Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2025 |
|---|
| Financial Information for Tracking Stock Groups |
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
September 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 |
|
$ |
1,291 |
|
297 |
|
— |
|
1,588 |
|
Trade and other receivables, net |
|
|
302 |
|
1 |
|
— |
|
303 |
|
Other current assets |
|
|
468 |
|
— |
|
— |
|
468 |
|
Total current assets |
|
|
2,061 |
|
298 |
|
— |
|
2,359 |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
33 |
|
708 |
|
— |
|
741 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
1,029 |
|
— |
|
— |
|
1,029 |
|
Accumulated depreciation |
|
|
(202) |
|
— |
|
— |
|
(202) |
|
|
|
|
827 |
|
— |
|
— |
|
827 |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
7,200 |
|
— |
|
— |
|
7,200 |
|
Intangible assets subject to amortization, net |
|
|
5,267 |
|
— |
|
— |
|
5,267 |
|
Deferred income tax assets |
|
|
560 |
|
267 |
|
(28) |
|
799 |
|
Other assets |
|
|
412 |
|
216 |
|
— |
|
628 |
|
Total assets |
|
$ |
16,360 |
|
1,489 |
|
(28) |
|
17,821 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 3) |
|
$ |
2 |
|
(2) |
|
— |
|
— |
|
Accounts payable and accrued liabilities |
|
|
472 |
|
2 |
|
— |
|
474 |
|
Current portion of debt |
|
|
42 |
|
1,873 |
|
— |
|
1,915 |
|
Deferred revenue |
|
|
1,090 |
|
— |
|
— |
|
1,090 |
|
Financial instrument liabilities |
|
|
1 |
|
— |
|
— |
|
1 |
|
Other current liabilities |
|
|
46 |
|
— |
|
— |
|
46 |
|
Total current liabilities |
|
|
1,653 |
|
1,873 |
|
— |
|
3,526 |
|
Long-term debt (note 1) |
|
|
5,122 |
|
— |
|
— |
|
5,122 |
|
Deferred income tax liabilities |
|
|
688 |
|
— |
|
(28) |
|
660 |
|
Other liabilities |
|
|
273 |
|
150 |
|
— |
|
423 |
|
Total liabilities |
|
|
7,736 |
|
2,023 |
|
(28) |
|
9,731 |
|
Redeemable noncontrolling interests in equity of subsidiary |
|
|
692 |
|
— |
|
— |
|
692 |
|
Equity / Attributed net assets |
|
|
7,932 |
|
(556) |
|
— |
|
7,376 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
— |
|
22 |
|
— |
|
22 |
|
Total liabilities and equity |
|
$ |
16,360 |
|
1,489 |
|
(28) |
|
17,821 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2025
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
Motorsport revenue |
|
$ |
1,024 |
|
— |
|
1,024 |
|
Other revenue |
|
|
61 |
|
— |
|
61 |
|
Total revenue |
|
|
1,085 |
|
— |
|
1,085 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
Cost of motorsport revenue (exclusive of depreciation shown separately below) |
|
|
631 |
|
— |
|
631 |
|
Other cost of sales |
|
|
33 |
|
— |
|
33 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
131 |
|
9 |
|
140 |
|
Acquisition costs |
|
|
14 |
|
— |
|
14 |
|
Depreciation and amortization |
|
|
118 |
|
— |
|
118 |
|
|
|
|
927 |
|
9 |
|
936 |
|
Operating income (loss) |
|
|
158 |
|
(9) |
|
149 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(79) |
|
(7) |
|
(86) |
|
Share of earnings (losses) of affiliates, net |
|
|
(3) |
|
124 |
|
121 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
17 |
|
(177) |
|
(160) |
|
Other, net |
|
|
(4) |
|
3 |
|
(1) |
|
|
|
|
(69) |
|
(57) |
|
(126) |
|
Earnings (loss) before income taxes |
|
|
89 |
|
(66) |
|
23 |
|
Income tax (expense) benefit |
|
|
(23) |
|
13 |
|
(10) |
|
Net earnings (loss) |
|
|
66 |
|
(53) |
|
13 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
— |
|
— |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
66 |
|
(53) |
|
13 |
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2025
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
Motorsport revenue |
|
$ |
2,627 |
|
— |
|
2,627 |
|
Other revenue |
|
|
246 |
|
— |
|
246 |
|
Total revenue |
|
|
2,873 |
|
— |
|
2,873 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
Cost of motorsport revenue (exclusive of depreciation shown separately below) |
|
|
1,696 |
|
— |
|
1,696 |
|
Other cost of sales |
|
|
160 |
|
— |
|
160 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
343 |
|
20 |
|
363 |
|
Acquisition costs |
|
|
28 |
|
— |
|
28 |
|
Depreciation and amortization |
|
|
275 |
|
— |
|
275 |
|
|
|
|
2,502 |
|
20 |
|
2,522 |
|
Operating income (loss) |
|
|
371 |
|
(20) |
|
351 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(176) |
|
(22) |
|
(198) |
|
Share of earnings (losses) of affiliates, net |
|
|
(8) |
|
201 |
|
193 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
259 |
|
(483) |
|
(224) |
|
Other, net |
|
|
96 |
|
9 |
|
105 |
|
|
|
|
171 |
|
(295) |
|
(124) |
|
Earnings (loss) from income taxes |
|
|
542 |
|
(315) |
|
227 |
|
Income tax (expense) benefit |
|
|
(72) |
|
67 |
|
(5) |
|
Net earnings (loss) |
|
|
470 |
|
(248) |
|
222 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
— |
|
— |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
470 |
|
(248) |
|
222 |
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
SiriusXM |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Motorsport revenue |
|
$ |
848 |
|
— |
|
— |
|
848 |
|
Other revenue |
|
|
63 |
|
— |
|
— |
|
63 |
|
Total revenue |
|
|
911 |
|
— |
|
— |
|
911 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of motorsport revenue (exclusive of depreciation shown separately below) |
|
|
554 |
|
— |
|
— |
|
554 |
|
Other cost of sales |
|
|
41 |
|
— |
|
— |
|
41 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
115 |
|
3 |
|
— |
|
118 |
|
Acquisition costs |
|
|
3 |
|
— |
|
— |
|
3 |
|
Depreciation and amortization |
|
|
88 |
|
— |
|
— |
|
88 |
|
|
|
|
801 |
|
3 |
|
— |
|
804 |
|
Operating income (loss) |
|
|
110 |
|
(3) |
|
— |
|
107 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(54) |
|
(8) |
|
— |
|
(62) |
|
Share of earnings (losses) of affiliates, net |
|
|
(1) |
|
117 |
|
— |
|
116 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
39 |
|
(94) |
|
— |
|
(55) |
|
Other, net |
|
|
21 |
|
8 |
|
— |
|
29 |
|
|
|
|
5 |
|
23 |
|
— |
|
28 |
|
Earnings (loss) from continuing operations before income taxes |
|
|
115 |
|
20 |
|
— |
|
135 |
|
Income tax (expense) benefit |
|
|
2 |
|
(5) |
|
— |
|
(3) |
|
Net earnings (loss) from continuing operations |
|
|
117 |
|
15 |
|
— |
|
132 |
|
Net earnings (loss) from discontinued operations |
|
|
— |
|
— |
|
(3,002) |
|
(3,002) |
|
Net earnings (loss) |
|
|
117 |
|
15 |
|
(3,002) |
|
(2,870) |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
— |
|
(502) |
|
(502) |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
117 |
|
15 |
|
(2,500) |
|
(2,368) |
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
|
Liberty |
|
Liberty |
|
|
|
|
|
Formula One |
|
Live |
|
SiriusXM |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Motorsport revenue |
|
$ |
2,251 |
|
— |
|
— |
|
2,251 |
|
Other revenue |
|
|
235 |
|
— |
|
— |
|
235 |
|
Total revenue |
|
|
2,486 |
|
— |
|
— |
|
2,486 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of motorsport revenue (exclusive of depreciation shown separately below) |
|
|
1,472 |
|
— |
|
— |
|
1,472 |
|
Other cost of sales |
|
|
161 |
|
— |
|
— |
|
161 |
|
Selling, general and administrative, including stock-based compensation (note 2) |
|
|
303 |
|
7 |
|
— |
|
310 |
|
Acquisition costs |
|
|
23 |
|
— |
|
— |
|
23 |
|
Depreciation and amortization |
|
|
263 |
|
— |
|
— |
|
263 |
|
|
|
|
2,222 |
|
7 |
|
— |
|
2,229 |
|
Operating income (loss) |
|
|
264 |
|
(7) |
|
— |
|
257 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(162) |
|
(22) |
|
— |
|
(184) |
|
Share of earnings (losses) of affiliates, net |
|
|
(6) |
|
181 |
|
— |
|
175 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
86 |
|
(75) |
|
— |
|
11 |
|
Other, net |
|
|
56 |
|
20 |
|
— |
|
76 |
|
|
|
|
(26) |
|
104 |
|
— |
|
78 |
|
Earnings (loss) from continuing operations before income taxes |
|
|
238 |
|
97 |
|
— |
|
335 |
|
Income tax (expense) benefit |
|
|
(20) |
|
(21) |
|
— |
|
(41) |
|
Net earnings (loss) from continuing operations |
|
|
218 |
|
76 |
|
— |
|
294 |
|
Net earnings (loss) from discontinued operations |
|
|
— |
|
— |
|
(2,412) |
|
(2,412) |
|
Net earnings (loss) |
|
|
218 |
|
76 |
|
(2,412) |
|
(2,118) |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
— |
|
— |
|
(410) |
|
(410) |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
218 |
|
76 |
|
(2,002) |
|
(1,708) |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 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) |
|
$ |
470 |
|
(248) |
|
222 |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
275 |
|
— |
|
275 |
|
Stock-based compensation |
|
|
15 |
|
3 |
|
18 |
|
Share of (earnings) loss of affiliates, net |
|
|
8 |
|
(201) |
|
(193) |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(259) |
|
483 |
|
224 |
|
Deferred income tax expense (benefit) |
|
|
(1) |
|
(63) |
|
(64) |
|
Intergroup tax allocation |
|
|
4 |
|
(4) |
|
— |
|
Other, net |
|
|
(2) |
|
1 |
|
(1) |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(262) |
|
— |
|
(262) |
|
Payables and other liabilities |
|
|
565 |
|
1 |
|
566 |
|
Net cash provided (used) by operating activities |
|
|
813 |
|
(28) |
|
785 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(22) |
|
(1) |
|
(23) |
|
Cash proceeds from dispositions |
|
|
26 |
|
— |
|
26 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(3,267) |
|
— |
|
(3,267) |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(58) |
|
— |
|
(58) |
|
Cash proceeds from foreign currency forward contracts |
|
|
3,700 |
|
— |
|
3,700 |
|
Cash paid for foreign currency forward contracts |
|
|
(3,503) |
|
— |
|
(3,503) |
|
Other investing activities, net |
|
|
(13) |
|
— |
|
(13) |
|
Net cash provided (used) by investing activities |
|
|
(3,137) |
|
(1) |
|
(3,138) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
1,748 |
|
— |
|
1,748 |
|
Repayments of debt |
|
|
(746) |
|
— |
|
(746) |
|
Other financing activities, net |
|
|
(13) |
|
1 |
|
(12) |
|
Net cash provided (used) by financing activities |
|
|
989 |
|
1 |
|
990 |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
12 |
|
— |
|
12 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(1,323) |
|
(28) |
|
(1,351) |
|
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 |
|
$ |
1,315 |
|
297 |
|
1,612 |
|
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2024
(unaudited)
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Attributed (note 1) |
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Liberty |
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Liberty |
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Formula One |
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Live |
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SiriusXM |
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Consolidated |
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Group |
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Group |
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Group |
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Liberty |
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amounts in millions |
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Cash flows from operating activities: |
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Net earnings (loss) |
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$ |
218 |
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76 |
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(2,412) |
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(2,118) |
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Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
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Net (earnings) loss from discontinued operations |
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— |
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— |
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2,412 |
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2,412 |
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Depreciation and amortization |
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263 |
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— |
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— |
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263 |
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Stock-based compensation |
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24 |
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3 |
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— |
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27 |
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Share of (earnings) loss of affiliates, net |
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6 |
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(181) |
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— |
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(175) |
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Realized and unrealized (gains) losses on financial instruments, net |
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(86) |
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75 |
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— |
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(11) |
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Deferred income tax expense (benefit) |
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22 |
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22 |
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— |
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44 |
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Intergroup tax allocation |
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(97) |
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(1) |
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— |
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(98) |
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Intergroup tax (payments) receipts |
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128 |
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3 |
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— |
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131 |
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Other, net |
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25 |
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(4) |
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— |
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21 |
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Changes in operating assets and liabilities |
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Current and other assets |
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(71) |
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— |
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— |
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(71) |
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Payables and other liabilities |
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155 |
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(4) |
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— |
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151 |
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Net cash provided (used) by operating activities |
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587 |
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(11) |
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— |
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576 |
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Cash flows from investing activities: |
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Investments in equity method affiliates and debt and equity securities |
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(7) |
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(3) |
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— |
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(10) |
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Cash proceeds from dispositions |
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— |
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107 |
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— |
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107 |
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Cash (paid) received for acquisitions, net of cash acquired |
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(205) |
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— |
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— |
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(205) |
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Capital expended for property and equipment, including internal-use software and website development |
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(52) |
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— |
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— |
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(52) |
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Other investing activities, net |
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(13) |
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1 |
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— |
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(12) |
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Net cash provided (used) by investing activities |
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(277) |
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105 |
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— |
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(172) |
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Cash flows from financing activities: |
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Borrowings of debt |
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644 |
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— |
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— |
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644 |
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Repayments of debt |
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(671) |
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(12) |
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— |
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(683) |
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Issuance of Series C Liberty Formula One common stock |
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939 |
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— |
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— |
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939 |
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Other financing activities, net |
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42 |
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1 |
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— |
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43 |
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Net cash provided (used) by financing activities |
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954 |
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(11) |
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— |
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943 |
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Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
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1 |
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— |
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— |
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1 |
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Net cash provided (used) by discontinued operations: |
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Cash provided (used) by operating activities |
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— |
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— |
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879 |
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879 |
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Cash provided (used) by investing activities |
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— |
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— |
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(709) |
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(709) |
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Cash provided (used) by financing activities |
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— |
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— |
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(485) |
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(485) |
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Net cash provided (used) by discontinued operations |
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— |
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— |
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(315) |
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(315) |
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Net increase (decrease) in cash, cash equivalents and restricted cash |
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1,265 |
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83 |
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(315) |
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1,033 |
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Cash, cash equivalents and restricted cash at beginning of period |
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1,408 |
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305 |
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315 |
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2,028 |
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Cash, cash equivalents and restricted cash at end of period |
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$ |
2,673 |
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388 |
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— |
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3,061 |
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