Financial Information for Tracking Stock Groups (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Financial Information for Tracking Stock Groups |
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
December 31, 2023
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
Liberty |
|
|
|
Liberty |
|
|
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Live |
|
Inter-Group |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Eliminations |
|
Liberty |
|
|
|
|
amounts in millions |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
306 |
|
1,408 |
|
305 |
|
— |
|
2,019 |
|
Trade and other receivables, net |
|
|
709 |
|
123 |
|
— |
|
— |
|
832 |
|
Other current assets |
|
|
346 |
|
180 |
|
— |
|
— |
|
526 |
|
Total current assets |
|
|
1,361 |
|
1,711 |
|
305 |
|
— |
|
3,377 |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
715 |
|
41 |
|
333 |
|
— |
|
1,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
3,105 |
|
973 |
|
— |
|
— |
|
4,078 |
|
Accumulated depreciation |
|
|
(1,860) |
|
(135) |
|
— |
|
— |
|
(1,995) |
|
|
|
|
1,245 |
|
838 |
|
— |
|
— |
|
2,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
15,209 |
|
3,956 |
|
— |
|
— |
|
19,165 |
|
FCC licenses |
|
|
8,600 |
|
— |
|
— |
|
— |
|
8,600 |
|
Other |
|
|
1,242 |
|
— |
|
— |
|
— |
|
1,242 |
|
|
|
|
25,051 |
|
3,956 |
|
— |
|
— |
|
29,007 |
|
Intangible assets subject to amortization, net |
|
|
1,014 |
|
2,858 |
|
— |
|
— |
|
3,872 |
|
Other assets |
|
|
515 |
|
863 |
|
524 |
|
(162) |
|
1,740 |
|
Total assets |
|
$ |
29,901 |
|
10,267 |
|
1,162 |
|
(162) |
|
41,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 4) |
|
$ |
62 |
|
(63) |
|
1 |
|
— |
|
— |
|
Accounts payable and accrued liabilities |
|
|
1,474 |
|
535 |
|
1 |
|
— |
|
2,010 |
|
Current portion of debt (note 1) |
|
|
1,074 |
|
36 |
|
70 |
|
— |
|
1,180 |
|
Deferred revenue |
|
|
1,195 |
|
247 |
|
— |
|
— |
|
1,442 |
|
Other current liabilities |
|
|
71 |
|
32 |
|
8 |
|
— |
|
111 |
|
Total current liabilities |
|
|
3,876 |
|
787 |
|
80 |
|
— |
|
4,743 |
|
Long-term debt (note 1) |
|
|
10,063 |
|
2,870 |
|
1,247 |
|
— |
|
14,180 |
|
Deferred income tax liabilities (note 3) |
|
|
2,245 |
|
3 |
|
— |
|
(162) |
|
2,086 |
|
Other liabilities |
|
|
526 |
|
188 |
|
— |
|
— |
|
714 |
|
Total liabilities |
|
|
16,710 |
|
3,848 |
|
1,327 |
|
(162) |
|
21,723 |
|
Equity / Attributed net assets |
|
|
10,165 |
|
6,419 |
|
(188) |
|
— |
|
16,396 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
3,026 |
|
— |
|
23 |
|
— |
|
3,049 |
|
Total liabilities and equity |
|
$ |
29,901 |
|
10,267 |
|
1,162 |
|
(162) |
|
41,168 |
|
BALANCE SHEET INFORMATION
December 31, 2022
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Braves |
|
Inter-Group |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Eliminations |
|
Liberty |
|
|
|
|
amounts in millions |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
362 |
|
1,733 |
|
151 |
|
— |
|
2,246 |
|
Trade and other receivables, net |
|
|
669 |
|
123 |
|
45 |
|
— |
|
837 |
|
Other current assets |
|
|
523 |
|
167 |
|
78 |
|
— |
|
768 |
|
Total current assets |
|
|
1,554 |
|
2,023 |
|
274 |
|
— |
|
3,851 |
|
Intergroup interests (note 1) |
|
|
282 |
|
219 |
|
— |
|
(501) |
|
— |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
823 |
|
34 |
|
95 |
|
— |
|
952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
2,957 |
|
516 |
|
1,008 |
|
— |
|
4,481 |
|
Accumulated depreciation |
|
|
(1,840) |
|
(108) |
|
(278) |
|
— |
|
(2,226) |
|
|
|
|
1,117 |
|
408 |
|
730 |
|
— |
|
2,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
15,209 |
|
3,956 |
|
176 |
|
— |
|
19,341 |
|
FCC licenses |
|
|
8,600 |
|
— |
|
— |
|
— |
|
8,600 |
|
Other |
|
|
1,242 |
|
— |
|
124 |
|
— |
|
1,366 |
|
|
|
|
25,051 |
|
3,956 |
|
300 |
|
— |
|
29,307 |
|
Intangible assets subject to amortization, net |
|
|
1,101 |
|
3,163 |
|
24 |
|
— |
|
4,288 |
|
Other assets |
|
|
551 |
|
1,213 |
|
54 |
|
(7) |
|
1,811 |
|
Total assets |
|
$ |
30,479 |
|
11,016 |
|
1,477 |
|
(508) |
|
42,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 4) |
|
$ |
7 |
|
— |
|
(7) |
|
— |
|
— |
|
Accounts payable and accrued liabilities |
|
|
1,405 |
|
396 |
|
55 |
|
— |
|
1,856 |
|
Current portion of debt (note 1) |
|
|
1,543 |
|
61 |
|
75 |
|
— |
|
1,679 |
|
Deferred revenue |
|
|
1,321 |
|
347 |
|
105 |
|
— |
|
1,773 |
|
Other current liabilities |
|
|
68 |
|
29 |
|
5 |
|
— |
|
102 |
|
Total current liabilities |
|
|
4,344 |
|
833 |
|
233 |
|
— |
|
5,410 |
|
Long-term debt (note 1) |
|
|
11,600 |
|
2,886 |
|
467 |
|
— |
|
14,953 |
|
Deferred income tax liabilities (note 3) |
|
|
2,054 |
|
— |
|
54 |
|
(7) |
|
2,101 |
|
Redeemable intergroup interests (note 1) |
|
|
— |
|
223 |
|
278 |
|
(501) |
|
— |
|
Other liabilities |
|
|
584 |
|
139 |
|
151 |
|
— |
|
874 |
|
Total liabilities |
|
|
18,582 |
|
4,081 |
|
1,183 |
|
(508) |
|
23,338 |
|
Equity / Attributed net assets |
|
|
8,759 |
|
6,910 |
|
294 |
|
— |
|
15,963 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
3,138 |
|
25 |
|
— |
|
— |
|
3,163 |
|
Total liabilities and equity |
|
$ |
30,479 |
|
11,016 |
|
1,477 |
|
(508) |
|
42,464 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
December 31, 2023
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
Liberty |
|
|
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Live |
|
Braves |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
8,953 |
|
— |
|
— |
|
— |
|
8,953 |
|
Formula 1 revenue |
|
|
— |
|
3,222 |
|
— |
|
— |
|
3,222 |
|
Other revenue |
|
|
— |
|
— |
|
— |
|
350 |
|
350 |
|
Total revenue |
|
|
8,953 |
|
3,222 |
|
— |
|
350 |
|
12,525 |
|
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 |
|
|
2,895 |
|
— |
|
— |
|
— |
|
2,895 |
|
Programming and content |
|
|
618 |
|
— |
|
— |
|
— |
|
618 |
|
Customer service and billing |
|
|
476 |
|
— |
|
— |
|
— |
|
476 |
|
Other |
|
|
220 |
|
— |
|
— |
|
— |
|
220 |
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
— |
|
2,240 |
|
— |
|
— |
|
2,240 |
|
Subscriber acquisition costs |
|
|
359 |
|
— |
|
— |
|
— |
|
359 |
|
Other operating expenses |
|
|
322 |
|
— |
|
— |
|
274 |
|
596 |
|
Selling, general and administrative |
|
|
1,534 |
|
316 |
|
11 |
|
69 |
|
1,930 |
|
Depreciation and amortization |
|
|
624 |
|
369 |
|
— |
|
37 |
|
1,030 |
|
Impairment, restructuring and acquisition costs, net of recoveries |
|
|
66 |
|
— |
|
— |
|
1 |
|
67 |
|
Litigation settlements, net of recoveries |
|
|
31 |
|
— |
|
— |
|
— |
|
31 |
|
|
|
|
7,145 |
|
2,925 |
|
11 |
|
381 |
|
10,462 |
|
Operating income (loss) |
|
|
1,808 |
|
297 |
|
(11) |
|
(31) |
|
2,063 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(538) |
|
(214) |
|
(10) |
|
(20) |
|
(782) |
|
Share of earnings (losses) of affiliates, net |
|
|
108 |
|
(4) |
|
22 |
|
12 |
|
138 |
|
Unrealized gain/(loss) on intergroup interests |
|
|
68 |
|
15 |
|
— |
|
(83) |
|
— |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(215) |
|
42 |
|
(153) |
|
3 |
|
(323) |
|
Gains (losses) on dilution of investment in affiliate |
|
|
(6) |
|
— |
|
2 |
|
— |
|
(4) |
|
Other, net |
|
|
43 |
|
75 |
|
(30) |
|
5 |
|
93 |
|
|
|
|
(540) |
|
(86) |
|
(169) |
|
(83) |
|
(878) |
|
Earnings (loss) before income taxes |
|
|
1,268 |
|
211 |
|
(180) |
|
(114) |
|
1,185 |
|
Income tax (expense) benefit (note 3) |
|
|
(237) |
|
(27) |
|
38 |
|
3 |
|
(223) |
|
Net earnings (loss) |
|
|
1,031 |
|
184 |
|
(142) |
|
(111) |
|
962 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
202 |
|
(1) |
|
— |
|
— |
|
201 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
829 |
|
185 |
|
(142) |
|
(111) |
|
761 |
|
STATEMENT OF OPERATIONS INFORMATION
December 31, 2022
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Braves |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
9,003 |
|
— |
|
— |
|
9,003 |
|
Formula 1 revenue |
|
|
— |
|
2,573 |
|
— |
|
2,573 |
|
Other revenue |
|
|
— |
|
— |
|
588 |
|
588 |
|
Total revenue |
|
|
9,003 |
|
2,573 |
|
588 |
|
12,164 |
|
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 |
|
|
2,802 |
|
— |
|
— |
|
2,802 |
|
Programming and content |
|
|
604 |
|
— |
|
— |
|
604 |
|
Customer service and billing |
|
|
497 |
|
— |
|
— |
|
497 |
|
Other |
|
|
227 |
|
— |
|
— |
|
227 |
|
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
|
|
— |
|
1,750 |
|
— |
|
1,750 |
|
Subscriber acquisition costs |
|
|
352 |
|
— |
|
— |
|
352 |
|
Other operating expenses |
|
|
285 |
|
— |
|
434 |
|
719 |
|
Selling, general and administrative |
|
|
1,638 |
|
288 |
|
105 |
|
2,031 |
|
Depreciation and amortization |
|
|
611 |
|
362 |
|
71 |
|
1,044 |
|
Impairment, restructuring and acquisition costs, net of recoveries |
|
|
68 |
|
— |
|
6 |
|
74 |
|
|
|
|
7,084 |
|
2,400 |
|
616 |
|
10,100 |
|
Operating income (loss) |
|
|
1,919 |
|
173 |
|
(28) |
|
2,064 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(511) |
|
(149) |
|
(29) |
|
(689) |
|
Share of earnings (losses) of affiliates, net |
|
|
67 |
|
— |
|
32 |
|
99 |
|
Unrealized gain/(loss) on intergroup interests |
|
|
(19) |
|
54 |
|
(35) |
|
— |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
471 |
|
115 |
|
13 |
|
599 |
|
Gains (losses) on dilution of investment in affiliate |
|
|
10 |
|
— |
|
— |
|
10 |
|
Other, net |
|
|
32 |
|
58 |
|
20 |
|
110 |
|
|
|
|
50 |
|
78 |
|
1 |
|
129 |
|
Earnings (loss) before income taxes |
|
|
1,969 |
|
251 |
|
(27) |
|
2,193 |
|
Income tax (expense) benefit (note 3) |
|
|
(467) |
|
311 |
|
(8) |
|
(164) |
|
Net earnings (loss) |
|
|
1,502 |
|
562 |
|
(35) |
|
2,029 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
210 |
|
17 |
|
— |
|
227 |
|
Less net earnings (loss) attributable to the redeemable noncontrolling interests |
|
|
— |
|
(13) |
|
— |
|
(13) |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
1,292 |
|
558 |
|
(35) |
|
1,815 |
|
STATEMENT OF OPERATIONS INFORMATION
December 31, 2021
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Braves |
|
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 |
|
2,136 |
|
568 |
|
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 (exclusive of depreciation shown separately below) |
|
|
— |
|
1,489 |
|
— |
|
1,489 |
|
Subscriber acquisition costs |
|
|
325 |
|
— |
|
— |
|
325 |
|
Other operating expenses |
|
|
265 |
|
— |
|
377 |
|
642 |
|
Selling, general and administrative |
|
|
1,598 |
|
210 |
|
99 |
|
1,907 |
|
Depreciation and amortization |
|
|
603 |
|
397 |
|
72 |
|
1,072 |
|
Impairment, restructuring and acquisition costs, net of recoveries |
|
|
20 |
|
— |
|
— |
|
20 |
|
|
|
|
6,779 |
|
2,096 |
|
548 |
|
9,423 |
|
Operating income (loss) |
|
|
1,917 |
|
40 |
|
20 |
|
1,977 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(495) |
|
(123) |
|
(24) |
|
(642) |
|
Share of earnings (losses) of affiliates, net |
|
|
(253) |
|
23 |
|
30 |
|
(200) |
|
Unrealized gain/(loss) on inter-group interests |
|
|
121 |
|
(90) |
|
(31) |
|
— |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(433) |
|
(21) |
|
3 |
|
(451) |
|
Gains (losses) on dilution of investment in affiliate |
|
|
152 |
|
— |
|
— |
|
152 |
|
Other, net |
|
|
(60) |
|
14 |
|
(1) |
|
(47) |
|
|
|
|
(968) |
|
(197) |
|
(23) |
|
(1,188) |
|
Earnings (loss) before income taxes |
|
|
949 |
|
(157) |
|
(3) |
|
789 |
|
Income tax (expense) benefit (note 3) |
|
|
(74) |
|
37 |
|
(8) |
|
(45) |
|
Net earnings (loss) |
|
|
875 |
|
(120) |
|
(11) |
|
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 |
|
(190) |
|
(11) |
|
398 |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
December 31, 2023
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
Liberty |
|
|
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Live |
|
Braves |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
1,031 |
|
184 |
|
(142) |
|
(111) |
|
962 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
. |
|
|
|
Depreciation and amortization |
|
|
624 |
|
369 |
|
— |
|
37 |
|
1,030 |
|
Stock-based compensation |
|
|
203 |
|
20 |
|
2 |
|
7 |
|
232 |
|
Non-cash impairment and restructuring costs |
|
|
26 |
|
— |
|
— |
|
— |
|
26 |
|
Share of (earnings) loss of affiliates, net |
|
|
(108) |
|
4 |
|
(22) |
|
(12) |
|
(138) |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(68) |
|
(15) |
|
— |
|
83 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
215 |
|
(42) |
|
153 |
|
(3) |
|
323 |
|
Noncash interest expense |
|
|
14 |
|
6 |
|
(1) |
|
1 |
|
20 |
|
Losses (gains) on dilution of investment in affiliate |
|
|
6 |
|
— |
|
(2) |
|
— |
|
4 |
|
Loss (gain) on early extinguishment of debt |
|
|
(30) |
|
(1) |
|
35 |
|
— |
|
4 |
|
Deferred income tax expense (benefit) |
|
|
36 |
|
18 |
|
(37) |
|
(3) |
|
14 |
|
Intergroup tax allocation |
|
|
177 |
|
(176) |
|
— |
|
(1) |
|
— |
|
Intergroup tax (payments) receipts |
|
|
(121) |
|
122 |
|
— |
|
(1) |
|
— |
|
Other charges (credits), net |
|
|
2 |
|
(2) |
|
1 |
|
3 |
|
4 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(45) |
|
46 |
|
(5) |
|
(34) |
|
(38) |
|
Payables and other liabilities |
|
|
(136) |
|
86 |
|
5 |
|
66 |
|
21 |
|
Net cash provided (used) by operating activities |
|
|
1,826 |
|
619 |
|
(13) |
|
32 |
|
2,464 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions of investments |
|
|
— |
|
110 |
|
1 |
|
— |
|
111 |
|
Investments in equity method affiliates and debt and equity securities |
|
|
(50) |
|
(173) |
|
(3) |
|
— |
|
(226) |
|
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities |
|
|
1 |
|
— |
|
— |
|
— |
|
1 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(650) |
|
(426) |
|
— |
|
(35) |
|
(1,111) |
|
Other investing activities, net |
|
|
3 |
|
(21) |
|
3 |
|
— |
|
(15) |
|
Net cash provided (used) by investing activities |
|
|
(696) |
|
(510) |
|
1 |
|
(35) |
|
(1,240) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
2,681 |
|
— |
|
1,135 |
|
30 |
|
3,846 |
|
Repayments of debt |
|
|
(3,782) |
|
(70) |
|
(918) |
|
(20) |
|
(4,790) |
|
Settlement of intergroup interests |
|
|
273 |
|
(273) |
|
— |
|
— |
|
— |
|
Subsidiary shares repurchased by subsidiary |
|
|
(274) |
|
— |
|
— |
|
— |
|
(274) |
|
Cash dividends paid by subsidiary |
|
|
(65) |
|
— |
|
— |
|
— |
|
(65) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(64) |
|
(9) |
|
— |
|
(1) |
|
(74) |
|
Atlanta Braves Holdings, Inc. Split-Off |
|
|
— |
|
— |
|
— |
|
(188) |
|
(188) |
|
Reclassification |
|
|
— |
|
(100) |
|
100 |
|
— |
|
— |
|
Other financing activities, net |
|
|
46 |
|
17 |
|
— |
|
9 |
|
72 |
|
Net cash provided (used) by financing activities |
|
|
(1,185) |
|
(435) |
|
317 |
|
(170) |
|
(1,473) |
|
Effect of foreign exchange rates on cash, cash equivalents and restricted cash |
|
|
— |
|
1 |
|
— |
|
— |
|
1 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(55) |
|
(325) |
|
305 |
|
(173) |
|
(248) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
370 |
|
1,733 |
|
NA |
|
173 |
|
2,276 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
315 |
|
1,408 |
|
305 |
|
— |
|
2,028 |
|
STATEMENT OF CASH FLOWS INFORMATION
December 31, 2022
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Braves |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
1,502 |
|
562 |
|
(35) |
|
2,029 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
611 |
|
362 |
|
71 |
|
1,044 |
|
Stock-based compensation |
|
|
209 |
|
16 |
|
12 |
|
237 |
|
Non-cash impairment and restructuring costs |
|
|
65 |
|
— |
|
5 |
|
70 |
|
Share of (earnings) loss of affiliates, net |
|
|
(67) |
|
— |
|
(32) |
|
(99) |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
19 |
|
(54) |
|
35 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(471) |
|
(115) |
|
(13) |
|
(599) |
|
Noncash interest expense |
|
|
19 |
|
5 |
|
2 |
|
26 |
|
Losses (gains) on dilution of investment in affiliate |
|
|
(10) |
|
— |
|
— |
|
(10) |
|
Loss (gain) on early extinguishment of debt |
|
|
(21) |
|
(14) |
|
— |
|
(35) |
|
Deferred income tax expense (benefit) |
|
|
329 |
|
(306) |
|
(10) |
|
13 |
|
Intergroup tax allocation |
|
|
91 |
|
(109) |
|
18 |
|
— |
|
Intergroup tax (payments) receipts |
|
|
(80) |
|
72 |
|
8 |
|
— |
|
Other charges (credits), net |
|
|
10 |
|
(1) |
|
1 |
|
10 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
80 |
|
(87) |
|
(10) |
|
(17) |
|
Payables and other liabilities |
|
|
(327) |
|
203 |
|
1 |
|
(123) |
|
Net cash provided (used) by operating activities |
|
|
1,959 |
|
534 |
|
53 |
|
2,546 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Subsidiary initial public offering proceeds returned from (invested in) trust account |
|
|
— |
|
579 |
|
— |
|
579 |
|
Cash proceeds from dispositions of investments |
|
|
66 |
|
53 |
|
48 |
|
167 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(136) |
|
— |
|
— |
|
(136) |
|
Investments in equity method affiliates and debt and equity securities |
|
|
(1) |
|
(52) |
|
(5) |
|
(58) |
|
Return of investment in equity method affiliates |
|
|
1 |
|
9 |
|
28 |
|
38 |
|
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities |
|
|
2 |
|
— |
|
— |
|
2 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(426) |
|
(291) |
|
(18) |
|
(735) |
|
Other investing activities, net |
|
|
1 |
|
96 |
|
— |
|
97 |
|
Net cash provided (used) by investing activities |
|
|
(493) |
|
394 |
|
53 |
|
(46) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
3,150 |
|
2,884 |
|
155 |
|
6,189 |
|
Repayments of debt |
|
|
(3,553) |
|
(3,564) |
|
(309) |
|
(7,426) |
|
Repayment of initial public offering proceeds to subsidiary shareholders |
|
|
— |
|
(579) |
|
— |
|
(579) |
|
Settlement of intergroup interests |
|
|
78 |
|
(64) |
|
(14) |
|
— |
|
Liberty stock repurchases |
|
|
(358) |
|
(37) |
|
— |
|
(395) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(647) |
|
— |
|
— |
|
(647) |
|
Cash dividends paid by subsidiary |
|
|
(249) |
|
— |
|
— |
|
(249) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(147) |
|
24 |
|
— |
|
(123) |
|
Other financing activities, net |
|
|
24 |
|
67 |
|
(9) |
|
82 |
|
Net cash provided (used) by financing activities |
|
|
(1,702) |
|
(1,269) |
|
(177) |
|
(3,148) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(236) |
|
(341) |
|
(71) |
|
(648) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
606 |
|
2,074 |
|
244 |
|
2,924 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
370 |
|
1,733 |
|
173 |
|
2,276 |
|
STATEMENT OF CASH FLOWS INFORMATION
December 31, 2021
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Formula One |
|
Braves |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
875 |
|
(120) |
|
(11) |
|
744 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
603 |
|
397 |
|
72 |
|
1,072 |
|
Stock-based compensation |
|
|
215 |
|
29 |
|
12 |
|
256 |
|
Non-cash impairment and restructuring costs |
|
|
24 |
|
— |
|
— |
|
24 |
|
Share of (earnings) loss of affiliates, net |
|
|
253 |
|
(23) |
|
(30) |
|
200 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(121) |
|
90 |
|
31 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
433 |
|
21 |
|
(3) |
|
451 |
|
Noncash interest expense |
|
|
15 |
|
1 |
|
— |
|
16 |
|
Losses (gains) on dilution of investment in affiliate |
|
|
(152) |
|
— |
|
— |
|
(152) |
|
Loss (gain) on early extinguishment of debt |
|
|
83 |
|
(3) |
|
— |
|
80 |
|
Deferred income tax expense (benefit) |
|
|
(12) |
|
(41) |
|
12 |
|
(41) |
|
Intergroup tax allocation |
|
|
9 |
|
(5) |
|
(4) |
|
— |
|
Intergroup tax (payments) receipts |
|
|
(2) |
|
(5) |
|
7 |
|
— |
|
Other charges (credits), net |
|
|
(15) |
|
(3) |
|
20 |
|
2 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(59) |
|
(2) |
|
(43) |
|
(104) |
|
Payables and other liabilities |
|
|
(255) |
|
145 |
|
(1) |
|
(111) |
|
Net cash provided (used) by operating activities |
|
|
1,894 |
|
481 |
|
62 |
|
2,437 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Subsidiary initial public offering proceeds returned from (invested in) trust account |
|
|
— |
|
(575) |
|
— |
|
(575) |
|
Cash proceeds from dispositions of investments |
|
|
177 |
|
204 |
|
2 |
|
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) |
|
(17) |
|
(35) |
|
(440) |
|
Proceeds from insurance recoveries |
|
|
225 |
|
— |
|
— |
|
225 |
|
Other investing activities, net |
|
|
(4) |
|
(72) |
|
8 |
|
(68) |
|
Net cash provided (used) by investing activities |
|
|
(64) |
|
(600) |
|
(25) |
|
(689) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
6,294 |
|
— |
|
117 |
|
6,411 |
|
Repayments of debt |
|
|
(5,872) |
|
(322) |
|
(93) |
|
(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) |
|
(22) |
|
(2) |
|
(107) |
|
Net cash provided (used) by financing activities |
|
|
(2,232) |
|
512 |
|
22 |
|
(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) |
|
390 |
|
59 |
|
47 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
1,008 |
|
1,684 |
|
185 |
|
2,877 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
606 |
|
2,074 |
|
244 |
|
2,924 |
|
|