Exhibit 99.1
Unaudited Attributed Financial Information for Tracking Stock Groups
The following tables present our assets and liabilities as of March 31, 2022 and revenue and expenses for the three months ended March 31, 2022 and 2021 and cash flows for the three months ended March 31, 2022 and 2021. 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 Formula One Group (“Formula One Group”), respectively. The financial information should be read in conjunction with our condensed consolidated financial statements for the three months ended March 31, 2022 included in this Quarterly Report on Form 10-Q.
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, | ||||||
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 |
2
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. |
3
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. |
4
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 | $ | | | | — | |
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Trade and other receivables, net |
| | | | — | |
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Other current assets |
| | | | — | |
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Total current assets |
| | | | — | |
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Intergroup interests (note 1) | | — | | ( | — | |||||||
Investments in affiliates, accounted for using the equity method (note 1) |
| | | | — | |
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Property and equipment, at cost |
| | | | — | |
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Accumulated depreciation |
| ( | ( | ( | — | ( |
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| | | | — | |
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Intangible assets not subject to amortization | ||||||||||||
Goodwill |
| | | | — | |
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FCC licenses |
| | — | — | — | |
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Other |
| | | — | — | |
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| | | | — | |
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Intangible assets subject to amortization, net |
| | | | — | |
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Other assets |
| | | | ( | |
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Total assets | $ | | | | ( | |
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Liabilities and Equity | ||||||||||||
Current liabilities: | ||||||||||||
Intergroup payable (receivable) (note 3) | $ | | ( | ( | — | — | ||||||
Accounts payable and accrued liabilities | |
| | | — | | ||||||
Current portion of debt | | | | — | | |||||||
Deferred revenue |
| |
| | | — | | |||||
Other current liabilities |
| |
| | | — | | |||||
Total current liabilities |
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| | | — | | |||||
Long-term debt (note 1) |
| |
| | | — | | |||||
Deferred income tax liabilities |
| |
| | — | ( | | |||||
Redeemable intergroup interests (note 1) | — | | | ( | — | |||||||
Other liabilities |
| |
| | | — | | |||||
Total liabilities |
| |
| | | ( | | |||||
Redeemable noncontrolling interests in equity of subsidiary | — | — | | — | | |||||||
Equity / Attributed net assets |
| |
| | | — | | |||||
Noncontrolling interests in equity of subsidiaries |
| |
| — | | — | | |||||
Total liabilities and equity | $ | |
| | | ( | |
5
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 | $ | |
| — | — | | ||||
Formula 1 revenue | — | — | | | ||||||
Other revenue |
| — |
| | — | | ||||
Total revenue |
| |
| | | | ||||
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 |
| |
| — | — | | ||||
Programming and content |
| |
| — | — | | ||||
Customer service and billing |
| |
| — | — | | ||||
Other |
| |
| — | — | | ||||
Cost of Formula 1 revenue | — | — | | | ||||||
Subscriber acquisition costs |
| |
| — | — | | ||||
Other operating expenses |
| |
| | — | | ||||
Selling, general and administrative |
| |
| | | | ||||
Depreciation and amortization |
| |
| | | | ||||
| |
| | | | |||||
Operating income (loss) |
| |
| ( | | | ||||
Other income (expense): | ||||||||||
Interest expense |
| ( |
| ( | ( | ( | ||||
Share of earnings (losses) of affiliates, net |
| ( |
| | — | ( | ||||
Realized and unrealized gains (losses) on financial instruments, net |
| |
| | ( | | ||||
Unrealized gains (losses) on intergroup interests (note 1) | | | ( | — | ||||||
Other, net |
| |
| | | | ||||
| ( |
| | ( | ( | |||||
Earnings (loss) before income taxes |
| |
| ( | ( | | ||||
Income tax (expense) benefit |
| ( |
| | ( | ( | ||||
Net earnings (loss) |
| |
| ( | ( | | ||||
Less net earnings (loss) attributable to the noncontrolling interests |
| |
| — | | | ||||
Less net earnings (loss) attributable to redeemable noncontrolling interest | — |
| — | ( | ( | |||||
Net earnings (loss) attributable to Liberty stockholders | $ | |
| ( | ( | |
6
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 | $ | |
| — | — | | ||||
Formula 1 revenue | — | — | | | ||||||
Other revenue |
| — |
| | — | | ||||
Total revenue |
| |
| | | | ||||
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 |
| |
| — | — | | ||||
Programming and content |
| |
| — | — | | ||||
Customer service and billing |
| |
| — | — | | ||||
Other |
| |
| — | — | | ||||
Cost of Formula 1 revenue | — | — | | | ||||||
Subscriber acquisition costs |
| |
| — | — | | ||||
Other operating expenses |
| |
| | — | | ||||
Selling, general and administrative |
| |
| | | | ||||
Impairment, restructuring and acquisition costs, net of recoveries | |
| — | — | | |||||
Depreciation and amortization |
| |
| | | | ||||
| |
| | | | |||||
Operating income (loss) |
| |
| ( | ( | | ||||
Other income (expense): | ||||||||||
Interest expense |
| ( |
| ( | ( | ( | ||||
Share of earnings (losses) of affiliates, net |
| ( |
| | | ( | ||||
Realized and unrealized gains (losses) on financial instruments, net |
| ( |
| | | ( | ||||
Unrealized gains (losses) on intergroup interests (note 1) | | ( | | — | ||||||
Other, net |
| |
| ( | | | ||||
| ( |
| ( | | ( | |||||
Earnings (loss) before income taxes |
| ( |
| ( | ( | ( | ||||
Income tax (expense) benefit |
| |
| | | | ||||
Net earnings (loss) |
| |
| ( | | ( | ||||
Less net earnings (loss) attributable to the noncontrolling interests |
| |
| — | — | | ||||
Less net earnings (loss) attributable to redeemable noncontrolling interest | — |
| — | | | |||||
Net earnings (loss) attributable to Liberty stockholders | $ | ( |
| ( | ( | ( |
7
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) | $ | |
| ( | ( | | ||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||||||||
Depreciation and amortization |
| |
| | | | ||||
Stock-based compensation |
| |
| | | | ||||
Share of (earnings) loss of affiliates, net |
| |
| ( | — | | ||||
Unrealized (gains) losses on intergroup interests, net | ( | ( | | — | ||||||
Realized and unrealized (gains) losses on financial instruments, net |
| ( |
| ( | | ( | ||||
Deferred income tax expense (benefit) |
| |
| ( | | | ||||
Intergroup tax allocation | | | ( | — | ||||||
Other charges (credits), net |
| ( |
| ( | ( | ( | ||||
Changes in operating assets and liabilities | ||||||||||
Current and other assets |
| |
| | ( | ( | ||||
Payables and other liabilities |
| ( |
| | | | ||||
Net cash provided (used) by operating activities |
| |
| | | | ||||
Cash flows from investing activities: | ||||||||||
Investments in equity method affiliates and debt and equity securities |
| ( |
| ( | ( | ( | ||||
Cash proceeds from dispositions | | | — | | ||||||
Capital expended for property and equipment, including internal-use software and website development |
| ( |
| ( | ( | ( | ||||
Other investing activities, net |
| ( |
| — | | | ||||
Net cash provided (used) by investing activities |
| ( |
| | | | ||||
Cash flows from financing activities: | ||||||||||
Borrowings of debt |
| |
| | — | | ||||
Repayments of debt |
| ( |
| ( | ( | ( | ||||
Liberty stock repurchases | ( | — | ( | ( | ||||||
Subsidiary shares repurchased by subsidiary |
| ( |
| — | — | ( | ||||
Cash dividends paid by subsidiary | ( | — | — | ( | ||||||
Taxes paid in lieu of shares issued for stock-based compensation |
| ( |
| — | | ( | ||||
Other financing activities, net | | ( | | | ||||||
Net cash provided (used) by financing activities |
| ( |
| ( | ( | ( | ||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | — | — | ( | ( | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
| |
| | | | ||||
Cash, cash equivalents and restricted cash at beginning of period |
| |
| | | | ||||
Cash, cash equivalents and restricted cash at end of period | $ | |
| | | |
8
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) | $ | |
| ( | | ( | ||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||||||||
Depreciation and amortization |
| |
| | | | ||||
Stock-based compensation |
| |
| | | | ||||
Non-cash impairment and restructuring costs | | — | — | | ||||||
Share of (earnings) loss of affiliates, net |
| |
| ( | ( | | ||||
Unrealized (gains) losses on intergroup interests, net | ( | | ( | — | ||||||
Realized and unrealized (gains) losses on financial instruments, net |
| |
| ( | ( | | ||||
Deferred income tax expense (benefit) |
| ( |
| ( | ( | ( | ||||
Intergroup tax allocation | | ( | | — | ||||||
Other charges (credits), net |
| ( |
| — | | ( | ||||
Changes in operating assets and liabilities | ||||||||||
Current and other assets |
| |
| | ( | ( | ||||
Payables and other liabilities |
| ( |
| | | ( | ||||
Net cash provided (used) by operating activities |
| |
| | | | ||||
Cash flows from investing activities: | ||||||||||
Investments in equity method affiliates and debt and equity securities |
| ( |
| — | ( | ( | ||||
Investment of subsidiary initial public offering proceeds into trust account | — | — | ( | ( | ||||||
Capital expended for property and equipment, including internal-use software and website development |
| ( |
| ( | ( | ( | ||||
Other investing activities, net |
| |
| — | — | | ||||
Net cash provided (used) by investing activities |
| ( |
| ( | ( | ( | ||||
Cash flows from financing activities: | ||||||||||
Borrowings of debt |
| |
| | ( | | ||||
Repayments of debt |
| ( |
| ( | ( | ( | ||||
Liberty stock repurchases | ( | — | — | ( | ||||||
Subsidiary shares repurchased by subsidiary |
| ( |
| — | — | ( | ||||
Cash dividends paid by subsidiary | ( | — | — | ( | ||||||
Taxes paid in lieu of shares issued for stock-based compensation |
| ( |
| — | ( | ( | ||||
Proceeds from initial public offering of subsidiary | — | — | | | ||||||
Other financing activities, net | — | ( | ( | ( | ||||||
Net cash provided (used) by financing activities |
| ( |
| | | | ||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | — | — | ( | ( | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
| |
| | | |