Ex 991 LMC Tracking Stock Attribution

Exhibit 99.1

Unaudited Attributed Financial Information for Tracking Stock Groups

The following tables present our assets and liabilities as of March 31, 2019 and revenue and expenses for the three months ended March 31, 2019 and 2018 and cash flows for the three months ended March 31, 2019 and 2018. The tables further present our assets, liabilities, revenue, expenses and cash flows that are intended to be attributed to the Liberty SiriusXM Group, Liberty Braves Group (“Braves Group”) and the Liberty Formula One Group (“Formula One Group”), respectively. The financial information should be read in conjunction with our condensed consolidated financial statements for the three months ended March 31, 2019 included in this Quarterly Report on Form 10-Q.

Notwithstanding the following attribution of assets, liabilities, revenue, expenses and cash flows to the Liberty SiriusXM Group, Braves Group and the Formula One Group, our tracking stock capital structure does not affect the ownership or the respective legal title to our assets or responsibility for our liabilities. We and our subsidiaries are each responsible for our respective liabilities. Holders of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock are holders of our common stock and are subject to risks associated with an investment in our company and all of our businesses, assets and liabilities. The issuance of Liberty SiriusXM common stock, Liberty Braves and Liberty Formula One common stock does not affect the rights of our creditors.

SUMMARY ATTRIBUTED FINANCIAL DATA

Liberty SiriusXM Group

Summary Balance Sheet Data:


	March 31,		December 31,
	2019		2018
	amounts in millions
Cash and cash equivalents	$	98		91
Investments in affiliates, accounted for using the equity method	$	641		629
Intangible assets not subject to amortization	$	25,653		23,781
Intangible assets subject to amortization, net	$	1,698		942
Total assets	$	31,373		28,292
Deferred revenue	$	1,994		1,932
Long-term debt, including current portion	$	8,361		7,858
Deferred tax liabilities	$	1,734		1,673
Attributed net assets	$	10,937		10,599
Noncontrolling interest	$	6,493		5,108

Summary Statement of Operations Data:


	Three months ended
	March 31,
	2019		2018
	amounts in millions
Revenue	$	1,744	1,375
Cost of services (1)	$	(748)	(534)
Other operating expenses (1)	$	(54)	(31)
Selling, general and administrative expense (1)	$	(326)	(202)
Operating income (loss)	$	307	396
Interest expense	$	(102)	(97)
Income tax (expense) benefit	$	(113)	(81)
Net earnings (loss) attributable to noncontrolling interests	$	31	82
Earnings (loss) attributable to Liberty stockholders	$	61	200

(1)

Includes stock-based compensation expense as follows:


	Three months ended
	March 31,
	2019		2018
	amounts in millions
Cost of services	$	9	10
Other operating expenses		9	4
Selling, general and administrative expense		37	26
	$	55	40

Braves Group

Summary Balance Sheet Data:


	March 31,		December 31,
	2019		2018
	amounts in millions
Cash and cash equivalents	$	163		107
Property and equipment, net	$	729		1,041
Investments in affiliates, accounted for using the equity method	$	97		92
Intangible assets not subject to amortization	$	323		323
Intangible assets subject to amortization, net	$	37		37
Total assets	$	1,479		1,805
Deferred revenue	$	95		54
Long-term debt, including current portion	$	474		491
Deferred tax liabilities	$	73		69
Attributed net assets	$	378		446

Summary Statement of Operations Data:


	Three months ended
	March 31,
	2019		2018
	amounts in millions
Revenue	$	22	28
Selling, general and administrative expense (1)	$	(30)	(23)
Operating income (loss)	$	(49)	(51)
Share of earnings (losses) of affiliates, net	$	2	3
Unrealized gains (losses) on intergroup interest	$	(26)	(5)
Income tax (expense) benefit	$	11	6
Earnings (loss) attributable to Liberty stockholders	$	(71)	(52)

(1)

Includes stock-based compensation of $3 million and $0 million for the three months ended March 31, 2019 and 2018, respectively.

Formula One Group

Summary Balance Sheet Data:


	March 31,		December 31,
	2019		2018
	amounts in millions
Cash and cash equivalents	$	372		160
Investments in debt and equity securities	$	323		303
Investments in affiliates, accounted for using the equity method	$	903		920
Intangible assets not subject to amortization	$	3,956		3,956
Intangible assets subject to amortization, net	$	4,632		4,736
Total assets	$	11,367		10,957
Long-term debt, including current portion	$	5,204		5,039
Attributed net assets	$	5,392		5,550

Summary Statement of Operations Data:


	Three months ended
	March 31,
	2019		2018
	amounts in millions
Revenue	$	246	114
Cost of Formula 1 revenue	$	(148)	(81)
Selling, general and administrative expense (1)	$	(46)	(40)
Operating income (loss)	$	(58)	(118)
Interest expense	$	(50)	(47)
Share of earnings (losses) of affiliates, net	$	(18)	(12)
Realized and unrealized gains (losses) on financial instruments, net	$	(97)	95
Unrealized gains (losses) on intergroup interest	$	26	5
Income tax (expense) benefit	$	44	60
Earnings (loss) attributable to Liberty stockholders	$	(148)	(17)

(1)

Includes stock-based compensation of $7 million and $6 million for the three months ended March 31, 2019 and 2018, respectively.

BALANCE SHEET INFORMATION

March 31, 2019

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Inter-Group	Consolidated
	Group		Group	Group	Eliminations	Liberty
	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	98	163	372	—	633
Trade and other receivables, net		592	26	110	—	728
Other current assets		253	34	84	—	371
Total current assets		943	223	566	—	1,732
Intergroup interest in the Liberty Braves Group (note 1)		—	—	252	(252)	—
Investments in debt and equity securities (note 1)		456	8	323	—	787
Investments in affiliates, accounted for using the equity method (note 1)		641	97	903	—	1,641

Property and equipment, at cost		2,560	821	181	—	3,562
Accumulated depreciation		(1,174)	(92)	(91)	—	(1,357)
		1,386	729	90	—	2,205

Intangible assets not subject to amortization
Goodwill		15,791	180	3,956	—	19,927
FCC licenses		8,600	—	—	—	8,600
Other		1,262	143	—	—	1,405
		25,653	323	3,956	—	29,932
Intangible assets subject to amortization, net		1,698	37	4,632	—	6,367
Other assets		596	62	645	(57)	1,246
Total assets	$	31,373	1,479	11,367	(309)	43,910

Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 3)	$	3	(35)	32	—	—
Accounts payable and accrued liabilities		1,144	39	164	—	1,347
Current portion of debt (note 1)		—	13	—	—	13
Deferred revenue		1,994	95	410	—	2,499
Other current liabilities		68	11	23	—	102
Total current liabilities		3,209	123	629	—	3,961
Long-term debt (note 1)		8,361	461	5,204	—	14,026
Deferred income tax liabilities		1,734	73	—	(57)	1,750
Redeemable intergroup interest (note 1)		—	252	—	(252)	—
Other liabilities		639	200	139	—	978
Total liabilities		13,943	1,109	5,972	(309)	20,715
Equity / Attributed net assets		10,937	378	5,392	—	16,707
Noncontrolling interests in equity of subsidiaries		6,493	(8)	3	—	6,488
Total liabilities and equity	$	31,373	1,479	11,367	(309)	43,910

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2019

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
SIRIUS XM Holdings revenue	$	1,744	—	—	1,744
Formula 1 revenue		—	—	246	246
Other revenue		—	22	—	22
Total revenue		1,744	22	246	2,012
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		492	—	—	492
Programming and content		106	—	—	106
Customer service and billing		113	—	—	113
Other		37	—	—	37
Cost of Formula 1 revenue		—	—	148	148
Subscriber acquisition costs		108	—	—	108
Other operating expenses		54	28	—	82
Selling, general and administrative		326	30	46	402
Acquisition and other related costs		76	—	—	76
Depreciation and amortization		125	13	110	248
		1,437	71	304	1,812
Operating income (loss)		307	(49)	(58)	200
Other income (expense):
Interest expense		(102)	(7)	(50)	(159)
Share of earnings (losses) of affiliates, net		(4)	2	(18)	(20)
Realized and unrealized gains (losses) on financial instruments, net		1	(2)	(97)	(98)
Unrealized gains (losses) on intergroup interest (note 1)		—	(26)	26	—
Other, net		3	—	5	8
		(102)	(33)	(134)	(269)
Earnings (loss) before income taxes		205	(82)	(192)	(69)
Income tax (expense) benefit		(113)	11	44	(58)
Net earnings (loss)		92	(71)	(148)	(127)
Less net earnings (loss) attributable to the noncontrolling interests		31	—	—	31
Net earnings (loss) attributable to Liberty stockholders	$	61	(71)	(148)	(158)

STATEMENT OF OPERATIONS INFORMATION

Three months ended March 31, 2018

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
SIRIUS XM Holdings revenue	$	1,375	—	—	1,375
Formula 1 revenue		—	—	114	114
Other revenue		—	28	—	28
Total revenue		1,375	28	114	1,517
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		310	—	—	310
Programming and content		101	—	—	101
Customer service and billing		94	—	—	94
Other		29	—	—	29
Cost of Formula 1 revenue		—	—	81	81
Subscriber acquisition costs		123	—	—	123
Other operating expenses		31	40	—	71
Selling, general and administrative		202	23	40	265
Depreciation and amortization		89	16	111	216
		979	79	232	1,290
Operating income (loss)		396	(51)	(118)	227
Other income (expense):
Interest expense		(97)	(6)	(47)	(150)
Share of earnings (losses) of affiliates, net		1	3	(12)	(8)
Realized and unrealized gains (losses) on financial instruments, net		58	—	95	153
Unrealized gains (losses) on intergroup interest (note 1)		—	(5)	5	—
Other, net		5	1	—	6
		(33)	(7)	41	1
Earnings (loss) before income taxes		363	(58)	(77)	228
Income tax (expense) benefit		(81)	6	60	(15)
Net earnings (loss)		282	(52)	(17)	213
Less net earnings (loss) attributable to the noncontrolling interests		82	—	—	82
Net earnings (loss) attributable to Liberty stockholders	$	200	(52)	(17)	131

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2019

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	92	(71)	(148)	(127)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		125	13	110	248
Stock-based compensation		76	3	7	86
Share of (earnings) loss of affiliates, net		4	(2)	18	20
Unrealized (gains) losses on intergroup interest, net		—	26	(26)	—
Realized and unrealized (gains) losses on financial instruments, net		(1)	2	97	98
Noncash interest expense (benefit)		2	—	—	2
Deferred income tax expense (benefit)		109	2	(57)	54
Intergroup tax allocation		1	(14)	13	—
Other charges (credits), net		1	1	1	3
Changes in operating assets and liabilities
Current and other assets		(8)	23	(34)	(19)
Payables and other liabilities		(19)	60	243	284
Net cash provided (used) by operating activities		382	43	224	649
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(4)	(5)	(2)	(11)
Cash proceeds from sale of investments		72	—	—	72
Cash received from Pandora acquisition		313	—	—	313
Capital expended for property and equipment		(90)	(15)	(8)	(113)
Other investing activities, net		(3)	(4)	—	(7)
Net cash provided (used) by investing activities		288	(24)	(10)	254
Cash flows from financing activities:
Borrowings of debt		913	—	—	913
Repayments of debt		(725)	(14)	(2)	(741)
Series C Liberty SiriusXM stock repurchases		(222)	—	—	(222)
Subsidiary shares repurchased by subsidiary		(576)	—	—	(576)
Cash dividends paid by subsidiary		(19)	—	—	(19)
Taxes paid in lieu of shares issued for stock-based compensation		(36)	—	(4)	(40)
Other financing activities, net		2	(5)	3	—
Net cash provided (used) by financing activities		(663)	(19)	(3)	(685)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	1	1
Net increase (decrease) in cash, cash equivalents and restricted cash		7	—	212	219
Cash, cash equivalents and restricted cash at beginning of period		102	190	160	452
Cash, cash equivalents and restricted cash at end of period	$	109	190	372	671

STATEMENT OF CASH FLOWS INFORMATION

Three months ended March 31, 2018

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	282	(52)	(17)	213
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		89	16	111	216
Stock-based compensation		40	—	6	46
Share of (earnings) loss of affiliates, net		(1)	(3)	12	8
Unrealized (gains) losses on intergroup interest, net		—	5	(5)	—
Realized and unrealized (gains) losses on financial instruments, net		(58)	—	(95)	(153)
Noncash interest expense (benefit)		(1)	1	—	—
Deferred income tax expense (benefit)		73	(2)	(51)	20
Intergroup tax allocation		—	(4)	4	—
Other charges (credits), net		—	11	6	17
Changes in operating assets and liabilities
Current and other assets		(12)	(17)	(68)	(97)
Payables and other liabilities		(19)	97	276	354
Net cash provided (used) by operating activities		393	52	179	624
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(389)	—	(4)	(393)
Cash proceeds from sale of investments		—	—	9	9
Capital expended for property and equipment		(82)	(6)	(1)	(89)
Other investing activities, net		—	37	12	49
Net cash provided (used) by investing activities		(471)	31	16	(424)
Cash flows from financing activities:
Borrowings of debt		1,021	7	289	1,317
Repayments of debt		(569)	(89)	(496)	(1,154)
Series C Liberty SiriusXM stock repurchases		(31)	—	—	(31)
Subsidiary shares repurchased by subsidiary		(309)	—	—	(309)
Cash dividends paid by subsidiary		(15)	—	—	(15)
Taxes paid in lieu of shares issued for stock-based compensation		(27)	—	(1)	(28)
Other financing activities, net		51	—	(1)	50
Net cash provided (used) by financing activities		121	(82)	(209)	(170)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	2	2
Net increase (decrease) in cash, cash equivalents and restricted cash		43	1	(12)	32
Cash, cash equivalents and restricted cash at beginning of period		625	140	282	1,047
Cash, cash equivalents and restricted cash at end of period	$	668	141	270	1,079

Notes to Attributed Financial Information (Continued)

(unaudited)

(1)

A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Liberty Braves Group (the “Braves Group”) and Formula One Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a company, such as Sirius XM Holdings Inc. (“SIRIUS XM Holdings”), Formula 1 or Live Nation Entertainment, Inc. (“Live Nation”), in which Liberty holds an interest and that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group or the Formula One Group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation.

The Liberty SiriusXM Group is comprised of our consolidated subsidiary, SIRIUS XM Holdings, corporate cash, investments in debt securities, Liberty’s 2.125% Exchangeable Senior Debentures due 2048 and its margin loan obligation incurred by a wholly-owned special purpose subsidiary of Liberty. As of March 31, 2019, the Liberty SiriusXM Group has cash and cash equivalents of approximately $98 million, which includes $62 million of subsidiary cash.

The Braves Group is comprised of our consolidated subsidiary, Braves Holdings, LLC (“Braves Holdings”), which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project (the “Development Project”) and cash. As of March 31, 2019, the Braves Group has cash and cash equivalents of approximately $163 million, which includes $97 million of subsidiary cash.

The Formula One Group is comprised of all of the businesses, assets and liabilities of Liberty other than those specifically attributed to the Liberty SiriusXM Group or the Braves Group, including Liberty’s interests in Formula 1 and Live Nation Entertainment, Inc. (“Live Nation”), a minority equity investment in AT&T Inc., cash, an intergroup interest in the Braves Group, Liberty’s 1.375% Cash Convertible Notes due 2023 and related financial instruments, Liberty’s 2.25% Exchangeable Senior Debentures due 2046 and Liberty’s 1% Cash Convertible Notes due 2023. As of March 31, 2019, the Formula One Group has cash and cash equivalents of approximately $372 million, which includes $260 million of cash held by Formula 1.

The number of notional shares representing the intergroup interest held by the Formula One Group is 9,084,940, representing an approximate 15.1% intergroup interest in the Braves Group as of March 31, 2019. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Formula One Group has an attributed value in the Braves Group which is generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Braves Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. The change in fair value is recorded in the Unrealized gain (loss) on intergroup interest line item in the unaudited attributed condensed consolidated statements of operations. The Formula One Group’s intergroup interest is reflected in the Investment in intergroup interest line item, and the Braves Group liability for the intergroup interest is reflected in the Redeemable intergroup interest line item in the unaudited attributed condensed consolidated balance sheets. Both accounts are presented as noncurrent, as there are currently no plans for the settlement of the intergroup interest. Appropriate eliminating entries are recorded in the Company’s condensed consolidated financial statements.

As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty

Notes to Attributed Financial Information (Continued)

(unaudited)

Braves common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations.

The intergroup interest will remain outstanding until the redemption of the outstanding interest, at the discretion of the Company’s Board of Directors, through transfer of securities, cash and/or other assets from the Braves Group to the Formula One Group.

For information relating to investments in debt and equity securities, investments in affiliates accounted for using the equity method and debt, see notes 7, 8 and 10, respectively, of the accompanying condensed consolidated financial statements.

(2)

Cash compensation expense for our corporate employees is allocated among the Liberty SiriusXM Group, Braves Group and the Formula One Group based on the estimated percentage of time spent providing services for each group. On an annual basis estimated time spent is determined through an interview process and a review of personnel duties unless transactions significantly change the composition of companies and investments in either respective group which would require a timelier reevaluation of estimated time spent. Other general and administrative expenses are charged directly to the groups whenever possible and are otherwise allocated based on estimated usage or some other reasonably determined methodology. Following the Recapitalization, stock compensation related to each tracking stock is calculated based on actual awards outstanding.

While we believe that this allocation method is reasonable and fair to each group, we may elect to change the allocation methodology or percentages used to allocate general and administrative expenses in the future.

(3)

The intergroup balance at March 31, 2019 and December 31, 2018 is primarily a result of timing of tax benefits.

(4)

The Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock have voting and conversion rights under our restated charter. Following is a summary of those rights. Holders of Series A common stock of each group are entitled to one vote per share, and holders of Series B common stock of each group are entitled to ten votes per share. Holders of Series C common stock of each group are entitled to 1/100th of a vote per share in certain limited cases and will otherwise not be entitled to vote. In general, holders of Series A and Series B common stock vote as a single class. In certain limited circumstances, the board may elect to seek the approval of the holders of only Series A and Series B Liberty SiriusXM common stock, only Series A and Series B Liberty Braves common stock, or only Series A and Series B Liberty Formula One common stock.

At the option of the holder, each share of Series B common stock of each group will be convertible into one share of Series A common stock of the same group. At the discretion of our board, the common stock related to one group may be converted into common stock of the same series that is related to another other group.