Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.19.3
Financial Information for Tracking Stock Groups (Tables)
9 Months Ended
Sep. 30, 2019
Condensed Balance Sheet

BALANCE SHEET INFORMATION

September 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

​

$

133

​

142

​

419

​

—

​

694

 

Trade and other receivables, net

​

 

632

​

49

​

97

​

—

​

778

 

Other current assets

​

 

225

​

102

​

137

​

—

​

464

 

Total current assets

​

 

990

​

293

​

653

​

—

​

1,936

 

Intergroup interest in the Liberty Braves Group (note 1)

​

​

—

​

—

​

252

​

(252)

​

—

​

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

​

 

638

​

104

​

956

​

—

​

1,698

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Property and equipment, at cost

​

 

2,639

​

883

​

192

​

—

​

3,714

 

Accumulated depreciation

​

 

(1,275)

​

(117)

​

(92)

​

—

​

(1,484)

 

​

​

 

1,364

​

766

​

100

​

—

​

2,230

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Intangible assets not subject to amortization

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

 

15,816

​

180

​

3,956

​

—

​

19,952

 

FCC licenses

​

 

8,600

​

—

​

—

​

—

​

8,600

 

Other

​

 

1,262

​

143

​

—

​

—

​

1,405

 

​

​

 

25,678

​

323

​

3,956

​

—

​

29,957

 

Intangible assets subject to amortization, net

​

 

1,632

​

35

​

4,412

​

—

​

6,079

 

Other assets

​

 

702

​

73

​

1,032

​

(62)

​

1,745

 

Total assets

​

$

31,004

​

1,594

​

11,361

​

(314)

​

43,645

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Intergroup payable (receivable) (note 3)

​

$

4

​

(7)

​

3

​

—

​

—

​

Accounts payable and accrued liabilities

​

​

1,240

 

57

​

240

​

—

​

1,537

​

Deferred revenue

​

 

1,938

 

52

​

245

​

—

​

2,235

​

Other current liabilities

​

 

74

 

17

​

19

​

—

​

110

​

Total current liabilities

​

 

3,256

 

119

​

507

​

—

​

3,882

​

Long-term debt (note 1)

​

 

8,857

 

521

​

5,329

​

—

​

14,707

​

Deferred income tax liabilities

​

 

1,856

 

78

​

—

​

(62)

​

1,872

​

Redeemable intergroup interest (note 1)

​

​

—

​

252

​

—

​

(252)

​

—

​

Other liabilities

​

 

634

 

206

​

166

​

—

​

1,006

​

Total liabilities

​

 

14,603

 

1,176

​

6,002

​

(314)

​

21,467

​

Equity / Attributed net assets

​

 

10,735

 

426

​

5,356

​

—

​

16,517

​

Noncontrolling interests in equity of subsidiaries

​

 

5,666

 

(8)

​

3

​

—

​

5,661

​

Total liabilities and equity

​

$

31,004

 

1,594

​

11,361

​

(314)

​

43,645

​

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended September 30, 2019

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

SIRIUS XM Holdings revenue

​

$

2,011

 

—

​

—

​

2,011

​

Formula 1 revenue

​

​

—

​

—

​

633

​

633

​

Other revenue

​

 

—

 

212

​

—

​

212

​

Total revenue

​

 

2,011

 

212

​

633

​

2,856

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

592

 

—

​

—

​

592

​

Programming and content

​

 

116

 

—

​

—

​

116

​

Customer service and billing

​

 

120

 

—

​

—

​

120

​

Other

​

 

52

 

—

​

—

​

52

​

Cost of Formula 1 revenue

​

​

—

​

—

​

434

​

434

​

Subscriber acquisition costs

​

 

101

 

—

​

—

​

101

​

Other operating expenses

​

 

78

 

145

​

—

​

223

​

Selling, general and administrative

​

 

363

 

26

​

51

​

440

​

Depreciation and amortization

​

 

135

 

20

​

116

​

271

​

​

​

 

1,557

 

191

​

601

​

2,349

​

Operating income (loss)

​

 

454

 

21

​

32

​

507

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(115)

 

(6)

​

(48)

​

(169)

​

Share of earnings (losses) of affiliates, net

​

 

(7)

 

4

​

58

​

55

​

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

​

 

(10)

 

(2)

​

26

​

14

​

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

​

​

—

​

2

​

(2)

​

—

​

Other, net

​

 

(51)

 

—

​

4

​

(47)

​

​

​

 

(183)

 

(2)

​

38

​

(147)

​

Earnings (loss) before income taxes

​

 

271

 

19

​

70

​

360

​

Income tax (expense) benefit

​

 

(63)

 

(7)

​

(28)

​

(98)

​

Net earnings (loss)

​

 

208

 

12

​

42

​

262

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

68

 

—

​

1

​

69

​

Net earnings (loss) attributable to Liberty stockholders

​

$

140

 

12

​

41

​

193

​

​

STATEMENT OF OPERATIONS INFORMATION

Three months ended September 30, 2018

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

SIRIUS XM Holdings revenue

​

$

1,468

 

—

​

—

​

1,468

​

Formula 1 revenue

​

​

—

​

—

​

647

​

647

​

Other revenue

​

 

—

 

200

​

—

​

200

​

Total revenue

​

 

1,468

 

200

​

647

​

2,315

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

343

 

—

​

—

​

343

​

Programming and content

​

 

97

 

—

​

—

​

97

​

Customer service and billing

​

 

95

 

—

​

—

​

95

​

Other

​

 

30

 

—

​

—

​

30

​

Cost of Formula 1 revenue

​

​

—

​

—

​

450

​

450

​

Subscriber acquisition costs

​

 

110

​

—

​

—

​

110

​

Other operating expenses

​

 

31

 

106

​

—

​

137

​

Selling, general and administrative

​

 

214

 

26

​

48

​

288

​

Depreciation and amortization

​

 

93

 

23

​

118

​

234

​

​

​

 

1,013

 

155

​

616

​

1,784

​

Operating income (loss)

​

 

455

 

45

​

31

​

531

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(95)

 

(6)

​

(49)

​

(150)

​

Share of earnings (losses) of affiliates, net

​

 

(2)

 

2

​

58

​

58

​

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

​

 

(51)

 

1

​

19

​

(31)

​

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

​

​

—

​

(13)

​

13

​

—

​

Other, net

​

 

6

 

—

​

4

​

10

​

​

​

 

(142)

 

(16)

​

45

​

(113)

​

Earnings (loss) before income taxes

​

 

313

 

29

​

76

​

418

​

Income tax (expense) benefit

​

 

(30)

 

12

​

(34)

​

(52)

​

Net earnings (loss)

​

 

283

 

41

​

42

​

366

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

98

 

—

​

—

​

98

​

Net earnings (loss) attributable to Liberty stockholders

​

$

185

 

41

​

42

​

268

​

​

STATEMENT OF OPERATIONS INFORMATION

Nine months ended September 30, 2019

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

SIRIUS XM Holdings revenue

​

$

5,732

 

—

​

—

​

5,732

​

Formula 1 revenue

​

​

—

​

—

​

1,499

​

1,499

​

Other revenue

​

 

—

 

442

​

—

​

442

​

Total revenue

​

 

5,732

 

442

​

1,499

​

7,673

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

1,684

 

—

​

—

​

1,684

​

Programming and content

​

 

338

 

—

​

—

​

338

​

Customer service and billing

​

 

352

 

—

​

—

​

352

​

Other

​

 

136

 

—

​

—

​

136

​

Cost of Formula 1 revenue

​

​

—

​

—

​

1,023

​

1,023

​

Subscriber acquisition costs

​

 

313

 

—

​

—

​

313

​

Other operating expenses

​

 

206

 

305

​

—

​

511

​

Selling, general and administrative

​

 

1,050

 

77

​

148

​

1,275

​

Acquisition and other related costs

​

​

83

 

—

​

—

​

83

​

Depreciation and amortization

​

 

396

 

54

​

340

​

790

​

​

​

 

4,558

 

436

​

1,511

​

6,505

​

Operating income (loss)

​

 

1,174

 

6

​

(12)

​

1,168

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(326)

 

(20)

​

(149)

​

(495)

​

Share of earnings (losses) of affiliates, net

​

 

(18)

 

13

​

74

​

69

​

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

​

 

6

 

(6)

​

(171)

​

(171)

​

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

​

​

—

​

(26)

​

26

​

—

​

Other, net

​

 

(42)

 

1

​

23

​

(18)

​

​

​

 

(380)

 

(38)

​

(197)

​

(615)

​

Earnings (loss) before income taxes

​

 

794

 

(32)

​

(209)

​

553

​

Income tax (expense) benefit

​

 

(251)

 

(1)

​

26

​

(226)

​

Net earnings (loss)

​

 

543

 

(33)

​

(183)

​

327

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

175

 

—

​

1

​

176

​

Net earnings (loss) attributable to Liberty stockholders

​

$

368

 

(33)

​

(184)

​

151

​

​

STATEMENT OF OPERATIONS INFORMATION

Nine months ended September 30, 2018

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

SIRIUS XM Holdings revenue

​

$

4,275

 

—

​

—

​

4,275

​

Formula 1 revenue

​

​

—

​

—

​

1,346

​

1,346

​

Other revenue

​

 

—

 

410

​

—

​

410

​

Total revenue

​

 

4,275

 

410

​

1,346

​

6,031

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

1,057

 

—

​

—

​

1,057

​

Programming and content

​

 

303

 

—

​

—

​

303

​

Customer service and billing

​

 

284

 

—

​

—

​

284

​

Other

​

 

92

 

—

​

—

​

92

​

Cost of Formula 1 revenue

​

​

—

​

—

​

945

​

945

​

Subscriber acquisition costs

​

 

352

​

—

​

—

​

352

​

Other operating expenses

​

 

89

 

247

​

—

​

336

​

Selling, general and administrative

​

 

640

 

72

​

137

​

849

​

Depreciation and amortization

​

 

274

 

62

​

345

​

681

​

​

​

 

3,091

 

381

​

1,427

​

4,899

​

Operating income (loss)

​

 

1,184

 

29

​

(81)

​

1,132

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(291)

 

(19)

​

(143)

​

(453)

​

Share of earnings (losses) of affiliates, net

​

 

(2)

 

8

​

66

​

72

​

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

​

 

69

 

1

​

110

​

180

​

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

​

​

—

​

(46)

​

46

​

—

​

Other, net

​

 

23

 

2

​

12

​

37

​

​

​

 

(201)

 

(54)

​

91

​

(164)

​

Earnings (loss) before income taxes

​

 

983

 

(25)

​

10

​

968

​

Income tax (expense) benefit

​

 

(170)

 

11

​

25

​

(134)

​

Net earnings (loss)

​

 

813

 

(14)

​

35

​

834

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

263

 

(1)

​

1

​

263

​

Net earnings (loss) attributable to Liberty stockholders

​

$

550

 

(13)

​

34

​

571

​

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Nine months ended September 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)

​

$

543

 

(33)

​

(183)

​

327

​

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

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

 

396

 

54

​

340

​

790

​

Stock-based compensation

​

 

204

 

13

​

21

​

238

​

Share of (earnings) loss of affiliates, net

​

 

18

 

(13)

​

(74)

​

(69)

​

Unrealized (gains) losses on intergroup interest, net

​

​

—

​

26

​

(26)

​

—

​

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

​

 

(6)

 

6

​

171

​

171

​

Noncash interest expense (benefit)

​

​

5

​

1

​

1

​

7

​

Deferred income tax expense (benefit)

​

 

232

 

7

​

(43)

​

196

​

Intergroup tax allocation

​

​

1

​

(6)

​

5

​

—

​

Intergroup tax (payments) receipts

​

​

(2)

​

22

​

(20)

​

—

​

Other charges (credits), net

​

 

58

 

8

​

(5)

​

61

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

14

 

(37)

​

(38)

​

(61)

​

Payables and other liabilities

​

 

(26)

 

9

​

127

​

110

​

Net cash provided (used) by operating activities

​

 

1,437

 

57

​

276

​

1,770

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

Investments in equity method affiliates and debt and equity securities

​

 

(14)

 

(4)

​

(7)

​

(25)

​

Cash proceeds from sale of investments

​

​

373

​

—

​

16

​

389

​

Cash paid for acquisitions, net of cash acquired

​

​

313

​

—

​

—

​

313

​

Capital expended for property and equipment

​

 

(239)

 

(72)

​

(27)

​

(338)

​

Sales of short term investments and other marketable securities

​

​

73

 

—

​

—

​

73

​

Other investing activities, net

​

 

2

 

—

​

(4)

​

(2)

​

Net cash provided (used) by investing activities

​

 

508

 

(76)

​

(22)

​

410

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

4,943

 

75

​

—

​

5,018

​

Repayments of debt

​

 

(4,311)

 

(29)

​

(5)

​

(4,345)

​

Series C Liberty SiriusXM stock repurchases

​

​

(374)

​

—

​

—

​

(374)

​

Subsidiary shares repurchased by subsidiary

​

 

(1,959)

 

—

​

—

​

(1,959)

​

Cash dividends paid by subsidiary

​

​

(52)

​

—

​

—

​

(52)

​

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

​

 

(109)

 

(1)

​

9

​

(101)

​

Other financing activities, net

​

​

(41)

​

(6)

​

6

​

(41)

​

Net cash provided (used) by financing activities

​

 

(1,903)

 

39

​

10

​

(1,854)

​

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

​

​

—

​

—

​

(5)

​

(5)

​

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

​

 

42

 

20

​

259

​

321

​

Cash, cash equivalents and restricted cash at beginning of period

​

 

102

 

190

​

160

​

452

​

Cash, cash equivalents and restricted cash at end of period

​

$

144

 

210

​

419

​

773

​

​

STATEMENT OF CASH FLOWS INFORMATION

Nine months ended September 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)

​

$

813

 

(14)

​

35

​

834

​

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

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

 

274

 

62

​

345

​

681

​

Stock-based compensation

​

 

117

 

9

​

19

​

145

​

Share of (earnings) loss of affiliates, net

​

 

2

 

(8)

​

(66)

​

(72)

​

Unrealized (gains) losses on intergroup interest, net

​

​

—

​

46

​

(46)

​

—

​

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

​

 

(69)

 

(1)

​

(110)

​

(180)

​

Noncash interest expense (benefit)

​

​

(9)

​

4

​

(1)

​

(6)

​

Deferred income tax expense (benefit)

​

 

159

 

3

​

(30)

​

132

​

Intergroup tax allocation

​

​

21

​

(14)

​

(7)

​

—

​

Other charges (credits), net

​

 

2

 

9

​

2

​

13

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

(33)

 

(3)

​

(83)

​

(119)

​

Payables and other liabilities

​

 

14

 

(30)

​

223

​

207

​

Net cash provided (used) by operating activities

​

 

1,291

 

63

​

281

​

1,635

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

Investments in equity method affiliates and debt and equity securities

​

 

(397)

 

—

​

(6)

​

(403)

​

Cash proceeds from sale of investments

​

​

—

​

—

​

244

​

244

​

Cash paid for acquisitions, net of cash acquired

​

​

(1)

​

—

​

—

​

(1)

​

Capital expended for property and equipment

​

 

(239)

 

(15)

​

(11)

​

(265)

​

Other investing activities, net

​

 

5

 

33

​

5

​

43

​

Net cash provided (used) by investing activities

​

 

(632)

 

18

​

232

​

(382)

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

1,899

 

123

​

288

​

2,310

​

Repayments of debt

​

 

(1,902)

 

(185)

​

(927)

​

(3,014)

​

Series C Liberty SiriusXM stock repurchases

​

​

(368)

​

—

​

—

​

(368)

​

Subsidiary shares repurchased by subsidiary

​

 

(662)

 

—

​

—

​

(662)

​

Cash dividends paid by subsidiary

​

​

(44)

​

—

​

—

​

(44)

​

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

​

 

(120)

 

—

​

(2)

​

(122)

​

Other financing activities, net

​

​

50

​

—

​

1

​

51

​

Net cash provided (used) by financing activities

​

 

(1,147)

 

(62)

​

(640)

​

(1,849)

​

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

​

 

(488)

 

19

​

(127)

​

(596)

​

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

​

$

137

 

159

​

155

​

451

​