Financial Information for Tracking Stock Groups (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Financial Information for Tracking Stock Groups |
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
June 30, 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 |
|
$ |
3,140 |
|
308 |
|
— |
|
3,448 |
|
Trade and other receivables, net |
|
|
143 |
|
1 |
|
— |
|
144 |
|
Other current assets |
|
|
510 |
|
— |
|
— |
|
510 |
|
Total current assets |
|
|
3,793 |
|
309 |
|
— |
|
4,102 |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
33 |
|
589 |
|
— |
|
622 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
1,012 |
|
— |
|
— |
|
1,012 |
|
Accumulated depreciation |
|
|
(184) |
|
— |
|
— |
|
(184) |
|
|
|
|
828 |
|
— |
|
— |
|
828 |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
4,135 |
|
— |
|
— |
|
4,135 |
|
Intangible assets subject to amortization, net |
|
|
2,570 |
|
— |
|
— |
|
2,570 |
|
Deferred income tax assets |
|
|
569 |
|
256 |
|
(35) |
|
790 |
|
Other assets |
|
|
557 |
|
217 |
|
— |
|
774 |
|
Total assets |
|
$ |
12,485 |
|
1,371 |
|
(35) |
|
13,821 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
469 |
|
1 |
|
— |
|
470 |
|
Current portion of debt |
|
|
34 |
|
1,769 |
|
— |
|
1,803 |
|
Deferred revenue |
|
|
780 |
|
— |
|
— |
|
780 |
|
Other current liabilities |
|
|
50 |
|
— |
|
— |
|
50 |
|
Total current liabilities |
|
|
1,333 |
|
1,770 |
|
— |
|
3,103 |
|
Long-term debt (note 1) |
|
|
2,996 |
|
— |
|
— |
|
2,996 |
|
Other liabilities |
|
|
304 |
|
90 |
|
(35) |
|
359 |
|
Total liabilities |
|
|
4,633 |
|
1,860 |
|
(35) |
|
6,458 |
|
Equity / Attributed net assets |
|
|
7,852 |
|
(511) |
|
— |
|
7,341 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
— |
|
22 |
|
— |
|
22 |
|
Total liabilities and equity |
|
$ |
12,485 |
|
1,371 |
|
(35) |
|
13,821 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2025
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
Formula 1 revenue |
|
$ |
1,203 |
|
— |
|
1,203 |
|
Other revenue |
|
|
138 |
|
— |
|
138 |
|
Total revenue |
|
|
1,341 |
|
— |
|
1,341 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
779 |
|
— |
|
779 |
|
Other cost of sales |
|
|
88 |
|
— |
|
88 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
111 |
|
7 |
|
118 |
|
Acquisition costs |
|
|
3 |
|
— |
|
3 |
|
Depreciation and amortization |
|
|
80 |
|
— |
|
80 |
|
|
|
|
1,061 |
|
7 |
|
1,068 |
|
Operating income (loss) |
|
|
280 |
|
(7) |
|
273 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(49) |
|
(8) |
|
(57) |
|
Share of earnings (losses) of affiliates, net |
|
|
(2) |
|
73 |
|
71 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
160 |
|
(289) |
|
(129) |
|
Other, net |
|
|
66 |
|
4 |
|
70 |
|
|
|
|
175 |
|
(220) |
|
(45) |
|
Earnings (loss) before income taxes |
|
|
455 |
|
(227) |
|
228 |
|
Income tax (expense) benefit |
|
|
(73) |
|
49 |
|
(24) |
|
Net earnings (loss) |
|
|
382 |
|
(178) |
|
204 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
— |
|
— |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
382 |
|
(178) |
|
204 |
|
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2025
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
Formula 1 revenue |
|
$ |
1,603 |
|
— |
|
1,603 |
|
Other revenue |
|
|
185 |
|
— |
|
185 |
|
Total revenue |
|
|
1,788 |
|
— |
|
1,788 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
1,065 |
|
— |
|
1,065 |
|
Other cost of sales |
|
|
127 |
|
— |
|
127 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
212 |
|
11 |
|
223 |
|
Acquisition costs |
|
|
14 |
|
— |
|
14 |
|
Depreciation and amortization |
|
|
157 |
|
— |
|
157 |
|
|
|
|
1,575 |
|
11 |
|
1,586 |
|
Operating income (loss) |
|
|
213 |
|
(11) |
|
202 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(97) |
|
(15) |
|
(112) |
|
Share of earnings (losses) of affiliates, net |
|
|
(5) |
|
77 |
|
72 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
242 |
|
(306) |
|
(64) |
|
Other, net |
|
|
100 |
|
6 |
|
106 |
|
|
|
|
240 |
|
(238) |
|
2 |
|
Earnings (loss) from income taxes |
|
|
453 |
|
(249) |
|
204 |
|
Income tax (expense) benefit |
|
|
(49) |
|
54 |
|
5 |
|
Net earnings (loss) |
|
|
404 |
|
(195) |
|
209 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
— |
|
— |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
404 |
|
(195) |
|
209 |
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
SiriusXM |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Formula 1 revenue |
|
$ |
853 |
|
— |
|
— |
|
853 |
|
Other revenue |
|
|
135 |
|
— |
|
— |
|
135 |
|
Total revenue |
|
|
988 |
|
— |
|
— |
|
988 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
639 |
|
— |
|
— |
|
639 |
|
Other cost of sales |
|
|
94 |
|
— |
|
— |
|
94 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
96 |
|
2 |
|
— |
|
98 |
|
Acquisition costs |
|
|
11 |
|
— |
|
— |
|
11 |
|
Depreciation and amortization |
|
|
89 |
|
— |
|
— |
|
89 |
|
|
|
|
929 |
|
2 |
|
— |
|
931 |
|
Operating income (loss) |
|
|
59 |
|
(2) |
|
— |
|
57 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(53) |
|
(7) |
|
— |
|
(60) |
|
Share of earnings (losses) of affiliates, net |
|
|
(2) |
|
85 |
|
— |
|
83 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(1) |
|
88 |
|
— |
|
87 |
|
Other, net |
|
|
20 |
|
6 |
|
— |
|
26 |
|
|
|
|
(36) |
|
172 |
|
— |
|
136 |
|
Earnings (loss) from continuing operations before income taxes |
|
|
23 |
|
170 |
|
— |
|
193 |
|
Income tax (expense) benefit |
|
|
1 |
|
(36) |
|
— |
|
(35) |
|
Net earnings (loss) from continuing operations |
|
|
24 |
|
134 |
|
— |
|
158 |
|
Net earnings (loss) from discontinued operations |
|
|
— |
|
— |
|
349 |
|
349 |
|
Net earnings (loss) |
|
|
24 |
|
134 |
|
349 |
|
507 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
— |
|
50 |
|
50 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
24 |
|
134 |
|
299 |
|
457 |
|
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
SiriusXM |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Formula 1 revenue |
|
$ |
1,403 |
|
— |
|
— |
|
1,403 |
|
Other revenue |
|
|
172 |
|
— |
|
— |
|
172 |
|
Total revenue |
|
|
1,575 |
|
— |
|
— |
|
1,575 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
918 |
|
— |
|
— |
|
918 |
|
Other cost of sales |
|
|
120 |
|
— |
|
— |
|
120 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
188 |
|
4 |
|
— |
|
192 |
|
Acquisition costs |
|
|
20 |
|
— |
|
— |
|
20 |
|
Depreciation and amortization |
|
|
175 |
|
— |
|
— |
|
175 |
|
|
|
|
1,421 |
|
4 |
|
— |
|
1,425 |
|
Operating income (loss) |
|
|
154 |
|
(4) |
|
— |
|
150 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(108) |
|
(14) |
|
— |
|
(122) |
|
Share of earnings (losses) of affiliates, net |
|
|
(5) |
|
64 |
|
— |
|
59 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
47 |
|
19 |
|
— |
|
66 |
|
Other, net |
|
|
35 |
|
12 |
|
— |
|
47 |
|
|
|
|
(31) |
|
81 |
|
— |
|
50 |
|
Earnings (loss) from continuing operations before income taxes |
|
|
123 |
|
77 |
|
— |
|
200 |
|
Income tax (expense) benefit |
|
|
(22) |
|
(16) |
|
— |
|
(38) |
|
Net earnings (loss) from continuing operations |
|
|
101 |
|
61 |
|
— |
|
162 |
|
Net earnings (loss) from discontinued operations |
|
|
— |
|
— |
|
590 |
|
590 |
|
Net earnings (loss) |
|
|
101 |
|
61 |
|
590 |
|
752 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
— |
|
92 |
|
92 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
101 |
|
61 |
|
498 |
|
660 |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2025
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
404 |
|
(195) |
|
209 |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
157 |
|
— |
|
157 |
|
Stock-based compensation |
|
|
8 |
|
2 |
|
10 |
|
Share of (earnings) loss of affiliates, net |
|
|
5 |
|
(77) |
|
(72) |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(242) |
|
306 |
|
64 |
|
Deferred income tax expense (benefit) |
|
|
9 |
|
(51) |
|
(42) |
|
Intergroup tax allocation |
|
|
3 |
|
(3) |
|
— |
|
Other, net |
|
|
(33) |
|
1 |
|
(32) |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(147) |
|
— |
|
(147) |
|
Payables and other liabilities |
|
|
464 |
|
1 |
|
465 |
|
Net cash provided (used) by operating activities |
|
|
628 |
|
(16) |
|
612 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(16) |
|
(1) |
|
(17) |
|
Cash proceeds from dispositions |
|
|
26 |
|
— |
|
26 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(131) |
|
— |
|
(131) |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(55) |
|
— |
|
(55) |
|
Cash proceeds from foreign currency forward contracts |
|
|
71 |
|
— |
|
71 |
|
Other investing activities, net |
|
|
(14) |
|
— |
|
(14) |
|
Net cash provided (used) by investing activities |
|
|
(119) |
|
(1) |
|
(120) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Repayments of debt |
|
|
(11) |
|
— |
|
(11) |
|
Other financing activities, net |
|
|
19 |
|
— |
|
19 |
|
Net cash provided (used) by financing activities |
|
|
8 |
|
— |
|
8 |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
9 |
|
— |
|
9 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
526 |
|
(17) |
|
509 |
|
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 |
|
$ |
3,164 |
|
308 |
|
3,472 |
|
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 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) |
|
$ |
101 |
|
61 |
|
590 |
|
752 |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Net (earnings) loss from discontinued operations |
|
|
— |
|
— |
|
(590) |
|
(590) |
|
Depreciation and amortization |
|
|
175 |
|
— |
|
— |
|
175 |
|
Stock-based compensation |
|
|
18 |
|
2 |
|
— |
|
20 |
|
Share of (earnings) loss of affiliates, net |
|
|
5 |
|
(64) |
|
— |
|
(59) |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(47) |
|
(19) |
|
— |
|
(66) |
|
Deferred income tax expense (benefit) |
|
|
2 |
|
13 |
|
— |
|
15 |
|
Intergroup tax allocation |
|
|
(62) |
|
3 |
|
— |
|
(59) |
|
Intergroup tax (payments) receipts |
|
|
80 |
|
3 |
|
— |
|
83 |
|
Other, net |
|
|
5 |
|
(4) |
|
— |
|
1 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(79) |
|
2 |
|
— |
|
(77) |
|
Payables and other liabilities |
|
|
203 |
|
(4) |
|
— |
|
199 |
|
Net cash provided (used) by operating activities |
|
|
401 |
|
(7) |
|
— |
|
394 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(1) |
|
— |
|
— |
|
(1) |
|
Cash proceeds from dispositions |
|
|
— |
|
107 |
|
— |
|
107 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(205) |
|
— |
|
— |
|
(205) |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(40) |
|
— |
|
— |
|
(40) |
|
Other investing activities, net |
|
|
(62) |
|
1 |
|
— |
|
(61) |
|
Net cash provided (used) by investing activities |
|
|
(308) |
|
108 |
|
— |
|
(200) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
10 |
|
— |
|
— |
|
10 |
|
Repayments of debt |
|
|
(31) |
|
— |
|
— |
|
(31) |
|
Other financing activities, net |
|
|
27 |
|
— |
|
— |
|
27 |
|
Net cash provided (used) by financing activities |
|
|
6 |
|
— |
|
— |
|
6 |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(8) |
|
— |
|
— |
|
(8) |
|
Net cash provided (used) by discontinued operations: |
|
|
|
|
|
|
|
|
|
|
Cash provided (used) by operating activities |
|
|
— |
|
— |
|
753 |
|
753 |
|
Cash provided (used) by investing activities |
|
|
— |
|
— |
|
(550) |
|
(550) |
|
Cash provided (used) by financing activities |
|
|
— |
|
— |
|
(314) |
|
(314) |
|
Net cash provided (used) by discontinued operations |
|
|
— |
|
— |
|
(111) |
|
(111) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
91 |
|
101 |
|
(111) |
|
81 |
|
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 |
|
$ |
1,499 |
|
406 |
|
204 |
|
2,109 |
|
|