Liberty Media Corporation (LMCA) has reported a 962.50 percent jump in profit for the year ended Dec. 31, 2016. The company has earned $680 million in the year, compared with $64 million for the last year.
Revenue during the year grew 10.03 percent to $5,276 million from $4,795 million in the previous year. Gross margin for the year expanded 82 basis points over the previous year to 62.55 percent. Total expenses were 67.13 percent of annual revenues, down from 80.10 percent for the last year. This has led to an improvement of 1297 basis points in operating margin to 32.87 percent.
Operating income for the year was $1,734 million, compared with $954 million in the previous year.
However, the adjusted EBITDA for the year stood at $1,875.78 million compared with $1,657.62 million in the prior year period. At the same time, adjusted EBITDA margin improved 98 basis points in the year to 35.55 percent from 34.57 percent in the last year period.
"It was another stellar quarter and year for SiriusXM, beating guidance across the board," said Greg Maffei, Liberty president and chief executive officer. "We were excited to close the F1 acquisition in January, to appoint Chase Carey as chief executive officer in addition to his role as Chairman and to introduce the Formula One Group to the market. The sod goes in this week at SunTrust Park, and we look forward to the Braves' opening day on April 14th."
Operating cash flow improves significantly
Liberty Media Corporation has generated cash of $2,171 million from operating activities during the year, up 76.22 percent or $939 million, when compared with the last year.
The company has spent $1,264 million cash to meet investing activities during the year as against cash outgo of $286 million in the last year.
The company has spent $546 million cash to carry out financing activities during the year as against cash outgo of $1,426 million in the last year period.
Cash and cash equivalents stood at $562 million as on Dec. 31, 2016, up 179.60 percent or $361 million from $201 million on Dec. 31, 2015.
Working capital remains negative
Working capital of Liberty Media Corporation was negative $1,843 million on Dec. 31, 2016 compared with negative $2,122 million on Dec. 31, 2015. Current ratio was at 0.36 as on Dec. 31, 2016, up from 0.25 on Dec. 31, 2015.
Days sales outstanding went down to 18 days for the year compared with 20 days for the same period last year.
At the same time, days payable outstanding went up to 161 days for the year from 150 for the same period last year.
Debt moves up
Liberty Media Corporation has witnessed an increase in total debt over the last one year. It stood at $8,018 million as on Dec. 31, 2016, up 16.52 percent or $1,137 million from $6,881 million on Dec. 31, 2015. Total debt was 25.55 percent of total assets as on Dec. 31, 2016, compared with 23.09 percent on Dec. 31, 2015. Debt to equity ratio was at 0.45 as on Dec. 31, 2016, up from 0.38 as on Dec. 31, 2015. Interest coverage ratio improved to 4.79 for the year from 2.91 for the same period last year.
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