Liberty Media Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

Financial Information for Tracking Stock Groups (Tables)

3 Months Ended

Mar. 31, 2023

Condensed Balance Sheets

BALANCE SHEET INFORMATION

March 31, 2023

(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	$	430	215	1,584	—	2,229
Trade and other receivables, net		587	23	91	—	701
Other current assets		366	62	278	—	706
Total current assets		1,383	300	1,953	—	3,636
Intergroup interests (note 1)		134	—	228	(362)	—
Investments in affiliates, accounted for using the equity method (note 1)		862	94	37	—	993

Property and equipment, at cost		2,926	1,021	616	—	4,563
Accumulated depreciation		(1,742)	(292)	(112)	—	(2,146)
		1,184	729	504	—	2,417

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		1,060	28	3,083	—	4,171
Other assets		529	67	1,217	(4)	1,809
Total assets	$	30,203	1,518	10,978	(366)	42,333

Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 3)	$	35	(2)	(33)	—	—
Accounts payable and accrued liabilities		1,229	66	318	—	1,613
Current portion of debt		608	75	23	—	706
Deferred revenue		1,307	191	655	—	2,153
Other current liabilities		80	5	35	—	120
Total current liabilities		3,259	335	998	—	4,592
Long-term debt (note 1)		12,292	463	2,935	—	15,690
Deferred income tax liabilities		2,046	46	—	(4)	2,088
Redeemable intergroup interests (note 1)		—	291	71	(362)	—
Other liabilities		596	147	136	—	879
Total liabilities		18,193	1,282	4,140	(366)	23,249
Equity / Attributed net assets		8,920	229	6,813	—	15,962
Noncontrolling interests in equity of subsidiaries		3,090	7	25	—	3,122
Total liabilities and equity	$	30,203	1,518	10,978	(366)	42,333

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2023

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,144	—	—	2,144
Formula 1 revenue		—	—	381	381
Other revenue		—	31	—	31
Total revenue		2,144	31	381	2,556
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		700	—	—	700
Programming and content		150	—	—	150
Customer service and billing		122	—	—	122
Other		52	—	—	52
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)		—	—	206	206
Subscriber acquisition costs		90	—	—	90
Other operating expenses		79	39	—	118
Selling, general and administrative		385	26	75	486
Impairment, restructuring and acquisition costs, net of recoveries		32	—	—	32
Depreciation and amortization		161	15	84	260
		1,771	80	365	2,216
Operating income (loss)		373	(49)	16	340
Other income (expense):
Interest expense		(136)	(9)	(51)	(196)
Share of earnings (losses) of affiliates, net		(7)	(1)	(2)	(10)
Realized and unrealized gains (losses) on financial instruments, net		2	(1)	(47)	(46)
Unrealized gains (losses) on intergroup interests (note 1)		54	(13)	(41)	—
Other, net		3	1	10	14
		(84)	(23)	(131)	(238)
Earnings (loss) before income taxes		289	(72)	(115)	102
Income tax (expense) benefit		(69)	13	6	(50)
Net earnings (loss)		220	(59)	(109)	52
Less net earnings (loss) attributable to the noncontrolling interests		37	—	—	37
Net earnings (loss) attributable to Liberty stockholders	$	183	(59)	(109)	15

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 (exclusive of depreciation shown separately below)		—	—	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

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2023

(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)	$	220	(59)	(109)	52
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		161	15	84	260
Stock-based compensation		48	3	5	56
Non-cash impairment and restructuring costs		8	—	—	8
Share of (earnings) loss of affiliates, net		7	1	2	10
Unrealized (gains) losses on intergroup interests, net		(54)	13	41	—
Realized and unrealized (gains) losses on financial instruments, net		(2)	1	47	46
Deferred income tax expense (benefit)		7	(8)	(5)	(6)
Intergroup tax allocation		31	(5)	(26)	—
Other charges (credits), net		4	1	(3)	2
Changes in operating assets and liabilities
Current and other assets		46	27	(8)	65
Payables and other liabilities		(157)	96	229	168
Net cash provided (used) by operating activities		319	85	257	661
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(39)	—	(130)	(169)
Cash proceeds from dispositions		—	—	34	34
Capital expended for property and equipment, including internal-use software and website development		(205)	(14)	(62)	(281)
Other investing activities, net		2	—	(1)	1
Net cash provided (used) by investing activities		(242)	(14)	(159)	(415)
Cash flows from financing activities:
Borrowings of debt		1,479	—	—	1,479
Repayments of debt		(1,633)	(4)	(53)	(1,690)
Intergroup (repayments) borrowings		202	—	(202)	—
Subsidiary shares repurchased by subsidiary		(62)	—	—	(62)
Cash dividends paid by subsidiary		(17)	—	—	(17)
Taxes paid in lieu of shares issued for stock-based compensation		(15)	(1)	(8)	(24)
Other financing activities, net		37	6	14	57
Net cash provided (used) by financing activities		(9)	1	(249)	(257)
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		68	72	(149)	(9)
Cash, cash equivalents and restricted cash at beginning of period		370	173	1,733	2,276
Cash, cash equivalents and restricted cash at end of period	$	438	245	1,584	2,267

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