Quarterly report [Sections 13 or 15(d)]

Financial Information for Tracking Stock Groups (Tables)

v3.25.3
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)

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)

$

218

76

(2,412)

(2,118)

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

Net (earnings) loss from discontinued operations

2,412

2,412

Depreciation and amortization

 

263

263

Stock-based compensation

 

24

3

27

Share of (earnings) loss of affiliates, net

 

6

(181)

(175)

Realized and unrealized (gains) losses on financial instruments, net

 

(86)

75

(11)

Deferred income tax expense (benefit)

 

22

22

44

Intergroup tax allocation

(97)

(1)

(98)

Intergroup tax (payments) receipts

128

3

131

Other, net

 

25

(4)

21

Changes in operating assets and liabilities

Current and other assets

 

(71)

(71)

Payables and other liabilities

 

155

(4)

151

Net cash provided (used) by operating activities

 

587

(11)

576

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(7)

(3)

(10)

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

 

(52)

(52)

Other investing activities, net

 

(13)

1

(12)

Net cash provided (used) by investing activities

 

(277)

105

(172)

Cash flows from financing activities:

Borrowings of debt

644

644

Repayments of debt

 

(671)

(12)

(683)

Issuance of Series C Liberty Formula One common stock

939

939

Other financing activities, net

42

1

43

Net cash provided (used) by financing activities

 

954

(11)

943

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

879

879

Cash provided (used) by investing activities

(709)

(709)

Cash provided (used) by financing activities

(485)

(485)

Net cash provided (used) by discontinued operations

(315)

(315)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

1,265

83

(315)

1,033

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

$

2,673

388

3,061