Market Overview

Liberty Media Corporation Reports Third Quarter 2019 Financial Results

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Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ:LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK)) today reported third quarter 2019 results. Headlines include(1):

  • Attributed to Liberty SiriusXM Group
    • SiriusXM reported very strong third quarter 2019 financial results
      • Third quarter revenue increased to $2.0 billion; pro forma growth of 7%
      • Net income of $246 million; diluted EPS of $0.05
      • Adjusted EBITDA(2) hit record $657 million, up 12%
      • SiriusXM repurchased $464 million of common stock in the third quarter
      • SiriusXM increased 2019 revenue, adjusted EBITDA and free cash flow guidance
    • Liberty Media's ownership of SiriusXM stood at 71.5% as of October 29th
    • From August 1st through October 31st, Liberty repurchased 1.4 million LSXMK shares at an average price per share of $41.68 and total cash consideration of $60 million
  • Attributed to Formula One Group
    • FIA World Motor Sport Council unanimously approved Formula 1 technical, sporting and financial regulations effective 2021
      • Regulations intended to promote closer racing, more balanced competition and financial sustainability
    • 2020 race calendar expanded to 22 races
    • Renewed or extended agreements for Italian, Mexican and Spanish races
    • Mercedes secured 6th consecutive Constructors' Championship and Lewis Hamilton won 6th Drivers' Championship title
  • Attributed to Braves Group
    • Braves won 2nd straight NL East division title

"SiriusXM continues to deliver and posted another record breaking quarter. The company has made great progress in monetization at Pandora, reaching an all-time high for ad revenue in the quarter," said Greg Maffei, Liberty Media President and CEO. "Formula 1 continues to show great momentum and is on track to hit 2019 targets, benefitting from foundation building over the last two years, and the Braves secured their second straight NL East division title."

Unless otherwise noted, the following discussion compares financial information for the three months ended September 30, 2019 to the same period in 2018.

LIBERTY SIRIUSXM GROUP – The following table provides the financial results attributed to Liberty SiriusXM Group for the third quarter of 2019. In the third quarter, approximately $5 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Liberty SiriusXM Group.

 

 

 

 

 

 

 

 

 

 

 

 

3Q18

 

3Q19

 

% Change

 

 

amounts in millions

 

 

 

Liberty SiriusXM Group

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

SiriusXM

 

$

 

1,468

 

 

$

 

2,011

 

 

 

37

%

Total Liberty SiriusXM Group

 

$

 

1,468

 

 

$

 

2,011

 

 

 

37

%

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

SiriusXM

 

 

465

 

 

 

459

 

 

 

(1

)%

Corporate and other

 

 

(10

)

 

 

(5

)

 

 

50

%

Total Liberty SiriusXM Group

 

$

 

455

 

 

$

 

454

 

 

 

%

Adjusted OIBDA

 

 

 

 

 

 

 

 

 

SiriusXM

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