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

113

 —

376

Total current assets

1,064

220

479

 —

1,763

Intergroup interest in the Braves Group (note 1)

 —

 —

202

(202)

 —

Investments in available-for-sale securities and other cost investments (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

5,110

 —

6,131

Other assets

117

22

501

 —

640

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

Inter-Group

Consolidated

Group

Group

Group

Eliminations

Liberty

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

287

107

168

 —

562

Trade and other receivables, net

223

15

 2

 —

240

Other current assets

206

17

 5

(1)

227

Total current assets

716

139

175

(1)

1,029

Intergroup interest in the Braves Group (note 2)

 —

 —

187

(187)

 —

Investments in available-for-sale securities and other cost investments (note 3)

 —

 8

1,301

 —

1,309

Investments in affiliates, accounted for using the equity method (note 4)

164

61

892

 —

1,117

Property and equipment, at cost

2,079

943

160

 —

3,182

Accumulated depreciation

(746)

(13)

(71)

 —

(830)

1,333

930

89

 —

2,352

Intangible assets not subject to amortization

Goodwill

14,165

180

 —

 —

14,345

FCC licenses

8,600

 —

 —

 —

8,600

Other

930

143

 —

 —

1,073

23,695

323

 —

 —

24,018

Intangible assets subject to amortization, net

998

73

 1

 —

1,072

Other assets

145

14

350

(29)

480

Total assets

$

27,051

1,548

2,995

(217)

31,377

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 7)

$

 5

(17)

12

 —

 —

Accounts payable and accrued liabilities

827

141

17

 —

985

Current portion of debt (note 5)

 5

 —

 —

 —

 5

Deferred revenue

1,833

44

 —

 —

1,877

Other current liabilities

 3

 —

 3

(1)

 5

Total current liabilities

2,673

168

32

(1)

2,872

Long-term debt (note 5)

6,102

328

1,583

 —

8,013

Deferred income tax liabilities

1,967

48

39

(29)

2,025

Redeemable intergroup interest (note 2)

 —

187

 —

(187)

 —

Other liabilities

278

417

56

 —

751

Total liabilities

11,020

1,148

1,710

(217)

13,661

Equity / Attributed net assets

10,085

385

1,286

 —

11,756

Noncontrolling interests in equity of subsidiaries

5,946

15

(1)

 —

5,960

Total liabilities and equity

$

27,051

1,548

2,995

(217)

31,377

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 6):

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

(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

Revenue:

Subscriber revenue

$

3,807

 —

 —

3,807

Other revenue

745

243

 —

988

Total revenue

4,552

243

 —

4,795

Operating costs and expenses, including stock-based compensation (note 6):

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

Revenue share and royalties

1,035

 —

 —

1,035

Programming and content

267

 —

 —

267

Customer service and billing

380

 —

 —

380

Other

141

 —

 —

141

Subscriber acquisition costs

533

 —

 —

533

Other operating expenses

73

189

 —

262

Selling, general and administrative

728

61

72

861

Depreciation and amortization

322

31

 9

362

3,479

281

81

3,841

Operating income (loss)

1,073

(38)

(81)

954

Other income (expense):

Interest expense

(307)

(1)

(20)

(328)

Share of earnings (losses) of affiliates, net

(1)

 9

(48)

(40)

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

 —

 —

(140)

(140)

Other, net

 —

 —

12

12

(308)

 8

(196)

(496)

Earnings (loss) before income taxes

765

(30)

(277)

458

Income tax (expense) benefit

(322)

10

102

(210)

Net earnings (loss)

443

(20)

(175)

248

Less net earnings (loss) attributable to the noncontrolling interests

184

 —

 —

184

Net earnings (loss) attributable to Liberty stockholders

$

259

(20)

(175)

64

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 and loans to cost and equity investees

(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

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)

(8)

(13)

(56)

Net cash provided (used) by financing activities

(267)

288

1,847

1,868

Effect of foreign exchange rates on cash and cash equivalents

 —

 —

 4

 4

Net increase (decrease) in cash and cash equivalents

328

25

114

467

Cash and cash equivalents at beginning of period

287

107

168

562

Cash and cash equivalents at end of period

$

615

132

282

1,029

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