Financial Information for Tracking Stock Groups (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
March 31, 2022
(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 |
|
$ |
710 |
|
311 |
|
2,265 |
|
— |
|
3,286 |
|
Trade and other receivables, net |
|
|
650 |
|
43 |
|
148 |
|
— |
|
841 |
|
Other current assets |
|
|
789 |
|
45 |
|
209 |
|
— |
|
1,043 |
|
Total current assets |
|
|
2,149 |
|
399 |
|
2,622 |
|
— |
|
5,170 |
|
Intergroup interests (note 1) |
|
|
399 |
|
— |
|
189 |
|
(588) |
|
— |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
806 |
|
114 |
|
27 |
|
— |
|
947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
2,840 |
|
998 |
|
217 |
|
— |
|
4,055 |
|
Accumulated depreciation |
|
|
(1,722) |
|
(240) |
|
(92) |
|
— |
|
(2,054) |
|
|
|
|
1,118 |
|
758 |
|
125 |
|
— |
|
2,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
15,140 |
|
176 |
|
3,956 |
|
— |
|
19,272 |
|
FCC licenses |
|
|
8,600 |
|
— |
|
— |
|
— |
|
8,600 |
|
Other |
|
|
1,242 |
|
124 |
|
— |
|
— |
|
1,366 |
|
|
|
|
24,982 |
|
300 |
|
3,956 |
|
— |
|
29,238 |
|
Intangible assets subject to amortization, net |
|
|
1,236 |
|
24 |
|
3,420 |
|
— |
|
4,680 |
|
Other assets |
|
|
946 |
|
68 |
|
1,514 |
|
(45) |
|
2,483 |
|
Total assets |
|
$ |
31,636 |
|
1,663 |
|
11,853 |
|
(633) |
|
44,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 3) |
|
$ |
28 |
|
(23) |
|
(5) |
|
— |
|
— |
|
Accounts payable and accrued liabilities |
|
|
1,229 |
|
58 |
|
225 |
|
— |
|
1,512 |
|
Current portion of debt |
|
|
1,669 |
|
156 |
|
759 |
|
— |
|
2,584 |
|
Deferred revenue |
|
|
1,451 |
|
166 |
|
526 |
|
— |
|
2,143 |
|
Other current liabilities |
|
|
82 |
|
4 |
|
37 |
|
— |
|
123 |
|
Total current liabilities |
|
|
4,459 |
|
361 |
|
1,542 |
|
— |
|
6,362 |
|
Long-term debt (note 1) |
|
|
13,012 |
|
519 |
|
2,936 |
|
— |
|
16,467 |
|
Deferred income tax liabilities |
|
|
2,221 |
|
54 |
|
— |
|
(45) |
|
2,230 |
|
Redeemable intergroup interests (note 1) |
|
|
— |
|
256 |
|
332 |
|
(588) |
|
— |
|
Other liabilities |
|
|
587 |
|
183 |
|
162 |
|
— |
|
932 |
|
Total liabilities |
|
|
20,279 |
|
1,373 |
|
4,972 |
|
(633) |
|
25,991 |
|
Redeemable noncontrolling interests in equity of subsidiary |
|
|
— |
|
— |
|
575 |
|
— |
|
575 |
|
Equity / Attributed net assets |
|
|
8,092 |
|
290 |
|
6,281 |
|
— |
|
14,663 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
3,265 |
|
— |
|
25 |
|
— |
|
3,290 |
|
Total liabilities and equity |
|
$ |
31,636 |
|
1,663 |
|
11,853 |
|
(633) |
|
44,519 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2022
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
2,186 |
|
— |
|
— |
|
2,186 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
360 |
|
360 |
|
Other revenue |
|
|
— |
|
23 |
|
— |
|
23 |
|
Total revenue |
|
|
2,186 |
|
23 |
|
360 |
|
2,569 |
|
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 |
|
|
670 |
|
— |
|
— |
|
670 |
|
Programming and content |
|
|
140 |
|
— |
|
— |
|
140 |
|
Customer service and billing |
|
|
125 |
|
— |
|
— |
|
125 |
|
Other |
|
|
54 |
|
— |
|
— |
|
54 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
195 |
|
195 |
|
Subscriber acquisition costs |
|
|
90 |
|
— |
|
— |
|
90 |
|
Other operating expenses |
|
|
67 |
|
23 |
|
— |
|
90 |
|
Selling, general and administrative |
|
|
404 |
|
22 |
|
56 |
|
482 |
|
Depreciation and amortization |
|
|
152 |
|
18 |
|
90 |
|
260 |
|
|
|
|
1,702 |
|
63 |
|
341 |
|
2,106 |
|
Operating income (loss) |
|
|
484 |
|
(40) |
|
19 |
|
463 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(122) |
|
(6) |
|
(29) |
|
(157) |
|
Share of earnings (losses) of affiliates, net |
|
|
(18) |
|
4 |
|
— |
|
(14) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
61 |
|
5 |
|
(7) |
|
59 |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
20 |
|
1 |
|
(21) |
|
— |
|
Other, net |
|
|
20 |
|
20 |
|
5 |
|
45 |
|
|
|
|
(39) |
|
24 |
|
(52) |
|
(67) |
|
Earnings (loss) before income taxes |
|
|
445 |
|
(16) |
|
(33) |
|
396 |
|
Income tax (expense) benefit |
|
|
(101) |
|
3 |
|
(2) |
|
(100) |
|
Net earnings (loss) |
|
|
344 |
|
(13) |
|
(35) |
|
296 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
56 |
|
— |
|
9 |
|
65 |
|
Less net earnings (loss) attributable to redeemable noncontrolling interest |
|
|
— |
|
— |
|
(9) |
|
(9) |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
288 |
|
(13) |
|
(35) |
|
240 |
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2021
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
2,058 |
|
— |
|
— |
|
2,058 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
180 |
|
180 |
|
Other revenue |
|
|
— |
|
16 |
|
— |
|
16 |
|
Total revenue |
|
|
2,058 |
|
16 |
|
180 |
|
2,254 |
|
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 |
|
|
640 |
|
— |
|
— |
|
640 |
|
Programming and content |
|
|
130 |
|
— |
|
— |
|
130 |
|
Customer service and billing |
|
|
117 |
|
— |
|
— |
|
117 |
|
Other |
|
|
52 |
|
— |
|
— |
|
52 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
84 |
|
84 |
|
Subscriber acquisition costs |
|
|
86 |
|
— |
|
— |
|
86 |
|
Other operating expenses |
|
|
64 |
|
20 |
|
— |
|
84 |
|
Selling, general and administrative |
|
|
346 |
|
21 |
|
43 |
|
410 |
|
Impairment, restructuring and acquisition costs, net of recoveries |
|
|
245 |
|
— |
|
— |
|
245 |
|
Depreciation and amortization |
|
|
149 |
|
15 |
|
100 |
|
264 |
|
|
|
|
1,829 |
|
56 |
|
227 |
|
2,112 |
|
Operating income (loss) |
|
|
229 |
|
(40) |
|
(47) |
|
142 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(120) |
|
(6) |
|
(32) |
|
(158) |
|
Share of earnings (losses) of affiliates, net |
|
|
(113) |
|
3 |
|
15 |
|
(95) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(86) |
|
2 |
|
35 |
|
(49) |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
10 |
|
(28) |
|
18 |
|
— |
|
Other, net |
|
|
11 |
|
(1) |
|
5 |
|
15 |
|
|
|
|
(298) |
|
(30) |
|
41 |
|
(287) |
|
Earnings (loss) before income taxes |
|
|
(69) |
|
(70) |
|
(6) |
|
(145) |
|
Income tax (expense) benefit |
|
|
107 |
|
11 |
|
13 |
|
131 |
|
Net earnings (loss) |
|
|
38 |
|
(59) |
|
7 |
|
(14) |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
49 |
|
— |
|
— |
|
49 |
|
Less net earnings (loss) attributable to redeemable noncontrolling interest |
|
|
— |
|
— |
|
53 |
|
53 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
(11) |
|
(59) |
|
(46) |
|
(116) |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2022
(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) |
|
$ |
344 |
|
(13) |
|
(35) |
|
296 |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
152 |
|
18 |
|
90 |
|
260 |
|
Stock-based compensation |
|
|
49 |
|
3 |
|
3 |
|
55 |
|
Share of (earnings) loss of affiliates, net |
|
|
18 |
|
(4) |
|
— |
|
14 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(20) |
|
(1) |
|
21 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(61) |
|
(5) |
|
7 |
|
(59) |
|
Deferred income tax expense (benefit) |
|
|
39 |
|
(10) |
|
26 |
|
55 |
|
Intergroup tax allocation |
|
|
42 |
|
7 |
|
(49) |
|
— |
|
Other charges (credits), net |
|
|
(11) |
|
(20) |
|
(2) |
|
(33) |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
21 |
|
23 |
|
(158) |
|
(114) |
|
Payables and other liabilities |
|
|
(238) |
|
83 |
|
232 |
|
77 |
|
Net cash provided (used) by operating activities |
|
|
335 |
|
81 |
|
135 |
|
551 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(1) |
|
(5) |
|
(3) |
|
(9) |
|
Cash proceeds from dispositions |
|
|
50 |
|
47 |
|
— |
|
97 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(97) |
|
(4) |
|
(10) |
|
(111) |
|
Other investing activities, net |
|
|
(42) |
|
— |
|
76 |
|
34 |
|
Net cash provided (used) by investing activities |
|
|
(90) |
|
38 |
|
63 |
|
11 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
1,740 |
|
15 |
|
— |
|
1,755 |
|
Repayments of debt |
|
|
(1,204) |
|
(37) |
|
(1) |
|
(1,242) |
|
Liberty stock repurchases |
|
|
(202) |
|
— |
|
(37) |
|
(239) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(206) |
|
— |
|
— |
|
(206) |
|
Cash dividends paid by subsidiary |
|
|
(201) |
|
— |
|
— |
|
(201) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(61) |
|
— |
|
26 |
|
(35) |
|
Other financing activities, net |
|
|
1 |
|
(4) |
|
7 |
|
4 |
|
Net cash provided (used) by financing activities |
|
|
(133) |
|
(26) |
|
(5) |
|
(164) |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
— |
|
— |
|
(2) |
|
(2) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
112 |
|
93 |
|
191 |
|
396 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
606 |
|
244 |
|
2,074 |
|
2,924 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
718 |
|
337 |
|
2,265 |
|
3,320 |
|
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 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) |
|
$ |
38 |
|
(59) |
|
7 |
|
(14) |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
149 |
|
15 |
|
100 |
|
264 |
|
Stock-based compensation |
|
|
54 |
|
3 |
|
6 |
|
63 |
|
Non-cash impairment and restructuring costs |
|
|
245 |
|
— |
|
— |
|
245 |
|
Share of (earnings) loss of affiliates, net |
|
|
113 |
|
(3) |
|
(15) |
|
95 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(10) |
|
28 |
|
(18) |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
86 |
|
(2) |
|
(35) |
|
49 |
|
Deferred income tax expense (benefit) |
|
|
(121) |
|
(7) |
|
(15) |
|
(143) |
|
Intergroup tax allocation |
|
|
1 |
|
(3) |
|
2 |
|
— |
|
Other charges (credits), net |
|
|
(3) |
|
— |
|
2 |
|
(1) |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
58 |
|
36 |
|
(102) |
|
(8) |
|
Payables and other liabilities |
|
|
(339) |
|
34 |
|
252 |
|
(53) |
|
Net cash provided (used) by operating activities |
|
|
271 |
|
42 |
|
184 |
|
497 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(5) |
|
— |
|
(53) |
|
(58) |
|
Investment of subsidiary initial public offering proceeds into trust account |
|
|
— |
|
— |
|
(575) |
|
(575) |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(78) |
|
(10) |
|
(3) |
|
(91) |
|
Other investing activities, net |
|
|
8 |
|
— |
|
— |
|
8 |
|
Net cash provided (used) by investing activities |
|
|
(75) |
|
(10) |
|
(631) |
|
(716) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
1,083 |
|
8 |
|
(1) |
|
1,090 |
|
Repayments of debt |
|
|
(585) |
|
(6) |
|
(2) |
|
(593) |
|
Liberty stock repurchases |
|
|
(107) |
|
— |
|
— |
|
(107) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(522) |
|
— |
|
— |
|
(522) |
|
Cash dividends paid by subsidiary |
|
|
(14) |
|
— |
|
— |
|
(14) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(21) |
|
— |
|
(1) |
|
(22) |
|
Proceeds from initial public offering of subsidiary |
|
|
— |
|
— |
|
575 |
|
575 |
|
Other financing activities, net |
|
|
— |
|
(1) |
|
(23) |
|
(24) |
|
Net cash provided (used) by financing activities |
|
|
(166) |
|
1 |
|
548 |
|
383 |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
— |
|
— |
|
(2) |
|
(2) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
30 |
|
33 |
|
99 |
|
162 |
|
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 |
|
$ |
1,038 |
|
218 |
|
1,783 |
|
3,039 |
|
|