| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
March 31, 2020
(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 |
|
$ |
386 |
|
321 |
|
1,094 |
|
— |
|
1,801 |
|
Trade and other receivables, net |
|
|
604 |
|
30 |
|
66 |
|
— |
|
700 |
|
Other current assets |
|
|
239 |
|
26 |
|
223 |
|
— |
|
488 |
|
Total current assets |
|
|
1,229 |
|
377 |
|
1,383 |
|
— |
|
2,989 |
|
Intergroup interests (note 1) |
|
|
— |
|
— |
|
235 |
|
(235) |
|
— |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
670 |
|
101 |
|
671 |
|
— |
|
1,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
2,689 |
|
945 |
|
169 |
|
— |
|
3,803 |
|
Accumulated depreciation |
|
|
(1,359) |
|
(141) |
|
(58) |
|
— |
|
(1,558) |
|
|
|
|
1,330 |
|
804 |
|
111 |
|
— |
|
2,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
15,803 |
|
180 |
|
3,956 |
|
— |
|
19,939 |
|
FCC licenses |
|
|
8,600 |
|
— |
|
— |
|
— |
|
8,600 |
|
Other |
|
|
1,262 |
|
143 |
|
— |
|
— |
|
1,405 |
|
|
|
|
25,665 |
|
323 |
|
3,956 |
|
— |
|
29,944 |
|
Intangible assets subject to amortization, net |
|
|
1,555 |
|
33 |
|
4,202 |
|
— |
|
5,790 |
|
Other assets |
|
|
659 |
|
77 |
|
804 |
|
(32) |
|
1,508 |
|
Total assets |
|
$ |
31,108 |
|
1,715 |
|
11,362 |
|
(267) |
|
43,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 3) |
|
$ |
(19) |
|
(13) |
|
32 |
|
— |
|
— |
|
Accounts payable and accrued liabilities |
|
|
1,107 |
|
51 |
|
150 |
|
— |
|
1,308 |
|
Current portion of debt |
|
|
1 |
|
114 |
|
475 |
|
— |
|
590 |
|
Deferred revenue |
|
|
1,923 |
|
108 |
|
554 |
|
— |
|
2,585 |
|
Other current liabilities |
|
|
75 |
|
5 |
|
21 |
|
— |
|
101 |
|
Total current liabilities |
|
|
3,087 |
|
265 |
|
1,232 |
|
— |
|
4,584 |
|
Long-term debt (note 1) |
|
|
9,070 |
|
580 |
|
4,903 |
|
— |
|
14,553 |
|
Deferred income tax liabilities |
|
|
1,947 |
|
49 |
|
— |
|
(32) |
|
1,964 |
|
Redeemable intergroup interests (note 1) |
|
|
62 |
|
173 |
|
— |
|
(235) |
|
— |
|
Other liabilities |
|
|
665 |
|
221 |
|
229 |
|
— |
|
1,115 |
|
Total liabilities |
|
|
14,831 |
|
1,288 |
|
6,364 |
|
(267) |
|
22,216 |
|
Equity / Attributed net assets |
|
|
10,745 |
|
427 |
|
4,995 |
|
— |
|
16,167 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
5,532 |
|
— |
|
3 |
|
— |
|
5,535 |
|
Total liabilities and equity |
|
$ |
31,108 |
|
1,715 |
|
11,362 |
|
(267) |
|
43,918 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2020
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
1,952 |
|
— |
|
— |
|
1,952 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
39 |
|
39 |
|
Other revenue |
|
|
— |
|
22 |
|
— |
|
22 |
|
Total revenue |
|
|
1,952 |
|
22 |
|
39 |
|
2,013 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
570 |
|
— |
|
— |
|
570 |
|
Programming and content |
|
|
118 |
|
— |
|
— |
|
118 |
|
Customer service and billing |
|
|
118 |
|
— |
|
— |
|
118 |
|
Other |
|
|
44 |
|
— |
|
— |
|
44 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
43 |
|
43 |
|
Subscriber acquisition costs |
|
|
99 |
|
— |
|
— |
|
99 |
|
Other operating expenses |
|
|
71 |
|
29 |
|
— |
|
100 |
|
Selling, general and administrative |
|
|
342 |
|
22 |
|
44 |
|
408 |
|
Depreciation and amortization |
|
|
148 |
|
15 |
|
104 |
|
267 |
|
|
|
|
1,510 |
|
66 |
|
191 |
|
1,767 |
|
Operating income (loss) |
|
|
442 |
|
(44) |
|
(152) |
|
246 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(111) |
|
(7) |
|
(46) |
|
(164) |
|
Share of earnings (losses) of affiliates, net |
|
|
(2) |
|
4 |
|
(64) |
|
(62) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(5) |
|
(9) |
|
15 |
|
1 |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
31 |
|
95 |
|
(126) |
|
— |
|
Other, net |
|
|
13 |
|
(1) |
|
5 |
|
17 |
|
|
|
|
(74) |
|
82 |
|
(216) |
|
(208) |
|
Earnings (loss) before income taxes |
|
|
368 |
|
38 |
|
(368) |
|
38 |
|
Income tax (expense) benefit |
|
|
(76) |
|
15 |
|
25 |
|
(36) |
|
Net earnings (loss) |
|
|
292 |
|
53 |
|
(343) |
|
2 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
78 |
|
— |
|
— |
|
78 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
214 |
|
53 |
|
(343) |
|
(76) |
|
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 |
|
31 |
|
— |
|
85 |
|
Selling, general and administrative |
|
|
326 |
|
27 |
|
46 |
|
399 |
|
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 interests (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) |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2020
(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) |
|
$ |
292 |
|
53 |
|
(343) |
|
2 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
148 |
|
15 |
|
104 |
|
267 |
|
Stock-based compensation |
|
|
58 |
|
3 |
|
6 |
|
67 |
|
Share of (earnings) loss of affiliates, net |
|
|
2 |
|
(4) |
|
64 |
|
62 |
|
Unrealized (gains) losses on intergroup interest, net |
|
|
(31) |
|
(95) |
|
126 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
5 |
|
9 |
|
(15) |
|
(1) |
|
Deferred income tax expense (benefit) |
|
|
67 |
|
(13) |
|
(15) |
|
39 |
|
Intergroup tax allocation |
|
|
1 |
|
(2) |
|
1 |
|
— |
|
Other charges (credits), net |
|
|
4 |
|
3 |
|
3 |
|
10 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
72 |
|
19 |
|
(125) |
|
(34) |
|
Payables and other liabilities |
|
|
(214) |
|
29 |
|
330 |
|
145 |
|
Net cash provided (used) by operating activities |
|
|
404 |
|
17 |
|
136 |
|
557 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(81) |
|
— |
|
(1) |
|
(82) |
|
Return of investment in equity method affiliates |
|
|
— |
|
— |
|
105 |
|
105 |
|
Cash proceeds from sale of investments |
|
|
— |
|
— |
|
10 |
|
10 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(62) |
|
(24) |
|
(2) |
|
(88) |
|
Other investing activities, net |
|
|
(1) |
|
— |
|
(2) |
|
(3) |
|
Net cash provided (used) by investing activities |
|
|
(144) |
|
(24) |
|
110 |
|
(58) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
204 |
|
174 |
|
475 |
|
853 |
|
Repayments of debt |
|
|
(206) |
|
(35) |
|
(131) |
|
(372) |
|
Liberty SiriusXM stock repurchases |
|
|
(69) |
|
— |
|
(69) |
|
(138) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(243) |
|
— |
|
— |
|
(243) |
|
Cash dividends paid by subsidiary |
|
|
(17) |
|
— |
|
— |
|
(17) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(36) |
|
— |
|
(2) |
|
(38) |
|
Other financing activities, net |
|
|
(2) |
|
(1) |
|
(4) |
|
(7) |
|
Net cash provided (used) by financing activities |
|
|
(369) |
|
138 |
|
269 |
|
38 |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
— |
|
— |
|
(8) |
|
(8) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(109) |
|
131 |
|
507 |
|
529 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
507 |
|
212 |
|
587 |
|
1,306 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
398 |
|
343 |
|
1,094 |
|
1,835 |
|
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 |
|
Deferred income tax expense (benefit) |
|
|
109 |
|
2 |
|
(57) |
|
54 |
|
Intergroup tax allocation |
|
|
1 |
|
(14) |
|
13 |
|
— |
|
Other charges (credits), net |
|
|
3 |
|
1 |
|
1 |
|
5 |
|
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 (paid) received for acquisitions, net of cash acquired |
|
|
313 |
|
— |
|
— |
|
313 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(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) |
|
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 |
|
|