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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 March 31, 2023

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 April 30, 2023 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

98,093,816

9,802,232

218,679,664

Liberty Braves common stock

10,314,735

981,262

41,817,514

Liberty Formula One common stock

23,973,877

2,445,666

207,974,112

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-12

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

I-38

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-55

Item 4. Controls and Procedures

I-56

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-1

SIGNATURES

II-2

I-2

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

March 31, 2023

    

December 31, 2022

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

2,229

 

2,246

Trade and other receivables, net

 

701

 

837

Other current assets

 

706

 

768

Total current assets

 

3,636

 

3,851

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

 

993

 

952

Property and equipment, at cost

 

4,563

 

4,481

Accumulated depreciation

 

(2,146)

 

(2,226)

 

2,417

 

2,255

Intangible assets not subject to amortization:

Goodwill

 

19,341

 

19,341

FCC licenses

 

8,600

 

8,600

Other

 

1,366

 

1,366

 

29,307

 

29,307

Intangible assets subject to amortization, net

 

4,171

 

4,288

Other assets

 

1,809

 

1,811

Total assets

$

42,333

 

42,464

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,613

 

1,856

Current portion of debt, including $490 million and $1,394 million measured at fair value, respectively (note 7)

706

1,679

Deferred revenue

 

2,153

 

1,773

Other current liabilities

 

120

 

102

Total current liabilities

 

4,592

 

5,410

Long-term debt, including $2,553 million and $1,937 million measured at fair value, respectively (note 7)

 

15,690

 

14,953

Deferred income tax liabilities

 

2,088

 

2,101

Other liabilities

 

879

 

874

Total liabilities

$

23,249

 

23,338

(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)

    

March 31, 2023

    

December 31, 2022

 

amounts in millions,

 

except share amounts

 

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 98,093,908 shares at March 31, 2023 and 98,093,908 shares at December 31, 2022 (note 2)

1

1

Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,314,744 shares at March 31, 2023 and 10,314,744 shares at December 31, 2022 (note 2)

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 23,973,877 shares at March 31, 2023 and 23,974,052 shares at December 31, 2022 (note 2)

Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,802,232 shares at March 31, 2023 and 9,802,232 at December 31, 2022 (note 2)

Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,262 shares at March 31, 2023 and 981,262 at December 31, 2022 (note 2)

Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,445,666 shares at March 31, 2023 and 2,445,666 shares at December 31, 2022 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 218,679,847 shares at March 31, 2023 and 218,618,614 shares at December 31, 2022 (note 2)

2

2

Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 41,809,016 shares at March 31, 2023 and 41,749,434 shares at December 31, 2022 (note 2)

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 207,912,240 shares at March 31, 2023 and 207,445,741 shares at December 31, 2022 (note 2)

2

2

Additional paid-in capital

 

1,395

 

1,408

Accumulated other comprehensive earnings (loss), net of taxes

 

(42)

 

(39)

Retained earnings

 

14,604

 

14,589

Total stockholders' equity

 

15,962

 

15,963

Noncontrolling interests in equity of subsidiaries

 

3,122

 

3,163

Total equity

 

19,084

 

19,126

Commitments and contingencies (note 8)

Total liabilities and equity

$

42,333

 

42,464

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

 

March 31,

 

    

2023

    

2022

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

2,144

 

2,186

Formula 1 revenue

381

360

Other revenue

 

31

 

23

Total revenue

 

2,556

 

2,569

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

 

700

 

670

Programming and content

 

150

 

140

Customer service and billing

 

122

 

125

Other

 

52

 

54

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

206

195

Subscriber acquisition costs

 

90

 

90

Other operating expense

 

118

 

90

Selling, general and administrative

 

486

 

482

Impairment, restructuring and acquisition costs, net of recoveries (note 8)

32

Depreciation and amortization

 

260

 

260

 

2,216

 

2,106

Operating income (loss)

 

340

 

463

Other income (expense):

Interest expense

 

(196)

 

(157)

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

 

(10)

 

(14)

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

 

(46)

 

59

Other, net

 

14

 

45

 

(238)

 

(67)

Earnings (loss) before income taxes

 

102

 

396

Income tax (expense) benefit

 

(50)

 

(100)

Net earnings (loss)

 

52

 

296

Less net earnings (loss) attributable to the noncontrolling interests

 

37

 

65

Less net earnings (loss) attributable to redeemable noncontrolling interest

(9)

Net earnings (loss) attributable to Liberty stockholders

$

15

 

240

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

183

288

Liberty Braves common stock

(59)

(13)

Liberty Formula One common stock

(109)

(35)

$

15

240

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-5

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Continued)

(unaudited)

Three months ended

March 31,

2023

    

2022

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

Series A, B and C Liberty SiriusXM common stock

$

0.56

0.87

Series A, B and C Liberty Braves common stock

$

(1.11)

(0.25)

Series A, B and C Liberty Formula One common stock

$

(0.47)

(0.15)

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

Series A, B and C Liberty SiriusXM common stock

$

0.38

0.82

Series A, B and C Liberty Braves common stock

$

(1.22)

(0.25)

Series A, B and C Liberty Formula One common stock

$

(0.58)

(0.15)

See accompanying notes to condensed consolidated financial statements.

I-6

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)

Three months ended

March 31,

 

    

2023

    

2022

amounts in millions

Net earnings (loss)

$

52

 

296

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

4

 

9

Credit risk on fair value debt instruments gains (losses)

 

(4)

 

5

Unrealized holding gains (losses) arising during the period

4

Share of other comprehensive earnings (loss) of equity affiliates

 

17

 

13

Recognition of previously unrealized (gains) losses on debt

(20)

(11)

Comprehensive earnings (loss)

 

49

 

316

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

37

 

67

Less comprehensive earnings (loss) attributable to redeemable noncontrolling interest

(9)

Comprehensive earnings (loss) attributable to Liberty stockholders

$

12

 

258

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

185

304

Liberty Braves common stock

(59)

(9)

Liberty Formula One common stock

(114)

(37)

$

12

258

See accompanying notes to condensed consolidated financial statements.

I-7

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

Three months ended

March 31,

    

2023

    

2022

 

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

52

 

296

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

Depreciation and amortization

 

260

 

260

Stock-based compensation

 

56

 

55

Non-cash impairment and restructuring costs

8

Share of (earnings) loss of affiliates, net

 

10

 

14

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

 

46

 

(59)

Deferred income tax expense (benefit)

 

(6)

 

55

Other, net

 

2

 

(33)

Changes in operating assets and liabilities

Current and other assets

 

65

 

(114)

Payables and other liabilities

 

168

 

77

Net cash provided (used) by operating activities

 

661

 

551

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(169)

 

(9)

Cash proceeds from dispositions

34

97

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

 

(281)

 

(111)

Other investing activities, net

 

1

 

34

Net cash provided (used) by investing activities

 

(415)

 

11

Cash flows from financing activities:

Borrowings of debt

 

1,479

 

1,755

Repayments of debt

 

(1,690)

 

(1,242)

Liberty stock repurchases

(239)

Subsidiary shares repurchased by subsidiary

 

(62)

 

(206)

Cash dividends paid by subsidiary

(17)

(201)

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

(24)

(35)

Other financing activities, net

 

57

 

4

Net cash provided (used) by financing activities

 

(257)

 

(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

 

(9)

 

396

Cash, cash equivalents and restricted cash at beginning of period

 

2,276

 

2,924

Cash, cash equivalents and restricted cash at end of period

$

2,267

 

3,320

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Table of Contents

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:

March 31,

December 31,

2023

    

2022

amounts in millions

Cash and cash equivalents

$

2,229

2,246

Restricted cash included in other current assets

30

22

Restricted cash included in other assets

8

8

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

$

2,267

2,276

See accompanying notes to condensed consolidated financial statements.

I-9

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended March 31, 2023

Stockholders' equity

 

    

    

Accumulated

    

    

Noncontrolling

    

Additional

other

interest in

Preferred

Liberty SiriusXM

Liberty Braves

Liberty Formula One

Paid-in

comprehensive

Retained

equity of

Total

    

Stock

    

Series A

    

Series B

    

Series C

    

Series A

    

Series B

    

Series C

Series A

    

Series B

    

Series C

    

Capital

    

earnings (loss)

    

earnings

    

subsidiaries

    

equity

 

amounts in millions

Balance at January 1, 2023

$

1

2

2

 

1,408

(39)

 

14,589

 

3,163

 

19,126

Net earnings (loss)

 

15

 

37

 

52

Other comprehensive earnings (loss)

 

(3)

 

 

 

(3)

Stock-based compensation

 

 

51

 

 

9

 

60

Withholding taxes on net share settlements of stock-based compensation

 

(24)

 

 

 

(24)

Shares repurchased by subsidiary

 

9

(76)

(67)

Shares issued by subsidiary

 

 

(11)

 

 

11

Dividends paid by subsidiary

 

 

 

(17)

(17)

Other, net

(38)

(5)

(43)

Balance at March 31, 2023

$

1

2

2

 

1,395

(42)

 

14,604

 

3,122

19,084

See accompanying notes to condensed consolidated financial statements.

I-10

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended March 31, 2022

Stockholders' equity

 

    

    

Accumulated

    

    

Noncontrolling

    

Additional

other

interest in

Preferred

Liberty SiriusXM

Liberty Braves

Liberty Formula One

Paid-in

comprehensive

Retained

equity of

Total

    

Stock

    

Series A

    

Series B

    

Series C

    

Series A

    

Series B

    

Series C

Series A

    

Series B

    

Series C

    

Capital

    

earnings (loss)

    

earnings

    

subsidiaries

    

equity

 

amounts in millions

Balance at January 1, 2022

$

1

2

2

 

1,954

(5)

 

12,718

 

3,590

18,262

Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest)

240

56

296

Other comprehensive earnings (loss)

18

2

 

20

Stock-based compensation

 

50

10

 

60

Withholding taxes on net share settlements of stock-based compensation

(35)

(35)

Liberty stock repurchases

(239)

(239)

Shares repurchased by subsidiary

 

(50)

(150)

 

(200)

Shares issued by subsidiary

 

(15)