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 < |