SUMMARY ATTRIBUTED FINANCIAL DATA

Liberty SiriusXM Group

Summary Balance Sheet Data:


	June 30,		December 31,
	2020		2019

	amounts in millions
Cash and cash equivalents	$	1,924		493
Investments in affiliates, accounted for using the equity method	$	1,145		644
Intangible assets not subject to amortization	$	25,682		25,665
Intangible assets subject to amortization, net	$	1,520		1,603
Total assets	$	33,499		31,421
Deferred revenue	$	1,833		1,930
Long-term debt, including current portion	$	12,468		9,245
Deferred tax liabilities	$	1,992		1,890
Attributed net assets	$	9,630		10,678
Noncontrolling interest	$	5,475		5,628

Summary Statement of Operations Data:


	Three months ended			Six months ended
	June 30,			June 30,
	2020		2019	2020	2019

	amounts in millions
Revenue	$	1,874	1,977	3,826	3,721
Cost of services (1)	$	(866)	(882)	(1,716)	(1,630)
Other operating expenses (1)	$	(61)	(74)	(132)	(128)
Selling, general and administrative expense (1)	$	(350)	(361)	(692)	(687)
Operating income (loss)	$	383	413	825	720
Interest expense	$	(120)	(109)	(231)	(211)
Income tax (expense) benefit	$	10	(75)	(66)	(188)
Net earnings (loss) attributable to noncontrolling interests	$	64	76	142	107
Earnings (loss) attributable to Liberty stockholders	$	(88)	167	126	228

(1)	Includes stock-based compensation expense as follows:


	Three months ended			Six months ended
	June 30,			June 30,
	2020		2019	2020	2019

	amounts in millions
Cost of services	$	10	10	21	19
Other operating expenses		9	13	20	22
Selling, general and administrative expense		35	39	71	76
	$	54	62	112	117

Braves Group

Summary Balance Sheet Data:


	June 30,		December 31,
	2020		2019

	amounts in millions
Cash and cash equivalents	$	308		142
Property and equipment, net	$	817		795
Investments in affiliates, accounted for using the equity method	$	96		99
Intangible assets not subject to amortization	$	323		323
Intangible assets subject to amortization, net	$	30		34
Total assets	$	1,702		1,593
Deferred revenue	$	121		70
Long-term debt, including current portion	$	714		554
Deferred tax liabilities	$	44		61
Attributed net assets	$	367		378

Summary Statement of Operations Data:


	Three months ended			Six months ended
	June 30,			June 30,
	2020		2019	2020	2019

	amounts in millions
Revenue	$	11	208	33	230
Selling, general and administrative expense (1)	$	—	(24)	(22)	(51)
Operating income (loss)	$	(33)	34	(77)	(15)
Share of earnings (losses) of affiliates, net	$	(1)	7	3	9
Unrealized gains (losses) on intergroup interest	$	(7)	(2)	88	(28)
Income tax (expense) benefit	$	9	(5)	24	6
Earnings (loss) attributable to Liberty stockholders	$	(38)	26	15	(45)

(1)	Includes stock-based compensation benefit of $15 million and $12 million for the three and six months ended June 30, 2020, respectively, and stock-based compensation expense of $6 million and $9 million for the three and six months ended June 30, 2019, respectively.

Formula One Group

Summary Balance Sheet Data:


	June 30,		December 31,
	2020		2019

	amounts in millions
Cash and cash equivalents	$	1,767		587
Investments in affiliates, accounted for using the equity method	$	33		882
Intangible assets not subject to amortization	$	3,956		3,956
Intangible assets subject to amortization, net	$	4,103		4,303
Total assets	$	11,583		11,505
Long-term debt, including current portion	$	3,672		5,677
Attributed net assets	$	6,613		5,239

Summary Statement of Operations Data:


	Three months ended			Six months ended
	June 30,			June 30,
	2020		2019	2020	2019

	amounts in millions
Revenue	$	24	620	63	866
Cost of Formula 1 revenue	$	(16)	(441)	(59)	(589)
Selling, general and administrative expense (1)	$	(40)	(51)	(84)	(97)
Operating income (loss)	$	(136)	14	(288)	(44)
Interest expense	$	(37)	(51)	(83)	(101)
Share of earnings (losses) of affiliates, net	$	(46)	34	(110)	16
Realized and unrealized gains (losses) on financial instruments, net	$	5	(100)	20	(197)
Unrealized gains (losses) on intergroup interest	$	(29)	2	(155)	28
Income tax (expense) benefit	$	27	10	52	54
Earnings (loss) attributable to Liberty stockholders	$	(200)	(77)	(543)	(225)

(1)	Includes stock-based compensation of $6 million and $8 million for the three months ended June 30, 2020 and 2019, respectively, and $12 million and $15 million for the six months ended June 30, 2020 and 2019, respectively.

BALANCE SHEET INFORMATION

June 30, 2020

(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	$	1,924	308	1,767	—	3,999
Trade and other receivables, net		497	29	147	—	673
Other current assets		227	29	663	(210)	709
Total current assets		2,648	366	2,577	(210)	5,381
Intergroup interests (note 1)		200	—	134	(334)	—
Investments in affiliates, accounted for using the equity method (note 1)		1,145	96	33	—	1,274

Property and equipment, at cost		2,689	972	188	—	3,849
Accumulated depreciation		(1,388)	(155)	(61)	—	(1,604)
		1,301	817	127	—	2,245

Intangible assets not subject to amortization
Goodwill		15,820	180	3,956	—	19,956
FCC licenses		8,600	—	—	—	8,600
Other		1,262	143	—	—	1,405
		25,682	323	3,956	—	29,961
Intangible assets subject to amortization, net		1,520	30	4,103	—	5,653
Other assets		1,003	70	653	(32)	1,694
Total assets	$	33,499	1,702	11,583	(576)	46,208

Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 3)	$	(19)	(19)	38	—	—
Accounts payable and accrued liabilities		1,160	70	171	—	1,401
Current portion of debt		1,492	382	—	—	1,874
Deferred revenue		1,833	121	684	—	2,638
Other current liabilities		289	4	19	(210)	102
Total current liabilities		4,755	558	912	(210)	6,015
Long-term debt (note 1)		10,976	332	3,672	—	14,980
Deferred income tax liabilities		1,992	44	—	(32)	2,004
Redeemable intergroup interests (note 1)		—	180	154	(334)	—
Other liabilities		671	221	229	—	1,121
Total liabilities		18,394	1,335	4,967	(576)	24,120
Equity / Attributed net assets		9,630	367	6,613	—	16,610
Noncontrolling interests in equity of subsidiaries		5,475	—	3	—	5,478
Total liabilities and equity	$	33,499	1,702	11,583	(576)	46,208

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2020

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	1,874	—	—	1,874
Formula 1 revenue		—	—	24	24
Other revenue		—	11	—	11
Total revenue		1,874	11	24	1,909
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		587	—	—	587
Programming and content		110	—	—	110
Customer service and billing		122	—	—	122
Other		47	—	—	47
Cost of Formula 1 revenue		—	—	16	16
Subscriber acquisition costs		48	—	—	48
Other operating expenses		61	24	—	85
Selling, general and administrative		350	—	40	390
Acquisition and restructuring		24	—	—	24
Depreciation and amortization		142	20	104	266
		1,491	44	160	1,695
Operating income (loss)		383	(33)	(136)	214
Other income (expense):
Interest expense		(120)	(6)	(37)	(163)
Intergroup interest (expense) income		(7)	—	7	—
Share of earnings (losses) of affiliates, net		(146)	(1)	(46)	(193)
Realized and unrealized gains (losses) on financial instruments, net		(184)	(1)	5	(180)
Unrealized gains (losses) on intergroup interests (note 1)		36	(7)	(29)	—
Other, net		4	1	9	14
		(417)	(14)	(91)	(522)
Earnings (loss) before income taxes		(34)	(47)	(227)	(308)
Income tax (expense) benefit		10	9	27	46
Net earnings (loss)		(24)	(38)	(200)	(262)
Less net earnings (loss) attributable to the noncontrolling interests		64	—	—	64
Net earnings (loss) attributable to Liberty stockholders	$	(88)	(38)	(200)	(326)

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2019

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	1,977	—	—	1,977
Formula 1 revenue		—	—	620	620
Other revenue		—	208	—	208
Total revenue		1,977	208	620	2,805
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		600	—	—	600
Programming and content		116	—	—	116
Customer service and billing		119	—	—	119
Other		47	—	—	47
Cost of Formula 1 revenue		—	—	441	441
Subscriber acquisition costs		104	—	—	104
Other operating expenses		74	129	—	203
Selling, general and administrative		361	24	51	436
Acquisition and restructuring		7	—	—	7
Depreciation and amortization		136	21	114	271
		1,564	174	606	2,344
Operating income (loss)		413	34	14	461
Other income (expense):
Interest expense		(109)	(7)	(51)	(167)
Share of earnings (losses) of affiliates, net		(7)	7	34	34
Realized and unrealized gains (losses) on financial instruments, net		15	(2)	(100)	(87)
Unrealized gains (losses) on intergroup interests (note 1)		—	(2)	2	—
Other, net		6	1	14	21
		(95)	(3)	(101)	(199)
Earnings (loss) before income taxes		318	31	(87)	262
Income tax (expense) benefit		(75)	(5)	10	(70)
Net earnings (loss)		243	26	(77)	192
Less net earnings (loss) attributable to the noncontrolling interests		76	—	—	76
Net earnings (loss) attributable to Liberty stockholders	$	167	26	(77)	116

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2020

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	3,826	—	—	3,826
Formula 1 revenue		—	—	63	63
Other revenue		—	33	—	33
Total revenue		3,826	33	63	3,922
Operating costs and expenses, including stock-based compensation (note 2):
Cost of subscriber services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,157	—	—	1,157
Programming and content		228	—	—	228
Customer service and billing		240	—	—	240
Other		91	—	—	91
Cost of Formula 1 revenue		—	—	59	59
Subscriber acquisition costs		147	—	—	147
Other operating expenses		132	53	—	185
Selling, general and administrative		692	22	84	798
Acquisition and restructuring		24	—	—	24
Depreciation and amortization		290	35	208	533
		3,001	110	351	3,462
Operating income (loss)		825	(77)	(288)	460
Other income (expense):
Interest expense		(231)	(13)	(83)	(327)
Intergroup interest (expense) income		(7)	—	7	—
Share of earnings (losses) of affiliates, net		(148)	3	(110)	(255)
Realized and unrealized gains (losses) on financial instruments, net		(189)	(10)	20	(179)
Unrealized gains (losses) on intergroup interest (note 1)		67	88	(155)	—
Other, net		17	—	14	31
		(491)	68	(307)	(730)
Earnings (loss) before income taxes		334	(9)	(595)	(270)
Income tax (expense) benefit		(66)	24	52	10
Net earnings (loss)		268	15	(543)	(260)
Less net earnings (loss) attributable to the noncontrolling interests		142	—	—	142
Net earnings (loss) attributable to Liberty stockholders	$	126	15	(543)	(402)

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2019

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	3,721	—	—	3,721
Formula 1 revenue		—	—	866	866
Other revenue		—	230	—	230
Total revenue		3,721	230	866	4,817
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,092	—	—	1,092
Programming and content		222	—	—	222
Customer service and billing		232	—	—	232
Other		84	—	—	84
Cost of Formula 1 revenue		—	—	589	589
Subscriber acquisition costs		212	—	—	212
Other operating expenses		128	160	—	288
Selling, general and administrative		687	51	97	835
Acquisition and restructuring		83	—	—	83
Depreciation and amortization		261	34	224	519
		3,001	245	910	4,156
Operating income (loss)		720	(15)	(44)	661
Other income (expense):
Interest expense		(211)	(14)	(101)	(326)
Share of earnings (losses) of affiliates, net		(11)	9	16	14
Realized and unrealized gains (losses) on financial instruments, net		16	(4)	(197)	(185)
Unrealized gains (losses) on intergroup interests (note 1)		—	(28)	28	—
Other, net		9	1	19	29
		(197)	(36)	(235)	(468)
Earnings (loss) before income taxes		523	(51)	(279)