Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.20.2
Financial Information for Tracking Stock Groups (Tables)
9 Months Ended
Sep. 30, 2020
Condensed Balance Sheet

BALANCE SHEET INFORMATION

September 30, 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

$

137

213

1,586

1,936

 

Trade and other receivables, net

 

582

41

148

771

 

Other current assets

 

214

40

588

(276)

566

 

Total current assets

 

933

294

2,322

(276)

3,273

 

Intergroup interests (note 1)

225

142

(367)

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

 

986

87

33

1,106

 

Property and equipment, at cost

 

2,724

991

191

3,906

 

Accumulated depreciation

 

(1,435)

(168)

(67)

(1,670)

 

 

1,289

823

124

2,236

 

Intangible assets not subject to amortization

Goodwill

 

15,820

180

3,956

19,956

 

FCC licenses

 

8,600

8,600

 

Other

 

1,262

143

1,405

 

 

25,682

323

3,956

29,961

 

Intangible assets subject to amortization, net

 

1,474

25

3,990

5,489

 

Other assets

 

1,021

76

664

(37)

1,724

 

Total assets

$

31,610

1,628

11,231

(680)

43,789

 

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 3)

$

(28)

(25)

53

Accounts payable and accrued liabilities

1,156

 

63

184

1,403

Current portion of debt

1

95

96

Deferred revenue

 

1,792

 

88

362

2,242

Other current liabilities

 

350

 

4

20

(276)

98

Total current liabilities

 

3,271

 

225

619

(276)

3,839

Long-term debt (note 1)

 

11,084

 

615

3,715

15,414

Deferred income tax liabilities

 

2,055

 

47

(37)

2,065

Redeemable intergroup interests (note 1)

191

176

(367)

Other liabilities

 

664

 

213

214

1,091

Total liabilities

 

17,074

 

1,291

4,724

(680)

22,409

Equity / Attributed net assets

 

9,354

 

337

6,501

16,192

Noncontrolling interests in equity of subsidiaries

 

5,182

 

6

5,188

Total liabilities and equity

$

31,610

 

1,628

11,231

(680)

43,789

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended September 30, 2020

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

2,025

 

2,025

Formula 1 revenue

597

597

Other revenue

 

 

110

110

Total revenue

 

2,025

 

110

597

2,732

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

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

Revenue share and royalties

 

602

 

602

Programming and content

 

123

 

123

Customer service and billing

 

119

 

119

Other

 

51

 

51

Cost of Formula 1 revenue

551

551

Subscriber acquisition costs

 

110

 

110

Other operating expenses

 

64

 

90

154

Selling, general and administrative

 

363

 

17

43

423

Acquisition and restructuring

 

Depreciation and amortization

 

142

 

19

118

279

 

1,574

 

126

712

2,412

Operating income (loss)

 

451

 

(16)

(115)

320

Other income (expense):

Interest expense

 

(116)

 

(6)

(31)

(153)

Intergroup interest (expense) income

 

Share of earnings (losses) of affiliates, net

 

(183)

 

(5)

1

(187)

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

 

(39)

 

55

16

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

25

(10)

(15)

Other, net

 

(36)

 

(1)

5

(32)

 

(349)

 

(22)

15

(356)

Earnings (loss) before income taxes

 

102

 

(38)

(100)

(36)

Income tax (expense) benefit

 

(22)

 

7

8

(7)

Net earnings (loss)

 

80

 

(31)

(92)

(43)

Less net earnings (loss) attributable to the noncontrolling interests

 

68

 

3

71

Net earnings (loss) attributable to Liberty stockholders

$

12

 

(31)

(95)

(114)

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

Acquisition and restructuring

 

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 interests (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

Nine months ended September 30, 2020

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

5,851

 

5,851

Formula 1 revenue

660

660

Other revenue

 

 

143

143

Total revenue

 

5,851

 

143

660

6,654

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

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

Revenue share and royalties

 

1,759

 

1,759

Programming and content

 

351

 

351

Customer service and billing

 

359

 

359

Other

 

142

 

142

Cost of Formula 1 revenue

610

610

Subscriber acquisition costs

 

257

 

257

Other operating expenses

 

196

 

143

339

Selling, general and administrative

 

1,055

 

39

127

1,221

Acquisition and restructuring

24

 

24

Depreciation and amortization

 

432

 

54

326

812

 

4,575

 

236

1,063

5,874

Operating income (loss)

 

1,276

 

(93)

(403)

780

Other income (expense):

Interest expense

 

(347)

 

(19)

(114)

(480)

Intergroup interest (expense) income

(7)

 

7

Share of earnings (losses) of affiliates, net

 

(331)

 

(2)

(109)

(442)

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

 

(228)

 

(10)

75

(163)

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

92

78

(170)

Other, net

 

(19)

 

(1)

19

(1)

 

(840)

 

46

(292)

(1,086)

Earnings (loss) before income taxes

 

436

 

(47)

(695)

(306)

Income tax (expense) benefit

 

(88)

 

31

60

3

Net earnings (loss)

 

348

 

(16)

(635)

(303)

Less net earnings (loss) attributable to the noncontrolling interests

 

210

 

3

213

Net earnings (loss) attributable to Liberty stockholders

$

138

 

(16)

(638)

(516)

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 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 restructuring

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 interests (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

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Nine months ended September 30, 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)

$

348

 

(16)

(635)

(303)

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

Depreciation and amortization

 

432

 

54

326

812

Stock-based compensation

 

173

 

(10)

17

180

Share of (earnings) loss of affiliates, net

 

331

 

2

109

442

Unrealized (gains) losses on intergroup interests, net

(92)

(78)

170

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

 

228

 

10

(75)

163

Deferred income tax expense (benefit)

 

33

 

(15)

(61)

(43)

Intergroup tax allocation

4

(16)

12

Other charges (credits), net

 

73

 

10

2

85

Changes in operating assets and liabilities

Current and other assets

 

150

 

(16)

(282)

(148)

Payables and other liabilities

 

(301)

 

19

150

(132)

Net cash provided (used) by operating activities

 

1,379

 

(56)

(267)

1,056

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(91)

 

(3)

(94)

Return of investment in equity method affiliates

105

105

Cash proceeds from sale of investments

13

13

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

(28)

(28)

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

 

(230)

 

(69)

(17)

(316)

Other investing activities, net

 

10

 

4

(3)

11

Net cash provided (used) by investing activities

 

(339)

 

(65)

95

(309)

Cash flows from financing activities:

Borrowings of debt

 

2,300

 

216

522

3,038

Repayments of debt

 

(1,922)

 

(62)

(611)

(2,595)

Intergroup Loan (repayment) borrowing

(750)

 

750

Liberty SiriusXM stock repurchases

(135)

(69)

(204)

Subsidiary shares repurchased by subsidiary

 

(870)

 

(870)

Reattribution between Liberty SiriusXM Group and Liberty Formula One Group

(608)

 

608

Proceeds from Liberty SiriusXM common stock rights offering

754

 

754

Cash dividends paid by subsidiary

(49)

(49)

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

 

(84)

 

(2)

(86)

Other financing activities, net

(35)

(5)

(26)

(66)

Net cash provided (used) by financing activities

 

(1,399)

 

149

1,172

(78)

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

 

(359)

 

28

999

668

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

$

148

 

240

1,586

1,974

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 interests, net

26

(26)

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

 

(6)

 

6

171

171

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

 

63

 

9

(4)

68

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) received for acquisitions, net of cash acquired

313

313

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

 

(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)

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