Company Website:
http://www.libertymedia.com
ENGLEWOOD, Colo. -- (Business Wire)
Liberty Media Corporation (“Liberty Media”) (Nasdaq: LMCA, LMCB) today
reported second quarter 2012 results. Highlights include(1):
-
Increased STARZ and ENCORE subscriptions by 9% and 4%, respectively
-
Concluded debut season of Magic City, the STARZ Original
series, with strong viewership throughout the season
-
Today announced intention to separate Liberty Media and Starz, LLC
-
Physically settled forward purchase contracts on SiriusXM and Live
Nation, increasing our ownership to 46% (on an as-converted basis) and
26%, respectively
-
Repurchased $96 million of Liberty Media stock from May 1, 2012
through July 31, 2012
“We are pleased to announce our plan to separate the assets of Liberty
Media and Starz, LLC, creating two separate asset-backed stocks,” said
Greg Maffei, President and CEO of Liberty. “This transaction will
provide better transparency on the Starz operating business; optimize
the Starz capital structure; permit us to better pursue our strategic
objectives, including creating two currencies that could be used for
acquisitions; and create significant liquidity at Liberty Media, which
preserves all our options with respect to SiriusXM and Live Nation.
“Starz again posted impressive subscriber gains and we are excited for
the upcoming premiere of season two of the STARZ Original series Boss next
week,” Maffei continued. “In July, we physically settled our
forward purchases of SiriusXM and Live Nation, increasing our ownership
positions.”
Liberty’s Board of Directors has authorized a plan to distribute to the
stockholders of Liberty Media shares of a subsidiary that will hold all
of the businesses, assets and liabilities of Liberty Media not
associated with Starz, LLC. The transaction would be effected as a
pro-rata dividend of shares of a newly created subsidiary to the
stockholders of Liberty Media. The subsidiary, which would become a
separate public company, would be called Liberty Media Corporation (“New
Liberty”). The businesses, assets and liabilities not included in New
Liberty would be part of a separate public company called Starz. Starz
will consist of 100% of Starz, LLC, approximately $1.5 billion in debt
(assuming full draw down of the Starz bank facility) and an undetermined
amount of cash.
The spin-off is intended to be tax-free to stockholders of Liberty Media
and its completion will be subject to various conditions, including the
registration of the shares to be distributed, the receipt of an IRS
private letter ruling, the opinions of tax counsel and required
government approvals. The spin-off will not require a stockholder vote.
Subject to such conditions, including those described above, the
spin-off is currently expected to occur in late 2012.
Liberty Media
Liberty Media’s revenue and adjusted OIBDA(2) remained
relatively flat at $537 million and $126 million, respectively, in the
second quarter, and operating income increased 7% to $101 million. The
decrease in revenue was primarily due to a decrease in revenue at
TruePosition which continues to be out of contract with one of its large
customers. The increase in adjusted OIBDA and operating income was
primarily driven by an increase at ANLBC offset by a decrease at Starz,
LLC.
Starz, LLC
“The senior Starz team and I are very energized by the decision to make
Starz its own independent company. I believe this stand-alone structure
is the first step to unlocking the real potential growth opportunities
for our businesses,” said Chris Albrecht, Starz, LLC, CEO. "The Starz
subscription businesses are continuing their run of quarterly
subscription highs, with STARZ achieving 20.7 million subscribers and
Encore reaching 34.2 million at the end of the second quarter. We
continue to add value to the networks with our investment in quality
original programming, with our Golden Globe®-winning series, Boss,
returning to STARZ for its second season later this month. Global
anticipation is building for the fourth and final installment of Spartacus
in January 2013. David Goyer’s new series, Da Vinci's Demons, and
the second season of Magic City will round out our programming
slate for the first half of 2013.”
Starz’s revenue remained unchanged at $403 million for the second
quarter. The increase in revenue for the Starz Channels business was
offset by decreases in revenue for the Starz Distribution and Starz
Animation businesses.
Starz’s adjusted OIBDA decreased 8% to $108 million for the second
quarter. The decrease was primarily as a result of a decrease in the
Starz Channels business due to an increase in programming expenses
associated with the mix of Starz original programming content.
Share Repurchases
From May 1, 2012 through July 31, 2012, 1.1 million shares of Series A
Liberty Capital common stock (Nasdaq: LMCA) were purchased at an average
cost per share of $85.03 for total cash consideration of $95.9 million.
Since the reclassification of the original Liberty Capital tracking
stock on March 4, 2008 through July 31, 2012, 57.5 million shares have
been repurchased at an average cost per share of $31.33 for total cash
consideration of $1.8 billion. These repurchases represent 44.5% of the
shares outstanding at the time of the introduction of the original
Liberty Capital stock. Liberty Media has approximately $940 million
remaining under its current stock repurchase authorization.
Liberty Media Corporation owns interests in a broad range of media,
communications and entertainment businesses. Those interests include its
subsidiaries Starz, LLC; Atlanta National League Baseball Club, Inc.;
and TruePosition, Inc.; interests in SiriusXM and Live Nation; and
minority equity investments in Barnes & Noble, Time Warner Inc. and
Viacom.
FOOTNOTES
|
|
|
|
1)
|
|
|
Liberty Media’s President and CEO, Gregory B. Maffei, will discuss
these highlights and other matters in Liberty Media’s earnings
conference call which will begin at 10:45 a.m. (ET) on August 8,
2012. For information regarding how to access the call, please see
“Important Notice” later in this document.
|
| | |
2)
| | |
For a definition of adjusted OIBDA and applicable reconciliations
see the accompanying schedules.
|
| | | | | |
|
NOTES
Unless otherwise noted, the foregoing discussion compares financial
information for the three months ended June 30, 2012 to the same period
in 2011.
The following financial information is intended to supplement Liberty
Media’s condensed consolidated statements of operations to be included
in its Form 10-Q.
Fair Value of Public Holdings
| (amounts in millions) |
|
|
|
3/31/2012
|
|
|
|
|
|
|
|
|
|
|
6/30/2012
|
|
SiriusXM debt and equity(1) |
|
|
|
$
|
6,368
|
|
|
|
|
|
|
|
|
|
|
5,283
|
|
Live Nation debt and equity(2) | | | | |
392
| | | | | | | | | | |
384
|
|
Barnes & Noble investment(3) | | | | |
232
| | | | | | | | | | |
277
|
|
Non-strategic public holdings(4) | | | |
|
1,175
|
|
|
|
|
|
|
|
|
|
|
1,219
|
| Total Liberty Media |
|
|
| $ | 8,167 |
|
|
|
|
|
|
|
|
|
| 7,163 |
| | | | | | | | | | | | | | |
|
|
(1)
|
|
|
Represents the fair value of Liberty Media’s debt and equity
investments in SiriusXM. The fair value of Liberty Media’s
convertible preferred stock is calculated on an as-if-converted
basis into common stock. In accordance with GAAP, Liberty Media
accounts for the convertible preferred stock using the equity method
of accounting and includes this in its consolidated balance sheet at
historical carrying value of $247 million and $80 million at March
31, 2012 and June 30, 2012, respectively.
|
|
(2)
| | |
Represents the fair value of Liberty Media’s debt and equity
investments. 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 $337 million and $349 million at March
31, 2012 and June 30, 2012, respectively.
|
|
(3)
| | |
Represents the carrying value of Liberty Media’s preferred equity
investment in Barnes & Noble, which is accounted for at fair value
on Liberty Media’s balance sheet.
|
|
(4)
| | |
Represents Liberty Media’s non-strategic 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) |
|
|
|
3/31/2012
|
|
|
|
|
|
|
|
|
|
|
6/30/2012
|
|
Cash and liquid investments(1) | | | |
$
|
2,234
|
|
|
|
|
|
|
|
|
|
|
1,813
|
| Less: Short-term marketable securities
| | | |
|
319
|
|
|
|
|
|
|
|
|
|
|
10
|
| Total Liberty Media Cash (GAAP) | | | | $ | 1,915 |
|
|
|
|
|
|
|
|
|
| 1,803 |
| | | | | | | | | | | | | | |
|
| Debt: | | | | | | | | | | | | | | | |
|
Starz bank facility
| | | | |
505
| | | | | | | | | | |
505
|
|
Other
| | | |
|
39
|
|
|
|
|
|
|
|
|
|
|
38
|
| Total Liberty Media Debt (GAAP) | | | |
$
| 544 |
|
|
|
|
|
|
|
|
|
| 543 |
| | | | | | | | | | | | | | |
|
|
(1)
|
|
|
Includes $319 million and $10 million of short-term marketable
securities with an original maturity greater than 90 days as of
March 31, 2012 and June 30, 2012, respectively.
|
| | |
|
Total Liberty Media group cash and liquid investments decreased $421
million, primarily as a result of stock repurchases, payments made on
financial instruments, and investments made on cost and equity
investees. These outflows were partially offset by cash provided by
operating activities. Total Liberty Media debt decreased by $1 million,
as a result of capital lease payments.
Important Notice: Liberty Media Corporation (Nasdaq: LMCA, LMCB)
President and CEO, Gregory B. Maffei, will discuss Liberty Media’s
earnings release in a conference call which will begin at 10:45 a.m.
(ET) on August 8, 2012. The call can be accessed by dialing (888)
587-0613 or (719) 457-2654 at least 10 minutes prior to the start time.
Replays of the conference call can be accessed until 12:15 p.m. (ET),
August 15, 2012, by dialing (888) 203-1112 or (719) 457-0820 plus the
pass code 4996345#. 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, new service and product launches including original
content programming, new distribution platforms for our programming, the
continuation of our stock repurchase plans, the proposed separation from
Starz, LLC including the potential benefits flowing therefrom 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, competitive issues, regulatory
matters affecting our businesses, continued access to capital on terms
acceptable to Liberty Media, changes in law, market conditions conducive
to stock repurchases and the satisfaction or waiver, if applicable, of
the conditions to the separation from Starz, LLC. 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-Q and
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.
SUPPLEMENTAL INFORMATION
As a supplement to Liberty Media’s consolidated statements of
operations, to be included in its Form 10-Q, the following is a
presentation of quarterly financial information and operating metrics on
a stand-alone basis for the largest privately held business (Starz, LLC)
owned by Liberty Media at June 30, 2012, which Liberty Media has
identified as a reportable segment.
Please see below for the definition of adjusted OIBDA and a discussion
of why management believes the presentation of adjusted OIBDA provides
useful information for investors. Schedule 2 to this press release
provides a reconciliation of adjusted OIBDA for Starz, LLC to its
operating income for the same period, as determined under GAAP.
QUARTERLY SUMMARY
| (amounts in millions) |
|
|
|
2Q11
|
|
|
|
|
|
3Q11
|
|
|
|
|
|
4Q11
|
|
|
|
|
|
1Q12
|
|
|
|
|
|
2Q12
|
| Starz, LLC | | | | |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
Revenue
| | | |
$
|
403
| | | | | |
389
| | | | | |
432
| | | | | |
405
| | | | | |
403
|
|
Adjusted OIBDA
| | | | |
118
| | | | | |
107
| | | | | |
93
| | | | | |
127
| | | | | |
108
|
|
Operating income
| | | | |
112
| | | | | |
101
| | | | | |
87
| | | | | |
120
| | | | | |
100
|
|
Subscription units – Starz
| | | | |
19.0
| | | | | |
19.0
| | | | | |
19.6
| | | | | |
20.1
| | | | | |
20.7
|
|
Subscription units – Encore
| | | |
|
32.9
|
|
|
|
|
|
32.8
|
|
|
|
|
|
33.2
|
|
|
|
|
|
33.6
|
|
|
|
|
|
34.2
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
NON-GAAP FINANCIAL MEASURES
This press release includes a presentation of adjusted OIBDA, which is a
non-GAAP financial measure, for Liberty Media and Starz LLC, together
with a reconciliation to that entity’s operating income, as determined
under GAAP. Liberty Media defines adjusted OIBDA as revenue less
operating expenses, and selling, general and administrative expenses
(excluding stock and other equity-based compensation) and excludes from
that definition depreciation and amortization, restructuring and
impairment charges and 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. Please see the attached schedules for
applicable reconciliations.
SCHEDULE 1
The following table provides a reconciliation of adjusted OIBDA for
Liberty Media to operating income calculated in accordance with GAAP for
the three months ended June 30, 2011, September 30, 2011, December 31,
2011, March 31, 2012 and June 30, 2012, respectively.
QUARTERLY SUMMARY
| (amounts in millions) |
|
|
|
2Q11
|
|
|
|
|
|
3Q11
|
|
|
|
|
|
4Q11
|
|
|
|
|
|
1Q12
|
|
|
|
|
|
2Q12
|
| Liberty Media | | | | |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
Adjusted OIBDA
| | | |
$
|
124
| | | | | | |
129
| | | | | | |
323
| | | | | | |
110
| | | | | | |
126
| |
|
Depreciation and amortization
| | | | |
(20
|
)
| | | | | |
(15
|
)
| | | | | |
(13
|
)
| | | | | |
(13
|
)
| | | | | |
(15
|
)
|
|
Stock compensation expense
| | | | |
(10
|
)
| | | | | |
(3
|
)
| | | | | |
(8
|
)
| | | | | |
(8
|
)
| | | | | |
(10
|
)
|
|
Gain (loss) on legal settlement
| | | |
|
--
|
|
|
|
|
|
|
--
|
|
|
|
|
|
|
(9
|
)
|
|
|
|
|
|
--
|
|
|
|
|
|
|
--
|
|
| Operating Income | | | | $ | 94 |
|
|
|
|
|
| 111 |
|
|
|
|
|
| 293 |
|
|
|
|
|
| 89 |
|
|
|
|
|
| 101 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
SCHEDULE 2
The following table provides a reconciliation of adjusted OIBDA for
Starz, LLC to its operating income calculated in accordance with GAAP
for the three months ended June 30, 2011, September 30, 2011, December
31, 2011, March 31, 2012 and June 30, 2012, respectively.
QUARTERLY SUMMARY
| (amounts in millions) |
|
|
|
2Q11
|
|
|
|
|
|
3Q11
|
|
|
|
|
|
4Q11
|
|
|
|
|
|
1Q12
|
|
|
|
|
|
2Q12
|
| Starz, LLC | | | | |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
Adjusted OIBDA
| | | |
$
|
118
| | | | | | |
107
| | | | | | |
93
| | | | | | |
127
| | | | | | |
108
| |
|
Depreciation and amortization
| | | | |
(5
|
)
| | | | | |
(4
|
)
| | | | | |
(5
|
)
| | | | | |
(4
|
)
| | | | | |
(5
|
)
|
|
Stock compensation expense
| | | |
|
(1
|
)
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
(3
|
)
|
|
|
|
|
|
(3
|
)
|
| Operating Income | | | | $ | 112 |
|
|
|
|
|
| 101 |
|
|
|
|
|
| 87 |
|
|
|
|
|
| 120 |
|
|
|
|
|
| 100 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
| |
|
|
|
|
|
|
|
| |
LIBERTY MEDIA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (unaudited) |
| | | | | | | | | | | | |
|
| | | | 6/30/2012 | | | | | | | | | 12/31/2011 |
| | | |
amounts in millions
|
| ASSETS | | | | | | | | | | | | | |
|
Current assets:
| | | | | | | | | | | | | |
|
Cash and cash equivalents
| | | |
$
|
1,803
| | | | | | | | | |
2,070
| |
|
Trade and other receivables, net
| | | |
307
| | | | | | | | | |
288
| |
|
Program rights
| | | |
491
| | | | | | | | | |
442
| |
|
Short term marketable securities
| | | |
10
| | | | | | | | | |
299
| |
|
Restricted cash
| | | |
19
| | | | | | | | | |
709
| |
|
Financial instruments
| | | |
216
| | | | | | | | | |
—
| |
|
Deferred income tax assets
| | | |
76
| | | | | | | | | |
61
| |
|
Other current assets
| | | |
51
|
|
|
|
|
|
|
|
|
|
45
|
|
| Total current assets | | | | 2,973 |
|
|
|
|
|
|
|
|
| 3,914 |
|
| | | | | | | | | | | | | |
|
|
Investments in available-for-sale securities and other cost
investments
| | | |
1,913
| | | | | | | | | |
1,859
| |
|
Investments in affiliates, accounted for using the equity method
| | | |
732
| | | | | | | | | |
567
| |
|
Property and equipment, at cost
| | | |
506
| | | | | | | | | |
504
| |
|
Accumulated depreciation
| | | |
(302
|
)
|
|
|
|
|
|
|
|
|
(289
|
)
|
| | | |
204
|
|
|
|
|
|
|
|
|
|
215
|
|
|
Intangible assets not subject to amortization
| | | |
475
| | | | | | | | | |
475
| |
|
Intangible assets subject to amortization, net
| | | |
125
| | | | | | | | | |
135
| |
|
Program rights
| | | |
302
| | | | | | | | | |
320
| |
|
Other assets, at cost, net of accumulated amortization
| | | |
207
|
|
|
|
|
|
|
|
|
|
238
|
|
| Total assets | | | | $ | 6,931 |
|
|
|
|
|
|
|
|
| 7,723 |
|
| | | | | | | | | | | | |
|
| LIABILITIES AND EQUITY | | | | | | | | | | | | | |
|
Current liabilities:
| | | | | | | | | | | | | |
|
Accounts payable
| | | |
$ 10
| | | | | | | | | |
15
| |
|
Accrued liabilities
| | | |
266
| | | | | | | | | |
313
| |
|
Current portion of debt
| | | |
17
| | | | | | | | | |
754
| |
|
Deferred revenue
| | | |
121
| | | | | | | | | |
63
| |
|
Other current liabilities
| | | |
39
|
|
|
|
|
|
|
|
|
|
85
|
|
| Total current liabilities | | | | 453 |
|
|
|
|
|
|
|
|
| 1,230 |
|
| | | | | | | | | | | | | |
|
|
Long-term debt
| | | |
526
| | | | | | | | | |
541
| |
|
Deferred income tax liabilities
| | | |
336
| | | | | | | | | |
411
| |
|
Other liabilities
| | | |
288
|
|
|
|
|
|
|
|
|
|
290
|
|
| Total liabilities | | | | 1,603 |
|
|
|
|
|
|
|
|
| 2,472 |
|
| | | | | | | | | | | | | |
|
|
Equity:
| | | | | | | | | | | | | |
|
Total stockholders' equity
| | | |
5,333
| | | | | | | | | |
5,261
| |
|
Noncontrolling interests in equity of subsidiaries
| | | |
(5
|
)
|
|
|
|
|
|
|
|
|
(10
|
)
|
| Total equity | | | | 5,328 |
|
|
|
|
|
|
|
|
| 5,251 |
|
|
Commitments and contingencies
| | | |
|
|
|
|
|
|
|
|
|
|
| Total liabilities and equity | | | | $ | 6,931 |
|
|
|
|
|
|
|
|
| 7,723 |
|
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
|
|
|
| | |
|
| |
|
|
|
|
| | |
|
| |
LIBERTY MEDIA CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) |
| | | | | | | | | | | | | | | | | |
|
| | | |
Three months ended
| | | | | |
Six months ended
|
| | | | 6/30/2012 | | | 6/30/2011 | | | | | | 6/30/2012 | | | 6/30/2011 |
| | | |
amounts in millions
|
| REVENUE: | | | | | | | | | | | | | | | | | | |
|
Communications and programming services
| | | |
$
|
537
| | | | |
538
| | | | | | |
977
| | | | |
1,511
| |
| | | | | | | | | | | | | | | | | |
|
| OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | |
|
Operating
| | | |
323
| | | | |
332
| | | | | | |
569
| | | | |
725
| |
|
Selling, general and administrative, including stock-based
compensation
| | | |
98
| | | | |
92
| | | | | | |
190
| | | | |
199
| |
|
Legal settlement
| | | |
---
| | | | |
---
| | | | | | |
---
| | | | |
(7
|
)
|
|
Depreciation and amortization
| | | |
15
|
|
|
|
|
20
|
|
|
|
|
|
|
28
|
|
|
|
|
41
|
|
| | | |
436
|
|
|
|
|
444
|
|
|
|
|
|
|
787
|
|
|
|
|
958
|
|
|
Operating income
| | | |
101
| | | | |
94
| | | | | | |
190
| | | | |
553
| |
| | | | | | | | | | | | | | | | | |
|
| OTHER INCOME (EXPENSE): | | | | | | | | | | | | | | | | | | |
|
Interest expense
| | | |
(7
|
)
| | | |
(3
|
)
| | | | | |
(14
|
)
| | | |
(10
|
)
|
|
Share of earnings (losses) of affiliates, net
| | | |
22
| | | | |
(22
|
)
| | | | | |
13
| | | | |
(50
|
)
|
|
Realized and unrealized gains (losses) on financial instruments, net
| | | |
(73
|
)
| | | |
54
| | | | | | |
40
| | | | |
176
| |
|
Other, net
| | | |
29
|
|
|
|
|
26
|
|
|
|
|
|
|
55
|
|
|
|
|
49
|
|
| | | |
(29
|
)
|
|
|
|
55
|
|
|
|
|
|
|
94
|
|
|
|
|
165
|
|
|
Earnings (loss) from continuing operations before income taxes
| | | |
72
| | | | |
149
| | | | | | |
284
| | | | |
718
| |
|
Income tax (expense) benefit
| | | |
85
|
|
|
|
|
(61
|
)
|
|
|
|
|
|
11
|
|
|
|
|
(298
|
)
|
|
Net earnings (loss)
| | | |
157
| | | | |
88
| | | | | | |
295
| | | | |
420
| |
|
Less net earnings (loss) attributable to the noncontrolling interests
| | | |
1
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
2
|
|
|
|
|
---
|
|
|
Net earnings (loss) attributable to Liberty Media Corporation
shareholders
| | | |
$
|
156
|
|
|
|
|
89
|
|
|
|
|
|
|
293
|
|
|
|
|
420
|
|
|
Net earnings (loss) attributable to Liberty Media Corporation
shareholders:
| | | | | | | | | | | | | | | | | | |
|
Liberty Capital common stock
| | | |
$
|
156
| | | | |
22
| | | | | | |
293
| | | | |
301
| |
|
Liberty Starz common stock
| | | |
NA
|
|
|
|
|
67
|
|
|
|
|
|
|
NA
|
|
|
|
|
119
|
|
| | | |
$ 156
|
|
|
|
|
89
|
|
|
|
|
|
|
293
|
|
|
|
|
420
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
| |
LIBERTY MEDIA CORPORATION CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) |
| | | |
|
| | | |
Six months ended
|
| | | | 6/30/2012 |
|
|
|
|
|
|
|
|
|
| 6/30/2011 |
| | | |
amounts in millions
|
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | | | |
|
Net earnings
| | | |
$
|
295
| | | | | | | | | | | |
420
| |
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
| | | | | | | | | | | | | | | |
|
Depreciation and amortization
| | | |
28
| | | | | | | | | | | |
41
| |
|
Amortization of program rights
| | | |
384
| | | | | | | | | | | |
347
| |
|
Cash payments for program rights
| | | |
(410
|
)
| | | | | | | | | | |
(370
|
)
|
|
Stock-based compensation
| | | |
18
| | | | | | | | | | | |
21
| |
|
Cash payments for stock-based compensation
| | | |
(30
|
)
| | | | | | | | | | |
(9
|
)
|
|
Share of (earnings) losses of affiliates, net
| | | |
(13
|
)
| | | | | | | | | | |
50
| |
|
Realized and unrealized (gains) losses on financial instruments, net
| | | |
(40
|
)
| | | | | | | | | | |
(176
|
)
|
|
Losses (gains) on disposition of assets, net
| | | |
---
| | | | | | | | | | | |
2
| |
|
Change in tax accounts from Liberty Interactive, net
| | | |
---
| | | | | | | | | | | |
42
| |
|
Deferred income tax expense
| | | |
(87
|
)
| | | | | | | | | | |
217
| |
|
Other noncash charges (credits), net
| | | |
(3
|
)
| | | | | | | | | | |
(327
|
)
|
|
Changes in operating assets and liabilities
| | | | | | | | | | | | | | | |
|
Current and other assets
| | | |
5
| | | | | | | | | | | |
(192
|
)
|
|
Payables and other liabilities
| | | |
(16
|
)
|
|
|
|
|
|
|
|
|
|
|
212
|
|
| Net cash provided (used) by operating activities | | | | 131 |
|
|
|
|
|
|
|
|
|
|
| 278 |
|
| | | | | | | | | | | | | | |
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | |
|
Cash proceeds from dispositions
| | | |
87
| | | | | | | | | | | |
---
| |
|
Proceeds (payments) on financial instruments, net
| | | |
(311
|
)
| | | | | | | | | | |
---
| |
|
Investments in and loans to cost and equity investees
| | | |
(207
|
)
| | | | | | | | | | |
(82
|
)
|
|
Repayment of loans by cost and equity investees
| | | |
43
| | | | | | | | | | | |
189
| |
|
Capital expended for property and equipment
| | | |
(6
|
)
| | | | | | | | | | |
(6
|
)
|
|
Net sales (purchases) of short term investments
| | | |
289
| | | | | | | | | | | |
189
| |
|
Net (increase) decrease in restricted cash
| | | |
690
| | | | | | | | | | | |
(145
|
)
|
|
Reattribution of cash to Liberty Interactive
| | | |
---
| | | | | | | | | | | |
(264
|
)
|
|
Other investing activities, net
| | | |
---
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
| Net cash provided (used) by investing activities | | | | 585 |
|
|
|
|
|
|
|
|
|
|
| (120 | ) |
| | | | | | | | | | | | | | |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | |
|
Borrowings of debt
| | | |
---
| | | | | | | | | | | |
1
| |
|
Repayments of debt
| | | |
(752
|
)
| | | | | | | | | | |
(58
|
)
|
|
Repurchases of Liberty common stock
| | | |
(233
|
)
| | | | | | | | | | |
(96
|
)
|
|
Other financing activities, net
| | | |
2
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
| Net cash provided (used) by financing activities | | | | (983 | ) |
|
|
|
|
|
|
|
|
|
| (146 | ) |
| | | | | | | | | | | | | | | | |
|
|
Net increase (decrease) in cash and cash equivalents
| | | |
(267
|
)
| | | | | | | | | | |
12
| |
|
Cash and cash equivalents at beginning of period
| | | |
2,070
|
|
|
|
|
|
|
|
|
|
|
|
2,090
|
|
| | | | | | | | | | | | | | | | | |
|
| Cash and cash equivalents at end of period | | | | $ | 1,803 |
|
|
|
|
|
|
|
|
|
|
| 2,102 |
|
Contacts:
Liberty Media Corporation
Courtnee Ulrich, (720) 875-5420
Source: Liberty Media Corporation
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