Financial Information for Tracking Stock Groups (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Financial Information for Tracking Stock Groups |
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
December 31, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
Formula One |
|
Live |
|
Inter-Group |
|
Consolidated |
|
|
|
|
Group |
|
Group |
|
Eliminations |
|
Liberty |
|
|
|
|
amounts in millions |
|
Assets |
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,631 |
|
325 |
|
— |
|
2,956 |
|
Trade and other receivables, net |
|
|
114 |
|
— |
|
— |
|
114 |
|
Other current assets |
|
|
277 |
|
— |
|
— |
|
277 |
|
Total current assets |
|
|
3,022 |
|
325 |
|
— |
|
3,347 |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
33 |
|
458 |
|
— |
|
491 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
1,007 |
|
— |
|
— |
|
1,007 |
|
Accumulated depreciation |
|
|
(197) |
|
— |
|
— |
|
(197) |
|
|
|
|
810 |
|
— |
|
— |
|
810 |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
4,134 |
|
— |
|
— |
|
4,134 |
|
Intangible assets subject to amortization, net |
|
|
2,689 |
|
— |
|
— |
|
2,689 |
|
Deferred income tax assets (note 3) |
|
|
577 |
|
217 |
|
(34) |
|
760 |
|
Other assets |
|
|
494 |
|
223 |
|
— |
|
717 |
|
Total assets |
|
$ |
11,759 |
|
1,223 |
|
(34) |
|
12,948 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
645 |
|
3 |
|
— |
|
648 |
|
Current portion of debt (note 1) |
|
|
26 |
|
— |
|
— |
|
26 |
|
Deferred revenue |
|
|
267 |
|
— |
|
— |
|
267 |
|
Financial instrument liabilities |
|
|
138 |
|
— |
|
— |
|
138 |
|
Other current liabilities |
|
|
54 |
|
— |
|
— |
|
54 |
|
Total current liabilities |
|
|
1,130 |
|
3 |
|
— |
|
1,133 |
|
Long-term debt (note 1) |
|
|
2,966 |
|
1,556 |
|
— |
|
4,522 |
|
Other liabilities |
|
|
275 |
|
1 |
|
(34) |
|
242 |
|
Total liabilities |
|
|
4,371 |
|
1,560 |
|
(34) |
|
5,897 |
|
Equity / Attributed net assets |
|
|
7,388 |
|
(359) |
|
— |
|
7,029 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
— |
|
22 |
|
— |
|
22 |
|
Total liabilities and equity |
|
$ |
11,759 |
|
1,223 |
|
(34) |
|
12,948 |
|
BALANCE SHEET INFORMATION
December 31, 2023
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
|
|
Liberty |
|
Liberty |
|
|
|
|
|
|
|
Formula One |
|
Live |
|
SiriusXM |
|
Inter-Group |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Eliminations |
|
Liberty |
|
|
|
|
amounts in millions |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,408 |
|
305 |
|
— |
|
— |
|
1,713 |
|
Trade and other receivables, net |
|
|
123 |
|
— |
|
— |
|
— |
|
123 |
|
Other current assets |
|
|
180 |
|
— |
|
— |
|
— |
|
180 |
|
Current assets of discontinued operations |
|
|
— |
|
— |
|
1,361 |
|
— |
|
1,361 |
|
Total current assets |
|
|
1,711 |
|
305 |
|
1,361 |
|
— |
|
3,377 |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
41 |
|
333 |
|
— |
|
— |
|
374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
973 |
|
— |
|
— |
|
— |
|
973 |
|
Accumulated depreciation |
|
|
(135) |
|
— |
|
— |
|
— |
|
(135) |
|
|
|
|
838 |
|
— |
|
— |
|
— |
|
838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
3,956 |
|
— |
|
— |
|
— |
|
3,956 |
|
Intangible assets subject to amortization, net |
|
|
2,858 |
|
— |
|
— |
|
— |
|
2,858 |
|
Deferred income tax assets (note 3) |
|
|
608 |
|
167 |
|
— |
|
(3) |
|
772 |
|
Other assets |
|
|
255 |
|
357 |
|
— |
|
— |
|
612 |
|
Noncurrent assets of discontinued operations |
|
|
— |
|
— |
|
28,540 |
|
— |
|
28,540 |
|
Total assets |
|
$ |
10,267 |
|
1,162 |
|
29,901 |
|
(3) |
|
41,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
472 |
|
2 |
|
— |
|
— |
|
474 |
|
Current portion of debt (note 1) |
|
|
36 |
|
70 |
|
— |
|
— |
|
106 |
|
Deferred revenue |
|
|
247 |
|
— |
|
— |
|
— |
|
247 |
|
Financial instrument liabilities |
|
|
— |
|
8 |
|
— |
|
— |
|
8 |
|
Other current liabilities |
|
|
32 |
|
— |
|
— |
|
— |
|
32 |
|
Current liabilities of discontinued operations |
|
|
— |
|
— |
|
3,876 |
|
— |
|
3,876 |
|
Total current liabilities |
|
|
787 |
|
80 |
|
3,876 |
|
— |
|
4,743 |
|
Long-term debt (note 1) |
|
|
2,870 |
|
1,247 |
|
— |
|
— |
|
4,117 |
|
Other liabilities |
|
|
191 |
|
— |
|
— |
|
(3) |
|
188 |
|
Noncurrent liabilities of discontinued operations |
|
|
— |
|
— |
|
12,834 |
|
— |
|
12,834 |
|
Total liabilities |
|
|
3,848 |
|
1,327 |
|
16,710 |
|
(3) |
|
21,882 |
|
Equity / Attributed net assets |
|
|
6,419 |
|
(188) |
|
10,165 |
|
— |
|
16,396 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
— |
|
23 |
|
3,026 |
|
— |
|
3,049 |
|
Total liabilities and equity |
|
$ |
10,267 |
|
1,162 |
|
29,901 |
|
(3) |
|
41,327 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
December 31, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
SiriusXM |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Formula 1 revenue |
|
$ |
3,318 |
|
— |
|
— |
|
3,318 |
|
Other revenue |
|
|
335 |
|
— |
|
— |
|
335 |
|
Total revenue |
|
|
3,653 |
|
— |
|
— |
|
3,653 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
2,294 |
|
— |
|
— |
|
2,294 |
|
Other cost of sales |
|
|
194 |
|
— |
|
— |
|
194 |
|
Other operating expenses |
|
|
13 |
|
— |
|
— |
|
13 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
408 |
|
11 |
|
— |
|
419 |
|
Depreciation and amortization |
|
|
352 |
|
— |
|
— |
|
352 |
|
Impairment and acquisition costs |
|
|
105 |
|
— |
|
— |
|
105 |
|
|
|
|
3,366 |
|
11 |
|
— |
|
3,377 |
|
Operating income (loss) |
|
|
287 |
|
(11) |
|
— |
|
276 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(208) |
|
(29) |
|
— |
|
(237) |
|
Share of earnings (losses) of affiliates, net |
|
|
(10) |
|
238 |
|
— |
|
228 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(120) |
|
(263) |
|
— |
|
(383) |
|
Other, net |
|
|
68 |
|
24 |
|
— |
|
92 |
|
|
|
|
(270) |
|
(30) |
|
— |
|
(300) |
|
Earnings (loss) from continuing operations before income taxes |
|
|
17 |
|
(41) |
|
— |
|
(24) |
|
Income tax (expense) benefit (note 3) |
|
|
(47) |
|
8 |
|
— |
|
(39) |
|
Net earnings (loss) from continuing operations |
|
|
(30) |
|
(33) |
|
— |
|
(63) |
|
Net earnings (loss) from discontinued operations |
|
|
— |
|
— |
|
(2,412) |
|
(2,412) |
|
Net earnings (loss) |
|
|
(30) |
|
(33) |
|
(2,412) |
|
(2,475) |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
(2) |
|
(410) |
|
(412) |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
(30) |
|
(31) |
|
(2,002) |
|
(2,063) |
|
STATEMENT OF OPERATIONS INFORMATION
December 31, 2023
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
Liberty |
|
|
|
|
|
|
|
|
Formula One |
|
Live |
|
SiriusXM |
|
Braves |
|
Consolidated |
|
|
|
|
Group |
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Formula 1 revenue |
|
$ |
3,222 |
|
— |
|
— |
|
— |
|
3,222 |
|
Other revenue |
|
|
— |
|
— |
|
— |
|
350 |
|
350 |
|
Total revenue |
|
|
3,222 |
|
— |
|
— |
|
350 |
|
3,572 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
2,240 |
|
— |
|
— |
|
— |
|
2,240 |
|
Other operating expenses |
|
|
— |
|
— |
|
— |
|
274 |
|
274 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
316 |
|
11 |
|
— |
|
69 |
|
396 |
|
Depreciation and amortization |
|
|
369 |
|
— |
|
— |
|
37 |
|
406 |
|
Impairment and acquisition costs |
|
|
— |
|
— |
|
— |
|
1 |
|
1 |
|
|
|
|
2,925 |
|
11 |
|
— |
|
381 |
|
3,317 |
|
Operating income (loss) |
|
|
297 |
|
(11) |
|
— |
|
(31) |
|
255 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(214) |
|
(10) |
|
(4) |
|
(20) |
|
(248) |
|
Share of earnings (losses) of affiliates, net |
|
|
(4) |
|
22 |
|
127 |
|
12 |
|
157 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
42 |
|
(153) |
|
(59) |
|
3 |
|
(167) |
|
Unrealized gains (losses) on intergroup interests |
|
|
15 |
|
— |
|
— |
|
(83) |
|
(68) |
|
Other, net |
|
|
75 |
|
(28) |
|
(6) |
|
5 |
|
46 |
|
|
|
|
(86) |
|
(169) |
|
58 |
|
(83) |
|
(280) |
|
Earnings (loss) from continuing operations before income taxes |
|
|
211 |
|
(180) |
|
58 |
|
(114) |
|
(25) |
|
Income tax (expense) benefit (note 3) |
|
|
(27) |
|
38 |
|
(13) |
|
3 |
|
1 |
|
Net earnings (loss) from continuing operations |
|
|
184 |
|
(142) |
|
45 |
|
(111) |
|
(24) |
|
Net earnings (loss) from discontinued operations |
|
|
— |
|
— |
|
986 |
|
— |
|
986 |
|
Net earnings (loss) |
|
|
184 |
|
(142) |
|
1,031 |
|
(111) |
|
962 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
(1) |
|
— |
|
202 |
|
— |
|
201 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
185 |
|
(142) |
|
829 |
|
(111) |
|
761 |
|
STATEMENT OF OPERATIONS INFORMATION
December 31, 2022
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
Formula One |
|
SiriusXM |
|
Braves |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Formula 1 revenue |
|
$ |
2,573 |
|
— |
|
— |
|
2,573 |
|
Other revenue |
|
|
— |
|
— |
|
588 |
|
588 |
|
Total revenue |
|
|
2,573 |
|
— |
|
588 |
|
3,161 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
1,750 |
|
— |
|
— |
|
1,750 |
|
Other operating expenses |
|
|
— |
|
— |
|
434 |
|
434 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
288 |
|
— |
|
105 |
|
393 |
|
Depreciation and amortization |
|
|
362 |
|
— |
|
71 |
|
433 |
|
Impairment and acquisition costs |
|
|
— |
|
— |
|
6 |
|
6 |
|
|
|
|
2,400 |
|
— |
|
616 |
|
3,016 |
|
Operating income (loss) |
|
|
173 |
|
— |
|
(28) |
|
145 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(149) |
|
(8) |
|
(29) |
|
(186) |
|
Share of earnings (losses) of affiliates, net |
|
|
— |
|
72 |
|
32 |
|
104 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
115 |
|
396 |
|
13 |
|
524 |
|
Unrealized gains (losses) on inter-group interests |
|
|
54 |
|
— |
|
(35) |
|
19 |
|
Other, net |
|
|
58 |
|
23 |
|
20 |
|
101 |
|
|
|
|
78 |
|
483 |
|
1 |
|
562 |
|
Earnings (loss) from continuing operations before income taxes |
|
|
251 |
|
483 |
|
(27) |
|
707 |
|
Income tax (expense) benefit (note 3) |
|
|
311 |
|
(101) |
|
(8) |
|
202 |
|
Net earnings (loss) from continuing operations |
|
|
562 |
|
382 |
|
(35) |
|
909 |
|
Net earnings (loss) from discontinued operations |
|
|
— |
|
1,120 |
|
— |
|
1,120 |
|
Net earnings (loss) |
|
|
562 |
|
1,502 |
|
(35) |
|
2,029 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
17 |
|
210 |
|
— |
|
227 |
|
Less net earnings (loss) attributable to the redeemable noncontrolling interests |
|
|
(13) |
|
— |
|
— |
|
(13) |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
558 |
|
1,292 |
|
(35) |
|
1,815 |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
December 31, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
SiriusXM |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
(30) |
|
(33) |
|
(2,412) |
|
(2,475) |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
(Earnings) loss from discontinued operations |
|
|
— |
|
— |
|
2,412 |
|
2,412 |
|
Depreciation and amortization |
|
|
352 |
|
— |
|
— |
|
352 |
|
Stock-based compensation |
|
|
30 |
|
4 |
|
— |
|
34 |
|
Non-cash impairment costs |
|
|
73 |
|
— |
|
— |
|
73 |
|
Share of (earnings) loss of affiliates, net |
|
|
10 |
|
(238) |
|
— |
|
(228) |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
120 |
|
263 |
|
— |
|
383 |
|
Loss (gain) on early extinguishment of debt |
|
|
6 |
|
— |
|
— |
|
6 |
|
Deferred income tax expense (benefit) |
|
|
35 |
|
(6) |
|
— |
|
29 |
|
Intergroup tax allocation |
|
|
(107) |
|
(2) |
|
— |
|
(109) |
|
Intergroup tax (payments) receipts |
|
|
129 |
|
2 |
|
— |
|
131 |
|
Other charges (credits), net |
|
|
14 |
|
(4) |
|
— |
|
10 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
39 |
|
— |
|
— |
|
39 |
|
Payables and other liabilities |
|
|
(104) |
|
— |
|
— |
|
(104) |
|
Net cash provided (used) by operating activities |
|
|
567 |
|
(14) |
|
— |
|
553 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(75) |
|
— |
|
— |
|
(75) |
|
Cash proceeds from dispositions of investments |
|
|
10 |
|
107 |
|
— |
|
117 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(205) |
|
— |
|
— |
|
(205) |
|
Investments in equity method affiliates and debt and equity securities |
|
|
(8) |
|
(3) |
|
— |
|
(11) |
|
Return of investment in equity method affiliates |
|
|
1 |
|
— |
|
— |
|
1 |
|
Other investing activities, net |
|
|
(15) |
|
1 |
|
— |
|
(14) |
|
Net cash provided (used) by investing activities |
|
|
(292) |
|
105 |
|
— |
|
(187) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
645 |
|
— |
|
— |
|
645 |
|
Repayments of debt |
|
|
(677) |
|
(71) |
|
— |
|
(748) |
|
Issuance of Series C Liberty Formula One common stock |
|
|
939 |
|
— |
|
— |
|
939 |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(14) |
|
(3) |
|
— |
|
(17) |
|
Other financing activities, net |
|
|
72 |
|
3 |
|
— |
|
75 |
|
Net cash provided (used) by financing activities |
|
|
965 |
|
(71) |
|
— |
|
894 |
|
Effect of foreign exchange rates on cash, cash equivalents and restricted cash |
|
|
(10) |
|
— |
|
— |
|
(10) |
|
Net cash provided (used) by discontinued operations: |
|
|
|
|
|
|
|
|
|
|
Cash provided (used) by operating activities |
|
|
— |
|
— |
|
882 |
|
882 |
|
Cash provided (used) by investing activities |
|
|
— |
|
— |
|
(709) |
|
(709) |
|
Cash provided (used) by financing activities |
|
|
— |
|
— |
|
(488) |
|
(488) |
|
Net cash provided (used) by discontinued operations |
|
|
— |
|
— |
|
(315) |
|
(315) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
1,230 |
|
20 |
|
(315) |
|
935 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
1,408 |
|
305 |
|
315 |
|
2,028 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
2,638 |
|
325 |
|
— |
|
2,963 |
|
STATEMENT OF CASH FLOWS INFORMATION
December 31, 2023
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
Liberty |
|
|
|
|
|
|
|
Formula One |
|
Live |
|
SiriusXM |
|
Braves |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
184 |
|
(142) |
|
1,031 |
|
(111) |
|
962 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
(Earnings) loss from discontinued operations |
|
|
— |
|
— |
|
(986) |
|
— |
|
(986) |
|
Depreciation and amortization |
|
|
369 |
|
— |
|
— |
|
37 |
|
406 |
|
Stock-based compensation |
|
|
20 |
|
2 |
|
— |
|
7 |
|
29 |
|
Share of (earnings) loss of affiliates, net |
|
|
4 |
|
(22) |
|
(127) |
|
(12) |
|
(157) |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(42) |
|
153 |
|
59 |
|
(3) |
|
167 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(15) |
|
— |
|
— |
|
83 |
|
68 |
|
Loss (gain) on early extinguishment of debt |
|
|
(1) |
|
35 |
|
— |
|
— |
|
34 |
|
Deferred income tax expense (benefit) |
|
|
18 |
|
(37) |
|
13 |
|
(3) |
|
(9) |
|
Intergroup tax allocation |
|
|
(176) |
|
— |
|
(1) |
|
(1) |
|
(178) |
|
Intergroup tax (payments) receipts |
|
|
122 |
|
— |
|
— |
|
(1) |
|
121 |
|
Other charges (credits), net |
|
|
4 |
|
(2) |
|
6 |
|
4 |
|
12 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
46 |
|
(5) |
|
— |
|
(34) |
|
7 |
|
Payables and other liabilities |
|
|
86 |
|
5 |
|
1 |
|
66 |
|
158 |
|
Net cash provided (used) by operating activities |
|
|
619 |
|
(13) |
|
(4) |
|
32 |
|
634 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(426) |
|
— |
|
— |
|
(35) |
|
(461) |
|
Cash proceeds from dispositions of investments |
|
|
110 |
|
1 |
|
— |
|
— |
|
111 |
|
Investments in equity method affiliates and debt and equity securities |
|
|
(173) |
|
(3) |
|
— |
|
— |
|
(176) |
|
Other investing activities, net |
|
|
(21) |
|
3 |
|
— |
|
— |
|
(18) |
|
Net cash provided (used) by investing activities |
|
|
(510) |
|
1 |
|
— |
|
(35) |
|
(544) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
— |
|
1,135 |
|
— |
|
30 |
|
1,165 |
|
Repayments of debt |
|
|
(70) |
|
(918) |
|
— |
|
(20) |
|
(1,008) |
|
Settlement of intergroup interests |
|
|
(273) |
|
— |
|
— |
|
— |
|
(273) |
|
Atlanta Braves Holdings, Inc. Split-Off |
|
|
— |
|
— |
|
— |
|
(188) |
|
(188) |
|
Reclassification |
|
|
(100) |
|
100 |
|
— |
|
— |
|
— |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(9) |
|
— |
|
— |
|
(1) |
|
(10) |
|
Distribution from former subsidiary |
|
|
— |
|
— |
|
3 |
|
— |
|
3 |
|
Other financing activities, net |
|
|
17 |
|
— |
|
— |
|
9 |
|
26 |
|
Net cash provided (used) by financing activities |
|
|
(435) |
|
317 |
|
3 |
|
(170) |
|
(285) |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
1 |
|
— |
|
— |
|
— |
|
1 |
|
Net cash provided (used) by discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided (used) by operating activities |
|
|
— |
|
— |
|
1,830 |
|
— |
|
1,830 |
|
Cash provided (used) by investing activities |
|
|
— |
|
— |
|
(696) |
|
— |
|
(696) |
|
Cash provided (used) by financing activities |
|
|
— |
|
— |
|
(1,188) |
|
— |
|
(1,188) |
|
Net cash provided (used) by discontinued operations |
|
|
— |
|
— |
|
(54) |
|
— |
|
(54) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(325) |
|
305 |
|
(55) |
|
(173) |
|
(248) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
1,733 |
|
NA |
|
370 |
|
173 |
|
2,276 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
1,408 |
|
305 |
|
315 |
|
— |
|
2,028 |
|
STATEMENT OF CASH FLOWS INFORMATION
December 31, 2022
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
Formula One |
|
SiriusXM |
|
Braves |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
562 |
|
1,502 |
|
(35) |
|
2,029 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
(Earnings) loss from discontinued operations |
|
|
— |
|
(1,120) |
|
— |
|
(1,120) |
|
Depreciation and amortization |
|
|
362 |
|
— |
|
71 |
|
433 |
|
Stock-based compensation |
|
|
16 |
|
— |
|
12 |
|
28 |
|
Non-cash impairment costs |
|
|
— |
|
— |
|
5 |
|
5 |
|
Share of (earnings) loss of affiliates, net |
|
|
— |
|
(72) |
|
(32) |
|
(104) |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(115) |
|
(396) |
|
(13) |
|
(524) |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(54) |
|
— |
|
35 |
|
(19) |
|
Loss (gain) on early extinguishment of debt |
|
|
(14) |
|
— |
|
— |
|
(14) |
|
Deferred income tax expense (benefit) |
|
|
(306) |
|
166 |
|
(10) |
|
(150) |
|
Intergroup tax allocation |
|
|
(109) |
|
(65) |
|
18 |
|
(156) |
|
Intergroup tax (payments) receipts |
|
|
72 |
|
— |
|
8 |
|
80 |
|
Other charges (credits), net |
|
|
4 |
|
(23) |
|
3 |
|
(16) |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(87) |
|
— |
|
(10) |
|
(97) |
|
Payables and other liabilities |
|
|
203 |
|
(1) |
|
1 |
|
203 |
|
Net cash provided (used) by operating activities |
|
|
534 |
|
(9) |
|
53 |
|
578 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(291) |
|
— |
|
(18) |
|
(309) |
|
Cash proceeds from dispositions of investments |
|
|
53 |
|
— |
|
48 |
|
101 |
|
Investments in equity method affiliates and debt and equity securities |
|
|
(52) |
|
— |
|
(5) |
|
(57) |
|
Subsidiary initial public offering proceeds returned from (invested in) trust account |
|
|
579 |
|
— |
|
— |
|
579 |
|
Return of investment in equity method affiliates |
|
|
9 |
|
— |
|
28 |
|
37 |
|
Other investing activities, net |
|
|
96 |
|
— |
|
— |
|
96 |
|
Net cash provided (used) by investing activities |
|
|
394 |
|
— |
|
53 |
|
447 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
2,884 |
|
250 |
|
155 |
|
3,289 |
|
Repayments of debt |
|
|
(3,564) |
|
(914) |
|
(309) |
|
(4,787) |
|
Settlement of intergroup interests |
|
|
(64) |
|
— |
|
(14) |
|
(78) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
24 |
|
— |
|
— |
|
24 |
|
Repayment of initial public offering proceeds to subsidiary shareholders |
|
|
(579) |
|
— |
|
— |
|
(579) |
|
Liberty stock repurchases |
|
|
(37) |
|
— |
|
— |
|
(37) |
|
Distribution from former subsidiary |
|
|
— |
|
672 |
|
— |
|
672 |
|
Other financing activities, net |
|
|
67 |
|
1 |
|
(9) |
|
59 |
|
Net cash provided (used) by financing activities |
|
|
(1,269) |
|
9 |
|
(177) |
|
(1,437) |
|
Net cash provided (used) by discontinued operations: |
|
|
|
|
|
|
|
|
|
|
Cash provided (used) by operating activities |
|
|
— |
|
1,968 |
|
— |
|
1,968 |
|
Cash provided (used) by investing activities |
|
|
— |
|
(493) |
|
— |
|
(493) |
|
Cash provided (used) by financing activities |
|
|
— |
|
(1,711) |
|
— |
|
(1,711) |
|
Net cash provided (used) by discontinued operations |
|
|
— |
|
(236) |
|
— |
|
(236) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(341) |
|
(236) |
|
(71) |
|
(648) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
2,074 |
|
606 |
|
244 |
|
2,924 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
1,733 |
|
370 |
|
173 |
|
2,276 |
|
|