Financial Information for Tracking Stock Groups (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
December 31, 2021
(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 |
|
$ |
598 |
|
142 |
|
2,074 |
|
— |
|
2,814 |
|
Trade and other receivables, net |
|
|
722 |
|
40 |
|
66 |
|
— |
|
828 |
|
Other current assets |
|
|
793 |
|
148 |
|
229 |
|
— |
|
1,170 |
|
Total current assets |
|
|
2,113 |
|
330 |
|
2,369 |
|
— |
|
4,812 |
|
Intergroup interests (note 1) |
|
|
379 |
|
— |
|
191 |
|
(570) |
|
— |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
805 |
|
110 |
|
30 |
|
— |
|
945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
2,811 |
|
1,008 |
|
208 |
|
— |
|
4,027 |
|
Accumulated depreciation |
|
|
(1,697) |
|
(231) |
|
(89) |
|
— |
|
(2,017) |
|
|
|
|
1,114 |
|
777 |
|
119 |
|
— |
|
2,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
15,111 |
|
180 |
|
3,957 |
|
— |
|
19,248 |
|
FCC licenses |
|
|
8,600 |
|
— |
|
— |
|
— |
|
8,600 |
|
Other |
|
|
1,242 |
|
143 |
|
— |
|
— |
|
1,385 |
|
|
|
|
24,953 |
|
323 |
|
3,957 |
|
— |
|
29,233 |
|
Intangible assets subject to amortization, net |
|
|
1,269 |
|
21 |
|
3,507 |
|
— |
|
4,797 |
|
Other assets |
|
|
1,041 |
|
75 |
|
1,491 |
|
(53) |
|
2,554 |
|
Total assets |
|
$ |
31,674 |
|
1,636 |
|
11,664 |
|
(623) |
|
44,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 4) |
|
$ |
14 |
|
(31) |
|
17 |
|
— |
|
— |
|
Accounts payable and accrued liabilities |
|
|
1,458 |
|
66 |
|
308 |
|
— |
|
1,832 |
|
Current portion of debt (note 1) |
|
|
2,184 |
|
12 |
|
695 |
|
— |
|
2,891 |
|
Deferred revenue |
|
|
1,454 |
|
83 |
|
253 |
|
— |
|
1,790 |
|
Other current liabilities |
|
|
68 |
|
6 |
|
23 |
|
— |
|
97 |
|
Total current liabilities |
|
|
5,178 |
|
136 |
|
1,296 |
|
— |
|
6,610 |
|
Long-term debt (note 1) |
|
|
12,078 |
|
685 |
|
2,936 |
|
— |
|
15,699 |
|
Deferred income tax liabilities (note 3) |
|
|
2,206 |
|
65 |
|
— |
|
(53) |
|
2,218 |
|
Redeemable intergroup interests (note 1) |
|
|
— |
|
257 |
|
313 |
|
(570) |
|
— |
|
Other liabilities |
|
|
611 |
|
197 |
|
179 |
|
— |
|
987 |
|
Total liabilities |
|
|
20,073 |
|
1,340 |
|
4,724 |
|
(623) |
|
25,514 |
|
Redeemable noncontrolling interests in equity of subsidiary |
|
|
— |
|
— |
|
575 |
|
— |
|
575 |
|
Equity / Attributed net assets |
|
|
8,036 |
|
296 |
|
6,340 |
|
— |
|
14,672 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
3,565 |
|
— |
|
25 |
|
— |
|
3,590 |
|
Total liabilities and equity |
|
$ |
31,674 |
|
1,636 |
|
11,664 |
|
(623) |
|
44,351 |
|
BALANCE SHEET INFORMATION
December 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 |
|
$ |
996 |
|
151 |
|
1,684 |
|
— |
|
2,831 |
|
Trade and other receivables, net |
|
|
672 |
|
30 |
|
121 |
|
— |
|
823 |
|
Other current assets |
|
|
225 |
|
63 |
|
459 |
|
(371) |
|
376 |
|
Total current assets |
|
|
1,893 |
|
244 |
|
2,264 |
|
(371) |
|
4,030 |
|
Intergroup interests (note 1) |
|
|
257 |
|
— |
|
169 |
|
(426) |
|
— |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
886 |
|
94 |
|
38 |
|
— |
|
1,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
2,842 |
|
977 |
|
198 |
|
— |
|
4,017 |
|
Accumulated depreciation |
|
|
(1,526) |
|
(178) |
|
(74) |
|
— |
|
(1,778) |
|
|
|
|
1,316 |
|
799 |
|
124 |
|
— |
|
2,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
15,082 |
|
180 |
|
3,956 |
|
— |
|
19,218 |
|
FCC licenses |
|
|
8,600 |
|
— |
|
— |
|
— |
|
8,600 |
|
Other |
|
|
1,242 |
|
143 |
|
— |
|
— |
|
1,385 |
|
|
|
|
24,924 |
|
323 |
|
3,956 |
|
— |
|
29,203 |
|
Intangible assets subject to amortization, net |
|
|
1,471 |
|
24 |
|
3,883 |
|
— |
|
5,378 |
|
Other assets |
|
|
1,334 |
|
87 |
|
757 |
|
(42) |
|
2,136 |
|
Total assets |
|
$ |
32,081 |
|
1,571 |
|
11,191 |
|
(839) |
|
44,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 4) |
|
$ |
(22) |
|
(35) |
|
57 |
|
— |
|
— |
|
Accounts payable and accrued liabilities |
|
|
1,380 |
|
53 |
|
150 |
|
— |
|
1,583 |
|
Current portion of debt (note 1) |
|
|
475 |
|
59 |
|
209 |
|
— |
|
743 |
|
Deferred revenue |
|
|
1,721 |
|
90 |
|
259 |
|
— |
|
2,070 |
|
Other current liabilities |
|
|
442 |
|
6 |
|
17 |
|
(371) |
|
94 |
|
Total current liabilities |
|
|
3,996 |
|
173 |
|
692 |
|
(371) |
|
4,490 |
|
Long-term debt (note 1) |
|
|
12,525 |
|
611 |
|
3,550 |
|
— |
|
16,686 |
|
Deferred income tax liabilities (note 3) |
|
|
2,116 |
|
52 |
|
— |
|
(42) |
|
2,126 |
|
Redeemable intergroup interests (note 1) |
|
|
— |
|
226 |
|
200 |
|
(426) |
|
— |
|
Other liabilities |
|
|
689 |
|
218 |
|
194 |
|
— |
|
1,101 |
|
Total liabilities |
|
|
19,326 |
|
1,280 |
|
4,636 |
|
(839) |
|
24,403 |
|
Equity / Attributed net assets |
|
|
8,250 |
|
291 |
|
6,550 |
|
— |
|
15,091 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
4,505 |
|
— |
|
5 |
|
— |
|
4,510 |
|
Total liabilities and equity |
|
$ |
32,081 |
|
1,571 |
|
11,191 |
|
(839) |
|
44,004 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
December 31, 2021
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
8,696 |
|
— |
|
— |
|
8,696 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
2,136 |
|
2,136 |
|
Other revenue |
|
|
— |
|
568 |
|
— |
|
568 |
|
Total revenue |
|
|
8,696 |
|
568 |
|
2,136 |
|
11,400 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
2,672 |
|
— |
|
— |
|
2,672 |
|
Programming and content |
|
|
559 |
|
— |
|
— |
|
559 |
|
Customer service and billing |
|
|
501 |
|
— |
|
— |
|
501 |
|
Other |
|
|
236 |
|
— |
|
— |
|
236 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
1,489 |
|
1,489 |
|
Subscriber acquisition costs |
|
|
325 |
|
— |
|
— |
|
325 |
|
Other operating expenses |
|
|
265 |
|
377 |
|
— |
|
642 |
|
Selling, general and administrative |
|
|
1,598 |
|
99 |
|
210 |
|
1,907 |
|
Impairment, restructuring and acquisition costs, net of recoveries |
|
|
20 |
|
— |
|
— |
|
20 |
|
Depreciation and amortization |
|
|
603 |
|
72 |
|
397 |
|
1,072 |
|
|
|
|
6,779 |
|
548 |
|
2,096 |
|
9,423 |
|
Operating income (loss) |
|
|
1,917 |
|
20 |
|
40 |
|
1,977 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(495) |
|
(24) |
|
(123) |
|
(642) |
|
Share of earnings (losses) of affiliates, net |
|
|
(253) |
|
30 |
|
23 |
|
(200) |
|
Unrealized gain/(loss) on inter-group interests |
|
|
121 |
|
(31) |
|
(90) |
|
— |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(433) |
|
3 |
|
(21) |
|
(451) |
|
Gains (losses) on dilution of investment in affiliate |
|
|
152 |
|
— |
|
— |
|
152 |
|
Other, net |
|
|
(60) |
|
(1) |
|
14 |
|
(47) |
|
|
|
|
(968) |
|
(23) |
|
(197) |
|
(1,188) |
|
Earnings (loss) before income taxes |
|
|
949 |
|
(3) |
|
(157) |
|
789 |
|
Income tax (expense) benefit (note 3) |
|
|
(74) |
|
(8) |
|
37 |
|
(45) |
|
Net earnings (loss) |
|
|
875 |
|
(11) |
|
(120) |
|
744 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
276 |
|
— |
|
16 |
|
292 |
|
Less net earnings (loss) attributable to the redeemable noncontrolling interests |
|
|
— |
|
— |
|
54 |
|
54 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
599 |
|
(11) |
|
(190) |
|
398 |
|
STATEMENT OF OPERATIONS INFORMATION
December 31, 2020
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
8,040 |
|
— |
|
— |
|
8,040 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
1,145 |
|
1,145 |
|
Other revenue |
|
|
— |
|
178 |
|
— |
|
178 |
|
Total revenue |
|
|
8,040 |
|
178 |
|
1,145 |
|
9,363 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
2,421 |
|
— |
|
— |
|
2,421 |
|
Programming and content |
|
|
481 |
|
— |
|
— |
|
481 |
|
Customer service and billing |
|
|
481 |
|
— |
|
— |
|
481 |
|
Other |
|
|
196 |
|
— |
|
— |
|
196 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
974 |
|
974 |
|
Subscriber acquisition costs |
|
|
362 |
|
— |
|
— |
|
362 |
|
Other operating expenses |
|
|
264 |
|
170 |
|
— |
|
434 |
|
Selling, general and administrative |
|
|
1,509 |
|
67 |
|
174 |
|
1,750 |
|
Impairment, restructuring and acquisition costs, net of recoveries |
|
|
1,004 |
|
— |
|
— |
|
1,004 |
|
Depreciation and amortization |
|
|
573 |
|
69 |
|
441 |
|
1,083 |
|
|
|
|
7,291 |
|
306 |
|
1,589 |
|
9,186 |
|
Operating income (loss) |
|
|
749 |
|
(128) |
|
(444) |
|
177 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(462) |
|
(26) |
|
(146) |
|
(634) |
|
Intergroup interest income (expense) |
|
|
(7) |
|
— |
|
7 |
|
— |
|
Share of earnings (losses) of affiliates, net |
|
|
(484) |
|
6 |
|
(108) |
|
(586) |
|
Unrealized gain/(loss) on inter-group interests |
|
|
125 |
|
42 |
|
(167) |
|
— |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(521) |
|
(10) |
|
129 |
|
(402) |
|
Gains (losses) on dilution of investment in affiliate |
|
|
4 |
|
— |
|
— |
|
4 |
|
Other, net |
|
|
(17) |
|
— |
|
23 |
|
6 |
|
|
|
|
(1,362) |
|
12 |
|
(262) |
|
(1,612) |
|
Earnings (loss) before income taxes |
|
|
(613) |
|
(116) |
|
(706) |
|
(1,435) |
|
Income tax (expense) benefit (note 3) |
|
|
(106) |
|
38 |
|
112 |
|
44 |
|
Net earnings (loss) |
|
|
(719) |
|
(78) |
|
(594) |
|
(1,391) |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
28 |
|
— |
|
2 |
|
30 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
(747) |
|
(78) |
|
(596) |
|
(1,421) |
|
STATEMENT OF OPERATIONS INFORMATION
December 31, 2019
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
7,794 |
|
— |
|
— |
|
7,794 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
2,022 |
|
2,022 |
|
Other revenue |
|
|
— |
|
476 |
|
— |
|
476 |
|
Total revenue |
|
|
7,794 |
|
476 |
|
2,022 |
|
10,292 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
2,291 |
|
— |
|
— |
|
2,291 |
|
Programming and content |
|
|
462 |
|
— |
|
— |
|
462 |
|
Customer service and billing |
|
|
475 |
|
— |
|
— |
|
475 |
|
Other |
|
|
199 |
|
— |
|
— |
|
199 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
1,394 |
|
1,394 |
|
Subscriber acquisition costs |
|
|
427 |
|
— |
|
— |
|
427 |
|
Other operating expenses |
|
|
280 |
|
344 |
|
— |
|
624 |
|
Selling, general and administrative |
|
|
1,495 |
|
100 |
|
210 |
|
1,805 |
|
Impairment, restructuring and acquisition costs, net of recoveries |
|
|
84 |
|
— |
|
— |
|
84 |
|
Depreciation and amortization |
|
|
537 |
|
71 |
|
453 |
|
1,061 |
|
|
|
|
6,250 |
|
515 |
|
2,057 |
|
8,822 |
|
Operating income (loss) |
|
|
1,544 |
|
(39) |
|
(35) |
|
1,470 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(435) |
|
(27) |
|
(195) |
|
(657) |
|
Share of earnings (losses) of affiliates, net |
|
|
(24) |
|
18 |
|
12 |
|
6 |
|
Unrealized gain/(loss) on inter-group interests |
|
|
— |
|
(42) |
|
42 |
|
— |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(41) |
|
(4) |
|
(270) |
|
(315) |
|
Gains (losses) on dilution of investment in affiliate |
|
|
— |
|
— |
|
7 |
|
7 |
|
Other, net |
|
|
(38) |
|
2 |
|
38 |
|
2 |
|
|
|
|
(538) |
|
(53) |
|
(366) |
|
(957) |
|
Earnings (loss) before income taxes |
|
|
1,006 |
|
(92) |
|
(401) |
|
513 |
|
Income tax (expense) benefit (note 3) |
|
|
(271) |
|
15 |
|
90 |
|
(166) |
|
Net earnings (loss) |
|
|
735 |
|
(77) |
|
(311) |
|
347 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
241 |
|
— |
|
— |
|
241 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
494 |
|
(77) |
|
(311) |
|
106 |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
December 31, 2021
(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) |
|
$ |
875 |
|
(11) |
|
(120) |
|
744 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
. |
|
|
|
|
|
Depreciation and amortization |
|
|
603 |
|
72 |
|
397 |
|
1,072 |
|
Stock-based compensation |
|
|
215 |
|
12 |
|
29 |
|
256 |
|
Non-cash impairment and restructuring costs |
|
|
24 |
|
— |
|
— |
|
24 |
|
Share of (earnings) loss of affiliates, net |
|
|
253 |
|
(30) |
|
(23) |
|
200 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(121) |
|
31 |
|
90 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
433 |
|
(3) |
|
21 |
|
451 |
|
Noncash interest expense |
|
|
15 |
|
— |
|
1 |
|
16 |
|
Losses (gains) on dilution of investment in affiliate |
|
|
(152) |
|
— |
|
— |
|
(152) |
|
Loss on early extinguishment of debt |
|
|
83 |
|
— |
|
(3) |
|
80 |
|
Deferred income tax expense (benefit) |
|
|
(12) |
|
12 |
|
(41) |
|
(41) |
|
Intergroup tax allocation |
|
|
9 |
|
(4) |
|
(5) |
|
— |
|
Intergroup tax (payments) receipts |
|
|
(2) |
|
7 |
|
(5) |
|
— |
|
Other charges (credits), net |
|
|
(15) |
|
20 |
|
(3) |
|
2 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(59) |
|
(43) |
|
(2) |
|
(104) |
|
Payables and other liabilities |
|
|
(255) |
|
(1) |
|
145 |
|
(111) |
|
Net cash provided (used) by operating activities |
|
|
1,894 |
|
62 |
|
481 |
|
2,437 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investment of subsidiary initial public offering proceeds into trust account |
|
|
— |
|
— |
|
(575) |
|
(575) |
|
Cash proceeds from dispositions of investments |
|
|
177 |
|
2 |
|
204 |
|
383 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(14) |
|
— |
|
— |
|
(14) |
|
Investments in equity method affiliates and debt and equity securities |
|
|
(73) |
|
— |
|
(179) |
|
(252) |
|
Return of investment in equity method affiliates |
|
|
1 |
|
— |
|
39 |
|
40 |
|
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities |
|
|
12 |
|
— |
|
— |
|
12 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(388) |
|
(35) |
|
(17) |
|
(440) |
|
Proceeds from insurance recoveries |
|
|
225 |
|
— |
|
— |
|
225 |
|
Other investing activities, net |
|
|
(4) |
|
8 |
|
(72) |
|
(68) |
|
Net cash provided (used) by investing activities |
|
|
(64) |
|
(25) |
|
(600) |
|
(689) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
6,294 |
|
117 |
|
— |
|
6,411 |
|
Repayments of debt |
|
|
(5,872) |
|
(93) |
|
(322) |
|
(6,287) |
|
Liberty stock repurchases |
|
|
(500) |
|
— |
|
(55) |
|
(555) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(1,523) |
|
— |
|
— |
|
(1,523) |
|
Proceeds from initial public offering of subsidiary |
|
|
— |
|
— |
|
575 |
|
575 |
|
Cash dividends paid by subsidiary |
|
|
(58) |
|
— |
|
— |
|
(58) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(106) |
|
— |
|
(48) |
|
(154) |
|
Settlement of intergroup call spread |
|
|
(384) |
|
— |
|
384 |
|
— |
|
Other financing activities, net |
|
|
(83) |
|
(2) |
|
(22) |
|
(107) |
|
Net cash provided (used) by financing activities |
|
|
(2,232) |
|
22 |
|
512 |
|
(1,698) |
|
Effect of foreign exchange rates on cash, cash equivalents and restricted cash |
|
|
— |
|
— |
|
(3) |
|
(3) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(402) |
|
59 |
|
390 |
|
47 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
1,008 |
|
185 |
|
1,684 |
|
2,877 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
606 |
|
244 |
|
2,074 |
|
2,924 |
|
STATEMENT OF CASH FLOWS INFORMATION
December 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) |
|
$ |
(719) |
|
(78) |
|
(594) |
|
(1,391) |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
573 |
|
69 |
|
441 |
|
1,083 |
|
Stock-based compensation |
|
|
234 |
|
6 |
|
21 |
|
261 |
|
Non-cash impairment and restructuring costs |
|
|
1,000 |
|
— |
|
— |
|
1,000 |
|
Share of (earnings) loss of affiliates, net |
|
|
484 |
|
(6) |
|
108 |
|
586 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(125) |
|
(42) |
|
167 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
521 |
|
10 |
|
(129) |
|
402 |
|
Noncash interest expense |
|
|
12 |
|
1 |
|
4 |
|
17 |
|
Losses (gains) on dilution of investment in affiliate |
|
|
(4) |
|
— |
|
— |
|
(4) |
|
Loss on early extinguishment of debt |
|
|
40 |
|
— |
|
— |
|
40 |
|
Deferred income tax expense (benefit) |
|
|
40 |
|
(10) |
|
(125) |
|
(95) |
|
Intergroup tax allocation |
|
|
5 |
|
(28) |
|
23 |
|
— |
|
Intergroup tax (payments) receipts |
|
|
8 |
|
2 |
|
(10) |
|
— |
|
Other charges (credits), net |
|
|
2 |
|
9 |
|
— |
|
11 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
32 |
|
(29) |
|
(37) |
|
(34) |
|
Payables and other liabilities |
|
|
(179) |
|
41 |
|
(8) |
|
(146) |
|
Net cash provided (used) by operating activities |
|
|
1,924 |
|
(55) |
|
(139) |
|
1,730 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions of investments |
|
|
— |
|
— |
|
13 |
|
13 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(300) |
|
— |
|
— |
|
(300) |
|
Investments in equity method affiliates and debt and equity securities |
|
|
(96) |
|
— |
|
(17) |
|
(113) |
|
Return of investment in equity method affiliates |
|
|
— |
|
— |
|
105 |
|
105 |
|
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities |
|
|
20 |
|
— |
|
— |
|
20 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(350) |
|
(81) |
|
(21) |
|
(452) |
|
Other investing activities, net |
|
|
(8) |
|
4 |
|
(5) |
|
(9) |
|
Net cash provided (used) by investing activities |
|
|
(734) |
|
(77) |
|
75 |
|
(736) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
4,149 |
|
228 |
|
521 |
|
4,898 |
|
Repayments of debt |
|
|
(2,203) |
|
(114) |
|
(614) |
|
(2,931) |
|
Intergroup loan (repayment) borrowing |
|
|
(750) |
|
— |
|
750 |
|
— |
|
Liberty stock repurchases |
|
|
(249) |
|
— |
|
(69) |
|
(318) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(1,555) |
|
— |
|
— |
|
(1,555) |
|
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group |
|
|
(608) |
|
— |
|
608 |
|
— |
|
Proceeds from Liberty SiriusXM common stock rights offering |
|
|
754 |
|
— |
|
— |
|
754 |
|
Cash dividends paid by subsidiary |
|
|
(64) |
|
— |
|
— |
|
(64) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(116) |
|
(1) |
|
(3) |
|
(120) |
|
Other financing activities, net |
|
|
(47) |
|
(8) |
|
(35) |
|
(90) |
|
Net cash provided (used) by financing activities |
|
|
(689) |
|
105 |
|
1,158 |
|
574 |
|
Effect of foreign exchange rates on cash, cash equivalents and restricted cash |
|
|
— |
|
— |
|
3 |
|
3 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
501 |
|
(27) |
|
1,097 |
|
1,571 |
|
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 |
|
$ |
1,008 |
|
185 |
|
1,684 |
|
2,877 |
|
STATEMENT OF CASH FLOWS INFORMATION
December 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) |
|
$ |
735 |
|
(77) |
|
(311) |
|
347 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
537 |
|
71 |
|
453 |
|
1,061 |
|
Stock-based compensation |
|
|
267 |
|
17 |
|
28 |
|
312 |
|
Share of (earnings) loss of affiliates, net |
|
|
24 |
|
(18) |
|
(12) |
|
(6) |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
— |
|
42 |
|
(42) |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
41 |
|
4 |
|
270 |
|
315 |
|
Noncash interest expense |
|
|
7 |
|
1 |
|
1 |
|
9 |
|
Losses (gains) on dilution of investment in affiliate |
|
|
— |
|
— |
|
(7) |
|
(7) |
|
Loss on early extinguishment of debt |
|
|
57 |
|
— |
|
— |
|
57 |
|
Deferred income tax expense (benefit) |
|
|
268 |
|
(7) |
|
(141) |
|
120 |
|
Intergroup tax allocation |
|
|
(21) |
|
(8) |
|
29 |
|
— |
|
Intergroup tax (payments) receipts |
|
|
(3) |
|
21 |
|
(18) |
|
— |
|
Other charges (credits), net |
|
|
4 |
|
18 |
|
(14) |
|
8 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(11) |
|
(12) |
|
20 |
|
(3) |
|
Payables and other liabilities |
|
|
39 |
|
23 |
|
38 |
|
100 |
|
Net cash provided (used) by operating activities |
|
|
1,944 |
|
75 |
|
294 |
|
2,313 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions of investments |
|
|
373 |
|
— |
|
69 |
|
442 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
313 |
|
— |
|
— |
|
313 |
|
Investments in equity method affiliates and debt and equity securities |
|
|
(19) |
|
(4) |
|
(6) |
|
(29) |
|
Return of investment in equity method affiliates |
|
|
— |
|
— |
|
23 |
|
23 |
|
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities |
|
|
11 |
|
— |
|
— |
|
11 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(363) |
|
(103) |
|
(44) |
|
(510) |
|
Other investing activities, net |
|
|
69 |
|
— |
|
(5) |
|
64 |
|
Net cash provided (used) by investing activities |
|
|
384 |
|
(107) |
|
37 |
|
314 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
5,795 |
|
96 |
|
129 |
|
6,020 |
|
Repayments of debt |
|
|
(4,833) |
|
(31) |
|
(7) |
|
(4,871) |
|
Liberty stock repurchases |
|
|
(419) |
|
— |
|
(24) |
|
(443) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(2,159) |
|
— |
|
— |
|
(2,159) |
|
Cash dividends paid by subsidiary |
|
|
(68) |
|
— |
|
— |
|
(68) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(201) |
|
(4) |
|
(6) |
|
(211) |
|
Other financing activities, net |
|
|
(38) |
|
(7) |
|
4 |
|
(41) |
|
Net cash provided (used) by financing activities |
|
|
(1,923) |
|
54 |
|
96 |
|
(1,773) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
405 |
|
22 |
|
427 |
|
854 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
102 |
|
190 |
|
160 |
|
452 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
507 |
|
212 |
|
587 |
|
1,306 |
|
|