Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
September 30, 2021
(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 |
|
$ |
529 |
|
134 |
|
2,195 |
|
— |
|
2,858 |
|
Trade and other receivables, net |
|
|
652 |
|
50 |
|
110 |
|
— |
|
812 |
|
Other current assets |
|
|
632 |
|
127 |
|
161 |
|
— |
|
920 |
|
Total current assets |
|
|
1,813 |
|
311 |
|
2,466 |
|
— |
|
4,590 |
|
Intergroup interests (note 1) |
|
|
310 |
|
— |
|
179 |
|
(489) |
|
— |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
874 |
|
108 |
|
34 |
|
— |
|
1,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
2,781 |
|
997 |
|
203 |
|
— |
|
3,981 |
|
Accumulated depreciation |
|
|
(1,645) |
|
(220) |
|
(85) |
|
— |
|
(1,950) |
|
|
|
|
1,136 |
|
777 |
|
118 |
|
— |
|
2,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
15,110 |
|
180 |
|
3,957 |
|
— |
|
19,247 |
|
FCC licenses |
|
|
8,600 |
|
— |
|
— |
|
— |
|
8,600 |
|
Other |
|
|
1,242 |
|
143 |
|
— |
|
— |
|
1,385 |
|
|
|
|
24,952 |
|
323 |
|
3,957 |
|
— |
|
29,232 |
|
Intangible assets subject to amortization, net |
|
|
1,310 |
|
22 |
|
3,601 |
|
— |
|
4,933 |
|
Other assets |
|
|
1,102 |
|
84 |
|
1,480 |
|
(49) |
|
2,617 |
|
Total assets |
|
$ |
31,497 |
|
1,625 |
|
11,835 |
|
(538) |
|
44,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 3) |
|
$ |
(16) |
|
(37) |
|
53 |
|
— |
|
— |
|
Accounts payable and accrued liabilities |
|
|
1,272 |
|
55 |
|
191 |
|
— |
|
1,518 |
|
Current portion of debt |
|
|
1,900 |
|
12 |
|
661 |
|
— |
|
2,573 |
|
Deferred revenue |
|
|
1,500 |
|
73 |
|
421 |
|
— |
|
1,994 |
|
Other current liabilities |
|
|
69 |
|
6 |
|
28 |
|
— |
|
103 |
|
Total current liabilities |
|
|
4,725 |
|
109 |
|
1,354 |
|
— |
|
6,188 |
|
Long-term debt (note 1) |
|
|
11,854 |
|
706 |
|
2,965 |
|
— |
|
15,525 |
|
Deferred income tax liabilities |
|
|
2,206 |
|
63 |
|
— |
|
(49) |
|
2,220 |
|
Redeemable intergroup interests (note 1) |
|
|
— |
|
241 |
|
248 |
|
(489) |
|
— |
|
Other liabilities |
|
|
623 |
|
206 |
|
188 |
|
— |
|
1,017 |
|
Total liabilities |
|
|
19,408 |
|
1,325 |
|
4,755 |
|
(538) |
|
24,950 |
|
Redeemable noncontrolling interests in equity of subsidiary |
|
|
— |
|
— |
|
575 |
|
— |
|
575 |
|
Equity / Attributed net assets |
|
|
8,130 |
|
300 |
|
6,481 |
|
— |
|
14,911 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
3,959 |
|
— |
|
24 |
|
— |
|
3,983 |
|
Total liabilities and equity |
|
$ |
31,497 |
|
1,625 |
|
11,835 |
|
(538) |
|
44,419 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2021
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
2,198 |
|
— |
|
— |
|
2,198 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
668 |
|
668 |
|
Other revenue |
|
|
— |
|
234 |
|
— |
|
234 |
|
Total revenue |
|
|
2,198 |
|
234 |
|
668 |
|
3,100 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
671 |
|
— |
|
— |
|
671 |
|
Programming and content |
|
|
142 |
|
— |
|
— |
|
142 |
|
Customer service and billing |
|
|
128 |
|
— |
|
— |
|
128 |
|
Other |
|
|
57 |
|
— |
|
— |
|
57 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
449 |
|
449 |
|
Subscriber acquisition costs |
|
|
70 |
|
— |
|
— |
|
70 |
|
Other operating expenses |
|
|
67 |
|
154 |
|
— |
|
221 |
|
Selling, general and administrative |
|
|
402 |
|
28 |
|
51 |
|
481 |
|
Impairment, restructuring and acquisition costs, net of recoveries |
|
|
(95) |
|
— |
|
— |
|
(95) |
|
Depreciation and amortization |
|
|
152 |
|
22 |
|
100 |
|
274 |
|
|
|
|
1,594 |
|
204 |
|
600 |
|
2,398 |
|
Operating income (loss) |
|
|
604 |
|
30 |
|
68 |
|
702 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(130) |
|
(6) |
|
(32) |
|
(168) |
|
Share of earnings (losses) of affiliates, net |
|
|
2 |
|
9 |
|
(2) |
|
9 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(42) |
|
— |
|
2 |
|
(40) |
|
Gains (losses) on dilution of investment in affiliate |
|
|
142 |
|
— |
|
— |
|
142 |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
20 |
|
12 |
|
(32) |
|
— |
|
Other, net |
|
|
(75) |
|
1 |
|
2 |
|
(72) |
|
|
|
|
(83) |
|
16 |
|
(62) |
|
(129) |
|
Earnings (loss) before income taxes |
|
|
521 |
|
46 |
|
6 |
|
573 |
|
Income tax (expense) benefit |
|
|
(108) |
|
(10) |
|
(55) |
|
(173) |
|
Net earnings (loss) |
|
|
413 |
|
36 |
|
(49) |
|
400 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
71 |
|
— |
|
3 |
|
74 |
|
Less net earnings (loss) attributable to redeemable noncontrolling interest |
|
|
— |
|
— |
|
(2) |
|
(2) |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
342 |
|
36 |
|
(50) |
|
328 |
|
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 Sirius XM Holdings 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 |
|
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) |
|
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
Nine months ended September 30, 2021
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
6,415 |
|
— |
|
— |
|
6,415 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
1,349 |
|
1,349 |
|
Other revenue |
|
|
— |
|
466 |
|
— |
|
466 |
|
Total revenue |
|
|
6,415 |
|
466 |
|
1,349 |
|
8,230 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
1,974 |
|
— |
|
— |
|
1,974 |
|
Programming and content |
|
|
407 |
|
— |
|
— |
|
407 |
|
Customer service and billing |
|
|
372 |
|
— |
|
— |
|
372 |
|
Other |
|
|
167 |
|
— |
|
— |
|
167 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
931 |
|
931 |
|
Subscriber acquisition costs |
|
|
245 |
|
— |
|
— |
|
245 |
|
Other operating expenses |
|
|
197 |
|
316 |
|
— |
|
513 |
|
Selling, general and administrative |
|
|
1,122 |
|
73 |
|
141 |
|
1,336 |
|
Impairment, restructuring and acquisition costs, net of recoveries |
|
|
13 |
|
— |
|
— |
|
13 |
|
Depreciation and amortization |
|
|
451 |
|
56 |
|
299 |
|
806 |
|
|
|
|
4,948 |
|
445 |
|
1,371 |
|
6,764 |
|
Operating income (loss) |
|
|
1,467 |
|
21 |
|
(22) |
|
1,466 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(373) |
|
(18) |
|
(93) |
|
(484) |
|
Share of earnings (losses) of affiliates, net |
|
|
(181) |
|
20 |
|
27 |
|
(134) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(42) |
|
1 |
|
107 |
|
66 |
|
Gains (losses) on dilution of investment in affiliate |
|
|
152 |
|
— |
|
— |
|
152 |
|
Unrealized gains (losses) on intergroup interest (note 1) |
|
|
52 |
|
(15) |
|
(37) |
|
— |
|
Other, net |
|
|
(66) |
|
1 |
|
11 |
|
(54) |
|
|
|
|
(458) |
|
(11) |
|
15 |
|
(454) |
|
Earnings (loss) before income taxes |
|
|
1,009 |
|
10 |
|
(7) |
|
1,012 |
|
Income tax (expense) benefit |
|
|
(126) |
|
(8) |
|
36 |
|
(98) |
|
Net earnings (loss) |
|
|
883 |
|
2 |
|
29 |
|
914 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
215 |
|
— |
|
19 |
|
234 |
|
Less net earnings (loss) attributable to redeemable noncontrolling interest |
|
|
— |
|
— |
|
51 |
|
51 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
668 |
|
2 |
|
(41) |
|
629 |
|
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 Sirius XM Holdings 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 |
|
Impairment, restructuring and acquisition costs, net of recoveries |
|
|
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) |
|
Gains (losses) on dilution of investment in affiliate |
|
|
1 |
|
— |
|
— |
|
1 |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
92 |
|
78 |
|
(170) |
|
— |
|
Other, net |
|
|
(20) |
|
(1) |
|
19 |
|
(2) |
|
|
|
|
(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) |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2021
(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) |
|
$ |
883 |
|
2 |
|
29 |
|
914 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
451 |
|
56 |
|
299 |
|
806 |
|
Stock-based compensation |
|
|
158 |
|
9 |
|
21 |
|
188 |
|
Non-cash impairment and restructuring costs |
|
|
24 |
|
— |
|
— |
|
24 |
|
Changes in fair value of contingent consideration |
|
|
(17) |
|
— |
|
— |
|
(17) |
|
Share of (earnings) loss of affiliates, net |
|
|
181 |
|
(20) |
|
(27) |
|
134 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(52) |
|
15 |
|
37 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
42 |
|
(1) |
|
(107) |
|
(66) |
|
Losses (gains) on dilution of investment in affiliate |
|
|
(152) |
|
— |
|
— |
|
(152) |
|
Deferred income tax expense (benefit) |
|
|
66 |
|
10 |
|
(43) |
|
33 |
|
Intergroup tax allocation |
|
|
5 |
|
(2) |
|
(3) |
|
— |
|
Other charges (credits), net |
|
|
94 |
|
7 |
|
3 |
|
104 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
54 |
|
(52) |
|
(47) |
|
(45) |
|
Payables and other liabilities |
|
|
(439) |
|
(16) |
|
205 |
|
(250) |
|
Net cash provided (used) by operating activities |
|
|
1,298 |
|
8 |
|
367 |
|
1,673 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(66) |
|
— |
|
(152) |
|
(218) |
|
Investment of subsidiary initial public offering proceeds into trust account |
|
|
— |
|
— |
|
(575) |
|
(575) |
|
Return of investment in equity method affiliates |
|
|
— |
|
— |
|
38 |
|
38 |
|
Cash proceeds from sale of investments |
|
|
27 |
|
2 |
|
167 |
|
196 |
|
Cash (paid) received from acquisitions, net of cash acquired |
|
|
(14) |
|
— |
|
— |
|
(14) |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(244) |
|
(26) |
|
(10) |
|
(280) |
|
Proceeds from insurance recoveries |
|
|
225 |
|
— |
|
— |
|
225 |
|
Other investing activities, net |
|
|
6 |
|
8 |
|
(1) |
|
13 |
|
Net cash provided (used) by investing activities |
|
|
(66) |
|
(16) |
|
(533) |
|
(615) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
6,294 |
|
113 |
|
— |
|
6,407 |
|
Repayments of debt |
|
|
(5,871) |
|
(67) |
|
(191) |
|
(6,129) |
|
Liberty stock repurchases |
|
|
(351) |
|
— |
|
(47) |
|
(398) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(1,174) |
|
— |
|
— |
|
(1,174) |
|
Cash dividends paid by subsidiary |
|
|
(41) |
|
— |
|
— |
|
(41) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(91) |
|
— |
|
(2) |
|
(93) |
|
Proceeds from initial public offering of subsidiary |
|
|
— |
|
— |
|
575 |
|
575 |
|
Settlement of intergroup call spread |
|
|
(384) |
|
— |
|
384 |
|
— |
|
Other financing activities, net |
|
|
(85) |
|
(6) |
|
(37) |
|
(128) |
|
Net cash provided (used) by financing activities |
|
|
(1,703) |
|
40 |
|
682 |
|
(981) |
|
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 |
|
|
(471) |
|
32 |
|
511 |
|
72 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
1,008 |
|
185 |
|
1,684 |
|
2,877 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
537 |
|
217 |
|
2,195 |
|
2,949 |
|
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 |
|
Non-cash impairment and restructuring costs |
|
|
24 |
|
— |
|
— |
|
24 |
|
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 |
|
Losses (gains) on dilution of investment in affiliate |
|
|
(1) |
|
— |
|
— |
|
(1) |
|
Deferred income tax expense (benefit) |
|
|
33 |
|
(15) |
|
(61) |
|
(43) |
|
Intergroup tax allocation |
|
|
4 |
|
(16) |
|
12 |
|
— |
|
Other charges (credits), net |
|
|
50 |
|
10 |
|
2 |
|
62 |
|
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 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 |
|
|