Liberty Media Corporation (“Liberty”) (Nasdaq: LCAPA, LCAPB,
LSTZA, LSTZB) today reported third quarter results for Liberty
Capital group and Liberty Starz group. Highlights include(1):
- Increased STARZ and ENCORE
subscriptions by 9% and 3%, respectively
- Premiered the new Starz Original
series, Boss, starring Kelsey Grammer, to positive reviews
- Announced new series, Da Vinci’s
Demons, the first series under the Starz partnership with BBC
Worldwide
- Acquired Barnes & Noble 7.75%
convertible preferred stock which converts into a 16.6% common
equity stake
- Repurchased $51 million of Liberty
Starz stock from August 1st through October 31st, 2011
- Repurchased $169 million of Liberty
Capital stock from August 1st through October 31st, 2011
“Starz continued to post impressive subscriber gains and strong
financial results,” stated Greg Maffei, Liberty President and CEO.
“It was a busy quarter as we completed the split-off of Liberty
Capital and Liberty Starz from Liberty Interactive and made a
strategic investment in Barnes & Noble. We also took advantage
of the soft equity markets and repurchased shares in both Liberty
Starz and Liberty Capital.”
LIBERTY STARZ GROUP – The results for Starz for the three
months ended September 30th, 2011 include the legacy Starz
Entertainment business and the legacy Starz Media business , due to
the Starz Media reattribution (effective as of September 30th,
2010). For discussion purposes, the historical results for the
legacy Starz Media businesses have been combined with the
historical results of the legacy Starz Entertainment businesses,
including the impacts of intercompany eliminations, for the three
months ended September 30th, 2010.
Starz’s revenue decreased 2% to $389 million for the third
quarter, primarily as a result of a decrease in the number of
theatrical films released on home video, a decrease in revenue from
Animation, and no theatrical films released in 2011 as compared to
2010. The overall decrease was partially offset by revenue growth
resulting from a $7 million increase due to higher effective rates
for the Starz Channels' services and a $5 million increase due to
growth in the average number of subscriptions for the Starz
Channels' services.
Starz’s adjusted OIBDA(2) increased 27% to $107 million, a $23
million increase, and operating income increased to $101 million, a
31% increase. The increase in adjusted OIBDA was attributable to a
combination of improved results by the Starz Channels business and
the decision made to exit the theatrical film business in the prior
year. The elimination of the theatrical film business and fewer
theatrical home video releases resulted in lower revenue which was
more than offset by no current period spending on marketing and
advertising associated with the theatrical exhibition of such
productions, lower production and acquisition costs and lower home
video costs. STARZ’ subscription units increased 9% and ENCORE
subscriptions increased 3% compared to the third quarter of 2010.
Subscription growth in 2011 has been impacted by a current lack of
cooperative marketing campaigns with certain distribution
partners.
“Starz Entertainment performed well in the third quarter with
continued solid financial and operational performance, and momentum
in implementing our original programming strategy,” said Chris
Albrecht, Starz, LLC, President and CEO. “With 2012 STARZ
Originals, which include Spartacus: Vengeance, Magic City, and a
second season of Boss, we will deliver to our subscribers a slate
of entertaining premium programming. Furthermore, the BBC Worldwide
Productions agreement yielded its first original programming
commitment, with Da Vinci’s Demons now in development for 2013.
Lastly, we are heartened to see strong demand for our owned
originals in the home video, international, and digital
businesses.”
Share Repurchases
From August 1st, 2011 through October 31st, 2011, 807,200 shares
of Series A Liberty Starz common stock were purchased at an average
cost per share of $62.85 for total cash consideration of $50.7
million. Since the introduction of the original Liberty Starz
tracking stock on November 19th, 2009 through October 31st, 2011,
1.9 million shares of Series A Liberty Starz common stock have been
repurchased at an average cost per share of $54.29 for total cash
consideration of $104 million. These repurchases represent 3.7% of
the shares outstanding at the time of the introduction of the
original Liberty Starz tracking stock, Liberty has approximately
$396.0 million remaining under its current Liberty Starz stock
repurchase authorization.
The businesses and assets attributed to Liberty Starz group are
primarily engaged in the production and distribution of video
programming and related businesses.
LIBERTY CAPITAL GROUP – Liberty Capital group’s revenue
decreased 40% to $151 million while adjusted OIBDA remained flat at
$25 million and operating losses improved by $17 million to $14
million for the third quarter. The decrease in revenue and increase
in operating income is primarily due to the impact of the change in
attribution of Starz Media from Liberty Capital to Liberty Starz
which was effective September 30th, 2010.
Share Repurchases
From August 1st, 2011 through October 31st, 2011, approximately
2.5 million shares of Series A Liberty Capital common stock were
purchased at an average cost per share of $68.15 for total cash
consideration of $168.5 million. Since the reclassification of the
original Liberty Capital tracking stock on March 4th, 2008 through
October 31st, 2011, 53.4 million shares have been repurchased at an
average cost per share of $27.39 for total cash consideration of
$1.5 billion. These repurchases represent 41.3% of the shares
outstanding at the time of the reclassification. As of October
31st, 2011, Liberty had approximately $137.8 million remaining
under its Liberty Capital stock repurchase authorization. On
November 7th, 2011, the Board of Directors voted to increase the
authorization by an additional $500 million. Including the newly
authorized amount, the total current repurchase authorization for
Liberty Capital stock is approximately $637.8 million.
The businesses and assets attributed to Liberty Capital group
are all of Liberty’s businesses and assets other than those
attributed to the Liberty Starz group and include its subsidiaries
Starz Media (through September 30th, 2010), TruePosition, Atlanta
National League Baseball Club (the owner of the Atlanta Braves),
its interests in SiriusXM, Live Nation and Barnes & Noble, and
minority interests in Time Warner and Viacom.
FOOTNOTES
1) Liberty’s President and CEO, Gregory B.
Maffei, will discuss these highlights and other matters in
Liberty’s earnings conference call which will begin at 11:15 a.m.
(ET) on November 8, 2011. 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
Liberty Media Corporation operates and owns interests in a broad
range of media, communications and entertainment businesses. Those
interests are currently attributed to two tracking stock groups:
Liberty Starz group and Liberty Capital group.
Unless otherwise noted, the foregoing discussion compares
financial information for the three months ended September 30th,
2011 to the same period in 2010.
On September 23rd, 2011, Liberty was split-off from Liberty
Interactive Corporation (f/k/a Liberty Media Corporation ("LIC")
(the "Split-Off"). At the time of the Split-Off, LIC owned all the
assets, businesses and liabilities previously attributed to the
Liberty Capital and Liberty Starz tracking stock groups. The
Split-Off was effected by means of a redemption of all of the
Liberty Capital common stock and Liberty Starz common stock of LIC
for all of the common stock of Liberty. This transaction has been
accounted for at historical cost due to the pro rata nature of the
distribution.
Following the Split-Off, Liberty and LIC operate as separate,
publicly traded companies, and neither has any stock ownership,
beneficial or otherwise, in the other. In connection with the
Split-Off, Liberty and LIC entered into certain agreements in order
to govern certain of the ongoing relationships between the two
companies after the Split-Off and to provide for an orderly
transition. These agreements include a Reorganization Agreement, a
Services Agreement, a Facilities Sharing Agreement and a Tax
Sharing Agreement. Certain prior period amounts have been
reclassified for comparability with the current presentation.
The following financial information is intended to supplement
Liberty’s consolidated statements of operations to be included in
its Form 10-Q.
Fair Value of Public
Holdings and Derivatives
(amounts in millions and
include the value of derivatives) 6/30/2011
9/30/2011 SiriusXM debt and equity(1) 6,055
4,283 Live Nation debt and equity(2) 474 338 Barnes & Noble
investment(3) -- 206 Non-strategic public holdings(4) 1,334
1,089
Total Attributed Liberty Capital Group
7,863 5,916
(1) Represents the fair value of Liberty’s
various debt and equity investments in SiriusXM. The fair value of
Liberty’s convertible preferred stock is calculated on an
as-if-converted basis into common stock. In accordance with GAAP,
Liberty accounts for the convertible preferred stock using the
equity method of accounting and includes this in its consolidated
balance sheet at historical carrying value. (2) Represents fair
value of Liberty’s debt and equity investments. In accordance with
GAAP, Liberty accounts for this investment using the equity method
of accounting and includes it in its consolidated balance sheet at
its historical carrying value. (3) Represents the fair value of
Liberty’s preferred equity investment in Barnes & Noble, which
is accounted for at fair value on Liberty’s balance sheet. (4)
Represents Liberty’s non-strategic public holdings which are
accounted for at fair value including any associated equity
derivatives on such investments. Also includes the liability
associated with borrowed shares which totaled $1,148 million and
$1,076 million on June 30th, 2011 and September 30th, 2011,
respectively.
Cash and Debt
The following presentation is provided to separately identify
cash and liquid investments and debt information.
(amounts in millions) 6/30/2011
9/30/2011
Cash and Liquid Investments Attributable
to: Liberty Starz group(1) (2) 1,231 1,059
Liberty Capital group(3) (4) 1,259 1,153
Total Liberty Consolidated Cash and Liquid Investments
2,490 2,212 Less:
Short-term marketable securities – Liberty Starz group 132 --
Long-term marketable securities – Liberty Starz group 64 --
Short-term marketable securities – Liberty Capital group 192
275
Total Liberty Consolidated Cash (GAAP)
2,102 1,937 Debt:
Other 42 41
Total Attributed Liberty Starz
Group Debt (GAAP) 42 41
Bank investment facility 750 750
Total Attributed Liberty Capital Group Debt (GAAP)
750 750
Total Consolidated Liberty Debt (GAAP)
792 791 (1)
Includes $132 million of short-term marketable securities with an
original maturity greater than 90 days as of June 30th, 2011. (2)
Includes $64 million of marketable securities with an original
maturity greater than one year as of June 30th, 2011, which is
reflected in investments in available-for-sale securities in
Liberty’s condensed consolidated balance sheet. (3) Includes $192
million and $275 million of short-term marketable securities with
an original maturity greater than 90 days as of June 30th, 2011 and
September 30th, 2011, respectively. (4) Excludes $638 million and
$638 million of restricted cash on June 30th, 2011 and September
30th, 2011, respectively, associated with the bank investment
facility, which matures in March 2012, and is reflected in current
restricted cash on Liberty’s consolidated balance sheet.
Attributed Liberty Starz group cash and liquid investments
decreased $172 million, primarily as a result of funds loaned to
Liberty Capital group to fund certain investments. Total attributed
Liberty Starz group debt decreased $1 million as a result of lease
payments made at Starz LLC.
Attributed Liberty Capital group cash and liquid investments
decreased $106 million, primarily due to Series A Liberty Capital
common stock repurchases and investments in cost and equity
investees, offset by an intergroup borrowing from Liberty Starz
group.
Important Notice: Liberty Media Corporation (Nasdaq:
LCAPA, LCAPB, LSTZA, LSTZB) President and CEO, Gregory B. Maffei
will discuss Liberty’s earnings release in a conference call which
will begin at 11:15 a.m. (ET) on November 8, 2011. The call can be
accessed by dialing (888) 312-9865 or (719) 457-2657 at least 10
minutes prior to the start time. Replays of the conference call can
be accessed until 1:15 p.m. (ET) November 15, 2011, by dialing
(888) 203-1112 or (719) 457-0820 plus the pass code 4205514#. 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, the continuation
of our stock repurchase plans, 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, changes in law and
government regulations that may impact the derivative instruments
that hedge certain of our financial risks and market conditions
conducive to stock repurchases. These forward-looking statements
speak only as of the date of this press release, and Liberty
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’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, including the most recent Form 10-Q and
Registration Statement on Form S-4, for additional information
about Liberty and about the risks and uncertainties related to
Liberty’s business which may affect the statements made in this
press release.
SUPPLEMENTAL INFORMATION
As a supplement to Liberty’s condensed 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 at September 30th, 2011,
which Liberty has identified as a reportable segment.
Results for the Liberty Starz group include the legacy Starz
Entertainment and the legacy Starz Media businesses for the three
months ended December 31st, 2010, March 31st, 2011, June 30th, 2011
and September 30th, 2011. The historical results for the three
months ended September 30th, 2010 only include the results for the
legacy Starz Entertainment business, as the change in attribution
of Starz Media from Liberty Capital to Liberty Starz became
effective as of September 30th, 2010.
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 each
identified entity to that entity’s operating income for the same
period, as determined under GAAP.
QUARTERLY
SUMMARY
(amounts in millions) 3Q10
4Q10 1Q11
2Q11 3Q11
Liberty Starz Group
Starz LLC(1) Revenue 316 400 391
403 389 Adjusted OIBDA 92 110 131 118 107 Operating income 87 70
124 112 101 Subscription units – Starz 17.4 18.2 18.8 19.0 19.0
Subscription units – Encore 32.0 32.8
33.1 32.9
32.8 (1) Includes the legacy Starz
Entertainment and the legacy Starz Media businesses for the three
months ended December 31st, 2010, March 31st, 2011, June 30th, 2011
and September 30th, 2011 and only legacy Starz Entertainment
results for the three months ended September 30th, 2010 as the
change in attribution of Starz Media from Liberty Capital to
Liberty Starz became effective as of September 30th, 2010.
NON-GAAP FINANCIAL MEASURES
This press release includes a presentation of adjusted OIBDA,
which is a non-GAAP financial measure, for each of Liberty’s
tracking stock groups and Starz, LLC, together with a
reconciliation to that group’s or entity’s operating income, as
determined under GAAP. Liberty 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 gains on legal settlements
that are included in the measurement of operating income pursuant
to GAAP.
Liberty 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 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'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 each of the Liberty Starz group and Liberty Capital group to
that group’s operating income calculated in accordance with GAAP
for the three months ended September 30th, 2010, December 31st,
2010, March 31st, 2011, June 30th, 2011 and September 30th, 2011,
respectively.
QUARTERLY
SUMMARY
(amounts in millions) 3Q10
4Q10 1Q11
2Q11 3Q11
Liberty Starz Group
Adjusted OIBDA 89 106 126 117 104 Depreciation
and amortization (7 ) (2 ) (5 ) (5 ) (4 ) Stock compensation
expense (5 ) (38 ) (5 ) (4 ) (3 ) Impairment of long-lived assets
-- (4 ) --
-- --
Operating Income 77
62 116
108 97
Liberty Capital Group Adjusted OIBDA 25 -- 358
7 25 Depreciation and amortization (20 ) (15 ) (16 ) (15 ) (11 )
Stock compensation expense (8 ) (9 ) (6 ) (6 ) -- Gain on legal
settlement -- 48
7 --
--
Operating Income (Loss) (3 )
24 343
(14 )
14
SCHEDULE 2
The following table provides a reconciliation of adjusted OIBDA
for Starz, LLC to that entity’s operating income (loss) calculated
in accordance with GAAP for the three months ended September, 30th,
2010, December 31st, 2010, March 31st, 2011, June 30th, 2011 and
September 30th, 2011, respectively, together with a separate
presentation, for discussion purposes, that takes into account the
historical results of the legacy Starz Media business (see footnote
(2) below).
QUARTERLY
SUMMARY
(amounts in millions) 3Q10
4Q10 1Q11
2Q11 3Q11
Liberty Starz
Group
Starz, LLC(1) – Actual
results Adjusted OIBDA 92 110 131 118 107 Depreciation and
amortization (3 ) (5 ) (5 ) (4 ) (4 ) Stock compensation expense (2
) (35 ) (2 )
(2 ) (2 )
Operating
Income 87 70
124
112 101
Starz, LLC(2) – For discussion purposes
Revenue 397 400 391 403 389 Adjusted OIBDA 84 110 131 118
107 Depreciation and amortization (6 ) (5 ) (5 ) (4 ) (4 ) Stock
compensation expense (1 ) (35 )
(2 ) (2 ) (2 )
Operating Income 77
70 124
112 101
(1) Includes the legacy Starz
Entertainment and the legacy Starz Media businesses for the three
months ended December 31st, 2010, March 31st, 2011, June 30th, 2011
and September 30th, 2011 and only legacy Starz Entertainment
results for the three months ended September 30th, 2010 as the
change in attribution of Starz Media from Liberty Capital to
Liberty Starz became effective as of September 30th, 2010. (2)
Includes results for the legacy Starz Entertainment and the legacy
Starz Media businesses for all periods presented, including the
impact of intercompany eliminations.
LIBERTY MEDIA CORPORATION
BALANCE SHEET INFORMATION
September 30th, 2011 –
(unaudited)
Attributed
StarzGroup
CapitalGroup
Inter-groupEliminations
ConsolidatedLiberty
ASSETS amounts in millions Current assets:
Cash and cash equivalents $ 1,059 878 — 1,937 Trade and other
receivables, net 252 47 — 299 Program rights 476 — — 476 Short term
marketable securities — 275 — 275 Restricted cash 33 662 — 695
Receivable from Liberty Interactive — 44 — 44 Other current assets
51 25 (35 )
41
Total current assets
1,871 1,931
(35 ) 3,767
Investments in available-for-sale securities and other cost
investments 1 2,781 — 2,782 Investments in affiliates, accounted
for using the equity method — 507 — 507 Property and equipment, net
98 121 — 219 Intangible assets not subject to amortization 132 343
— 475 Intangible assets subject to amortization, net 16 123 — 139
Program rights 325 — — 325 Deferred costs — 243 — 243 Deferred tax
assets — 301 (63 ) 238 Other assets, at cost, net of accumulated
amortization 192 28
— 220
Total
assets $ 2,635
6,378 (98 )
8,915 LIABILITIES AND
EQUITY Current liabilities: Intergroup Payable (Receivable) $
(187 ) 187 — — Accounts payable 7 6 — 13 Accrued liabilities 222 50
— 272 Financial instruments 5 1,080 — 1,085 Current portion of debt
4 750 — 754 Current deferred tax liabilities — 777 (35 ) 742
Deferred revenue 44 30 — 74 Other current liabilities 37
35 —
72
Total current liabilities 132
2,915
(35 ) 3,012
Long-term debt 37 — — 37 Deferred income tax liabilities 63 — (63 )
— Deferred revenue 2 529 — 531 Other liabilities 9
248 —
257
Total liabilities 243
3,692
(98 ) 3,837
Equity/Attributed net assets 2,397 2,687 — 5,084 Noncontrolling
interests in equity of subsidiaries (5 ) (1 )
— (6 )
Total
liabilities and equity $ 2,635
6,378 (98
) 8,915
LIBERTY MEDIA CORPORATION
BALANCE SHEET INFORMATION
December 31st, 2010 –
(unaudited)
Attributed
StarzGroup
CapitalGroup
Inter-groupEliminations
ConsolidatedLiberty
amounts in millions ASSETS Current assets: Cash and
cash equivalents $ 878 1,212 — 2,090 Trade and other receivables,
net 227 30 — 257 Program rights 411 — — 411 Short term marketable
securities 175 334 — 509 Receivable from Liberty Interactive — 85 —
85 Other current assets 55
145 (10 )
190
Total current assets 1,746
1,806
(10 )
3,542 Investments in available-for-sale securities
and other cost investments 67 4,483 — 4,550 Investments in
affiliates, accounted for using the equity method — 91 — 91
Property and equipment, net 109 138 — 247 Intangible assets not
subject to amortization 132 353 — 485 Intangible assets subject to
amortization, net 20 144 — 164 Program rights 323 — — 323 Deferred
costs — 345 — 345 Deferred tax assets — 382 (11 ) 371 Other assets,
at cost, net of accumulated amortization 142
532 —
674
Total assets $
2,539 8,274
(21 )
10,792 LIABILITIES AND
EQUITY Current liabilities: Accounts payable $ 8 13 — 21
Accrued liabilities 185 58 — 243 Intergroup payable (receivable)
(93 ) 93 — — Financial instruments 3 1,219 — 1,222 Current portion
of debt 37 — — 37 Current deferred tax liabilities — 722 (10 ) 712
Deferred revenue 16 224 — 240 Other current liabilities 12
24
— 36
Total current
liabilities 168
2,353 (10
) 2,511 Long-term debt 68
2,033 — 2,101 Deferred income tax liabilities 11 — (11 ) — Deferred
revenue — 846 — 846 Other liabilities 46
262 —
308
Total liabilities
293 5,494
(21 )
5,766 Equity/Attributed net assets
2,246 2,780 — 5,026 Noncontrolling interests in equity of
subsidiaries — —
— —
Total liabilities and equity $ 2,539
8,274
(21 )
10,792
LIBERTY MEDIA CORPORATION
STATEMENT OF OPERATIONS
INFORMATION
Three months ended September
30th, 2011 - (unaudited)
Attributed
StarzGroup
CapitalGroup
ConsolidatedLiberty
amounts in millions REVENUE:
Communications and programming
services
$ 389 151 540
OPERATING COSTS AND EXPENSES: Operating
226 97 323 Selling, general and administrative, including
stock-based compensation 62 29 91 Depreciation and amortization 4
11
15 292 137
429 Operating income 97 14 111
OTHER INCOME (EXPENSE): Interest expense — (3 ) (3 )
Share of earnings (losses) of affiliates, net — 53 53 Realized and
unrealized gains (losses) on financial instruments, net (5 ) (252 )
(257 ) Gains (losses) on dispositions, net (1 ) 2 1 Other, net (1 )
11
10 (7 ) (189 )
(196 ) Earnings (loss) before income taxes 90 (175 )
(85 ) Income tax (expense) benefit (30 )
72 42 Net
earnings (loss) 60 (103 ) (43 ) Less net earnings (losses)
attributable to noncontrolling interests (1 )
— (1 ) Net earnings
(loss) attributable to Liberty stockholders $ 61
(103 ) (42 )
LIBERTY MEDIA CORPORATION
STATEMENT OF OPERATIONS
INFORMATION
Three months ended September
30th, 2010 - (unaudited)
Attributed
StarzGroup
CapitalGroup
ConsolidatedLiberty
amounts in millions REVENUE: Communications and
programming services $ 319 251 570
OPERATING COSTS AND
EXPENSES: Operating 192 157 349 Selling, general and
administrative, including stock-based compensation 43 77 120
Depreciation and amortization 7
20 27 242
254 496
Operating income (loss) 77 (3 ) 74
OTHER INCOME
(EXPENSE): Interest expense — (12 ) (12 ) Share of earnings
(losses) of affiliates, net — (59 ) (59 ) Realized and unrealized
gains (losses) on financial instruments, net — 70 70 Gains (losses)
on dispositions, net (2 ) — (2 ) Other, net 3
27 30 1
26
27 Earnings (loss) before income taxes 78 23 101
Income tax (expense) benefit (30 ) 3 (27 ) Net earnings
(loss) 48 26 74 Less net earnings (loss) attributable to the
noncontrolling interests — —
— Net earnings (loss)
attributable to Liberty stockholders $ 48
26 74
LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS
INFORMATION
Nine months ended September
30th, 2011 – (unaudited)
Attributed
StarzGroup
CapitalGroup
ConsolidatedLiberty
amounts in millions CASH FLOWS FROM OPERATING
ACTIVITIES: Net earnings (loss) $ 180 197 377
Adjustments to reconcile net earnings to net cash provided by
operating activities: Depreciation and amortization 14 42 56
Amortization of program rights 523 — 523 Cash payments for
programming rights (599 ) — (599 ) Stock-based compensation 12 12
24 Cash payments for stock based compensation (7 ) (3 ) (10 )
Noncash interest expense (income) 2 (2 ) — Share of (earnings)
losses of affiliates, net — (3 ) (3 ) Realized and unrealized
(gains) losses on financial instruments, net 4 77 81 (Gains) losses
on disposition of assets, net 3 (2 ) 1 Intergroup tax allocation 89
(89 ) — Intergroup tax payments (31 ) 31 — Change in tax accounts
from Liberty Interactive, net — 53 53 Deferred income tax expense
41 84 125 Other noncash charges (credits), net 76 (363 ) (287 )
Changes in operating assets and liabilities Current and other
assets (159 ) (41 ) (200 ) Payables and other current liabilities
68 107
175
Net cash provided (used) by operating
activities 216
100 316
CASH FLOWS FROM INVESTING ACTIVITIES: Cash proceeds
from dispositions — 17 17 Investments in and loans to cost and
equity investees — (297 ) (297 ) Repayment of loan by cost and
equity investees — 189 189 Capital expended for property and
equipment (4 ) (5 ) (9 ) Net sales of short term investments 242 60
302 Net increase in restricted cash (5 ) (134 ) (139 )
Reattribution of cash to Liberty Interactive — (264 ) (264 ) Other
investing activities, net (2 ) (2 )
(4 )
Net cash provided (used) by
investing activities 231
(436 ) (205
) CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of debt 1 — 1 Repayments of debt (58 ) — (58 )
Repurchases of Liberty common stock — (213 ) (213 ) Intergroup
borrowings (payments) (209 ) 209 — Other financing activities, net
— 6
6
Net cash provided (used) by financing
activities (266 )
2 (264 )
Net increase (decrease) in cash and cash equivalents 181
(334 ) (153 ) Cash and cash equivalents at beginning of period 878
1,212
2,090
Cash and cash equivalents at end
period $ 1,059
878 1,937
LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS
INFORMATION
Nine months ended September
30th, 2010 - (unaudited)
Attributed
StarzGroup
CapitalGroup
ConsolidatedLiberty
CASH FLOWS FROM OPERATING ACTIVITIES: amounts in
millions Net earnings $ 166 (37 ) 129 Adjustments to reconcile
net earnings to net cash provided by operating activities:
Depreciation and amortization 16 57 73 Amortization of program
rights 551 — 551 Cash payments for programming rights (507 ) — (507
) Stock-based compensation 14 22 36 Cash payments for stock based
compensation (34 ) (3 ) (37 ) Noncash interest expense — 1 1 Share
of (earnings) losses of affiliates, net — 70 70 Realized and
unrealized (gains) losses on financial instruments, net 1 (125 )
(124 ) (Gains) losses on disposition of assets, net 2 (24 ) (22 )
Intergroup tax allocation 89 (89 ) — Intergroup tax payments 23 (23
) — Change in tax accounts from Liberty Interactive, net — 153 153
Deferred income tax expense (benefit) 10 39 49 Other noncash
charges, net 19 121 140 Changes in operating assets and liabilities
Current and other assets (114 ) (52 ) (166 ) Payables and other
current liabilities (38 ) 112
74
Net cash provided (used)
by operating activities 198
222 420
CASH FLOWS FROM INVESTING ACTIVITIES: Cash
proceeds from dispositions 30 29 59 Proceeds (payments) related to
settlement of financial instruments — 750 750 Investments in and
loans to cost and equity investees — (288 ) (288 ) Repayment of
loan by Liberty 158 158 316 Repayment of loan by equity investee —
101 101 Capital expended for property and equipment (2 ) (8 ) (10 )
Net purchases of short term investments (149 ) (278 ) (427 ) Net
(increase) decrease in restricted cash (20 ) (13 ) (33 )
Reattribution of cash 36 (843 ) (807 ) Other investing activities,
net — (7 )
(7 )
Net cash provided (used) by investing activities
53 (399 )
(346 ) CASH
FLOWS FROM FINANCING ACTIVITIES: Borrowings of debt — 97 97
Repayments of debt (3 ) (1,015 ) (1,018 ) Repurchases of Liberty
common stock (40 ) (587 ) (627 ) Other financing activities, net 13
106
119
Net cash provided (used) by financing
activities (30 )
(1,399 ) (1,429
) Net increase (decrease) in cash and cash
equivalents 221 (1,576 ) (1,355 ) Cash and cash equivalents at
beginning of period 794 3,157
3,951
Cash and cash
equivalents at end period $ 1,015
1,581
2,596
Liberty Media Corp. - Liberty Starz Class B Common Stock (MM) (NASDAQ:LSTZB)
Historical Stock Chart
From Apr 2024 to May 2024
Liberty Media Corp. - Liberty Starz Class B Common Stock (MM) (NASDAQ:LSTZB)
Historical Stock Chart
From May 2023 to May 2024
