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Liberty Media Reports Fourth Quarter And Year End 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 December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, respectively, and the years ended December 31, 2011 and 2012.

QUARTERLY SUMMARY
(amounts in millions)     4Q11       1Q12       2Q12       3Q12       4Q12    
Starz, LLC                        
Revenue $ 432 $ 405 $ 403 $ 400 $ 423
 
Adjusted OIBDA 93 127 108 108 102
Depreciation and amortization (5 ) (4 ) (5 ) (5 ) (5 )
Stock compensation expense   (1 )         (3 )         (3 )         (4 )         (10 )
Operating Income $ 87         $ 120         $ 100         $ 99         $ 87  
 

ANNUAL SUMMARY
(amounts in millions)         2011         2012  
Starz, LLC    
Revenue $ 1,615 $ 1,631
 
Adjusted OIBDA 449 445
Depreciation and amortization (18 ) (19 )
Stock compensation expense   (7 )       (20 )
Operating Income $ 424       $ 406  
 
       

LIBERTY MEDIA CORPORATION

CONSOLIDATED BALANCE SHEET (unaudited)
 
12/31/2011 12/31/2012
amounts in millions
ASSETS
Current assets:
Cash and cash equivalents $ 2,070 1,353
Trade and other receivables, net 288 286
Program rights 388 340
Short term marketable securities 299 67
Restricted cash 709 4
Deferred income tax assets 61 13
Other current assets 45       148  
Total current assets 3,860       2,211  
 
Investments in available-for-sale securities and other cost investments 1,859 1,392
Investments in affiliates, accounted for using the equity method 563 3,341
 
Property and equipment, at cost 504 468
Accumulated depreciation (289 )     (261 )
215       207  
Intangible assets not subject to amortization 475 475
Intangible assets subject to amortization, net 135 120
Program rights 374 339
Other assets, at cost, net of accumulated amortization 238       240  
Total assets $ 7,719       8,325  
 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 15 10
Accrued liabilities 313 285
Current portion of debt 754 4
Deferred revenue 63 49
Other current liabilities 85       37  
Total current liabilities 1,230       385  
 
Long-term debt 541 536
Deferred income tax liabilities 409 802
Other liabilities 290       170  
Total liabilities 2,470       1,893  
 
Equity:
Total stockholders' equity 5,259 6,440
Noncontrolling interests in equity of subsidiaries (10 )     (8)  
Total equity 5,249       6,432  
Commitments and contingencies      
Total liabilities and equity $ 7,719       8,325  
 
       

LIBERTY MEDIA CORPORATION

CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)
 
Year ended
  12/31/2011

 

12/31/2012
 
REVENUE:  
Communications and programming services       $ 3,024 1,999
 
OPERATING COSTS AND EXPENSES:
Operating 1,600 1,201
Selling, general and administrative, including stock-based compensation 396 414
Legal settlement 2 --
Depreciation and amortization   69       58  
  2,067       1,673  
Operating income 957 326
 
OTHER INCOME (EXPENSE):
Interest expense (21 ) (33 )
Dividend and interest income 79 78
Share of earnings (losses) of affiliates, net 87 1,346
Realized and unrealized gains (losses) on financial instruments, net 68 232
Gains (losses) on dispositions, net (10 ) 22
Other, net   5       41  
  208       1,686  
Earnings (loss) before income taxes 1,165 2,012
Income tax (expense) benefit   (333 )     (600 )
Net earnings (loss) 832 1,412
Less net earnings (loss) attributable to the noncontrolling interests   (4 )     (2 )
Net earnings (loss) attributable to Liberty stockholders   $ 836       1,414  
Net earnings (loss) attributable to Liberty stockholders:
Liberty Capital common stock 607 1,414
Liberty Starz common stock   229       NA
  $ 836       1,414  
 
   

LIBERTY MEDIA CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
 
Year ended
12/31/2011     12/31/2012
amounts in millions
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 832 1,412
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 69 58
Amortization of program rights 737 759
Cash payments for program rights (769 ) (741 )
Stock-based compensation 32 66
Cash payments for stock-based compensation (21 ) (52 )
Excess tax benefit from stock-based compensation (9 ) (146 )
Share of (earnings) losses of affiliates, net (87 ) (1,346 )
Realized and unrealized (gains) losses on financial instruments, net (68 ) (232 )
Losses (gains) on disposition of assets, net 10 (22 )
Change in tax accounts from Liberty Interactive, net 2 --
Deferred income tax expense 72 450
Other noncash charges (credits), net (603 ) (27 )
Changes in operating assets and liabilities
Current and other assets (78 ) 10
Payables and other liabilities 157       47  
Net cash provided (used) by operating activities 276       236  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash proceeds from dispositions of securities 17 766
Proceeds (payments) on financial instruments, net -- (9 )
Investments in and loans to cost and equity investees (350 ) (1,716 )
Repayment of loans by cost and equity investees 217 110
Return on investment in equity method affiliate -- 165
Capital expended for property and equipment (14 ) (31 )
Net sales (purchases) of short term investments 277 232
Net (increase) decrease in restricted cash (153 ) 705
Reattribution of cash to Liberty Interactive (264 ) --
Other investing activities, net (4 )     (8 )
Net cash provided (used) by investing activities (274 )     214  
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of debt 506 500
Repayments of debt (59 ) (1,254 )
Repurchases of Liberty common stock (465 ) (323 )
Taxes paid in lieu of shares issued for stock-based compensation (9 ) (181 )
Excess tax benefit from stock-based compensation 9 146
Other financing activities, net (4 )     (55 )
Net cash provided (used) by financing activities (22 )     (1,167 )
 
Net increase (decrease) in cash and cash equivalents (20 ) (717 )
Cash and cash equivalents at beginning of period 2,090 2,070
           
Cash and cash equivalents at end of period $ 2,070       1,353  
 

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