Announces $1 Billion Self Tender Offer on Liberty Capital Shares
ENGLEWOOD, Colo., Feb. 28 /PRNewswire-FirstCall/ -- Liberty Media
Corporation ("Liberty") reported record fourth quarter results for
both its Liberty Interactive Group and Liberty Capital Group.
LIBERTY INTERACTIVE GROUP - Liberty Interactive Group's revenue
increased 11% for the quarter and 13% for the year and operating
cash flow(1) increased 21% for the quarter and 19% for the year due
to continued growth at QVC and the additions of Provide Commerce
and BUYSEASONS which were acquired during the year. QVC QVC's total
revenue increased 7% in the fourth quarter to $2.24 billion and 9%
overall in 2006 to $7.07 billion. QVC's operating cash flow
increased 19% during the quarter to $557 million and 16% in 2006 to
$1.66 billion, aided in part by certain one-time events. QVC's CEO
Mike George said, "We are pleased with the overall performance for
2006. We had tough comparisons to the fourth quarter of 2005 and
although the fourth quarter growth slowed in relation to the second
and third quarter of 2006, we were able to produce results within
guidance previously announced for Liberty's Interactive Group. We
remain confident about the long-term prospects of the business and
believe we will continue to perform in line with the long-term
guidance for Liberty Interactive." (1) Please see page 10 of this
press release for the definition of operating cash flow and a
discussion of management's use of this performance measure.
Schedule 1 to this press release provides a reconciliation of
Liberty's consolidated segment operating cash flow for its
operating segments to consolidated earnings from continuing
operations before income taxes and minority interests. Schedule 2
to this press release provides a reconciliation of the operating
cash flow for each privately held entity presented herein to that
entity's operating income for the same period, as determined under
GAAP. QVC's domestic revenue increased 4% during the quarter to
$1.60 billion and 7% for the year to $4.98 billion. Domestic
operating cash flow increased 16% in the fourth quarter to $417
million and 13% for the full year to $1.23 billion. The domestic
revenue growth for the quarter and the year was mainly attributable
to increased sales to existing subscribers primarily in the areas
of accessories and apparel. The total number of units shipped
increased 1% in the fourth quarter and 5% during the year and the
average selling price increased 3% for both periods. QVC.com sales
as a percentage of domestic sales grew from 19% in the fourth
quarter of 2005 to 22% in the fourth quarter of 2006 and from 18%
in 2005 to 20% in 2006. The domestic operating cash flow margin
increased 267 basis points to 26% for the quarter and 132 basis
points to 25% for the year primarily due to slightly improved gross
margins, lower commissions, favorable bad debt experience on the
company's private label credit card and a $15 million one-time
reversal of franchise tax reserves related to an audit settlement.
QVC's international revenue increased 17% in the fourth quarter to
$632 million and 12% for the year to $2.09 billion due to greater
sales to existing subscribers as well as new subscriber growth in
each of our international markets. Foreign currency exchange rates
were favorable for the quarter but unfavorable for the year.
Excluding the effect of exchange rates, international revenue
increased 10% in the quarter and 13% for the year. International
operating cash flow increased from $109 million to $140 million, or
28% during the quarter and increased from $338 million to $426
million, or 26% for the year primarily due to the increased
revenue, improved gross margins and operating leverage.
International cash flow margins increased from 20% to 22% quarter
over quarter and from 18% to 20% year over year primarily due to a
higher initial gross product margin and a lower obsolescence
provision required on the December 31, 2006 inventory balance.
Excluding the effect of exchange rates, QVC's international
operating cash flow increased 23% in the fourth quarter and 27% in
2006. QVC's outstanding bank debt was $3.225 billion at December
31, 2006; the increase of $2.4 billion during the year was due to
repayments of $1.369 billion of publicly-traded debt attributed to
Liberty Interactive and repurchases of Liberty Interactive Series A
common stock. QVC recently announced that Meade Rudasill joined the
company as chief operating officer, effective February 5, 2007.
This newly created position is the result of a restructuring of
responsibilities held by executives Bill Costello and Tom Downs who
will both retire on March 31, 2007, as previously announced. Mr.
Rudasill joins QVC with significant retail and operational
experience. Most recently, he served as president and chief
operating officer of Express, a specialty apparel chain. In his new
role at QVC, Mr. Rudasill will be responsible for various
departments including Affiliate Relations, Human Resources,
Information Technology, Legal, Customer Service, Distribution,
Facilities and Planning, Quality Assurance and New Business
Development. Additionally, effective February 5, 2007, Dan
O'Connell was promoted to the position of Chief Financial Officer,
a role held by Mr. Costello. Mr. O'Connell, who joined QVC in 1987,
has most recently served as Senior Vice President and Controller.
Liberty Interactive Long-Term Outlook Liberty expects that the
combined compound annual growth rate in revenue and OCF for the
Liberty Interactive Group's attributed operating businesses over
the next three to five years will be high single to low double
digits %. The foregoing estimates assume with respect to QVC, among
other factors, that its product mix and foreign currency exchange
rates affecting its international businesses are consistent from
year to year. These estimated growth rates are not expected to be
achieved ratably on a quarterly basis as the Liberty Interactive
Group's attributed businesses will likely experience different
quarter over quarter growth rates for each calendar quarter of each
year. Share Repurchases During the fourth quarter, Liberty
repurchased approximately 10.2 million shares of Liberty
Interactive Series A common stock at an average cost per share of
$21.90 for aggregate cash consideration of $223 million. Since the
creation of the Liberty Interactive tracking stock in May 2006,
Liberty has repurchased approximately 51.6 million shares, at an
average cost per share of $18.49 for aggregate cash consideration
of $954 million. These repurchases represent over 7.3% of the
shares outstanding at the time of creation of the Liberty
Interactive tracking stock. The businesses and assets attributed to
Liberty Interactive Group are engaged in, or are ownership
interests in companies that are engaged in, sales of goods and
services primarily through television programming and the Internet,
and currently include its subsidiaries QVC, Provide Commerce and
BUYSEASONS and its approximate 20% interests in
IAC/InterActiveCorp, Expedia and GSI Commerce. Liberty has
identified QVC, Inc., a consolidated, wholly owned subsidiary, as
the principal operating segment of Liberty Interactive Group.
LIBERTY CAPITAL GROUP - During the quarter, Liberty announced that
it had entered into a definitive agreement with News Corporation to
exchange Liberty's 16.3% stake in News Corporation for a corporate
subsidiary of News Corporation that holds a 38.5% stake in DIRECTV
Group, Inc., regional sports networks in Denver, Pittsburgh and
Seattle and $550 million in cash. Subsequent to December 31, 2006,
Liberty announced that it had entered into a definitive agreement
whereby it will exchange its approximately 7.6 million CBS common
shares for a corporate subsidiary of CBS which holds CBS' Green Bay
television station and approximately $170 million in cash. "2006
was a productive year at Liberty, and we made progress toward
simplifying our portfolio of assets," commented Liberty President
and CEO, Greg Maffei. "During the year we announced the sale of our
stakes in OpenTV, On Command and Court TV and announced exchange
agreements with News Corporation, CBS Corporation and IDT. These
transactions result in the tax- efficient disposition of
substantial investment assets for strategic operating assets and
cash." Maffei concluded, "Given our progress and the cash
generated, today we are announcing a $1 billion Dutch Auction
tender offer for Liberty Capital stock." Starz Entertainment, LLC
Starz Entertainment, LLC ("Starz Entertainment") revenue increased
4% in the fourth quarter to $257 million and 3% for the year to
$1.03 billion. Operating cash flow increased 72% during the quarter
to $50 million and 9% for the year to $186 million. The growth in
revenue for the year was driven by a $56 million increase resulting
from growth in the average number of subscription units for Starz
Entertainment's services. Starz' average subscription units
increased 6% during 2006 while Encore average subscription units
increased 7% during 2006. These increases and the resulting revenue
growth were partially offset by a $27 million decrease stemming
from a decrease in the effective rate charged for such services.
The decline in the effective rate resulted from certain fixed-rate
affiliation agreements that Starz Entertainment has entered into in
recent years. Starz Entertainment's operating expenses decreased 5%
for the quarter and increased 2% for the year. The increase for the
year was due to higher programming costs, which increased 5% from
$668 million in 2005 to $703 million in 2006, partially offset by a
decrease in SG&A expenses. The programming increases were
primarily due to $63 million of additional amortization of deposits
made under certain of Starz Entertainment's output arrangements.
The decrease in SG&A expenses was due to a decrease in sales
and marketing resulting from less marketing activity with Starz'
affiliates partially offset by new marketing expenses related to
the commercial launch of Vongo. The decrease in operating expenses
for the quarter was due to lower costs across the board. Starz
Entertainment programming costs were lower for the quarter and
Starz expects this trend to continue in 2007. During 2006, Liberty
acquired IDT Entertainment from IDT Corporation. Subsequent to the
acquisition, the name of IDT Entertainment was changed to Starz
Media. Starz Media's operations include DVD distribution, animated
feature film production, proprietary live action and animated
series production and contracted 2D animation production. With this
acquisition, Starz will have the capability to create a wide array
of animated and live action programming for domestic and
international distribution in all major channels, including
broadcast syndication, premium television, theatrical, and home
video/DVD. Commenting on 2006, Robert B. Clasen, Starz
Entertainment CEO stated, "This past year Starz made major moves to
broaden its business. The acquisition of Starz Media and the
creation of Overture Films allow us to aggregate audiences across
multiple platforms including theatrical, television, video
distribution, foreign distribution and digital. We are very pleased
with our position in the market as we embark on 2007." Tender Offer
Liberty intends to purchase up to $1 billion of its Liberty Capital
Series A and Series B common stock at a range of $105 to $113. The
low end of that range represents a 1.2% premium and the high end
represents a 9.0% premium to the Liberty Capital Series A closing
share price on Tuesday, February 27, 2007. The Shares of both
series purchased in the tender offer will be acquired at the same
price per share. We expect to launch the offer within the next
week. The businesses and assets attributed to Liberty Capital Group
are all of Liberty Media's businesses and assets other than those
attributed to Liberty Interactive Group and include its
subsidiaries Starz Entertainment, LLC; Starz Media, LLC; FUN
Technologies, Inc. and TruePosition, Inc., its equity affiliates
GSN LLC and WildBlue Communications, Inc. and its interests in News
Corporation, Time Warner, Inc. and Sprint Nextel Corporation.
Liberty identified Starz Entertainment, LLC, a consolidated, wholly
owned subsidiary, as the principal operating segment of Liberty
Capital Group. NOTES Liberty Media Corporation operates and owns
interests in a broad range of video and on-line commerce, media,
communications and entertainment businesses. Those interests are
attributed to two tracking stock groups: Liberty Interactive Group
and Liberty Capital Group. As a supplement to Liberty's
consolidated statements of operations included in its 10-K, the
following is a presentation of financial information on a
stand-alone basis for QVC and Starz Entertainment which have been
identified as the principal operating segments of Liberty
Interactive and Liberty Capital, respectively. Unless otherwise
noted, the foregoing discussion compares financial information for
the twelve months and three months ended December 31, 2006 to the
same periods in 2005. Please see page 10 of this press release for
the definition of operating cash flow and a discussion of
management's use of this performance measure. Schedule 1 to this
press release provides a reconciliation of Liberty's consolidated
segment operating cash flow for its operating segments to
consolidated earnings from continuing operations before income
taxes and minority interests. Schedule 2 to this press release
provides a reconciliation of the operating cash flow for each
privately held entity presented herein to that entity's operating
income for the same period, as determined under GAAP. Certain prior
period amounts have been reclassified for comparability with the
2006 presentation. Liberty completed the sale of its controlling
interest in OpenTV and announced the sale of On Command, and as
such, the financial results of these companies have been excluded
from all periods presented. Fair Value of Public Holdings and
Derivatives December September December (amounts in millions and
include 31, 2005 30, 2006 31, 2006 the value of derivatives)
InterActiveCorp $1,960 1,991 2,572 Expedia(1) 1,659 1,085 1,452
Other Public Holdings 124 137 173 Total Attributed Liberty
Interactive Group $3,743 3,213 4,197 News Corporation 8,181 10,138
11,003 Non Strategic Public Holdings 7,389 6,836 7,205 Total
Attributed Liberty Capital Group $15,570 16,974 18,208 (1)
Represents fair value of Liberty's investment in Expedia. In
accordance with GAAP, Liberty accounts for this investment using
the equity method of accounting and includes this investment in its
consolidated balance sheet at its historical carrying value. Cash
and Debt The following presentation is provided to separately
identify cash and liquid investments and debt information. December
September December (amounts in millions) 31, 2005 30, 2006 31, 2006
Cash and Cash Related Investments: Total Attributed Liberty
Interactive Group Cash (GAAP) $945 910 946 Total Attributed Liberty
Capital Group Cash (GAAP) 951 1,632 2,153 Total Liberty
Consolidated Cash (GAAP) 1,896 2,542 3,099 Short-Term Investments
(1) - 27 8 Long-Term Marketable Securities (2) 372 386 127 Total
Attributed Liberty Capital Group Liquid Investments 372 413 135
Total Attributed Liberty Interactive Group Cash and Liquid
Investments 945 910 946 Total Attributed Liberty Capital Group Cash
and Liquid Investments 1,323 2,045 2,288 Total Liberty Consolidated
Cash and Liquid Investments $2,268 2,955 3,234 Debt: Senior Notes
and Debentures (3) $4,476 3,108 3,108 QVC Bank Credit Facility 800
3,175 3,225 Other 67 71 67 Total Attributed Liberty Interactive
Group Debt $5,343 6,354 6,400 Less: Unamortized Discount (17) (17)
(17) Total Attributed Liberty Interactive Group Debt (GAAP) $5,326
6,337 6,383 Senior Exchangeable Debentures (4) 4,580 4,580 4,580
Other 37 157 158 Total Attributed Liberty Capital Group Debt $4,617
4,737 4,738 Less: Unamortized Discount Attributable To Call Option
Obligations (2,194) (2,123) (2,098) Total Attributed Liberty
Capital Group Debt (GAAP) $2,423 2,614 2,640 Total Consolidated
Liberty Debt (GAAP) $7,749 8,951 9,023 (1) Short-term marketable
debt securities which are included in other current assets in
Liberty's consolidated balance sheet. (2) Long-term marketable debt
securities which are included in investments in available-for-sale
securities and other cost investments in Liberty's consolidated
balance sheet. (3) Face amount of Senior Notes and Debentures with
no reduction for the unamortized discount. (4) Face amount of
Senior Exchangeable Debentures with no reduction for the
unamortized discount attributable to the embedded call option
obligation. Total Attributed Liberty Interactive Group Cash and
Liquid Investments remained relatively flat compared to September
30, 2006 due to cash flow from QVC operations and borrowings on the
QVC bank credit facility offset by the purchase of Liberty
Interactive Series A common stock and interest payments. Total
Attributed Liberty Interactive Group Debt increased $46 million
from September 30, 2006, due to borrowings on the QVC bank credit
facility. Total Attributed Liberty Capital Group Cash and Liquid
Investments increased $243 million compared to September 30, 2006
due to tax sharing payments from Starz Entertainment and Liberty
Interactive, proceeds from the expiration of certain equity collars
and dividends received. Total Attributed Liberty Capital Group Debt
remained flat. Total Attributed Liberty Interactive Group Cash and
Liquid Investments remained relatively flat compared to December
31, 2005 due to cash flow from QVC operations and borrowings on the
QVC bank credit facility offset by repayment of Liberty Interactive
Group public debt, the purchase of Liberty Interactive Series A
common stock, the purchase of QVC management's ownership interest
in QVC and interest payments. Total Attributed Liberty Interactive
Group Debt increased $1.06 billion due to borrowings on the QVC
bank credit facility partially offset by the repayment of Liberty
Interactive Group public debt. Total Attributed Liberty Capital
Group Cash and Liquid Investments increased $965 million compared
to December 31, 2005 due to tax sharing payments from Starz
Entertainment and Liberty Interactive, the sale of Liberty's 50%
interest in Court TV, proceeds from the expiration of certain
equity collars and dividends received. These cash inflows were
partially offset by the acquisitions of Provide Commerce, FUN
Technologies and IDT Entertainment, some of which occurred before
the creation of the tracking stocks in May 2006, and the payment of
corporate interest expense. Total Attributed Liberty Capital Group
Debt increased by $123 million due to the assumption of IDT
Entertainment debt as part of the purchase price. Important Notice:
Liberty Media Corporation ("Liberty") (NASDAQ:LINTANASDAQ:
LINTBNASDAQ:LCAPANASDAQ:LCAPB) President and CEO, Gregory B. Maffei
will discuss Liberty's earnings release in a conference call which
will begin at 11:00am (ET) on February 28, 2007. The call can be
accessed by dialing (913) 312-1298 or (800) 565-5442 at least 10
minutes prior to the start time. Replays of the conference call can
be accessed from 2:00 p.m. (ET) on February 28, 2007 through 5:00
p.m. (ET) March 7, 2007, by dialing (719) 457-0820 or (888) 203-
1112 plus the pass code 8319471#. The call will also be broadcast
live across the Internet and archived on our website. To access the
web cast go to
http://www.libertymedia.com/investor_relations/default.htm. Links
to this press release will also be available on the Liberty Media
web site. Certain statements in this press release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including the statements
regarding the long-term prospects of QVC and its anticipated
performance in line with guidance for Liberty Interactive, the
estimated growth rate in revenue and OCF for Liberty Capital's
attributed operating businesses over the next three to five years,
anticipated lower programming costs for Starz Entertainment in 2007
and the expected launch of a $1 billion modified Dutch tender offer
within the next week for shares of Liberty Capital stock. These
forward looking statements are based on management's current
expectations and assumptions, which are inherently subject to
uncertainties, risks and changes in circumstances that are
difficult to predict. Actual results, performance or achievements
of the operating businesses of Liberty included herein could differ
materially from those expressed or implied by such forward-looking
statements. Such risks, uncertainties and other factors include,
among others: the risks and factors described in the publicly filed
documents of Liberty, including the most recently filed Form 10-K
of Liberty; general economic and business conditions and industry
trends including in the advertising and retail markets; the
continued strength of the industries in which such businesses
operate; continued consolidation of the broadband distribution and
movie studio industries; uncertainties inherent in proposed
business strategies and development plans; changes in distribution
and viewing of television programming, including the expanded
deployment of personal video recorders and IP television and their
impact on television advertising revenue and home shopping
networks; increased digital television penetration and the impact
on channel positioning of our networks; rapid technological
changes; future financial performance, including availability,
terms and deployment of capital; availability of qualified
personnel; the development and provision of programming for new
television and telecommunications technologies; changes in, or the
failure or the inability to comply with, government regulation,
including, without limitation, regulations of the Federal
Communications Commission, and adverse outcomes from regulatory
proceedings; adverse outcomes in pending litigation; changes in the
nature of key strategic relationships with partners and joint
ventures; competitor responses to such operating businesses'
products and services, and the overall market acceptance of such
products and services, including acceptance of the pricing of such
products and services; and threatened terrorist attacks and ongoing
military action, including armed conflict in the Middle East and
other parts of the world. These forward-looking statements speak
only as of the date of this press release. Liberty 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's expectations with regard thereto or
any change in events, conditions or circumstances on which any such
statement is based. SUPPLEMENTAL INFORMATION As a supplement to
Liberty's consolidated statements of operations, the following is a
presentation of quarterly and annual financial information and
operating metrics on a stand-alone basis for the two largest
privately held businesses (QVC, Inc. and Starz Entertainment, LLC)
owned by or in which Liberty held an interest at December 31, 2006.
Please see below for the definition of operating cash flow (OCF)
and Schedule 2 at the end of this document for reconciliations for
the applicable periods in 2005 and 2006 of operating cash flow to
operating income, as determined under GAAP, for each identified
entity. QUARTERLY SUMMARY (amounts in millions) 4Q05 1Q06 2Q06 3Q06
4Q06 Liberty Interactive Group QVC, INC. (100%) Revenue - Domestic
1,542 1,088 1,140 1,151 1,604 Revenue - International 541 467 490
502 632 Revenue - Total 2,083 1,555 1,630 1,653 2,236 OCF -
Domestic 360 257 283 273 417 OCF - International 109 98 95 93 140
OCF - Total 469 355 378 366 557 Operating Income 349 212 242 257
419 Gross Margin - Domestic 35.8% 36.7% 38.0% 37.0% 36.3% Gross
Margin - International 36.3% 39.4% 38.8% 37.2% 39.0% Homes Reached
- Domestic 90.0 90.8 91.1 90.3 90.7 Homes Reached - International
71.9 73.1 74.1 75.0 76.0 Liberty Capital Group STARZ ENTERTAINMENT,
LLC (100%) Revenue 247 259 264 253 257 OCF 29 41 50 45 50 Operating
Income (Loss) (2) 33 44 40 46 Subscription Units - Starz 14.1 14.6
15.1 14.9 15.5 Subscription Units - Encore 25.8 26.4 27.1 26.6 27.3
ANNUAL SUMMARY (amounts in millions) 2005 2006 Liberty Interactive
Group QVC, INC. (100%) Revenue - Domestic $4,640 4,983 Revenue -
International 1,861 2,091 Revenue - Total $6,501 7,074 OCF -
Domestic $1,084 1,230 OCF - International 338 426 OCF - Total
$1,422 1,656 Operating Income $921 1,130 Gross Margin - Domestic
36.8% 36.9% Gross Margin - International 36.6% 38.6% Liberty
Capital Group STARZ ENTERTAINMENT GROUP LLC (100%) Revenue $1,004
1,033 OCF $171 186 Operating Income $105 163 NON-GAAP FINANCIAL
MEASURES This press release includes a presentation of operating
cash flow, which is a non-GAAP financial measure, for each of the
privately held entities of Liberty included herein together with a
reconciliation of that non-GAAP measure to the privately held
entity's operating income, determined under GAAP. Liberty defines
operating cash flow as revenue less cost of sales, operating
expenses, and selling, general and administrative expenses
(excluding stock and other equity-based compensation). Operating
cash flow, as defined by Liberty, excludes depreciation and
amortization, stock and other equity-based compensation and
restructuring and impairment charges that are included in the
measurement of operating income pursuant to GAAP. Liberty believes
operating cash flow is an important indicator of the operational
strength and performance of its businesses, including the ability
to service debt and fund capital expenditures. 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 operating cash
flow is used as a measure of operating performance, Liberty views
operating income as the most directly comparable GAAP measure.
Operating cash flow is not meant to replace or supercede 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's management considers in assessing the
results of operations and performance of its assets. Please see the
attached schedules for a reconciliation of consolidated segment
operating cash flow to consolidated earnings from continuing
operations before income taxes and minority interest (Schedule 1)
and a reconciliation, for QVC and Starz Entertainment, of each
identified entity's operating cash flow to its operating income
calculated in accordance with GAAP (Schedule 2). SCHEDULE 1 The
following table provides a reconciliation of consolidated segment
operating cash flow to earnings from continuing operations before
income taxes and minority interest for the years ended December 31,
2005 and 2006, respectively. (amounts in millions) 2005 2006
Liberty Interactive Group $1,417 1,680 Liberty Capital Group 124
103 Consolidated segment operating cash flow $1,541 1,783
Consolidated segment operating cash flow $1,541 1,783 Stock
compensation (52) (67) Depreciation and amortization (545) (582)
Impairment of long-lived assets -- (113) Interest expense (626)
(680) Realized and unrealized gains (losses) on financial
instruments, net 257 (279) Gains (losses) on disposition of assets,
net (361) 607 Nontemporary declines in fair value of investments
(449) (4) Other, net 117 323 Earnings (loss) from continuing
operations before income taxes and minority interest $(118) 988
SCHEDULE 2 The following table provides reconciliation, for QVC and
Starz Entertainment, of operating cash flow to operating income
calculated in accordance with GAAP for the three months ended
December 31, 2005, March 31, 2006, June 30, 2006, September 30,
2006 and December 31, 2006 and the years ended December 31, 2005
and 2006, respectively. (amounts in millions) 4Q05 1Q06 2Q06 3Q06
4Q06 Liberty Interactive Group QVC, INC. (100%) Operating Cash Flow
469 355 378 366 557 Depreciation and Amortization (103) (118) (120)
(119) (119) Stock Compensation Expense (17) (25) (16) 10 (19)
Operating Income 349 212 242 257 419 Liberty Capital Group STARZ
ENTERTAINMENT, LLC (100%) Operating Cash Flow 29 41 50 45 50
Depreciation and Amortization (14) (8) (6) (5) (7) Stock
Compensation Expense (17) -- -- -- 3 Operating Income (Loss) (2) 33
44 40 46 (amounts in millions) 2005 2006 QVC, INC. (100%) Operating
Cash Flow $1,422 1,656 Depreciation and Amortization (449) (476)
Stock Compensation Expense (52) (50) Operating Income $921 1,130
STARZ ENTERTAINMENT GROUP LLC (100%) Operating Cash Flow $171 186
Depreciation and Amortization (49) (26) Stock Compensation Expense
(17) 3 Operating Income $105 163 DATASOURCE: Liberty Media
Corporation CONTACT: John Orr, +1-720-875-5622 Web site:
http://www.libertymedia.com/investor_relations/default.htm
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