Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.20.1
Financial Information for Tracking Stock Groups (Tables)
3 Months Ended
Mar. 31, 2020
Condensed Balance Sheet

BALANCE SHEET INFORMATION

March 31, 2020

(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

​

$

386

​

321

​

1,094

​

—

​

1,801

 

Trade and other receivables, net

​

 

604

​

30

​

66

​

—

​

700

 

Other current assets

​

 

239

​

26

​

223

​

—

​

488

 

Total current assets

​

 

1,229

​

377

​

1,383

​

—

​

2,989

 

Intergroup interests (note 1)

​

​

—

​

—

​

235

​

(235)

​

—

​

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

​

 

670

​

101

​

671

​

—

​

1,442

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Property and equipment, at cost

​

 

2,689

​

945

​

169

​

—

​

3,803

 

Accumulated depreciation

​

 

(1,359)

​

(141)

​

(58)

​

—

​

(1,558)

 

​

​

 

1,330

​

804

​

111

​

—

​

2,245

 

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

 

1,555

​

33

​

4,202

​

—

​

5,790

 

Other assets

​

 

659

​

77

​

804

​

(32)

​

1,508

 

Total assets

​

$

31,108

​

1,715

​

11,362

​

(267)

​

43,918

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Intergroup payable (receivable) (note 3)

​

$

(19)

​

(13)

​

32

​

—

​

—

​

Accounts payable and accrued liabilities

​

​

1,107

 

51

​

150

​

—

​

1,308

​

Current portion of debt

​

​

1

​

114

​

475

​

—

​

590

​

Deferred revenue

​

 

1,923

 

108

​

554

​

—

​

2,585

​

Other current liabilities

​

 

75

 

5

​

21

​

—

​

101

​

Total current liabilities

​

 

3,087

 

265

​

1,232

​

—

​

4,584

​

Long-term debt (note 1)

​

 

9,070

 

580

​

4,903

​

—

​

14,553

​

Deferred income tax liabilities

​

 

1,947

 

49

​

—

​

(32)

​

1,964

​

Redeemable intergroup interests (note 1)

​

​

62

​

173

​

—

​

(235)

​

—

​

Other liabilities

​

 

665

 

221

​

229

​

—

​

1,115

​

Total liabilities

​

 

14,831

 

1,288

​

6,364

​

(267)

​

22,216

​

Equity / Attributed net assets

​

 

10,745

 

427

​

4,995

​

—

​

16,167

​

Noncontrolling interests in equity of subsidiaries

​

 

5,532

 

—

​

3

​

—

​

5,535

​

Total liabilities and equity

​

$

31,108

 

1,715

​

11,362

​

(267)

​

43,918

​

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2020

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

1,952

 

—

​

—

​

1,952

​

Formula 1 revenue

​

​

—

​

—

​

39

​

39

​

Other revenue

​

 

—

 

22

​

—

​

22

​

Total revenue

​

 

1,952

 

22

​

39

​

2,013

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

570

 

—

​

—

​

570

​

Programming and content

​

 

118

 

—

​

—

​

118

​

Customer service and billing

​

 

118

 

—

​

—

​

118

​

Other

​

 

44

 

—

​

—

​

44

​

Cost of Formula 1 revenue

​

​

—

​

—

​

43

​

43

​

Subscriber acquisition costs

​

 

99

 

—

​

—

​

99

​

Other operating expenses

​

 

71

 

29

​

—

​

100

​

Selling, general and administrative

​

 

342

 

22

​

44

​

408

​

Depreciation and amortization

​

 

148

 

15

​

104

​

267

​

​

​

 

1,510

 

66

​

191

​

1,767

​

Operating income (loss)

​

 

442

 

(44)

​

(152)

​

246

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(111)

 

(7)

​

(46)

​

(164)

​

Share of earnings (losses) of affiliates, net

​

 

(2)

 

4

​

(64)

​

(62)

​

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

​

 

(5)

 

(9)

​

15

​

1

​

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

​

​

31

​

95

​

(126)

​

—

​

Other, net

​

 

13

 

(1)

​

5

​

17

​

​

​

 

(74)

 

82

​

(216)

​

(208)

​

Earnings (loss) before income taxes

​

 

368

 

38

​

(368)

​

38

​

Income tax (expense) benefit

​

 

(76)

 

15

​

25

​

(36)

​

Net earnings (loss)

​

 

292

 

53

​

(343)

​

2

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

78

 

—

​

—

​

78

​

Net earnings (loss) attributable to Liberty stockholders

​

$

214

 

53

​

(343)

​

(76)

​

​

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2019

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

1,744

 

—

​

—

​

1,744

​

Formula 1 revenue

​

​

—

​

—

​

246

​

246

​

Other revenue

​

 

—

 

22

​

—

​

22

​

Total revenue

​

 

1,744

 

22

​

246

​

2,012

​

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

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

Revenue share and royalties

​

 

492

 

—

​

—

​

492

​

Programming and content

​

 

106

 

—

​

—

​

106

​

Customer service and billing

​

 

113

 

—

​

—

​

113

​

Other

​

 

37

 

—

​

—

​

37

​

Cost of Formula 1 revenue

​

​

—

​

—

​

148

​

148

​

Subscriber acquisition costs

​

 

108

 

—

​

—

​

108

​

Other operating expenses

​

 

54

 

31

​

—

​

85

​

Selling, general and administrative

​

 

326

 

27

​

46

​

399

​

Acquisition and other related costs

​

​

76

 

—

​

—

​

76

​

Depreciation and amortization

​

 

125

 

13

​

110

​

248

​

​

​

 

1,437

 

71

​

304

​

1,812

​

Operating income (loss)

​

 

307

 

(49)

​

(58)

​

200

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(102)

 

(7)

​

(50)

​

(159)

​

Share of earnings (losses) of affiliates, net

​

 

(4)

 

2

​

(18)

​

(20)

​

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

​

 

1

 

(2)

​

(97)

​

(98)

​

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

​

​

—

​

(26)

​

26

​

—

​

Other, net

​

 

3

 

—

​

5

​

8

​

​

​

 

(102)

 

(33)

​

(134)

​

(269)

​

Earnings (loss) before income taxes

​

 

205

 

(82)

​

(192)

​

(69)

​

Income tax (expense) benefit

​

 

(113)

 

11

​

44

​

(58)

​

Net earnings (loss)

​

 

92

 

(71)

​

(148)

​

(127)

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

31

 

—

​

—

​

31

​

Net earnings (loss) attributable to Liberty stockholders

​

$

61

 

(71)

​

(148)

​

(158)

​

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2020

(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)

​

$

292

 

53

​

(343)

​

2

​

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

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

 

148

 

15

​

104

​

267

​

Stock-based compensation

​

 

58

 

3

​

6

​

67

​

Share of (earnings) loss of affiliates, net

​

 

2

 

(4)

​

64

​

62

​

Unrealized (gains) losses on intergroup interest, net

​

​

(31)

​

(95)

​

126

​

—

​

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

​

 

5

 

9

​

(15)

​

(1)

​

Deferred income tax expense (benefit)

​

 

67

 

(13)

​

(15)

​

39

​

Intergroup tax allocation

​

​

1

​

(2)

​

1

​

—

​

Other charges (credits), net

​

 

4

 

3

​

3

​

10

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

72

 

19

​

(125)

​

(34)

​

Payables and other liabilities

​

 

(214)

 

29

​

330

​

145

​

Net cash provided (used) by operating activities

​

 

404

 

17

​

136

​

557

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

Investments in equity method affiliates and debt and equity securities

​

 

(81)

 

—

​

(1)

​

(82)

​

Return of investment in equity method affiliates

​

​

—

​

—

​

105

​

105

​

Cash proceeds from sale of investments

​

​

—

​

—

​

10

​

10

​

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

​

 

(62)

 

(24)

​

(2)

​

(88)

​

Other investing activities, net

​

 

(1)

 

—

​

(2)

​

(3)

​

Net cash provided (used) by investing activities

​

 

(144)

 

(24)

​

110

​

(58)

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

204

 

174

​

475

​

853

​

Repayments of debt

​

 

(206)

 

(35)

​

(131)

​

(372)

​

Liberty SiriusXM stock repurchases

​

​

(69)

​

—

​

(69)

​

(138)

​

Subsidiary shares repurchased by subsidiary

​

 

(243)

 

—

​

—

​

(243)

​

Cash dividends paid by subsidiary

​

​

(17)

​

—

​

—

​

(17)

​

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

​

 

(36)

 

—

​

(2)

​

(38)

​

Other financing activities, net

​

​

(2)

​

(1)

​

(4)

​

(7)

​

Net cash provided (used) by financing activities

​

 

(369)

 

138

​

269

​

38

​

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

​

​

—

​

—

​

(8)

​

(8)

​

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

​

 

(109)

 

131

​

507

​

529

​

Cash, cash equivalents and restricted cash at beginning of period

​

 

507

 

212

​

587

​

1,306

​

Cash, cash equivalents and restricted cash at end of period

​

$

398

 

343

​

1,094

​

1,835

​

​

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 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)

​

$

92

 

(71)

​

(148)

​

(127)

​

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

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

 

125

 

13

​

110

​

248

​

Stock-based compensation

​

 

76

 

3

​

7

​

86

​

Share of (earnings) loss of affiliates, net

​

 

4

 

(2)

​

18

​

20

​

Unrealized (gains) losses on intergroup interest, net

​

​

—

​

26

​

(26)

​

—

​

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

​

 

(1)

 

2

​

97

​

98

​

Deferred income tax expense (benefit)

​

 

109

 

2

​

(57)

​

54

​

Intergroup tax allocation

​

​

1

​

(14)

​

13

​

—

​

Other charges (credits), net

​

 

3

 

1

​

1

​

5

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

(8)

 

23

​

(34)

​

(19)

​

Payables and other liabilities

​

 

(19)

 

60

​

243

​

284

​

Net cash provided (used) by operating activities

​

 

382

 

43

​

224

​

649

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

Investments in equity method affiliates and debt and equity securities

​

 

(4)

 

(5)

​

(2)

​

(11)

​

Cash proceeds from sale of investments

​

​

72

​

—

​

—

​

72

​

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

​

​

313

​

—

​

—

​

313

​

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

​

 

(90)

 

(15)

​

(8)

​

(113)

​

Other investing activities, net

​

 

(3)

 

(4)

​

—

​

(7)

​

Net cash provided (used) by investing activities

​

 

288

 

(24)

​

(10)

​

254

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

913

 

—

​

—

​

913

​

Repayments of debt

​

 

(725)

 

(14)

​

(2)

​

(741)

​

Liberty SiriusXM stock repurchases

​

​

(222)

​

—

​

—

​

(222)

​

Subsidiary shares repurchased by subsidiary

​

 

(576)

 

—

​

—

​

(576)

​

Cash dividends paid by subsidiary

​

​

(19)

​

—

​

—

​

(19)

​

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

​

 

(36)

 

—

​

(4)

​

(40)

​

Other financing activities, net

​

​

2

​

(5)

​

3

​

—

​

Net cash provided (used) by financing activities

​

 

(663)

 

(19)

​

(3)

​

(685)

​

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

​

 

7

 

—

​

212

​

219

​

Cash, cash equivalents and restricted cash at beginning of period

​

 

102

 

190

​

160

​

452

​

Cash, cash equivalents and restricted cash at end of period

​

$

109

 

190

​

372

​

671

​