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

(4)

18

(10)

 4

Changes in operating assets and liabilities

Current and other assets

30

(57)

77

50

Payables and other liabilities

127

(15)

(359)

(247)

Net cash provided (used) by operating activities

1,849

(42)

(75)

1,732

Cash flows from investing activities:

Cash proceeds from dispositions of investments

 —

 5

16

21

Net cash paid for the acquisition of Formula 1

 —

 —

(1,647)

(1,647)

Investments in equity method affiliates and debt and equity securities

(851)

(2)

(9)

(862)

Capital expended for property and equipment

(288)

(219)

(10)

(517)

Other investing activities, net

(115)

(5)

(12)

(132)

Net cash provided (used) by investing activities

(1,254)

(221)

(1,662)

(3,137)

Cash flows from financing activities:

Borrowings of debt

4,553

544

1,600

6,697

Repayments of debt

(3,216)

(218)

(1,673)

(5,107)

Proceeds from issuance of Series C Liberty Formula One common stock

 —

 —

1,938

1,938

Subsidiary shares repurchased by subsidiary

(1,409)

 —

 —

(1,409)

Cash dividends paid by subsidiary

(60)

 —

 —

(60)

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

(100)

(30)

(5)

(135)

Other financing activities, net

(35)

 —

(13)

(48)

Net cash provided (used) by financing activities

(267)

296

1,847

1,876

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

 —

 —

 4

 4

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

328

33

114

475

Cash, cash equivalents and restricted cash at beginning of period

297

107

168

572

Cash, cash equivalents and restricted cash at end of period

$

625

140

282

1,047

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

657

(62)

329

924

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

Depreciation and amortization

312

32

10

354

Stock-based compensation

128

 9

13

150

Share of (earnings) loss of affiliates, net

(13)

(9)

 8

(14)

Unrealized (gains) losses on intergroup interest, net

 —

27

(27)

 —

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

 —

(1)

(36)

(37)

Noncash interest expense

 6

 5

 —

11

Loss on early extinguishment of debt

24

 —

 —

24

Deferred income tax expense (benefit)

332

 1

94

427

Intergroup tax allocation

(13)

(19)

32

 —

Intergroup tax (payments) receipts

 7

 7

(14)

 —

Other charges (credits), net

21

11

(2)

30

Changes in operating assets and liabilities

Current and other assets

59

(17)

(17)

25

Payables and other liabilities

184

105

(12)

277

Net cash provided (used) by operating activities

1,704

89

378

2,171

Cash flows from investing activities:

Cash proceeds from dispositions of investments

 —

 —

62

62

Investments in equity method affiliates and debt and equity securities

 —

(20)

(764)

(784)

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

 —

 —

48

48

Capital expended for property and equipment

(206)

(360)

(2)

(568)

Purchases of short term investments and other marketable securities

 —

 —

(258)

(258)

Sales of short term investments and other marketable securities

 —

 —

273

273

Other investing activities, net

(4)

(33)

 —

(37)

Net cash provided (used) by investing activities

(210)

(413)

(641)

(1,264)

Cash flows from financing activities:

Borrowings of debt

1,847

460

438

2,745

Repayments of debt

(1,471)

(276)

(2)

(1,749)

Intergroup (payments) receipts

58

16

(74)

 —

Subsidiary shares repurchased by subsidiary

(1,674)

 —

 —

(1,674)

Braves Rights Offering

 —

203

 —

203

Cash dividends paid by subsidiary

(16)

 —

 —

(16)

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

(47)

 —

(11)

(58)

Other financing activities, net

(16)

15

 4

 3

Net cash provided (used) by financing activities

(1,319)

418

355

(546)

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

175

94

92

361

Cash, cash equivalents and restricted cash at beginning of period

122

13

76

211

Cash, cash equivalents and restricted cash at end of period

$

297

107

168

572