Exhibit 99.1
Unaudited Attributed Financial Information for Tracking Stock Groups
The following tables present our assets and liabilities as of June 30, 2023 and revenue and expenses for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022. 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 and six months ended June 30, 2023 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.
See note 2 to the accompanying condensed consolidated financial statements for information regarding transactions completed subsequent to June 30, 2023. Such transactions will be reflected in the Company’s consolidated financial statements and these attributed financial statements on a prospective basis.
1
SUMMARY ATTRIBUTED FINANCIAL DATA
Liberty SiriusXM Group
Summary Balance Sheet Data:
June 30, | December 31, | ||||||
2023 | 2022 | ||||||
amounts in millions | |||||||
Cash and cash equivalents | $ | 311 | 362 | ||||
Investments in affiliates, accounted for using the equity method | $ | 960 | 823 | ||||
Intangible assets not subject to amortization | $ | 25,051 | 25,501 | ||||
Intangible assets subject to amortization, net | $ | 1,032 | 1,101 | ||||
Total assets | $ | 30,225 | 30,479 | ||||
Deferred revenue | $ | 1,287 | 1,321 | ||||
Long-term debt, including current portion | $ | 12,730 | 13,143 | ||||
Deferred tax liabilities | $ | 2,011 | 2,054 | ||||
Attributed net assets | $ | 9,150 | 8,759 | ||||
Noncontrolling interest | $ | 2,960 | 3,138 |
Summary Statement of Operations Data:
Three months ended | Six months ended | |||||||||
June 30, | June 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
amounts in millions | ||||||||||
Revenue | $ | 2,250 | 2,254 | 4,394 | 4,440 | |||||
Cost of Sirius XM Holdings services (1) | $ | (1,063) | (1,047) | (2,087) | (2,036) | |||||
Other operating expenses (1) | $ | (83) | (72) | (162) | (139) | |||||
Selling, general and administrative expense (1) | $ | (387) | (419) | (772) | (823) | |||||
Operating income (loss) | $ | 452 | 472 | 825 | 956 | |||||
Interest expense | $ | (137) | (125) | (273) | (247) | |||||
Income tax (expense) benefit | $ | (46) | (168) | (115) | (269) | |||||
Net earnings (loss) attributable to noncontrolling interests | $ | 51 | 51 | 88 | 107 | |||||
Earnings (loss) attributable to Liberty stockholders | $ | 166 | 447 | 349 | 735 |
(1) | Includes stock-based compensation expense as follows: |
Three months ended | Six months ended | |||||||||
June 30, | June 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
amounts in millions | ||||||||||
Cost of services | $ | 11 | 12 | 20 | 22 | |||||
Other operating expenses | 11 | 9 | 22 | 17 | ||||||
Selling, general and administrative expense | 24 | 29 | 52 | 60 | ||||||
$ | 46 | 50 | 94 | 99 |
2
Braves Group
Summary Balance Sheet Data:
June 30, | December 31, | ||||||
2023 | 2022 | ||||||
amounts in millions | |||||||
Cash and cash equivalents | $ | 131 | 151 | ||||
Property and equipment, net | $ | 738 | 730 | ||||
Investments in affiliates, accounted for using the equity method | $ | 99 | 95 | ||||
Intangible assets not subject to amortization | $ | 300 | 300 | ||||
Intangible assets subject to amortization, net | $ | 23 | 24 | ||||
Total assets | $ | 1,500 | 1,477 | ||||
Deferred revenue | $ | 142 | 105 | ||||
Long-term debt, including current portion | $ | 539 | 542 | ||||
Deferred tax liabilities | $ | 51 | 54 | ||||
Attributed net assets | $ | 203 | 294 |
Summary Statement of Operations Data:
Three months ended | Six months ended | |||||||||
June 30, | June 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
amounts in millions | ||||||||||
Revenue | $ | 270 | 260 | 301 | 283 | |||||
Selling, general and administrative expense (1) | $ | (34) | (33) | (60) | (55) | |||||
Operating income (loss) | $ | 19 | 35 | (30) | (5) | |||||
Share of earnings (losses) of affiliates, net | $ | 12 | 8 | 11 | 12 | |||||
Unrealized gains (losses) on intergroup interest | $ | (50) | 35 | (63) | 36 | |||||
Income tax (expense) benefit | $ | (8) | (10) | 5 | (7) | |||||
Earnings (loss) attributable to Liberty stockholders | $ | (29) | 64 | (88) | 51 |
(1) | Includes stock-based compensation expense of $3 million for each of the three months ended June 30, 2023 and 2022, and $6 million for each of the six months ended June 30, 2023 and 2022. |
3
Formula One Group
Summary Balance Sheet Data:
June 30, | December 31, | ||||||
2023 | 2022 | ||||||
amounts in millions | |||||||
Cash and cash equivalents | $ | 1,489 | 1,733 | ||||
Investments in affiliates, accounted for using the equity method | $ | 67 | 34 | ||||
Intangible assets not subject to amortization | $ | 3,956 | 3,956 | ||||
Intangible assets subject to amortization, net | $ | 3,004 | 3,163 | ||||
Total assets | $ | 11,133 | 11,016 | ||||
Long-term debt, including current portion | $ | 2,950 | 2,947 | ||||
Attributed net assets | $ | 6,931 | 6,910 |
Summary Statement of Operations Data:
Three months ended | Six months ended | |||||||||
June 30, | June 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
amounts in millions | ||||||||||
Revenue | $ | 724 | 744 | 1,105 | 1,104 | |||||
Cost of Formula 1 revenue | $ | (519) | (534) | (725) | (729) | |||||
Selling, general and administrative expense (1) | $ | (69) | (68) | (144) | (124) | |||||
Operating income (loss) | $ | 52 | 49 | 68 | 68 | |||||
Interest expense | $ | (54) | (30) | (105) | (59) | |||||
Share of earnings (losses) of affiliates, net | $ | (1) | (1) | (3) | (1) | |||||
Realized and unrealized gains (losses) on financial instruments, net | $ | 64 | 83 | 17 | 76 | |||||
Unrealized gains (losses) on intergroup interest | $ | 40 | — | (1) | (21) | |||||
Income tax (expense) benefit | $ | (10) | (6) | (4) | (8) | |||||
Earnings (loss) attributable to Liberty stockholders | $ | 116 | 111 | 7 | 76 |
(1) | Includes stock-based compensation of $5 million and $4 million for the three months ended June 30, 2023 and 2022, respectively, and $10 million and $7 million for the six months ended June 30, 2023 and 2022, respectively. |
4
BALANCE SHEET INFORMATION
June 30, 2023
(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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Intangible assets not subject to amortization | ||||||||||||
Goodwill |
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FCC licenses |
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Other |
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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 |
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| | | — | | |||||
Other current liabilities |
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| | | — | | |||||
Total current liabilities |
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Long-term debt (note 1) |
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| | | — | | |||||
Deferred income tax liabilities |
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| | — | ( | | |||||
Redeemable intergroup interests (note 1) | — | | | ( | — | |||||||
Other liabilities |
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| | | — | | |||||
Total liabilities |
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Equity / Attributed net assets |
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Noncontrolling interests in equity of subsidiaries |
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| | | — | | |||||
Total liabilities and equity | $ | |
| | | ( | |
5
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2023
(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 (exclusive of depreciation shown separately below) | — | — | | | ||||||
Subscriber acquisition costs |
| |
| — | — | | ||||
Other operating expenses |
| |
| | — | | ||||
Selling, general and administrative |
| |
| | | | ||||
Impairment, restructuring and acquisition costs, net of recoveries | |
| | — | | |||||
Depreciation and amortization |
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| | | | ||||
| |
| | | | |||||
Operating income (loss) |
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| | | | ||||
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 |
| |
| — | ( | | ||||
Net earnings (loss) attributable to Liberty stockholders | $ | |
| ( | | |
6
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2023
(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 (exclusive of depreciation shown separately below) | — | — | | | ||||||
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 interest (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 |
| |
| — | ( | | ||||
Net earnings (loss) attributable to Liberty stockholders | $ | |
| ( | | |
7
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 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 (exclusive of depreciation shown separately below) | — | — | | | ||||||
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 | $ | |
| | | |
8
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 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 (exclusive of depreciation shown separately below) | — | — | | | ||||||
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 |
| ( |
| ( | ( | ( | ||||