Exhibit 99.1

Unaudited Attributed Financial Information for Tracking Stock Groups

The following tables present our assets and liabilities as of March 31, 2017 and revenue and expenses for the three months ended March 31, 2017 and 2016 and cash flows for the three months ended March 31, 2017 and 2016. The tables further present our assets, liabilities, revenue, expenses and cash flows that are intended to be attributed to the Liberty SiriusXM Group, Liberty Braves Group (“Braves Group”) and the Liberty Media Group, respectively. The financial information should be read in conjunction with our condensed consolidated financial statements for the three months ended March 31, 2017 included in this Quarterly Report on Form 10-Q. The Recapitalization was completed on April 15, 2016 and the newly issued shares commenced trading or quotation in the regular way on the Nasdaq Global Select Market or the OTC Markets, as applicable, on Monday, April 18, 2016. Shortly following the completion of the second closing of the acquisition of Formula 1 on January 23, 2017, the Liberty Media Group was renamed the Liberty Formula One Group (the “Formula One Group”).  Historical information of the Liberty Media Group and Liberty Media common stock is referred to herein as the Formula One Group and Liberty Formula One common stock, respectively.

The attributed financial information presented herein has been prepared assuming this attribution had been completed as of January 1, 2016. However, this attribution of historical financial information does not purport to be what actual results and balances would have been if such attribution had actually occurred and been in place during these periods. Therefore, the attributed net earnings (losses) presented in the unaudited attributed financial information for the periods prior to the Recapitalization are not the same as the net earnings (losses) reflected in the Liberty Media Corporation condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. The net earnings (losses) attributed to the Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock for purposes of those financial statements only relates to the period after the Recapitalization.

Notwithstanding the following attribution of assets, liabilities, revenue, expenses and cash flows to the Liberty SiriusXM Group, Braves Group and the Formula One Group, our tracking stock capital structure does not affect the ownership or the respective legal title to our assets or responsibility for our liabilities. We and our subsidiaries are each responsible for our respective liabilities. Holders of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock are holders of our common stock and are subject to risks associated with an investment in our company and all of our businesses, assets and liabilities. The issuance of Liberty SiriusXM common stock, Liberty Braves and Liberty Formula One common stock does not affect the rights of our creditors.

 

 

1

 


 

 

SUMMARY ATTRIBUTED FINANCIAL DATA

 

Liberty SiriusXM Group

 

Summary Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

 

2017

 

2016

 

 

 

amounts in millions

 

Cash and cash equivalents

 

$

330

 

 

287

 

Investments in affiliates, accounted for using the equity method

 

$

165

 

 

164

 

Intangible assets not subject to amortization

 

$

23,695

 

 

23,695

 

Intangible assets subject to amortization, net

 

$

981

 

 

998

 

Total assets

 

$

27,101

 

 

27,051

 

Deferred revenue

 

$

1,857

 

 

1,833

 

Long-term debt, including current portion

 

$

6,247

 

 

6,107

 

Deferred tax liabilities

 

$

2,073

 

 

1,967

 

Attributed net assets

 

$

10,141

 

 

10,085

 

Noncontrolling interest

 

$

5,781

 

 

5,945

 

 

Summary Statement of Operations Data:

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

March 31,

 

 

 

2017

 

2016

 

 

 

amounts in millions

Revenue

 

$

1,294

 

1,200

 

Cost of subscriber services (1)

 

$

(497)

 

(467)

 

Other operating expenses (1)

 

$

(24)

 

(19)

 

Selling, general and administrative expense (1)

 

$

(184)

 

(167)

 

Operating income (loss)

 

$

372

 

336

 

Interest expense

 

$

(84)

 

(81)

 

Income tax (expense) benefit

 

$

(108)

 

(102)

 

Net earnings (loss) attributable to noncontrolling interests

 

$

65

 

63

 

Earnings (loss) attributable to Liberty stockholders

 

$

124

 

98

 


(1)

Includes stock-based compensation expense as follows:

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

March 31,

 

 

 

2017

 

2016

 

 

 

amounts in millions

 

Cost of subscriber services

 

$

9

 

6

 

Other operating expenses

 

 

4

 

3

 

Selling, general and administrative expense

 

 

21

 

15

 

 

 

$

34

 

24

 

 

2

 


 

 

Braves Group

 

Summary Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

 

2017

 

2016

 

 

 

amounts in millions

 

Cash and cash equivalents

 

$

115

 

 

107

 

Property and equipment, net

 

$

1,037

 

 

930

 

Investments in affiliates, accounted for using the equity method

 

$

48

 

 

61

 

Intangible assets not subject to amortization

 

$

323

 

 

323

 

Intangible assets subject to amortization, net

 

$

72

 

 

73

 

Total assets

 

$

1,658

 

 

1,548

 

Deferred revenue

 

$

124

 

 

44

 

Long-term debt, including current portion

 

$

410

 

 

328

 

Deferred tax liabilities

 

$

77

 

 

48

 

Attributed net assets

 

$

335

 

 

385

 

 

Summary Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

March 31,

 

 

 

2017

 

2016

 

 

 

amounts in millions

 

Revenue

 

$

 5

 

 4

 

Selling, general and administrative expense (1)

 

$

(19)

 

(14)

 

Operating income (loss)

 

$

(33)

 

(43)

 

Share of earnings (losses) of affiliates, net

 

$

 3

 

 2

 

Income tax (expense) benefit

 

$

 6

 

16

 

Earnings (loss) attributable to Liberty stockholders

 

$

(49)

 

(25)

 


(1)

Includes stock-based compensation of $2 million for each of the three months ended March 31, 2017 and 2016, respectively.

 

 

3

 


 

 

Formula One Group

 

Summary Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

 

2017

 

2016

 

 

 

amounts in millions

 

Cash and cash equivalents

 

$

626

 

 

168

 

Investments in available for sale securities and other cost investments

 

$

574

 

 

1,301

 

Investments in affiliates, accounted for using the equity method

 

$

888

 

 

892

 

Intangible assets not subject to amortization

 

$

3,968

 

 

 —

 

Intangible assets subject to amortization, net

 

$

5,414

 

 

 1

 

Total assets

 

$

12,486

 

 

2,995

 

Deferred revenue

 

$

485

 

 

 —

 

Long-term debt, including current portion

 

$

6,697

 

 

1,583

 

Deferred tax liabilities

 

$

524

 

 

39

 

Attributed net assets

 

$

4,504

 

 

1,286

 

 

Summary Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

March 31,

 

 

 

2017

 

2016

 

 

 

amounts in millions

 

Revenue

 

$

96

 

 —

 

Cost of Formula 1 revenue

 

$

68

 

 —

 

Selling, general and administrative expense (1)

 

$

(36)

 

(20)

 

Legal settlement

 

$

 —

 

511

 

Operating income (loss)

 

$

(80)

 

488

 

Interest expense

 

$

(56)

 

(3)

 

Share of earnings (losses) of affiliates, net

 

$

(10)

 

(21)

 

Realized and unrealized gains (losses) on financial instruments, net

 

$

(12)

 

(8)

 

Income tax (expense) benefit

 

$

26

 

(171)

 

Earnings (loss) attributable to Liberty stockholders

 

$

(96)

 

291

 


(1)

Includes stock-based compensation of $8 million for each of the three months ended March 31, 2017 and 2016.

4

 


 

 

BALANCE SHEET INFORMATION

March 31, 2017

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed (note 1)

 

 

 

 

 

 

 

Liberty

 

 

 

 

 

 

 

 

 

 

 

SiriusXM

 

Braves

 

Formula One

 

Inter-Group

 

Consolidated

 

 

    

Group

 

Group

 

Group

 

Eliminations

 

Liberty

    

 

 

amounts in millions

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

330

 

115

 

626

 

 —

 

1,071

 

Trade and other receivables, net

 

 

234

 

 9

 

37

 

 —

 

280

 

Other current assets

 

 

211

 

28

 

118

 

 —

 

357

 

Total current assets

 

 

775

 

152

 

781

 

 —

 

1,708

 

Intergroup interest in the Liberty Braves Group (note 2)

 

 

 —

 

 —

 

215

 

(215)

 

 —

 

Investments in available-for-sale securities and other cost investments (note 3)

 

 

 —

 

 8

 

574

 

 —

 

582

 

Investments in affiliates, accounted for using the equity method (note 4)

 

 

165

 

48

 

888

 

 —

 

1,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, at cost

 

 

2,112

 

1,051

 

166

 

 —

 

3,329

 

Accumulated depreciation

 

 

(777)

 

(14)

 

(72)

 

 —

 

(863)

 

 

 

 

1,335

 

1,037

 

94

 

 —

 

2,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets not subject to amortization

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

14,165

 

180

 

3,968

 

 —

 

18,313

 

FCC licenses

 

 

8,600

 

 —

 

 —

 

 —

 

8,600

 

Other

 

 

930

 

143

 

 —

 

 —

 

1,073

 

 

 

 

23,695

 

323

 

3,968

 

 —

 

27,986

 

Intangible assets subject to amortization, net

 

 

981

 

72

 

5,414

 

 —

 

6,467

 

Other assets

 

 

150

 

18

 

552

 

(28)

 

692

 

Total assets

 

$

27,101

 

1,658

 

12,486

 

(243)

 

41,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Intergroup payable (receivable) (note 7)

 

$

(8)

 

(56)

 

64

 

 —

 

 —

 

Accounts payable and accrued liabilities

 

 

721

 

118

 

132

 

 —

 

971

 

Current portion of debt (note 5)

 

 

 5

 

 —

 

43

 

 —

 

48

 

Deferred revenue

 

 

1,857

 

124

 

485

 

 —

 

2,466

 

Other current liabilities

 

 

 3

 

 —

 

24

 

 —

 

27

 

Total current liabilities

 

 

2,578

 

186

 

748

 

 —

 

3,512

 

Long-term debt (note 5)

 

 

6,242

 

410

 

6,654

 

 —

 

13,306

 

Deferred income tax liabilities

 

 

2,073

 

77

 

524

 

(28)

 

2,646

 

Redeemable intergroup interest (note 2)

 

 

 —

 

215

 

 —

 

(215)

 

 —

 

Other liabilities

 

 

286

 

420

 

56

 

 —

 

762

 

Total liabilities

 

 

11,179

 

1,308

 

7,982

 

(243)

 

20,226

 

Equity / Attributed net assets

 

 

10,141

 

335

 

4,504

 

 —

 

14,980

 

Noncontrolling interests in equity of subsidiaries

 

 

5,781

 

15

 

 —

 

 —

 

5,796

 

Total liabilities and equity

 

$

27,101

 

1,658

 

12,486

 

(243)

 

41,002

 

5

 


 

 

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2017

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed (note 1)

 

 

 

 

 

Liberty

 

 

 

 

 

 

 

 

 

SiriusXM

 

Braves

 

Formula One

 

Consolidated

 

 

 

Group

 

Group

 

Group

 

Liberty

 

 

 

amounts in millions

 

Revenue:

 

 

 

 

 

 

 

 

 

 

Subscriber revenue

 

$

1,078

 

 —

 

 —

 

1,078

 

Formula 1 revenue

 

 

 —

 

 —

 

96

 

96

 

Other revenue

 

 

216

 

 5

 

 —

 

221

 

Total revenue

 

 

1,294

 

 5

 

96

 

1,395

 

Operating costs and expenses, including stock-based compensation (note 6):

 

 

 

 

 

 

 

 

 

 

Cost of subscriber services (exclusive of depreciation shown separately below):

 

 

 

 

 

 

 

 

 

 

Revenue share and royalties

 

 

277

 

 —

 

 —

 

277

 

Programming and content

 

 

96

 

 —

 

 —

 

96

 

Customer service and billing

 

 

97

 

 —

 

 —

 

97

 

Other

 

 

27

 

 —

 

 —

 

27

 

Cost of Formula 1 revenue

 

 

 —

 

 —

 

68

 

68

 

Subscriber acquisition costs

 

 

127

 

 —

 

 —

 

127

 

Other operating expenses

 

 

24

 

17

 

 —

 

41

 

Selling, general and administrative

 

 

184

 

19

 

36

 

239

 

Depreciation and amortization

 

 

90

 

 2

 

72

 

164

 

 

 

 

922

 

38

 

176

 

1,136

 

Operating income (loss)

 

 

372

 

(33)

 

(80)

 

259

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(84)

 

 —

 

(56)

 

(140)

 

Share of earnings (losses) of affiliates, net

 

 

 3

 

 3

 

(10)

 

(4)

 

Realized and unrealized gains (losses) on financial instruments, net

 

 

 —

 

 —

 

(12)

 

(12)

 

Unrealized gains (losses) on intergroup interest (note 2)

 

 

 —

 

(28)

 

28

 

 —

 

Other, net

 

 

 6

 

 3

 

 8

 

17

 

 

 

 

(75)

 

(22)

 

(42)

 

(139)

 

Earnings (loss) before income taxes

 

 

297

 

(55)

 

(122)

 

120

 

Income tax (expense) benefit

 

 

(108)

 

 6

 

26

 

(76)

 

Net earnings (loss)

 

 

189

 

(49)

 

(96)

 

44

 

Less net earnings (loss) attributable to the noncontrolling interests

 

 

65

 

 —

 

 —

 

65

 

Net earnings (loss) attributable to Liberty stockholders

 

$

124

 

(49)

 

(96)

 

(21)

 

6

 


 

 

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2016

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed (note 1)

 

 

 

 

 

Liberty

 

 

 

 

 

 

 

 

 

SiriusXM

 

Braves

 

Formula One

 

Consolidated

 

 

 

Group

 

Group

 

Group

 

Liberty

 

 

 

amounts in millions

 

Revenue:

 

 

 

 

 

 

 

 

 

 

Subscriber revenue

 

$

1,009

 

 —

 

 —

 

1,009

 

Other revenue

 

 

191

 

 4

 

 —

 

195

 

Total revenue

 

 

1,200

 

 4

 

 —

 

1,204

 

Operating costs and expenses, including stock-based compensation (note 6):

 

 

 

 

 

 

 

 

 

 

Cost of subscriber services (exclusive of depreciation shown separately below):

 

 

 

 

 

 

 

 

 

 

Revenue share and royalties

 

 

252

 

 —

 

 —

 

252

 

Programming and content

 

 

85

 

 —

 

 —

 

85

 

Customer service and billing

 

 

97

 

 —

 

 —

 

97

 

Other

 

 

33

 

 —

 

 —

 

33

 

Subscriber acquisition costs

 

 

132

 

 —

 

 —

 

132

 

Other operating expenses

 

 

19

 

28

 

 —

 

47

 

Selling, general and administrative

 

 

167

 

14

 

20

 

201

 

Legal settlement, net

 

 

 —

 

 —

 

(511)

 

(511)

 

Depreciation and amortization

 

 

79

 

 5

 

 3

 

87

 

 

 

 

864

 

47

 

(488)

 

423

 

Operating income (loss)

 

 

336

 

(43)

 

488

 

781

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(81)

 

 —

 

(3)

 

(84)

 

Share of earnings (losses) of affiliates, net

 

 

 7

 

 2

 

(21)

 

(12)

 

Realized and unrealized gains (losses) on financial instruments, net

 

 

 —

 

 —

 

(8)

 

(8)

 

Other, net

 

 

 1

 

 —

 

 6

 

 7

 

 

 

 

(73)

 

 2

 

(26)

 

(97)

 

Earnings (loss) before income taxes

 

 

263

 

(41)

 

462

 

684

 

Income tax (expense) benefit

 

 

(102)

 

16

 

(171)

 

(257)

 

Net earnings (loss)

 

 

161

 

(25)

 

291

 

427

 

Less net earnings (loss) attributable to the noncontrolling interests

 

 

63

 

 —

 

 —

 

63

 

Net earnings (loss) attributable to Liberty stockholders

 

$

98

 

(25)

 

291

 

364

 

7

 


 

 

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2017

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed (note 1)

 

 

 

 

 

Liberty

 

 

 

 

 

 

 

 

 

SiriusXM

 

Braves

 

Formula One

 

Consolidated

 

 

 

Group

 

Group

 

Group

 

Liberty

 

 

 

amounts in millions

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

189

 

(49)

 

(96)

 

44

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

90

 

 2

 

72

 

164

 

Stock-based compensation

 

 

34

 

 2

 

 8

 

44

 

Share of (earnings) loss of affiliates, net

 

 

(3)

 

(3)

 

10

 

 4

 

Unrealized (gains) losses on intergroup interest, net

 

 

 —

 

28

 

(28)

 

 —

 

Realized and unrealized (gains) losses on financial instruments, net

 

 

 —

 

 —

 

12

 

12

 

Noncash interest expense

 

 

 2

 

 —

 

 —

 

 2

 

Losses (gains) on dilution of investment in affiliate

 

 

 —

 

 —

 

(2)

 

(2)

 

Deferred income tax expense (benefit)

 

 

107

 

31

 

(12)

 

126

 

Intergroup tax allocation

 

 

(5)

 

(37)

 

42

 

 —

 

Other charges (credits), net

 

 

 4

 

 —

 

 —

 

 4

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

 

 

Current and other assets

 

 

(14)

 

(15)

 

37

 

 8

 

Payables and other liabilities

 

 

(100)

 

53

 

44

 

(3)

 

Net cash provided (used) by operating activities

 

 

304

 

12

 

87

 

403

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

Investments in and loans to cost and equity investees

 

 

 —

 

(2)

 

(3)

 

(5)

 

Net cash paid for the acquisition of Formula 1

 

 

 —

 

 —

 

(1,647)

 

(1,647)

 

Capital expended for property and equipment

 

 

(54)

 

(102)

 

 —

 

(156)

 

Other investing activities, net

 

 

(7)

 

18

 

 —

 

11

 

Net cash provided (used) by investing activities

 

 

(61)

 

(86)

 

(1,650)

 

(1,797)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

Borrowings of debt

 

 

330

 

114

 

1,400

 

1,844

 

Repayments of debt

 

 

(194)

 

(32)

 

(928)

 

(1,154)

 

Proceeds from issuance of Series C Liberty Formula One common stock

 

 

 —

 

 —

 

1,550

 

1,550

 

Subsidiary shares repurchased by subsidiary

 

 

(306)

 

 —

 

 —

 

(306)

 

Cash dividends paid by subsidiary

 

 

(15)

 

 —

 

 —

 

(15)

 

Taxes paid in lieu of shares issued for stock-based compensation

 

 

(20)

 

 —

 

(2)

 

(22)

 

Other financing activities, net

 

 

 5

 

 —

 

 —

 

 5

 

Net cash provided (used) by financing activities

 

 

(200)

 

82

 

2,020

 

1,902

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

 —

 

 —

 

 1

 

 1

 

Net increase (decrease) in cash and cash equivalents

 

 

43

 

 8

 

458

 

509

 

Cash and cash equivalents at beginning of period

 

 

287

 

107

 

168

 

562

 

Cash and cash equivalents at end of period

 

$

330

 

115

 

626

 

1,071

 

8

 


 

 

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2016

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed (note 1)

 

 

 

 

 

Liberty

 

 

 

 

 

 

 

 

 

SiriusXM

 

Braves

 

Formula One

 

Consolidated

 

 

 

Group

 

Group

 

Group

 

Liberty

 

 

 

amounts in millions

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

161

 

(25)

 

291

 

427

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

79

 

 5

 

 3

 

87

 

Stock-based compensation

 

 

24

 

 2

 

 8

 

34

 

Share of (earnings) loss of affiliates, net

 

 

(7)

 

(2)

 

21

 

12

 

Realized and unrealized (gains) losses on financial instruments, net

 

 

 —

 

 —

 

 8

 

 8

 

Noncash interest expense

 

 

 2

 

 —

 

 —

 

 2

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