jvid视频 Reports Fourth Quarter and Year End 2012 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- jvid视频 (鈥渏vid视频鈥) (Nasdaq: LMCA, LMCB) today reported fourth quarter and year end 2012 results. Highlights include(1):
-
Completed separation from Starz on January 11
- Received $1.2 billion in connection with the spin-off
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Received approval from FCC for de jure control of SiriusXM
- Purchased additional 50 million SiriusXM shares in January
- Converted remaining preferred shares into common shares
- Resulting ownership interest above 50%, which resulted in consolidation
- Purchased additional shares of Live Nation, increasing Liberty ownership to approximately 27%
- Repurchased $78 million of jvid视频 shares from November 1, 2012 through January 11, 2013, pre-Starz separation, and repurchased $52 million of jvid视频 shares from January 14, 2013 through January 31, 2013, post-Starz separation
鈥淲e were pleased to receive approval from the FCC for de jure control of SiriusXM and subsequently increased our ownership interest above 50%,鈥 said Greg Maffei President and CEO of jvid视频. 鈥淪iriusXM again posted strong results and ended the year with almost 24 million subscribers. We increased our ownership stake in Live Nation and are encouraged by the growth in their ticket sales for 2013. At Barnes & Noble, we were pleased by the strategic investment by Pearson in NOOK Media.鈥
jvid视频
On January 11, 2013 jvid视频 was spun-off from Starz. The financials as of December 31, 2012 include the financial results of Starz. Liberty will present Starz as discontinued operations when reporting results in the first quarter of 2013. Pro forma, jvid视频 had $1.8 billion in cash and no debt at the time of the spin-off.
jvid视频鈥檚 revenue decreased 52% to $467 million in the fourth quarter and 34% to $2 billion for the year. Adjusted OIBDA decreased 76% to $77 million for the quarter and 58% to $450 million for the year. Operating income decreased 91% to $25 million for the quarter and 66% to $326 million for the year. The decrease in revenue, adjusted OIBDA and operating income was primarily related to a one-time recognition of deferred revenue and costs at TruePosition in the prior year.
Starz, LLC
Starz鈥檚 revenue decreased 2% to $423 million for the fourth quarter and increased 1% to $1.6 billion for the year. The decrease in revenue for the fourth quarter was primarily a result of a decrease in Starz Distribution revenue due to fewer titles available from The Weinstein Company and a decrease in revenue from Starz Networks primarily due to the non-renewal of the Netflix agreement. The increase in revenue for the year was primarily as a result of increases in revenue from the Starz Distribution and Starz Networks businesses which were partially offset by a decrease in revenue for the Starz Animation business.
Adjusted OIBDA increased 10% to $102 million for the fourth quarter and decreased 1% to $445 million for the year. The increase in adjusted OIBDA for the fourth quarter was primarily due to fewer exhibitions at Starz Networks of first-run (first window) films and higher utilization of second window films licensed under our output agreements with Disney and Sony and decreased advertising and marketing costs associated with original programming. Starz Networks did not have a new original series premiere during the fourth quarter of 2012, while the first season of the original series Boss premiered in October 2011. Starz Networks鈥 increase was partially offset by increased production and acquisition costs at Starz Distribution due to revisions made to ultimate revenue estimates which resulted in impairments to capitalized production and acquisition costs for certain titles.
The decrease in adjusted OIBDA for the year was primarily due to increased production and acquisition costs at Starz Distribution resulting from the revisions made in the fourth quarter to the ultimate revenue estimates as mentioned above. This decrease in adjusted OIBDA was partially offset by lower advertising and marketing costs at Starz Networks resulting from one fewer Starz original series premiere during 2012. Starz Networks had three new original series or new season premieres in 2012 as compared to four in 2011. Consolidated Eliminations also contributed to the decrease due to fewer exhibitions of Overture Films鈥 titles on Starz Networks during 2012. Operating income was flat for the fourth quarter and decreased 4% to $406 million for the year.
Share Repurchases
From November 1, 2012 through January 11, 2013, 0.7 million shares of Series A Liberty Capital common stock (Nasdaq: LMCA) were purchased at an average cost per share of $109.49 for total cash consideration of $78.2 million. After the completion of the Starz spin-off on January 11, 2013 through January 31, 2013, 0.5 million shares of Series A Liberty Capital common stock (Nasdaq: LMCA) were purchased at an average cost per share of $110.19 for total cash consideration of $52.1 million. Since the reclassification of the original Liberty Capital tracking stock on March 4, 2008 through January 11, 2013, 58.4 million shares have been repurchased at an average cost per share of $32.55 for total cash consideration of $1.9 billion. These repurchases represent 45.3% of the shares outstanding at the time of the introduction of the original Liberty Capital stock. jvid视频 has approximately $397.9 million remaining under its current stock repurchase authorization.
jvid视频 owns interests in a broad range of media, communications and entertainment businesses. Those interests include its subsidiaries Atlanta National League Baseball Club, Inc., SiriusXM (beginning January 2013) and TruePosition, Inc., interests in Live Nation and minority equity investments in Barnes & Noble and Time Warner Inc.
FOOTNOTES
1) | 听 | jvid视频鈥檚 President and CEO, Gregory B. Maffei, will discuss these highlights and other matters in jvid视频鈥檚 earnings conference call which will begin at 4:45 p.m. (ET) on February 27, 2013. For information regarding how to access the call, please see 鈥淚mportant Notice鈥 later in this document. |
听 | ||
2) | For a definition of adjusted OIBDA and applicable reconciliations see the accompanying schedules. | |
听 |
NOTES
Unless otherwise noted, the foregoing discussion compares financial information for the three months and 12 months ended December 31, 2012 to the same period in 2011.
The following financial information with respect to jvid视频鈥檚 equity affiliates and available for sale securities is intended to supplement jvid视频鈥檚 consolidated balance sheet and statement of operations to be included in its Form 10-K.
Fair Value of Public Holdings
(amounts in millions) | 听 | 听 | 9/30/2012 | 听 | 听 | 12/31/2012 | |
SiriusXM debt and equity(1) | 听 | 听 | $ 8,429 | 听 | 听 | $ 9,621 | |
Live Nation debt and equity(2) | 444 | 494 | |||||
Barnes & Noble investment(3) | 223 | 262 | |||||
Other public holdings(4) | 1,265 | 听 | 听 | 825 | |||
Total jvid视频 | 听 | 听 | $ 10,361 | 听 | 听 | $ 11,202 |
(1) | 听 | Represents the fair value of jvid视频鈥檚 debt and equity investments in SiriusXM. In accordance with GAAP, jvid视频 has accounted for its equity investment in SiriusXM using the equity method of accounting and has included this in its consolidated balance sheet at historical carrying value of $2,656 million and $2,766 million at September 30, 2012 and December 31, 2012, respectively. Beginning in the first quarter of 2013, jvid视频 will consolidate SiriusXM. |
(2) | Represents the fair value of jvid视频鈥檚 debt and equity investments. 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 consolidated balance sheet at its historical carrying value of $412 million and $406 million at September 30, 2012 and December 31, 2012, respectively. | |
(3) | Represents the carrying value of jvid视频鈥檚 preferred equity investment in Barnes & Noble, which is accounted for at fair value. | |
(4) | Represents jvid视频鈥檚 other public holdings which are accounted for at fair value. | |
听 |
Cash and Debt
The following presentation is provided to separately identify cash and liquid investments and debt information.
(amounts in millions) | 听 | 听 | 9/30/2012 | 听 | 听 | 12/31/2012 | |
Cash and liquid investments(1) | $ 1,179 | 听 | 听 | $ 1,420 | |||
Less: Short-term marketable securities | 10 | 67 | |||||
Total jvid视频 Cash (GAAP) | $ 1,169 | 听 | 听 | $ 1,353 | |||
听 | |||||||
Debt: | |||||||
Starz bank facility(2) | 5 | 5 | |||||
Starz 5% senior notes(2) | 500 | 500 | |||||
Other Starz debt(2) | 36 | 听 | 听 | 35 | |||
Total jvid视频 Debt (GAAP) | $ 541 | 听 | 听 | $ 540 |
(1) | 听 | Includes $10 million and $67 million of short-term marketable securities with an original maturity greater than 90 days as of September 30, 2012 and December 31, 2012, respectively. |
(2) | This debt remained with Starz in the January 2013 separation. | |
听 |
Total jvid视频 cash and liquid investments increased $241 million, primarily as a result of proceeds received from disposition of securities, the special dividend from SiriusXM and repayment of loans from investees. These inflows were partially offset by investments in cost and equity investees, stock repurchases and payments on financial instruments. Total jvid视频 debt was relatively unchanged.
Important Notice: jvid视频 (Nasdaq: LMCA, LMCB) President and CEO, Gregory B. Maffei will discuss jvid视频鈥檚 earnings release in a conference call which will begin at 4:45 p.m. (ET) on February 27, 2013. The call can be accessed by dialing (888) 300-2318 or (719) 325-2231 at least 10 minutes prior to the start time. Replays of the conference call can be accessed until 6:45 p.m. (ET) March 6, 2013, by dialing (888) 203-1112 or (719) 457-0820 plus the pass code 2400516#. 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, new service and product launches, the continuation of our stock repurchase plans, third party investments in Barnes & Noble鈥檚 NOOK Media, mobile applications offered by Live Nation, 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, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to jvid视频, changes in law and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this presentation, and Liberty Media 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视频鈥檚 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 Form 10-K and 8-K, for additional information about jvid视频 and about the risks and uncertainties related to jvid视频鈥檚 business which may affect the statements made in this presentation.
SUPPLEMENTAL INFORMATION
As a supplement to jvid视频鈥檚 consolidated statements of operations, to be included in its Form 10-K, the following is a presentation of quarterly and annual financial information and operating metrics on a stand-alone basis for the largest privately held business (Starz, LLC) owned by jvid视频 at December 31, 2012, which Liberty Media has identified as a reportable segment.
Please see below for the definition of adjusted OIBDA and a discussion of why management believes the presentation of adjusted OIBDA provides useful information for investors. Schedule 2 to this press release provides a reconciliation of adjusted OIBDA for Starz, LLC to its operating income for the same period, as determined under GAAP.
QUARTERLY SUMMARY
(amounts in millions) | 听 | 听 | 听 | 4Q11 | 听 | 听 | 听 | 1Q12 | 听 | 听 | 听 | 2Q12 | 听 | 听 | 听 | 3Q12 | 听 | 听 | 听 | 4Q12 | 听 | 听 | |
Starz, LLC | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||||
Revenue | $ 432 | $ 405 | $ 403 | $ 400 | $ 423 | ||||||||||||||||||
Adjusted OIBDA | 93 | 127 | 108 | 108 | 102 | ||||||||||||||||||
Operating income | 87 | 120 | 100 | 99 | 87 | ||||||||||||||||||
Subscription units 鈥 Starz | 19.6 | 20.1 | 20.7 | 20.8 | 21.2 | ||||||||||||||||||
Subscription units 鈥 Encore | 33.2 | 听 | 听 | 听 | 33.6 | 听 | 听 | 听 | 34.2 | 听 | 听 | 听 | 34.3 | 听 | 听 | 听 | 34.8 | ||||||
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ANNUAL SUMMARY
(amounts in millions) | 听 | 听 | 听 | 2011 | 听 | 听 | 2012 |
Starz, LLC | 听 | 听 | |||||
Revenue | $ 1,615 | $ 1,631 | |||||
Adjusted OIBDA | 449 | 445 | |||||
Operating income | 424 | 406 | |||||
Subscription units 鈥 Starz | 19.6 | 21.2 | |||||
Subscription units 鈥 Encore | 33.2 | 听 | 听 | 34.8 | |||
听 |
NON-GAAP FINANCIAL MEASURES
This press release includes a presentation of adjusted OIBDA, which is a non-GAAP financial measure, for jvid视频 and Starz LLC, together with a reconciliation to that entity鈥檚 operating income, as determined under GAAP. jvid视频 defines adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses (excluding stock and other equity-based compensation) and excludes from that definition depreciation and amortization, restructuring and impairment charges and legal settlements that are included in the measurement of operating income pursuant to GAAP.
jvid视频 believes adjusted OIBDA is an important indicator of the operational strength and performance of its businesses, including each business鈥 ability to service debt and fund capital expenditures. 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. Please see the attached schedules for applicable reconciliations.
SCHEDULE 1
The following table provides a reconciliation of adjusted OIBDA for jvid视频 to operating income calculated in accordance with GAAP for the three months ended December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, respectively, and the years ended December 31, 2011 and 2012.
QUARTERLY SUMMARY
(amounts in millions) | 听 | 听 | 4Q11 | 听 | 听 | 听 | 1Q12 | 听 | 听 | 听 | 2Q12 | 听 | 听 | 听 | 3Q12 | 听 | 听 | 听 | 4Q12 | 听 | 听 | |||||||||||
jvid视频 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||||||||
Revenue | $ | 973 | $ | 440 | $ | 537 | $ | 555 | $ | 467 | ||||||||||||||||||||||
听 | ||||||||||||||||||||||||||||||||
Adjusted OIBDA | 323 | 110 | 126 | 137 | 77 | |||||||||||||||||||||||||||
Depreciation and amortization | (13 | ) | (13 | ) | (15 | ) | (16 | ) | (14 | ) | ||||||||||||||||||||||
Stock compensation expense | (8 | ) | (8 | ) | (10 | ) | (10 | ) | (38 | ) | ||||||||||||||||||||||
Gain (loss) on legal settlement | 听 | (9 | ) | 听 | 听 | 听 | 听 | -- | 听 | 听 | 听 | 听 | 听 | -- | 听 | 听 | 听 | 听 | 听 | -- | 听 | 听 | 听 | 听 | 听 | -- | 听 | |||||
Operating Income | $ | 293 | 听 | 听 | 听 | 听 | $ | 89 | 听 | 听 | 听 | 听 | $ | 101 | 听 | 听 | 听 | 听 | $ | 111 | 听 | 听 | 听 | 听 | $ | 25 | 听 | |||||
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ANNUAL SUMMARY
(amounts in millions) | 听 | 听 | 听 | 听 | 2011 | 听 | 听 | 听 | 听 | 2012 | 听 | |
jvid视频 | 听 | 听 | ||||||||||
Revenue | $ | 3,024 | $ | 1,999 | ||||||||
听 | ||||||||||||
Adjusted OIBDA | 1,060 | 450 | ||||||||||
Depreciation and amortization | (69 | ) | (58 | ) | ||||||||
Stock compensation expense | (32 | ) | (66 | ) | ||||||||
Gain (loss) on legal settlement | 听 | (2 | ) | 听 | 听 | 听 | -- | 听 | ||||
Operating Income | $ | 957 | 听 | 听 | 听 | $ | 326 | 听 | ||||
听 |
SCHEDULE 2
The following table provides a reconciliation of adjusted OIBDA for Starz, LLC to its operating income calculated in accordance with GAAP for the three months ended December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, respectively, and the years ended December 31, 2011 and 2012.
QUARTERLY SUMMARY
(amounts in millions) | 听 | 听 | 4Q11 | 听 | 听 | 听 | 1Q12 | 听 | 听 | 听 | 2Q12 | 听 | 听 | 听 | 3Q12 | 听 | 听 | 听 | 4Q12 | 听 | 听 | |||||||||||
Starz, LLC | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||||||||
Revenue | $ | 432 | $ | 405 | $ | 403 | $ | 400 | $ | 423 | ||||||||||||||||||||||
听 | ||||||||||||||||||||||||||||||||
Adjusted OIBDA | 93 | 127 | 108 | 108 | 102 | |||||||||||||||||||||||||||
Depreciation and amortization | (5 | ) | (4 | ) | (5 | ) | (5 | ) | (5 | ) | ||||||||||||||||||||||
Stock compensation expense | 听 | (1 | ) | 听 | 听 | 听 | 听 | (3 | ) | 听 | 听 | 听 | 听 | (3 | ) | 听 | 听 | 听 | 听 | (4 | ) | 听 | 听 | 听 | 听 | (10 | ) | |||||
Operating Income | $ | 87 | 听 | 听 | 听 | 听 | $ | 120 | 听 | 听 | 听 | 听 | $ | 100 | 听 | 听 | 听 | 听 | $ | 99 | 听 | 听 | 听 | 听 | $ | 87 | 听 | |||||
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ANNUAL SUMMARY
(amounts in millions) | 听 | 听 | 听 | 听 | 2011 | 听 | 听 | 听 | 听 | 2012 | 听 |
Starz, LLC | 听 | 听 | |||||||||
Revenue | $ | 1,615 | $ | 1,631 | |||||||
听 | |||||||||||
Adjusted OIBDA | 449 | 445 | |||||||||
Depreciation and amortization | (18 | ) | (19 | ) | |||||||
Stock compensation expense | 听 | (7 | ) | 听 | 听 | 听 | (20 | ) | |||
Operating Income | $ | 424 | 听 | 听 | 听 | $ | 406 | 听 | |||
听 |
听 | 听 | 听 | 听 | ||||||
LIBERTY MEDIA CORPORATION CONSOLIDATED BALANCE SHEET (unaudited) |
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12/31/2011 | 12/31/2012 | ||||||||
amounts in millions | |||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 2,070 | 1,353 | ||||||
Trade and other receivables, net | 288 | 286 | |||||||
Program rights | 388 | 340 | |||||||
Short term marketable securities | 299 | 67 | |||||||
Restricted cash | 709 | 4 | |||||||
Deferred income tax assets | 61 | 13 | |||||||
Other current assets | 45 | 听 | 听 | 听 | 148 | 听 | |||
Total current assets | 3,860 | 听 | 听 | 听 | 2,211 | 听 | |||
听 | |||||||||
Investments in available-for-sale securities and other cost investments | 1,859 | 1,392 | |||||||
Investments in affiliates, accounted for using the equity method | 563 | 3,341 | |||||||
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Property and equipment, at cost | 504 | 468 | |||||||
Accumulated depreciation | (289 | ) | 听 | 听 | (261 | ) | |||
215 | 听 | 听 | 听 | 207 | 听 | ||||
Intangible assets not subject to amortization | 475 | 475 | |||||||
Intangible assets subject to amortization, net | 135 | 120 | |||||||
Program rights | 374 | 339 | |||||||
Other assets, at cost, net of accumulated amortization | 238 | 听 | 听 | 听 | 240 | 听 | |||
Total assets | $ | 7,719 | 听 | 听 | 听 | 8,325 | 听 | ||
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LIABILITIES AND EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ 15 | 10 | |||||||
Accrued liabilities | 313 | 285 | |||||||
Current portion of debt | 754 | 4 | |||||||
Deferred revenue | 63 | 49 | |||||||
Other current liabilities | 85 | 听 | 听 | 听 | 37 | 听 | |||
Total current liabilities | 1,230 | 听 | 听 | 听 | 385 | 听 | |||
听 | |||||||||
Long-term debt | 541 | 536 | |||||||
Deferred income tax liabilities | 409 | 802 | |||||||
Other liabilities | 290 | 听 | 听 | 听 | 170 | 听 | |||
Total liabilities | 2,470 | 听 | 听 | 听 | 1,893 | 听 | |||
听 | |||||||||
Equity: | |||||||||
Total stockholders' equity | 5,259 | 6,440 | |||||||
Noncontrolling interests in equity of subsidiaries | (10 | ) | 听 | 听 | (8) | 听 | |||
Total equity | 5,249 | 听 | 听 | 听 | 6,432 | 听 | |||
Commitments and contingencies | 听 | 听 | 听 | ||||||
Total liabilities and equity | $ | 7,719 | 听 | 听 | 听 | 8,325 | 听 | ||
听 |
听 | 听 | 听 | 听 | ||||||||||
LIBERTY MEDIA CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) |
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Year ended | |||||||||||||
听 | 12/31/2011 |
听 |
12/31/2012 |
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听 | |||||||||||||
REVENUE: | 听 | ||||||||||||
Communications and programming services | 听 | 听 | 听 | $ 3,024 | 1,999 | ||||||||
听 | |||||||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||||
Operating | 1,600 | 1,201 | |||||||||||
Selling, general and administrative, including stock-based compensation | 396 | 414 | |||||||||||
Legal settlement | 2 | -- | |||||||||||
Depreciation and amortization | 听 | 69 | 听 | 听 | 听 | 58 | 听 | ||||||
听 | 2,067 | 听 | 听 | 听 | 1,673 | 听 | |||||||
Operating income | 957 | 326 | |||||||||||
听 | |||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||
Interest expense | (21 | ) | (33 | ) | |||||||||
Dividend and interest income | 79 | 78 | |||||||||||
Share of earnings (losses) of affiliates, net | 87 | 1,346 | |||||||||||
Realized and unrealized gains (losses) on financial instruments, net | 68 | 232 | |||||||||||
Gains (losses) on dispositions, net | (10 | ) | 22 | ||||||||||
Other, net | 听 | 5 | 听 | 听 | 听 | 41 | 听 | ||||||
听 | 208 | 听 | 听 | 听 | 1,686 | 听 | |||||||
Earnings (loss) before income taxes | 1,165 | 2,012 | |||||||||||
Income tax (expense) benefit | 听 | (333 | ) | 听 | 听 | (600 | ) | ||||||
Net earnings (loss) | 832 | 1,412 | |||||||||||
Less net earnings (loss) attributable to the noncontrolling interests | 听 | (4 | ) | 听 | 听 | (2 | ) | ||||||
Net earnings (loss) attributable to Liberty stockholders | 听 | $ 836 | 听 | 听 | 听 | 1,414 | 听 | ||||||
Net earnings (loss) attributable to Liberty stockholders: | |||||||||||||
Liberty Capital common stock | 607 | 1,414 | |||||||||||
Liberty Starz common stock | 听 | 229 | 听 | 听 | 听 | NA | |||||||
听 | $ 836 | 听 | 听 | 听 | 1,414 | 听 | |||||||
听 |
听 | 听 | ||||||||
LIBERTY MEDIA CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) |
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Year ended | |||||||||
12/31/2011 | 听 | 听 | 12/31/2012 | ||||||
amounts in millions | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net earnings | $ | 832 | 1,412 | ||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 69 | 58 | |||||||
Amortization of program rights | 737 | 759 | |||||||
Cash payments for program rights | (769 | ) | (741 | ) | |||||
Stock-based compensation | 32 | 66 | |||||||
Cash payments for stock-based compensation | (21 | ) | (52 | ) | |||||
Excess tax benefit from stock-based compensation | (9 | ) | (146 | ) | |||||
Share of (earnings) losses of affiliates, net | (87 | ) | (1,346 | ) | |||||
Realized and unrealized (gains) losses on financial instruments, net | (68 | ) | (232 | ) | |||||
Losses (gains) on disposition of assets, net | 10 | (22 | ) | ||||||
Change in tax accounts from Liberty Interactive, net | 2 | -- | |||||||
Deferred income tax expense | 72 | 450 | |||||||
Other noncash charges (credits), net | (603 | ) | (27 | ) | |||||
Changes in operating assets and liabilities | |||||||||
Current and other assets | (78 | ) | 10 | ||||||
Payables and other liabilities | 157 | 听 | 听 | 听 | 47 | 听 | |||
Net cash provided (used) by operating activities | 276 | 听 | 听 | 听 | 236 | 听 | |||
听 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Cash proceeds from dispositions of securities | 17 | 766 | |||||||
Proceeds (payments) on financial instruments, net | -- | (9 | ) | ||||||
Investments in and loans to cost and equity investees | (350 | ) | (1,716 | ) | |||||
Repayment of loans by cost and equity investees | 217 | 110 | |||||||
Return on investment in equity method affiliate | -- | 165 | |||||||
Capital expended for property and equipment | (14 | ) | (31 | ) | |||||
Net sales (purchases) of short term investments | 277 | 232 | |||||||
Net (increase) decrease in restricted cash | (153 | ) | 705 | ||||||
Reattribution of cash to Liberty Interactive | (264 | ) | -- | ||||||
Other investing activities, net | (4 | ) | 听 | 听 | (8 | ) | |||
Net cash provided (used) by investing activities | (274 | ) | 听 | 听 | 214 | 听 | |||
听 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Borrowings of debt | 506 | 500 | |||||||
Repayments of debt | (59 | ) | (1,254 | ) | |||||
Repurchases of Liberty common stock | (465 | ) | (323 | ) | |||||
Taxes paid in lieu of shares issued for stock-based compensation | (9 | ) | (181 | ) | |||||
Excess tax benefit from stock-based compensation | 9 | 146 | |||||||
Other financing activities, net | (4 | ) | 听 | 听 | (55 | ) | |||
Net cash provided (used) by financing activities | (22 | ) | 听 | 听 | (1,167 | ) | |||
听 | |||||||||
Net increase (decrease) in cash and cash equivalents | (20 | ) | (717 | ) | |||||
Cash and cash equivalents at beginning of period | 2,090 | 2,070 | |||||||
听 | 听 | 听 | 听 | 听 | 听 | ||||
Cash and cash equivalents at end of period | $ 2,070 | 听 | 听 | 听 | 1,353 | 听 | |||
听 |
jvid视频
Courtnee Ulrich, 720-875-5420
Source: jvid视频
Released February 27, 2013