Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.19.2
Financial Information for Tracking Stock Groups (Tables)
6 Months Ended
Jun. 30, 2019
Condensed Balance Sheet

BALANCE SHEET INFORMATION

June 30, 2019

(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

​

$

236

​

127

​

334

​

—

​

697

 

Trade and other receivables, net

​

 

628

​

83

​

138

​

—

​

849

 

Other current assets

​

 

239

​

44

​

102

​

—

​

385

 

Total current assets

​

 

1,103

​

254

​

574

​

—

​

1,931

 

Intergroup interest in the Liberty Braves Group (note 1)

​

​

—

​

—

​

254

​

(254)

​

—

​

Investments in affiliates, accounted for using the equity method (note 1)

​

 

649

​

103

​

942

​

—

​

1,694

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Property and equipment, at cost

​

 

2,592

​

857

​

181

​

—

​

3,630

 

Accumulated depreciation

​

 

(1,223)

​

(105)

​

(91)

​

—

​

(1,419)

 

​

​

 

1,369

​

752

​

90

​

—

​

2,211

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Intangible assets not subject to amortization

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

 

15,812

​

180

​

3,956

​

—

​

19,948

 

FCC licenses

​

 

8,600

​

—

​

—

​

—

​

8,600

 

Other

​

 

1,262

​

143

​

—

​

—

​

1,405

 

​

​

 

25,674

​

323

​

3,956

​

—

​

29,953

 

Intangible assets subject to amortization, net

​

 

1,656

​

44

​

4,522

​

—

​

6,222

 

Other assets

​

 

711

​

73

​

960

​

(55)

​

1,689

 

Total assets

​

$

31,162

​

1,549

​

11,298

​

(309)

​

43,700

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Intergroup payable (receivable) (note 3)

​

$

—

​

(8)

​

8

​

—

​

—

​

Accounts payable and accrued liabilities

​

​

1,220

 

62

​

225

​

—

​

1,507

​

Current portion of debt (note 1)

​

 

—

 

13

​

—

​

—

​

13

​

Deferred revenue

​

 

1,974

 

95

​

287

​

—

​

2,356

​

Other current liabilities

​

 

71

 

8

​

18

​

—

​

97

​

Total current liabilities

​

 

3,265

 

170

​

538

​

—

​

3,973

​

Long-term debt (note 1)

​

 

8,703

 

452

​

5,256

​

—

​

14,411

​

Deferred income tax liabilities

​

 

1,809

 

70

​

—

​

(55)

​

1,824

​

Redeemable intergroup interest (note 1)

​

​

—

​

254

​

—

​

(254)

​

—

​

Other liabilities

​

 

653

 

200

​

158

​

—

​

1,011

​

Total liabilities

​

 

14,430

 

1,146

​

5,952

​

(309)

​

21,219

​

Equity / Attributed net assets

​

 

10,842

 

411

​

5,343

​

—

​

16,596

​

Noncontrolling interests in equity of subsidiaries

​

 

5,890

 

(8)

​

3

​

—

​

5,885

​

Total liabilities and equity

​

$

31,162

 

1,549

​

11,298

​

(309)

​

43,700

​

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2019

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

SIRIUS XM Holdings revenue

​

$

1,977

 

—

​

—

​

1,977

​

Formula 1 revenue

​

​

—

​

—

​

620

​

620

​

Other revenue

​

 

—

 

208

​

—

​

208

​

Total revenue

​

 

1,977

 

208

​

620

​

2,805

​

Operating costs and expenses, including stock-based compensation (note 2):

​

​

​

​

​

​

​

​

​

​

Cost of services (exclusive of depreciation shown separately below):

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

600

 

—

​

—

​

600

​

Programming and content

​

 

116

 

—

​

—

​

116

​

Customer service and billing

​

 

119

 

—

​

—

​

119

​

Other

​

 

47

 

—

​

—

​

47

​

Cost of Formula 1 revenue

​

​

—

​

—

​

441

​

441

​

Subscriber acquisition costs

​

 

104

 

—

​

—

​

104

​

Other operating expenses

​

 

74

 

129

​

—

​

203

​

Selling, general and administrative

​

 

361

 

24

​

51

​

436

​

Acquisition and other related costs

​

​

7

 

—

​

—

​

7

​

Depreciation and amortization

​

 

136

 

21

​

114

​

271

​

​

​

 

1,564

 

174

​

606

​

2,344

​

Operating income (loss)

​

 

413

 

34

​

14

​

461

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(109)

 

(7)

​

(51)

​

(167)

​

Share of earnings (losses) of affiliates, net

​

 

(7)

 

7

​

34

​

34

​

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

​

 

15

 

(2)

​

(100)

​

(87)

​

Unrealized gains (losses) on intergroup interest (note 1)

​

​

—

​

(2)

​

2

​

—

​

Other, net

​

 

6

 

1

​

14

​

21

​

​

​

 

(95)

 

(3)

​

(101)

​

(199)

​

Earnings (loss) before income taxes

​

 

318

 

31

​

(87)

​

262

​

Income tax (expense) benefit

​

 

(75)

 

(5)

​

10

​

(70)

​

Net earnings (loss)

​

 

243

 

26

​

(77)

​

192

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

76

 

—

​

—

​

76

​

Net earnings (loss) attributable to Liberty stockholders

​

$

167

 

26

​

(77)

​

116

​

​

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2018

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

SIRIUS XM Holdings revenue

​

$

1,432

 

—

​

—

​

1,432

​

Formula 1 revenue

​

​

—

​

—

​

585

​

585

​

Other revenue

​

 

—

 

182

​

—

​

182

​

Total revenue

​

 

1,432

 

182

​

585

​

2,199

​

Operating costs and expenses, including stock-based compensation (note 2):

​

​

​

​

​

​

​

​

​

​

Cost of services (exclusive of depreciation shown separately below):

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

404

 

—

​

—

​

404

​

Programming and content

​

 

105

 

—

​

—

​

105

​

Customer service and billing

​

 

95

 

—

​

—

​

95

​

Other

​

 

33

 

—

​

—

​

33

​

Cost of Formula 1 revenue

​

​

—

​

—

​

414

​

414

​

Subscriber acquisition costs

​

 

119

​

—

​

—

​

119

​

Other operating expenses

​

 

27

 

97

​

—

​

124

​

Selling, general and administrative

​

 

224

 

27

​

49

​

300

​

Depreciation and amortization

​

 

92

 

23

​

116

​

231

​

​

​

 

1,099

 

147

​

579

​

1,825

​

Operating income (loss)

​

 

333

 

35

​

6

​

374

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(99)

 

(7)

​

(47)

​

(153)

​

Share of earnings (losses) of affiliates, net

​

 

(1)

 

3

​

20

​

22

​

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

​

 

62

 

—

​

(4)

​

58

​

Unrealized gains (losses) on intergroup interest (note 1)

​

​

—

​

(28)

​

28

​

—

​

Other, net

​

 

12

 

1

​

8

​

21

​

​

​

 

(26)

 

(31)

​

5

​

(52)

​

Earnings (loss) before income taxes

​

 

307

 

4

​

11

​

322

​

Income tax (expense) benefit

​

 

(59)

 

(7)

​

(1)

​

(67)

​

Net earnings (loss)

​

 

248

 

(3)

​

10

​

255

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

83

 

(1)

​

1

​

83

​

Net earnings (loss) attributable to Liberty stockholders

​

$

165

 

(2)

​

9

​

172

​

​

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2019

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

SIRIUS XM Holdings revenue

​

$

3,721

 

—

​

—

​

3,721

​

Formula 1 revenue

​

​

—

​

—

​

866

​

866

​

Other revenue

​

 

—

 

230

​

—

​

230

​

Total revenue

​

 

3,721

 

230

​

866

​

4,817

​

Operating costs and expenses, including stock-based compensation (note 2):

​

​

​

​

​

​

​

​

​

​

Cost of subscriber services (exclusive of depreciation shown separately below):

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

1,092

 

—

​

—

​

1,092

​

Programming and content

​

 

222

 

—

​

—

​

222

​

Customer service and billing

​

 

232

 

—

​

—

​

232

​

Other

​

 

84

 

—

​

—

​

84

​

Cost of Formula 1 revenue

​

​

—

​

—

​

589

​

589

​

Subscriber acquisition costs

​

 

212

 

—

​

—

​

212

​

Other operating expenses

​

 

128

 

160

​

—

​

288

​

Selling, general and administrative

​

 

687

 

51

​

97

​

835

​

Acquisition and other related costs

​

​

83

 

—

​

—

​

83

​

Depreciation and amortization

​

 

261

 

34

​

224

​

519

​

​

​

 

3,001

 

245

​

910

​

4,156

​

Operating income (loss)

​

 

720

 

(15)

​

(44)

​

661

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(211)

 

(14)

​

(101)

​

(326)

​

Share of earnings (losses) of affiliates, net

​

 

(11)

 

9

​

16

​

14

​

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

​

 

16

 

(4)

​

(197)

​

(185)

​

Unrealized gains (losses) on intergroup interest (note 1)

​

​

—

​

(28)

​

28

​

—

​

Other, net

​

 

9

 

1

​

19

​

29

​

​

​

 

(197)

 

(36)

​

(235)

​

(468)

​

Earnings (loss) before income taxes

​

 

523

 

(51)

​

(279)

​

193

​

Income tax (expense) benefit

​

 

(188)

 

6

​

54

​

(128)

​

Net earnings (loss)

​

 

335

 

(45)

​

(225)

​

65

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

107

 

—

​

—

​

107

​

Net earnings (loss) attributable to Liberty stockholders

​

$

228

 

(45)

​

(225)

​

(42)

​

​

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2018

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

SIRIUS XM Holdings revenue

​

$

2,807

 

—

​

—

​

2,807

​

Formula 1 revenue

​

​

—

​

—

​

699

​

699

​

Other revenue

​

 

—

 

210

​

—

​

210

​

Total revenue

​

 

2,807

 

210

​

699

​

3,716

​

Operating costs and expenses, including stock-based compensation (note 2):

​

​

​

​

​

​

​

​

​

​

Cost of services (exclusive of depreciation shown separately below):

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

714

 

—

​

—

​

714

​

Programming and content

​

 

206

 

—

​

—

​

206

​

Customer service and billing

​

 

189

 

—

​

—

​

189

​

Other

​

 

62

 

—

​

—

​

62

​

Cost of Formula 1 revenue

​

​

—

​

—

​

495

​

495

​

Subscriber acquisition costs

​

 

242

​

—

​

—

​

242

​

Other operating expenses

​

 

58

 

141

​

—

​

199

​

Selling, general and administrative

​

 

426

 

46

​

89

​

561

​

Depreciation and amortization

​

 

181

 

39

​

227

​

447

​

​

​

 

2,078

 

226

​

811

​

3,115

​

Operating income (loss)

​

 

729

 

(16)

​

(112)

​

601

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(196)

 

(13)

​

(94)

​

(303)

​

Share of earnings (losses) of affiliates, net

​

 

—

 

6

​

8

​

14

​

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

​

 

120

 

—

​

91

​

211

​

Unrealized gains (losses) on intergroup interest (note 1)

​

​

—

​

(33)

​

33

​

—

​

Other, net

​

 

17

 

2

​

8

​

27

​

​

​

 

(59)

 

(38)

​

46

​

(51)

​

Earnings (loss) before income taxes

​

 

670

 

(54)

​

(66)

​

550

​

Income tax (expense) benefit

​

 

(140)

 

(1)

​

59

​

(82)

​

Net earnings (loss)

​

 

530

 

(55)

​

(7)

​

468

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

165

 

(1)

​

1

​

165

​

Net earnings (loss) attributable to Liberty stockholders

​

$

365

 

(54)

​

(8)

​

303

​

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 2019

(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)

​

$

335

 

(45)

​

(225)

​

65

​

Adjustments to reconcile net earnings to net cash provided by operating activities:

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

 

261

 

34

​

224

​

519

​

Stock-based compensation

​

 

138

 

9

​

15

​

162

​

Share of (earnings) loss of affiliates, net

​

 

11

 

(9)

​

(16)

​

(14)

​

Unrealized (gains) losses on intergroup interest, net

​

​

—

​

28

​

(28)

​

—

​

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

​

 

(16)

 

4

​

197

​

185

​

Noncash interest expense (benefit)

​

​

2

​

—

​

1

​

3

​

Deferred income tax expense (benefit)

​

 

178

 

—

​

(63)

​

115

​

Intergroup tax allocation

​

​

(1)

​

(6)

​

7

​

—

​

Intergroup tax (payments) receipts

​

​

(2)

​

22

​

(20)

​

—

​

Other charges (credits), net

​

 

2

 

5

​

(7)

​

—

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

(14)

 

(34)

​

(35)

​

(83)

​

Payables and other liabilities

​

 

15

 

56

​

149

​

220

​

Net cash provided (used) by operating activities

​

 

909

 

64

​

199

​

1,172

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

Investments in equity method affiliates and debt and equity securities

​

 

(9)

 

(5)

​

(6)

​

(20)

​

Cash proceeds from sale of investments

​

​

373

​

—

​

—

​

373

​

Cash received from Pandora acquisition

​

​

313

​

—

​

—

​

313

​

Capital expended for property and equipment

​

 

(160)

 

(50)

​

(11)

​

(221)

​

Sales of short term investments and other marketable securities

​

​

72

 

—

​

—

​

72

​

Other investing activities, net

​

 

(1)

 

—

​

(4)

​

(5)

​

Net cash provided (used) by investing activities

​

 

588

 

(55)

​

(21)

​

512

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

2,878

 

1

​

—

​

2,879

​

Repayments of debt

​

 

(2,360)

 

(24)

​

(3)

​

(2,387)

​

Series C Liberty SiriusXM stock repurchases

​

​

(306)

​

—

​

—

​

(306)

​

Subsidiary shares repurchased by subsidiary

​

 

(1,474)

 

—

​

—

​

(1,474)

​

Cash dividends paid by subsidiary

​

​

(36)

​

—

​

—

​

(36)

​

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

​

 

(50)

 

—

​

(7)

​

(57)

​

Other financing activities, net

​

​

(3)

​

(7)

​

6

​

(4)

​

Net cash provided (used) by financing activities

​

 

(1,351)

 

(30)

​

(4)

​

(1,385)

​

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

​

 

146

 

(21)

​

174

​

299

​

Cash, cash equivalents and restricted cash at beginning of period

​

 

102

 

190

​

160

​

452

​

Cash, cash equivalents and restricted cash at end of period

​

$

248

 

169

​

334

​

751

​

​

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 2018

(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)

​

$

530

 

(55)

​

(7)

​

468

​

Adjustments to reconcile net earnings to net cash provided by operating activities:

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

 

181

 

39

​

227

​

447

​

Stock-based compensation

​

 

82

 

5

​

12

​

99

​

Share of (earnings) loss of affiliates, net

​

 

—

 

(6)

​

(8)

​

(14)

​

Unrealized (gains) losses on intergroup interest, net

​

​

—

​

33

​

(33)

​

—

​

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

​

 

(120)

 

—

​

(91)

​

(211)

​

Noncash interest expense (benefit)

​

​

(8)

​

2

​

—

​

(6)

​

Deferred income tax expense (benefit)

​

 

123

 

(2)

​

(49)

​

72

​

Intergroup tax allocation

​

​

1

​

3

​

(4)

​

—

​

Other charges (credits), net

​

 

—

 

14

​

2

​

16

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

1

 

(3)

​

(97)

​

(99)

​

Payables and other liabilities

​

 

163

 

37

​

296

​

496

​

Net cash provided (used) by operating activities

​

 

953

 

67

​

248

​

1,268

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

Investments in equity method affiliates and debt and equity securities

​

 

(395)

 

—

​

(4)

​

(399)

​

Cash proceeds from sale of investments

​

​

—

​

—

​

243

​

243

​

Capital expended for property and equipment

​

 

(174)

 

(14)

​

(3)

​

(191)

​

Other investing activities, net

​

 

3

 

36

​

8

​

47

​

Net cash provided (used) by investing activities

​

 

(566)

 

22

​

244

​

(300)

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

1,171

 

123

​

289

​

1,583

​

Repayments of debt

​

 

(1,388)

 

(180)

​

(850)

​

(2,418)

​

Series C Liberty SiriusXM stock repurchases

​

​

(218)

​

—

​

—

​

(218)

​

Subsidiary shares repurchased by subsidiary

​

 

(334)

 

—

​

—

​

(334)

​

Cash dividends paid by subsidiary

​

​

(29)

​

—

​

—

​

(29)

​

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

​

 

(79)

 

—

​

(2)

​

(81)

​

Other financing activities, net

​

​

50

​

—

​

(4)

​

46

​

Net cash provided (used) by financing activities

​

 

(827)

 

(57)

​

(567)

​

(1,451)

​

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

​

​

—

​

—

​

(1)

​

(1)

​

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

​

 

(440)

 

32

​

(76)

​

(484)

​

Cash, cash equivalents and restricted cash at beginning of period

​

 

625

 

140

​

282

​

1,047

​

Cash, cash equivalents and restricted cash at end of period

​

$

185

 

172

​

206

​

563

​

​