SUMMARY ATTRIBUTED FINANCIAL DATA

Liberty SiriusXM Group

Summary Balance Sheet Data:


	March 31,		December 31,
	2022		2021

	amounts in millions
Cash and cash equivalents	$	710		598
Investments in affiliates, accounted for using the equity method	$	806		805
Intangible assets not subject to amortization	$	24,982		24,953
Intangible assets subject to amortization, net	$	1,236		1,269
Total assets	$	31,636		31,674
Deferred revenue	$	1,451		1,454
Long-term debt, including current portion	$	14,681		14,262
Deferred tax liabilities	$	2,221		2,206
Attributed net assets	$	8,092		8,036
Noncontrolling interest	$	3,265		3,565

Summary Statement of Operations Data:


	Three months ended
	March 31,
	2022		2021

	amounts in millions
Revenue	$	2,186	2,058
Cost of Sirius XM Holdings services (1)	$	(989)	(939)
Other operating expenses (1)	$	(67)	(64)
Selling, general and administrative expense (1)	$	(404)	(346)
Operating income (loss)	$	484	229
Interest expense	$	(122)	(120)
Income tax (expense) benefit	$	(101)	107
Net earnings (loss) attributable to noncontrolling interests	$	56	49
Earnings (loss) attributable to Liberty stockholders	$	288	(11)

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


	Three months ended
	March 31,
	2022		2021

	amounts in millions
Cost of services	$	10	10
Other operating expenses		8	10
Selling, general and administrative expense		31	34
	$	49	54

Braves Group

Summary Balance Sheet Data:


	March 31,		December 31,
	2022		2021

	amounts in millions
Cash and cash equivalents	$	311		142
Property and equipment, net	$	758		777
Investments in affiliates, accounted for using the equity method	$	114		110
Intangible assets not subject to amortization	$	300		323
Intangible assets subject to amortization, net	$	24		21
Total assets	$	1,663		1,636
Deferred revenue	$	166		83
Long-term debt, including current portion	$	675		697
Deferred tax liabilities	$	54		65
Attributed net assets	$	290		296

Summary Statement of Operations Data:


	Three months ended
	March 31,
	2022		2021

	amounts in millions
Revenue	$	23	16
Selling, general and administrative expense (1)	$	(22)	(21)
Operating income (loss)	$	(40)	(40)
Share of earnings (losses) of affiliates, net	$	4	3
Unrealized gains (losses) on intergroup interest	$	1	(28)
Income tax (expense) benefit	$	3	11
Earnings (loss) attributable to Liberty stockholders	$	(13)	(59)

(1)	Includes stock-based compensation expense of $3 million and $3 million for the three months ended March 31, 2022 and 2021, respectively.

Formula One Group

Summary Balance Sheet Data:


	March 31,		December 31,
	2022		2021

	amounts in millions
Cash and cash equivalents	$	2,265		2,074
Investments in affiliates, accounted for using the equity method	$	27		30
Intangible assets not subject to amortization	$	3,956		3,957
Intangible assets subject to amortization, net	$	3,420		3,507
Total assets	$	11,853		11,664
Long-term debt, including current portion	$	3,695		3,631
Redeemable noncontrolling interests in equity of subsidiary	$	575		575
Attributed net assets	$	6,281		6,340

Summary Statement of Operations Data:


	Three months ended
	March 31,
	2022		2021

	amounts in millions
Revenue	$	360	180
Cost of Formula 1 revenue	$	(195)	(84)
Selling, general and administrative expense (1)	$	(56)	(43)
Operating income (loss)	$	19	(47)
Interest expense	$	(29)	(32)
Share of earnings (losses) of affiliates, net	$	—	15
Realized and unrealized gains (losses) on financial instruments, net	$	(7)	35
Unrealized gains (losses) on intergroup interest	$	(21)	18
Income tax (expense) benefit	$	(2)	13
Earnings (loss) attributable to Liberty stockholders	$	(35)	(46)

(1)	Includes stock-based compensation of $3 million and $6 million for the three months ended March 31, 2022 and 2021, respectively.

BALANCE SHEET INFORMATION

March 31, 2022

(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	$	710	311	2,265	—	3,286
Trade and other receivables, net		650	43	148	—	841
Other current assets		789	45	209	—	1,043
Total current assets		2,149	399	2,622	—	5,170
Intergroup interests (note 1)		399	—	189	(588)	—
Investments in affiliates, accounted for using the equity method (note 1)		806	114	27	—	947

Property and equipment, at cost		2,840	998	217	—	4,055
Accumulated depreciation		(1,722)	(240)	(92)	—	(2,054)
		1,118	758	125	—	2,001

Intangible assets not subject to amortization
Goodwill		15,140	176	3,956	—	19,272
FCC licenses		8,600	—	—	—	8,600
Other		1,242	124	—	—	1,366
		24,982	300	3,956	—	29,238
Intangible assets subject to amortization, net		1,236	24	3,420	—	4,680
Other assets		946	68	1,514	(45)	2,483
Total assets	$	31,636	1,663	11,853	(633)	44,519

Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 3)	$	28	(23)	(5)	—	—
Accounts payable and accrued liabilities		1,229	58	225	—	1,512
Current portion of debt		1,669	156	759	—	2,584
Deferred revenue		1,451	166	526	—	2,143
Other current liabilities		82	4	37	—	123
Total current liabilities		4,459	361	1,542	—	6,362
Long-term debt (note 1)		13,012	519	2,936	—	16,467
Deferred income tax liabilities		2,221	54	—	(45)	2,230
Redeemable intergroup interests (note 1)		—	256	332	(588)	—
Other liabilities		587	183	162	—	932
Total liabilities		20,279	1,373	4,972	(633)	25,991
Redeemable noncontrolling interests in equity of subsidiary		—	—	575	—	575
Equity / Attributed net assets		8,092	290	6,281	—	14,663
Noncontrolling interests in equity of subsidiaries		3,265	—	25	—	3,290
Total liabilities and equity	$	31,636	1,663	11,853	(633)	44,519

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2022

(unaudited)


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

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,186	—	—	2,186
Formula 1 revenue		—	—	360	360
Other revenue		—	23	—	23
Total revenue		2,186	23	360	2,569
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		670	—	—	670
Programming and content		140	—	—	140
Customer service and billing		125	—	—	125
Other		54	—	—	54
Cost of Formula 1 revenue		—	—	195	195
Subscriber acquisition costs		90	—	—	90
Other operating expenses		67	23	—	90
Selling, general and administrative		404	22	56	482
Depreciation and amortization		152	18	90	260
		1,702	63	341	2,106
Operating income (loss)		484	(40)	19	463
Other income (expense):
Interest expense		(122)	(6)	(29)	(157)
Share of earnings (losses) of affiliates, net		(18)	4	—	(14)
Realized and unrealized gains (losses) on financial instruments, net		61	5	(7)	59
Unrealized gains (losses) on intergroup interests (note 1)		20	1	(21)	—
Other, net		20	20	5	45
		(39)	24	(52)	(67)
Earnings (loss) before income taxes		445	(16)	(33)	396
Income tax (expense) benefit		(101)	3	(2)	(100)
Net earnings (loss)		344	(13)	(35)	296
Less net earnings (loss) attributable to the noncontrolling interests		56	—	9	65
Less net earnings (loss) attributable to redeemable noncontrolling interest		—	—	(9)	(9)
Net earnings (loss) attributable to Liberty stockholders	$	288	(13)	(35)	240

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2021

(unaudited)


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

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,058	—	—	2,058
Formula 1 revenue		—	—	180	180
Other revenue		—	16	—	16
Total revenue		2,058	16	180	2,254
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		640	—	—	640
Programming and content		130	—	—	130
Customer service and billing		117	—	—	117
Other		52	—	—	52
Cost of Formula 1 revenue		—	—	84	84
Subscriber acquisition costs		86	—	—	86
Other operating expenses		64	20	—	84
Selling, general and administrative		346	21	43	410
Impairment, restructuring and acquisition costs, net of recoveries		245	—	—	245
Depreciation and amortization		149	15	100	264
		1,829	56	227	2,112
Operating income (loss)		229	(40)	(47)	142
Other income (expense):
Interest expense		(120)	(6)	(32)	(158)
Share of earnings (losses) of affiliates, net		(113)	3	15	(95)
Realized and unrealized gains (losses) on financial instruments, net		(86)	2	35	(49)
Unrealized gains (losses) on intergroup interests (note 1)		10	(28)	18	—
Other, net		11	(1)	5	15
		(298)	(30)	41	(287)
Earnings (loss) before income taxes		(69)	(70)	(6)	(145)
Income tax (expense) benefit		107	11	13	131
Net earnings (loss)		38	(59)	7	(14)
Less net earnings (loss) attributable to the noncontrolling interests		49	—	—	49
Less net earnings (loss) attributable to redeemable noncontrolling interest		—	—	53	53
Net earnings (loss) attributable to Liberty stockholders	$	(11)	(59)	(46)	(116)

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2022

(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)	$	344	(13)	(35)	296
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		152	18	90	260
Stock-based compensation		49	3	3	55
Share of (earnings) loss of affiliates, net		18	(4)	—	14
Unrealized (gains) losses on intergroup interests, net		(20)	(1)	21	—
Realized and unrealized (gains) losses on financial instruments, net		(61)	(5)	7	(59)
Deferred income tax expense (benefit)		39	(10)	26	55
Intergroup tax allocation		42	7	(49)	—
Other charges (credits), net		(11)	(20)	(2)	(33)
Changes in operating assets and liabilities
Current and other assets		21	23	(158)	(114)
Payables and other liabilities		(238)	83	232	77
Net cash provided (used) by operating activities		335	81	135	551
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(1)	(5)	(3)	(9)
Cash proceeds from dispositions		50	47	—	97
Capital expended for property and equipment, including internal-use software and website development		(97)	(4)	(10)	(111)
Other investing activities, net		(42)	—	76	34
Net cash provided (used) by investing activities		(90)	38	63	11
Cash flows from financing activities:
Borrowings of debt		1,740	15	—	1,755
Repayments of debt		(1,204)	(37)	(1)	(1,242)
Liberty stock repurchases		(202)	—	(37)	(239)
Subsidiary shares repurchased by subsidiary		(206)	—	—	(206)
Cash dividends paid by subsidiary		(201)	—	—	(201)
Taxes paid in lieu of shares issued for stock-based compensation		(61)	—	26	(35)
Other financing activities, net		1	(4)	7	4
Net cash provided (used) by financing activities		(133)	(26)	(5)	(164)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(2)	(2)
Net increase (decrease) in cash, cash equivalents and restricted cash		112	93	191	396
Cash, cash equivalents and restricted cash at beginning of period		606	244	2,074	2,924
Cash, cash equivalents and restricted cash at end of period	$	718	337	2,265	3,320

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2021

(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)	$	38	(59)	7	(14)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		149	15	100	264
Stock-based compensation		54	3	6	63
Non-cash impairment and restructuring costs		245	—	—	245
Share of (earnings) loss of affiliates, net		113	(3)	(15)	95
Unrealized (gains) losses on intergroup interests, net		(10)	28	(18)	—
Realized and unrealized (gains) losses on financial instruments, net		86	(2)	(35)	49
Deferred income tax expense (benefit)		(121)	(7)	(15)	(143)
Intergroup tax allocation		1	(3)	2	—
Other charges (credits), net		(3)	—	2	(1)
Changes in operating assets and liabilities
Current and other assets		58	36	(102)	(8)
Payables and other liabilities		(339)	34	252	(53)
Net cash provided (used) by operating activities		271	42	184	497
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(5)	—	(53)	(58)
Investment of subsidiary initial public offering proceeds into trust account		—	—	(575)	(575)
Capital expended for property and equipment, including internal-use software and website development		(78)	(10)	(3)	(91)
Other investing activities, net		8	—	—	8
Net cash provided (used) by investing activities		(75)	(10)	(631)	(716)
Cash flows from financing activities:
Borrowings of debt		1,083	8	(1)	1,090
Repayments of debt		(585)	(6)	(2)	(593)
Liberty stock repurchases		(107)	—	—	(107)
Subsidiary shares repurchased by subsidiary		(522)	—	—	(522)
Cash dividends paid by subsidiary		(14)	—	—	(14)
Taxes paid in lieu of shares issued for stock-based compensation		(21)	—	(1)	(22)
Proceeds from initial public offering of subsidiary		—	—	575	575
Other financing activities, net		—	(1)	(23)	(24)
Net cash provided (used) by financing activities		(166)	1	548	383
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(2)	(2)
Net increase (decrease) in cash, cash equivalents and restricted cash		30	33	99