Liberty Media Reports SiriusXM Passes 32M Subs

Liberty Media Corporation today reported second quarter 2017 results. Highlights include(1):

Attributed to Liberty SiriusXM Group

• SiriusXM reported strong second quarter 2017 results
• Net self-pay subscribers grew 466,000; total subscribers exceeded 32 million
• Second quarter revenue climbed 9% to $1.3 billion
• Quarterly net income rose 16% to $202 million
• Adjusted EBITDA(2) grew 12% to a quarterly record of $522 million
• Quarterly operating cash flow rose 12% to $483 million; free cash flow(2) grew 6% to $417 million
• Closed $440 million recapitalization of SiriusXM Canada

Liberty Media’s ownership of SiriusXM stood at 68.5% as of July 25th

Attributed to Formula One Group

• Closed primary equity offering and used net proceeds of $388 million to partially repay Formula 1 (“F1”) second lien term loan
• Subsequent to quarter-end, completed refinancing of F1 debt to fully repay second lien term loan
• Hosted F1 Live event in London, which drew one hundred thousand fans and took over streets of central London

Attributed to Braves Group

• Braves attendance at SunTrust Park has increased 36% as of August 7th
• Battery Atlanta seeing strong demand, with over 70% leased on available retail and residential; remaining development is on-time and on-budget

“The Formula 1 management team is invigorating the sport, and during the quarter we capitalized on this with successful debt and equity offerings and fully repaid the more expensive second lien term loan,” said Greg Maffei, Liberty Media President and CEO. “The Atlanta Braves new SunTrust Park is proving a sustained attraction for fans, with more developments to come at the Battery Atlanta. SiriusXM delivered an outstanding quarter on all metrics and now serves over 32 million subscribers.”