Liberty Media Reports Third Quarter 2012 Financial Results

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 September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, respectively.

QUARTERLY SUMMARY
(amounts in millions)				3Q11						4Q11					1Q12					2Q12					3Q12
Starz, LLC
Adjusted OIBDA				$	107					93					127					108					108
Depreciation and amortization					(4	)				(5	)				(4	)				(5	)				(5	)
Stock compensation expense					(2	)				(1	)				(3	)				(3	)				(4	)
Operating Income				$	101					87					120					100					99

LIBERTY MEDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET (unaudited)
				12/31/2011							9/30/2012
				amounts in millions
ASSETS
Current assets:
Cash and cash equivalents				$	2,070						1,169
Trade and other receivables, net				288							308
Program rights				442							459
Short term marketable securities				299							10
Restricted cash				709							17
Financial instruments				—							51
Deferred income tax assets				61							50
Other current assets				45							64
Total current assets				3,914							2,128
Investments in available-for-sale securities and other cost investments				1,859							1,774
Investments in affiliates, accounted for using the equity method				567							3,221
Property and equipment, at cost				504							506
Accumulated depreciation				(289		)					(307	)
				215							199
Intangible assets not subject to amortization				475							475
Intangible assets subject to amortization, net				135							122
Program rights				320							285
Other assets, at cost, net of accumulated amortization				238							221
Total assets				$	7,723						8,425
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable				$ 15							12
Accrued liabilities				313							293
Current portion of debt				754							4
Deferred revenue				63							71
Other current liabilities				85							91
Total current liabilities				1,230							471
Long-term debt				541							537
Deferred income tax liabilities				411							866
Other liabilities				290							157
Total liabilities				2,472							2,031
Equity:
Total stockholders' equity				5,261							6,398
Noncontrolling interests in equity of subsidiaries				(10		)					(4	)
Total equity				5,251							6,394
Commitments and contingencies
Total liabilities and equity				$	7,723						8,425

LIBERTY MEDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
				Three months ended											Nine months ended
				9/30/2011						9/30/2012					9/30/2011					9/30/2012
				amounts in millions
REVENUE:
Communications and programming services				$	540					555					2,501					1,532
OPERATING COSTS AND EXPENSES:
Operating				323						333					1,048					902
Selling, general and administrative, including stock-based compensation				91						95					290					285
Legal settlement				--						--					(7	)				--
Depreciation and amortization				15						16					56					44
				429						444					1,387					1,231
Operating income				111						111					664					301
OTHER INCOME (EXPENSE):
Interest expense				(3		)				(11	)				(13	)				(25	)
Dividend and interest income				9						22					56					67
Share of earnings (losses) of affiliates, net				53						1,281					3					1,294
Realized and unrealized gains (losses) on financial instruments, net				(257		)				135					(81	)				175
Gains (losses) on dispositions, net				1						21					(1	)				21
Other, net				1						49					5					59
				(196		)				1,497					(31	)				1,591
Earnings (loss) before income taxes				(85		)				1,608					633					1,892
Income tax (expense) benefit				42						(602	)				(256	)				(591	)
Net earnings (loss)				(43		)				1,006					377					1,301
Less net earnings (loss) attributable to the noncontrolling interests				(1		)				(1	)				(1	)				1
Net earnings (loss) attributable to Liberty stockholders				$	(42	)				1,007					378					1,300
Net earnings (loss) attributable to Liberty stockholders:
Liberty Capital common stock				$	(103	)				1,007					198					1,300
Liberty Starz common stock				61						NA					180					NA
				$	(42	)				1,007					378					1,300

LIBERTY MEDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
					Nine months ended
					9/30/2011								9/30/2012
					amounts in millions
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings					$		377						1,301
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization					56								44
Amortization of program rights					523								560
Cash payments for program rights					(599			)					(561	)
Stock-based compensation					24								28
Cash payments for stock-based compensation					(10			)					(50	)
Share of (earnings) losses of affiliates, net					(3			)					(1,294	)
Realized and unrealized (gains) losses on financial instruments, net					81								(175	)
Losses (gains) on disposition of assets, net					1								(21	)
Change in tax accounts from Liberty Interactive, net					53								--
Deferred income tax expense					125								484
Other noncash charges (credits), net					(287			)					(43	)
Changes in operating assets and liabilities
Current and other assets					(200			)					(17	)
Payables and other liabilities					175								(28	)
Net cash provided (used) by operating activities					316								228
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash proceeds from dispositions of securities					17								360
Proceeds (payments) on financial instruments, net					--								(68	)
Investments in and loans to cost and equity investees					(297			)					(1,423	)
Repayment of loans by cost and equity investees					189								35
Capital expended for property and equipment					(9			)					(12	)
Net sales (purchases) of short term investments					302								289
Net (increase) decrease in restricted cash					(139			)					692
Reattribution of cash to Liberty Interactive					(264			)					--
Other investing activities, net					(4			)					(6	)
Net cash provided (used) by investing activities					(205			)					(133	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of debt					1								500
Repayments of debt					(58			)					(1,253	)
Repurchases of Liberty common stock					(213			)					(242	)
Other financing activities, net					6								(1	)
Net cash provided (used) by financing activities					(264			)					(996	)
Net increase (decrease) in cash and cash equivalents					(153			)					(901	)
Cash and cash equivalents at beginning of period					2,090								2,070
Cash and cash equivalents at end of period						$	1,937						1,169

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