Liberty Media Corporation Reports Third Quarter 2024 Financial Results
-
Completed combination of
Liberty SiriusXM Group andSiriusXM onSeptember 9 th -
Attributed to
Formula One Group - Refinanced F1 debt facilities, extending maturities and reducing margin on Term Loan B from 2.25% to 2.00% with anticipated future step down to 1.75%
-
Secured all funding for MotoGP transaction and on track to close by year-end 2024
-
Completed public offering of 12.2 million FWONK shares for
$949 million gross proceeds in lieu of issuing equity to sellers -
Raised deal-contingent incremental
$850 million Term Loan B and$150 million Term Loan A commitments
-
Completed public offering of 12.2 million FWONK shares for
-
F1 announced several new and expanded sponsorship agreements, including LVMH and Lenovo as
Global Partners and American Express and Santander asOfficial Partners -
Signed multi-year licensing deals with
LEGO and Mattel Hot Wheels which will see both brands launch F1 products in scale in 2025
-
Attributed to
Liberty Live Group -
Fair value of
Live Nation investment was$7.6 billion as ofSeptember 30 th
-
Fair value of
“The third quarter was active both at the corporate level and at our operating businesses. We closed the Liberty SiriusXM merger with
Corporate Updates
On
Discussion of Results
Unless otherwise noted, the following discussion compares financial information for the three months ended
|
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|
|
3Q23 |
|
|
|
3Q24 |
|
|
|
amounts in millions |
||||||
|
|
|
|
|
||||
Revenue |
|
|
|
|
||||
Formula 1 |
|
$ |
887 |
|
|
$ |
861 |
|
Corporate and other |
|
|
— |
|
|
|
70 |
|
Intergroup elimination |
|
|
— |
|
|
|
(20 |
) |
|
|
$ |
887 |
|
|
$ |
911 |
|
Operating Income (Loss) |
|
|
|
|
||||
Formula 1 |
|
$ |
132 |
|
|
$ |
146 |
|
Corporate and other |
|
|
(25 |
) |
|
|
(36 |
) |
|
|
$ |
107 |
|
|
$ |
110 |
|
Adjusted OIBDA (Loss) |
|
|
|
|
||||
Formula 1 |
|
$ |
215 |
|
|
$ |
221 |
|
Corporate and other |
|
|
(18 |
) |
|
|
(14 |
) |
|
|
$ |
197 |
|
|
$ |
207 |
|
F1 Operating Results
“Our business is benefitting from excellent competitive and financial momentum. We signed a ground-breaking partnership with LVMH for 2025, expanded our relationships with Lenovo and American Express, and secured licensing agreements with
The following table provides the operating results of Formula 1 (“F1”).
|
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|
|
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|
|||||
|
|
3Q23 |
|
|
|
3Q24 |
|
|
% Change |
|
|
amounts in millions |
|
|
|||||||
Primary Formula 1 revenue |
$ |
790 |
|
|
$ |
758 |
|
|
(4 |
)% |
Other Formula 1 revenue |
|
97 |
|
|
|
103 |
|
|
6 |
% |
Total Formula 1 revenue |
$ |
887 |
|
|
$ |
861 |
|
|
(3 |
)% |
Operating expenses (excluding stock-based compensation): |
|
|
|
|
|
|||||
Team payments |
|
(432 |
) |
|
|
(371 |
) |
|
14 |
% |
Other cost of Formula 1 revenue |
|
(183 |
) |
|
|
(190 |
) |
|
(4 |
)% |
Cost of Formula 1 revenue |
$ |
(615 |
) |
|
$ |
(561 |
) |
|
9 |
% |
Selling, general and administrative expenses |
|
(57 |
) |
|
|
(79 |
) |
|
(39 |
)% |
Adjusted OIBDA |
$ |
215 |
|
|
$ |
221 |
|
|
3 |
% |
Stock-based compensation |
|
(1 |
) |
|
|
(1 |
) |
|
— |
% |
Depreciation and Amortization(a) |
|
(82 |
) |
|
|
(74 |
) |
|
10 |
% |
Operating income (loss) |
$ |
132 |
|
|
$ |
146 |
|
|
11 |
% |
|
|
|
|
|
|
|||||
Number of races in period |
|
8 |
|
|
|
7 |
|
|
|
_________________________ |
||
a) |
|
Includes |
Primary F1 revenue represents the majority of F1’s revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.
There were seven races held in the third quarter of 2024, compared to eight races held in the third quarter of 2023. There are 24 events scheduled for the 2024 race calendar, compared to 22 events held in 2023.
Primary F1 revenue decreased in the third quarter due to less media rights and sponsorship revenue driven by one fewer race held in the current period which resulted in a lower proportion of season-based revenue recognized. Sponsorship revenue also decreased due to the impact of the mix of races on event specific fees, partially offset by recognition of revenue from new sponsors. The decline in media rights revenue recognized was partially offset by contractual increases in fees and continued growth in F1 TV subscription revenue. Race promotion revenue grew in the third quarter due to fees from the different mix of events held compared to the prior year period. Other F1 revenue increased in the third quarter primarily due to higher licensing revenue and revenue generated from third-party events at the
Operating income and Adjusted OIBDA(2) increased in the third quarter. Team payments decreased due to the pro rata recognition of payments across the race season with one fewer race held in the current period, partially offset by 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 servicing Primary F1 revenue streams and higher digital costs, partially offset by lower FIA regulatory, technical, hospitality and travel costs due to the mix of events held. Other cost of F1 revenue in the third quarter was also impacted by higher costs associated with
Corporate and Other Operating Results
Corporate and Other revenue increased in the second quarter due to the inclusion of Quint results and
The businesses and assets attributed to
LIBERTY LIVE GROUP – In the third quarter,
The businesses and assets attributed to
Share Repurchases
There were no repurchases of Liberty Media’s common stock from
FOOTNOTES
1) |
|
|
2) |
|
For a definition of Adjusted OIBDA (as defined by |
NOTES
The following financial information with respect to
Fair Value of
(amounts in millions) |
|
|
|
|
||
|
|
|
|
|
||
Other |
|
|
50 |
|
|
— |
|
|
$ |
50 |
|
$ |
— |
|
|
|
|
|
||
|
|
|
|
|
||
|
|
|
6,529 |
|
|
7,625 |
|
|
$ |
6,529 |
|
$ |
7,625 |
|
|
|
|
|
||
Total |
|
$ |
6,579 |
|
$ |
7,625 |
_________________________ |
||
a) |
|
Represents the carrying value of other public holdings that are accounted for at fair value. |
b) |
|
Represents the fair value of the equity investment in |
Cash and Debt
The following presentation is provided to separately identify cash and debt information.
|
|
|
|
|
|||
(amounts in millions) |
|
|
|
|
|||
Cash and Cash Equivalents Attributable to: |
|
|
|
|
|||
|
|
$ |
1,491 |
|
|
$ |
2,666 |
|
|
|
406 |
|
|
|
388 |
Total Consolidated Cash and Cash Equivalents (GAAP) |
|
$ |
1,897 |
|
|
$ |
3,054 |
|
|
|
|
|
|||
Debt: |
|
|
|
|
|||
2.25% convertible notes due 2027(b) |
|
|
475 |
|
|
|
475 |
Formula 1 term loan and revolving credit facility |
|
|
2,389 |
|
|
|
2,384 |
Other corporate level debt |
|
|
56 |
|
|
|
54 |
Total Attributed Formula One Group Debt |
|
$ |
2,920 |
|
|
$ |
2,913 |
Fair market value adjustment |
|
|
(8 |
) |
|
|
15 |
Total Attributed Formula One Group Debt (GAAP) |
|
$ |
2,912 |
|
|
$ |
2,928 |
Formula 1 leverage(c) |
|
1.3x |
|
1.1x |
|||
|
|
|
|
|
|||
0.5% |
|
|
62 |
|
|
|
50 |
2.375% |
|
|
1,150 |
|
|
|
1,150 |
|
|
|
— |
|
|
|
— |
Total Attributed Liberty Live Group Debt |
|
$ |
1,212 |
|
|
$ |
1,200 |
Unamortized discount, fair market value adjustment and deferred loan costs |
|
|
91 |
|
|
|
237 |
Total Attributed Liberty Live Group Debt (GAAP) |
|
$ |
1,303 |
|
|
$ |
1,437 |
|
|
|
|
|
|||
Total Liberty Media Corporation Debt (GAAP) |
|
$ |
4,215 |
|
|
$ |
4,365 |
_________________________ | ||
a) |
|
Includes |
b) |
|
Face amount of the convertible notes and exchangeable debentures with no fair market value adjustment. The 0.5% |
c) |
|
Net leverage as defined in F1’s credit facilities for covenant calculations. |
In August,
Total debt at
Total cash and cash equivalents attributed to
Important Notice:
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 acquisition of MotoGP,
Formula 1 debt matters, expectations regarding Live Nation’s business 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 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 future litigation, the failure to realize benefits of acquisitions, rapid industry change, failure of third parties to perform, continued access to capital on terms acceptable to
BALANCE SHEET INFORMATION
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|||||
|
|
Attributed |
|
|
|
|
|||||||
|
|
Formula |
|
Liberty |
|
|
|
|
|||||
|
|
One |
|
Live |
|
Intergroup |
|
Consolidated |
|||||
|
|
Group |
|
Group |
|
Eliminations |
|
Liberty |
|||||
|
|
amounts in millions |
|||||||||||
Assets |
|
|
|
|
|
|
|
|
|||||
Current assets: |
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
|
$ |
2,666 |
|
|
388 |
|
|
— |
|
|
3,054 |
|
Trade and other receivables, net |
|
|
122 |
|
|
— |
|
|
— |
|
|
122 |
|
Other current assets |
|
|
503 |
|
|
— |
|
|
— |
|
|
503 |
|
Total current assets |
|
|
3,291 |
|
|
388 |
|
|
— |
|
|
3,679 |
|
Investments in affiliates, accounted for using the equity method |
|
|
35 |
|
|
448 |
|
|
— |
|
|
483 |
|
|
|
|
|
|
|
|
|
|
|||||
Property and equipment, at cost |
|
|
1,010 |
|
|
— |
|
|
— |
|
|
1,010 |
|
Accumulated depreciation |
|
|
(183 |
) |
|
— |
|
|
— |
|
|
(183 |
) |
|
|
|
827 |
|
|
— |
|
|
— |
|
|
827 |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
4,192 |
|
|
— |
|
|
— |
|
|
4,192 |
|
Intangible assets subject to amortization, net |
|
|
2,757 |
|
|
— |
|
|
— |
|
|
2,757 |
|
Other assets |
|
|
878 |
|
|
419 |
|
|
(27 |
) |
|
1,270 |
|
Total assets |
|
$ |
11,980 |
|
|
1,255 |
|
|
(27 |
) |
|
13,208 |
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities and Equity |
|
|
|
|
|
|
|
|
|||||
Current liabilities: |
|
|
|
|
|
|
|
|
|||||
Accounts payable and accrued liabilities |
|
$ |
404 |
|
|
— |
|
|
— |
|
|
404 |
|
Current portion of debt |
|
|
21 |
|
|
55 |
|
|
— |
|
|
76 |
|
Deferred revenue |
|
|
756 |
|
|
— |
|
|
— |
|
|
756 |
|
Other current liabilities |
|
|
37 |
|
|
— |
|
|
— |
|
|
37 |
|
Total current liabilities |
|
|
1,218 |
|
|
55 |
|
|
— |
|
|
1,273 |
|
Long-term debt |
|
|
2,907 |
|
|
1,382 |
|
|
— |
|
|
4,289 |
|
Deferred income tax liabilities |
|
|
27 |
|
|
— |
|
|
(27 |
) |
|
— |
|
Other liabilities |
|
|
186 |
|
|
1 |
|
|
— |
|
|
187 |
|
Total liabilities |
|
|
4,338 |
|
|
1,438 |
|
|
(27 |
) |
|
5,749 |
|
Equity / Attributed net assets |
|
|
7,642 |
|
|
(206 |
) |
|
— |
|
|
7,436 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
— |
|
|
23 |
|
|
— |
|
|
23 |
|
Total liabilities and equity |
|
$ |
11,980 |
|
|
1,255 |
|
|
(27 |
) |
|
13,208 |
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended |
|||||||||||||
|
|
|
|
|
|
|
|
|
|||||
|
|
Attributed |
|
|
|||||||||
|
|
Formula |
|
Liberty |
|
Liberty |
|
|
|||||
|
|
One |
|
Live |
|
|
|
Consolidated |
|||||
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|||||
|
|
amounts in millions |
|||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|||||
Formula 1 revenue |
|
$ |
848 |
|
|
— |
|
|
— |
|
|
848 |
|
Other revenue |
|
|
63 |
|
|
— |
|
|
— |
|
|
63 |
|
Total revenue |
|
|
911 |
|
|
— |
|
|
— |
|
|
911 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|||||
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
554 |
|
|
— |
|
|
— |
|
|
554 |
|
Other cost of sales |
|
|
41 |
|
|
— |
|
|
— |
|
|
41 |
|
Other operating expenses |
|
|
2 |
|
|
— |
|
|
— |
|
|
2 |
|
Selling, general and administrative (1) |
|
|
113 |
|
|
3 |
|
|
— |
|
|
116 |
|
Impairment and acquisition costs |
|
|
3 |
|
|
— |
|
|
— |
|
|
3 |
|
Depreciation and amortization |
|
|
88 |
|
|
— |
|
|
— |
|
|
88 |
|
|
|
|
801 |
|
|
3 |
|
|
— |
|
|
804 |
|
Operating income (loss) |
|
|
110 |
|
|
(3 |
) |
|
— |
|
|
107 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|||||
Interest expense |
|
|
(54 |
) |
|
(8 |
) |
|
— |
|
|
(62 |
) |
Share of earnings (losses) of affiliates, net |
|
|
(1 |
) |
|
117 |
|
|
— |
|
|
116 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
39 |
|
|
(94 |
) |
|
— |
|
|
(55 |
) |
Other, net |
|
|
21 |
|
|
8 |
|
|
— |
|
|
29 |
|
|
|
|
5 |
|
|
23 |
|
|
— |
|
|
28 |
|
Earnings (loss) from continuing operations before income taxes |
|
|
115 |
|
|
20 |
|
|
— |
|
|
135 |
|
Income tax (expense) benefit |
|
|
2 |
|
|
(5 |
) |
|
— |
|
|
(3 |
) |
Net earnings (loss) from continuing operations |
|
|
117 |
|
|
15 |
|
|
— |
|
|
132 |
|
Net earnings (loss) from discontinued operations |
|
|
— |
|
|
— |
|
|
(3,002 |
) |
|
(3,002 |
) |
Net earnings (loss) |
|
|
117 |
|
|
15 |
|
|
(3,002 |
) |
|
(2,870 |
) |
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
|
— |
|
|
(502 |
) |
|
(502 |
) |
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
117 |
|
|
15 |
|
|
(2,500 |
) |
|
(2,368 |
) |
|
|
|
|
|
|
|
|
|
|||||
(1) Includes stock-based compensation expense as follows: |
|
|
|
|
|
|
|
|
|||||
Selling, general and administrative |
|
$ |
6 |
|
|
1 |
|
|
— |
|
|
7 |
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Attributed |
|
|
||||||||||||
|
|
Formula |
|
Liberty |
|
Liberty |
|
|
|
|
||||||
|
|
One |
|
Live |
|
|
|
Braves |
|
Consolidated |
||||||
|
|
Group |
|
Group |
|
Group |
|
Group |
|
Liberty |
||||||
|
|
amounts in millions |
||||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
||||||
Formula 1 revenue |
|
$ |
887 |
|
|
— |
|
|
— |
|
|
— |
|
|
887 |
|
Other revenue |
|
|
— |
|
|
— |
|
|
— |
|
|
49 |
|
|
49 |
|
Total revenue |
|
|
887 |
|
|
— |
|
|
— |
|
|
49 |
|
|
936 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
||||||
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
615 |
|
|
— |
|
|
— |
|
|
— |
|
|
615 |
|
Other operating expenses |
|
|
— |
|
|
— |
|
|
— |
|
|
38 |
|
|
38 |
|
Selling, general and administrative (1) |
|
|
79 |
|
|
5 |
|
|
— |
|
|
9 |
|
|
93 |
|
Depreciation and amortization |
|
|
86 |
|
|
— |
|
|
— |
|
|
3 |
|
|
89 |
|
|
|
|
780 |
|
|
5 |
|
|
— |
|
|
50 |
|
|
835 |
|
Operating income (loss) |
|
|
107 |
|
|
(5 |
) |
|
— |
|
|
(1 |
) |
|
101 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense |
|
|
(56 |
) |
|
(2 |
) |
|
(1 |
) |
|
(3 |
) |
|
(62 |
) |
Share of earnings (losses) of affiliates, net |
|
|
2 |
|
|
90 |
|
|
50 |
|
|
1 |
|
|
143 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
66 |
|
|
(72 |
) |
|
45 |
|
|
— |
|
|
39 |
|
Unrealized gains (losses) on intergroup interests |
|
|
16 |
|
|
— |
|
|
— |
|
|
(20 |
) |
|
(4 |
) |
Other, net |
|
|
14 |
|
|
(35 |
) |
|
1 |
|
|
1 |
|
|
(19 |
) |
|
|
|
42 |
|
|
(19 |
) |
|
95 |
|
|
(21 |
) |
|
97 |
|
Earnings (loss) from continuing operations before income taxes |
|
|
149 |
|
|
(24 |
) |
|
95 |
|
|
(22 |
) |
|
198 |
|
Income tax (expense) benefit |
|
|
(31 |
) |
|
5 |
|
|
(21 |
) |
|
1 |
|
|
(46 |
) |
Net earnings (loss) from continuing operations |
|
|
118 |
|
|
(19 |
) |
|
74 |
|
|
(21 |
) |
|
152 |
|
Net earnings (loss) from discontinued operations |
|
|
— |
|
|
— |
|
|
291 |
|
|
— |
|
|
291 |
|
Net earnings (loss) |
|
|
118 |
|
|
(19 |
) |
|
365 |
|
|
(21 |
) |
|
443 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
|
— |
|
|
58 |
|
|
— |
|
|
58 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
118 |
|
|
(19 |
) |
|
307 |
|
|
(21 |
) |
|
385 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) Includes stock-based compensation expense as follows: |
|
|
|
|
|
|
|
|
|
|
||||||
Selling, general and administrative |
|
|
4 |
|
|
1 |
|
|
— |
|
|
1 |
|
|
6 |
|
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended |
|||||||||||||
|
|
|
|
|
|
|
|
|
|||||
|
|
Attributed |
|
|
|||||||||
|
|
Formula |
|
Liberty |
|
Liberty |
|
|
|||||
|
|
One |
|
Live |
|
|
|
Consolidated |
|||||
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|||||
|
|
amounts in millions |
|||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|||||
Net earnings (loss) |
|
$ |
218 |
|
|
76 |
|
|
(2,412 |
) |
|
(2,118 |
) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|||||
Net (earnings) loss from discontinued operations |
|
|
— |
|
|
— |
|
|
2,412 |
|
|
2,412 |
|
Depreciation and amortization |
|
|
263 |
|
|
— |
|
|
— |
|
|
263 |
|
Stock-based compensation |
|
|
24 |
|
|
3 |
|
|
— |
|
|
27 |
|
Share of (earnings) loss of affiliates, net |
|
|
6 |
|
|
(181 |
) |
|
— |
|
|
(175 |
) |
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(86 |
) |
|
75 |
|
|
— |
|
|
(11 |
) |
Deferred income tax expense (benefit) |
|
|
22 |
|
|
22 |
|
|
— |
|
|
44 |
|
Intergroup tax allocation |
|
|
(97 |
) |
|
(1 |
) |
|
— |
|
|
(98 |
) |
Intergroup tax (payments) receipts |
|
|
128 |
|
|
3 |
|
|
— |
|
|
131 |
|
Other, net |
|
|
25 |
|
|
(4 |
) |
|
— |
|
|
21 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|||||
Current and other assets |
|
|
(71 |
) |
|
— |
|
|
— |
|
|
(71 |
) |
Payables and other liabilities |
|
|
155 |
|
|
(4 |
) |
|
— |
|
|
151 |
|
Net cash provided (used) by operating activities |
|
|
587 |
|
|
(11 |
) |
|
— |
|
|
576 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|||||
Investments in equity method affiliates and debt and equity securities |
|
|
(7 |
) |
|
(3 |
) |
|
— |
|
|
(10 |
) |
Cash proceeds from dispositions |
|
|
— |
|
|
107 |
|
|
— |
|
|
107 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(205 |
) |
|
— |
|
|
— |
|
|
(205 |
) |
Capital expended for property and equipment, including internal-use software and website development |
|
|
(52 |
) |
|
— |
|
|
— |
|
|
(52 |
) |
Other investing activities, net |
|
|
(13 |
) |
|
1 |
|
|
— |
|
|
(12 |
) |
Net cash provided (used) by investing activities |
|
|
(277 |
) |
|
105 |
|
|
— |
|
|
(172 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|||||
Borrowings of debt |
|
|
644 |
|
|
— |
|
|
— |
|
|
644 |
|
Repayments of debt |
|
|
(671 |
) |
|
(12 |
) |
|
— |
|
|
(683 |
) |
Issuance of Series C Liberty Formula One common stock |
|
|
939 |
|
|
— |
|
|
— |
|
|
939 |
|
Other financing activities, net |
|
|
42 |
|
|
1 |
|
|
— |
|
|
43 |
|
Net cash provided (used) by financing activities |
|
|
954 |
|
|
(11 |
) |
|
— |
|
|
943 |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
1 |
|
|
— |
|
|
— |
|
|
1 |
|
Net cash provided (used) by discontinued operations: |
|
|
|
|
|
|
|
|
|||||
Cash provided (used) by operating activities |
|
|
— |
|
|
— |
|
|
879 |
|
|
879 |
|
Cash provided (used) by investing activities |
|
|
— |
|
|
— |
|
|
(709 |
) |
|
(709 |
) |
Cash provided (used) by financing activities |
|
|
— |
|
|
— |
|
|
(485 |
) |
|
(485 |
) |
Net cash provided (used) by discontinued operations |
|
|
— |
|
|
— |
|
|
(315 |
) |
|
(315 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
1,265 |
|
|
83 |
|
|
(315 |
) |
|
1,033 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
1,408 |
|
|
305 |
|
|
315 |
|
|
2,028 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
2,673 |
|
|
388 |
|
|
— |
|
|
3,061 |
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
|
$ |
2,666 |
|
|
388 |
|
|
— |
|
|
3,054 |
|
Restricted cash included in other current assets |
|
|
7 |
|
|
— |
|
|
— |
|
|
7 |
|
Total cash and cash equivalents and restricted cash at end of period |
|
$ |
2,673 |
|
|
388 |
|
|
— |
|
|
3,061 |
|
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Attributed |
|
|
||||||||||||
|
|
Formula |
|
Liberty |
|
Liberty |
|
|
|
|
||||||
|
|
One |
|
Live |
|
|
|
Braves |
|
Consolidated |
||||||
|
|
Group |
|
Group |
|
Group |
|
Group |
|
Liberty |
||||||
|
|
amounts in millions |
||||||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings (loss) |
|
$ |
124 |
|
|
(19 |
) |
|
802 |
|
|
(109 |
) |
|
798 |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
||||||
Net (earnings) loss from discontinued operations |
|
|
— |
|
|
— |
|
|
(757 |
) |
|
— |
|
|
(757 |
) |
Depreciation and amortization |
|
|
254 |
|
|
— |
|
|
— |
|
|
37 |
|
|
291 |
|
Stock-based compensation |
|
|
14 |
|
|
1 |
|
|
— |
|
|
7 |
|
|
22 |
|
Share of (earnings) loss of affiliates, net |
|
|
1 |
|
|
(90 |
) |
|
(127 |
) |
|
(12 |
) |
|
(228 |
) |
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(83 |
) |
|
72 |
|
|
59 |
|
|
(3 |
) |
|
45 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(15 |
) |
|
— |
|
|
— |
|
|
83 |
|
|
68 |
|
Deferred income tax expense (benefit) |
|
|
19 |
|
|
(4 |
) |
|
14 |
|
|
(5 |
) |
|
24 |
|
Intergroup tax allocation |
|
|
(135 |
) |
|
(1 |
) |
|
(1 |
) |
|
— |
|
|
(137 |
) |
Intergroup tax (payments) receipts |
|
|
91 |
|
|
— |
|
|
— |
|
|
(1 |
) |
|
90 |
|
Other, net |
|
|
6 |
|
|
34 |
|
|
6 |
|
|
4 |
|
|
50 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
||||||
Current and other assets |
|
|
(122 |
) |
|
(10 |
) |
|
— |
|
|
(34 |
) |
|
(166 |
) |
Payables and other liabilities |
|
|
400 |
|
|
14 |
|
|
1 |
|
|
65 |
|
|
480 |
|
Net cash provided (used) by operating activities |
|
|
554 |
|
|
(3 |
) |
|
(3 |
) |
|
32 |
|
|
580 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
||||||
Investments in equity method affiliates and debt and equity securities |
|
|
(173 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(173 |
) |
Cash proceeds from dispositions |
|
|
110 |
|
|
1 |
|
|
— |
|
|
— |
|
|
111 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(308 |
) |
|
— |
|
|
— |
|
|
(35 |
) |
|
(343 |
) |
Other investing activities, net |
|
|
(20 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(20 |
) |
Net cash provided (used) by investing activities |
|
|
(391 |
) |
|
1 |
|
|
— |
|
|
(35 |
) |
|
(425 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
||||||
Borrowings of debt |
|
|
— |
|
|
1,135 |
|
|
— |
|
|
30 |
|
|
1,165 |
|
Repayments of debt |
|
|
(64 |
) |
|
(918 |
) |
|
— |
|
|
(20 |
) |
|
(1,002 |
) |
Settlement of intergroup interests |
|
|
(273 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(273 |
) |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(188 |
) |
|
(188 |
) |
Reclassification |
|
|
(100 |
) |
|
100 |
|
|
— |
|
|
— |
|
|
— |
|
Other financing activities, net |
|
|
11 |
|
|
— |
|
|
3 |
|
|
8 |
|
|
22 |
|
Net cash provided (used) by financing activities |
|
|
(426 |
) |
|
317 |
|
|
3 |
|
|
(170 |
) |
|
(276 |
) |
Net cash provided (used) by discontinued operations: |
|
|
|
|
|
|
|
|
|
|
||||||
Cash provided (used) by operating activities |
|
|
— |
|
|
— |
|
|
1,301 |
|
|
— |
|
|
1,301 |
|
Cash provided (used) by investing activities |
|
|
— |
|
|
— |
|
|
(565 |
) |
|
— |
|
|
(565 |
) |
Cash provided (used) by financing activities |
|
|
— |
|
|
— |
|
|
(771 |
) |
|
— |
|
|
(771 |
) |
Net cash provided (used) by discontinued operations |
|
|
— |
|
|
— |
|
|
(35 |
) |
|
— |
|
|
(35 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(263 |
) |
|
315 |
|
|
(35 |
) |
|
(173 |
) |
|
(156 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
1,733 |
|
|
NA |
|
370 |
|
|
173 |
|
|
2,276 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
1,470 |
|
|
315 |
|
|
335 |
|
|
— |
|
|
2,120 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
1,470 |
|
|
315 |
|
|
— |
|
|
NA |
|
1,785 |
|
|
Cash and cash equivalents included in current assets of discontinued operations |
|
|
— |
|
|
— |
|
|
327 |
|
|
NA |
|
327 |
|
|
Restricted cash included in noncurrent assets of discontinued operations |
|
|
— |
|
|
— |
|
|
8 |
|
|
NA |
|
8 |
|
|
Total cash and cash equivalents and restricted cash at end of period |
|
$ |
1,470 |
|
|
315 |
|
|
335 |
|
|
NA |
|
2,120 |
|
|
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
The following table provides a reconciliation of Adjusted OIBDA for
QUARTERLY SUMMARY |
|
|
|
|
||||
(amounts in millions) |
|
|
3Q23 |
|
|
|
3Q24 |
|
|
|
|
|
|
||||
Operating income |
|
$ |
107 |
|
|
$ |
110 |
|
Depreciation and amortization |
|
|
86 |
|
|
|
88 |
|
Stock compensation expense |
|
|
4 |
|
|
|
6 |
|
Impairment and acquisition costs(a) |
|
|
— |
|
|
|
3 |
|
Adjusted OIBDA |
|
$ |
197 |
|
|
$ |
207 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Operating income |
|
$ |
(5 |
) |
|
$ |
(3 |
) |
Stock compensation expense |
|
|
1 |
|
|
|
1 |
|
Adjusted OIBDA |
|
$ |
(4 |
) |
|
$ |
(2 |
) |
|
|
|
|
|
||||
|
|
|
|
|
||||
Operating income |
|
$ |
(1 |
) |
|
N/A |
|
|
Depreciation and amortization |
|
|
3 |
|
|
|
N/A |
|
Stock compensation expense |
|
|
1 |
|
|
|
N/A |
|
Adjusted OIBDA |
|
$ |
3 |
|
|
N/A |
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Operating income |
|
$ |
101 |
|
|
$ |
107 |
|
Depreciation and amortization |
|
|
89 |
|
|
|
88 |
|
Stock compensation expense |
|
|
6 |
|
|
|
7 |
|
Impairment and acquisition costs |
|
|
— |
|
|
|
3 |
|
Adjusted OIBDA |
|
$ |
196 |
|
|
$ |
205 |
|
_________________________ |
||
a) |
|
During the three months ended |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106993785/en/
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Source: