jvid视频

jvid视频 Reports Second 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 second quarter 2024 results. Headlines include⁽¹⁾:

• Attributed to Liberty SiriusXM Group
  • SiriusXM reported second quarter 2024 operating and financial results
    • Second quarter 2024 revenue of $2.18 billion
    • Ad revenue of $443 million
    • Net income of $316 million; diluted EPS of $0.08
    • Adjusted EBITDA⁽²⁾ of $702 million
    • Free cash flow⁽²⁾ of $343 million
    • SiriusXM reiterated 2024 financial guidance
  • jvid视频鈥檚 ownership of SiriusXM was 83.3% as of July 30^th
  • Expect to complete planned combination of Liberty SiriusXM Group and SiriusXM on September 9^th
  • Liberty repaid $35 million under SiriusXM margin loan in second quarter
• Attributed to Formula One Group
  • On track to complete MotoGP acquisition by year-end 2024
  • F1 announced 2025 Sprint calendar across China, Miami, Belgium, Austin, Brazil and Qatar
  • Expanded partnership with Las Vegas Convention and Visitors Authority to Official Partner of F1
• Attributed to Liberty Live Group
  • Fair value of Live Nation investment was $6.5 billion as of June 30^th

鈥淲e are excited that the combination of Liberty SiriusXM Group with SiriusXM is expected to close on September 9^th. SiriusXM drove sequential adjusted EBITDA and free cash flow improvement in the quarter, demonstrating their commitment to strong financial results while supporting ongoing growth initiatives,鈥� said Greg Maffei, jvid视频 President and CEO. 鈥淔ormula 1 is having an incredible season with particularly high engagement in growth markets. Five races have already set US live viewership records for their events, and we look forward to our new opportunities ahead including Apple鈥檚 highly anticipated F1 film which will debut in June 2025. Live Nation achieved record concerts profitability and global demand hasn鈥檛 slowed as indicators point to another record year ahead.鈥�

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended June 30, 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 second quarter of 2024. In the second quarter, $11 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 second quarter results on August 1, 2024. 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 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 second quarter of 2024. In the second quarter, Formula One Group incurred $14 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

F1 Operating Results

鈥淭he F1 season is seeing phenomenal racing, with seven different winners through fourteen races and tighter gaps across the grid. Social media followers are up over 30% across F1 platforms and we had 3.7 million race attendees through the first half of the season with ten sellout crowds,鈥� said Stefano Domenicali, Formula 1 President and CEO. 鈥淔1 Academy is off to a strong start in its first season running all events alongside F1 race weekends. Together with the Sprint and FIA F2 and F3, it is adding to the exciting on-track action and bringing added value to our fans, promoters and sponsors.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 eight races held in the second quarter of 2024, compared to six races held in the second quarter of 2023. There are 24 events scheduled for the 2024 race calendar, compared to 22 events held in 2023.

Primary F1 revenue increased in the second quarter with growth across media rights and sponsorship partly driven by two more races held in the current period, which resulted in a greater proportion of season-based revenue recognized, as well as contractual increases in fees. Media rights revenue also benefited from continued growth in F1 TV subscription revenue. Sponsorship revenue also increased due to the impact of the mix of races on event specific fees and recognition of revenue from new sponsors. Race promotion revenue was relatively flat in the second quarter as fees from the additional races were offset by the different mix of events compared to the prior year period. Other F1 revenue increased in the second quarter primarily due to higher hospitality, freight, travel, technical services and F2 and F3 income driven by the additional races held in the current period.

Operating income and Adjusted OIBDA⁽²⁾ increased in the second quarter. Team payments increased due to the pro rata recognition of payments across the race season with two more races held in the current period and the expectation of higher 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 higher commissions and partner servicing costs associated with growth in Primary F1 revenue streams as well as higher hospitality, FIA regulatory, digital, technical and travel costs from the additional races held in the current period. Other cost of F1 revenue in the second quarter was also impacted by higher costs associated with F1 Academy and lease expense for the Las Vegas Grand Prix Plaza which wasn鈥檛 incurred in the prior year. Selling, general and administrative expense increased due to higher personnel, IT and property costs as well as legal and other professional fees, partially offset by lower marketing costs, foreign exchange favorability and bad debt recoveries.

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 second quarter due to the Quint acquisition and $6 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, and in the second quarter Quint results were primarily driven by the Kentucky Derby and F1 Experiences across the eight races held. Corporate and Other Adjusted OIBDA for the second 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 second 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 May 1 through July 31, 2024. The total remaining repurchase authorization for jvid视频 as of August 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 June 30, 2024.

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 June 30, 2024.

Total cash and cash equivalents attributed to Liberty SiriusXM Group increased $53 million in the second quarter as cash from operations at SiriusXM more than offset debt repayment at both SiriusXM and Liberty SiriusXM Group and capital expenditures and return of capital at SiriusXM. Included in the cash and cash equivalents balance attributed to Liberty SiriusXM Group at June 30, 2024 is $100 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 $86 million of dividends from SiriusXM during the quarter.

Total debt attributed to Liberty SiriusXM Group decreased $215 million during the quarter due to net debt repayment at SiriusXM and Liberty SiriusXM Group repaying $35 million under its SiriusXM margin loan.

Total cash and cash equivalents attributed to Formula One Group increased $258 million during the quarter due to cash from operations at F1. Total debt at Formula One Group was relatively flat in the second quarter.

Total cash and cash equivalents attributed to Liberty Live Group increased $108 million during the second quarter primarily due to the monetization of exchange-traded funds. 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 August 8, 2024. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13742818 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 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.

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 June 30, 2023 and June 30, 2024, respectively.