Liberty Media Corporation Reports First Quarter 2019 Financial Results

ENGLEWOOD, Colo.–(BUSINESS WIRE)–Liberty Media Corporation (“Liberty Media” or “Liberty”) (NASDAQ: LSXMA,
LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported first quarter
2019 results. Highlights include(1):

  • Attributed to Liberty SiriusXM Group

    • SiriusXM reported very solid first quarter 2019 results

      • First quarter revenue increased to $1.7 billion; pro forma
        revenue (as if Pandora was included in both periods) increased
        10% to $1.9 billion
      • Net income declined 44% to $162 million on acquisition and
        other related charges of $76 million; diluted EPS of $0.03
        reported
      • Adjusted EBITDA(2) climbed 27% to $567 million, pro
        forma for the Pandora acquisition
      • SiriusXM capital returns approached $900 million year-to-date
        as of April 22nd
      • SiriusXM completed acquisition of Pandora media; issued
        combined 2019 guidance
    • Liberty Media’s ownership of SiriusXM stood at 68.6% as of April 22nd
    • From February 1st through April 30th,
      Liberty repurchased 4.0 million LSXMK shares at an average price
      per share of $40.33 and total cash consideration of $160 million
  • Attributed to Formula One Group

    • F1 2019 season began in Australia in March, with the 1,000th
      race celebrated in Shanghai
    • Secured broadcast agreements with MBC (MENA region), Sky
      Deutschland (Germany), DAZN (Japan) and ELEVEN SPORTS (Poland)
    • Announced new partnerships with CYBER1, Liqui Moly, Puma and
      Sotheby’s
    • Began third season of New Balance Esports season with expanded
      racing
  • Attributed to Braves Group

    • 2019 season off to successful start at 2nd place in NL
      East, despite early season injuries
    • Broke ground on second phase of Battery development; expected
      completion in 2020

“SiriusXM produced another strong quarter and the integration with
Pandora is well underway,” said Greg Maffei, Liberty Media President and
CEO. “Both Formula 1 and the Braves kicked off their 2019 seasons and
broke ground on exciting new developments – Formula 1 on the racetrack
in Hanoi and the Braves on the second phase of the Battery Atlanta.”

Unless otherwise noted, the following discussion compares financial
information for the three months ended March 31, 2019 to the same period
in 2018.

LIBERTY SIRIUSXM GROUP – The following table provides the
financial results attributed to Liberty SiriusXM Group for the first
quarter of 2019. In the first quarter, approximately $9 million of
corporate level selling, general and administrative expense (including
stock-based compensation expense) was allocated to the Liberty SiriusXM
Group.

                       
1Q18 1Q19 % Change
amounts in millions  
Liberty SiriusXM Group
Revenue
SiriusXM $ 1,375   $ 1,744     27   %
Total Liberty SiriusXM Group $ 1,375   $ 1,744     27   %
Operating Income (Loss)
SiriusXM 407 316 (22 ) %
Corporate and other   (11 )   (9 )   18   %
Total Liberty SiriusXM Group $ 396   $ 307     (22 ) %
Adjusted OIBDA
SiriusXM 530 590 11 %
Corporate and other   (5 )   (2 )   60   %
Total Liberty SiriusXM Group $ 525   $ 588     12   %
 

SiriusXM’s financial results above include the results of Pandora
beginning February 1, 2019, the date Pandora was acquired by SiriusXM.
Pro forma results for SiriusXM including Pandora for the full three
months ended March 31, 2019, excluding acquisition accounting
adjustments, can be found in Liberty Media’s Form 10-Q for the quarter
ended March 31, 2019.

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 24, 2019. For additional
detail on SiriusXM’s financial results for the first quarter, please see
SiriusXM’s earnings release posted to their 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 the Formula One Group for the first quarter of
2019. In the first quarter, the Formula One Group incurred approximately
$9 million of corporate level selling, general and administrative
expense (including stock-based compensation expense).

“This quarter we announced multiple deals, securing full broadcast
coverage for the 2019 season and adding new sponsors. The Netflix series
‘Formula 1: Drive to Survive’ was well received by existing and new fans
and created excitement for the launch of the 2019 season in March,” said
Chase Carey, Formula 1 Chairman and CEO. “We look forward to our first
European race in Barcelona on May 12th.”

                             
1Q18 1Q19
amounts in millions
Formula One Group
Revenue
Formula 1 $ 114   $ 246  
Total Formula One Group $ 114   $ 246  
Operating Income (Loss)
Formula 1 $ (109 ) $ (47 )
Corporate and other   (9 )   (11 )
Total Formula One Group $ (118 ) $ (58 )
Adjusted OIBDA
Formula 1 $ 3 $ 65
Corporate and other   (4 )   (6 )
Total Formula One Group $ (1 ) $ 59  
 

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

F1 Operating Results

                       
1Q18 1Q19 % Change
amounts in millions
Primary Formula 1 revenue $ 85 $ 198 133 %
Other Formula 1 revenue   29     48   66   %
Total Formula 1 revenue $ 114 $ 246 116 %
Operating expenses (excluding stock-based compensation included
below):
Team payments (45 ) (96 ) (113 ) %
Other cost of Formula 1 revenue   (36 )   (52 ) (44 ) %
Cost of Formula 1 revenue $ (81 ) $ (148 ) (83 ) %
Selling, general and administrative expenses   (30 )   (33 ) (10 ) %
Adjusted OIBDA $ 3 $ 65 2,067 %
Stock-based compensation (3 ) (4 ) (33 ) %
Depreciation and Amortization   (109 )   (108 ) 1   %
Operating loss $ (109 ) $ (47 ) 57   %
 
Number of races in period   1     2  
 

Primary F1 revenue is comprised of (i) race promotion fees, (ii)
broadcasting fees and (iii) advertising and sponsorship fees. Results in
the first quarter of 2019 were favorably impacted by the timing of the
2019 race calendar, with two races taking place in the first quarter of
2019 compared to one race in the first quarter of 2018.

Race promotion revenue increased primarily due to the additional race
held in the first quarter of 2019. Broadcast revenue increased due to
the higher proportionate recognition of season-based income during the
quarter (2/21 races took place in the first quarter of 2019 compared to
1/21 in the first quarter of 2018) and contractual rate increases.
Advertising and sponsorship revenue increased due to the additional race
in the first quarter of 2019 and revenue from new sponsorship agreements
entered into beginning in the second half of 2018. Other F1 revenue also
increased in the first quarter primarily due to the additional event
held, which resulted in increased revenue from the Paddock Club, support
events, television production and other technical services.

Operating loss decreased and adjusted OIBDA(2) increased in
the first quarter as revenue growth driven by the additional race and
underlying contract terms more than offset elevated costs. Cost of F1
revenue increased primarily due to higher team payments driven by the
pro rata recognition of such payments across the race season, as well as
increased costs associated with the additional race including technical,
travel and logistics, hospitality and Formula 2 costs. Selling, general
and administrative expense increased primarily as a result of higher
marketing costs associated with the promotion of the start of the season
and F1’s digital and fan engagement initiatives.

F1’s total net debt to covenant OIBDA ratio, as defined in F1’s credit
facilities for covenant calculations, was approximately 5.80x as of
March 31, 2019, as compared to a maximum allowable leverage ratio of
8.25x. The race calendar variances between 2018 and 2019 resulted in
income from 22 races falling in the trailing twelve months measured for
F1’s covenant calculations as of March 31, 2019.

The businesses and assets attributed to the Formula One Group consist of
Liberty Media’s subsidiary F1, its interest in Live Nation, minority
equity investments and an intergroup interest in the Braves Group. There
are approximately 9.1 million notional shares of the Braves Group
underlying the Formula One Group’s 15.1% intergroup interest as of April
30, 2019.

BRAVES GROUP – The following table provides the financial results
attributed to the Braves Group for the first quarter of 2019. In the
first quarter, approximately $2 million of corporate level selling,
general and administrative expense (including stock-based compensation
expense) was allocated to the Braves Group.

                             
1Q18 1Q19
amounts in millions
Braves Group
Revenue
Corporate and other $ 28 $ 22
Operating Income (Loss)
Corporate and other $ (51 ) $ (49 )
Adjusted OIBDA
Corporate and other $ (35 ) $ (33 )
 

The following table provides the operating results of Braves Holdings,
LLC (“Braves”).

                       
1Q18 1Q19 % Change
amounts in millions
Baseball revenue $ 20 $ 14 (30 ) %
Development revenue   8     8     %
Total revenue 28 22 (21 ) %
Operating expenses (excluding stock-based compensation included
below):
Other operating expenses (40 ) (28 ) 30 %
Selling, general and administrative expenses   (21 )   (25 ) (19 ) %
Adjusted OIBDA $ (33 ) $ (31 ) 6 %
Stock-based compensation (3 ) %
Depreciation and Amortization   (16 )   (13 ) 19   %
Operating loss $ (49 ) $ (47 ) 4   %
 
Number of home games in period   3      
 

Baseball revenue is comprised of (i) ballpark operations, (ii) local and
national broadcast rights and (iii) licensing and other shared MLB
revenue streams. Development revenue is derived from the Battery Atlanta
mixed-use facilities and primarily includes rental income.

There were no home games in the first quarter of 2019, compared to three
home games in the first quarter of 2018. A modest amount of baseball
revenue in the first quarter of 2019 was derived from non-game day
revenue sources, and development revenue was flat in the first quarter
of 2019. Operating loss and adjusted OIBDA improved modestly in the
first quarter of 2019.

The Formula One Group holds an approximate 15.1% intergroup interest in
the Braves Group as of April 30, 2019. Assuming the issuance of the
shares underlying the intergroup interest held by the Formula One Group,
the Braves Group outstanding share count as of April 30, 2019 would have
been 60 million.

The businesses and assets attributed to the Braves Group consist
primarily of Liberty Media’s subsidiary the Braves, which indirectly
owns the Atlanta Braves Major League Baseball Club, six minor league
baseball clubs and certain assets and liabilities associated with the
Braves’ ballpark and mixed-use development project.

Share Repurchases

From February 1, 2019 through April 30, 2019, Liberty Media repurchased
approximately 4.0 million Series C Liberty SiriusXM shares (Nasdaq:
LSXMK) at an average cost per share of $40.33 for total cash
consideration of $160 million. The total remaining repurchase
authorization for Liberty Media is approximately $563 million and can be
applied to repurchases of Series A and Series C shares of any of the
Liberty Media Corporation tracking stocks.

FOOTNOTES

1)     Liberty Media’s President and CEO, Greg Maffei, will discuss these
highlights and other matters on Liberty Media’s earnings conference
call which will begin at 11:00 a.m. (E.D.T.) on May 9, 2019. 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 (as defined by SiriusXM) and applicable
reconciliations see the accompanying schedules.
 

NOTES

The following financial information with respect to Liberty Media’s
equity affiliates and available for sale securities 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, 2019.

Fair Value of Corporate Public Holdings

(amounts in millions)                 12/31/2018           3/31/2019
Liberty SiriusXM Group
iHeart Debt $ 444 $ 456
Total Liberty SiriusXM Group(1) $ 444 $ 456
Formula One Group
Live Nation Investment(2) $ 3,430 4,425
Other Public Holdings(3)   228   247
Total Formula One Group $ 3,658 $ 4,672
Braves Group   N/A   N/A
Total Liberty Media $ 4,102 $ 5,128
 
(1)     SiriusXM’s investment in Pandora excluded from public holdings
presented above (prior to SiriusXM’s acquisition of Pandora on
February 1, 2019).
(2) Represents the fair value of the equity investment attributed to
Formula One Group. 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 $743 million and $720 million as of December 31,
2018 and March 31, 2019, respectively.
(3) Represents the carrying value of other public holdings which are
accounted for at fair value. Excludes Braves Group intergroup
interest.
 

Cash and Debt

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

(amounts in millions)                 12/31/2018           3/31/2019
Cash and Cash Equivalents Attributable to:
Liberty SiriusXM Group(1) $ 91 $ 98
Formula One Group(2) 160 372
Braves Group   107     163  
Total Liberty Consolidated Cash and Cash Equivalents (GAAP) $ 358   $ 633  
 
Debt:
SiriusXM senior notes(3) $ 6,500 $ 6,500
Pandora convertible senior notes 194
2.125% exchangeable senior debentures due 2048(4) 400 400
Margin loans 600 800
Other subsidiary debt(5)   444     582  
Total Attributed Liberty SiriusXM Group Debt $ 7,944   $ 8,476  
Unamortized discount, fair market value adjustment and deferred loan
costs
  (86 )   (115 )
Total Attributed Liberty SiriusXM Group Debt (GAAP) $ 7,858   $ 8,361  
 
1.375% cash convertible notes due 2023(4) 1,000 1,000
1% cash convertible notes due 2023(4) 450 450
2.25% exchangeable senior debentures due 2046(4) 213 212
2.25% exchangeable senior debentures due 2048(4) 385 385
Formula 1 bank loan 2,902 2,902
Other corporate level debt   33     33  
Total Attributed Formula One Group Debt $ 4,983   $ 4,982  
Fair market value adjustment   56     222  
Total Attributed Formula One Group Debt (GAAP) $ 5,039   $ 5,204  
Formula 1 leverage(6) 7.3x 5.8x
 
Atlanta Braves debt   494     480  
Total Attributed Braves Group Debt $ 494   $ 480  
Deferred loan costs   (3 )   (6 )
Total Attributed Braves Group Debt (GAAP) $ 491   $ 474  
           
Total Liberty Media Corporation Debt (GAAP) $ 13,388   $ 14,039  
 
(1)     Includes $54 million and $62 million of cash and liquid investments
held at SiriusXM as of December 31, 2018 and March 31, 2019,
respectively.
(2) Includes $30 million and $260 million of cash and liquid investments
held at Formula 1 as of December 31, 2018 and March 31, 2019,
respectively.
(3) Outstanding principal amount of Senior Notes with no reduction for
the net unamortized discount.
(4) Face amount of the cash convertible notes and exchangeable
debentures with no fair market value adjustment.
(5) Includes SiriusXM revolving credit facility and capital leases as of
December 31, 2018 and SiriusXM revolving credit facility as of March
31, 2019.
(6) Net debt to covenant OIBDA ratio of F1 operating business as defined
in F1’s credit facilities for covenant calculations. There were 22
races in the trailing twelve months measured for F1’s covenant
calculations as of March 31, 2019.
 

Total cash and liquid investments attributed to Liberty SiriusXM Group
was essentially flat in the first quarter as cash from operations at
SiriusXM and net borrowings were offset by return of capital at both
Liberty SiriusXM Group and SiriusXM. Included in the cash and liquid
investments balance attributed to Liberty SiriusXM Group at March 31,
2019 is $62 million held at SiriusXM. Although SiriusXM is a
consolidated subsidiary, it is a separate public company with a
significant non-controlling interest, therefore Liberty Media does not
have unfettered access to SiriusXM’s cash balances.

Total debt attributed to Liberty SiriusXM Group increased $532 million
during the quarter primarily as a result of the consolidation of
Pandora’s debt post acquisition, additional borrowing under SiriusXM’s
credit facility and additional borrowing under Liberty SiriusXM Group’s
margin loan to fund share repurchases.

Total cash and liquid investments attributed to the Formula One Group
increased $212 million during the quarter, primarily as a result of cash
from operations at F1 driven by the receipt of advance contract payments
for the 2019 season, while the majority of costs, including team
payments, are paid in arrears.

Total cash and liquid investments attributed to the Braves Group
increased $56 million during the quarter. Total debt attributed to the
Braves Group decreased $14 million during the quarter due to paying down
a portion of the team revolver. The second phase of the Battery Atlanta
mixed-use development is expected to cost approximately $200 million,
which the Braves and affiliated entities expect to fund through a mix of
approximately $55 million in equity and approximately $145 million in
net debt.

Important Notice: Liberty Media Corporation (Nasdaq: LSXMA,
LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) President and CEO, Greg
Maffei, will discuss Liberty Media’s earnings release on a conference
call which will begin at 11:00 a.m. (E.D.T.) on May 9, 2019. The call
can be accessed by dialing (800) 458-4121 or (323) 794-2093, passcode
7133106 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 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, Formula 1’s race calendar and new races, the
Battery Atlanta, the continuation of our stock repurchase plan 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, 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, changes in
consumer protection laws and their enforcement, continued access to
capital on terms acceptable to Liberty Media, and changes in law and
market conditions conducive to stock repurchases.
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, 2019 (unaudited)

 
Attributed
Liberty Formula
SiriusXM Braves One Intergroup Consolidated
Group Group Group Eliminations Liberty
amounts in millions
Assets
Current assets:
Cash and cash equivalents $ 98 163 372 633
Trade and other receivables, net 592 26 110 728
Other current assets   253   34   84     371  
Total current assets   943   223   566  

  1,732  
Intergroup interest in the Braves Group 252 (252 )
Investments in debt and equity securities 456 8 323 787
Investments in affiliates, accounted for using the equity method 641 97 903 1,641
 
Property and equipment, at cost 2,560 821 181 3,562
Accumulated depreciation   (1,174 ) (92 ) (91 )   (1,357 )
  1,386   729   90     2,205  
 
Intangible assets not subject to amortization
Goodwill 15,791 180 3,956 19,927
FCC licenses 8,600 8,600
Other   1,262   143       1,405  
  25,653   323   3,956     29,932  
Intangible assets subject to amortization, net 1,698 37 4,632 6,367
Other assets   596   62   645   (57 ) 1,246  
Total assets $ 31,373   1,479   11,367   (309 ) 43,910  
 
Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) $ 3 (35 ) 32
Accounts payable and accrued liabilities 1,144 39 164 1,347
Current portion of debt 13 13
Deferred revenue 1,994 95 410 2,499
Other current liabilities   68   11   23     102  
Total current liabilities   3,209   123   629     3,961  
Long-term debt 8,361 461 5,204 14,026
Deferred income tax liabilities 1,734 73 (57 ) 1,750
Redeemable intergroup interest 252 (252 )
Other liabilities   639   200   139     978  
Total liabilities   13,943   1,109   5,972   (309 ) 20,715  
Equity / Attributed net assets 10,937 378 5,392 16,707
Noncontrolling interests in equity of subsidiaries   6,493   (8 ) 3     6,488  
Total liabilities and equity $ 31,373   1,479   11,367   (309 ) 43,910  
 
 
                       

LIBERTY MEDIA CORPORATION

STATEMENT OF OPERATIONS

Three months ended March 31, 2019 (unaudited)

 
Attributed
Liberty Formula
SiriusXM Braves One Consolidated
Group Group Group Liberty
amounts in millions
Revenue:

SIRIUSXM Holdings revenue

$ 1,744 1,744
Formula 1 revenue 246 246
Other revenue     22     22  
Total revenue 1,744 22 246 2,012
Operating costs and expenses, including stock-based compensation:
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties 492 492
Programming and content(1) 106 106
Customer service and billing(1) 113 113
Other(1) 37 37
Cost of Formula 1 revenue 148 148
Subscriber acquisition costs 108 108
Other operating expenses(1) 54 28 82
Selling, general and administrative(1) 326 30 46 402
Acquisition and other related costs 76 76
Depreciation and amortization   125   13   110   248  
  1,437   71   304   1,812  
Operating income (loss) 307 (49 ) (58 ) 200
Other income (expense):
Interest expense (102 ) (7 ) (50 ) (159 )
Share of earnings (losses) of affiliates, net (4 ) 2 (18 ) (20 )
Realized and unrealized gains (losses) on financial instruments, net 1 (2 ) (97 ) (98 )
Unrealized gains (losses) on intergroup interest (26 ) 26
Other, net   3     5   8  
  (102 ) (33 ) (134 ) (269 )
Earnings (loss) from continuing operations before income taxes 205 (82 ) (192 ) (69 )
Income tax (expense) benefit   (113 ) 11   44   (58 )
Net earnings (loss) 92 (71 ) (148 ) (127 )
Less net earnings (loss) attributable to the noncontrolling interests   31       31  
Net earnings (loss) attributable to Liberty stockholders $ 61   (71 ) (148 ) (158 )
 
(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 9 9
Selling, general and administrative   37   3   7   47  
Stock compensation expense $ 55   3   7   65  
 
 
                       

LIBERTY MEDIA CORPORATION

STATEMENT OF OPERATIONS

Three months ended March 31, 2018 (unaudited)

 
Attributed
Liberty Formula
SiriusXM Braves One Consolidated
Group Group Group Liberty
amounts in millions
Revenue:

SIRIUSXM Holdings revenue

$ 1,375 1,375
Formula 1 revenue 114 114
Other revenue     28     28  
Total revenue 1,375 28 114 1,517
Operating costs and expenses, including stock-based compensation:
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties 310 310
Programming and content(1) 101 101
Customer service and billing(1) 94 94
Other(1) 29 29
Cost of Formula 1 revenue 81 81
Subscriber acquisition costs 123 123
Other operating expenses(1) 31 40 71
Selling, general and administrative(1) 202 23 40 265
Depreciation and amortization   89   16   111   216  
  979   79   232   1,290  
Operating income (loss) 396 (51 ) (118 ) 227
Other income (expense):
Interest expense (97 ) (6 ) (47 ) (150 )
Share of earnings (losses) of affiliates, net 1 3 (12 ) (8 )
Realized and unrealized gains (losses) on financial instruments, net 58 95 153
Unrealized gains (losses) on intergroup interest (5 ) 5
Other, net   5   1     6  
  (33 ) (7 ) 41   1  
Earnings (loss) from continuing operations before income taxes 363 (58 ) (77 ) 228
Income tax (expense) benefit   (81 ) 6   60   (15 )
Net earnings (loss) 282 (52 ) (17 ) 213
Less net earnings (loss) attributable to the noncontrolling interests   82       82  
Net earnings (loss) attributable to Liberty stockholders $ 200   (52 ) (17 ) 131  
 
(1) Includes stock-based compensation expense as follows:
Programming and content 8 8
Customer service and billing 1 1
Other 1 1
Other operating expenses 4 4
Selling, general and administrative   26     6   32  
Stock compensation expense $ 40     6   46  
 
 

Contacts

Courtnee Chun
(720) 875-5420

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