Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.22.2.2
Financial Information for Tracking Stock Groups (Tables)
9 Months Ended
Sep. 30, 2022
Condensed Balance Sheets

BALANCE SHEET INFORMATION

September 30, 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

$

264

159

2,119

2,542

 

Trade and other receivables, net

 

658

65

103

826

 

Other current assets

 

325

81

196

602

 

Total current assets

 

1,247

305

2,418

3,970

 

Intergroup interests (note 1)

270

187

(457)

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

 

885

114

29

1,028

 

Property and equipment, at cost

 

2,863

999

467

4,329

 

Accumulated depreciation

 

(1,779)

(265)

(103)

(2,147)

 

 

1,084

734

364

2,182

 

Intangible assets not subject to amortization

Goodwill

 

15,209

176

3,956

19,341

 

FCC licenses

 

8,600

8,600

 

Other

 

1,242

124

1,366

 

 

25,051

300

3,956

29,307

 

Intangible assets subject to amortization, net

 

1,132

25

3,249

4,406

 

Other assets

 

760

56

1,528

(2)

2,342

 

Total assets

$

30,429

1,534

11,731

(459)

43,235

 

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 3)

$

4

(7)

3

Accounts payable and accrued liabilities

1,315

 

58

267

1,640

Current portion of debt

381

75

43

499

Deferred revenue

 

1,381

 

78

471

1,930

Other current liabilities

 

65

 

4

26

95

Total current liabilities

 

3,146

 

208

810

4,164

Long-term debt (note 1)

 

13,133

 

523

3,410

17,066

Deferred income tax liabilities

 

2,042

 

53

(2)

2,093

Redeemable intergroup interests (note 1)

238

219

(457)

Other liabilities

 

544

 

173

151

868

Total liabilities

 

18,865

 

1,195

4,590

(459)

24,191

Redeemable noncontrolling interests in equity of subsidiary

578

578

Equity / Attributed net assets

 

8,457

 

339

6,538

15,334

Noncontrolling interests in equity of subsidiaries

 

3,107

 

25

3,132

Total liabilities and equity

$

30,429

 

1,534

11,731

(459)

43,235

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended September 30, 2022

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

2,280

 

2,280

Formula 1 revenue

715

715

Other revenue

 

 

252

252

Total revenue

 

2,280

 

252

715

3,247

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

 

709

 

709

Programming and content

 

156

 

156

Customer service and billing

 

122

 

122

Other

 

54

 

54

Cost of Formula 1 revenue

494

494

Subscriber acquisition costs

 

86

 

86

Other operating expenses

 

69

 

184

253

Selling, general and administrative

 

424

 

33

68

525

Impairment, restructuring and acquisition costs, net of recoveries

69

 

5

74

Depreciation and amortization

 

157

 

22

89

268

 

1,846

 

244

651

2,741

Operating income (loss)

 

434

 

8

64

506

Other income (expense):

Interest expense

 

(130)

 

(8)

(41)

(179)

Share of earnings (losses) of affiliates, net

 

104

 

6

1

111

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

 

76

 

6

24

106

Gains (losses) on dilution of investment in affiliate

2

 

2

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

(16)

(31)

47

Other, net

 

11

 

7

18

 

47

 

(27)

38

58

Earnings (loss) before income taxes

 

481

 

(19)

102

564

Income tax (expense) benefit

 

(135)

 

(3)

8

(130)

Net earnings (loss)

 

346

 

(22)

110

434

Less net earnings (loss) attributable to the noncontrolling interests

 

41

 

5

46

Less net earnings (loss) attributable to redeemable noncontrolling interest

 

(3)

(3)

Net earnings (loss) attributable to Liberty stockholders

$

305

 

(22)

108

391

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

Nine months ended September 30, 2022

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

6,720

 

6,720

Formula 1 revenue

1,819

1,819

Other revenue

 

 

535

535

Total revenue

 

6,720

 

535

1,819

9,074

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

 

2,090

 

2,090

Programming and content

 

448

 

448

Customer service and billing

 

373

 

373

Other

 

166

 

166

Cost of Formula 1 revenue

1,223

1,223

Subscriber acquisition costs

 

267

 

267

Other operating expenses

 

208

 

382

590

Selling, general and administrative

 

1,247

 

88

192

1,527

Impairment, restructuring and acquisition costs, net of recoveries

70

 

5

75

Depreciation and amortization

 

461

 

57

272

790

 

5,330

 

532

1,687

7,549

Operating income (loss)

 

1,390

 

3

132

1,525

Other income (expense):

Interest expense

 

(377)

 

(20)

(100)

(497)

Share of earnings (losses) of affiliates, net

 

140

 

18

158

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

 

433

 

12

100

545

Gains (losses) on dilution of investment in affiliate

9

 

9

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

(31)

5

26

Other, net

 

28

 

21

29

78

 

202

 

36

55

293

Earnings (loss) before income taxes

 

1,592

 

39

187

1,818

Income tax (expense) benefit

 

(404)

 

(10)

(414)

Net earnings (loss)

 

1,188

 

29

187

1,404

Less net earnings (loss) attributable to the noncontrolling interests

 

148

 

16

164

Less net earnings (loss) attributable to redeemable noncontrolling interest

 

(13)

(13)

Net earnings (loss) attributable to Liberty stockholders

$

1,040

 

29

184

1,253

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 interests (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

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Nine months ended September 30, 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)

$

1,188

 

29

187

1,404

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

Depreciation and amortization

 

461

 

57

272

790

Stock-based compensation

 

152

 

9

12

173

Non-cash impairment and restructuring costs

68

 

5

73

Share of (earnings) loss of affiliates, net

 

(140)

 

(18)

(158)

Unrealized (gains) losses on intergroup interests, net

31

(5)

(26)

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

 

(433)

 

(12)

(100)

(545)

Losses (gains) on dilution of investment in affiliate

(9)

(9)

Deferred income tax expense (benefit)

 

267

 

(6)

16

277

Intergroup tax allocation

80

15

(95)

Intergroup tax (payments) receipts

(66)

9

57

Other charges (credits), net

 

(11)

 

(3)

(4)

(18)

Changes in operating assets and liabilities

Current and other assets

 

41

 

(52)

(91)

(102)

Payables and other liabilities

 

(325)

 

(8)

188

(145)

Net cash provided (used) by operating activities

 

1,304

 

20

416

1,740

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(1)

 

(5)

(35)

(41)

Cash proceeds from dispositions

50

48

51

149

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

(136)

(136)

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

 

(279)

 

(13)

(263)

(555)

Other investing activities, net

 

4

 

73

77

Net cash provided (used) by investing activities

 

(362)

 

30

(174)

(506)

Cash flows from financing activities:

Borrowings of debt

 

3,019

 

135

468

3,622

Repayments of debt

 

(3,079)

 

(235)

(634)

(3,948)

Intergroup (repayments) borrowings

78

(14)

(64)

Liberty stock repurchases

(358)

(37)

(395)

Subsidiary shares repurchased by subsidiary

 

(599)

 

(599)

Cash dividends paid by subsidiary

(233)

(233)

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

 

(134)

 

25

(109)

Other financing activities, net

30

(6)

58

82

Net cash provided (used) by financing activities

 

(1,276)

 

(120)

(184)

(1,580)

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

(13)

(13)

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

 

(334)

 

(70)

45

(359)

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

$

272

 

174

2,119

2,565

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 (loss) 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

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

 

77

 

7

3

87

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)

Cash proceeds from dispositions

27

2

167

196

Cash (paid) received for 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

37

51

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