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 26th
    • 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 75th 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 31st

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

On March 29th, 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.

1Q23

1Q24

% Change

amounts in millions

Liberty SiriusXM Group

Revenue

SiriusXM

$

2,144

$

2,162

1

%

Total Liberty SiriusXM Group

$

2,144

$

2,162

1

%

Operating Income (Loss)

SiriusXM

387

422

9

%

Corporate and other

(14

)

(13

)

7

%

Total Liberty SiriusXM Group

$

373

$

409

10

%

Adjusted OIBDA (Loss)

SiriusXM

625

635

2

%

Corporate and other

(11

)

(10

)

9

%

Total Liberty SiriusXM Group

$

614

$

625

2

%

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).

1Q23

1Q24

amounts in millions

Formula One Group

Revenue

Formula 1

$

381

$

553

Corporate and other

44

Intergroup elimination

(10

)

Total Formula One Group

$

381

$

587

Operating Income (Loss)

Formula 1

$

35

$

136

Corporate and other

(19

)

(41

)

Total Formula One Group

$

16

$

95

Adjusted OIBDA (Loss)

Formula 1

$

117

$

208

Corporate and other

(12

)

(6

)

Total Formula One Group

$

105

$

202

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 75th 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).

1Q23

1Q24

% Change

amounts in millions

Primary Formula 1 revenue

$

314

$

463

47

%

Other Formula 1 revenue

67

90

34

%

Total Formula 1 revenue

$

381

$

553

45

%

Operating expenses (excluding stock-based compensation):

Team payments

(112

)

(163

)

(46

)%

Other cost of Formula 1 revenue

(94

)

(123

)

(31

)%

Cost of Formula 1 revenue

$

(206

)

$

(286

)

(39

)%

Selling, general and administrative expenses

(58

)

(59

)

(2

)%

Adjusted OIBDA

$

117

$

208

78

%

Depreciation and Amortization(a)

(82

)

(72

)

12

%

Operating income (loss)

$

35

$

136

289

%

Number of races in period

2

3

a)

Includes $74 million and $61 million of amortization related to purchase accounting for the periods ended March 31, 2023 and March 31, 2024, respectively, that is excluded from calculations for purposes of team payments.

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 2nd 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

1)

jvid视频 will discuss these headlines and other matters on jvid视频's earnings conference call that will begin at 10:00 a.m. (E.T.) on May 8, 2024. For information regarding how to access the call, please see 鈥淚mportant Notice鈥 later in this document.

2)

For definitions of Adjusted OIBDA (as defined by jvid视频) and adjusted EBITDA and free cash flow (as defined by SiriusXM) and applicable reconciliations see the accompanying schedules.

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

(amounts in millions)

12/31/2023

3/31/2024

Liberty SiriusXM Group

N/A

N/A

Formula One Group

Other Monetizable Public Holdings(a)

50

Total Formula One Group

$

$

50

Liberty Live Group

Live Nation Investment(b)

6,519

7,366

Other Monetizable Public Holdings(a)

113

125

Total Liberty Live Group

$

6,632

$

7,491

Total jvid视频

$

6,632

$

7,541

a)

Represents the carrying value of other public holdings that are accounted for at fair value. Formula One Group purchased $50 million of time deposits during the first quarter of 2024 which are classified as short term marketable securities.

b)

Represents the fair value of the equity investment in Live Nation. In accordance with GAAP, jvid视频 accounts for its investment in the equity of Live Nation using the equity method of accounting and includes it in its condensed consolidated balance sheet at $307 million and $290 million as of December 31, 2023 and March 31, 2024, respectively.

Cash and Debt

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

(amounts in millions)

12/31/2023

3/31/2024

Cash and Cash Equivalents Attributable to:

Liberty SiriusXM Group(a)

$

306

$

135

Formula One Group(b)

1,408

1,233

Liberty Live Group

305

298

Total Consolidated Cash and Cash Equivalents (GAAP)

$

2,019

$

1,666

Debt:

SiriusXM senior notes(c)

$

8,750

$

8,750

3.75% convertible notes due 2028(d)

575

575

2.75% SiriusXM exchangeable senior debentures due 2049(d)

586

585

SiriusXM margin loan

695

630

Other subsidiary debt(e)

500

530

Total Attributed Liberty SiriusXM Group Debt

$

11,106

$

11,070

Unamortized discount, fair market value adjustment and deferred loan costs

31

52

Total Attributed Liberty SiriusXM Group Debt (GAAP)

$

11,137

$

11,122

2.25% convertible notes due 2027(d)

475

475

Formula 1 term loan and revolving credit facility

2,407

2,398

Other corporate level debt

58

56

Total Attributed Formula One Group Debt

$

2,940

$

2,929

Fair market value adjustment

(34

)

(27

)

Total Attributed Formula One Group Debt (GAAP)

$

2,906

$

2,902

Formula 1 leverage(f)

1.9x

1.7x

0.5% Live Nation exchangeable senior debentures due 2050(d)

62

62

2.375% Live Nation exchangeable senior debentures due 2053(d)

1,150

1,150

Live Nation margin loan

Total Attributed Liberty Live Group Debt

$

1,212

$

1,212

Unamortized discount, fair market value adjustment and deferred loan costs

105

206

Total Attributed Liberty Live Group Debt (GAAP)

$

1,317

$

1,418

Total jvid视频 Debt (GAAP)

$

15,360

$

15,442

a)

Includes $216 million and $71 million of cash held at SiriusXM as of December 31, 2023 and March 31, 2024, respectively.

b)

Includes $1,002 million and $1,016 million of cash held at F1 as of December 31, 2023 and March 31, 2024, respectively, and $60 million of cash held at Quint as of March 31, 2024.

c)

Outstanding principal amount of Senior Notes or Term Loan with no reduction for the net unamortized discount.

d)

Face amount of the convertible notes and exchangeable debentures with no fair market value adjustment.

e)

Includes SiriusXM revolving credit facility and term loan.

f)

As defined in F1鈥檚 credit facilities for covenant calculations.

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.

LIBERTY MEDIA CORPORATION

BALANCE SHEET INFORMATION

March 31, 2024 (unaudited)

Attributed

Liberty

Formula

Liberty

SiriusXM

One

Live

Consolidated

Group

Group

Group

Liberty

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

135

1,233

298

1,666

Trade and other receivables, net

614

175

789

Other current assets

402

338

740

Total current assets

1,151

1,746

298

3,195

Investments in affiliates, accounted for using the equity method

1,642

38

316

1,996

Property and equipment, at cost

3,200

983

4,183

Accumulated depreciation

(1,905

)

(149

)

(2,054

)

1,295

834

2,129

Intangible assets not subject to amortization

Goodwill

15,209

4,190

19,399

FCC licenses

8,600

8,600

Other

1,242

1,242

25,051

4,190

29,241

Intangible assets subject to amortization, net

991

2,898

3,889

Other assets

681

899

375

1,955

Total assets

$

30,811

10,605

989

42,405

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable)

$

87

(82

)

(5

)

Accounts payable and accrued liabilities

1,225

396

1,621

Current portion of debt

1,075

36

74

1,185

Deferred revenue

1,162

664

1,826

Other current liabilities

168

47

19

234

Total current liabilities

3,717

1,061

88

4,866

Long-term debt

10,047

2,866

1,344

14,257

Deferred income tax liabilities

2,379

8

(185

)

2,202

Other liabilities

1,254

180

1

1,435

Total liabilities

17,397

4,115

1,248

22,760

Equity / Attributed net assets

10,343

6,490

(282

)

16,551

Noncontrolling interests in equity of subsidiaries

3,071

23

3,094

Total liabilities and equity

$

30,811

10,605

989

42,405

LIBERTY MEDIA CORPORATION

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2024 (unaudited)

Attributed

Liberty

Formula

Liberty

SiriusXM

One

Live

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

2,162

2,162

Formula 1 revenue

550

550

Other revenue

37

37

Total revenue

2,162

587

2,749

Operating costs and expenses, including stock-based compensation:

Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):

Revenue share and royalties

703

703

Programming and content(1)

157

157

Customer service and billing(1)

116

116

Other(1)

61

61

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

279

279

Other cost of sales

26

26

Subscriber acquisition costs

90

90

Other operating expenses(1)

86

1

87

Selling, general and administrative(1)

372

91

2

465

Impairment, restructuring and acquisition costs

13

9

22

Depreciation and amortization

155

86

241

1,753

492

2

2,247

Operating income (loss)

409

95

(2

)

502

Other income (expense):

Interest expense

(129

)

(55

)

(7

)

(191

)

Share of earnings (losses) of affiliates, net

5

(3

)

(21

)

(19

)

Realized and unrealized gains (losses) on financial instruments, net

18

48

(69

)

(3

)

Other, net

6

15

6

27

(100

)

5

(91

)

(186

)

Earnings (loss) before income taxes

309

100

(93

)

316

Income tax (expense) benefit

(68

)

(23

)

20

(71

)

Net earnings (loss)

241

77

(73

)

245

Less net earnings (loss) attributable to the noncontrolling interests

42

42

Net earnings (loss) attributable to Liberty stockholders

$

199

77

(73

)

203

(1) Includes stock-based compensation expense as follows:

Programming and content

9

9

Customer service and billing

1

1

Other

1

1

Other operating expenses

12

12

Selling, general and administrative

25

12

1

38

Stock compensation expense

$

48

12

1

61

LIBERTY MEDIA CORPORATION

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2023 (unaudited)

Attributed

Liberty

Formula

SiriusXM

One

Braves

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

2,144

2,144

Formula 1 revenue

381

381

Other revenue

31

31

Total revenue

2,144

381

31

2,556

Operating costs and expenses, including stock-based compensation:

Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):

Revenue share and royalties

700

700

Programming and content(1)

150

150

Customer service and billing(1)

122

122

Other(1)

52

52

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

206

206

Subscriber acquisition costs

90

90

Other operating expenses(1)

79

39

118

Selling, general and administrative(1)

385

75

26

486

Impairment, restructuring and acquisition costs

32

32

Depreciation and amortization

161

84

15

260

1,771

365

80

2,216

Operating income (loss)

373

16

(49

)

340

Other income (expense):

Interest expense

(136

)

(51

)

(9

)

(196

)

Share of earnings (losses) of affiliates, net

(7

)

(2

)

(1

)

(10

)

Realized and unrealized gains (losses) on financial instruments, net

2

(47

)

(1

)

(46

)

Unrealized gains (losses) on intergroup interests

54

(41

)

(13

)

Other, net

3

10

1

14

(84

)

(131

)

(23

)

(238

)

Earnings (loss) before income taxes

289

(115

)

(72

)

102

Income tax (expense) benefit

(69

)

6

13

(50

)

Net earnings (loss)

220

(109

)

(59

)

52

Less net earnings (loss) attributable to the noncontrolling interests

37

37

Net earnings (loss) attributable to Liberty stockholders

$

183

(109

)

(59

)

15

(1) Includes stock-based compensation expense as follows:

Programming and content

7

7

Customer service and billing

1

1

Other

1

1

Other operating expenses

11

11

Selling, general and administrative

28

5

3

36

Stock compensation expense

$

48

5

3

56

LIBERTY MEDIA CORPORATION

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2024 (unaudited)

Attributed

Liberty

Formula

Liberty

SiriusXM

One

Live

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

241

77

(73

)

245

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

Depreciation and amortization

155

86

241

Stock-based compensation

48

12

1

61

Non-cash impairment and restructuring costs

1

1

Share of (earnings) loss of affiliates, net

(5

)

3

21

19

Realized and unrealized (gains) losses on financial instruments, net

(18

)

(48

)

69

3

Deferred income tax expense (benefit)

(12

)

9

(18

)

(21

)

Intergroup tax allocation

29

(27

)

(2

)

Other charges (credits), net

24

2

26

Changes in operating assets and liabilities

Current and other assets

66

(90

)

(3

)

(27

)

Payables and other liabilities

(265

)

116

(4

)

(153

)

Net cash provided (used) by operating activities

264

140

(9

)

395

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

(179

)

(1

)

(180

)

Cash (paid) received for acquisitions, net of cash acquired

(205

)

(205

)

Capital expended for property and equipment, including internal-use software and website development

(174

)

(27

)

(201

)

Other investing activities, net

(1

)

(63

)

(64

)

Net cash provided (used) by investing activities

(354

)

(296

)

(650

)

Cash flows from financing activities:

Borrowings of debt

230

230

Repayments of debt

(267

)

(10

)

(277

)

Cash dividends paid by subsidiary

(17

)

(17

)

Taxes paid in lieu of shares issued for stock-based compensation

(17

)

(7

)

(24

)

Other financing activities, net

(2

)

6

2

6

Net cash provided (used) by financing activities

(73

)

(11

)

2

(82

)

Net increase (decrease) in cash, cash equivalents and restricted cash

(163

)

(167

)

(7

)

(337

)

Cash, cash equivalents and restricted cash at beginning of period

315

1,408

305

2,028

Cash, cash equivalents and restricted cash at end of period

$

152

1,241

298

1,691

Cash and cash equivalents

$

135

1,233

298

1,666

Restricted cash included in other current assets

8

8

16

Restricted cash included in other assets

9

9

Total cash and cash equivalents and restricted cash at end of period

$

152

1,241

298

1,691

LIBERTY MEDIA CORPORATION

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2023 (unaudited)

Attributed

Liberty

Formula

SiriusXM

One

Braves

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

220

(109

)

(59

)

52

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

Depreciation and amortization

161

84

15

260

Stock-based compensation

48

5

3

56

Non-cash impairment and restructuring costs

8

8

Share of (earnings) loss of affiliates, net

7

2

1

10

Unrealized (gains) losses on intergroup interests, net

(54

)

41

13

Realized and unrealized (gains) losses on financial instruments, net

(2

)

47

1

46

Deferred income tax expense (benefit)

7

(5

)

(8

)

(6

)

Intergroup tax allocation

31

(26

)

(5

)

Other charges (credits), net

4

(3

)

1

2

Changes in operating assets and liabilities

Current and other assets

46

(8

)

27

65

Payables and other liabilities

(157

)

229

96

168

Net cash provided (used) by operating activities

319

257

85

661

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

(39

)

(130

)

(169

)

Cash proceeds from dispositions

34

34

Capital expended for property and equipment, including internal-use software and website development

(205

)

(62

)

(14

)

(281

)

Other investing activities, net

2

(1

)

1

Net cash provided (used) by investing activities

(242

)

(159

)

(14

)

(415

)

Cash flows from financing activities:

Borrowings of debt

1,479

1,479

Repayments of debt

(1,633

)

(53

)

(4

)

(1,690

)

Settlement of intergroup interests

202

(202

)

Subsidiary shares repurchased by subsidiary

(62

)

(62

)

Cash dividends paid by subsidiary

(17

)

(17

)

Taxes paid in lieu of shares issued for stock-based compensation

(15

)

(8

)

(1

)

(24

)

Other financing activities, net

37

14

6

57

Net cash provided (used) by financing activities

(9

)

(249

)

1

(257

)

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

2

2

Net increase (decrease) in cash, cash equivalents and restricted cash

68

(149

)

72

(9

)

Cash, cash equivalents and restricted cash at beginning of period

370

1,733

173

2,276

Cash, cash equivalents and restricted cash at end of period

$

438

1,584

245

2,267

Cash and cash equivalents

$

430

215

1,584

2,229

Restricted cash included in other current assets

30

30

Restricted cash included in other assets

8

8

Total cash and cash equivalents and restricted cash at end of period

$

438

245

1,584

2,267

NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES

SCHEDULE 1

To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Liberty SiriusXM Group, Formula One Group, Liberty Live Group and the former Braves Group, together with reconciliations to operating income, as determined under GAAP. jvid视频 defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and other related costs and impairment charges.

jvid视频 believes Adjusted OIBDA 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鈥 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. Because Adjusted OIBDA is used as a measure of operating performance, jvid视频 views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that jvid视频's management considers in assessing the results of operations and performance of its assets.

The following table provides a reconciliation of Adjusted OIBDA for jvid视频 to operating income (loss) calculated in accordance with GAAP for the three months ended March 31, 2023 and March 31, 2024, respectively.

QUARTERLY SUMMARY

(amounts in millions)

1Q23

1Q24

Liberty SiriusXM Group

Operating income

$

373

$

409

Depreciation and amortization

161

155

Stock compensation expense

48

48

Impairment, restructuring and acquisition costs(a)

32

13

Adjusted OIBDA

$

614

$

625

Formula One Group

Operating income

$

16

$

95

Depreciation and amortization

84

86

Stock compensation expense

5

12

Impairment, restructuring and acquisition costs(b)

9

Adjusted OIBDA

$

105

$

202

Liberty Live Group

Operating income

$

N/A

$

(2

)

Depreciation and amortization

N/A

Stock compensation expense

N/A

1

Adjusted OIBDA

$

N/A

$

(1

)

Braves Group

Operating income

$

(49

)

$

N/A

Depreciation and amortization

15

N/A

Stock compensation expense

3

N/A

Impairment, restructuring and acquisition costs

N/A

Adjusted OIBDA

$

(31

)

$

N/A

jvid视频 (Consolidated)

Operating income

$

340

$

502

Depreciation and amortization

260

241

Stock compensation expense

56

61

Impairment, restructuring and acquisition costs

32

22

Adjusted OIBDA

$

688

$

826

a)

During the three months ended March 31, 2024, Sirius XM Holdings recorded $12 million associated with severance and other employee costs and $1 million of impairments, primarily related to terminated software projects. During the three months ended March 31, 2023, Sirius XM Holdings recorded $23 million associated with severance and other employee costs and $9 million primarily related to a vacated office space.

b)

During the three months ended March 31, 2024, Formula One Group incurred $9 million of acquisition related costs associated with the completion of the Quint acquisition and the announcement of the company鈥檚 planned acquisition of MotoGP.

SCHEDULE 2

This press release also includes a presentation of adjusted EBITDA of SiriusXM, which is a non-GAAP financial measure used by SiriusXM, together with a reconciliation to SiriusXM's stand-alone net income, as determined under GAAP. SiriusXM defines adjusted EBITDA as net income before interest expense, income tax expense and depreciation and amortization. SiriusXM adjusts EBITDA to exclude the impact of other expense (income) as well as certain other charges discussed below. Adjusted EBITDA is a non-GAAP financial measure that excludes or adjusts for (if applicable): (i) loss on extinguishment of debt, (ii) share-based payment expense, (iii) impairment, restructuring and acquisition costs, (iv) legal settlements/reserves and (v) other significant operating expense (income) that do not relate to the on-going performance of SiriusXM鈥檚 business. SiriusXM believes adjusted EBITDA is a useful measure of the underlying trend of its operating performance, which provides useful information about its business apart from the costs associated with its capital structure and purchase price accounting. SiriusXM believes investors find this non-GAAP financial measure useful when analyzing past operating performance with current performance and comparing SiriusXM鈥檚 operating performance to the performance of other communications, entertainment and media companies. SiriusXM believes investors use adjusted EBITDA to estimate current enterprise value and to make investment decisions. As a result of large capital investments in SiriusXM鈥檚 satellite radio system, its results of operations reflect significant charges for depreciation expense. SiriusXM believes the exclusion of share-based payment expense is useful as it is not directly related to the operational conditions of its business. SiriusXM also believes the exclusion of the legal settlements and reserves, impairment, restructuring and acquisition related costs, to the extent they occur during the period, is useful as they are significant expenses not incurred as part of its normal operations for the period.

Adjusted EBITDA has certain limitations in that it does not take into account the impact to SiriusXM鈥檚 consolidated statements of comprehensive income of certain expenses, including share-based payment expense. SiriusXM endeavors to compensate for the limitations of the non-GAAP measure presented by also providing the comparable GAAP measure with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measure. Investors that wish to compare and evaluate SiriusXM鈥檚 operating results after giving effect for these costs, should refer to net income as disclosed in SiriusXM鈥檚 unaudited consolidated statements of comprehensive income. Since adjusted EBITDA is a non-GAAP financial performance measure, SiriusXM鈥檚 calculation of adjusted EBITDA may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation of net income to the adjusted EBITDA is calculated as follows:

Unaudited

For the Three Months Ended

March 31,

2023

2024

($ in millions)

Net income:

$

233

$

265

Add back items excluded from Adjusted EBITDA:

Impairment, restructuring and acquisition costs

32

28

Share-based payment expense

45

45

Depreciation and amortization

136

140

Interest expense

107

104

Other (income) expense

(3

)

(12

)

Income tax expense

75

80

Adjusted EBITDA

$

625

$

650

SCHEDULE 3

This press release includes a presentation of free cash flow of SiriusXM, which is a non-GAAP financial measure used by SiriusXM, together with a reconciliation to SiriusXM's stand-alone cash flow provided by operating activities, as determined under GAAP. SiriusXM鈥檚 free cash flow is derived from cash flow provided by operating activities, net of additions to property and equipment and purchases of other investments. Free cash flow is a metric that SiriusXM鈥檚 management and board of directors use to evaluate the cash generated by its operations, net of capital expenditures and other investment activity. In a capital intensive business, with significant investments in satellites, SiriusXM looks at its operating cash flow, net of these investing cash outflows, to determine cash available for future subscriber acquisition and capital expenditures, to repurchase or retire debt, to acquire other companies and to evaluate its ability to return capital to stockholders. SiriusXM excludes from free cash flow certain items that do not relate to the on-going performance of its business, such as cash flows related to acquisitions, strategic and short-term investments, including tax efficient investments in clean energy and net loan activity with related parties and other equity investees. SiriusXM believes free cash flow is an indicator of the long-term financial stability of its business. Free cash flow, which is reconciled to "Net cash provided by operating activities," is a non-GAAP financial measure. This measure can be calculated by deducting amounts under the captions "Additions to property and equipment" and deducting or adding Restricted and other investment activity from "Net cash provided by operating activities" from the unaudited consolidated statements of cash flows. Free cash flow should be used in conjunction with other GAAP financial performance measures and may not be comparable to free cash flow measures presented by other companies. Free cash flow should be viewed as a supplemental measure rather than an alternative measure of cash flows from operating activities, as determined in accordance with GAAP. Free cash flow is limited and does not represent remaining cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt maturities. SiriusXM believes free cash flow provides useful supplemental information to investors regarding its current cash flow, along with other GAAP measures (such as cash flows from operating and investing activities), to determine its financial condition, and to compare its operating performance to other communications, entertainment and media companies. Free cash flow is calculated as follows:

Unaudited

For the Three Months Ended

March 31,

2023

2024

($ in millions)

Cash flow information

Net cash provided by operating activities

$

350

$

308

Net cash used in investing activities

$

(235

)

$

(363

)

Net cash used in financing activities

$

(119

)

$

(90

)

Free cash flow

Net cash provided by operating activities

$

350

$

308

Additions to property and equipment

(205

)

(174

)

Purchases of other investments

(1

)

(2

)

Free cash flow

$

144

$

132

jvid视频
Shane Kleinstein, (720) 875-5432

Source: jvid视频