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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 June 30, 2024

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 Formula One Common Stock

FWONA

The Nasdaq Stock Market LLC

Series C Liberty Formula One Common Stock

FWONK

The Nasdaq Stock Market LLC

Series A Liberty Live Common Stock

LLYVA

The Nasdaq Stock Market LLC

Series C Liberty Live Common Stock

LLYVK

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 July 31, 2024 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

98,140,175

9,755,336

218,794,768

Liberty Formula One common stock

23,985,441

2,434,102

209,809,867

Liberty Live common stock

25,558,490

2,546,146

63,619,274

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-42

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-61

Item 4. Controls and Procedures

I-62

Part II — Other Information

Item 1. Legal Proceedings

II-1

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

II-1

Item 5. Other Information

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)

June 30, 2024

    

December 31, 2023

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

2,085

 

2,019

Trade and other receivables, net

 

826

 

832

Other current assets

 

728

 

526

Total current assets

 

3,639

 

3,377

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

 

1,983

 

1,089

Property and equipment, at cost

 

4,290

 

4,078

Accumulated depreciation

 

(2,167)

 

(1,995)

 

2,123

 

2,083

Intangible assets not subject to amortization:

Goodwill

 

19,400

 

19,165

FCC licenses

 

8,600

 

8,600

Other

 

1,242

 

1,242

 

29,242

 

29,007

Intangible assets subject to amortization, net

 

3,828

 

3,872

Other assets

 

1,817

 

1,740

Total assets

$

42,632

 

41,168

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,768

 

2,010

Current portion of debt, including $648 million and $643 million measured at fair value, respectively (note 7)

685

1,180

Deferred revenue

 

1,840

 

1,442

Other current liabilities

 

179

 

111

Total current liabilities

 

4,472

 

4,743

Long-term debt, including $2,340 million and $2,416 million measured at fair value, respectively (note 7)

 

14,343

 

14,180

Deferred income tax liabilities

 

2,210

 

2,086

Other liabilities

 

1,400

 

714

Total liabilities

$

22,425

 

21,723

(Continued)

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

    

June 30, 2024

    

December 31, 2023

 

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 98,140,175 shares at June 30, 2024 and 98,134,522 shares at December 31, 2023 (note 2)

1

1

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 23,985,441 shares at June 30, 2024 and 23,981,960 shares at December 31, 2023 (note 2)

Series A Liberty Live common stock, $.01 par value. Authorized 521,400,000 shares; issued and outstanding 25,558,490 shares at June 30, 2024 and 25,558,577 shares at December 31, 2023 (note 2)

Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,755,336 shares at June 30, 2024 and 9,761,336 shares at December 31, 2023 (note 2)

Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,434,102 shares at June 30, 2024 and 2,437,583 shares at December 31, 2023 (note 2)

Series B Liberty Live common stock, $.01 par value. Authorized 19,552,500 shares; issued and outstanding 2,546,146 shares at June 30, 2024 and 2,546,146 shares at December 31, 2023 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 218,794,768 shares at June 30, 2024 and 218,692,718 shares at December 31, 2023 (note 2)

2

2

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 209,400,308 shares at June 30, 2024 and 208,196,119 shares at December 31, 2023 (note 2)

2

2

Series C Liberty Live common stock, $.01 par value. Authorized 521,400,000 shares; issued and outstanding 63,619,274 shares at June 30, 2024 and 63,589,030 shares at December 31, 2023 (note 2)

1

1

Additional paid-in capital

 

1,387

 

1,317

Accumulated other comprehensive earnings (loss), net of taxes

 

(57)

 

12

Retained earnings

 

15,724

 

15,061

Total stockholders' equity

 

17,060

 

16,396

Noncontrolling interests in equity of subsidiaries

 

3,147

 

3,049

Total equity

 

20,207

 

19,445

Commitments and contingencies (note 8)

Total liabilities and equity

$

42,632

 

41,168

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

    

Six months ended

 

June 30,

June 30,

 

    

2024

    

2023

    

2024

    

2023

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

2,178

 

2,250

 

4,340

 

4,394

Formula 1 revenue

853

724

1,403

1,105

Other revenue

 

135

 

270

 

172

 

301

Total revenue

 

3,166

 

3,244

 

5,915

 

5,800

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

 

708

 

732

 

1,411

 

1,432

Programming and content

 

148

 

153

 

305

 

303

Customer service and billing

 

108

 

124

 

224

 

246

Other

 

59

 

54

 

120

 

106

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

639

519

918

725

Other cost of sales

94

120

Subscriber acquisition costs

 

92

 

93

 

182

 

183

Other operating expense

 

76

 

280

 

163

 

398

Selling, general and administrative

 

454

 

490

 

919

 

976

Impairment, restructuring and acquisition costs (note 8)

15

19

37

51

Depreciation and amortization

 

245

 

257

 

486

 

517

 

2,638

 

2,721

 

4,885

 

4,937

Operating income (loss)

 

528

 

523

 

1,030

 

863

Other income (expense):

Interest expense

 

(186)

 

(200)

 

(377)

 

(396)

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

 

84

 

90

 

65

 

80

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

 

169

 

(96)

 

166

 

(142)

Other, net

 

28

 

50

 

55

 

64

 

95

 

(156)

 

(91)

 

(394)

Earnings (loss) before income taxes

 

623

 

367

 

939

 

469

Income tax (expense) benefit

 

(116)

 

(64)

 

(187)

 

(114)

Net earnings (loss)

 

507

 

303

 

752

 

355

Less net earnings (loss) attributable to the noncontrolling interests

 

50

 

50

 

92

 

87

Net earnings (loss) attributable to Liberty stockholders

$

457

 

253

 

660

 

268

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

299

166

498

349

Liberty Formula One common stock

24

116

101

7

Liberty Live common stock

134

NA

61

NA

Liberty Braves common stock

NA

(29)

NA

(88)

$

457

253

660

268

(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

    

Six months ended

June 30,

June 30,

2024

    

2023

    

2024

    

2023

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

Series A, B and C Liberty SiriusXM common stock

$

0.91

0.51

1.52

1.07

Series A, B and C Liberty Formula One common stock

$

0.10

0.50

0.43

0.03

Series A, B and C Liberty Live common stock

$

1.46

NA

0.66

NA

Series A, B and C Liberty Braves common stock

$

NA

(0.55)

NA

(1.66)

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

Series A, B and C Liberty SiriusXM common stock

$

0.60

0.49

1.13

1.00

Series A, B and C Liberty Formula One common stock

$

0.10

0.41

0.42

(0.03)

Series A, B and C Liberty Live common stock

$

1.46

NA

0.66

NA

Series A, B and C Liberty Braves common stock

$

NA

(0.55)

NA

(1.66)

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

Six months ended

June 30,

June 30,

 

    

2024

    

2023

    

2024

    

2023

amounts in millions

Net earnings (loss)

$

507

 

303

 

752

 

355

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

(5)

 

12

 

(17)

 

16

Credit risk on fair value debt instruments gains (losses)

 

41

 

(19)

 

(19)

 

(23)

Unrealized holding gains (losses) arising during the period

(1)

(1)

Share of other comprehensive earnings (loss) of equity affiliates

 

(37)

 

19

 

(35)

 

36

Recognition of previously unrealized (gains) losses on debt

(14)

(34)

Comprehensive earnings (loss)

 

506

 

300

 

681

 

349

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

50

 

52

 

92

 

89

Comprehensive earnings (loss) attributable to Liberty stockholders

$

456

 

248

 

589

 

260

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

310

170

469

355

Liberty Formula One common stock

26

107

96

(7)

Liberty Live common stock

120

NA

24

NA

Liberty Braves common stock

NA

(29)

NA

(88)

$

456

248

589

260

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)

Six months ended

June 30,

    

2024

    

2023

 

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

752

 

355

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

Depreciation and amortization

 

486

 

517

Stock-based compensation

 

116

 

110

Non-cash impairment and restructuring costs

1

21

Share of (earnings) loss of affiliates, net

 

(65)

 

(80)

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

 

(166)

 

142

Deferred income tax expense (benefit)

 

(4)

 

(35)

Other, net

 

74

 

(8)

Changes in operating assets and liabilities

Current and other assets

 

(3)

 

(95)

Payables and other liabilities

 

(44)

 

271

Net cash provided (used) by operating activities

 

1,147

 

1,198

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(203)

 

(214)

Cash proceeds from dispositions

107

67

Cash (paid) received for acquisitions, net of cash acquired

(205)

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

 

(387)

 

(544)

Other investing activities, net

 

(62)

 

(20)

Net cash provided (used) by investing activities

 

(750)

 

(711)

Cash flows from financing activities:

Borrowings of debt

 

1,362

 

2,064

Repayments of debt

 

(1,636)

 

(2,641)

Subsidiary shares repurchased by subsidiary

 

 

(199)

Cash dividends paid by subsidiary

(34)

(33)

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

(31)

(28)

Other financing activities, net

 

31

 

63

Net cash provided (used) by financing activities

 

(308)

 

(774)

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

(8)

2

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

 

81

 

(285)

Cash, cash equivalents and restricted cash at beginning of period

 

2,028

 

2,276

Cash, cash equivalents and restricted cash at end of period

$

2,109

 

1,991

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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:

June 30,

December 31,

2024

    

2023

amounts in millions

Cash and cash equivalents

$

2,085

2,019

Restricted cash included in other current assets

16

Restricted cash included in other assets

8

9

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

$

2,109

2,028

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended June 30, 2024

Stockholders' equity

 

    

    

Accumulated

    

    

Noncontrolling

    

Additional

other

interest in

Preferred

Liberty SiriusXM

Liberty Formula One

Liberty Live

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 March 31, 2024

$

1

2

2

1

 

1,335

(57)

 

15,267