial results
    • First quarter 2024 revenue of $2.16 billion; up 1% year-over-year
    • Ad revenue up 7% year-over-year
    • Net income of $265 million; diluted EPS of $0.07
    • Adjusted EBITDA⁽²⁾ of $650 million; up 4% year-over-year
    • Free cash flow⁽²⁾ of $132 million; down 8% year-over-year
    • SiriusXM reiterated 2024 financial guidance
  • jvid视频鈥檚 ownership of SiriusXM was 83.3% as of April 26^th
  • On schedule to complete planned combination of Liberty SiriusXM Group and SiriusXM early third quarter 2024
  • Repaid $65 million under the SiriusXM margin loan in first quarter
• Attributed to Formula One Group
  • Announced planned acquisition of MotoGP and expect to complete transaction by year-end 2024
  • F1 announced 24-race calendar for 2025 which will mark its 75^th anniversary
  • Expanded partnership with DHL as Global Partner and secured new sponsorship deals at F1, including Globant as Official Partner and McDonald鈥檚 as Regional Partner in Latin America
  • F1 secured new broadcast deal with beIN SPORTS across MENA through 2033, extended partnership with Viaplay in Netherlands and Nordic countries through 2029 and signed FanCode in India through 2025
  • Quint announced as official experiences and travel provider to USGA and launched new partnerships, including with WNBA, X Games and USA Basketball
• Attributed to Liberty Live Group
  • Fair value of Live Nation investment was $7.4 billion as of March 31^st

鈥淲e were thrilled to announce Liberty鈥檚 planned acquisition of MotoGP, adding to our attractive assets in the premium live event and sports industries. We look forward to bringing this exhilarating sport to a wider global audience,鈥� said Greg Maffei, jvid视频 President and CEO. 鈥淔ormula 1 kicked off the 2024 season with over 1 million fans in attendance across the first five races. At SiriusXM, they delivered solid revenue and adjusted EBITDA growth and are focused on improving subscriber results with enhancements to content and digital innovation. The planned merger with Liberty SiriusXM is on track to be completed at the beginning of the third quarter. Live Nation has already sold 86 million concert tickets for an expected record-setting 2024.鈥�

Corporate Updates

On January 2^nd, Liberty closed the acquisition of Quint for $205 million total cash consideration, net of Quint cash acquired.

On March 29^th, Liberty agreed to acquire MotoGP for 鈧�3.5 billion equity value. MotoGP management is expected to retain 14% equity in the business with the remaining equity consideration comprised of a mix of cash and Series C Liberty Formula One common stock. The acquisition is expected to be completed by year-end 2024 and is subject to the receipt of clearances and approvals by competition and foreign investment law authorities in various jurisdictions.

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2024 to the same period in 2023.

LIBERTY SIRIUSXM GROUP 鈥� The following table provides the financial results attributed to Liberty SiriusXM Group for the first quarter of 2024. In the first quarter, $13 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty SiriusXM Group.

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 first quarter results on April 30, 2024. For additional detail on SiriusXM鈥檚 financial results for the first 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 Formula One Group for the first quarter of 2024. In the first quarter, Formula One Group incurred $23 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

F1 Operating Results

鈥淭he 2024 season is underway, including our return to China for the first time since 2019 and our third year in Miami which saw another incredible event demonstrating the growing strength of F1 in the US. We are seeing continued momentum both in financial performance and amplification of our fanbase, including through expanding our methods of fan engagement. We have already announced our 24-race calendar for 2025, a landmark year that will mark the 75^th anniversary of the FIA Formula One World Championship,鈥� said Stefano Domenicali, Formula 1 President & CEO. 鈥淲e recently published our first ever Impact Report and are proud to highlight that we are on track to reach our net zero target by 2030 and continue to prioritize our diversity and inclusion efforts with programs like the F1 Academy Discover Your Drive, STEM Challenge Days and more.鈥�

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

Primary F1 revenue represents the majority of F1鈥檚 revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.

There were three races held in the first quarter of 2024, compared to two races held in the first quarter of 2023. There are 24 events scheduled for the 2024 race calendar.

Primary F1 revenue increased in the first quarter with growth across race promotion, media rights and sponsorship partly driven by one more race held in the current period, which resulted in a greater proportion of season-based revenue recognized. Race promotion revenue also increased due to fees from the additional race held in the period and contractual increases in fees. Media rights revenue also benefited from contractual increases in fees, higher fees from new and renewed contractual agreements and continued growth in F1 TV subscription revenue. Sponsorship revenue also increased due to recognition of revenue from new sponsors and growth in revenue from existing contracts. Other F1 revenue increased in the first quarter primarily driven by the sale of new F2 cars and associated parts at the start of the new F2 vehicle cycle, higher hospitality and experiences revenue and higher freight income driven by the additional race held in the current period.

Operating income and Adjusted OIBDA⁽²⁾ increased in the first quarter. Team payments were higher compared to the prior year due to the pro rata recognition of payments across the race season with one more race held, as well as an expectation of increased team payments for the full year. Other cost of F1 revenue is largely variable in nature and is mostly derived from servicing both Primary and Other F1 revenue opportunities. These costs increased due to the cost of supplying the new F2 cars and associated parts, increased commissions and partner servicing costs associated with higher Primary F1 revenue streams as well as increased freight, travel, technical, digital and FIA regulatory costs from the additional race. Other cost of F1 revenue in the first quarter was also impacted by lease costs for the Las Vegas Grand Prix Plaza, the 39-acre site in Las Vegas. Selling, general and administrative expense was relatively flat during the quarter.

Corporate and Other Operating Results

Liberty closed the Quint acquisition on January 2^nd and began consolidating Quint results within the Corporate and Other segment. Corporate and Other revenue increased in the first quarter due to the Quint acquisition and $7 million of rental income related to the Las Vegas Grand Prix Plaza. Quint鈥檚 revenue is seasonal around its largest events, which are generally during the second and fourth quarters with the first quarter having modest event activity. Corporate and Other Adjusted OIBDA for the first quarter of 2024 includes the rental income related to the Las Vegas Grand Prix Plaza, Quint results and other corporate overhead.

The businesses and assets attributed to Formula One Group consist primarily of jvid视频鈥檚 subsidiaries, F1 and Quint.

LIBERTY LIVE GROUP 鈥� In the first quarter, $2 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group.

The businesses and assets attributed to Liberty Live Group consist of jvid视频鈥檚 interest in Live Nation and other minority investments.

Share Repurchases

There were no repurchases of jvid视频鈥檚 common stock from February 1, 2024 through April 30, 2024. The total remaining repurchase authorization for jvid视频 as of May 1, 2024 is $1.1 billion and can be applied to repurchases of common 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, available for sale securities, cash and debt 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 March 31, 2024.

Fair Value of Corporate Public Holdings

Cash and Debt

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

jvid视频 and its consolidated subsidiaries are in compliance with their debt covenants as of March 31, 2024.

Total cash and cash equivalents attributed to Liberty SiriusXM Group decreased $171 million in the first quarter as capital expenditures and return of capital at SiriusXM and net debt repayment at Liberty SiriusXM Group more than offset cash from operations at SiriusXM. Included in the cash and cash equivalents balance attributed to Liberty SiriusXM Group at March 31, 2024 is $71 million held at SiriusXM. Although SiriusXM is a consolidated subsidiary, it is a separate public company with a non-controlling interest, therefore jvid视频 does not have ready access to SiriusXM鈥檚 cash balance. Liberty SiriusXM Group received $85 million of dividends from SiriusXM during the quarter.

Total debt attributed to Liberty SiriusXM Group decreased $36 million during the quarter as Liberty SiriusXM Group paid down $65 million under its SiriusXM margin loan, partially offset by SiriusXM borrowing $30 million under its revolving credit facility.

Total cash and cash equivalents attributed to Formula One Group decreased $175 million during the quarter as cash from operations at F1 was more than offset by net cash paid for the Quint acquisition and investments in short term marketable securities. Total debt at Formula One Group was relatively flat in the first quarter.

Total cash and cash equivalents attributed to Liberty Live Group decreased $7 million during the first quarter primarily due to interest payments. Total debt attributed to Liberty Live Group was flat during the quarter.

Important Notice: jvid视频 (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) will discuss jvid视频's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on May 8, 2024. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13742817 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 /investors/news-events/ir-calendar. 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 performance and prospects, the planned combination of Liberty SiriusXM Group and SiriusXM (the 鈥淧roposed Combination鈥�), the planned acquisition of MotoGP, expectation鈥檚 regarding SiriusXM鈥檚 and Live Nation鈥檚 businesses, the continuation of our stock repurchase plan, F1鈥檚 environmental and social initiatives 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, the satisfaction of all conditions to the Proposed Combination, the satisfaction of all conditions to closing for the transaction with MotoGP, 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, failure of third parties to perform, continued access to capital on terms acceptable to jvid视频 and changes in law, including consumer protection laws, and their enforcement. 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.