Liberty Media Corporation (“Liberty Media” or “Liberty”)
(NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported third quarter
2024 results. Headlines include(1):
- Completed combination of Liberty SiriusXM Group and SiriusXM on
September 9th
- 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
- F1 announced several new and expanded sponsorship agreements,
including LVMH and Lenovo as Global Partners and American Express
and Santander as Official 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 of
September 30th
“The third quarter was active both at the corporate level and at
our operating businesses. We closed the Liberty SiriusXM merger
with SiriusXM, refinanced the F1 debt facilities and secured all
necessary funding for our planned acquisition of MotoGP,” said Greg
Maffei, Liberty Media President and CEO. “Formula 1’s commercial
progress is incredible and we were thrilled to announce a number of
hallmark deals beginning in 2025, including our new multi-year
partnership with LVMH. Live Nation continues to see high global
demand for their events and is already positioned for a very strong
2025 with increased stadium activity.”
Corporate Updates
On September 9, 2024, Liberty Media completed the split-off (the
“Split-Off”) of its wholly owned subsidiary, Liberty Sirius XM
Holdings Inc. (“Liberty Sirius XM Holdings”). Liberty Sirius XM
Holdings was comprised of the businesses, assets and liabilities
attributed to the Liberty SiriusXM Group immediately prior to the
Split-Off. Following the Split-Off, a wholly owned subsidiary of
Liberty Sirius XM Holdings merged with and into Sirius XM Holdings
Inc. (“Sirius XM Holdings”), with Sirius XM Holdings surviving the
merger as a wholly owned subsidiary of Liberty Sirius XM Holdings.
As a result of these transactions, Liberty Sirius XM Holdings is an
independent company separate from Liberty Media and has been
renamed Sirius XM Holdings Inc. Liberty Sirius XM Holdings is
presented as a discontinued operation in Liberty Media’s condensed
consolidated financial statements.
Discussion of Results
Unless otherwise noted, the following discussion compares
financial information for the three months ended September 30, 2024
to the same period in 2023.
FORMULA ONE GROUP – The following table provides the
financial results attributed to Formula One Group for the third
quarter of 2024. In the third quarter, Formula One Group incurred
$21 million of corporate level selling, general and administrative
expense (including stock-based compensation expense).
3Q23
3Q24
amounts in millions
Formula One Group
Revenue
Formula 1
$
887
$
861
Corporate and other
—
70
Intergroup elimination
—
(20
)
Total Formula One Group
$
887
$
911
Operating Income (Loss)
Formula 1
$
132
$
146
Corporate and other
(25
)
(36
)
Total Formula One Group
$
107
$
110
Adjusted OIBDA (Loss)
Formula 1
$
215
$
221
Corporate and other
(18
)
(14
)
Total Formula One Group
$
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 LEGO and Mattel’s
Hot Wheels which expand F1 beyond our race calendar into the homes
of our fans,” said Stefano Domenicali, Formula 1 President and CEO.
“The thrilling racing and tight championship has benefitted
viewership and digital engagement as the season has progressed.
Race attendance is up season-to-date at 5.8 million with sellout
crowds at nearly all races. It is great to see the on-track talent
of both our seasoned drivers as well as young talent who hopefully
have long F1 careers ahead.”
The following table provides the operating results of Formula 1
(“F1”).
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 $74 million and $61
million of amortization related to purchase accounting for the
periods ended September 30, 2023 and September 30, 2024,
respectively, that is excluded from calculations for purposes of
team payments.
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 Las Vegas Grand Prix
Plaza, partially offset by lower hospitality income due to the mix
of events in the current period.
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 F1 Academy and lease expense for the Las Vegas
Grand Prix Plaza which wasn’t incurred in the prior year. Selling,
general and administrative expense increased due to higher
personnel, IT, property and marketing costs as well as legal and
other professional fees, partially offset by foreign exchange
favorability.
Corporate and Other Operating
Results
Corporate and Other revenue increased in the second quarter due
to the inclusion of Quint results and $7 million of rental income
related to the Las Vegas Grand Prix Plaza. In the third quarter,
Quint results were primarily driven by F1 Experiences across the
seven races held. Quint’s revenue is seasonal around its largest
events, which are generally during the second and fourth quarters.
Corporate and Other Adjusted OIBDA for the third 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 Liberty Media’s subsidiaries, F1 and
Quint.
LIBERTY LIVE GROUP – In the third quarter, $3 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 Liberty Media’s interest in Live Nation and other
minority investments.
Share Repurchases
There were no repurchases of Liberty Media’s common stock from
August 1 through October 31, 2024. The total remaining repurchase
authorization for Liberty Media as of November 1, 2024 is $1.1
billion and can be applied to repurchases of common shares of any
of the Liberty Media tracking stocks.
FOOTNOTES
1)
Liberty Media will discuss these
headlines and other matters on Liberty Media's earnings conference
call that will begin at 10:00 a.m. (E.T.) on November 7, 2024. For
information regarding how to access the call, please see “Important
Notice” later in this document.
2)
For a definition of Adjusted
OIBDA (as defined by Liberty Media) and the applicable
reconciliation, see the accompanying schedule.
NOTES
The following financial information with respect to Liberty
Media's equity affiliates, available for sale securities, cash and
debt is intended to supplement Liberty Media's condensed
consolidated balance sheet and statement of operations to be
included in its Form 10-Q for the period ended September 30,
2024.
Fair Value of Corporate Public
Holdings
(amounts in millions)
6/30/2024
9/30/2024
Formula One Group
Other Monetizable Public Holdings(a)
50
—
Total Formula One Group
$
50
$
—
Liberty Live Group
Live Nation Investment(b)
6,529
7,625
Total Liberty Live Group
$
6,529
$
7,625
Total Liberty Media
$
6,579
$
7,625
_________________________
a)
Represents the carrying value of
other public holdings that are accounted for at fair value. Formula
One Group liquidated $50 million of time deposits during the third
quarter of 2024.
b)
Represents the fair value of the
equity investment in Live Nation. In accordance with GAAP, Liberty
Media 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 $319 million and $422
million as of June 30, 2024 and September 30, 2024,
respectively.
Cash and Debt
The following presentation is provided to separately identify
cash and debt information.
(amounts in millions)
6/30/2024
9/30/2024
Cash and Cash Equivalents Attributable
to:
Formula One Group(a)
$
1,491
$
2,666
Liberty Live Group
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% Live Nation exchangeable senior
debentures due 2050(b)
62
50
2.375% Live Nation exchangeable senior
debentures due 2053(b)
1,150
1,150
Live Nation margin loan
—
—
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 $1,245 million and
$1,383 million of cash held at F1 as of June 30, 2024 and September
30, 2024, respectively, and $58 million and $65 million of cash
held at Quint as of June 30, 2024 and September 30, 2024,
respectively.
b)
Face amount of the convertible
notes and exchangeable debentures with no fair market value
adjustment. The 0.5% Live Nation exchangeable senior debentures due
2050 were redeemed in September 2024 and remaining exchange
obligations were settled in October 2024.
c)
Net leverage as defined in F1’s
credit facilities for covenant calculations.
Liberty Media and F1 are in compliance with their debt covenants
as of September 30, 2024.
In August, Liberty Media issued 12.2 million shares of Series C
Formula One common stock for $949 million gross proceeds to
increase the cash consideration related to its planned acquisition
of Dorna Sports, S.L., the parent company of MotoGP. Total cash and
cash equivalents attributed to Formula One Group increased $1,175
million during the third quarter primarily due to the August equity
issuance and cash from operations at F1.
Total debt at Formula One Group was relatively flat in the third
quarter. In September, F1 refinanced its Term Loan B and extended
the maturities of its facilities. The Term Loan A and revolving
credit facility have been extended to mature in September 2029 and
the Term Loan B has been extended to mature in September 2031. The
margin on F1’s Term Loan B was permanently reduced from 2.25% to
2.00% with the potential to permanently step down to 1.75% if a
certain leverage test is met on or after the earlier of the closing
or termination of the MotoGP acquisition. As part of the terms
obtained under the September refinancing, F1 also raised an
incremental $850 million of Term Loan B commitment in addition to
the incremental $150 million Term Loan A commitment obtained in
April. The incremental term loans will be used to fund a portion of
the MotoGP acquisition and are conditioned upon transaction
close.
Total cash and cash equivalents attributed to Liberty Live Group
decreased $18 million during the third quarter primarily due to net
debt repayment, interest payments and corporate overhead. Total
debt attributed to Liberty Live Group decreased $12 million during
the quarter due to the redemption of a portion of the 0.5%
exchangeable senior debentures due 2050. In August 2024, Liberty
Media issued a redemption notice for all of its 0.5% exchangeable
senior debentures due 2050. Any debentures that were not so
purchased or properly surrendered for exchange were redeemed in
full on September 1, 2024. In October 2024, Liberty Live Group
settled the $50 million principal amount of the 0.5% exchangeable
senior debentures due 2050 surrendered for exchange with cash on
hand.
Important Notice: Liberty Media Corporation (Nasdaq:
FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media's earnings
release on a conference call which will begin at 10:00 a.m. (E.T.)
on November 7, 2024. The call can be accessed by dialing (877)
704-2829 or (215) 268-9864, passcode 13744092 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
https://www.libertymedia.com/investors/news-events/ir-calendar.
Links to this press release will also be available on the Liberty
Media 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
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 Liberty Media 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 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
Liberty Media'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 Liberty
Media, including the most recent Forms 10-K and 10-Q, for
additional information about Liberty Media and about the risks and
uncertainties related to Liberty Media's business which may affect
the statements made in this press release.
LIBERTY MEDIA
CORPORATION
BALANCE SHEET
INFORMATION
September 30, 2024
(unaudited)
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
Goodwill
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
LIBERTY MEDIA
CORPORATION
STATEMENT OF OPERATIONS
INFORMATION
Three months ended September
30, 2024 (unaudited)
Attributed
Formula
Liberty
Liberty
One
Live
SiriusXM
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
LIBERTY MEDIA
CORPORATION
STATEMENT OF OPERATIONS
INFORMATION
Three months ended September
30, 2023 (unaudited)
Attributed
Formula
Liberty
Liberty
One
Live
SiriusXM
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
LIBERTY MEDIA
CORPORATION
STATEMENT OF CASH FLOWS
INFORMATION
Nine months ended September
30, 2024 (unaudited)
Attributed
Formula
Liberty
Liberty
One
Live
SiriusXM
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
LIBERTY MEDIA
CORPORATION
STATEMENT OF CASH FLOWS
INFORMATION
Nine months ended September
30, 2023 (unaudited)
Attributed
Formula
Liberty
Liberty
One
Live
SiriusXM
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
)
Atlanta Braves Holdings, Inc.
Split-Off
—
—
—
(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 Formula
One Group, Liberty Live Group and the former Braves Group, together
with reconciliations to operating income, as determined under GAAP.
Liberty Media 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.
Liberty Media 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’ 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,
Liberty Media 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 Liberty Media's management considers in
assessing the results of operations and performance of its
assets.
The following table provides a reconciliation of Adjusted OIBDA
for Liberty Media to operating income (loss) calculated in
accordance with GAAP for the three months ended September 30, 2023
and September 30, 2024, respectively.
QUARTERLY
SUMMARY
(amounts in millions)
3Q23
3Q24
Formula One Group
Operating income
$
107
$
110
Depreciation and amortization
86
88
Stock compensation expense
4
6
Impairment and acquisition costs(a)
—
3
Adjusted OIBDA
$
197
$
207
Liberty Live Group
Operating income
$
(5
)
$
(3
)
Stock compensation expense
1
1
Adjusted OIBDA
$
(4
)
$
(2
)
Braves Group
Operating income
$
(1
)
N/A
Depreciation and amortization
3
N/A
Stock compensation expense
1
N/A
Adjusted OIBDA
$
3
N/A
Liberty Media Corporation
(Consolidated)
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
September 30, 2024, Formula One Group incurred $3 million of costs
related to corporate acquisitions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241106993785/en/
Shane Kleinstein (720) 875-5432
Liberty Media (NASDAQ:FWONA)
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