Liberty Media Corporation - Series A Liberty Formula One · NASDAQ:FWONA
Liberty Media Corporation - Series A Liberty Formula One — Liberty Media — Investor Day (November 2019)
84 slides from Liberty Media Corporation - Series A Liberty Formula One's investor day presentation, Nov 21, 2019
Slide 1: Liberty Media Corporation 2019 Investor Day
Liberty Media Corporation 2019 Investor Day November 21, 2019
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, new service and product launches, Formula 1 tax considera
Slide 3: Disclaimers (cont'd)
Disclaimers (cont’d) Industry Information Certain information included herein concerning Liberty Media’s businesses and the related markets or industry position or prospects, as well as industry or market data and other statistical data regarding Liberty Media’s businesses and industries, are based
Slide 4: Agenda
Agenda 8:00 – 9:00 Experience Liberty & Breakfast 9:00 – 9:15 Welcome………………….. Courtnee Chun 9:15 – 9:35 Liberty Media……………... Greg Maffei & Brian Wendling 9:35 – 9:55 SiriusXM………………….. Jim Meyer 9:55 – 10:15 Formula 1………………….. Chase Carey 10:15 – 10:35 Live Nation……………….. Michael Rapino 10:35 – 10:
Slide 5: 2019 Investor Day Logistics
2019 Investor Day Logistics Tag #LibertyInvestorDay Wifi Network: Marmorino Wifi Password: orange21
Slide 6: Audio...Liberty Still Loves You
“Audio…Liberty Still Loves You” Greg Maffei – President & CEO
Slide 7: Greatest Hits Since Last Meeting
Greatest Hits Since Last Meeting • Closed Pandora acquisition on 2/1 • Announced 2020 calendar, including • Won NL East division title for • Repurchased all shares issued in 22 races for the first time 2nd straight season acquisition at $5.90 average price versus • New races in Vietnam and Netherlan
Slide 8: Continuing History of Strong Returns
Continuing History of Strong Returns Composite LMC • Value per share up nearly 18-fold since issuance in May 2006 • Composite Liberty Media CAGR of 24% versus 6% S&P and 10% NASDAQ $1,600 $1,400 LMC Composite Price per Share $1,200 $1,000 $800 $600 $400 $200 $0 FWONA LMDIA LSTZA DTV STRZA LGF/B FWON
Slide 9: Discount at LSXM = Opportunity
Discount at LSXM = Opportunity $350m+ in value relative to Life-to-date repurchases: underlying SIRI 20.7m LSXM shares for $859m Average SIRI look through price: $4.45 per share 29% average discount to market Our equity in SunTrust Park 1st Announcement of the Day: Another SIRI Exchangeable 9
Slide 10: Substantial Leverage Reduction; Updated F1 Leverage Target to 5.0x-5.5x
Substantial Leverage Reduction; Updated F1 Leverage Target to 5.0x – 5.5x • Strong business operations drove meaningful free cash flow generation for leverage reduction • 2nd Announcement of the Day: New F1 leverage target of 5-5.5x • Maintaining leverage below 5.5x allows greater financial flexibil
Slide 11: As F1 Revs That Virtuous Circle...
As F1 Revs That Virtuous Circle… Cost Cap More equitable New car specs prize distribution Improved On-Track Competition Economic Sustainability Increased Fan Engagement Increasing $$ Sponsorship for Teams Broadcast Funds Growth Promoter Value Initiatives 11
Slide 12: ...F1 and FWON Expanding Free Cash Flow
…F1 and FWON Expanding Free Cash Flow FWON Cumulative Free Cash Flow (2020 through 2023) ($ in millions) F1 Free Cash Flow(1) $1,600 (1) OpCo Leverage Capacity (within 5.0-5.5x Target) $800 Estimated Restricted Payments $250 F1 Free Cash Flow $2,650 FWON Monetizeable Corporate Assets (i.e. BATR, pri
Slide 13: Capital Allocation Alternatives with FWON Excess Free Cash Flow
Capital Allocation Alternatives with FWON Excess Free Cash Flow • Return of capital – most likely via share repurchase • 3rd Announcement of the Day: Increasing Liberty Media share repurchase authorization by $1b • Please recognize the total authorization of $1.4b is available to all the trackers •
Slide 14: Reviewing Liberty Media's 1.375% Cash Convertible Notes due 2023
Reviewing Liberty Media’s 1.375% Cash Convertible Notes due 2023 • In 2013, Liberty issued $1 billion of 1.375% Cash Convertible Notes due 2023 • Cash settlement based on basket of FWONA, LSXMA and BATRA shares • Bonds issued +22.5% conversion price • Simultaneously purchased call spread that increa
Slide 15: Mitigating Convertible and Warrant Exposure by Buying LSXMA/K Shares
Mitigating Convertible and Warrant Exposure at FWON by Buying LSXMA/K Shares Share Purchase Overview • 4th Announcement of the Day: FWON will begin to purchase LSXMA/K shares • LSXMA/K shares purchased will be retired and accounted for as intergroup interest at FWON Benefits to FWON Shareholders Ben
Slide 16: Liberty Investor Day
Liberty Investor Day There are no webcast slides to accompany this portion of the presentation 16
Slide 17: Brian Wendling, Principal Financial Officer
Brian Wendling Principal Financial Officer
Slide 18: Liberty SiriusXM Group and Formula One Group Debt
Liberty SiriusXM Group and Formula One Group Debt Liberty SiriusXM Group Formula One Group ($ in millions) ($ in millions) $8,959 $4,979 Other corporate 2.125% SIRI Exchangeable Bonds level debt $385 2.25% LYV Exchangeable Bonds $400 $32 $210 2.25% AT&T Exchangeable Bonds $450 1% FWONK Convertible N
Slide 19: Liberty SiriusXM Group Liquidity & Monetizable Assets
Liberty SiriusXM Group Liquidity & Monetizable Assets ($ in millions) SIRI shares pledged to $22,721 margin loan $6,880 SIRI shares underlying 2.125% exchangeable bond $15,497 $343 Total Public Equities 3.2b SIRI shares $21,867 7.0m IHRT shares Unencumbered and warrants Public Equities $14,643 2.1b
Slide 20: Formula One Group Liquidity & Monetizable Assets
Formula One Group Liquidity & Monetizable Assets ($ in millions) LYV shares encumbered by $6,051 margin loan $3,472 Total Public Equities 69.6m LYV shares 9.1m BATRK shares $5,032 6.1m AT&T shares LYV shares underlying 2.25% 1.9m VIAB shares exchangeable bond BATRA shares covered by 1.375% cash Unen
Slide 21: F1 Maintains Strong Free Cash Flow Generation
F1 Maintains Strong Free Cash Flow Generation FWON Free Cash Flow (% F1 Adj. OIBDA) • Attractive margins and very low capital intensity F1 OpCo - 5-yr. Avg. • Largest cost item (team payments) primarily variable F1 Adj. OIBDA 100% • Advance payments of promotion revenue can result in Working Capital
Slide 22: Substantial Interest Savings from F1 Debt Restructuring
Substantial Interest Savings from F1 Debt Restructuring F1 Annual Interest Expense • Reduced spread to L+300 and upsized 1st lien TLB by $200m $ in millions • Fully repaid $1b 2nd lien TLB and Euro tranche of 1st lien TLB $270 • Upsized RCF to $500m at L+675 • Reduced spread to L+250 and repaid $400
Slide 23: Understanding F1 FX Exposure
Understanding F1 FX Exposure • Roughly 80% of F1 revenue US$ denominated Approximate Revenue Exposure by Currency • P&L exposed to both transactional and translational GBP moves in FX 13% • Team payments impacted by transactional FX gains and EUR 7% losses, thereby sharing in exposure with F1 AUD &
Slide 24: Appendix
Appendix 24
Slide 25: Liberty Media Convertible / Exchangeable Debt Cheat Sheet
Liberty Media Convertible / Exchangeable Debt Cheat Sheet 1.375% Convert. Notes 1.0% Convert. Notes 2.25% Exchange. Debent.(2) 2.25% Exchange. Debent. 2.125% Exchange. Debent. Description Issuing Entity Liberty Media Corporation Attributed Formula One Group Formula One Group Formula One Group Formul
Slide 26: Detailed Overview of 1.375% Cash Convertible Notes due 2023
Detailed Overview of 1.375% Cash Convertible Notes due 2023 • Attributed to Formula One Group • $1b Convertible Senior Notes • 1.375% semi-annual coupon • Final maturity 2023 • Cash settle • Basket of securities per $1,000 notes includes: • 21.0859 shares of LSXMA • Based on 1.000 LSXMA per basket •
Slide 27: Braves Group Debt
Braves Group Debt As of 9/30/19 Total Outstanding Maturity ($ in millions) Capacity Team Operating Debt MLB Leaguewide Credit Facility $100 $45 2020 SunTrust Revolver $85 $- 2023 Non-recourse to Braves Holdings Secured by various revenue streams, including: Spring Training Facility $39 $30 2022 • Na
Slide 28: F1 Financials – Revenue Recognition
F1 Financials – Revenue Recognition Calendar and timing of races has significant impact on quarterly reported results • Promotion revenue recognized on day of each race • Broadcast revenue recognized pro-rata across race calendar, with some variation due to FX movements • Advertising & Sponsorship r
Slide 29: F1 Financials – Cost Recognition
F1 Financials – Cost Recognition • Team payments • Expense recognized pro-rata across race calendar • Cash payments: • Variable prize fund paid in fairly even installments across months of March – November with “true-up” points • Final true-up balance paid post-season (February) • Fixed prize fund p
Slide 30: F1 Tax Considerations
F1 Tax Considerations • F1 expects to be UK taxpayer in 2019 and future years • F1 cash generating entities are UK based • UK interest expense deductions are limited to 30% of UK EBITDA • Estimated future cash taxes for F1 (primarily UK) expected to be single digit percentage of adjusted OIBDA (as r
Slide 31: Composite LMC – It All Adds Up
Composite LMC – It All Adds Up • 5/9/06: LCAPA (“LMC”) tracking stock issued • 3/3/08: LMC issues LMDIA/B 4-for-1 • 11/19/09: DTV spun from LMDIA 1-for-1; remaining assets become LSTZA on a 0.10-to-1 basis FWONA 10.22 LSTZA tracker 117.11 • 11/28/11: LMC re-combines with LSTZA on a 0.88129-for-1 DTV
Slide 32: Footnotes and Other Sourcing Information
Footnotes and Other Sourcing Information • Slide 7 • Liberty SiriusXM’s ownership in SiriusXM based on undiluted share count as of 10/29/19. • iHeart diluted ownership as of 11/4/19. • F1 attendance increase through Brazil and viewership increase through Singapore. • F1 leverage as of 9/30/19. • Sli
Slide 33: Footnotes and Other Sourcing Information (cont'd)
Footnotes and Other Sourcing Information (cont’d) • Slide 20 • Excludes potential tax implications from monetization of any asset. • BATRK shares represent intergroup interest held at Formula One Group. • Live Nation margin loan undrawn as of 9/30/19 with total capacity of $600 million. • Cash and c
Slide 34: Non-GAAP Information
Non-GAAP Information This presentation includes presentations of adjusted OIBDA and net operating income for Braves Holdings, which are non-GAAP financial measures, together with reconciliations to operating income, as determined under GAAP. Liberty Media defines adjusted OIBDA as operating income (
Slide 35: Liberty Media Investor Day | Nov 2019
Liberty Media Investor Day | Nov 2019
Slide 36: Disclaimer on Forward-Looking Statements
DISCLAIMER ON FORWARD-LOOKING STATEMENTS The guidance contained herein is based upon a number of assumptions and estimates that, while considered reasonable by us when taken as a whole, is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of w
Slide 37: Disclaimer on Forward-Looking Statements
DISCLAIMER ON FORWARD-LOOKING STATEMENTS The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our substantial competition, which is likely to incre
Slide 38: SiriusXM at a Glance
SIRIUSXM AT A GLANCE America’s largest audio entertainment company 100M+ ~38M ~65M Listeners in Self Pay Trialers & North America Subscribers Ad-Based Users 4
Slide 39: Unrivaled Content
o— = sxm UNRIVALED CONTENT = —4 ((Siriusxinm)) pandora an a | faa ia od fl ws Ma i ih | See Be Se ee See BY
Slide 40: Unrivaled Content
UNRIVALED CONTENT • New exclusive deals with Marvel and Drake • These deals will highlight how we can tier music and podcast content for both subscription and ad-supported platforms • Howard Stern inaugurated our new Hollywood studio complex, and we celebrated with a month of special performances by
Slide 41: Since We Last Saw You
SINCE WE LAST SAW YOU 9M18A 9M19A % change SXM Self-Pay Subscribers 28.5 million 29.6 million +4% Revenue (pro forma) $5.4 billion $5.9 billion +8% Adj. EBITDA $1.5 billion $1.8 billion +20% Margin 28.5% 31.5% +300 bps Free Cash Flow $1.1 billion $1.2 billion +13% Source: Company filings Note: Pro f
Slide 42: SiriusXM – Strengths
SIRIUSXM – STRENGTHS Solid business model, strong record of execution, compelling value proposition • Large, affluent base: 37M+ subs in N. America, • Strong OEM relationships & in-car distribution 23M+ annual trial starts from new & used cars • Approaching 80% pen of new cars with ~123M enabled car
Slide 43: Connectivity Driving Us Forward
CONNECTIVITY DRIVING US FORWARD • 360L: Satellite + streaming Now in a dozen GM models; total 2020 volumes grow 300%+ • Improves the product: On-demand and personalized content, flexible user interface • Improves the business: In-car interaction expected to improve conversion, retention, and upsells
Slide 44: Enhancing Spectrum Value
ENHANCING SPECTRUM VALUE ~2020: Initial wideband radio deployment Mid 2020s: Target for effectively doubling usable spectrum Potential uses: • Hundreds of audio channels • HD video channels • Expanded data & communications services • Self-driving vehicle applications, and more 10
Slide 45: Beyond the Car
BEYOND THE CAR • ~170M US streamers per week, 58M smart speakers in US, 32%+ of US households • Streaming now available at no extra charge for vast majority of subscribers • New distribution agreement with Google; with prominent trial placement Source: Industry reports 11
Slide 46: Pandora – Strengths
PANDORA – STRENGTHS Unique & complimentary asset, great ad business, widely distributed out-of-car – now contributing to EBITDA • Large, digital-first base: • New self-service hub for podcast creators o ~63M MAUs • Top-rated music app: ranked #2 in App store, o ~19hrs of listening per month per user
Slide 47: Pandora – Work in Progress
PANDORA – WORK IN PROGRESS Off to a good start: • Pandora gives us new tools, new reach – but we have plenty of work left to do • Right-sizing the cost structure • Improving the content Here’s where we’re focused: • Leveraging the digital ad sales force • Improving and investing in the best availabl
Slide 48: Never Lose a Listener
LEADING IN A NEW ERA OF AUDIO We touch more audio listeners and subscribers than any other provider in the U.S. • Deliver the most COMPELLING content and consumer experience where and when people want to listen • Bring together the BEST of both services and more • Leverage our COMBINED data sets and
Slide 49: Sizing Long-Term Ad Opportunity
SIZING LONG-TERM AD OPPORTUNITY Pandora+SXM at ~$1.3B ...but terrestrial radio still is the largest digital audio dominates the $17B+ US ad business in the US... Pandora + SXM ad-supported audio market 8% Spotify 3% Other 7% Terrestrial 82% Opportunities to monetize inactive vehicles + off platform
Slide 50: Current Guidance – Total Company
CURRENT GUIDANCE – TOTAL COMPANY 3Q call: Raised all financial guidance 2018A 2019E Approaching SiriusXM Self-Pay Net Sub Adds 1.4 million 1.0 million Revenue (pro forma) $7.3 billion ~$7.85 billion Approaching Adj. EBITDA $2.13 billion $2.4 billion Free Cash Flow $1.52 billion ~$1.625 billion Sourc
Slide 51: Best-in-Class Capital Return
BEST-IN-CLASS CAPITAL RETURN SIRI +60.3% vs market +47.6% $13.6 billion: $2.5 $2.2B Total capital returned $2.0 to stockholders since 2012 $1.6B $1.5B $1.5 $0.01331 per share: Quarterly dividend; 3rd $1.0 annual 10% increase $0.5 Pandora shares: All acquisition shares $0.0 2017 2018 YTD'19 bought ba
Slide 52: Repeat After Me: Business Models Matter
REPEAT AFTER ME: “BUSINESS MODELS MATTER” SiriusXM’s proven business model: • Unbeatable content + ease of use • Leverageable fixed costs + high variable margins • Long-term growth via expanding fleet, 360L, spectrum, and more Pandora enhances the stack: • Leverageable ad-supported business – AdsWiz
Slide 53: Appendix | Reconciliation
Appendix | Reconciliation 19
Slide 54: Reconciliation for SiriusXM
RECONCILIATION FOR SIRIUSXM Unaudited For the Nine Months Ended September 30, (in millions) 2019 2018 Cash Flow information Net cash provided by operating activities $1,485 $1,346 Net cash used in investing activities $126 $(251) Net cash used in financing activities $(1,586) $(1,117) Free Cash Flow
Slide 55: Reconciliation for SiriusXM
RECONCILIATION FOR SIRIUSXM Unaudited For the Nine Months Ended September 30, 2019 2018 (in millions) Net Income $671 $925 Add back items excluded from Adjusted EBITDA: Legal settlements and reserves 25 69 Acquisition and other related costs 83 - Share-based payment expense 171 100 Depreciation and
Slide 56: Liberty Media Investor Day | Nov 2019
Liberty Media Investor Day | Nov 2019 22
Slide 57: Formula 1 – Poised for Growth
PRIVATE AND CONFIDENTIAL Formula 1 – Poised for Growth
Slide 58: 2017-2018: Building the Foundation
2017-2018: Building the Foundation Create an Organization Energize the Sport and Fans Engage Existing and Potential Partners Build Long Term Plan 2 2
Slide 59: Executing the Long Term Plan
Executing the Long Term Plan Improve the Sport on the Track Turn Events into Spectacles Upgrade / Build Traditional TV and Digital Expertise Expand the Brand and Franchise Grow Sport for Fans, Partners and Shareholders 3 3
Slide 60: Improve Sport on the Track
Improve Competition, Action, Unpredictability Simplify, Streamline Improve Sport on Healthier Business for All the Track Build Partnership with Existing Teams Attract New Potential Teams 4 4
Slide 61: Key Initiatives
Key Initiatives 2021 Concorde Agreement Improve Build Tracks for Expertise at - Rules, regulations - Costs, revenues Racing F1 and FIA - Governance 5 5
Slide 62: Turn Events into Spectacles
Turn Events into Spectacles Strengthen Relationship • Completed key renewals with Promoters • Attendance +2% through 20 events • Bond exhibition • Fan zones Expand and Energize • Hot laps Activities Around Events • Truck tours and Engage Partners • Fan festivals • MIT events • Heineken village • Wil
Slide 63: Upgrade and Maximize Value from Promotion
Upgrade and Maximize Value from Promotion • Key Considerations in Setting Calendar • Quality of track for racing • Fan enthusiasm • Balance of historic and traditional with new and growing sites • Public and private support • Opportunity to Expand Calendar • Selective Event Changes • Address Problem
Slide 64: Upgrade and Build Media Opportunities
Upgrade and Build Media Opportunities • Improve Core Television Product • Manage key rights in distribution agreements • Expand local language capability • TV viewership +7% through 15 events • Expand Digital / Social Business • Video views +64% • Minutes watched +90% • Partner with Key Digital Plat
Slide 65: Key Objectives
Key Objectives Balance Reach, Value, Growth Potential Develop Digital Platform Appetite for Content Expand Partnerships with TV Partners Maximize opportunity in key market renewals Renewed ESPN agreement OTT distribution, expand coverage Maximize Value for Sponsors Regional feeds, virtual ads, spons
Slide 66: Sponsorship Initiatives
Sponsorship Initiatives • Expand Relationship with Existing Sponsors • Educate New Targets on New F1 • Build Capabilities / Flexibility / Uniquely Tailored Offers • Maximize Unique Value Proposition • Global, attractive demographic, glamour, mystique, history • Environmental initiatives opportunity
Slide 67: Expand Brand and Franchise
Expand Brand and Franchise Brand Geographic Other Opportunities Opportunities Opportunities • eSports • US • Licensing • Qualifying participants • China • Merchandising +65% • MENA • Content • Fantasy • Events • Betting • Gaming • 2 exhibition tours starting 2020 • 2 new gaming partnerships in 2019
Slide 68: Formula 1 Poised for Growth in 2020 and Beyond
Formula 1 Poised for Growth in 2020 and Beyond Opportunities in Core Promoter, Sponsor and Broadcast Categories Grow Previously Under-Developed or Neglected Categories Digital content, hospitality, brand extensions, licensing and more Not a Sport Dependent on Capital Expenditures Operating Costs Nee
Slide 69: Atlanta Braves – Investor Update
ATLANTA BRAVES – INVESTOR UPDATE November 21, 2019
Slide 70: Mike Plant
Mike Plant President and CEO Braves Development Company 2
Slide 71: The Braves set a new strategic direction in 2013
The Braves set a new strategic direction in 2013 to ensure long-term success and better fan engagement 1. Invest in a state-of-the-art stadium 2. Purchase and develop land surrounding land for 365-day/year destination 3. Strategically rebuild the baseball team The Braves have accomplished all 3 goal
Slide 72: Industry leading fan experience and strong revenue-enhancing opportunities
Industry leading fan experience and strong revenue-enhancing opportunities ▪ SunTrust Park is a unique, state-of-the-art venue which offers an intimate setting for fans to feel a part of the game ▪ Fan experience pre- and postgame has been vastly improved by The Battery Atlanta bars, restaurants and
Slide 73: Key Performance Indicators prove strategic imperatives are working
Key Performance Indicators prove strategic imperatives are working 2016 Turner Field (1) 2017 SunTrust Park 2018 SunTrust Park 2019 SunTrust Park Inaugural Season (1) Season 2 (1) Season 3 (1) (1) Stats based on club data; Sponsorship dollars based on October 2019 forecast 5
Slide 74: Operational Excellence sets us apart
Operational Excellence sets us apart Gate Entry Concessions Business Intelligence Alternate Stadium Usage Efficiency Through-put Drives player evaluation, Concerts and other events, such 2220 extra guests Kaizen business process dynamic pricing, promotional as US Ski & Snowboard’s “Big per hour, per
Slide 75: The Battery Atlanta – a transformative, 365-day mixed-use destination
The Battery Atlanta – a transformative, 365-day mixed-use destination and a new model for sports venue master planning 34% YOY NOI Growth (1) 2013 2019 2021 ▪ Acquired 82 acres of land ▪ 98% of leasable sf under lease ▪ 600k sf office/conference/lab ($135M with unremedied ▪ Retail tenant makeup prim
Slide 76: The Atlanta Braves are an elite baseball organization
The Atlanta Braves are an elite baseball organization ▪ The Braves won 97 regular season games, securing their 2nd consecutive postseason appearance and 2nd straight National League East Division title ▪ Three Silver Slugger awards in 2019 – no other club had more than 2 awards o NL Rookie of the Ye
Slide 77: The stadium and The Battery Atlanta drove 21% revenue growth
The stadium and The Battery Atlanta drove 21% revenue growth 2016 Turner Field 2017 SunTrust Park 2018 SunTrust Park 2019 SunTrust Park Inaugural Season Season 2 Season 3 - forecast 9
Slide 78: Future opportunities
Future opportunities ▪ 2021 MLB All Star Game ▪ The Battery Atlanta additions ▪ Legalized Mobile Sports Wagering in Georgia 10
Slide 79: The Atlanta Braves exceeding expectations
The Atlanta Braves exceeding expectations ▪ The Braves have executed against their long-term strategy ▪ Continuous focus on driving operational improvements that enhance financial results ▪ Strong success on the field and in The Battery Atlanta translating to strong financial performance ▪ We believ
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4 12
Slide 81: Appendix
APPENDIX Adjusted OIBDA Reconciliation to GAAP Operating Income YTD YTD 9/30/2019 9/30/2018 Adjusted OIBDA $ 77 $ 105 Stock-based Compensation (11) (8) Depreciation/Amortization (54) (63) Operating Income $ 12 $ 34 13
Slide 82: 2019 Financial Results
2019 Financial Results Adjusted OIBDA ($M) Nine Months Nine Months Pro-forma Ended Ended Excluding 9/30/2019 9/30/2018 Residential (3) Baseball Revenue $ 415 $ 382 $ 382 Development Revenue 27 28 22 Total Revenue 442 410 404 Baseball Expenses 355 292 292 Development Expenses 10 13 8 Total Expenses 3
Slide 83: Braves Development Co. – Net Operating Income
APPENDIX Braves Development Co. – Net Operating Income Current Sept 2019 YTD % of Revenue Stabilized NOI % of Revenue Occupancy % NOI Office 100% $ 8.3 79% $ 11.4 86% Retail 94% $ 4.6 57% $ 6.4 53% Entertainment 100% $ 1.5 73% $ 2.2 82% Total Consolidated Assets $ 14.4 $ 20.0 Hotel $ 8.2 39% $ 10.9
Slide 84: Net Operating Income Reconciliation to GAAP Operating Income
APPENDIX Net Operating Income Reconciliation to GAAP Operating Income YTD 9/30/2019 Net Operating Income-Development (1) $ 14 Parking/Other 4 Ownership expenses (1) Stock-based Compensation (2) (1) Depreciation/Amortization (10) Operating Income - Development $ 7 NOTES: (1) See NOI on Slide 15 (2) S