Financial Information for Tracking Stock Groups (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Financial Information for Tracking Stock Groups |
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
March 31, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
Liberty |
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Live |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Assets |
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
135 |
|
1,233 |
|
298 |
|
1,666 |
|
Trade and other receivables, net |
|
|
614 |
|
175 |
|
— |
|
789 |
|
Other current assets |
|
|
402 |
|
338 |
|
— |
|
740 |
|
Total current assets |
|
|
1,151 |
|
1,746 |
|
298 |
|
3,195 |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
1,642 |
|
38 |
|
316 |
|
1,996 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
3,200 |
|
983 |
|
— |
|
4,183 |
|
Accumulated depreciation |
|
|
(1,905) |
|
(149) |
|
— |
|
(2,054) |
|
|
|
|
1,295 |
|
834 |
|
— |
|
2,129 |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
15,209 |
|
4,190 |
|
— |
|
19,399 |
|
FCC licenses |
|
|
8,600 |
|
— |
|
— |
|
8,600 |
|
Other |
|
|
1,242 |
|
— |
|
— |
|
1,242 |
|
|
|
|
25,051 |
|
4,190 |
|
— |
|
29,241 |
|
Intangible assets subject to amortization, net |
|
|
991 |
|
2,898 |
|
— |
|
3,889 |
|
Other assets |
|
|
681 |
|
899 |
|
375 |
|
1,955 |
|
Total assets |
|
$ |
30,811 |
|
10,605 |
|
989 |
|
42,405 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 3) |
|
$ |
87 |
|
(82) |
|
(5) |
|
— |
|
Accounts payable and accrued liabilities |
|
|
1,225 |
|
396 |
|
— |
|
1,621 |
|
Current portion of debt |
|
|
1,075 |
|
36 |
|
74 |
|
1,185 |
|
Deferred revenue |
|
|
1,162 |
|
664 |
|
— |
|
1,826 |
|
Other current liabilities |
|
|
168 |
|
47 |
|
19 |
|
234 |
|
Total current liabilities |
|
|
3,717 |
|
1,061 |
|
88 |
|
4,866 |
|
Long-term debt (note 1) |
|
|
10,047 |
|
2,866 |
|
1,344 |
|
14,257 |
|
Deferred income tax liabilities |
|
|
2,379 |
|
8 |
|
(185) |
|
2,202 |
|
Other liabilities |
|
|
1,254 |
|
180 |
|
1 |
|
1,435 |
|
Total liabilities |
|
|
17,397 |
|
4,115 |
|
1,248 |
|
22,760 |
|
Equity / Attributed net assets |
|
|
10,343 |
|
6,490 |
|
(282) |
|
16,551 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
3,071 |
|
— |
|
23 |
|
3,094 |
|
Total liabilities and equity |
|
$ |
30,811 |
|
10,605 |
|
989 |
|
42,405 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
Liberty |
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Live |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
2,162 |
|
— |
|
— |
|
2,162 |
|
Formula 1 revenue |
|
|
— |
|
550 |
|
— |
|
550 |
|
Other revenue |
|
|
— |
|
37 |
|
— |
|
37 |
|
Total revenue |
|
|
2,162 |
|
587 |
|
— |
|
2,749 |
|
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 |
|
|
703 |
|
— |
|
— |
|
703 |
|
Programming and content |
|
|
157 |
|
— |
|
— |
|
157 |
|
Customer service and billing |
|
|
116 |
|
— |
|
— |
|
116 |
|
Other |
|
|
61 |
|
— |
|
— |
|
61 |
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
— |
|
279 |
|
— |
|
279 |
|
Other cost of sales |
|
|
— |
|
26 |
|
— |
|
26 |
|
Subscriber acquisition costs |
|
|
90 |
|
— |
|
— |
|
90 |
|
Other operating expenses |
|
|
86 |
|
1 |
|
— |
|
87 |
|
Selling, general and administrative |
|
|
372 |
|
91 |
|
2 |
|
465 |
|
Impairment, restructuring and acquisition costs |
|
|
13 |
|
9 |
|
— |
|
22 |
|
Depreciation and amortization |
|
|
155 |
|
86 |
|
— |
|
241 |
|
|
|
|
1,753 |
|
492 |
|
2 |
|
2,247 |
|
Operating income (loss) |
|
|
409 |
|
95 |
|
(2) |
|
502 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(129) |
|
(55) |
|
(7) |
|
(191) |
|
Share of earnings (losses) of affiliates, net |
|
|
5 |
|
(3) |
|
(21) |
|
(19) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
18 |
|
48 |
|
(69) |
|
(3) |
|
Other, net |
|
|
6 |
|
15 |
|
6 |
|
27 |
|
|
|
|
(100) |
|
5 |
|
(91) |
|
(186) |
|
Earnings (loss) before income taxes |
|
|
309 |
|
100 |
|
(93) |
|
316 |
|
Income tax (expense) benefit |
|
|
(68) |
|
(23) |
|
20 |
|
(71) |
|
Net earnings (loss) |
|
|
241 |
|
77 |
|
(73) |
|
245 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
42 |
|
— |
|
— |
|
42 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
199 |
|
77 |
|
(73) |
|
203 |
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2023
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Braves |
|
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 |
|
381 |
|
31 |
|
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 |
|
75 |
|
26 |
|
486 |
|
Impairment, restructuring and acquisition costs |
|
|
32 |
|
— |
|
— |
|
32 |
|
Depreciation and amortization |
|
|
161 |
|
84 |
|
15 |
|
260 |
|
|
|
|
1,771 |
|
365 |
|
80 |
|
2,216 |
|
Operating income (loss) |
|
|
373 |
|
16 |
|
(49) |
|
340 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(136) |
|
(51) |
|
(9) |
|
(196) |
|
Share of earnings (losses) of affiliates, net |
|
|
(7) |
|
(2) |
|
(1) |
|
(10) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
2 |
|
(47) |
|
(1) |
|
(46) |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
54 |
|
(41) |
|
(13) |
|
— |
|
Other, net |
|
|
3 |
|
10 |
|
1 |
|
14 |
|
|
|
|
(84) |
|
(131) |
|
(23) |
|
(238) |
|
Earnings (loss) before income taxes |
|
|
289 |
|
(115) |
|
(72) |
|
102 |
|
Income tax (expense) benefit |
|
|
(69) |
|
6 |
|
13 |
|
(50) |
|
Net earnings (loss) |
|
|
220 |
|
(109) |
|
(59) |
|
52 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
37 |
|
— |
|
— |
|
37 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
183 |
|
(109) |
|
(59) |
|
15 |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
Liberty |
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Live |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
241 |
|
77 |
|
(73) |
|
245 |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
155 |
|
86 |
|
— |
|
241 |
|
Stock-based compensation |
|
|
48 |
|
12 |
|
1 |
|
61 |
|
Non-cash impairment and restructuring costs |
|
|
1 |
|
— |
|
— |
|
1 |
|
Share of (earnings) loss of affiliates, net |
|
|
(5) |
|
3 |
|
21 |
|
19 |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(18) |
|
(48) |
|
69 |
|
3 |
|
Deferred income tax expense (benefit) |
|
|
(12) |
|
9 |
|
(18) |
|
(21) |
|
Intergroup tax allocation |
|
|
29 |
|
(27) |
|
(2) |
|
— |
|
Other charges (credits), net |
|
|
24 |
|
2 |
|
— |
|
26 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
66 |
|
(90) |
|
(3) |
|
(27) |
|
Payables and other liabilities |
|
|
(265) |
|
116 |
|
(4) |
|
(153) |
|
Net cash provided (used) by operating activities |
|
|
264 |
|
140 |
|
(9) |
|
395 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(179) |
|
(1) |
|
— |
|
(180) |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
— |
|
(205) |
|
— |
|
(205) |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(174) |
|
(27) |
|
— |
|
(201) |
|
Other investing activities, net |
|
|
(1) |
|
(63) |
|
— |
|
(64) |
|
Net cash provided (used) by investing activities |
|
|
(354) |
|
(296) |
|
— |
|
(650) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
230 |
|
— |
|
— |
|
230 |
|
Repayments of debt |
|
|
(267) |
|
(10) |
|
— |
|
(277) |
|
Cash dividends paid by subsidiary |
|
|
(17) |
|
— |
|
— |
|
(17) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(17) |
|
(7) |
|
— |
|
(24) |
|
Other financing activities, net |
|
|
(2) |
|
6 |
|
2 |
|
6 |
|
Net cash provided (used) by financing activities |
|
|
(73) |
|
(11) |
|
2 |
|
(82) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(163) |
|
(167) |
|
(7) |
|
(337) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
315 |
|
1,408 |
|
305 |
|
2,028 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
152 |
|
1,241 |
|
298 |
|
1,691 |
|
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2023
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Braves |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
220 |
|
(109) |
|
(59) |
|
52 |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
161 |
|
84 |
|
15 |
|
260 |
|
Stock-based compensation |
|
|
48 |
|
5 |
|
3 |
|
56 |
|
Non-cash impairment and restructuring costs |
|
|
8 |
|
— |
|
— |
|
8 |
|
Share of (earnings) loss of affiliates, net |
|
|
7 |
|
2 |
|
1 |
|
10 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(54) |
|
41 |
|
13 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(2) |
|
47 |
|
1 |
|
46 |
|
Deferred income tax expense (benefit) |
|
|
7 |
|
(5) |
|
(8) |
|
(6) |
|
Intergroup tax allocation |
|
|
31 |
|
(26) |
|
(5) |
|
— |
|
Other charges (credits), net |
|
|
4 |
|
(3) |
|
1 |
|
2 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
46 |
|
(8) |
|
27 |
|
65 |
|
Payables and other liabilities |
|
|
(157) |
|
229 |
|
96 |
|
168 |
|
Net cash provided (used) by operating activities |
|
|
319 |
|
257 |
|
85 |
|
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) |
|
(62) |
|
(14) |
|
(281) |
|
Other investing activities, net |
|
|
2 |
|
(1) |
|
— |
|
1 |
|
Net cash provided (used) by investing activities |
|
|
(242) |
|
(159) |
|
(14) |
|
(415) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
1,479 |
|
— |
|
— |
|
1,479 |
|
Repayments of debt |
|
|
(1,633) |
|
(53) |
|
(4) |
|
(1,690) |
|
Settlement of intergroup interests |
|
|
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) |
|
(8) |
|
(1) |
|
(24) |
|
Other financing activities, net |
|
|
37 |
|
14 |
|
6 |
|
57 |
|
Net cash provided (used) by financing activities |
|
|
(9) |
|
(249) |
|
1 |
|
(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 |
|
(149) |
|
72 |
|
(9) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
370 |
|
1,733 |
|
173 |
|
2,276 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
438 |
|
1,584 |
|
245 |
|
2,267 |
|
|