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/
CONTACT: Shane Kleinstein
(720) 875-5432
(END) Dow Jones Newswires
November 07, 2024 08:16 ET (13:16 GMT)
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