Financial Information for Tracking Stock Groups (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Financial Information for Tracking Stock Groups |
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
March 31, 2025
(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 |
|
$ |
2,833 |
|
314 |
|
— |
|
3,147 |
|
Trade and other receivables, net |
|
|
143 |
|
1 |
|
— |
|
144 |
|
Other current assets |
|
|
376 |
|
— |
|
— |
|
376 |
|
Total current assets |
|
|
3,352 |
|
315 |
|
— |
|
3,667 |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
31 |
|
479 |
|
— |
|
510 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
1,039 |
|
— |
|
— |
|
1,039 |
|
Accumulated depreciation |
|
|
(214) |
|
— |
|
— |
|
(214) |
|
|
|
|
825 |
|
— |
|
— |
|
825 |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
4,134 |
|
— |
|
— |
|
4,134 |
|
Intangible assets subject to amortization, net |
|
|
2,632 |
|
— |
|
— |
|
2,632 |
|
Deferred income tax assets |
|
|
600 |
|
220 |
|
(32) |
|
788 |
|
Other assets |
|
|
512 |
|
217 |
|
— |
|
729 |
|
Total assets |
|
$ |
12,086 |
|
1,231 |
|
(32) |
|
13,285 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
330 |
|
— |
|
— |
|
330 |
|
Current portion of debt |
|
|
30 |
|
— |
|
— |
|
30 |
|
Deferred revenue |
|
|
1,009 |
|
— |
|
— |
|
1,009 |
|
Financial instrument liabilities |
|
|
30 |
|
— |
|
— |
|
30 |
|
Other current liabilities |
|
|
47 |
|
— |
|
— |
|
47 |
|
Total current liabilities |
|
|
1,446 |
|
— |
|
— |
|
1,446 |
|
Long-term debt (note 1) |
|
|
2,952 |
|
1,582 |
|
— |
|
4,534 |
|
Other liabilities |
|
|
277 |
|
1 |
|
(32) |
|
246 |
|
Total liabilities |
|
|
4,675 |
|
1,583 |
|
(32) |
|
6,226 |
|
Equity / Attributed net assets |
|
|
7,411 |
|
(374) |
|
— |
|
7,037 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
— |
|
22 |
|
— |
|
22 |
|
Total liabilities and equity |
|
$ |
12,086 |
|
1,231 |
|
(32) |
|
13,285 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2025
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
Formula 1 revenue |
|
$ |
400 |
|
— |
|
400 |
|
Other revenue |
|
|
47 |
|
— |
|
47 |
|
Total revenue |
|
|
447 |
|
— |
|
447 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
286 |
|
— |
|
286 |
|
Other cost of sales |
|
|
39 |
|
— |
|
39 |
|
Other operating expenses |
|
|
1 |
|
— |
|
1 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
100 |
|
4 |
|
104 |
|
Acquisition costs |
|
|
11 |
|
— |
|
11 |
|
Depreciation and amortization |
|
|
77 |
|
— |
|
77 |
|
|
|
|
514 |
|
4 |
|
518 |
|
Operating income (loss) |
|
|
(67) |
|
(4) |
|
(71) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(48) |
|
(7) |
|
(55) |
|
Share of earnings (losses) of affiliates, net |
|
|
(3) |
|
4 |
|
1 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
82 |
|
(17) |
|
65 |
|
Other, net |
|
|
34 |
|
2 |
|
36 |
|
|
|
|
65 |
|
(18) |
|
47 |
|
Earnings (loss) before income taxes |
|
|
(2) |
|
(22) |
|
(24) |
|
Income tax (expense) benefit |
|
|
24 |
|
5 |
|
29 |
|
Net earnings (loss) |
|
|
22 |
|
(17) |
|
5 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
— |
|
— |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
22 |
|
(17) |
|
5 |
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
SiriusXM |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Formula 1 revenue |
|
$ |
550 |
|
— |
|
— |
|
550 |
|
Other revenue |
|
|
37 |
|
— |
|
— |
|
37 |
|
Total revenue |
|
|
587 |
|
— |
|
— |
|
587 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
279 |
|
— |
|
— |
|
279 |
|
Other cost of sales |
|
|
26 |
|
— |
|
— |
|
26 |
|
Other operating expenses |
|
|
1 |
|
— |
|
— |
|
1 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
91 |
|
2 |
|
— |
|
93 |
|
Acquisition costs |
|
|
9 |
|
— |
|
— |
|
9 |
|
Depreciation and amortization |
|
|
86 |
|
— |
|
— |
|
86 |
|
|
|
|
492 |
|
2 |
|
— |
|
494 |
|
Operating income (loss) |
|
|
95 |
|
(2) |
|
— |
|
93 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(55) |
|
(7) |
|
— |
|
(62) |
|
Share of earnings (losses) of affiliates, net |
|
|
(3) |
|
(21) |
|
— |
|
(24) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
48 |
|
(69) |
|
— |
|
(21) |
|
Other, net |
|
|
15 |
|
6 |
|
— |
|
21 |
|
|
|
|
5 |
|
(91) |
|
— |
|
(86) |
|
Earnings (loss) from continuing operations before income taxes |
|
|
100 |
|
(93) |
|
— |
|
7 |
|
Income tax (expense) benefit |
|
|
(23) |
|
20 |
|
— |
|
(3) |
|
Net earnings (loss) from continuing operations |
|
|
77 |
|
(73) |
|
— |
|
4 |
|
Net earnings (loss) from discontinued operations |
|
|
— |
|
— |
|
241 |
|
241 |
|
Net earnings (loss) |
|
|
77 |
|
(73) |
|
241 |
|
245 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
— |
|
42 |
|
42 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
77 |
|
(73) |
|
199 |
|
203 |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2025
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
22 |
|
(17) |
|
5 |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
77 |
|
— |
|
77 |
|
Stock-based compensation |
|
|
2 |
|
— |
|
2 |
|
Share of (earnings) loss of affiliates, net |
|
|
3 |
|
(4) |
|
(1) |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(82) |
|
17 |
|
(65) |
|
Deferred income tax expense (benefit) |
|
|
(25) |
|
(4) |
|
(29) |
|
Other, net |
|
|
(1) |
|
1 |
|
— |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(143) |
|
— |
|
(143) |
|
Payables and other liabilities |
|
|
538 |
|
(3) |
|
535 |
|
Net cash provided (used) by operating activities |
|
|
391 |
|
(10) |
|
381 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(5) |
|
(1) |
|
(6) |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(131) |
|
— |
|
(131) |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(33) |
|
— |
|
(33) |
|
Other investing activities, net |
|
|
(11) |
|
— |
|
(11) |
|
Net cash provided (used) by investing activities |
|
|
(180) |
|
(1) |
|
(181) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Repayments of debt |
|
|
(6) |
|
— |
|
(6) |
|
Other financing activities, net |
|
|
(7) |
|
— |
|
(7) |
|
Net cash provided (used) by financing activities |
|
|
(13) |
|
— |
|
(13) |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
4 |
|
— |
|
4 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
202 |
|
(11) |
|
191 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
2,638 |
|
325 |
|
2,963 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
2,840 |
|
314 |
|
3,154 |
|
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 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) |
|
$ |
77 |
|
(73) |
|
241 |
|
245 |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Net (earnings) loss from discontinued operations |
|
|
— |
|
— |
|
(241) |
|
(241) |
|
Depreciation and amortization |
|
|
86 |
|
— |
|
— |
|
86 |
|
Stock-based compensation |
|
|
12 |
|
1 |
|
— |
|
13 |
|
Share of (earnings) loss of affiliates, net |
|
|
3 |
|
21 |
|
— |
|
24 |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(48) |
|
69 |
|
— |
|
21 |
|
Deferred income tax expense (benefit) |
|
|
9 |
|
(18) |
|
— |
|
(9) |
|
Intergroup tax allocation |
|
|
(27) |
|
(2) |
|
— |
|
(29) |
|
Other, net |
|
|
2 |
|
— |
|
— |
|
2 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(90) |
|
(3) |
|
— |
|
(93) |
|
Payables and other liabilities |
|
|
116 |
|
(4) |
|
— |
|
112 |
|
Net cash provided (used) by operating activities |
|
|
140 |
|
(9) |
|
— |
|
131 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(1) |
|
— |
|
— |
|
(1) |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(205) |
|
— |
|
— |
|
(205) |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(27) |
|
— |
|
— |
|
(27) |
|
Other investing activities, net |
|
|
(63) |
|
— |
|
— |
|
(63) |
|
Net cash provided (used) by investing activities |
|
|
(296) |
|
— |
|
— |
|
(296) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Repayments of debt |
|
|
(10) |
|
— |
|
— |
|
(10) |
|
Other financing activities, net |
|
|
(1) |
|
2 |
|
— |
|
1 |
|
Net cash provided (used) by financing activities |
|
|
(11) |
|
2 |
|
— |
|
(9) |
|
Net cash provided (used) by discontinued operations: |
|
|
|
|
|
|
|
|
|
|
Cash provided (used) by operating activities |
|
|
— |
|
— |
|
264 |
|
264 |
|
Cash provided (used) by investing activities |
|
|
— |
|
— |
|
(354) |
|
(354) |
|
Cash provided (used) by financing activities |
|
|
— |
|
— |
|
(73) |
|
(73) |
|
Net cash provided (used) by discontinued operations |
|
|
— |
|
— |
|
(163) |
|
(163) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(167) |
|
(7) |
|
(163) |
|
(337) |
|
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 |
|
$ |
1,241 |
|
298 |
|
152 |
|
1,691 |
|
|