jvid视频

jvid视频 Reports Second Quarter 2022 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 second quarter 2022 results. Headlines include⁽¹⁾:

• Attributed to Liberty SiriusXM Group
  • SiriusXM reported second quarter 2022 financial results
    • Revenue of $2.25 billion; increase of 4% year-over-year
    • Net income of $292 million; diluted EPS of $0.07
    • Adjusted EBITDA⁽²⁾ of $679 million
    • Year-to-date capital returns to SiriusXM stockholders of $1.6 billion
    • SiriusXM reiterated full-year financial guidance on July 28^th; expect positive full-year self-pay net subscriber additions
  • jvid视频鈥檚 ownership of SiriusXM was 82.3% as of July 26^th
  • From May 1^st through July 31^st, Liberty repurchased 2.4 million LSXMA/K shares at an average price per share of $38.84 for total cash consideration of $93 million
• Attributed to Formula One Group
  • Announced extension of Australian Grand Prix through 2035
  • Secured renewal with Bandeirantes for exclusive broadcast rights in Brazil through 2025
  • Renewed deal with Netflix for fifth and sixth seasons of Drive to Survive
  • F1 reiterated commitment to be net-zero carbon by 2030 and to introduce 100% sustainable drop-in fuel with new engine formula in 2026
  • Repurchased $146 million face value of 1% FWONK cash convertible notes due 2023, effectively retiring 3.95 million underlying FWONK shares
• Attributed to Braves Group
  • At the end of the second quarter, Braves attendance was up 23% compared to 2019 season
  • 24 game sellouts as of All-Star break

鈥淪iriusXM generated impressive financial results despite the challenges in the auto market. Live Nation continues to capitalize very well on the exceptional consumer demand for live experiences. Formula 1 is making the most of our growing worldwide popularity as evidenced by race attendance, TV viewership and engagement across platforms,鈥� said Greg Maffei, jvid视频 President and CEO. 鈥淭he Braves have played excellent baseball the past two months and have successfully driven attendance growth compared to 2019 off of an already high base.鈥�

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended June 30, 2022 to the same period in 2021.

LIBERTY SIRIUSXM GROUP 鈥� The following table provides the financial results attributed to Liberty SiriusXM Group for the second quarter of 2022. In the second quarter, approximately $7 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the 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 second quarter results on July 28, 2022. For additional detail on SiriusXM鈥檚 financial results for the second 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 interests in SiriusXM, which includes its subsidiary Pandora, and Live Nation.

FORMULA ONE GROUP 鈥� The following table provides the financial results attributed to the Formula One Group for the second quarter of 2022. In the second quarter, the Formula One Group incurred approximately $11 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

鈥淭he Formula 1 2022 season continues to set records, as we鈥檝e seen exciting action and unpredictable outcomes on the track. We are attracting fans in person and across all our platforms,鈥� said Stefano Domenicali, Formula 1 President and CEO. 鈥淲e are making meaningful progress working with all of our stakeholders including our teams, race promoters, the FIA and business partners towards our goal to hit net-zero carbon by 2030.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 seven races held in the second quarters of both 2022 and 2021. Throughout 2021 and particularly in the first half of the season, attendance at races was limited due to the pandemic, and the Paddock Club did not operate in the first half. F1 does not expect its results in 2022 to be impacted by such capacity limitations, though fan attendance continues to be assessed by relevant government authorities on a race-by-race basis. Throughout the first half of the 2022 season, F1 has experienced record attendance in both grandstands and the Paddock Club. There are currently 22 events scheduled for the 2022 race calendar.

Primary F1 revenue increased in the second quarter with growth across race promotion, media rights and sponsorship. Race promotion revenue increased due to higher fees generated from the different mix of events held and contractual increases in fees. Media rights increased due to growth in F1 TV subscription revenue and increased fees under new and renewed contractual agreements. Sponsorship revenue increased due to the recognition of revenue from new sponsors and higher race-specific revenue generated from the different mix of events held. There is a slightly higher proportionate recognition of season-based media rights and sponsorship income recognized during the quarter as 7/22 of revenue was recognized in the second quarter of 2022 compared to 7/23 of revenue recognized in the second quarter of 2021 before the reduction of the 2021 race calendar to 22 races was confirmed.

Other F1 revenue increased in the second quarter primarily due to an increase in freight revenue driven by the increased number of events held outside of Europe and inflation in underlying costs, as well as higher hospitality revenue generated from the Paddock Club, which F1 operated at 5 races in the second quarter of 2022 but was unable to operate in the prior year period.

Operating income and adjusted OIBDA increased in the second quarter. Cost of F1 revenue increased compared to the prior year due to the higher pro rata recognition of team payments across the race season with costs recognized over 22 races compared to 23 races in the prior year period. Other cost of F1 revenue is largely variable in nature and mostly relates to revenue opportunities. These costs increased in the second quarter driven by higher freight costs as well as the impact of a greater scope of activities able to be undertaken compared to the pandemic-affected second quarter of 2021, including operating the Paddock Club. Selling, general and administrative expense increased in the second quarter due to higher personnel and IT costs and increased legal and other advisory fees.

The Liberty SiriusXM Group holds an approximate 2.2% intergroup interest (5.3 million notional shares) in the Formula One Group as of July 31, 2022. These shares are not included in the outstanding share count of Formula One Group in jvid视频鈥檚 most recent Form 10-Q. Assuming the issuance of the shares underlying this intergroup interest, the Formula One Group outstanding share count as of July 31, 2022 would have been 238 million.

The businesses and assets attributed to the Formula One Group consist of jvid视频鈥檚 subsidiary F1, its interest in jvid视频 Acquisition Corporation, other minority investments and an inter-group interest in the Braves Group.

BRAVES GROUP - The following table provides the financial results attributed to the Braves Group for the second quarter of 2022. In the second 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 (ticket sales, concessions, corporate sales, retail, suites, premium seat fees and postseason), (ii) local broadcast rights and (iii) shared Major League Baseball revenue streams, including national broadcast rights and licensing. Development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income.

There were 41 home games played in the second quarter of 2022, compared to 42 played in the prior year period. The first Braves game of the 2022 regular season was played on April 7^th at full capacity. The 2021 regular season began with fans in attendance at 33% capacity for the first home game beginning April 9^th, which increased to 50% capacity beginning April 23^rd and further expanded to full capacity beginning May 7^th. A full 162 game schedule is expected to be played in 2022.

Baseball revenue increased in the second quarter due to increased capacity and ticket demand at both regular season and Spring Training games, as well as additional special events held at the ballpark compared to the period year period. Development revenue increased during the second quarter due to a reduction in deferred payment arrangements and increases in rental income from various new lease commencements.

Operating income and adjusted OIBDA increased in the second quarter. Revenue growth more than offset increased operating costs due to higher player salaries, more normalized levels of facility and game day expenses, increased revenue sharing expenses and increases in personnel costs. Selling, general and administrative expense increased primarily due to increased special event expenses, increased marketing initiatives and higher personnel costs.

The Formula One Group holds an approximate 11.0% intergroup interest (6.8 million notional shares) and the Liberty SiriusXM Group holds an approximate 3.7% intergroup interest (2.3 million notional shares) in the Braves Group as of July 31, 2022. These shares are not included in the outstanding share count of the Braves Group in jvid视频鈥檚 most recent Form 10-Q. Assuming the issuance of the shares underlying these intergroup interests, the Braves Group outstanding share count as of July 31, 2022 would have been 62 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 and certain assets and liabilities associated with the Braves鈥� ballpark and mixed-use development project.

Share Repurchases

From May 1, 2022 through July 31, 2022, Liberty SiriusXM Group repurchased approximately 1.6 million Series C Liberty SiriusXM shares (Nasdaq: LSXMK) at an average cost per share of $38.64 for total cash consideration of $62 million and repurchased approximately 793 thousand Series A Liberty SiriusXM shares (Nasdaq: LSXMA) at an average cost per share of $39.26 for total cash consideration of $31 million.

The total remaining repurchase authorization for jvid视频 as of August 1, 2022 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 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 June 30, 2022.

Fair Value of Corporate Public Holdings

Fair Value of Intergroup Assets and Liabilities

The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock, and the Liberty SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of Liberty Formula One common stock. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. The changes in fair value are recorded in the unrealized gain (loss) on the intergroup interest line item in the unaudited attributed condensed consolidated statements of operations. The intergroup interests will remain outstanding until the redemption of the outstanding interests, at the discretion of jvid视频鈥檚 Board of Directors, through transfer of securities, cash and/or other assets from the Braves Group or Formula One Group, respectively, to the respective tracking stock group.

Cash and Debt

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

jvid视频, SiriusXM, Formula 1 and Braves Holdings are in compliance with their debt covenants as of June 30, 2022.

Total cash and cash equivalents attributed to Liberty SiriusXM Group decreased $216 million in the second quarter as cash from operations and net borrowings at SiriusXM were more than offset by return of capital at both SiriusXM and Liberty SiriusXM Group and net debt repayment at Liberty SiriusXM Group. Included in the cash and cash equivalents balance attributed to Liberty SiriusXM Group at June 30, 2022 is $126 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 $70 million of dividends from SiriusXM during the quarter.

Total debt attributed to Liberty SiriusXM Group decreased $222 million during the quarter due to net debt repayment at Liberty SiriusXM Group as the balance on the Live Nation margin loan was fully repaid. On May 9, 2022, the Live Nation margin loan was amended, replacing the delayed draw term loan with a $400 million revolving line of credit and extending the maturity to May 9, 2025, among other modifications. Nine million shares of Live Nation common stock remain pledged as collateral to the margin loan.

Total cash and cash equivalents attributed to the Formula One Group decreased $321 million during the quarter as cash from operations at F1 was more than offset by the $241 million land purchase at the Formula One Group in support of the 2023 Las Vegas Grand Prix and net debt repayment. Total debt at Formula One Group decreased $148 million in the second quarter. Liberty repurchased $146 million face value of 1% FWONK cash convertible notes due 2023, effectively repurchasing 3.95 million shares of FWONK underlying the retired bonds for approximately $240 million.

Total cash and cash equivalents attributed to the Braves Group decreased $104 million during the quarter as cash from operations was more than offset by net debt repayment, increases in restricted cash and capital expenditures for the continued expansion of the mixed-use development. Total debt attributed to the Braves Group decreased $76 million in the quarter driven by debt repayment under the MLB league wide credit facility.

Important Notice: jvid视频 (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) will discuss jvid视频's earnings release on a conference call which will begin at 10:00 a.m. (E.D.T.) on August 5, 2022. The call can be accessed by dialing (800) 458-4121 or (720) 543-0206, passcode 9770830 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, subscriber and financial guidance, Formula 1鈥檚 race calendar and new races, capacity limitations, plans regarding stock repurchases, the Battery Atlanta mixed-use development 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, changes in law, including consumer protection laws, and their enforcement, the impact of COVID-19, including on general market conditions, the ability of Formula 1, the Braves and Live Nation to hold live events and fan attendance at such events 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.