Annual report pursuant to Section 13 and 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.19.3.a.u2
Financial Information for Tracking Stock Groups (Tables)
12 Months Ended
Dec. 31, 2019
Condensed Balance Sheet

BALANCE SHEET INFORMATION

December 31, 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

​

$

493

​

142

​

587

​

—

​

1,222

 

Trade and other receivables, net

​

 

670

​

28

​

69

​

—

​

767

 

Other current assets

​

 

227

​

97

​

92

​

—

​

416

 

Total current assets

​

 

1,390

​

267

​

748

​

—

​

2,405

 

Intergroup interests (note 1)

​

​

—

​

—

​

292

​

(292)

​

—

​

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

​

 

644

​

99

​

882

​

—

​

1,625

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Property and equipment, at cost

​

 

2,686

​

923

​

171

​

—

​

3,780

 

Accumulated depreciation

​

 

(1,331)

​

(128)

​

(59)

​

—

​

(1,518)

 

​

​

 

1,355

​

795

​

112

​

—

​

2,262

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Intangible assets not subject to amortization

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

 

15,803

​

180

​

3,956

​

—

​

19,939

 

FCC licenses

​

 

8,600

​

—

​

—

​

—

​

8,600

 

Other

​

 

1,262

​

143

​

—

​

—

​

1,405

 

​

​

 

25,665

​

323

​

3,956

​

—

​

29,944

 

Intangible assets subject to amortization, net

​

 

1,603

​

34

​

4,303

​

—

​

5,940

 

Other assets

​

 

764

​

75

​

1,212

​

(38)

​

2,013

 

Total assets

​

$

31,421

​

1,593

​

11,505

​

(330)

​

44,189

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Intergroup payable (receivable) (note 4)

​

$

(23)

​

(9)

​

32

​

—

​

—

​

Accounts payable and accrued liabilities

​

​

1,294

 

63

​

264

​

—

​

1,621

​

Current portion of debt (note 1)

​

 

1

 

59

​

—

​

—

​

60

​

Deferred revenue

​

 

1,930

 

70

​

113

​

—

​

2,113

​

Other current liabilities

​

 

72

 

5

​

17

​

—

​

94

​

Total current liabilities

​

 

3,274

 

188

​

426

​

—

​

3,888

​

Long-term debt (note 1)

​

 

9,244

 

495

​

5,677

​

—

​

15,416

​

Deferred income tax liabilities (note 3)

​

 

1,890

 

61

​

—

​

(38)

​

1,913

​

Redeemable intergroup interests (note 1)

​

​

24

​

268

​

—

​

(292)

​

—

​

Other liabilities

​

 

683

 

203

​

161

​

—

​

1,047

​

Total liabilities

​

 

15,115

 

1,215

​

6,264

​

(330)

​

22,264

​

Equity / Attributed net assets

​

 

10,678

 

378

​

5,239

​

—

​

16,295

​

Noncontrolling interests in equity of subsidiaries

​

 

5,628

 

—

​

2

​

—

​

5,630

​

Total liabilities and equity

​

$

31,421

 

1,593

​

11,505

​

(330)

​

44,189

​

​

BALANCE SHEET INFORMATION

December 31, 2018

(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

​

$

91

​

107

​

160

​

—

​

358

 

Trade and other receivables, net

​

 

233

​

21

​

110

​

—

​

364

 

Other current assets

​

 

191

​

129

​

40

​

—

​

360

 

Total current assets

​

 

515

​

257

​

310

​

—

​

1,082

 

Intergroup interests (note 1)

​

 

—

​

—

​

226

​

(226)

​

—

 

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

​

​

629

​

92

​

920

​

—

​

1,641

​

​

​

 

​

​

​

​

​

​

​

​

​

 

Property and equipment, at cost

​

 

2,450

​

1,137

​

178

​

—

​

3,765

 

Accumulated depreciation

​

 

(1,112)

​

(96)

​

(88)

​

—

​

(1,296)

 

​

​

​

1,338

​

1,041

​

90

​

—

​

2,469

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Intangible assets not subject to amortization

​

 

​

​

​

​

​

​

​

​

​

 

Goodwill

​

 

14,250

​

180

​

3,956

​

—

​

18,386

 

FCC licenses

​

 

8,600

​

—

​

—

​

—

​

8,600

 

Other

​

 

931

​

143

​

—

​

—

​

1,074

 

​

​

 

23,781

​

323

​

3,956

​

—

​

28,060

 

Intangible assets subject to amortization, net

​

 

942

​

37

​

4,736

​

—

​

5,715

 

Other assets

​

​

1,087

​

55

​

719

​

—

​

1,861

 

Total assets

​

$

28,292

​

1,805

​

10,957

​

(226)

​

40,828

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Intergroup payable (receivable) (note 4)

​

$

(4)

​

(21)

​

25

​

—

​

—

​

Accounts payable and accrued liabilities

​

 

854

 

29

​

233

​

—

​

1,116

​

Current portion of debt (note 1)

​

 

3

 

14

​

—

​

—

​

17

​

Deferred revenue

​

 

1,932

 

54

​

93

​

—

​

2,079

​

Other current liabilities

​

 

15

 

8

​

9

​

—

​

32

​

Total current liabilities

​

 

2,800

 

84

​

360

​

—

​

3,244

​

Long-term debt (note 1)

​

 

7,855

 

477

​

5,039

​

—

​

13,371

​

Deferred income tax liabilities (note 3)

​

 

1,673

 

69

​

(91)

​

—

​

1,651

​

Redeemable intergroup interests (note 1)

​

 

—

​

226

​

—

​

(226)

​

—

​

Other liabilities

​

 

257

 

511

​

96

​

—

​

864

​

Total liabilities

​

 

12,585

 

1,367

​

5,404

​

(226)

​

19,130

​

Equity / Attributed net assets

​

​

10,599

 

446

​

5,550

​

—

​

16,595

​

Noncontrolling interests in equity of subsidiaries

​

​

5,108

 

(8)

​

3

​

—

​

5,103

​

Total liabilities and equity

​

$

28,292

 

1,805

​

10,957

​

(226)

​

40,828

​

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

December 31, 2019

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

7,794

 

—

​

—

​

7,794

​

Formula 1 revenue

​

​

—

​

—

​

2,022

​

2,022

​

Other revenue

​

 

—

 

476

​

—

​

476

​

Total revenue

​

 

7,794

 

476

​

2,022

​

10,292

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

2,291

 

—

​

—

​

2,291

​

Programming and content

​

 

462

 

—

​

—

​

462

​

Customer service and billing

​

 

475

 

—

​

—

​

475

​

Other

​

 

199

 

—

​

—

​

199

​

Cost of Formula 1 revenue

​

​

—

 

—

​

1,394

​

1,394

​

Subscriber acquisition costs

​

 

427

 

—

​

—

​

427

​

Other operating expenses

​

 

280

 

340

​

—

​

620

​

Selling, general and administrative

​

 

1,495

 

104

​

210

​

1,809

​

Acquisition and other related costs

​

​

84

 

—

​

—

​

84

​

Depreciation and amortization

​

 

537

 

71

​

453

​

1,061

​

​

​

 

6,250

 

515

​

2,057

​

8,822

​

Operating income (loss)

​

 

1,544

 

(39)

​

(35)

​

1,470

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(435)

 

(27)

​

(195)

​

(657)

​

Share of earnings (losses) of affiliates, net

​

 

(24)

 

18

​

12

​

6

​

Unrealized gain/(loss) on inter-group interests

​

​

—

​

(42)

​

42

​

—

​

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

​

 

(41)

 

(4)

​

(270)

​

(315)

​

Other, net

​

 

(38)

 

2

​

45

​

9

​

​

​

 

(538)

 

(53)

​

(366)

​

(957)

​

Earnings (loss) before income taxes

​

 

1,006

 

(92)

​

(401)

​

513

​

Income tax (expense) benefit (note 3)

​

 

(271)

 

15

​

90

​

(166)

​

Net earnings (loss)

​

 

735

 

(77)

​

(311)

​

347

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

241

 

—

​

—

​

241

​

Net earnings (loss) attributable to Liberty stockholders

​

$

494

 

(77)

​

(311)

​

106

​

​

​

STATEMENT OF OPERATIONS INFORMATION

December 31, 2018

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

5,771

 

—

​

—

​

5,771

​

Formula 1 revenue

​

​

—

​

—

​

1,827

​

1,827

​

Other revenue

​

 

—

 

442

​

—

​

442

​

Total revenue

​

 

5,771

 

442

​

1,827

​

8,040

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

1,394

 

—

​

—

​

1,394

​

Programming and content

​

 

406

 

—

​

—

​

406

​

Customer service and billing

​

 

382

 

—

​

—

​

382

​

Other

​

 

126

 

—

​

—

​

126

​

Cost of Formula 1 revenue

​

​

—

 

—

​

1,273

​

1,273

​

Subscriber acquisition costs

​

 

470

 

—

​

—

​

470

​

Other operating expenses

​

 

123

 

265

​

—

​

388

​

Selling, general and administrative

​

 

878

 

100

​

204

​

1,182

​

Acquisition and other related costs

​

​

3

​

—

​

—

​

3

​

Depreciation and amortization

​

 

369

 

76

​

460

​

905

​

​

​

 

4,151

 

441

​

1,937

​

6,529

​

Operating income (loss)

​

 

1,620

 

1

​

(110)

​

1,511

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(388)

 

(26)

​

(192)

​

(606)

​

Share of earnings (losses) of affiliates, net

​

 

(11)

 

12

​

17

​

18

​

Unrealized gain/(loss) on inter-group interests

​

​

—

​

(24)

​

24

​

—

​

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

​

 

(1)

 

(2)

​

43

​

40

​

Other, net

​

 

25

 

35

​

18

​

78

​

​

​

 

(375)

 

(5)

​

(90)

​

(470)

​

Earnings (loss) before income taxes

​

 

1,245

 

(4)

​

(200)

​

1,041

​

Income tax (expense) benefit (note 3)

​

 

(241)

 

15

​

50

​

(176)

​

Net earnings (loss)

​

 

1,004

 

11

​

(150)

​

865

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

328

 

6

​

—

​

334

​

Net earnings (loss) attributable to Liberty stockholders

​

$

676

 

5

​

(150)

​

531

​

​

STATEMENT OF OPERATIONS INFORMATION

December 31, 2017

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

SIRIUS XM Holdings revenue

​

$

5,425

 

—

​

—

​

5,425

​

Formula 1 revenue

​

​

—

​

—

​

1,783

​

1,783

​

Other revenue

​

 

—

 

386

​

—

​

386

​

Total revenue

​

 

5,425

 

386

​

1,783

​

7,594

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

1,210

 

—

​

—

​

1,210

​

Programming and content

​

 

388

 

—

​

—

​

388

​

Customer service and billing

​

 

385

 

—

​

—

​

385

​

Other

​

 

119

 

—

​

—

​

119

​

Cost of Formula 1 revenue

​

​

—

​

—

​

1,219

​

1,219

​

Subscriber acquisition costs

​

 

499

 

—

​

—

​

499

​

Other operating expenses

​

 

113

 

296

​

—

​

409

​

Selling, general and administrative

​

 

812

 

136

​

199

​

1,147

​

Depreciation and amortization

​

 

352

 

67

​

405

​

824

​

​

​

 

3,878

 

499

​

1,823

​

6,200

​

Operating income (loss)

​

 

1,547

 

(113)

​

(40)

​

1,394

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(356)

 

(15)

​

(220)

​

(591)

​

Share of earnings (losses) of affiliates, net

​

 

29

 

78

​

(3)

​

104

​

Unrealized gain/(loss) on inter-group interests

​

​

—

​

(15)

​

15

​

—

​

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

​

 

(16)

 

—

​

(72)

​

(88)

​

Other, net

​

 

(11)

 

3

​

16

​

8

​

​

​

 

(354)

 

51

​

(264)

​

(567)

​

Earnings (loss) before income taxes

​

 

1,193

 

(62)

​

(304)

​

827

​

Income tax (expense) benefit (note 3)

​

 

466

 

36

​

561

​

1,063

​

Net earnings (loss)

​

 

1,659

 

(26)

​

257

​

1,890

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

535

 

(1)

​

2

​

536

​

Net earnings (loss) attributable to Liberty stockholders

​

$

1,124

 

(25)

​

255

​

1,354

​

Condensed Statement of Cash Flows

BALANCE SHEET INFORMATION

December 31, 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

​

$

493

​

142

​

587

​

—

​

1,222

 

Trade and other receivables, net

​

 

670

​

28

​

69

​

—

​

767

 

Other current assets

​

 

227

​

97

​

92

​

—

​

416

 

Total current assets

​

 

1,390

​

267

​

748

​

—

​

2,405

 

Intergroup interests (note 1)

​

​

—

​

—

​

292

​

(292)

​

—

​

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

​

 

644

​

99

​

882

​

—

​

1,625

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Property and equipment, at cost

​

 

2,686

​

923

​

171

​

—

​

3,780

 

Accumulated depreciation

​

 

(1,331)

​

(128)

​

(59)

​

—

​

(1,518)

 

​

​

 

1,355

​

795

​

112

​

—

​

2,262

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Intangible assets not subject to amortization

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

 

15,803

​

180

​

3,956

​

—

​

19,939

 

FCC licenses

​

 

8,600

​

—

​

—

​

—

​

8,600

 

Other

​

 

1,262

​

143

​

—

​

—

​

1,405

 

​

​

 

25,665

​

323

​

3,956

​

—

​

29,944

 

Intangible assets subject to amortization, net

​

 

1,603

​

34

​

4,303

​

—

​

5,940

 

Other assets

​

 

764

​

75

​

1,212

​

(38)

​

2,013

 

Total assets

​

$

31,421

​

1,593

​

11,505

​

(330)

​

44,189

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Intergroup payable (receivable) (note 4)

​

$

(23)

​

(9)

​

32

​

—

​

—

​

Accounts payable and accrued liabilities

​

​

1,294

 

63

​

264

​

—

​

1,621

​

Current portion of debt (note 1)

​

 

1

 

59

​

—

​

—

​

60

​

Deferred revenue

​

 

1,930

 

70

​

113

​

—

​

2,113

​

Other current liabilities

​

 

72

 

5

​

17

​

—

​

94

​

Total current liabilities

​

 

3,274

 

188

​

426

​

—

​

3,888

​

Long-term debt (note 1)

​

 

9,244

 

495

​

5,677

​

—

​

15,416

​

Deferred income tax liabilities (note 3)

​

 

1,890

 

61

​

—

​

(38)

​

1,913

​

Redeemable intergroup interests (note 1)

​

​

24

​

268

​

—

​

(292)

​

—

​

Other liabilities

​

 

683

 

203

​

161

​

—

​

1,047

​

Total liabilities

​

 

15,115

 

1,215

​

6,264

​

(330)

​

22,264

​

Equity / Attributed net assets

​

 

10,678

 

378

​

5,239

​

—

​

16,295

​

Noncontrolling interests in equity of subsidiaries

​

 

5,628

 

—

​

2

​

—

​

5,630

​

Total liabilities and equity

​

$

31,421

 

1,593

​

11,505

​

(330)

​

44,189

​

​

BALANCE SHEET INFORMATION

December 31, 2018

(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

​

$

91

​

107

​

160

​

—

​

358

 

Trade and other receivables, net

​

 

233

​

21

​

110

​

—

​

364

 

Other current assets

​

 

191

​

129

​

40

​

—

​

360

 

Total current assets

​

 

515

​

257

​

310

​

—

​

1,082

 

Intergroup interests (note 1)

​

 

—

​

—

​

226

​

(226)

​

—

 

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

​

​

629

​

92

​

920

​

—

​

1,641

​

​

​

 

​

​

​

​

​

​

​

​

​

 

Property and equipment, at cost

​

 

2,450

​

1,137

​

178

​

—

​

3,765

 

Accumulated depreciation

​

 

(1,112)

​

(96)

​

(88)

​

—

​

(1,296)

 

​

​

​

1,338

​

1,041

​

90

​

—

​

2,469

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Intangible assets not subject to amortization

​

 

​

​

​

​

​

​

​

​

​

 

Goodwill

​

 

14,250

​

180

​

3,956

​

—

​

18,386

 

FCC licenses

​

 

8,600

​

—

​

—

​

—

​

8,600

 

Other

​

 

931

​

143

​

—

​

—

​

1,074

 

​

​

 

23,781

​

323

​

3,956

​

—

​

28,060

 

Intangible assets subject to amortization, net

​

 

942

​

37

​

4,736

​

—

​

5,715

 

Other assets

​

​

1,087

​

55

​

719

​

—

​

1,861

 

Total assets

​

$

28,292

​

1,805

​

10,957

​

(226)

​

40,828

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Intergroup payable (receivable) (note 4)

​

$

(4)

​

(21)

​

25

​

—

​

—

​

Accounts payable and accrued liabilities

​

 

854

 

29

​

233

​

—

​

1,116

​

Current portion of debt (note 1)

​

 

3

 

14

​

—

​

—

​

17

​

Deferred revenue

​

 

1,932

 

54

​

93

​

—

​

2,079

​

Other current liabilities

​

 

15

 

8

​

9

​

—

​

32

​

Total current liabilities

​

 

2,800

 

84

​

360

​

—

​

3,244

​

Long-term debt (note 1)

​

 

7,855

 

477

​

5,039

​

—

​

13,371

​

Deferred income tax liabilities (note 3)

​

 

1,673

 

69

​

(91)

​

—

​

1,651

​

Redeemable intergroup interests (note 1)

​

 

—

​

226

​

—

​

(226)

​

—

​

Other liabilities

​

 

257

 

511

​

96

​

—

​

864

​

Total liabilities

​

 

12,585

 

1,367

​

5,404

​

(226)

​

19,130

​

Equity / Attributed net assets

​

​

10,599

 

446

​

5,550

​

—

​

16,595

​

Noncontrolling interests in equity of subsidiaries

​

​

5,108

 

(8)

​

3

​

—

​

5,103

​

Total liabilities and equity

​

$

28,292

 

1,805

​

10,957

​

(226)

​

40,828

​

​

STATEMENT OF OPERATIONS INFORMATION

December 31, 2019

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

7,794

 

—

​

—

​

7,794

​

Formula 1 revenue

​

​

—

​

—

​

2,022

​

2,022

​

Other revenue

​

 

—

 

476

​

—

​

476

​

Total revenue

​

 

7,794

 

476

​

2,022

​

10,292

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

2,291

 

—

​

—

​

2,291

​

Programming and content

​

 

462

 

—

​

—

​

462

​

Customer service and billing

​

 

475

 

—

​

—

​

475

​

Other

​

 

199

 

—

​

—

​

199

​

Cost of Formula 1 revenue

​

​

—

 

—

​

1,394

​

1,394

​

Subscriber acquisition costs

​

 

427

 

—

​

—

​

427

​

Other operating expenses

​

 

280

 

340

​

—

​

620

​

Selling, general and administrative

​

 

1,495

 

104

​

210

​

1,809

​

Acquisition and other related costs

​

​

84

 

—

​

—

​

84

​

Depreciation and amortization

​

 

537

 

71

​

453

​

1,061

​

​

​

 

6,250

 

515

​

2,057

​

8,822

​

Operating income (loss)

​

 

1,544

 

(39)

​

(35)

​

1,470

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(435)

 

(27)

​

(195)

​

(657)

​

Share of earnings (losses) of affiliates, net

​

 

(24)

 

18

​

12

​

6

​

Unrealized gain/(loss) on inter-group interests

​

​

—

​

(42)

​

42

​

—

​

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

​

 

(41)

 

(4)

​

(270)

​

(315)

​

Other, net

​

 

(38)

 

2

​

45

​

9

​

​

​

 

(538)

 

(53)

​

(366)

​

(957)

​

Earnings (loss) before income taxes

​

 

1,006

 

(92)

​

(401)

​

513

​

Income tax (expense) benefit (note 3)

​

 

(271)

 

15

​

90

​

(166)

​

Net earnings (loss)

​

 

735

 

(77)

​

(311)

​

347

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

241

 

—

​

—

​

241

​

Net earnings (loss) attributable to Liberty stockholders

​

$

494

 

(77)

​

(311)

​

106

​

​

​

STATEMENT OF OPERATIONS INFORMATION

December 31, 2018

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

5,771

 

—

​

—

​

5,771

​

Formula 1 revenue

​

​

—

​

—

​

1,827

​

1,827

​

Other revenue

​

 

—

 

442

​

—

​

442

​

Total revenue

​

 

5,771

 

442

​

1,827

​

8,040

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

1,394

 

—

​

—

​

1,394

​

Programming and content

​

 

406

 

—

​

—

​

406

​

Customer service and billing

​

 

382

 

—

​

—

​

382

​

Other

​

 

126

 

—

​

—

​

126

​

Cost of Formula 1 revenue

​

​

—

 

—

​

1,273

​

1,273

​

Subscriber acquisition costs

​

 

470

 

—

​

—

​

470

​

Other operating expenses

​

 

123

 

265

​

—

​

388

​

Selling, general and administrative

​

 

878

 

100

​

204

​

1,182

​

Acquisition and other related costs

​

​

3

​

—

​

—

​

3

​

Depreciation and amortization

​

 

369

 

76

​

460

​

905

​

​

​

 

4,151

 

441

​

1,937

​

6,529

​

Operating income (loss)

​

 

1,620

 

1

​

(110)

​

1,511

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(388)

 

(26)

​

(192)

​

(606)

​

Share of earnings (losses) of affiliates, net

​

 

(11)

 

12

​

17

​

18

​

Unrealized gain/(loss) on inter-group interests

​

​

—

​

(24)

​

24

​

—

​

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

​

 

(1)

 

(2)

​

43

​

40

​

Other, net

​

 

25

 

35

​

18

​

78

​

​

​

 

(375)

 

(5)

​

(90)

​

(470)

​

Earnings (loss) before income taxes

​

 

1,245

 

(4)

​

(200)

​

1,041

​

Income tax (expense) benefit (note 3)

​

 

(241)

 

15

​

50

​

(176)

​

Net earnings (loss)

​

 

1,004

 

11

​

(150)

​

865

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

328

 

6

​

—

​

334

​

Net earnings (loss) attributable to Liberty stockholders

​

$

676

 

5

​

(150)

​

531

​

​

STATEMENT OF OPERATIONS INFORMATION

December 31, 2017

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

SIRIUS XM Holdings revenue

​

$

5,425

 

—

​

—

​

5,425

​

Formula 1 revenue

​

​

—

​

—

​

1,783

​

1,783

​

Other revenue

​

 

—

 

386

​

—

​

386

​

Total revenue

​

 

5,425

 

386

​

1,783

​

7,594

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

1,210

 

—

​

—

​

1,210

​

Programming and content

​

 

388

 

—

​

—

​

388

​

Customer service and billing

​

 

385

 

—

​

—

​

385

​

Other

​

 

119

 

—

​

—

​

119

​

Cost of Formula 1 revenue

​

​

—

​

—

​

1,219

​

1,219

​

Subscriber acquisition costs

​

 

499

 

—

​

—

​

499

​

Other operating expenses

​

 

113

 

296

​

—

​

409

​

Selling, general and administrative

​

 

812

 

136

​

199

​

1,147

​

Depreciation and amortization

​

 

352

 

67

​

405

​

824

​

​

​

 

3,878

 

499

​

1,823

​

6,200

​

Operating income (loss)

​

 

1,547

 

(113)

​

(40)

​

1,394

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(356)

 

(15)

​

(220)

​

(591)

​

Share of earnings (losses) of affiliates, net

​

 

29

 

78

​

(3)

​

104

​

Unrealized gain/(loss) on inter-group interests

​

​

—

​

(15)

​

15

​

—

​

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

​

 

(16)

 

—

​

(72)

​

(88)

​

Other, net

​

 

(11)

 

3

​

16

​

8

​

​

​

 

(354)

 

51

​

(264)

​

(567)

​

Earnings (loss) before income taxes

​

 

1,193

 

(62)

​

(304)

​

827

​

Income tax (expense) benefit (note 3)

​

 

466

 

36

​

561

​

1,063

​

Net earnings (loss)

​

 

1,659

 

(26)

​

257

​

1,890

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

535

 

(1)

​

2

​

536

​

Net earnings (loss) attributable to Liberty stockholders

​

$

1,124

 

(25)

​

255

​

1,354

​

​

STATEMENT OF CASH FLOWS INFORMATION

December 31, 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)

​

$

735

 

(77)

​

(311)

​

347

​

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

​

​

​

​

.

​

​

​

​

​

Depreciation and amortization

​

 

537

 

71

​

453

​

1,061

​

Stock-based compensation

​

 

267

 

17

​

28

​

312

​

Share of (earnings) loss of affiliates, net

​

 

24

 

(18)

​

(12)

​

(6)

​

Unrealized (gains) losses on intergroup interests, net

​

​

—

​

42

​

(42)

​

—

​

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

​

 

41

 

4

​

270

​

315

​

Noncash interest expense

​

​

7

​

1

​

1

​

9

​

Losses (gains) on dilution of investment in affiliate

​

​

—

​

—

​

(7)

​

(7)

​

Loss on early extinguishment of debt

​

​

57

​

—

​

—

​

57

​

Deferred income tax expense (benefit)

​

 

268

 

(7)

​

(141)

​

120

​

Intergroup tax allocation

​

​

(21)

​

(8)

​

29

​

—

​

Intergroup tax (payments) receipts

​

​

(3)

​

21

​

(18)

​

—

​

Other charges (credits), net

​

 

4

 

18

​

(14)

​

8

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

(11)

 

(12)

​

20

​

(3)

​

Payables and other liabilities

​

 

39

 

23

​

38

​

100

​

Net cash provided (used) by operating activities

​

 

1,944

 

75

​

294

​

2,313

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

Cash proceeds from dispositions of investments

​

​

373

​

—

​

69

​

442

​

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

​

​

313

​

—

​

—

​

313

​

Investments in equity method affiliates and debt and equity securities

​

 

(19)

 

(4)

​

(6)

​

(29)

​

Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities

​

​

11

​

—

​

—

​

11

​

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

​

 

(363)

 

(103)

​

(44)

​

(510)

​

Sales of short term investments and other marketable securities

​

 

73

 

—

​

—

​

73

​

Other investing activities, net

​

 

(4)

 

—

​

18

​

14

​

Net cash provided (used) by investing activities

​

 

384

 

(107)

​

37

​

314

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

5,795

 

96

​

129

​

6,020

​

Repayments of debt

​

 

(4,833)

 

(31)

​

(7)

​

(4,871)

​

Series C Liberty SiriusXM stock repurchases

​

​

(419)

 

—

​

(24)

​

(443)

​

Subsidiary shares repurchased by subsidiary

​

 

(2,159)

 

—

​

—

​

(2,159)

​

Cash dividends paid by subsidiary

​

​

(68)

 

—

​

—

​

(68)

​

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

​

 

(201)

 

(4)

​

(6)

​

(211)

​

Other financing activities, net

​

​

(38)

​

(7)

​

4

​

(41)

​

Net cash provided (used) by financing activities

​

 

(1,923)

 

54

​

96

​

(1,773)

​

Effect of foreign exchange rates on cash, cash equivalents and restricted cash

​

​

—

 

—

​

—

​

—

​

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

​

 

405

 

22

​

427

​

854

​

Cash, cash equivalents and restricted cash at beginning of period

​

 

102

 

190

​

160

​

452

​

Cash, cash equivalents and restricted cash at end of period

​

$

507

 

212

​

587

​

1,306

​

​

STATEMENT OF CASH FLOWS INFORMATION

December 31, 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)

​

$

1,004

 

11

​

(150)

​

865

​

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

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

 

369

 

76

​

460

​

905

​

Stock-based compensation

​

 

156

 

11

​

25

​

192

​

Share of (earnings) loss of affiliates, net

​

 

11

 

(12)

​

(17)

​

(18)

​

Unrealized (gains) losses on intergroup interests, net

​

​

—

​

24

​

(24)

​

—

​

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

​

 

1

 

2

​

(43)

​

(40)

​

Noncash interest expense

​

​

(8)

​

5

​

2

​

(1)

​

Losses (gains) on dilution of investment in affiliate

​

​

—

​

—

​

1

​

1

​

Loss on early extinguishment of debt

​

​

—

​

—

​

1

​

1

​

Deferred income tax expense (benefit)

​

 

231

 

(1)

​

(63)

​

167

​

Intergroup tax allocation

​

​

22

​

(14)

​

(8)

​

—

​

Intergroup tax (payments) receipts

​

​

(20)

​

35

​

(15)

​

—

​

Other charges (credits), net

​

 

2

 

(20)

​

1

​

(17)

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

(4)

 

8

​

(35)

​

(31)

​

Payables and other liabilities

​

 

21

 

(22)

​

133

​

132

​

Net cash provided (used) by operating activities

​

 

1,785

 

103

​

268

​

2,156

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

Cash proceeds from dispositions of investments

​

 

—

​

155

​

244

​

399

​

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

​

​

(2)

​

—

​

—

​

(2)

​

Investments in equity method affiliates and debt and equity securities

​

​

(405)

 

—

​

(9)

​

(414)

​

Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities

​

​

14

​

—

​

—

​

14

​

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

​

 

(356)

 

(33)

​

(14)

​

(403)

​

Other investing activities, net

​

 

(7)

 

37

​

6

​

36

​

Net cash provided (used) by investing activities

​

 

(756)

 

159

​

227

​

(370)

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

2,795

 

123

​

699

​

3,617

​

Repayments of debt

​

 

(2,431)

 

(317)

​

(1,309)

​

(4,057)

​

Series C Liberty SiriusXM stock repurchases

​

​

(466)

​

—

​

—

​

(466)

​

Subsidiary shares repurchased by subsidiary

​

​

(1,314)

 

—

​

—

​

(1,314)

​

Cash dividends paid by subsidiary

​

​

(59)

​

—

​

—

​

(59)

​

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

​

 

(127)

 

—

​

(3)

​

(130)

​

Other financing activities, net

​

​

50

​

(18)

​

(3)

​

29

​

Net cash provided (used) by financing activities

​

 

(1,552)

 

(212)

​

(616)

​

(2,380)

​

Effect of foreign exchange rates on cash, cash equivalents and restricted cash

​

​

—

​

—

​

(1)

​

(1)

​

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

​

 

(523)

 

50

​

(122)

​

(595)

​

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

​

$

102

 

190

​

160

​

452

​

​

​

​

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2017

(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)

​

$

1,659

 

(26)

​

257

​

1,890

​

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

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

 

352

 

67

​

405

​

824

​

Stock-based compensation

​

 

150

 

48

​

32

​

230

​

Share of (earnings) loss of affiliates, net

​

 

(29)

 

(78)

​

3

​

(104)

​

Unrealized (gains) losses on intergroup interests, net

​

​

—

​

15

​

(15)

​

—

​

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

​

 

16

 

—

​

72

​

88

​

Noncash interest expense

​

​

7

​

3

​

6

​

16

​

Losses (gains) on dilution of investment in affiliate

​

​

—

​

—

​

(3)

​

(3)

​

Loss on early extinguishment of debt

​

​

35

​

5

​

8

​

48

​

Deferred income tax expense (benefit)

​

 

(492)

 

2

​

(574)

​

(1,064)

​

Intergroup tax allocation

​

​

(6)

​

(39)

​

45

​

—

​

Intergroup tax (payments) receipts

​

​

4

​

15

​

(19)

​

—

​

Other charges (credits), net

​

 

(4)

 

18

​

(10)

​

4

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

30

 

(57)

​

77

​

50

​

Payables and other liabilities

​

 

127

 

(15)

​

(359)

​

(247)

​

Net cash provided (used) by operating activities

​

 

1,849

 

(42)

​

(75)

​

1,732

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

Cash proceeds from dispositions of investments

​

 

—

 

5

​

16

​

21

​

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

​

​

(107)

​

—

​

(1,647)

​

(1,754)

​

Investments in equity method affiliates and debt and equity securities

​

​

(851)

​

(2)

​

(9)

​

(862)

​

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

​

 

(288)

 

(219)

​

(10)

​

(517)

​

Other investing activities, net

​

 

(8)

 

(5)

​

(12)

​

(25)

​

Net cash provided (used) by investing activities

​

 

(1,254)

 

(221)

​

(1,662)

​

(3,137)

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

4,553

 

544

​

1,600

​

6,697

​

Repayments of debt

​

 

(3,216)

 

(218)

​

(1,673)

​

(5,107)

​

Proceeds from issuance of Series C Liberty Formula One common stock

​

​

—

​

—

​

1,938

​

1,938

​

Subsidiary shares repurchased by subsidiary

​

 

(1,409)

 

—

​

—

​

(1,409)

​

Cash dividends paid by subsidiary

​

​

(60)

​

—

​

—

​

(60)

​

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

​

 

(100)

 

(30)

​

(5)

​

(135)

​

Other financing activities, net

​

​

(35)

​

—

​

(13)

​

(48)

​

Net cash provided (used) by financing activities

​

 

(267)

 

296

​

1,847

​

1,876

​

Effect of foreign exchange rates on cash, cash equivalents and restricted cash

​

​

—

​

—

​

4

​

4

​

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

​

 

328

 

33

​

114

​

475

​

Cash, cash equivalents and restricted cash at beginning of period

​

 

297

 

107

​

168

​

572

​

Cash, cash equivalents and restricted cash at end of period

​

$

625

 

140

​

282

​

1,047

​

​