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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to                

Commission File Number 001-35707

LIBERTY MEDIA CORPORATION

(Exact name of Registrant as specified in its charter)

State of Delaware

37-1699499

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

12300 Liberty Boulevard
Englewood, Colorado

80112

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (720875-5400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Series A Liberty SiriusXM Common Stock

LSXMA

The Nasdaq Stock Market LLC

Series B Liberty SiriusXM Common Stock

LSXMB

The Nasdaq Stock Market LLC

Series C Liberty SiriusXM Common Stock

LSXMK

The Nasdaq Stock Market LLC

Series A Liberty Braves Common Stock

BATRA

The Nasdaq Stock Market LLC

Series C Liberty Braves Common Stock

BATRK

The Nasdaq Stock Market LLC

Series A Liberty Formula One Common Stock

FWONA

The Nasdaq Stock Market LLC

Series C Liberty Formula One Common Stock

FWONK

The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes     No 

The number of outstanding shares of Liberty Media Corporation's common stock as of July 31, 2021 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

97,425,637

9,802,232

225,196,788

Liberty Braves common stock

10,312,954

981,494

40,973,208

Liberty Formula One common stock

25,836,549

2,445,895

203,597,020

Table of Contents

Table of Contents

Part I – Financial Information

Item 1. Financial Statements

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited)

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited)

I-5

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)

I-7

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited)

I-8

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Equity (unaudited)

I-10

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

I-14

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

I-48

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-67

Item 4. Controls and Procedures

I-69

Part II — Other Information

Item 1. Legal Proceedings

II-1

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

II-1

Item 6. Exhibits

II-2

SIGNATURES

II-3

I-2

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

June 30, 2021

    

December 31, 2020

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

3,935

 

2,831

Trade and other receivables, net

 

823

 

823

Other current assets

 

603

 

376

Total current assets

 

5,361

 

4,030

Investments in affiliates, accounted for using the equity method (note 6)

 

881

 

1,018

Property and equipment, at cost

 

3,899

 

4,017

Accumulated depreciation

 

(1,906)

 

(1,778)

 

1,993

 

2,239

Intangible assets not subject to amortization (note 7):

Goodwill

 

19,247

 

19,218

FCC licenses

 

8,600

 

8,600

Other

 

1,385

 

1,385

 

29,232

 

29,203

Intangible assets subject to amortization, net (note 7)

 

5,085

 

5,378

Other assets

 

3,102

 

2,136

Total assets

$

45,654

 

44,004

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,567

 

1,583

Current portion of debt, including $543 million and $684 million measured at fair value, respectively (note 8)

1,553

743

Deferred revenue

 

2,211

 

2,070

Other current liabilities

 

109

 

94

Total current liabilities

 

5,440

 

4,490

Long-term debt, including $4,068 million and $3,861 million measured at fair value, respectively (note 8)

 

17,420

 

16,686

Deferred income tax liabilities

 

2,156

 

2,126

Other liabilities

 

1,055

 

1,101

Total liabilities

 

26,071

 

24,403

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-3

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

    

June 30, 2021

    

December 31, 2020

 

amounts in millions,

 

except share amounts

 

Redeemable noncontrolling interests in equity of subsidiary (note 9)

575

Stockholders' equity:

Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued

 

 

Series A Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 97,425,637 shares at June 30, 2021 and 99,383,666 shares at December 31, 2020 (note 2)

1

1

Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,312,954 shares at June 30, 2021 and 10,312,670 shares at December 31, 2020 (note 2)

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 25,836,549 shares at June 30, 2021 and 25,835,838 shares at December 31, 2020 (note 2)

Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,802,232 shares at June 30, 2021 and 9,802,237 at December 31, 2020 (note 2)

Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,494 shares at June 30, 2021 and 981,778 at December 31, 2020 (note 2)

Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,445,895 shares at June 30, 2021 and 2,446,606 shares at December 31, 2020 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 226,108,596 shares at June 30, 2021 and 229,575,090 shares at December 31, 2020 (note 2)

2

2

Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 40,973,208 shares at June 30, 2021 and 40,958,175 shares at December 31, 2020 (note 2)

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 203,597,020 shares at June 30, 2021 and 203,538,477 shares at December 31, 2020 (note 2)

2

2

Additional paid-in capital

 

2,225

 

2,688

Accumulated other comprehensive earnings (loss), net of taxes

 

37

 

78

Retained earnings

 

12,621

 

12,320

Total stockholders' equity

 

14,888

 

15,091

Noncontrolling interests in equity of subsidiaries

 

4,120

 

4,510

Total equity

 

19,008

 

19,601

Commitments and contingencies (note 10)

Total liabilities and equity

$

45,654

 

44,004

See accompanying notes to condensed consolidated financial statements.

I-4

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

Three months ended

    

Six months ended

 

June 30,

June 30,

 

    

2021

    

2020

    

2021

    

2020

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

2,159

 

1,874

 

4,217

 

3,826

Formula 1 revenue

501

24

681

63

Other revenue

 

216

 

11

 

232

 

33

Total revenue

 

2,876

 

1,909

 

5,130

 

3,922

Operating costs and expenses, including stock-based compensation (note 3):

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

Revenue share and royalties

 

663

 

587

 

1,303

 

1,157

Programming and content

 

135

 

110

 

265

 

228

Customer service and billing

 

127

 

122

 

244

 

240

Other

 

58

 

47

 

110

 

91

Cost of Formula 1 revenue

398

16

482

59

Subscriber acquisition costs

 

89

 

48

 

175

 

147

Other operating expense

 

208

 

85

 

292

 

185

Selling, general and administrative

 

445

 

390

 

855

 

798

Impairment, restructuring and acquisition costs (note 10)

(137)

24

108

24

Depreciation and amortization

 

268

 

266

 

532

 

533

 

2,254

 

1,695

 

4,366

 

3,462

Operating income (loss)

 

622

 

214

 

764

 

460

Other income (expense):

Interest expense

 

(158)

 

(163)

 

(316)

 

(327)

Share of earnings (losses) of affiliates, net (note 6)

 

(48)

 

(193)

 

(143)

 

(255)

Realized and unrealized gains (losses) on financial instruments, net (note 5)

 

155

 

(180)

 

106

 

(179)

Other, net

 

13

 

14

 

28

 

31

 

(38)

 

(522)

 

(325)

 

(730)

Earnings (loss) before income taxes

 

584

 

(308)

 

439

 

(270)

Income tax (expense) benefit

 

(56)

 

46

 

75

 

10

Net earnings (loss)

 

528

 

(262)

 

514

 

(260)

Less net earnings (loss) attributable to the noncontrolling interests

 

111

 

64

 

160

 

142

Less net earnings (loss) attributable to redeemable noncontrolling interest (note 9)

53

Net earnings (loss) attributable to Liberty stockholders

$

417

 

(326)

 

301

 

(402)

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

337

(88)

326

126

Liberty Braves common stock

25

(38)

(34)

15

Liberty Formula One common stock

55

(200)

9

(543)

$

417

(326)

301

(402)

(Continued)

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Continued)

(unaudited)

Three months ended

    

Six months ended

June 30,

June 30,

2021

    

2020

    

2021

    

2020

Basic net earnings (loss) attributable to Liberty stockholders per common share
(notes 2 and 4):

Series A, B and C Liberty SiriusXM common stock

1.01

(0.27)

0.97

0.39

Series A, B and C Liberty Braves common stock

0.48

(0.75)

(0.65)

0.29

Series A, B and C Liberty Formula One common stock

0.24

(0.86)

0.04

(2.34)

Diluted net earnings (loss) attributable to Liberty stockholders per common share
(notes 2 and 4):

Series A, B and C Liberty SiriusXM common stock

1.00

(0.28)

0.96

0.28

Series A, B and C Liberty Braves common stock

0.39

(0.75)

(0.65)

(1.22)

Series A, B and C Liberty Formula One common stock

0.24

(0.86)

0.04

(2.34)

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)

Three months ended

Six months ended

June 30,

June 30,

 

    

2021

    

2020

    

2021

    

2020

amounts in millions

Net earnings (loss)

$

528

 

(262)

 

514

 

(260)

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

10

 

15

 

14

 

(22)

Credit risk on fair value debt instruments gains (losses)

 

(5)

 

21

 

(53)

 

237

Unrealized holding gains (losses) arising during the period

(1)

(6)

Share of other comprehensive earnings (loss) of equity affiliates

 

2

 

4

 

3

 

(26)

Gains (losses) on early extinguishment of debt

(1)

(1)

Comprehensive earnings (loss)

 

534

 

(222)

 

476

 

(77)

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

113

 

68

 

163

 

136

Less comprehensive earnings (loss) attributable to redeemable noncontrolling interest (note 9)

53

Comprehensive earnings (loss) attributable to Liberty stockholders

$

421

 

(290)

 

260

 

(213)

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

341

(53)

293

221

Liberty Braves common stock

25

(39)

(35)

8

Liberty Formula One common stock

55

(198)

2

(442)

$

421

(290)

260

(213)

See accompanying notes to condensed consolidated financial statements.

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

Six months ended

June 30,

    

2021

    

2020

 

amounts in millions

Cash flows from operating activities:

Net earnings

$

514

 

(260)

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

Depreciation and amortization

 

532

 

533

Stock-based compensation

 

123

 

112

Non-cash impairment and restructuring costs

245

24

Share of (earnings) loss of affiliates, net

 

143

 

255

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

 

(106)

 

179

Deferred income tax expense (benefit)

 

(101)

 

(34)

Other, net

 

3

 

10

Changes in operating assets and liabilities

Current and other assets

 

(176)

 

(240)

Payables and other liabilities

 

58

 

290

Net cash provided (used) by operating activities

 

1,235

 

869

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(185)

 

(87)

Investment of subsidiary initial public offering proceeds into trust account

(575)

Return of investment in equity method affiliates

38

105

Cash proceeds from sale of investments

169

13

Cash (paid) received for acquisitions, net of cash acquired

(14)

(28)

Capital expended for property and equipment, including internal-use software and website development

 

(190)

 

(206)

Other investing activities, net

 

3

 

Net cash provided (used) by investing activities

 

(754)

 

(203)

Cash flows from financing activities:

Borrowings of debt

 

3,794

 

2,835

Repayments of debt

 

(2,513)

 

(884)

Liberty SiriusXM stock repurchases

(243)

(138)

Subsidiary shares repurchased by subsidiary

 

(856)

 

(399)

Proceeds from Liberty SiriusXM common stock rights offering

754

Cash dividends paid by subsidiary

(28)

(33)

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

(45)

(46)

Proceeds from initial public offering of subsidiary

575

Other financing activities, net

 

(34)

 

(20)

Net cash provided (used) by financing activities

 

650

 

2,069

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

(2)

(10)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

1,129

 

2,725

Cash, cash equivalents and restricted cash at beginning of period

 

2,877

 

1,306

Cash, cash equivalents and restricted cash at end of period

$

4,006

 

4,031

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The following table reconciles cash and cash equivalents and restricted cash reported in our condensed consolidated balance sheets to the total amount presented in our condensed consolidated statements of cash flows:

June 30,

December 31,

2021

    

2020

amounts in millions

Cash and cash equivalents

$

3,935

2,831

Restricted cash included in other current assets

49

16

Restricted cash included in other assets

22

30

Total cash and cash equivalents and restricted cash at end of period

$

4,006

2,877

See accompanying notes to condensed consolidated financial statements.

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended June 30, 2021