Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.21.2
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