Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.19.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenue:        
Total revenue $ 2,805 $ 2,199 $ 4,817 $ 3,716
Cost of services (exclusive of depreciation shown separately below):        
Subscriber acquisition costs 104 119 212 242
Other operating expense 203 124 288 199
Selling, general and administrative 436 300 835 561
Acquisition and other related costs (note 3) 7   83  
Depreciation and amortization 271 231 519 447
Total operating costs and expenses 2,344 1,825 4,156 3,115
Operating income (loss) 461 374 661 601
Other income (expense):        
Interest expense (167) (153) (326) (303)
Share of earnings (losses) of affiliates, net 34 22 14 14
Realized and unrealized gains (losses) on financial instruments, net (87) 58 (185) 211
Other, net 21 21 29 27
Total other income (expense) (199) (52) (468) (51)
Earnings (loss) before income taxes 262 322 193 550
Income tax (expense) benefit (70) (67) (128) (82)
Net earnings (loss) 192 255 65 468
Less net earnings (loss) attributable to the noncontrolling interests 76 83 107 165
Net earnings (loss) attributable to Liberty stockholders 116 172 (42) 303
Liberty Sirius XM Group        
Revenue:        
Total revenue 1,977 1,432 3,721 2,807
Cost of services (exclusive of depreciation shown separately below):        
Subscriber acquisition costs 104 119 212 242
Other operating expense 74 27 128 58
Selling, general and administrative 361 224 687 426
Acquisition and other related costs (note 3) 7   83  
Depreciation and amortization 136 92 261 181
Total operating costs and expenses 1,564 1,099 3,001 2,078
Operating income (loss) 413 333 720 729
Other income (expense):        
Interest expense (109) (99) (211) (196)
Share of earnings (losses) of affiliates, net (7) (1) (11)  
Realized and unrealized gains (losses) on financial instruments, net 15 62 16 120
Other, net 6 12 9 17
Total other income (expense) (95) (26) (197) (59)
Earnings (loss) before income taxes 318 307 523 670
Income tax (expense) benefit (75) (59) (188) (140)
Net earnings (loss) 243 248 335 530
Less net earnings (loss) attributable to the noncontrolling interests 76 83 107 165
Net earnings (loss) attributable to Liberty stockholders $ 167 $ 165 $ 228 $ 365
Basic net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, basic earnings loss per share $ 0.52 $ 0.50 $ 0.71 $ 1.09
Diluted net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, diluted earnings loss per share $ 0.52 $ 0.49 $ 0.70 $ 1.08
Braves Group        
Revenue:        
Total revenue $ 208 $ 182 $ 230 $ 210
Cost of services (exclusive of depreciation shown separately below):        
Other operating expense 129 97 160 141
Selling, general and administrative 24 27 51 46
Depreciation and amortization 21 23 34 39
Total operating costs and expenses 174 147 245 226
Operating income (loss) 34 35 (15) (16)
Other income (expense):        
Interest expense (7) (7) (14) (13)
Share of earnings (losses) of affiliates, net 7 3 9 6
Realized and unrealized gains (losses) on financial instruments, net (2)   (4)  
Other, net 1 1 1 2
Total other income (expense) (3) (31) (36) (38)
Earnings (loss) before income taxes 31 4 (51) (54)
Income tax (expense) benefit (5) (7) 6 (1)
Net earnings (loss) 26 (3) (45) (55)
Less net earnings (loss) attributable to the noncontrolling interests   (1)   (1)
Net earnings (loss) attributable to Liberty stockholders $ 26 $ (2) $ (45) $ (54)
Basic net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, basic earnings loss per share $ 0.51 $ (0.04) $ (0.88) $ (1.06)
Diluted net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, diluted earnings loss per share $ 0.46 $ (0.04) $ (0.88) $ (1.06)
Formula One Group        
Revenue:        
Total revenue $ 620 $ 585 $ 866 $ 699
Cost of services (exclusive of depreciation shown separately below):        
Selling, general and administrative 51 49 97 89
Depreciation and amortization 114 116 224 227
Total operating costs and expenses 606 579 910 811
Operating income (loss) 14 6 (44) (112)
Other income (expense):        
Interest expense (51) (47) (101) (94)
Share of earnings (losses) of affiliates, net 34 20 16 8
Realized and unrealized gains (losses) on financial instruments, net (100) (4) (197) 91
Other, net 14 8 19 8
Total other income (expense) (101) 5 (235) 46
Earnings (loss) before income taxes (87) 11 (279) (66)
Income tax (expense) benefit 10 (1) 54 59
Net earnings (loss) (77) 10 (225) (7)
Less net earnings (loss) attributable to the noncontrolling interests   1   1
Net earnings (loss) attributable to Liberty stockholders $ (77) $ 9 $ (225) $ (8)
Basic net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, basic earnings loss per share $ (0.33) $ 0.04 $ (0.97) $ (0.03)
Diluted net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, diluted earnings loss per share $ (0.33) $ 0.04 $ (0.97) $ (0.03)
SIRIUS XM Holdings revenue        
Revenue:        
Total revenue $ 1,977 $ 1,432 $ 3,721 $ 2,807
SIRIUS XM Holdings revenue | Liberty Sirius XM Group        
Revenue:        
Total revenue 1,977 1,432 3,721 2,807
Revenue Share And Royalties        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 600 404 1,092 714
Revenue Share And Royalties | Liberty Sirius XM Group        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 600 404 1,092 714
Programming and content        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 116 105 222 206
Programming and content | Liberty Sirius XM Group        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 116 105 222 206
Customer service and billing        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 119 95 232 189
Customer service and billing | Liberty Sirius XM Group        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 119 95 232 189
Other        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 47 33 84 62
Other | Liberty Sirius XM Group        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 47 33 84 62
Formula 1        
Revenue:        
Total revenue 620 585 866 699
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 441 414 589 495
Formula 1 | Formula One Group        
Revenue:        
Total revenue 620 585 866 699
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 441 414 589 495
Other        
Revenue:        
Total revenue 208 182 230 210
Other | Braves Group        
Revenue:        
Total revenue $ 208 $ 182 $ 230 $ 210