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

$

91

107

160

 —

358

Trade and other receivables, net

233

21

110

 —

364

Other current assets

191

129

40

 —

360

Total current assets

515

257

310

 —

1,082

Intergroup interest in the Braves Group (note 1)

 —

 —

226

(226)

 —

Investments in debt and equity securities (note 1)

967

 8

303

 —

1,278

Investments in affiliates, accounted for using the equity method (note 1)

629

92

920

 —

1,641

Property and equipment, at cost

2,450

1,137

178

 —

3,765

Accumulated depreciation

(1,112)

(96)

(88)

 —

(1,296)

1,338

1,041

90

 —

2,469

Intangible assets not subject to amortization

Goodwill

14,250

180

3,956

 —

18,386

FCC licenses

8,600

 —

 —

 —

8,600

Other

931

143

 —

 —

1,074

23,781

323

3,956

 —

28,060

Intangible assets subject to amortization, net

942

37

4,736

 —

5,715

Other assets

120

47

416

 —

583

Total assets

$

28,292

1,805

10,957

(226)

40,828

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 4)

$

(4)

(21)

25

 —

 —

Accounts payable and accrued liabilities

854

29

233

 —

1,116

Current portion of debt (note 1)

 3

14

 —

 —

17

Deferred revenue

1,932

54

93

 —

2,079

Other current liabilities

15

 8

 9

 —

32

Total current liabilities

2,800

84

360

 —

3,244

Long-term debt (note 1)

7,855

477

5,039

 —

13,371

Deferred income tax liabilities (note 3)

1,673

69

(91)

 —

1,651

Redeemable intergroup interest (note 1)

 —

226

 —

(226)

 —

Other liabilities

257

511

96

 —

864

Total liabilities

12,585

1,367

5,404

(226)

19,130

Equity / Attributed net assets

10,599

446

5,550

 —

16,595

Noncontrolling interests in equity of subsidiaries

5,108

(8)

 3

 —

5,103

Total liabilities and equity

$

28,292

1,805

10,957

(226)

40,828

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

$

615

132

282

 —

1,029

Trade and other receivables, net

242

32

84

 —

358

Other current assets

207

56

93

 —

356

Total current assets

1,064

220

459

 —

1,743

Intergroup interest in the Braves Group (note 1)

 —

 —

202

(202)

 —

Investments in debt and equity securities (note 1)

580

 8

526

 —

1,114

Investments in affiliates, accounted for using the equity method (note 1)

672

145

933

 —

1,750

Property and equipment, at cost

2,274

1,150

172

 —

3,596

Accumulated depreciation

(927)

(51)

(77)

 —

(1,055)

1,347

1,099

95

 —

2,541

Intangible assets not subject to amortization

Goodwill

14,247

180

3,956

 —

18,383

FCC licenses

8,600

 —

 —

 —

8,600

Other

931

143

 —

 —

1,074

23,778

323

3,956

 —

28,057

Intangible assets subject to amortization, net

972

49

5,171

 —

6,192

Other assets

117

22

460

 —

599

Total assets

$

28,530

1,866

11,802

(202)

41,996

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 4)

$

 9

(39)

30

 —

 —

Accounts payable and accrued liabilities

934

58

258

 —

1,250

Current portion of debt (note 1)

755

13

 —

 —

768

Deferred revenue

1,882

51

 8

 —

1,941

Other current liabilities

 3

 8

 9

 —

20

Total current liabilities

3,583

91

305

 —

3,979

Long-term debt (note 1)

6,741

649

5,796

 —

13,186

Deferred income tax liabilities (note 3)

1,447

62

(31)

 —

1,478

Redeemable intergroup interest (note 1)

 —

202

 —

(202)

 —

Other liabilities

283

435

61

 —

779

Total liabilities

12,054

1,439

6,131

(202)

19,422

Equity / Attributed net assets

10,861

413

5,669

 —

16,943

Noncontrolling interests in equity of subsidiaries

5,615

14

 2

 —

5,631

Total liabilities and equity

$

28,530

1,866

11,802

(202)

41,996

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Subscriber revenue

$

4,594

 —

 —

4,594

Formula 1 revenue

 —

 —

1,827

1,827

Other revenue

1,177

442

 —

1,619

Total revenue

5,771

442

1,827

8,040

Operating costs and expenses, including stock-based compensation (note 2):

Cost of subscriber services (exclusive of depreciation shown separately below):

Revenue share and royalties

1,394

 —

 —

1,394

Programming and content

406

 —

 —

406

Customer service and billing

382

 —

 —

382

Other

126

 —

 —

126

Cost of Formula 1 revenue

 —

 —

1,273

1,273

Subscriber acquisition costs

470

 —

 —

470

Other operating expenses

123

247

 —

370

Selling, general and administrative

881

118

204

1,203

Depreciation and amortization

369

76

460

905

4,151

441

1,937

6,529

Operating income (loss)

1,620

 1

(110)

1,511

Other income (expense):

Interest expense

(388)

(26)

(192)

(606)

Share of earnings (losses) of affiliates, net

(11)

12

17

18

Unrealized gain/(loss) on inter-group interest

 —

(24)

24

 —

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

(1)

(2)

43

40

Other, net

25

35

18

78

(375)

(5)

(90)

(470)

Earnings (loss) before income taxes

1,245

(4)

(200)

1,041

Income tax (expense) benefit (note 3)

(241)

15

50

(176)

Net earnings (loss)

1,004

11

(150)

865

Less net earnings (loss) attributable to the noncontrolling interests

328

 6

 —

334

Net earnings (loss) attributable to Liberty stockholders

$

676

 5

(150)

531

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Subscriber revenue

$

4,473

 —

 —

4,473

Formula 1 revenue

 —

 —

1,783

1,783

Other revenue

952

386

 —

1,338

Total revenue

5,425

386

1,783

7,594

Operating costs and expenses, including stock-based compensation (note 2):

Cost of subscriber services (exclusive of depreciation shown separately below):

Revenue share and royalties

1,210

 —

 —

1,210

Programming and content

388

 —

 —

388

Customer service and billing

385

 —

 —

385

Other

119

 —

 —

119

Cost of Formula 1 revenue

 —

 —

1,219

1,219

Subscriber acquisition costs

499

 —

 —

499

Other operating expenses

113

281

 —

394

Selling, general and administrative

812

151

199

1,162

Depreciation and amortization

352

67

405

824

3,878

499

1,823

6,200

Operating income (loss)

1,547

(113)

(40)

1,394

Other income (expense):

Interest expense

(356)

(15)

(220)

(591)

Share of earnings (losses) of affiliates, net

29

78

(3)

104

Unrealized gain/(loss) on inter-group interest

 —

(15)

15

 —

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

(16)

 —

(72)

(88)

Other, net

(11)

 3

16

 8

(354)

51

(264)

(567)

Earnings (loss) before income taxes

1,193

(62)

(304)

827

Income tax (expense) benefit (note 3)

466

36

561

1,063

Net earnings (loss)

1,659

(26)

257

1,890

Less net earnings (loss) attributable to the noncontrolling interests

535

(1)

 2

536

Net earnings (loss) attributable to Liberty stockholders

$

1,124

(25)

255

1,354

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Subscriber revenue

$

4,194

 —

 —

4,194

Other revenue

820

262

 —

1,082

Total revenue

5,014

262

 —

5,276

Operating costs and expenses, including stock-based compensation (note 2):

Cost of subscriber services (exclusive of depreciation shown separately below):

Revenue share and royalties

1,109

 —

 —

1,109

Programming and content

354

 —

 —

354

Customer service and billing

387

 —

 —

387

Other

144

 —

 —

144

Subscriber acquisition costs

513

 —

 —

513

Other operating expenses

82

224

 —

306

Selling, general and administrative

761

67

58

886

Legal settlement, net

 —

 —

(511)

(511)

Depreciation and amortization

312

32

10

354

3,662

323

(443)

3,542

Operating income (loss)

1,352

(61)

443

1,734

Other income (expense):

Interest expense

(342)

(1)

(19)

(362)

Share of earnings (losses) of affiliates, net

13

 9

(8)

14

Unrealized gain/(loss) on inter-group interest

 —

(27)

27

 —

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

 —

 1

36

37

Other, net

(25)

 —

21

(4)

(354)

(18)

57

(315)

Earnings (loss) before income taxes

998

(79)

500

1,419

Income tax (expense) benefit (note 3)

(341)

17

(171)

(495)

Net earnings (loss)

657

(62)

329

924

Less net earnings (loss) attributable to the noncontrolling interests

244

 —

 —

244

Net earnings (loss) attributable to Liberty stockholders

$

413

(62)

329

680

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

1,004

11

(150)

865

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

369

76

460

905

Stock-based compensation

156

11

25

192

Share of (earnings) loss of affiliates, net

11

(12)

(17)

(18)

Unrealized (gains) losses on intergroup interest, net

 —

24

(24)

 —

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

 1

 2

(43)

(40)

Noncash interest expense

(8)

 5

 2

(1)

Losses (gains) on dilution of investment in affiliate

 —

 —

 1

 1

Loss on early extinguishment of debt

 —

 —

 1

 1

Deferred income tax expense (benefit)

231

(1)

(63)

167

Intergroup tax allocation

22

(14)

(8)

 —

Intergroup tax (payments) receipts

(20)

35

(15)

 —

Other charges (credits), net

 2

(20)

 1

(17)

Changes in operating assets and liabilities

Current and other assets

(4)

 8

(35)

(31)

Payables and other liabilities

21

(22)

133

132

Net cash provided (used) by operating activities

1,785

103

268

2,156

Cash flows from investing activities:

Cash proceeds from dispositions of investments

 —

155

244

399

Investments in equity method affiliates and debt and equity securities

(405)

 —

(9)

(414)

Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities

14

 —

 —

14

Capital expended for property and equipment

(356)

(33)

(14)

(403)

Other investing activities, net

(9)

37

 6

34

Net cash provided (used) by investing activities

(756)

159

227

(370)

Cash flows from financing activities:

Borrowings of debt

2,795

123

699

3,617

Repayments of debt

(2,431)

(317)

(1,309)

(4,057)

Series C Liberty SiriusXM stock repurchases

(466)

 —

 —

(466)

Subsidiary shares repurchased by subsidiary

(1,314)

 —

 —

(1,314)

Cash dividends paid by subsidiary

(59)

 —

 —

(59)

Taxes paid in lieu of shares issued for stock-based compensation

(127)

 —

(3)

(130)

Other financing activities, net

50

(18)

(3)

29

Net cash provided (used) by financing activities

(1,552)

(212)

(616)

(2,380)

Effect of foreign exchange rates on cash, cash equivalents and restricted cash

 —

 —

(1)

(1)

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

(523)

50

(122)

(595)

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

$

102

190

160

452

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

1,659

(26)

257

1,890

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

352

67

405

824

Stock-based compensation

150

48

32

230

Share of (earnings) loss of affiliates, net

(29)

(78)

 3

(104)

Unrealized (gains) losses on intergroup interest, net

 —

15

(15)

 —

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

16

 —

72

88

Noncash interest expense

 7

 3

 6

16

Losses (gains) on dilution of investment in affiliate

 —

 —

(3)

(3)

Loss on early extinguishment of debt

35

 5

 8

48

Deferred income tax expense (benefit)

(492)

 2

(574)

(1,064)

Intergroup tax allocation

(6)

(39)

45

 —

Intergroup tax (payments) receipts

 4

15

(19)

 —

Other charges (credits), net