Liberty Media Corporation Reports First Quarter 2024 Financial Results

ENGLEWOOD, Colo.--()--Liberty Media Corporation (“Liberty Media” or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported first quarter 2024 results. Headlines include(1):

  • Attributed to Liberty SiriusXM Group
    • SiriusXM reported first quarter 2024 operating and financial results
      • First quarter 2024 revenue of $2.16 billion; up 1% year-over-year
      • Ad revenue up 7% year-over-year
      • Net income of $265 million; diluted EPS of $0.07
      • Adjusted EBITDA(2) of $650 million; up 4% year-over-year
      • Free cash flow(2) of $132 million; down 8% year-over-year
      • SiriusXM reiterated 2024 financial guidance
    • Liberty Media’s ownership of SiriusXM was 83.3% as of April 26th
    • On schedule to complete planned combination of Liberty SiriusXM Group and SiriusXM early third quarter 2024
    • Repaid $65 million under the SiriusXM margin loan in first quarter
  • Attributed to Formula One Group
    • Announced planned acquisition of MotoGP and expect to complete transaction by year-end 2024
    • F1 announced 24-race calendar for 2025 which will mark its 75th anniversary
    • Expanded partnership with DHL as Global Partner and secured new sponsorship deals at F1, including Globant as Official Partner and McDonald’s as Regional Partner in Latin America
    • F1 secured new broadcast deal with beIN SPORTS across MENA through 2033, extended partnership with Viaplay in Netherlands and Nordic countries through 2029 and signed FanCode in India through 2025
    • Quint announced as official experiences and travel provider to USGA and launched new partnerships, including with WNBA, X Games and USA Basketball
  • Attributed to Liberty Live Group
    • Fair value of Live Nation investment was $7.4 billion as of March 31st

“We were thrilled to announce Liberty’s planned acquisition of MotoGP, adding to our attractive assets in the premium live event and sports industries. We look forward to bringing this exhilarating sport to a wider global audience,” said Greg Maffei, Liberty Media President and CEO. “Formula 1 kicked off the 2024 season with over 1 million fans in attendance across the first five races. At SiriusXM, they delivered solid revenue and adjusted EBITDA growth and are focused on improving subscriber results with enhancements to content and digital innovation. The planned merger with Liberty SiriusXM is on track to be completed at the beginning of the third quarter. Live Nation has already sold 86 million concert tickets for an expected record-setting 2024.”

Corporate Updates

On January 2nd, Liberty closed the acquisition of Quint for $205 million total cash consideration, net of Quint cash acquired.

On March 29th, Liberty agreed to acquire MotoGP for €3.5 billion equity value. MotoGP management is expected to retain 14% equity in the business with the remaining equity consideration comprised of a mix of cash and Series C Liberty Formula One common stock. The acquisition is expected to be completed by year-end 2024 and is subject to the receipt of clearances and approvals by competition and foreign investment law authorities in various jurisdictions.

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2024 to the same period in 2023.

LIBERTY SIRIUSXM GROUP – The following table provides the financial results attributed to Liberty SiriusXM Group for the first quarter of 2024. In the first quarter, $13 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty SiriusXM Group.

 

 

 

 

 

 

 

 

 

 

 

 

 

1Q23

 

1Q24

 

% Change

 

 

amounts in millions

 

 

 

 

Liberty SiriusXM Group

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

SiriusXM

 

$

2,144

 

 

$

2,162

 

 

 

1

%

Total Liberty SiriusXM Group

 

$

2,144

 

 

$

2,162

 

 

 

1

%

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

SiriusXM

 

 

387

 

 

 

422

 

 

 

9

%

Corporate and other

 

 

(14

)

 

 

(13

)

 

 

7

%

Total Liberty SiriusXM Group

 

$

373

 

 

$

409

 

 

 

10

%

Adjusted OIBDA (Loss)

 

 

 

 

 

 

 

 

 

 

SiriusXM

 

 

625

 

 

 

635

 

 

 

2

%

Corporate and other

 

 

(11

)

 

 

(10

)

 

 

9

%

Total Liberty SiriusXM Group

 

$

614

 

 

$

625

 

 

 

2

%

SiriusXM is a separate publicly traded company and additional information about SiriusXM can be obtained through its website and filings with the Securities and Exchange Commission. SiriusXM reported its stand-alone first quarter results on April 30, 2024. For additional detail on SiriusXM’s financial results for the first quarter, please see SiriusXM’s earnings release posted to its Investor Relations website. For presentation purposes on page one of this release, we include the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. Liberty Media believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results is best understood in the context of SiriusXM's historical financial presentation.

The businesses and assets attributed to Liberty SiriusXM Group consist primarily of Liberty Media’s interest in SiriusXM, which includes its subsidiary Pandora.

FORMULA ONE GROUP – The following table provides the financial results attributed to Formula One Group for the first quarter of 2024. In the first quarter, Formula One Group incurred $23 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

 

 

 

 

 

 

 

 

 

1Q23

 

1Q24

 

 

amounts in millions

Formula One Group

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Formula 1

 

$

381

 

 

$

553

 

Corporate and other

 

 

 

 

 

44

 

Intergroup elimination

 

 

 

 

 

(10

)

Total Formula One Group

 

$

381

 

 

$

587

 

Operating Income (Loss)

 

 

 

 

 

 

Formula 1

 

$

35

 

 

$

136

 

Corporate and other

 

 

(19

)

 

 

(41

)

Total Formula One Group

 

$

16

 

 

$

95

 

Adjusted OIBDA (Loss)

 

 

 

 

 

 

Formula 1

 

$

117

 

 

$

208

 

Corporate and other

 

 

(12

)

 

 

(6

)

Total Formula One Group

 

$

105

 

 

$

202

 

F1 Operating Results

“The 2024 season is underway, including our return to China for the first time since 2019 and our third year in Miami which saw another incredible event demonstrating the growing strength of F1 in the US. We are seeing continued momentum both in financial performance and amplification of our fanbase, including through expanding our methods of fan engagement. We have already announced our 24-race calendar for 2025, a landmark year that will mark the 75th anniversary of the FIA Formula One World Championship,” said Stefano Domenicali, Formula 1 President & CEO. “We recently published our first ever Impact Report and are proud to highlight that we are on track to reach our net zero target by 2030 and continue to prioritize our diversity and inclusion efforts with programs like the F1 Academy Discover Your Drive, STEM Challenge Days and more.”

The following table provides the operating results of Formula 1 (“F1”).

 

 

1Q23

 

1Q24

 

% Change

 

amounts in millions

 

 

Primary Formula 1 revenue

$

314

 

 

$

463

 

 

47

%

Other Formula 1 revenue

 

67

 

 

 

90

 

 

34

%

Total Formula 1 revenue

$

381

 

 

$

553

 

 

45

%

Operating expenses (excluding stock-based compensation):

 

 

 

 

 

 

 

 

Team payments

 

(112

)

 

 

(163

)

 

(46

)%

Other cost of Formula 1 revenue

 

(94

)

 

 

(123

)

 

(31

)%

Cost of Formula 1 revenue

$

(206

)

 

$

(286

)

 

(39

)%

Selling, general and administrative expenses

 

(58

)

 

 

(59

)

 

(2

)%

Adjusted OIBDA

$

117

 

 

$

208

 

 

78

%

Depreciation and Amortization(a)

 

(82

)

 

 

(72

)

 

12

%

Operating income (loss)

$

35

 

 

$

136

 

 

289

%

 

 

 

 

 

 

 

 

Number of races in period

 

2

 

 

 

3

 

 

 

 

a)

 

Includes $74 million and $61 million of amortization related to purchase accounting for the periods ended March 31, 2023 and March 31, 2024, respectively, that is excluded from calculations for purposes of team payments.

Primary F1 revenue represents the majority of F1’s revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.

There were three races held in the first quarter of 2024, compared to two races held in the first quarter of 2023. There are 24 events scheduled for the 2024 race calendar.

Primary F1 revenue increased in the first quarter with growth across race promotion, media rights and sponsorship partly driven by one more race held in the current period, which resulted in a greater proportion of season-based revenue recognized. Race promotion revenue also increased due to fees from the additional race held in the period and contractual increases in fees. Media rights revenue also benefited from contractual increases in fees, higher fees from new and renewed contractual agreements and continued growth in F1 TV subscription revenue. Sponsorship revenue also increased due to recognition of revenue from new sponsors and growth in revenue from existing contracts. Other F1 revenue increased in the first quarter primarily driven by the sale of new F2 cars and associated parts at the start of the new F2 vehicle cycle, higher hospitality and experiences revenue and higher freight income driven by the additional race held in the current period.

Operating income and Adjusted OIBDA(2) increased in the first quarter. Team payments were higher compared to the prior year due to the pro rata recognition of payments across the race season with one more race held, as well as an expectation of increased team payments for the full year. Other cost of F1 revenue is largely variable in nature and is mostly derived from servicing both Primary and Other F1 revenue opportunities. These costs increased due to the cost of supplying the new F2 cars and associated parts, increased commissions and partner servicing costs associated with higher Primary F1 revenue streams as well as increased freight, travel, technical, digital and FIA regulatory costs from the additional race. Other cost of F1 revenue in the first quarter was also impacted by lease costs for the Las Vegas Grand Prix Plaza, the 39-acre site in Las Vegas. Selling, general and administrative expense was relatively flat during the quarter.

Corporate and Other Operating Results

Liberty closed the Quint acquisition on January 2nd and began consolidating Quint results within the Corporate and Other segment. Corporate and Other revenue increased in the first quarter due to the Quint acquisition and $7 million of rental income related to the Las Vegas Grand Prix Plaza. Quint’s revenue is seasonal around its largest events, which are generally during the second and fourth quarters with the first quarter having modest event activity. Corporate and Other Adjusted OIBDA for the first quarter of 2024 includes the rental income related to the Las Vegas Grand Prix Plaza, Quint results and other corporate overhead.

The businesses and assets attributed to Formula One Group consist primarily of Liberty Media’s subsidiaries, F1 and Quint.

LIBERTY LIVE GROUP – In the first quarter, $2 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group.

The businesses and assets attributed to Liberty Live Group consist of Liberty Media’s interest in Live Nation and other minority investments.

Share Repurchases

There were no repurchases of Liberty Media’s common stock from February 1, 2024 through April 30, 2024. The total remaining repurchase authorization for Liberty Media as of May 1, 2024 is $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media tracking stocks.

FOOTNOTES

1)

 

Liberty Media will discuss these headlines and other matters on Liberty Media's earnings conference call that will begin at 10:00 a.m. (E.T.) on May 8, 2024. For information regarding how to access the call, please see “Important Notice” later in this document.

2)

 

For definitions of Adjusted OIBDA (as defined by Liberty Media) and adjusted EBITDA and free cash flow (as defined by SiriusXM) and applicable reconciliations see the accompanying schedules.

NOTES

The following financial information with respect to Liberty Media's equity affiliates, available for sale securities, cash and debt is intended to supplement Liberty Media's condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q for the period ended March 31, 2024.

Fair Value of Corporate Public Holdings

 

 

 

 

 

 

 

(amounts in millions)

 

12/31/2023

 

3/31/2024

Liberty SiriusXM Group

 

 

N/A

 

 

 

N/A

 

 

 

 

 

 

 

 

Formula One Group

 

 

 

 

 

 

Other Monetizable Public Holdings(a)

 

 

 

 

 

50

 

Total Formula One Group

 

$

 

$

50

 

 

 

 

 

 

 

Liberty Live Group

 

 

 

 

 

 

Live Nation Investment(b)

 

 

6,519

 

 

 

7,366

 

Other Monetizable Public Holdings(a)

 

 

113

 

 

 

125

 

Total Liberty Live Group

 

$

6,632

 

 

$

7,491

 

 

 

 

 

 

 

 

Total Liberty Media

 

$

6,632

 

 

$

7,541

 

 

a)

 

Represents the carrying value of other public holdings that are accounted for at fair value. Formula One Group purchased $50 million of time deposits during the first quarter of 2024 which are classified as short term marketable securities.

b)

 

Represents the fair value of the equity investment in Live Nation. In accordance with GAAP, Liberty Media accounts for its investment in the equity of Live Nation using the equity method of accounting and includes it in its condensed consolidated balance sheet at $307 million and $290 million as of December 31, 2023 and March 31, 2024, respectively.

Cash and Debt

The following presentation is provided to separately identify cash and debt information.

 

 

 

 

 

 

(amounts in millions)

 

12/31/2023

 

3/31/2024

Cash and Cash Equivalents Attributable to:

 

 

 

 

 

 

Liberty SiriusXM Group(a)

 

$

306

 

$

135

Formula One Group(b)

 

 

1,408

 

 

 

1,233

 

Liberty Live Group

 

 

305

 

 

 

298

 

Total Consolidated Cash and Cash Equivalents (GAAP)

 

$

2,019

 

 

$

1,666

 

 

 

 

 

 

Debt:

 

 

 

 

 

 

SiriusXM senior notes(c)

 

$

8,750

 

 

$

8,750

 

3.75% convertible notes due 2028(d)

 

 

575

 

 

 

575

 

2.75% SiriusXM exchangeable senior debentures due 2049(d)

 

 

586

 

 

 

585

 

SiriusXM margin loan

 

 

695

 

 

 

630

 

Other subsidiary debt(e)

 

 

500

 

 

 

530

 

Total Attributed Liberty SiriusXM Group Debt

 

$

11,106

 

 

$

11,070

 

Unamortized discount, fair market value adjustment and deferred loan costs

 

 

31

 

 

 

52

 

Total Attributed Liberty SiriusXM Group Debt (GAAP)

 

$

11,137

 

 

$

11,122

 

 

 

 

 

 

 

 

2.25% convertible notes due 2027(d)

 

 

475

 

 

 

475

 

Formula 1 term loan and revolving credit facility

 

 

2,407

 

 

 

2,398

 

Other corporate level debt

 

 

58

 

 

 

56

 

Total Attributed Formula One Group Debt

 

$

2,940

 

 

$

2,929

 

Fair market value adjustment

 

 

(34

)

 

 

(27

)

Total Attributed Formula One Group Debt (GAAP)

 

$

2,906

 

 

$

2,902

 

Formula 1 leverage(f)

 

 

1.9x

 

 

1.7x

 

 

 

 

 

 

 

0.5% Live Nation exchangeable senior debentures due 2050(d)

 

 

62

 

 

 

62

 

2.375% Live Nation exchangeable senior debentures due 2053(d)

 

 

1,150

 

 

 

1,150

 

Live Nation margin loan

 

 

 

 

 

 

Total Attributed Liberty Live Group Debt

 

$

1,212

 

 

$

1,212

 

Unamortized discount, fair market value adjustment and deferred loan costs

 

 

105

 

 

 

206

 

Total Attributed Liberty Live Group Debt (GAAP)

 

$

1,317

 

 

$

1,418

 

 

 

 

 

 

 

 

Total Liberty Media Corporation Debt (GAAP)

 

$

15,360

 

 

$

15,442

 

 

a)

 

Includes $216 million and $71 million of cash held at SiriusXM as of December 31, 2023 and March 31, 2024, respectively.

b)

 

Includes $1,002 million and $1,016 million of cash held at F1 as of December 31, 2023 and March 31, 2024, respectively, and $60 million of cash held at Quint as of March 31, 2024.

c)

 

Outstanding principal amount of Senior Notes or Term Loan with no reduction for the net unamortized discount.

d)

 

Face amount of the convertible notes and exchangeable debentures with no fair market value adjustment.

e)

 

Includes SiriusXM revolving credit facility and term loan.

f)

 

As defined in F1’s credit facilities for covenant calculations.

Liberty Media and its consolidated subsidiaries are in compliance with their debt covenants as of March 31, 2024.

Total cash and cash equivalents attributed to Liberty SiriusXM Group decreased $171 million in the first quarter as capital expenditures and return of capital at SiriusXM and net debt repayment at Liberty SiriusXM Group more than offset cash from operations at SiriusXM. Included in the cash and cash equivalents balance attributed to Liberty SiriusXM Group at March 31, 2024 is $71 million held at SiriusXM. Although SiriusXM is a consolidated subsidiary, it is a separate public company with a non-controlling interest, therefore Liberty Media does not have ready access to SiriusXM’s cash balance. Liberty SiriusXM Group received $85 million of dividends from SiriusXM during the quarter.

Total debt attributed to Liberty SiriusXM Group decreased $36 million during the quarter as Liberty SiriusXM Group paid down $65 million under its SiriusXM margin loan, partially offset by SiriusXM borrowing $30 million under its revolving credit facility.

Total cash and cash equivalents attributed to Formula One Group decreased $175 million during the quarter as cash from operations at F1 was more than offset by net cash paid for the Quint acquisition and investments in short term marketable securities. Total debt at Formula One Group was relatively flat in the first quarter.

Total cash and cash equivalents attributed to Liberty Live Group decreased $7 million during the first quarter primarily due to interest payments. Total debt attributed to Liberty Live Group was flat during the quarter.

Important Notice: Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on May 8, 2024. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13742817 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertymedia.com/investors/news-events/ir-calendar. 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 performance and prospects, the planned combination of Liberty SiriusXM Group and SiriusXM (the “Proposed Combination”), the planned acquisition of MotoGP, expectation’s regarding SiriusXM’s and Live Nation’s businesses, the continuation of our stock repurchase plan, F1’s environmental and social initiatives 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, the satisfaction of all conditions to the Proposed Combination, the satisfaction of all conditions to closing for the transaction with MotoGP, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of pending or future litigation, the failure to realize benefits of acquisitions, rapid technological and industry change, failure of third parties to perform, continued access to capital on terms acceptable to Liberty Media and changes in law, including consumer protection laws, and their enforcement. These forward-looking statements speak only as of the date of this press release, and Liberty Media 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 Media'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 Media, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media's business which may affect the statements made in this press release.

LIBERTY MEDIA CORPORATION

BALANCE SHEET INFORMATION

March 31, 2024 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed

 

 

 

 

Liberty

 

Formula

 

Liberty

 

 

 

 

SiriusXM

 

One

 

Live

 

Consolidated

 

 

Group

 

Group

 

Group

 

Liberty

 

 

amounts in millions

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

135

 

 

1,233

 

 

298

 

 

1,666

 

Trade and other receivables, net

 

 

614

 

 

175

 

 

 

 

789

 

Other current assets

 

 

402

 

 

338

 

 

 

 

740

 

Total current assets

 

 

1,151

 

 

1,746

 

 

298

 

 

3,195

 

Investments in affiliates, accounted for using the equity method

 

 

1,642

 

 

38

 

 

316

 

 

1,996

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, at cost

 

 

3,200

 

 

983

 

 

 

 

4,183

 

Accumulated depreciation

 

 

(1,905

)

 

(149

)

 

 

 

(2,054

)

 

 

 

1,295

 

 

834

 

 

 

 

2,129

 

 

 

 

 

 

 

 

 

 

 

Intangible assets not subject to amortization

 

 

 

 

 

 

 

 

 

Goodwill

 

 

15,209

 

 

4,190

 

 

 

 

19,399

 

FCC licenses

 

 

8,600

 

 

 

 

 

 

8,600

 

Other

 

 

1,242

 

 

 

 

 

 

1,242

 

 

 

 

25,051

 

 

4,190

 

 

 

 

29,241

 

Intangible assets subject to amortization, net

 

 

991

 

 

2,898

 

 

 

 

3,889

 

Other assets

 

 

681

 

 

899

 

 

375

 

 

1,955

 

Total assets

 

$

30,811

 

 

10,605

 

 

989

 

 

42,405

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Intergroup payable (receivable)

 

$

87

 

 

(82

)

 

(5

)

 

 

Accounts payable and accrued liabilities

 

 

1,225

 

 

396

 

 

 

 

1,621

 

Current portion of debt

 

 

1,075

 

 

36

 

 

74

 

 

1,185

 

Deferred revenue

 

 

1,162

 

 

664

 

 

 

 

1,826

 

Other current liabilities

 

 

168

 

 

47

 

 

19

 

 

234

 

Total current liabilities

 

 

3,717

 

 

1,061

 

 

88

 

 

4,866

 

Long-term debt

 

 

10,047

 

 

2,866

 

 

1,344

 

 

14,257

 

Deferred income tax liabilities

 

 

2,379

 

 

8

 

 

(185

)

 

2,202

 

Other liabilities

 

 

1,254

 

 

180

 

 

1

 

 

1,435

 

Total liabilities

 

 

17,397

 

 

4,115

 

 

1,248

 

 

22,760

 

Equity / Attributed net assets

 

 

10,343

 

 

6,490

 

 

(282

)

 

16,551

 

Noncontrolling interests in equity of subsidiaries

 

 

3,071

 

 

 

 

23

 

 

3,094

 

Total liabilities and equity

 

$

30,811

 

 

10,605

 

 

989

 

 

42,405

 

 

LIBERTY MEDIA CORPORATION

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2024 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed

 

 

 

 

Liberty

 

Formula

 

Liberty

 

 

 

 

SiriusXM

 

One

 

Live

 

Consolidated

 

 

Group

 

Group

 

Group

 

Liberty

 

 

amounts in millions

Revenue:

 

 

 

 

 

 

 

 

 

Sirius XM Holdings revenue

 

$

2,162

 

 

 

 

 

 

2,162

 

Formula 1 revenue

 

 

 

 

550

 

 

 

 

550

 

Other revenue

 

 

 

 

37

 

 

 

 

37

 

Total revenue

 

 

2,162

 

 

587

 

 

 

 

2,749

 

Operating costs and expenses, including stock-based compensation:

 

 

 

 

 

 

 

 

 

Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):

 

 

 

 

 

 

 

 

 

Revenue share and royalties

 

 

703

 

 

 

 

 

 

703

 

Programming and content(1)

 

 

157

 

 

 

 

 

 

157

 

Customer service and billing(1)

 

 

116

 

 

 

 

 

 

116

 

Other(1)

 

 

61

 

 

 

 

 

 

61

 

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

 

 

 

 

279

 

 

 

 

279

 

Other cost of sales

 

 

 

 

26

 

 

 

 

26

 

Subscriber acquisition costs

 

 

90

 

 

 

 

 

 

90

 

Other operating expenses(1)

 

 

86

 

 

1

 

 

 

 

87

 

Selling, general and administrative(1)

 

 

372

 

 

91

 

 

2

 

 

465

 

Impairment, restructuring and acquisition costs

 

 

13

 

 

9

 

 

 

 

22

 

Depreciation and amortization

 

 

155

 

 

86

 

 

 

 

241

 

 

 

 

1,753

 

 

492

 

 

2

 

 

2,247

 

Operating income (loss)

 

 

409

 

 

95

 

 

(2

)

 

502

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(129

)

 

(55

)

 

(7

)

 

(191

)

Share of earnings (losses) of affiliates, net

 

 

5

 

 

(3

)

 

(21

)

 

(19

)

Realized and unrealized gains (losses) on financial instruments, net

 

 

18

 

 

48

 

 

(69

)

 

(3

)

Other, net

 

 

6

 

 

15

 

 

6

 

 

27

 

 

 

 

(100

)

 

5

 

 

(91

)

 

(186

)

Earnings (loss) before income taxes

 

 

309

 

 

100

 

 

(93

)

 

316

 

Income tax (expense) benefit

 

 

(68

)

 

(23

)

 

20

 

 

(71

)

Net earnings (loss)

 

 

241

 

 

77

 

 

(73

)

 

245

 

Less net earnings (loss) attributable to the noncontrolling interests

 

 

42

 

 

 

 

 

 

42

 

Net earnings (loss) attributable to Liberty stockholders

 

$

199

 

 

77

 

 

(73

)

 

203

 

 

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation expense as follows:

 

 

 

 

 

 

 

 

 

Programming and content

 

 

9

 

 

 

 

 

 

9

 

Customer service and billing

 

 

1

 

 

 

 

 

 

1

 

Other

 

 

1

 

 

 

 

 

 

1

 

Other operating expenses

 

 

12

 

 

 

 

 

 

12

 

Selling, general and administrative

 

 

25

 

 

12

 

 

1

 

 

38

 

Stock compensation expense

 

$

48

 

 

12

 

 

1

 

 

61

 

LIBERTY MEDIA CORPORATION

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2023 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed

 

 

 

 

Liberty

 

Formula

 

 

 

 

 

 

SiriusXM

 

One

 

Braves

 

Consolidated

 

 

Group

 

Group

 

Group

 

Liberty

 

 

amounts in millions

Revenue:

 

 

 

 

 

 

 

 

 

Sirius XM Holdings revenue

 

$

2,144

 

 

 

 

 

 

2,144

 

Formula 1 revenue

 

 

 

 

381

 

 

 

 

381

 

Other revenue

 

 

 

 

 

 

31

 

 

31

 

Total revenue

 

 

2,144

 

 

381

 

 

31

 

 

2,556

 

Operating costs and expenses, including stock-based compensation:

 

 

 

 

 

 

 

 

 

Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):

 

 

 

 

 

 

 

 

 

Revenue share and royalties

 

 

700

 

 

 

 

 

 

700

 

Programming and content(1)

 

 

150

 

 

 

 

 

 

150

 

Customer service and billing(1)

 

 

122

 

 

 

 

 

 

122

 

Other(1)

 

 

52

 

 

 

 

 

 

52

 

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

 

 

 

 

206

 

 

 

 

206

 

Subscriber acquisition costs

 

 

90

 

 

 

 

 

 

90

 

Other operating expenses(1)

 

 

79

 

 

 

 

39

 

 

118

 

Selling, general and administrative(1)

 

 

385

 

 

75

 

 

26

 

 

486

 

Impairment, restructuring and acquisition costs

 

 

32

 

 

 

 

 

 

32

 

Depreciation and amortization

 

 

161

 

 

84

 

 

15

 

 

260

 

 

 

 

1,771

 

 

365

 

 

80

 

 

2,216

 

Operating income (loss)

 

 

373

 

 

16

 

 

(49

)

 

340

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(136

)

 

(51

)

 

(9

)

 

(196

)

Share of earnings (losses) of affiliates, net

 

 

(7

)

 

(2

)

 

(1

)

 

(10

)

Realized and unrealized gains (losses) on financial instruments, net

 

 

2

 

 

(47

)

 

(1

)

 

(46

)

Unrealized gains (losses) on intergroup interests

 

 

54

 

 

(41

)

 

(13

)

 

 

Other, net

 

 

3

 

 

10

 

 

1

 

 

14

 

 

 

 

(84

)

 

(131

)

 

(23

)

 

(238

)

Earnings (loss) before income taxes

 

 

289

 

 

(115

)

 

(72

)

 

102

 

Income tax (expense) benefit

 

 

(69

)

 

6

 

 

13

 

 

(50

)

Net earnings (loss)

 

 

220

 

 

(109

)

 

(59

)

 

52

 

Less net earnings (loss) attributable to the noncontrolling interests

 

 

37

 

 

 

 

 

 

37

 

Net earnings (loss) attributable to Liberty stockholders

 

$

183

 

 

(109

)

 

(59

)

 

15

 

 

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation expense as follows:

 

 

 

 

 

 

 

 

 

Programming and content

 

 

7

 

 

 

 

 

 

7

 

Customer service and billing

 

 

1

 

 

 

 

 

 

1

 

Other

 

 

1

 

 

 

 

 

 

1

 

Other operating expenses

 

 

11

 

 

 

 

 

 

11

 

Selling, general and administrative

 

 

28

 

 

5

 

 

3

 

 

36

 

Stock compensation expense

 

$

48

 

 

5

 

 

3

 

 

56

 

 

LIBERTY MEDIA CORPORATION

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2024 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Attributed

 

 

 

 

Liberty

 

Formula

 

Liberty

 

 

 

 

SiriusXM

 

One

 

Live

 

Consolidated

 

 

Group

 

Group

 

Group

 

Liberty

 

 

amounts in millions

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

241

 

 

77

 

 

(73

)

 

245

 

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

155

 

 

86

 

 

 

 

241

 

Stock-based compensation

 

 

48

 

 

12

 

 

1

 

 

61

 

Non-cash impairment and restructuring costs

 

 

1

 

 

 

 

 

 

1

 

Share of (earnings) loss of affiliates, net

 

 

(5

)

 

3

 

 

21

 

 

19

 

Realized and unrealized (gains) losses on financial instruments, net

 

 

(18

)

 

(48

)

 

69

 

 

3

 

Deferred income tax expense (benefit)

 

 

(12

)

 

9

 

 

(18

)

 

(21

)

Intergroup tax allocation

 

 

29

 

 

(27

)

 

(2

)

 

 

Other charges (credits), net

 

 

24

 

 

2

 

 

 

 

26

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

 

Current and other assets

 

 

66

 

 

(90

)

 

(3

)

 

(27

)

Payables and other liabilities

 

 

(265

)

 

116

 

 

(4

)

 

(153

)

Net cash provided (used) by operating activities

 

 

264

 

 

140

 

 

(9

)

 

395

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Investments in equity method affiliates and debt and equity securities

 

 

(179

)

 

(1

)

 

 

 

(180

)

Cash (paid) received for acquisitions, net of cash acquired

 

 

 

 

(205

)

 

 

 

(205

)

Capital expended for property and equipment, including internal-use software and website development

 

 

(174

)

 

(27

)

 

 

 

(201

)

Other investing activities, net

 

 

(1

)

 

(63

)

 

 

 

(64

)

Net cash provided (used) by investing activities

 

 

(354

)

 

(296

)

 

 

 

(650

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Borrowings of debt

 

 

230

 

 

 

 

 

 

230

 

Repayments of debt

 

 

(267

)

 

(10

)

 

 

 

(277

)

Cash dividends paid by subsidiary

 

 

(17

)

 

 

 

 

 

(17

)

Taxes paid in lieu of shares issued for stock-based compensation

 

 

(17

)

 

(7

)

 

 

 

(24

)

Other financing activities, net

 

 

(2

)

 

6

 

 

2

 

 

6

 

Net cash provided (used) by financing activities

 

 

(73

)

 

(11

)

 

2

 

 

(82

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

(163

)

 

(167

)

 

(7

)

 

(337

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

315

 

 

1,408

 

 

305

 

 

2,028

 

Cash, cash equivalents and restricted cash at end of period

 

$

152

 

 

1,241

 

 

298

 

 

1,691

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

135

 

 

1,233

 

 

298

 

 

1,666

 

Restricted cash included in other current assets

 

 

8

 

 

8

 

 

 

 

16

 

Restricted cash included in other assets

 

 

9

 

 

 

 

 

 

9

 

Total cash and cash equivalents and restricted cash at end of period

 

$

152

 

 

1,241

 

 

298

 

 

1,691

 

 

LIBERTY MEDIA CORPORATION

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2023 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed

 

 

 

 

Liberty

 

Formula

 

 

 

 

 

 

SiriusXM

 

One

 

Braves

 

Consolidated

 

 

Group

 

Group

 

Group

 

Liberty

 

 

amounts in millions

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

220

 

 

(109

)

 

(59

)

 

52

 

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

161

 

 

84

 

 

15

 

 

260

 

Stock-based compensation

 

 

48

 

 

5

 

 

3

 

 

56

 

Non-cash impairment and restructuring costs

 

 

8

 

 

 

 

 

 

8

 

Share of (earnings) loss of affiliates, net

 

 

7

 

 

2

 

 

1

 

 

10

 

Unrealized (gains) losses on intergroup interests, net

 

 

(54

)

 

41

 

 

13

 

 

 

Realized and unrealized (gains) losses on financial instruments, net

 

 

(2

)

 

47

 

 

1

 

 

46

 

Deferred income tax expense (benefit)

 

 

7

 

 

(5

)

 

(8

)

 

(6

)

Intergroup tax allocation

 

 

31

 

 

(26

)

 

(5

)

 

 

Other charges (credits), net

 

 

4

 

 

(3

)

 

1

 

 

2

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

 

Current and other assets

 

 

46

 

 

(8

)

 

27

 

 

65

 

Payables and other liabilities

 

 

(157

)

 

229

 

 

96

 

 

168

 

Net cash provided (used) by operating activities

 

 

319

 

 

257

 

 

85

 

 

661

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Investments in equity method affiliates and debt and equity securities

 

 

(39

)

 

(130

)

 

 

 

(169

)

Cash proceeds from dispositions

 

 

 

 

34

 

 

 

 

34

 

Capital expended for property and equipment, including internal-use software and website development

 

 

(205

)

 

(62

)

 

(14

)

 

(281

)

Other investing activities, net

 

 

2

 

 

(1

)

 

 

 

1

 

Net cash provided (used) by investing activities

 

 

(242

)

 

(159

)

 

(14

)

 

(415

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Borrowings of debt

 

 

1,479

 

 

 

 

 

 

1,479

 

Repayments of debt

 

 

(1,633

)

 

(53

)

 

(4

)

 

(1,690

)

Settlement of intergroup interests

 

 

202

 

 

(202

)

 

 

 

 

Subsidiary shares repurchased by subsidiary

 

 

(62

)

 

 

 

 

 

(62

)

Cash dividends paid by subsidiary

 

 

(17

)

 

 

 

 

 

(17

)

Taxes paid in lieu of shares issued for stock-based compensation

 

 

(15

)

 

(8

)

 

(1

)

 

(24

)

Other financing activities, net

 

 

37

 

 

14

 

 

6

 

 

57

 

Net cash provided (used) by financing activities

 

 

(9

)

 

(249

)

 

1

 

 

(257

)

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

 

 

 

 

2

 

 

 

 

2

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

68

 

 

(149

)

 

72

 

 

(9

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

370

 

 

1,733

 

 

173

 

 

2,276

 

Cash, cash equivalents and restricted cash at end of period

 

$

438

 

 

1,584

 

 

245

 

 

2,267

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

430

 

 

215

 

 

1,584

 

 

2,229

 

Restricted cash included in other current assets

 

 

 

 

30

 

 

 

 

30

 

Restricted cash included in other assets

 

 

8

 

 

 

 

 

 

8

 

Total cash and cash equivalents and restricted cash at end of period

 

$

438

 

 

245

 

 

1,584

 

 

2,267

 

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 Liberty SiriusXM Group, 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 March 31, 2023 and March 31, 2024, respectively.

QUARTERLY SUMMARY

 

 

 

 

 

 

 

(amounts in millions)

 

1Q23

 

1Q24

Liberty SiriusXM Group

 

 

 

 

 

 

Operating income

 

$

373

 

 

$

409

 

Depreciation and amortization

 

 

161

 

 

 

155

 

Stock compensation expense

 

 

48

 

 

 

48

 

Impairment, restructuring and acquisition costs(a)

 

 

32

 

 

 

13

 

Adjusted OIBDA

 

$

614

 

 

$

625

 

 

 

 

 

 

 

 

Formula One Group

 

 

 

 

 

 

Operating income

 

$

16

 

 

$

95

 

Depreciation and amortization

 

 

84

 

 

 

86

 

Stock compensation expense

 

 

5

 

 

 

12

 

Impairment, restructuring and acquisition costs(b)

 

 

 

 

 

9

 

Adjusted OIBDA

 

$

105

 

 

$

202

 

 

 

 

 

 

 

 

Liberty Live Group

 

 

 

 

 

 

Operating income

 

$

N/A

 

 

$

(2

)

Depreciation and amortization

 

 

N/A

 

 

 

 

Stock compensation expense

 

 

N/A

 

 

 

1

 

Adjusted OIBDA

 

$

N/A

 

 

$

(1

)

 

 

 

 

 

 

 

Braves Group

 

 

 

 

 

 

Operating income

 

$

(49

)

 

$

N/A

 

Depreciation and amortization

 

 

15

 

 

 

N/A

 

Stock compensation expense

 

 

3

 

 

 

N/A

 

Impairment, restructuring and acquisition costs

 

 

 

 

 

N/A

 

Adjusted OIBDA

 

$

(31

)

 

$

N/A

 

 

 

 

 

 

 

 

Liberty Media Corporation (Consolidated)

 

 

 

 

 

 

Operating income

 

$

340

 

 

$

502

 

Depreciation and amortization

 

 

260

 

 

 

241

 

Stock compensation expense

 

 

56

 

 

 

61

 

Impairment, restructuring and acquisition costs

 

 

32

 

 

 

22

 

Adjusted OIBDA

 

$

688

 

 

$

826

 

 

a)

 

During the three months ended March 31, 2024, Sirius XM Holdings recorded $12 million associated with severance and other employee costs and $1 million of impairments, primarily related to terminated software projects. During the three months ended March 31, 2023, Sirius XM Holdings recorded $23 million associated with severance and other employee costs and $9 million primarily related to a vacated office space.

b)

 

During the three months ended March 31, 2024, Formula One Group incurred $9 million of acquisition related costs associated with the completion of the Quint acquisition and the announcement of the company’s planned acquisition of MotoGP.

SCHEDULE 2

This press release also includes a presentation of adjusted EBITDA of SiriusXM, which is a non-GAAP financial measure used by SiriusXM, together with a reconciliation to SiriusXM's stand-alone net income, as determined under GAAP. SiriusXM defines adjusted EBITDA as net income before interest expense, income tax expense and depreciation and amortization. SiriusXM adjusts EBITDA to exclude the impact of other expense (income) as well as certain other charges discussed below. Adjusted EBITDA is a non-GAAP financial measure that excludes or adjusts for (if applicable): (i) loss on extinguishment of debt, (ii) share-based payment expense, (iii) impairment, restructuring and acquisition costs, (iv) legal settlements/reserves and (v) other significant operating expense (income) that do not relate to the on-going performance of SiriusXM’s business. SiriusXM believes adjusted EBITDA is a useful measure of the underlying trend of its operating performance, which provides useful information about its business apart from the costs associated with its capital structure and purchase price accounting. SiriusXM believes investors find this non-GAAP financial measure useful when analyzing past operating performance with current performance and comparing SiriusXM’s operating performance to the performance of other communications, entertainment and media companies. SiriusXM believes investors use adjusted EBITDA to estimate current enterprise value and to make investment decisions. As a result of large capital investments in SiriusXM’s satellite radio system, its results of operations reflect significant charges for depreciation expense. SiriusXM believes the exclusion of share-based payment expense is useful as it is not directly related to the operational conditions of its business. SiriusXM also believes the exclusion of the legal settlements and reserves, impairment, restructuring and acquisition related costs, to the extent they occur during the period, is useful as they are significant expenses not incurred as part of its normal operations for the period.

Adjusted EBITDA has certain limitations in that it does not take into account the impact to SiriusXM’s consolidated statements of comprehensive income of certain expenses, including share-based payment expense. SiriusXM endeavors to compensate for the limitations of the non-GAAP measure presented by also providing the comparable GAAP measure with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measure. Investors that wish to compare and evaluate SiriusXM’s operating results after giving effect for these costs, should refer to net income as disclosed in SiriusXM’s unaudited consolidated statements of comprehensive income. Since adjusted EBITDA is a non-GAAP financial performance measure, SiriusXM’s calculation of adjusted EBITDA may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation of net income to the adjusted EBITDA is calculated as follows:

 

 

 

 

 

 

 

 

 

Unaudited

 

 

For the Three Months Ended

 

 

March 31,

 

 

2023

 

2024

($ in millions)

 

 

 

 

 

 

Net income:

 

$

233

 

 

$

265

 

Add back items excluded from Adjusted EBITDA:

 

 

 

 

 

 

Impairment, restructuring and acquisition costs

 

 

32

 

 

 

28

 

Share-based payment expense

 

 

45

 

 

 

45

 

Depreciation and amortization

 

 

136

 

 

 

140

 

Interest expense

 

 

107

 

 

 

104

 

Other (income) expense

 

 

(3

)

 

 

(12

)

Income tax expense

 

 

75

 

 

 

80

 

Adjusted EBITDA

 

$

625

 

 

$

650

 

SCHEDULE 3

This press release includes a presentation of free cash flow of SiriusXM, which is a non-GAAP financial measure used by SiriusXM, together with a reconciliation to SiriusXM's stand-alone cash flow provided by operating activities, as determined under GAAP. SiriusXM’s free cash flow is derived from cash flow provided by operating activities, net of additions to property and equipment and purchases of other investments. Free cash flow is a metric that SiriusXM’s management and board of directors use to evaluate the cash generated by its operations, net of capital expenditures and other investment activity. In a capital intensive business, with significant investments in satellites, SiriusXM looks at its operating cash flow, net of these investing cash outflows, to determine cash available for future subscriber acquisition and capital expenditures, to repurchase or retire debt, to acquire other companies and to evaluate its ability to return capital to stockholders. SiriusXM excludes from free cash flow certain items that do not relate to the on-going performance of its business, such as cash flows related to acquisitions, strategic and short-term investments, including tax efficient investments in clean energy and net loan activity with related parties and other equity investees. SiriusXM believes free cash flow is an indicator of the long-term financial stability of its business. Free cash flow, which is reconciled to "Net cash provided by operating activities," is a non-GAAP financial measure. This measure can be calculated by deducting amounts under the captions "Additions to property and equipment" and deducting or adding Restricted and other investment activity from "Net cash provided by operating activities" from the unaudited consolidated statements of cash flows. Free cash flow should be used in conjunction with other GAAP financial performance measures and may not be comparable to free cash flow measures presented by other companies. Free cash flow should be viewed as a supplemental measure rather than an alternative measure of cash flows from operating activities, as determined in accordance with GAAP. Free cash flow is limited and does not represent remaining cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt maturities. SiriusXM believes free cash flow provides useful supplemental information to investors regarding its current cash flow, along with other GAAP measures (such as cash flows from operating and investing activities), to determine its financial condition, and to compare its operating performance to other communications, entertainment and media companies. Free cash flow is calculated as follows:

 

 

 

 

 

 

 

 

 

Unaudited

 

 

For the Three Months Ended

 

 

March 31,

 

 

2023

 

2024

($ in millions)

 

 

 

 

 

 

Cash flow information

 

 

 

 

 

 

Net cash provided by operating activities

 

$

350

 

 

$

308

 

Net cash used in investing activities

 

$

(235

)

 

$

(363

)

Net cash used in financing activities

 

$

(119

)

 

$

(90

)

Free cash flow

 

 

 

 

 

 

Net cash provided by operating activities

 

$

350

 

 

$

308

 

Additions to property and equipment

 

 

(205

)

 

 

(174

)

Purchases of other investments

 

 

(1

)

 

 

(2

)

Free cash flow

 

$

144

 

 

$

132

 

 

Contacts

Liberty Media Corporation
Shane Kleinstein, (720) 875-5432

Release Summary

Liberty Media Corporation Reports First Quarter 2024 Financial Results

Contacts

Liberty Media Corporation
Shane Kleinstein, (720) 875-5432