Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.23.2
Financial Information for Tracking Stock Groups (Tables)
6 Months Ended
Jun. 30, 2023
Condensed Balance Sheets

BALANCE SHEET INFORMATION

June 30, 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

​

$

311

​

131

​

1,489

​

—

​

1,931

 

Trade and other receivables, net

​

 

660

​

52

​

110

​

—

​

822

 

Other current assets

​

 

354

​

72

​

355

​

—

​

781

 

Total current assets

​

 

1,325

​

255

​

1,954

​

—

​

3,534

 

Intergroup interests (note 1)

​

​

143

​

—

​

269

​

(412)

​

—

​

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

​

 

960

​

99

​

67

​

—

​

1,126

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Property and equipment, at cost

​

 

2,975

​

1,037

​

747

​

—

​

4,759

 

Accumulated depreciation

​

 

(1,785)

​

(299)

​

(118)

​

—

​

(2,202)

 

​

​

 

1,190

​

738

​

629

​

—

​

2,557

 

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

 

1,032

​

23

​

3,004

​

—

​

4,059

 

Other assets

​

 

524

​

85

​

1,254

​

(4)

​

1,859

 

Total assets

​

$

30,225

​

1,500

​

11,133

​

(416)

​

42,442

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Intergroup payable (receivable) (note 3)

​

$

57

​

(2)

​

(55)

​

—

​

—

​

Accounts payable and accrued liabilities

​

​

1,374

 

65

​

315

​

—

​

1,754

​

Current portion of debt

​

​

753

​

7

​

27

​

—

​

787

​

Deferred revenue

​

 

1,287

 

142

​

724

​

—

​

2,153

​

Other current liabilities

​

 

69

 

3

​

27

​

—

​

99

​

Total current liabilities

​

 

3,540

 

215

​

1,038

​

—

​

4,793

​

Long-term debt (note 1)

​

 

11,977

 

532

​

2,923

​

—

​

15,432

​

Deferred income tax liabilities

​

 

2,011

 

51

​

—

​

(4)

​

2,058

​

Redeemable intergroup interests (note 1)

​

​

—

​

341

​

71

​

(412)

​

—

​

Other liabilities

​

 

587

 

147

​

146

​

—

​

880

​

Total liabilities

​

 

18,115

 

1,286

​

4,178

​

(416)

​

23,163

​

Equity / Attributed net assets

​

 

9,150

 

203

​

6,931

​

—

​

16,284

​

Noncontrolling interests in equity of subsidiaries

​

 

2,960

 

11

​

24

​

—

​

2,995

​

Total liabilities and equity

​

$

30,225

 

1,500

​

11,133

​

(416)

​

42,442

​

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2023

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

2,250

 

—

​

—

​

2,250

​

Formula 1 revenue

​

​

—

​

—

​

724

​

724

​

Other revenue

​

 

—

 

270

​

—

​

270

​

Total revenue

​

 

2,250

 

270

​

724

​

3,244

​

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

​

 

732

 

—

​

—

​

732

​

Programming and content

​

 

153

 

—

​

—

​

153

​

Customer service and billing

​

 

124

 

—

​

—

​

124

​

Other

​

 

54

 

—

​

—

​

54

​

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

​

​

—

​

—

​

519

​

519

​

Subscriber acquisition costs

​

 

93

 

—

​

—

​

93

​

Other operating expenses

​

 

83

 

197

​

—

​

280

​

Selling, general and administrative

​

 

387

 

34

​

69

​

490

​

Impairment, restructuring and acquisition costs, net of recoveries

​

​

18

 

1

​

—

​

19

​

Depreciation and amortization

​

 

154

 

19

​

84

​

257

​

​

​

 

1,798

 

251

​

672

​

2,721

​

Operating income (loss)

​

 

452

 

19

​

52

​

523

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(137)

 

(9)

​

(54)

​

(200)

​

Share of earnings (losses) of affiliates, net

​

 

79

 

12

​

(1)

​

90

​

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

​

 

(164)

 

4

​

64

​

(96)

​

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

​

​

10

​

(50)

​

40

​

—

​

Other, net

​

 

23

 

3

​

24

​

50

​

​

​

 

(189)

 

(40)

​

73

​

(156)

​

Earnings (loss) before income taxes

​

 

263

 

(21)

​

125

​

367

​

Income tax (expense) benefit

​

 

(46)

 

(8)

​

(10)

​

(64)

​

Net earnings (loss)

​

 

217

 

(29)

​

115

​

303

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

51

 

—

​

(1)

​

50

​

Net earnings (loss) attributable to Liberty stockholders

​

$

166

 

(29)

​

116

​

253

​

​

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2023

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

4,394

 

—

​

—

​

4,394

​

Formula 1 revenue

​

​

—

​

—

​

1,105

​

1,105

​

Other revenue

​

 

—

 

301

​

—

​

301

​

Total revenue

​

 

4,394

 

301

​

1,105

​

5,800

​

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

​

 

1,432

 

—

​

—

​

1,432

​

Programming and content

​

 

303

 

—

​

—

​

303

​

Customer service and billing

​

 

246

 

—

​

—

​

246

​

Other

​

 

106

 

—

​

—

​

106

​

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

​

​

—

​

—

​

725

​

725

​

Subscriber acquisition costs

​

 

183

 

—

​

—

​

183

​

Other operating expenses

​

 

162

 

236

​

—

​

398

​

Selling, general and administrative

​

 

772

 

60

​

144

​

976

​

Impairment, restructuring and acquisition costs, net of recoveries

​

​

50

 

1

​

—

​

51

​

Depreciation and amortization

​

 

315

 

34

​

168

​

517

​

​

​

 

3,569

 

331

​

1,037

​

4,937

​

Operating income (loss)

​

 

825

 

(30)

​

68

​

863

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(273)

 

(18)

​

(105)

​

(396)

​

Share of earnings (losses) of affiliates, net

​

 

72

 

11

​

(3)

​

80

​

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

​

 

(162)

 

3

​

17

​

(142)

​

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

​

​

64

​

(63)

​

(1)

​

—

​

Other, net

​

 

26

 

4

​

34

​

64

​

​

​

 

(273)

 

(63)

​

(58)

​

(394)

​

Earnings (loss) before income taxes

​

 

552

 

(93)

​

10

​

469

​

Income tax (expense) benefit

​

 

(115)

 

5

​

(4)

​

(114)

​

Net earnings (loss)

​

 

437

 

(88)

​

6

​

355

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

88

 

—

​

(1)

​

87

​

Net earnings (loss) attributable to Liberty stockholders

​

$

349

 

(88)

​

7

​

268

​

​

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2022

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

2,254

 

—

​

—

​

2,254

​

Formula 1 revenue

​

​

—

​

—

​

744

​

744

​

Other revenue

​

 

—

 

260

​

—

​

260

​

Total revenue

​

 

2,254

 

260

​

744

​

3,258

​

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

​

 

711

 

—

​

—

​

711

​

Programming and content

​

 

152

 

—

​

—

​

152

​

Customer service and billing

​

 

126

 

—

​

—

​

126

​

Other

​

 

58

 

—

​

—

​

58

​

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

​

​

—

​

—

​

534

​

534

​

Subscriber acquisition costs

​

 

91

 

—

​

—

​

91

​

Other operating expenses

​

 

72

 

175

​

—

​

247

​

Selling, general and administrative

​

 

419

 

33

​

68

​

520

​

Impairment, restructuring and acquisition costs, net of recoveries

​

​

1

​

—

​

—

​

1

​

Depreciation and amortization

​

 

152

 

17

​

93

​

262

​

​

​

 

1,782

 

225

​

695

​

2,702

​

Operating income (loss)

​

 

472

 

35

​

49

​

556

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(125)

 

(6)

​

(30)

​

(161)

​

Share of earnings (losses) of affiliates, net

​

 

54

 

8

​

(1)

​

61

​

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

​

 

296

 

1

​

83

​

380

​

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

​

​

(35)

​

35

​

—

​

—

​

Other, net

​

 

4

 

1

​

17

​

22

​

​

​

 

194

 

39

​

69

​

302

​

Earnings (loss) before income taxes

​

 

666

 

74

​

118

​

858

​

Income tax (expense) benefit

​

 

(168)

 

(10)

​

(6)

​

(184)

​

Net earnings (loss)

​

 

498

 

64

​

112

​

674

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

51

 

—

​

2

​

53

​

Less net earnings (loss) attributable to redeemable noncontrolling interest

​

​

—

​

—

​

(1)

​

(1)

​

Net earnings (loss) attributable to Liberty stockholders

​

$

447

 

64

​

111

​

622

​

​

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2022

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributed (note 1)

​

​

​

​

​

Liberty

​

​

​

​

​

​

​

​

​

SiriusXM

​

Braves

​

Formula One

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Liberty

​

​

​

amounts in millions

​

Revenue:

​

​

​

​

​

​

​

​

​

​

Sirius XM Holdings revenue

​

$

4,440

 

—

​

—

​

4,440

​

Formula 1 revenue

​

​

—

​

—

​

1,104

​

1,104

​

Other revenue

​

 

—

 

283

​

—

​

283

​

Total revenue

​

 

4,440

 

283

​

1,104

​

5,827

​

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

​

 

1,381

 

—

​

—

​

1,381

​

Programming and content

​

 

292

 

—

​

—

​

292

​

Customer service and billing

​

 

251

 

—

​

—

​

251

​

Other

​

 

112

 

—

​

—

​

112

​

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

​

​

—

​

—

​

729

​

729

​

Subscriber acquisition costs

​

 

181

 

—

​

—

​

181

​

Other operating expenses

​

 

139

 

198

​

—

​

337

​

Selling, general and administrative

​

 

823

 

55

​

124

​

1,002

​

Impairment, restructuring and acquisition costs, net of recoveries

​

​

1

​

—

​

—

​

1

​

Depreciation and amortization

​

 

304

 

35

​

183

​

522

​

​

​

 

3,484

 

288

​

1,036

​

4,808

​

Operating income (loss)

​

 

956

 

(5)

​

68

​

1,019

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

Interest expense

​

 

(247)

 

(12)

​

(59)

​

(318)

​

Share of earnings (losses) of affiliates, net

​

 

36

 

12

​

(1)

​

47

​

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

​

 

357

 

6

​

76

​

439

​

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

​

​

(15)

​

36

​

(21)

​

—

​

Other, net

​

 

24

 

21

​

22

​

67

​

​

​

 

155

 

63

​

17

​

235

​

Earnings (loss) before income taxes

​

 

1,111

 

58

​

85

​

1,254

​

Income tax (expense) benefit

​

 

(269)

 

(7)

​

(8)

​

(284)

​

Net earnings (loss)

​

 

842

 

51

​

77

​

970

​

Less net earnings (loss) attributable to the noncontrolling interests

​

 

107

 

—

​

11

​

118

​

Less net earnings (loss) attributable to redeemable noncontrolling interest

​

​

—

​

—

​

(10)

​

(10)

​

Net earnings (loss) attributable to Liberty stockholders

​

$

735

 

51

​

76

​

862

​

​

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 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)

​

$

437

 

(88)

​

6

​

355

​

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

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

 

315

 

34

​

168

​

517

​

Stock-based compensation

​

 

94

 

6

​

10

​

110

​

Non-cash impairment and restructuring costs

​

​

21

 

—

​

—

​

21

​

Share of (earnings) loss of affiliates, net

​

 

(72)

 

(11)

​

3

​

(80)

​

Unrealized (gains) losses on intergroup interests, net

​

​

(64)

​

63

​

1

​

—

​

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

​

 

162

 

(3)

​

(17)

​

142

​

Deferred income tax expense (benefit)

​

 

(33)

 

(3)

​

1

​

(35)

​

Intergroup tax allocation

​

​

86

​

(2)

​

(84)

​

—

​

Intergroup tax (payments) receipts

​

​

(33)

​

(3)

​

36

​

—

​

Other charges (credits), net

​

 

(12)

 

4

​

—

​

(8)

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

1

 

(5)

​

(91)

​

(95)

​

Payables and other liabilities

​

 

(48)

 

44

​

275

​

271

​

Net cash provided (used) by operating activities

​

 

854

 

36

​

308

​

1,198

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

Investments in equity method affiliates and debt and equity securities

​

 

(41)

 

—

​

(173)

​

(214)

​

Cash proceeds from dispositions

​

​

(1)

​

—

​

68

​

67

​

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

​

 

(334)

 

(30)

​

(180)

​

(544)

​

Other investing activities, net

​

 

(1)

 

—

​

(19)

​

(20)

​

Net cash provided (used) by investing activities

​

 

(377)

 

(30)

​

(304)

​

(711)

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

2,048

 

16

​

—

​

2,064

​

Repayments of debt

​

 

(2,563)

 

(19)

​

(59)

​

(2,641)

​

Intergroup (repayments) borrowings

​

​

202

​

—

​

(202)

​

—

​

Subsidiary shares repurchased by subsidiary

​

 

(199)

 

—

​

—

​

(199)

​

Cash dividends paid by subsidiary

​

​

(33)

​

—

​

—

​

(33)

​

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

​

 

(19)

 

(1)

​

(8)

​

(28)

​

Other financing activities, net

​

​

36

​

8

​

19

​

63

​

Net cash provided (used) by financing activities

​

 

(528)

 

4

​

(250)

​

(774)

​

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

​

 

(51)

 

10

​

(244)

​

(285)

​

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

​

$

319

 

183

​

1,489

​

1,991

​

​

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 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)

​

$

842

 

51

​

77

​

970

​

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

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

 

304

 

35

​

183

​

522

​

Stock-based compensation

​

 

99

 

6

​

7

​

112

​

Share of (earnings) loss of affiliates, net

​

 

(36)

 

(12)

​

1

​

(47)

​

Unrealized (gains) losses on intergroup interests, net

​

​

15

​

(36)

​

21

​

—

​

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

​

 

(357)

 

(6)

​

(76)

​

(439)

​

Deferred income tax expense (benefit)

​

 

161

 

(6)

​

26

​

181

​

Intergroup tax allocation

​

​

65

​

13

​

(78)

​

—

​

Intergroup tax (payments) receipts

​

​

(42)

​

9

​

33

​

—

​

Other charges (credits), net

​

 

(13)

 

(11)

​

(10)

​

(34)

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

 

11

 

(8)

​

(117)

​

(114)

​

Payables and other liabilities

​

 

(162)

 

65

​

167

​

70

​

Net cash provided (used) by operating activities

​

 

887

 

100

​

234

​

1,221

​

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

​

51

​

148

​

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

​

​

(137)

​

—

​

—

​

(137)

​

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

​

 

(196)

 

(8)

​

(251)

​

(455)

​

Other investing activities, net

​

 

4

 

—

​

74

​

78

​

Net cash provided (used) by investing activities

​

 

(280)

 

34

​

(129)

​

(375)

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

 

2,634

 

40

​

—

​

2,674

​

Repayments of debt

​

 

(2,320)

 

(138)

​

(243)

​

(2,701)

​

Liberty stock repurchases

​

​

(319)

​

—

​

(37)

​

(356)

​

Subsidiary shares repurchased by subsidiary

​

 

(415)

 

—

​

—

​

(415)

​

Cash dividends paid by subsidiary

​

​

(217)

​

—

​

—

​

(217)

​

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

​

 

(71)

 

—

​

26

​

(45)

​

Other financing activities, net

​

​

(3)

​

(7)

​

27

​

17

​

Net cash provided (used) by financing activities

​

 

(711)

 

(105)

​

(227)

​

(1,043)

​

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

​

​

—

​

—

​

(8)

​

(8)

​

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

​

 

(104)

 

29

​

(130)

​

(205)

​

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

​

$

502

 

273

​

1,944

​

2,719

​