Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.19.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue:        
Total revenue $ 2,856 $ 2,315 $ 7,673 $ 6,031
Cost of services (exclusive of depreciation shown separately below):        
Subscriber acquisition costs 101 110 313 352
Other operating expense 223 137 511 336
Selling, general and administrative 440 288 1,275 849
Acquisition and other related costs (note 3)     83  
Depreciation and amortization 271 234 790 681
Total operating costs and expenses 2,349 1,784 6,505 4,899
Operating income (loss) 507 531 1,168 1,132
Other income (expense):        
Interest expense (169) (150) (495) (453)
Share of earnings (losses) of affiliates, net 55 58 69 72
Realized and unrealized gains (losses) on financial instruments, net 14 (31) (171) 180
Other, net (47) 10 (18) 37
Total other income (expense) (147) (113) (615) (164)
Earnings (loss) before income taxes 360 418 553 968
Income tax (expense) benefit (98) (52) (226) (134)
Net earnings (loss) 262 366 327 834
Less net earnings (loss) attributable to the noncontrolling interests 69 98 176 263
Net earnings (loss) attributable to Liberty stockholders 193 268 151 571
Liberty Sirius XM Group        
Revenue:        
Total revenue 2,011 1,468 5,732 4,275
Cost of services (exclusive of depreciation shown separately below):        
Subscriber acquisition costs 101 110 313 352
Other operating expense 78 31 206 89
Selling, general and administrative 363 214 1,050 640
Acquisition and other related costs (note 3)     83  
Depreciation and amortization 135 93 396 274
Total operating costs and expenses 1,557 1,013 4,558 3,091
Operating income (loss) 454 455 1,174 1,184
Other income (expense):        
Interest expense (115) (95) (326) (291)
Share of earnings (losses) of affiliates, net (7) (2) (18) (2)
Realized and unrealized gains (losses) on financial instruments, net (10) (51) 6 69
Other, net (51) 6 (42) 23
Total other income (expense) (183) (142) (380) (201)
Earnings (loss) before income taxes 271 313 794 983
Income tax (expense) benefit (63) (30) (251) (170)
Net earnings (loss) 208 283 543 813
Less net earnings (loss) attributable to the noncontrolling interests 68 98 175 263
Net earnings (loss) attributable to Liberty stockholders $ 140 $ 185 $ 368 $ 550
Basic net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, basic earnings loss per share $ 0.44 $ 0.56 $ 1.15 $ 1.65
Diluted net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, diluted earnings loss per share $ 0.44 $ 0.55 $ 1.14 $ 1.63
Braves Group        
Revenue:        
Total revenue $ 212 $ 200 $ 442 $ 410
Cost of services (exclusive of depreciation shown separately below):        
Other operating expense 145 106 305 247
Selling, general and administrative 26 26 77 72
Depreciation and amortization 20 23 54 62
Total operating costs and expenses 191 155 436 381
Operating income (loss) 21 45 6 29
Other income (expense):        
Interest expense (6) (6) (20) (19)
Share of earnings (losses) of affiliates, net 4 2 13 8
Realized and unrealized gains (losses) on financial instruments, net (2) 1 (6) 1
Other, net     1 2
Total other income (expense) (2) (16) (38) (54)
Earnings (loss) before income taxes 19 29 (32) (25)
Income tax (expense) benefit (7) 12 (1) 11
Net earnings (loss) 12 41 (33) (14)
Less net earnings (loss) attributable to the noncontrolling interests       (1)
Net earnings (loss) attributable to Liberty stockholders $ 12 $ 41 $ (33) $ (13)
Basic net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, basic earnings loss per share $ 0.24 $ 0.80 $ (0.65) $ (0.25)
Diluted net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, diluted earnings loss per share $ 0.16 $ 0.80 $ (0.65) $ (0.25)
Formula One Group        
Revenue:        
Total revenue $ 633 $ 647 $ 1,499 $ 1,346
Cost of services (exclusive of depreciation shown separately below):        
Selling, general and administrative 51 48 148 137
Depreciation and amortization 116 118 340 345
Total operating costs and expenses 601 616 1,511 1,427
Operating income (loss) 32 31 (12) (81)
Other income (expense):        
Interest expense (48) (49) (149) (143)
Share of earnings (losses) of affiliates, net 58 58 74 66
Realized and unrealized gains (losses) on financial instruments, net 26 19 (171) 110
Other, net 4 4 23 12
Total other income (expense) 38 45 (197) 91
Earnings (loss) before income taxes 70 76 (209) 10
Income tax (expense) benefit (28) (34) 26 25
Net earnings (loss) 42 42 (183) 35
Less net earnings (loss) attributable to the noncontrolling interests 1   1 1
Net earnings (loss) attributable to Liberty stockholders $ 41 $ 42 $ (184) $ 34
Basic net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, basic earnings loss per share $ 0.18 $ 0.18 $ (0.80) $ 0.15
Diluted net earnings (loss) attributable to Liberty stockholders per common share        
Series A, B and C common stock, diluted earnings loss per share $ 0.18 $ 0.18 $ (0.80) $ 0.15
Sirius XM Holdings Revenue        
Revenue:        
Total revenue $ 2,011 $ 1,468 $ 5,732 $ 4,275
Sirius XM Holdings Revenue | Liberty Sirius XM Group        
Revenue:        
Total revenue 2,011 1,468 5,732 4,275
Revenue Share And Royalties        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 592 343 1,684 1,057
Revenue Share And Royalties | Liberty Sirius XM Group        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 592 343 1,684 1,057
Programming and content        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 116 97 338 303
Programming and content | Liberty Sirius XM Group        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 116 97 338 303
Customer service and billing        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 120 95 352 284
Customer service and billing | Liberty Sirius XM Group        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 120 95 352 284
Other        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 52 30 136 92
Other | Liberty Sirius XM Group        
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 52 30 136 92
Formula 1        
Revenue:        
Total revenue 633 647 1,499 1,346
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 434 450 1,023 945
Formula 1 | Formula One Group        
Revenue:        
Total revenue 633 647 1,499 1,346
Cost of services (exclusive of depreciation shown separately below):        
Cost of services 434 450 1,023 945
Other        
Revenue:        
Total revenue 212 200 442 410
Other | Braves Group        
Revenue:        
Total revenue $ 212 $ 200 $ 442 $ 410