Liberty Media Corporation ("Liberty Media" or “Liberty”)
(NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) today
reported fourth quarter and year end 2016 results. Highlights
include (1):
- Attributed to Liberty SiriusXM Group
- SiriusXM reported strong full-year 2016
results
- 2016 revenue climbed 10% to $5.0
billion
- Net subscriber growth in 2016 of 1.75
million
- SiriusXM beat 2016 guidance on all
metrics
- Net income rose 46% to $746 million and
adjusted EBITDA(2) grew 13% to $1.88 billion in 2016
- 2016 operating cash flow grew 38% to
$1.72 billion and free cash flow(2) rose 15% to $1.51 billion
- Liberty Media’s ownership of SiriusXM
stood at 67.1% as of January 31st
- Attributed to Braves Group
- SunTrust Park and Battery Atlanta
projects progressing well and on-budget; ballpark will be ready for
opening day on April 14th
- Braves minor league system top ranked
heading into 2017 season
- MLB agreed to new five-year collective
bargaining agreement in December
- Attributed to Formula One Group
- Completed acquisition of Formula 1
(“F1”) on January 23rd
- Appointed Chase Carey CEO of F1
- Issued $450 million convertible notes
and used portion of proceeds to reserve FWONK shares for potential
issuance to F1 teams
- Received commitments for refinancing
$3.1 billion of F1 debt, estimated to reduce annual interest
expense 50bps and increase term up to 2.5 years; closing expected
during first quarter
“It was another stellar quarter and year for SiriusXM, beating
guidance across the board,” said Greg Maffei, Liberty President and
CEO. “We were excited to close the F1 acquisition in January, to
appoint Chase Carey as CEO in addition to his role as Chairman and
to introduce the Formula One Group to the market. The sod goes in
this week at SunTrust Park, and we look forward to the Braves’
opening day on April 14th.”
Operating Results
On April 15, 2016, Liberty Media completed the recapitalization
(the “Recapitalization”) of its common stock into three new
tracking stock groups: (i) the Liberty SiriusXM Group, (ii) the
Braves Group and (iii) the Liberty Media Group (now the Formula One
Group). For purposes of presentation herein, the assets and
liabilities of Liberty Media have been allocated among the three
tracking stocks as if the Recapitalization had occurred on January
1, 2015. This is intended to supplement and enhance the information
included in our prior period financial statements, but is not
intended to provide a comprehensive view of what each tracking
stock group's performance would have been had the Recapitalization
actually occurred on such date.
Unless otherwise noted, the following discussion compares
financial information for the three months or year ended December
31, 2016 to the same period in 2015.
LIBERTY SIRIUSXM GROUP – Liberty SiriusXM Group's revenue
increased 9% to $1.3 billion in the fourth quarter and increased
10% to $5.0 billion for the year. Operating income increased 17% to
$306 million in the fourth quarter and increased 26% to $1.4
billion for the year. Adjusted OIBDA(2) increased 21% to $467
million in the fourth quarter and increased 11% to $1.8 billion for
the year. The increases in revenue, operating income and adjusted
OIBDA were primarily attributable to an increase in SiriusXM’s
daily weighted average number of subscribers and an increase in
SiriusXM’s average monthly revenue per subscriber due to certain
rate increases. Approximately $13 million and $34 million of
corporate level selling, general and administrative expense
(including stock-based compensation expense) was allocated to the
Liberty SiriusXM Group in the fourth quarter and the period from
the Recapitalization to year end, respectively.
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 fourth quarter and year end results on
February 2, 2017. For presentation purposes in 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. Liberty Media 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. For a reconciliation of revenue, operating income and
adjusted OIBDA (as defined by Liberty Media) for SiriusXM's
stand-alone operating results as reported by SiriusXM to those
results as reported by Liberty Media, see Liberty Media's Form 10-K
for the year ended December 31, 2016.
Highlights of SiriusXM's earnings release included the
following:
- 2016 revenue climbed 10% to $5.0
billion
- Net subscriber growth in 2016 of 1.75
million
- SiriusXM beat 2016 guidance on all
metrics
- Net income rose 46% to $746 million and
adjusted EBITDA(2) grew 13% to $1.88 billion in 2016
- 2016 operating cash flow grew 38% to
$1.72 billion and free cash flow(2) rose 15% to $1.51 billion
The businesses and assets attributed to the Liberty SiriusXM
Group consist primarily of Liberty Media’s interest in
SiriusXM.
BRAVES GROUP - Braves Group's revenue increased $2
million to $18 million in the fourth quarter and increased $19
million to $262 million for the year. The Braves played two home
games in the fourth quarter of 2016 compared to four home games the
prior year and 81 home games for the full year 2016 compared to 80
home games the prior year. The increase in revenue for the year was
primarily due to a change in the structure of the Braves’ ballpark
retail and concession operations and increased broadcast revenue,
as well as having more home games period over period. The Braves
brought retail operations in-house and engaged a new concessions
operator for the 2016 season, resulting in increased revenue offset
by corresponding increases in operating expenses. Operating income
increased $6 million to $(16) million in the fourth quarter and
decreased $23 million to $(61) million for the year. Adjusted
OIBDA(2) decreased $1 million to $(12) million in the fourth
quarter and decreased $23 million to $(20) million for the year.
The decreases in operating income and adjusted OIBDA for the year
were primarily due to the acceleration of player salary expense as
a result of released or injured players, as well as certain
penalties imposed on the Braves under the terms of the collective
bargaining agreement related to certain international player
signing bonuses paid during 2016 and increased operating expenses
due to the aforementioned change to the Braves’ ballpark retail and
concession operations. Approximately $2 million and approximately
$5 million of corporate level selling, general and administrative
expense (including stock-based compensation expense) was allocated
to the Braves Group in the fourth quarter and the period from the
Recapitalization to year end, respectively.
As discussed below, the Formula One Group holds an approximate
15.5% intergroup interest (approximately 9.1 million notional
shares) in the Braves Group as of January 31, 2017. Assuming the
issuance of the shares underlying the intergroup interest held by
the Formula One Group, the Braves Group outstanding share count as
of January 31, 2017 would have been 58.5 million.
The businesses and assets attributed to the Braves Group consist
primarily of Liberty Media’s subsidiary Braves Holdings, LLC
(“Braves Holdings”), which indirectly owns the Atlanta Braves major
league baseball team, and certain assets and liabilities associated
with its ballpark and mixed-use development project.
FORMULA ONE GROUP – Approximately $15 million and $38
million of corporate level selling, general and administrative
expense (including stock-based compensation expense) was incurred
by the Formula One Group in the fourth quarter and the period from
the Recapitalization to year end, respectively. Corporate level
selling, general and administrative expenses incurred by Formula
One Group was elevated in the third and fourth quarters of 2016 due
to transaction related expenses as a result of the F1
acquisition.
F1 Acquisition
On September 7, 2016, Liberty entered into two agreements
relating to the acquisition of F1, a global motorsports business.
The first stock purchase agreement was completed on September 7,
2016 and provided for the acquisition of an 18.7% fully diluted
minority stake in Delta Topco Limited, the parent company of F1
(Delta Topco herein referred to as "F1"), for $746 million in cash.
Also pursuant to the first purchase agreement, on October 27, 2016,
Liberty acquired an additional 0.4% equity interest in F1 for
approximately $13 million in cash, increasing its stake to
approximately 19.1% on a fully diluted basis. In a second closing
that occurred on January 23, 2017, Liberty acquired 100% of the
fully diluted shares of F1, other than a nominal number of shares
held by certain F1 teams. Shortly thereafter, the Liberty Media
Group tracking stock was renamed the Formula One Group, and the
corresponding ticker symbols for the Series A, Series B and Series
C common stock were changed from LMC (A/B/K), respectively, to FWON
(A/B/K), respectively. On January 23, 2017, F1 also announced the
appointment of Chase Carey as Chief Executive Officer of F1, in
addition to his pre-existing role as Chairman.
The transaction price for the acquisition represents an
enterprise value for F1 of approximately $8.0 billion and an equity
value of approximately $4.4 billion, calculated at the time of the
first closing in September 2016. The aggregate consideration paid
to selling shareholders of F1 was comprised of $3.05 billion in
cash (including the cash consideration already paid to the selling
shareholders under the first purchase agreement), approximately 56
million newly issued shares of Series C Liberty Formula One common
stock (“FWONK”) and an approximately $351 million debt instrument
issued by F1 and exchangeable into approximately 15.7 million FWONK
shares (assuming interest on the exchangeable security is not
issued in the form of payment-in-kind-notes). The cash component of
the acquisition was sourced from cash on hand at the Formula One
Group, $350 million drawn on a margin loan with shares of Live
Nation and Viacom common stock pledged as collateral (discussed in
the Notes of this release), a portion of the proceeds from
Liberty’s $450 million cash convertible senior notes offering
(discussed in the Notes of this release) and $1.55 billion funded
through the sale of 62 million newly issued FWONK shares to certain
third party investors at a price per share of $25.00. The issuance
of these shares was consummated concurrently with the second
closing of the F1 acquisition on January 23, 2017. As of January
31, 2017, there are approximately 217.5 million shares of Series A,
Series B and Series C Liberty Formula One common stock outstanding,
pro-forma for the dilutive impact of the $351 million FWONK
exchangeable security (assuming interest on the exchangeable
security is not issued in the form of payment-in-kind-notes) and
excluding the approximate 19 million FWONK shares retained in
treasury for possible sale to the F1 teams (discussed in the Notes
of this release).
The shares of FWONK issued to the selling shareholders of F1 and
third party investors will generally be eligible for resale upon
the expiration of applicable lock-up periods. The selling
shareholders will generally be restricted from selling shares of
FWONK during the first six months following January 23, 2017, with
the exception of a single underwritten offering in an aggregate
offering amount not to exceed $775 million at an offering price of
no less than $25.00 per share. In addition, the senior management
team of F1 was granted an exception to their lock-up restrictions
to enable them to sell a number of shares to cover tax liabilities
relating to the non-cash consideration they received. This sale was
completed on January 30, 2017 pursuant to a previously filed
registration statement, and these management holders are now
subject to the same lock-up arrangements as the other selling
shareholders. The third party investors will generally be
restricted from selling the aforementioned 62 million shares of
FWONK during the first six months following the second closing or,
if earlier, until the 4th week following any underwritten offering
by the selling shareholders as explained above. More detail can be
found in Liberty’s definitive proxy materials regarding the
acquisition of F1 filed with the SEC on December 9, 2016 (the “F1
Proxy”) and additional proxy materials regarding the third party
investment filed with the SEC on December 14, 2016.
F1 Supplemental Information
As of December 31, 2016, Liberty’s minority interest in F1 was
accounted for as a cost investment and the results of F1 are not
consolidated in Liberty’s year end results. Liberty intends to file
supplemental information containing F1’s fourth quarter and full
year 2016 operating and financial results once necessary
reconciliations are made in accordance with generally accepted
accounting principles in the United States (“US GAAP”), estimated
to be completed during the second quarter of 2017. Following the
completion of the second closing of F1 on January 23, 2017, Liberty
will consolidate F1 in Liberty’s results, which are prepared in
accordance with US GAAP, and F1 will be a separate reportable
segment.
In the interim, the following discussion provides preliminary
information concerning the results of operations of F1. This
discussion should be read in conjunction with the F1 financial
statements included in the F1 Proxy and the notes thereto.
Due to the contractual nature of F1’s revenue streams, F1
recognizes revenue specific to events upon occurrence of the event,
such as race promotion fees or event-based advertising revenue, and
recognizes season-based fees, such as broadcast fees or Global
Partner and Official Supplier sponsorship contracts, by recognizing
the full season revenue pro rata across the total number of events
on the relevant World Championship calendar. As such, with 21
events on the World Championship calendar in 2016, revenue
recognized during the nine months ended September 30, 2016 included
15/21 (71.4%) of the 2016 season-based revenue whereas revenue
recognized during the nine months ended September 30, 2015 included
14/19 (73.7%) of the 2015 season-based revenue due to the 2015
World Championship calendar having 19 events. In addition, F1
recognized different event-specific revenue in each period,
reflecting the events that had taken place year to date.
In the fourth quarter of 2016, primary F1 revenue increased
primarily due to variances in the race calendar, with six races in
the fourth quarter of 2016 compared to five in the fourth quarter
of 2015. This drove higher promotion fees, higher pro rata
recognition of the increased full year broadcast fees and higher
pro rata recognition of season based advertising and sponsorship
fees. Advertising and sponsorship fees increased further due to a
multiyear sponsorship contract agreed to with Heineken earlier in
2016, whose spend was weighted towards events in the fourth quarter
of 2016. The growth in primary F1 revenue in the fourth quarter was
partially offset by a modest reduction in other F1 revenue,
primarily due to the impact of calendar differences on the
recognition of GP2 race fees and lower hospitality income,
partially offset by higher freight and TV production revenue. The
largest component of F1’s cost structure, team payments, increased
in the fourth quarter of 2016 also due to higher pro rata
recognition of full year team payments.
For the full year 2016, primary F1 revenue increased primarily
as a result of increased promotion fees driven by variances in the
race calendar, with 21 events taking place in 2016 compared to 19
in 2015. Additionally, broadcast revenue increased as a result of
several positive renewals and other contractual uplifts in season
fees, partially offset by two lower contract renewals and adverse
foreign exchange rate impacts on GBP-denominated contracts as
discussed in the F1 Proxy. Advertising and sponsorship revenue grew
in 2016, primarily driven by the aforementioned Heineken contract.
The increase in primary F1 revenue was partially offset by a modest
reduction in other F1 revenue, primarily due to the recognition in
2015 of a one-time settlement of a Dubai-related license agreement.
As discussed in the F1 Proxy, team payments increased in 2016
driven by an increase in the variable prize fund elements measured
with reference to F1’s underlying financial performance (pre-team
payments) and an additional fixed payment made to one team that
qualified for a performance-related prize fund element in 2016.
The businesses and assets attributed to the Formula One Group
consist of all of Liberty Media’s businesses and assets other than
those attributed to the Liberty SiriusXM Group and the Braves
Group, including its interests in Live Nation and F1 (which became
a consolidated subsidiary as of January 23, 2017), minority equity
investments in Time Warner and Viacom and an intergroup interest in
the Braves Group. There are approximately 9.1 million notional
shares underlying the Formula One Group’s 15.5% intergroup interest
in the Braves Group.
Share Repurchases
There were no repurchases of Series A or Series C Liberty
SiriusXM common stock, Series A or Series C Liberty Braves common
stock or Series A or Series C Liberty Formula One common stock from
the Recapitalization through January 31, 2017. The total remaining
repurchase authorization for Liberty Media is approximately $1.3
billion and can be applied to repurchases of Series A and Series C
shares of any of the Liberty Media Corporation tracking stocks.
FOOTNOTES
1) Liberty Media's President and CEO, Greg Maffei, will
discuss these highlights and other matters in Liberty Media's
earnings conference call which will begin at 11:00 a.m. (E.S.T.) on
February 28, 2017. For information regarding how to access the
call, please see “Important Notice” later in this document. 2) For
definitions of adjusted OIBDA (as defined by Liberty Media) and
adjusted EBITDA and free cash flow (as defined by SiriusXM) and
applicable reconciliations, see the accompanying schedules.
LIBERTY MEDIA FINANCIAL METRICS –
QUARTER
Three
months ended December 31, 2015 2016 amounts in
millions
Revenue Liberty SiriusXM Group SIRIUS XM $ 1,192
$ 1,303 Total Liberty SiriusXM Group 1,192
1,303 Braves Group Corporate and other
16 18 Total Braves Group 16
18 Formula One Group Corporate and other —
— Total Formula One Group —
— Consolidated Liberty $ 1,208 $ 1,321
Operating Income (Loss) Liberty SiriusXM Group SIRIUS
XM $ 261 $ 319 Corporate and other — (13 )
Total Liberty SiriusXM Group 261 306
Braves Group Corporate and other (22 ) (16 ) Total
Braves Group (22 ) (16 ) Formula One Group Corporate
and other (22 ) (17 ) Total Formula One Group
(22 ) (17 ) Consolidated Liberty $ 217 $ 273
Adjusted OIBDA Liberty SiriusXM Group SIRIUS XM $ 385
$ 473 Corporate and other — (6 ) Total Liberty
SiriusXM Group 385 467 Braves Group
Corporate and other (11 ) (12 ) Total Braves Group
(11 ) (12 ) Formula One Group Corporate and other
(10 ) (13 ) Total Formula One Group (10 )
(13 ) Consolidated Liberty $ 364 $ 442
LIBERTY MEDIA FINANCIAL METRICS – FULL
YEAR
Twelve
months ended December 31,
2015
2016 amounts in millions
Revenue Liberty
SiriusXM Group SIRIUS XM $ 4,552 $ 5,014 Total
Liberty SiriusXM Group 4,552 5,014
Braves Group Corporate and other 243 262
Total Braves Group 243 262
Formula One Group Corporate and other — —
Total Formula One Group — —
Consolidated Liberty $ 4,795 $ 5,276
Operating Income (Loss) Liberty SiriusXM Group SIRIUS XM $
1,073 $ 1,386 Corporate and other — (34 )
Total Liberty SiriusXM Group 1,073 1,352
Braves Group Corporate and other (38 ) (61 )
Total Braves Group (38 ) (61 ) Formula One Group
Corporate and other (81 ) 443 Total Formula
One Group (81 ) 443 Consolidated Liberty $ 954
$ 1,734
Adjusted OIBDA Liberty SiriusXM
Group SIRIUS XM $ 1,660 $ 1,853 Corporate and other —
(15 ) Total Liberty SiriusXM Group 1,660
1,838 Braves Group Corporate and other 3
(20 ) Total Braves Group 3 (20 )
Formula One Group Corporate and other (35 ) (45 )
Total Formula One Group (35 ) (45 ) Consolidated
Liberty $ 1,628 $ 1,773
NOTES
The following financial information with respect to Liberty
Media's equity affiliates and available for sale securities is
intended to supplement Liberty Media's consolidated balance sheet
and statement of operations to be included in its Form 10-K for the
year ended December 31, 2016.
Fair Value of Corporate Public
Holdings
(amounts in millions) 9/30/2016
12/31/2016 Liberty SiriusXM Group $ N/A $ N/A Braves Group N/A N/A
Formula One Group Live Nation debt and equity(1) 1,938 1,853 Other
public holdings(2) 420 489
Total Liberty Media
$ 2,358 $ 2,342
_______________
(1) Represents the fair value of debt and equity investments
attributed to Formula One Group. 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
consolidated balance sheet at its historical carrying value of $776
million and $731 million as of September 30, 2016 and December 31,
2016, respectively. (2) Represents the carrying value of other
public holdings which are accounted for at fair value.
Cash and Debt
The following presentation is provided to separately identify
cash and liquid investments and debt information.
(amounts in millions) 9/30/2016
12/31/2016
Cash and Cash Equivalents Attributable to:
Liberty SiriusXM Group(1) $ 611 $ 287 Braves Group 109 107 Formula
One Group 220 168
Total Liberty
Consolidated Cash and Cash Equivalents (GAAP) $
940
$ 562 Debt:
SiriusXM senior notes(2) $ 6,150 $ 5,500 Margin loans 250 250 Other
subsidiary debt(3) 14 404
Total
Attributed Liberty SiriusXM Group Debt $ 6,414
$ 6,154 Unamortized discount, fair
market value adjustment and deferred loan costs (52 )
(47 )
Total Attributed Liberty SiriusXM Group Debt (GAAP)
$ 6,362 $ 6,107
Liberty 1.375% cash convertible notes due 2023(4) 1,000 1,000 2.25%
exchangeable senior debentures due 2046(4) 445 445 Other corporate
level debt 36 36
Total Attributed
Formula One Group Debt $ 1,481 $
1,481 Fair market value adjustment 65
102
Total Attributed Formula One Group Debt
(GAAP) $ 1,546 $ 1,583
Atlanta Braves debt(5) 220 338
Total Attributed Braves Group Debt $
220 $ 338 Deferred loan costs
(9 ) (10 )
Total Attributed Braves Group Debt
(GAAP) $ 211 $ 328
Total Liberty Media Corporation Debt
(GAAP) $ 8,119 $ 8,018
_______________
(1) Includes $572 million and $214 million of cash and
liquid investments held at SiriusXM as of September 30, 2016 and
December 31, 2016, respectively. (2) Outstanding principal amount
of Senior Notes with no reduction for the net unamortized discount.
(3) Includes SiriusXM capital leases and borrowings under the
SiriusXM revolving credit facility. (4) Face amount of the cash
convertible notes and exchangeable senior debentures with no fair
market value adjustment. (5) Includes Atlanta National League
Baseball Club, LLC borrowings, Braves Stadium Company, LLC debt to
fund the construction of the new ballpark and drawdowns under
various credit facilities to fund development costs for the
mixed-use development.
Total cash and liquid investments attributed to Liberty SiriusXM
Group decreased $324 million during the fourth quarter. Cash from
operations were more than offset by debt repayments, stock
repurchases and the payment of a dividend at SiriusXM. Included in
the cash and liquid investments balance attributed to Liberty
SiriusXM Group at December 31, 2016 is $214 million at SiriusXM.
Although SiriusXM is a consolidated subsidiary, it is a separate
public company with a significant non-controlling interest,
therefore Liberty Media does not have ready access to SiriusXM’s
cash balance.
Total debt attributed to Liberty SiriusXM Group decreased $260
million during the fourth quarter primarily as a result of the
redemption of SiriusXM’s $650 million 5.875% Senior Notes due 2020
for an approximate purchase price of $669 million, including
premium. This redemption was funded with SiriusXM’s cash and cash
equivalents and $310 million of borrowings under SiriusXM’s Credit
Facility.
Total cash and liquid investments attributed to Braves Group
were flat during the fourth quarter, as additional borrowings were
offset by capital expenditures related to the construction of the
new ballpark and adjacent mixed-use development.
Total debt attributed to Braves Group increased by $118 million
during the fourth quarter primarily as a result of additional
borrowings, net of repayments, for funding the ballpark and
mixed-use development. During October 2016, the Braves funded a
$200 million senior secured note scheduled to mature in September
2041. In connection with this financing, the Braves partially
repaid and reduced the capacity on the Braves term loan from $345
million to $130 million.
As of December 31, 2016, approximately $618 million had been
spent on the new ballpark, of which approximately $373 million of
funding was provided by Cobb County and related entities and $245
million provided by the Braves. As of December 31, 2016,
approximately $309 million had been spent on the mixed-use
development (including $7 million of cost towards future
development phases, including purchased land cost, not reflected in
the currently forecasted equity contribution towards the mixed-use
development), of which approximately $46 million was provided by JV
partners’ equity. The remaining $256 million was provided by the
Braves, of which approximately $188 million was contributed in
equity and approximately $68 million in debt.
Total cash and liquid investments attributed to Formula One
Group decreased $52 million during the fourth quarter, primarily as
a result of a reduction in cash from operations.
Total debt attributed to Formula One Group was flat during the
fourth quarter.
On November 8, 2016, Liberty entered into a $500 million margin
loan agreement with 53.7 million shares of Live Nation common stock
and 1.9 million shares of Viacom common stock pledged as
collateral. This margin loan has a two year term and bears interest
at a rate of LIBOR plus 2.25% with an undrawn annual commitment fee
of 0.75%. This loan was undrawn as of December 31, 2016. Subsequent
to year end, on January 20, 2017, Liberty drew $350 million under
the margin loan, and the proceeds were used for the second closing
of the F1 acquisition.
Subsequent to year end and in connection with the second closing
of F1 on January 23, 2017, Liberty issued $450 million cash
convertible notes at an annual interest rate of 1% that mature on
January 30, 2023 (the ‘‘1% Convertible Notes’’). The conversion of
the 1% Convertible Notes will be settled solely in cash, and not
through the delivery of any securities, based on the trading prices
of the underlying FWONK shares. Liberty used a portion of the net
proceeds to fund an increase to the cash consideration paid to the
selling shareholders of F1 by approximately $400 million (the
remaining proceeds are held on the balance sheet as cash) and
retained in treasury the approximately 19 million FWONK shares that
otherwise would have been issued to the selling shareholders (based
on the per share purchase price of $21.26). These FWONK shares will
be reserved for possible sale to the F1 teams. To the extent such
shares are not sold to F1 teams within six months following the
second closing, the shares will be retired.
In February, Liberty launched a process to refinance a portion
of F1’s $3.1 billion first lien term loan. The proposed terms
(subject to closing, which is expected during the first quarter)
provide for, among other things, a 50 bps reduction in margin from
3.75% to 3.25% and an extension of the debt maturity from July 2021
to the earlier of (i) February 2024 or (ii) six months prior to the
maturity of the second lien term loan (currently maturing July
2022). Further, Liberty intends to use excess cash on the balance
sheet to repay approximately $300 million of F1’s $1 billion second
lien term loan.
Important Notice: Liberty Media Corporation (Nasdaq:
LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) President and CEO,
Greg Maffei, will discuss Liberty Media's earnings release in a
conference call which will begin at 11:00 a.m. (E.S.T.) on February
28, 2017. The call can be accessed by dialing (844) 838-8043 or
(678) 509-7480 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
http://www.libertymedia.com/events. 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 prospects, the expected terms and
closing of the proposed refinancing of certain subsidiary debt of
Delta Topco, the potential issuance of FWONK shares to F1 teams,
the continuation of our stock repurchase plan, the construction of
the new ballpark for the Atlanta Braves and the associated 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 competitive position of SiriusXM versus other radio and audio
entertainment providers, the ability of SiriusXM to attract and
retain subscribers, the dependence of SiriusXM upon the auto
industry, general economic conditions, the failure of SiriusXM’s
satellites, the interruption or failure of SiriusXM’s information
and communication systems, the security of personal customer
information, the market for music rights, 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, changes in consumer protection laws and
their enforcement, SiriusXM’s failure to comply with FCC
requirements, interference to SiriusXM’s service from new and
existing wireless operations, continued access to capital on terms
acceptable to Liberty Media and 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 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 Form 10-K, 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 December 31, 2016 (unaudited)
Attributed Liberty SiriusXM Braves Formula
One Inter-Group Consolidated Group
Group Group Eliminations Liberty
amounts in millions Assets Current assets: Cash and cash
equivalents $ 287 107 168 — 562 Trade and other receivables, net
223 15 2 — 240 Other current assets 206 17 5
(1 ) 227 Total current assets 716 139
175 (1 ) 1,029 Intergroup interest in the
Braves Group — — 187 (187 ) — Investments in available-for-sale
securities and other cost investments — 8 1,301 — 1,309 Investments
in affiliates, accounted for using the equity method 164 61 892 —
1,117 Property and equipment, at cost 2,079 943 160 — 3,182
Accumulated depreciation (746 ) (13 ) (71 ) — (830 )
1,333 930 89 — 2,352
Intangible assets not subject to amortization Goodwill
14,165 180 — — 14,345 FCC licenses 8,600 — — — 8,600 Other
930 143 — — 1,073 23,695
323 — — 24,018 Intangible assets
subject to amortization, net 998 73 1 — 1,072 Other assets
145 14 350 (29 ) 480 Total assets $
27,051 1,548 2,995 (217 ) 31,377
Liabilities and Equity Current liabilities: Intergroup payable
(receivable) $ 5 (17 ) 12 — — Accounts payable and accrued
liabilities 828 141 16 — 985 Current portion of debt 5 — — — 5
Deferred revenue 1,833 44 — — 1,877 Other current liabilities
3 — 3 (1 ) 5 Total current
liabilities 2,674 168 31 (1 ) 2,872
Long-term debt 6,102 328 1,583 — 8,013 Deferred income tax
liabilities 1,967 48 39 (29 ) 2,025 Redeemable intergroup interest
— 187 — (187 ) — Other liabilities 278 417 56
— 751 Total liabilities 11,021
1,148 1,709 (217 ) 13,661 Equity / Attributed
net assets 10,085 385 1,286 — 11,756 Noncontrolling interests in
equity of subsidiaries 5,945 15 — —
5,960 Total liabilities and equity $ 27,051
1,548 2,995 (217 ) 31,377
LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS
Twelve months ended December 31, 2016 (unaudited)
Attributed
Liberty SiriusXM Braves Formula One
Consolidated Group Group Group
Liberty amounts in millions Revenue: Subscriber revenue $
4,194 — — 4,194 Other revenue 820 262 —
1,082 Total revenue 5,014 262 — 5,276 Operating costs and
expenses, including stock-based compensation: Cost of subscriber
services (exclusive of depreciation shown separately below):
Revenue share and royalties 1,109 — — 1,109 Programming and content
354 — — 354 Customer service and billing 387 — — 387 Other 144 — —
144 Subscriber acquisition costs 513 — — 513 Other operating
expenses 82 224 — 306 Selling, general and administrative 761 67 58
886 Legal settlement, net — — (511 ) (511 ) Depreciation and
amortization 312 32 10 354
3,662 323 (443 ) 3,542 Operating income
(loss) 1,352 (61 ) 443 1,734 Other income (expense): Interest
expense (342 ) (1 ) (19 ) (362 ) Share of earnings (losses) of
affiliates, net 13 9 (8 ) 14 Unrealized gain/(loss) on inter-group
interest — (27 ) 27 — Realized and unrealized gains (losses) on
financial instruments, net — 1 36 37 Other, net (25 ) —
21 (4 ) (354 ) (18 ) 57 (315 ) Earnings
(loss) before income taxes 998 (79 ) 500 1,419 Income tax (expense)
benefit (341 ) 17 (171 ) (495 ) Net earnings (loss)
657 (62 ) 329 924 Less net earnings (loss) attributable to the
noncontrolling interests 244 — — 244
Net earnings (loss) attributable to Liberty stockholders $
413 (62 ) 329 680 Programming
and content 21 — — 21 Customer service and billing 4 — — 4 Other
costs of services 5 — — 5 Operating 13 — — 13 Selling, general and
administrative 85 9 13 107 Stock
compensation expense $ 128 9 13 150
LIBERTY MEDIA CORPORATION STATEMENT OF
OPERATIONS Twelve months ended December 31, 2015
(unaudited)
Attributed Liberty SiriusXM Braves
Formula One Consolidated Group Group
Group Liberty amounts in millions Revenue: Subscriber
revenue $ 3,807 — — 3,807 Other revenue 745 243
— 988 Total revenue 4,552 243 — 4,795
Operating costs and expenses, including stock-based compensation:
Cost of subscriber services (exclusive of depreciation shown
separately below): Revenue share and royalties 1,035 — — 1,035
Programming and content 267 — — 267 Customer service and billing
380 — — 380 Other 141 — — 141 Subscriber acquisition costs 533 — —
533 Other operating expenses 73 189 — 262 Selling, general and
administrative 728 61 72 861 Depreciation and amortization
322 31 9 362 3,479 281
81 3,841 Operating income (loss) 1,073 (38 )
(81 ) 954 Other income (expense): Interest expense (307 ) (1 ) (20
) (328 ) Share of earnings (losses) of affiliates, net (1 ) 9 (48 )
(40 ) Realized and unrealized gains (losses) on financial
instruments, net — — (140 ) (140 ) Other, net — —
12 12 (308 ) 8 (196 ) (496 )
Earnings (loss) before income taxes 765 (30 ) (277 ) 458 Income tax
(expense) benefit (322 ) 10 102 (210 ) Net
earnings (loss) 443 (20 ) (175 ) 248 Less net earnings (loss)
attributable to the noncontrolling interests 184 —
— 184 Net earnings (loss) attributable to
Liberty stockholders $ 259 (20 ) (175 ) 64
Programming and content 19 — — 19 Customer service and
billing 5 — — 5 Other 8 — — 8 Other operating expenses 18 — — 18
Selling, general and administrative 107 10 37
154 Stock compensation expense $ 157 10
37 204
LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS INFORMATION Twelve months ended
December 31, 2016 (unaudited)
Attributed Liberty
SiriusXM Braves Formula One Consolidated
Group Group Group Liberty amounts in
millions Cash flows from operating activities: Net earnings (loss)
$ 657 (62 ) 329 924 Adjustments to reconcile net earnings to net
cash provided by operating activities: Depreciation and
amortization 312 32 10 354 Stock-based compensation 128 9 13 150
Share of (earnings) loss of affiliates, net (13 ) (9 ) 8 (14 )
Unrealized (gains) losses on intergroup interest, net — 27 (27 ) —
Realized and unrealized (gains) losses on financial instruments,
net — (1 ) (36 ) (37 ) Noncash interest expense 6 5 — 11 Losses
(gains) on dilution of investment in affiliate — — — — Loss on
early extinguishment of debt 24 — — 24 Deferred income tax expense
(benefit) 332 1 94 427 Intergroup tax allocation (13 ) (19 ) 32 —
Intergroup tax (payments) receipts 7 7 (14 ) — Other charges
(credits), net 21 11 (2 ) 30 Changes in operating assets and
liabilities Current and other assets 59 (17 ) (17 ) 25 Payables and
other liabilities 184 105 (12 ) 277 Net
cash provided (used) by operating activities 1,704 89
378 2,171 Cash flows from investing
activities: Cash proceeds from dispositions of investments — — 62
62 Proceeds (payments) from settlement of financial instruments,
net — — (1 ) (1 ) Investments in and loans to cost and equity
investees — (20 ) (764 ) (784 ) Repayment of loans and other cash
receipts from cost and equity investees — — 48 48 Capital expended
for property and equipment (206 ) (360 ) (2 ) (568 ) Purchases of
short term investments and other marketable securities — — (258 )
(258 ) Sales of short term investments and other marketable
securities — — 273 273 Other investing activities, net (4 )
(33 ) 1 (36 ) Net cash provided (used) by investing
activities (210 ) (413 ) (641 ) (1,264 ) Cash flows from
financing activities: Borrowings of debt 1,847 460 438 2,745
Repayments of debt (1,471 ) (276 ) (2 ) (1,749 ) Intergroup
(payments) receipts 58 16 (74 ) — Shares repurchased by subsidiary
(1,674 ) — — (1,674 ) Braves Rights Offering — 203 — 203 Taxes paid
in lieu of shares issued for stock-based compensation (47 ) — (11 )
(58 ) Other financing activities, net (32 ) 15 4
(13 ) Net cash provided (used) by financing activities
(1,319 ) 418 355 (546 ) Net increase
(decrease) in cash and cash equivalents 175 94 92 361 Cash and cash
equivalents at beginning of period 112 13 76
201 Cash and cash equivalents at end of period $ 287
107 168 562
LIBERTY
MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION
Twelve months ended December 31, 2015 (unaudited)
Attributed
Liberty SiriusXM Braves Formula One
Consolidated Group Group Group
Liberty amounts in millions Cash flows from operating
activities: Net earnings (loss) $ 443 (20 ) (175 ) 248 Adjustments
to reconcile net earnings to net cash provided by operating
activities: Depreciation and amortization 322 31 9 362 Stock-based
compensation 157 10 37 204 Share of (earnings) loss of affiliates,
net 1 (9 ) 48 40 Realized and unrealized (gains) losses on
financial instruments, net — — 140 140 Noncash interest expense 6 —
— 6 Losses (gains) on dilution of investments in affiliate — — 1 1
Deferred income tax expense (benefit) 290 (6 ) (109 ) 175
Intergroup tax allocation (4 ) (4 ) 8 — Intergroup tax (payments)
receipts — 1 (1 ) — Other charges (credits), net 15 — 4 19 Changes
in operating assets and liabilities Current and other assets (220 )
9 3 (208 ) Payables and other liabilities 212 33
— 245 Net cash provided (used) by operating
activities 1,222 45 (35 ) 1,232 Cash
flows from investing activities: Cash proceeds from dispositions of
investments — 24 151 175 Proceeds (payments) from settlement of
financial instruments, net — — (322 ) (322 ) Investments in and
loans to cost and equity investments — — (19 ) (19 ) Capital
expended for property and equipment (135 ) (128 ) (33 ) (296 )
Purchases of short term investments and other marketable securities
— — (174 ) (174 ) Sales of short term investments and other
marketable securities — — 358 358 Other investing activities, net
— (9 ) 1 (8 ) Net cash provided (used) by
investing activities (135 ) (113 ) (38 ) (286 ) Cash flows
from financing activities: Borrowings of debt 1,978 197 38 2,213
Repayments of debt (1,038 ) (158 ) — (1,196 ) Intergroup (payments)
receipts 9 31 (40 ) — Repurchases of Liberty common stock — — (350
) (350 ) Shares repurchased by subsidiary (2,018 ) — — (2,018 )
Taxes paid in lieu of shares issued for stock-based compensation
(54 ) — (26 ) (80 ) Other financing activities, net —
— 5 5 Net cash provided (used) by financing
activities (1,123 ) 70 (373 ) (1,426 ) Net increase
(decrease) in cash and cash equivalents (36 ) 2 (446 ) (480 ) Cash
and cash equivalents at beginning of period 148 11
522 681 Cash and cash equivalents at end of
period $ 112 13 76 201
NON-GAAP FINANCIAL MEASURES
SCHEDULE 1
This press release includes a presentation of adjusted OIBDA,
which is a non-GAAP financial measure, for the Liberty SiriusXM
Group, the Braves Group and the Formula One Group, together with
reconciliations to operating income, as determined under GAAP.
Liberty Media defines adjusted OIBDA as revenue less operating
expenses, and selling, general and administrative expenses,
excluding all stock based compensation, and excludes from that
definition depreciation and amortization, restructuring and
impairment charges and separately reported legal settlements that
are included in the measurement of operating income pursuant to
GAAP.
Liberty Media believes adjusted OIBDA is an important indicator
of the operational strength and performance of its businesses,
including each business' 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, 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 and years ended December
31, 2015 and December 31, 2016, respectively.
QUARTERLY SUMMARY
(amounts in millions) 4Q15 4Q16
Liberty SiriusXM Group Revenue $ 1,192 $ 1,303
Adjusted OIBDA 385 467 Depreciation and amortization (82 ) (77 )
Stock compensation expense (42 ) (38 ) Legal settlements and
reserves(1) — (46 )
Operating income $
261 $ 306
Braves Group Revenue $ 16 $
18 Adjusted OIBDA (11 ) (12 ) Depreciation and amortization
(6 ) (2 ) Stock compensation expense (5 ) (2 )
Operating income (loss) $ (22 ) $ (16 )
Formula
One Group Revenue $ — $ — Adjusted OIBDA (10 ) (13 )
Depreciation and amortization (2 ) (3 ) Stock compensation expense
(10 ) (1 )
Operating income (loss) $ (22 ) $
(17 )
Liberty Media Corporation (Consolidated)
Revenue $ 1,208 $ 1,321 Adjusted OIBDA 364 442 Depreciation
and amortization (90 ) (82 ) Stock compensation expense (57 ) (41 )
Legal settlements and reserves(1) — (46 )
Operating income $ 217 $ 273
_______________
(1) During the fourth quarter of 2016, SiriusXM recorded an
expense of $46 million related to music royalty legal settlements
and reserves. The $46 million expense is included in the revenue
share and royalties line item in SiriusXM’s consolidated financial
statements for the year ended December 31, 2016, but has been
excluded from Adjusted OIBDA for the corresponding period as this
expense was not incurred as a part of SiriusXM’s normal operations
for the period, and this lump sum amount does not relate to the
on-going performance of the business.
ANNUAL SUMMARY
(amounts in millions) 2015 2016
Liberty SiriusXM Group Revenue $ 4,552 $ 5,014
Adjusted OIBDA 1,660 1,838 Depreciation and amortization (322 )
(312 ) Stock compensation expense (157 ) (128 ) Legal settlements
and reserves(1) (108 ) (46 )
Operating income
$ 1,073 $ 1,352
Braves Group Revenue $
243 $ 262 Adjusted OIBDA 3 (20 ) Depreciation and
amortization (31 ) (32 ) Stock compensation expense (10 )
(9 )
Operating income (loss) $ (38 ) $ (61 )
Formula One Group Revenue $ — $ — Adjusted OIBDA (35
) (45 ) Depreciation and amortization (9 ) (10 ) Stock compensation
expense (37 ) (13 ) Legal settlement(2) — 511
Operating income (loss) $ (81 ) $ 443
Liberty Media Corporation (Consolidated) Revenue $ 4,795 $
5,276 Adjusted OIBDA 1,628 1,773 Depreciation and
amortization (362 ) (354 ) Stock compensation expense (204 ) (150 )
Legal settlements and reserves(1)(2) (108 ) 465
Operating income $ 954 $ 1,734
_______________
(1) SiriusXM recorded expenses of $108 million and $46
million during fiscal years 2015 and 2016, respectively, related to
music royalty legal settlements and reserves. These expenses are
included in the revenue share and royalties line item in SiriusXM’s
consolidated financial statements for the years ended December 31,
2015 and December 31, 2016, but have been excluded from Adjusted
OIBDA for the corresponding periods as these expenses were not
incurred as a part of SiriusXM’s normal operations for the period,
and the lump sum amounts do not relate to the on-going performance
of the business. (2) During the first quarter of 2016, Liberty
entered into a settlement with Vivendi which resulted in a $775
million payment. Following the payment of a contingency fee to
Liberty’s legal counsel, as well as amounts payable to Liberty
Global plc, an additional plaintiff in the action, Liberty
recognized a net pre-tax gain on the legal settlement of
approximately $511 million. This settlement resulted in a dismissal
of all appeals and mutual releases of the parties.
SCHEDULE 2
This press release also includes a presentation of adjusted
EBITDA, which is a non-GAAP financial measure used by SiriusXM,
together with a reconciliation to SiriusXM's stand-alone net
income, as determined under GAAP. SiriusXM defines adjusted EBITDA
as follows: EBITDA is defined as net income before interest
expense, income tax expense and depreciation and amortization.
SiriusXM adjusts EBITDA to exclude the impact of other income as
well as certain other charges discussed below. Adjusted EBITDA is
one of the primary Non-GAAP financial measures SiriusXM uses to (i)
evaluate the performance of their on-going core operating results
period over period, (ii) base internal budgets and (iii) compensate
management. Adjusted EBITDA is a Non-GAAP financial measure that
excludes (if applicable): (i) certain adjustments as a result of
the purchase price accounting for the merger of Sirius and XM, (ii)
share-based payment expense and (iii) other significant operating
expense (income) that do not relate to the ongoing performance of
SiriusXM’s business. SiriusXM believes adjusted EBITDA is a useful
measure of the underlying trend of operating performance, which
provides useful information about their business apart from the
costs associated with their capital structure and purchase price
accounting. SiriusXM believes investors find this Non-GAAP
financial measure useful when analyzing past operating performance
with current performance and comparing operating performance to the
performance of other communications, entertainment and media
companies. SiriusXM believes investors use adjusted EBITDA to
estimate current enterprise value and to make investment decisions.
Because of large capital investments in SiriusXM’s satellite radio
system, their results of operations reflect significant charges for
depreciation expense. SiriusXM believes the exclusion of
share-based payment expense is useful as it is not directly related
to the operational conditions of their business. SiriusXM also
believes the exclusion of the legal settlements and reserves
related to the historical use of sound recordings and loss on
disposal of assets is useful as they are significant expenses not
incurred as part of normal operations for the period.
Adjusted EBITDA has certain limitations in that it does not take
into account the impact to SiriusXM’s statements of comprehensive
income of certain expenses, including share-based payment expense
and certain purchase price accounting for the merger of Sirius and
XM. SiriusXM endeavors to compensate for the limitations of the
Non-GAAP measure presented by also providing the comparable GAAP
measure with equal or greater prominence and descriptions of the
reconciling items, including quantifying such items, to derive the
Non-GAAP measure. Investors that wish to compare and evaluate
SiriusXM’s operating results, after giving effect for these costs,
should refer to net income as disclosed in SiriusXM’s consolidated
statements of comprehensive income. Since adjusted EBITDA is a
Non-GAAP financial performance measure, SiriusXM’s calculation of
adjusted EBITDA may be susceptible to varying calculations; may not
be comparable to other similarly titled measures of other
companies; and should not be considered in isolation, as a
substitute for, or superior to measures of financial performance
prepared in accordance with GAAP. The reconciliation of net income
to the adjusted EBITDA is calculated as follows:
Unaudited For the Years Ended December
31, 2016 2015 ($ in thousands) Net income: $ 745,933 $ 509,724 Add
back items excluded from Adjusted EBITDA: Purchase price accounting
adjustments: Revenues 7,251 7,251 Operating expenses — (1,394 )
Sound recording legal settlements and reserves 45,900 109,164 Loss
on disposal of assets 12,912 7,384 Share-based payment expense
108,604 84,310 Depreciation and amortization 268,979 272,214
Interest expense 331,225 299,103 Loss on extinguishment of debt and
credit facilities, net 24,229 — Other income (14,985 ) (12,379 )
Income tax expense 345,727 382,240
Adjusted EBITDA $ 1,875,775 $ 1,657,617
SCHEDULE 3
SiriusXM’s free cash flow is derived from cash flow provided by
operating activities, net of additions to property and equipment,
restricted and other investment activity and the return of capital
from investment in unconsolidated entity. Free cash flow is a
metric that SiriusXM’s management and board of directors use to
evaluate the cash generated by operations, net of capital
expenditures and other investment activity and significant items
that do not relate to the on-going performance of their business.
In a capital intensive business, with significant investments in
satellites, SiriusXM looks at their operating cash flow, net of
these investing cash outflows, to determine cash available for
future subscriber acquisition and capital expenditures, to
repurchase or retire debt, to acquire other companies and to
evaluate their ability to return capital to stockholders. SiriusXM
believes free cash flow is an indicator of the long-term financial
stability of their business. Free cash flow, which is reconciled to
"Net cash provided by operating activities," is a Non-GAAP
financial measure. This measure can be calculated by deducting
amounts under the captions "Additions to property and equipment"
and deducting or adding Restricted and other investment activity
from "Net cash provided by operating activities" from the
consolidated statements of cash flows as presented by SiriusXM,
adjusted for any significant legal settlements. SiriusXM has
excluded the $210 million payment related to the 2015 pre-1972
sound recordings legal settlement from their free cash flow
calculation in the year ended December 31, 2015.
Free cash flow should be used in conjunction with other GAAP
financial performance measures and may not be comparable to free
cash flow measures presented by other companies. Free cash flow
should be viewed as a supplemental measure rather than an
alternative measure of cash flows from operating activities, as
determined in accordance with GAAP. Free cash flow is limited and
does not represent remaining cash flows available for discretionary
expenditures due to the fact that the measure does not deduct the
payments required for debt maturities. SiriusXM believes free cash
flow provides useful supplemental information to investors
regarding their current cash flow, along with other GAAP measures
(such as cash flows from operating and investing activities), to
determine their financial condition, and to compare operating
performance to other communications, entertainment and media
companies. Free cash flow is calculated as follows:
Unaudited For the Years Ended December
31, ($ in thousands) 2016 2015
Cash Flow Information Net
cash provided by operating activities $ 1,719,237 $ 1,244,051 Net
cash used in investing activities (210,124 ) (138,858 ) Net cash
used in financing activities (1,407,012 ) (1,141,079 )
Free Cash Flow Net cash provided by operating activities $
1,719,237 $ 1,244,051 Additions to property and equipment (205,829
) (134,892 ) Purchases of restricted and other investments (4,295 )
(3,966 ) Pre-1972 sound recordings legal settlement —
210,000 Free cash flow $ 1,509,113 $ 1,315,193
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