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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 September 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 October 31, 2021 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

96,555,203

9,802,232

224,108,617

Liberty Braves common stock

10,313,772

981,494

40,987,860

Liberty Formula One common stock

24,792,549

2,445,895

203,864,999

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-68

Item 4. Controls and Procedures

I-69

Part II — Other Information

Item 1. Legal Proceedings

II-1

Item 1A. Risk Factors

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)

September 30, 2021

    

December 31, 2020

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

2,858

 

2,831

Trade and other receivables, net

 

812

 

823

Other current assets

 

920

 

376

Total current assets

 

4,590

 

4,030

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

 

1,016

 

1,018

Property and equipment, at cost

 

3,981

 

4,017

Accumulated depreciation

 

(1,950)

 

(1,778)

 

2,031

 

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)

 

4,933

 

5,378

Other assets

 

2,617

 

2,136

Total assets

$

44,419

 

44,004

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,518

 

1,583

Current portion of debt, including $2,561 million and $684 million measured at fair value, respectively (note 8)

2,573

743

Deferred revenue

 

1,994

 

2,070

Other current liabilities

 

103

 

94

Total current liabilities

 

6,188

 

4,490

Long-term debt, including $2,152 million and $3,861 million measured at fair value, respectively (note 8)

 

15,525

 

16,686

Deferred income tax liabilities

 

2,220

 

2,126

Other liabilities

 

1,017

 

1,101

Total liabilities

 

24,950

 

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)

    

September 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 96,988,226 shares at September 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 10,313,772 shares at September 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 24,792,549 shares at September 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 September 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 September 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 September 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 224,323,239 shares at September 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 40,987,548 shares at September 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 203,864,395 shares at September 30, 2021 and 203,538,477 shares at December 31, 2020 (note 2)

2

2

Additional paid-in capital

 

1,971

 

2,688

Accumulated other comprehensive earnings (loss), net of taxes

 

(14)

 

78

Retained earnings

 

12,949

 

12,320

Total stockholders' equity

 

14,911

 

15,091

Noncontrolling interests in equity of subsidiaries

 

3,983

 

4,510

Total equity

 

18,894

 

19,601

Commitments and contingencies (note 10)

Total liabilities and equity

$

44,419

 

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

    

Nine months ended

 

September 30,

September 30,

 

    

2021

    

2020

    

2021

    

2020

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

2,198

 

2,025

 

6,415

 

5,851

Formula 1 revenue

668

597

1,349

660

Other revenue

 

234

 

110

 

466

 

143

Total revenue

 

3,100

 

2,732

 

8,230

 

6,654

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

Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):

Revenue share and royalties

 

671

 

602

 

1,974

 

1,759

Programming and content

 

142

 

123

 

407

 

351

Customer service and billing

 

128

 

119

 

372

 

359

Other

 

57

 

51

 

167

 

142

Cost of Formula 1 revenue

449

551

931

610

Subscriber acquisition costs

 

70

 

110

 

245

 

257

Other operating expense

 

221

 

154

 

513

 

339

Selling, general and administrative

 

481

 

423

 

1,336

 

1,221

Impairment, restructuring and acquisition costs, net of recoveries (note 10)

(95)

13

24

Depreciation and amortization

 

274

 

279

 

806

 

812

 

2,398

 

2,412

 

6,764

 

5,874

Operating income (loss)

 

702

 

320

 

1,466

 

780

Other income (expense):

Interest expense

 

(168)

 

(153)

 

(484)

 

(480)

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

 

9

 

(187)

 

(134)

 

(442)

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

 

(40)

 

16

 

66

 

(163)

Gains (losses) on dilution of investment in affiliate (note 6)

142

 

 

152

 

1

Other, net

 

(72)

 

(32)

 

(54)

 

(2)

 

(129)

 

(356)

 

(454)

 

(1,086)

Earnings (loss) before income taxes

 

573

 

(36)

 

1,012

 

(306)

Income tax (expense) benefit

 

(173)

 

(7)

 

(98)

 

3

Net earnings (loss)

 

400

 

(43)

 

914

 

(303)

Less net earnings (loss) attributable to the noncontrolling interests

 

74

 

71

 

234

 

213

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

(2)

51

Net earnings (loss) attributable to Liberty stockholders

$

328

 

(114)

 

629

 

(516)

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

342

12

668

138

Liberty Braves common stock

36

(31)

2

(16)

Liberty Formula One common stock

(50)

(95)

(41)

(638)

$

328

(114)

629

(516)

(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

    

Nine months ended

September 30,

September 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

1.03

0.03

1.99

0.42

Series A, B and C Liberty Braves common stock

0.69

(0.61)

0.04

(0.31)

Series A, B and C Liberty Formula One common stock

(0.22)

(0.41)

(0.18)

(2.75)

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

Series A, B and C Liberty SiriusXM common stock

1.02

0.03

1.98

0.31

Series A, B and C Liberty Braves common stock

0.39

(0.61)

0.04

(1.57)

Series A, B and C Liberty Formula One common stock

(0.22)

(0.41)

(0.18)

(2.75)

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

Nine months ended

September 30,

September 30,

 

    

2021

    

2020

    

2021

    

2020

amounts in millions

Net earnings (loss)

$

400

 

(43)

 

914

 

(303)

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

(16)

 

12

 

(2)

 

(10)

Credit risk on fair value debt instruments gains (losses)

 

(35)

 

(151)

 

(88)

 

86

Unrealized holding gains (losses) arising during the period

(1)

(1)

(7)

Share of other comprehensive earnings (loss) of equity affiliates

 

(2)

 

6

 

1

 

(20)

Recognition of previously unrealized (gains) losses on debt

(1)

Comprehensive earnings (loss)

 

347

 

(177)

 

823

 

(254)

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

72

 

74

 

235

 

210

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

(2)

51

Comprehensive earnings (loss) attributable to Liberty stockholders

$

277

 

(251)

 

537

 

(464)

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

296

(102)

589

119

Liberty Braves common stock

36

(32)

1

(24)

Liberty Formula One common stock

(55)

(117)

(53)

(559)

$

277

(251)

537

(464)

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

Nine months ended

September 30,

    

2021

    

2020

 

amounts in millions

Cash flows from operating activities:

Net earnings

$

914

 

(303)

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

Depreciation and amortization

 

806

 

812

Stock-based compensation

 

188

 

180

Non-cash impairment and restructuring costs

24

24

Changes in fair value of contingent consideration

(17)

Share of (earnings) loss of affiliates, net

 

134

 

442

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

 

(66)

 

163

Losses (gains) on dilution of investment in affiliate

(152)

(1)

Deferred income tax expense (benefit)

 

33

 

(43)

Other, net

 

104

 

62

Changes in operating assets and liabilities

Current and other assets

 

(45)

 

(148)

Payables and other liabilities

 

(250)

 

(132)

Net cash provided (used) by operating activities

 

1,673

 

1,056

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(218)

 

(94)

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

196

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

 

(280)

 

(316)

Proceeds from insurance recoveries

225

Other investing activities, net

 

13

 

11

Net cash provided (used) by investing activities

 

(615)

 

(309)

Cash flows from financing activities:

Borrowings of debt

 

6,407

 

3,038

Repayments of debt

 

(6,129)

 

(2,595)

Liberty stock repurchases

(398)

(204)

Subsidiary shares repurchased by subsidiary

 

(1,174)

 

(870)

Proceeds from Liberty SiriusXM common stock rights offering

754

Cash dividends paid by subsidiary

(41)

(49)

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

(93)

(86)

Proceeds from initial public offering of subsidiary

575

Other financing activities, net

 

(128)

 

(66)

Net cash provided (used) by financing activities

 

(981)

 

(78)

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

(5)

(1)

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

 

72

 

668

Cash, cash equivalents and restricted cash at beginning of period

 

2,877

 

1,306

Cash, cash equivalents and restricted cash at end of period

$

2,949