Liberty Media Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

Financial Information for Tracking Stock Groups (Tables)

6 Months Ended

Jun. 30, 2024

Financial Information for Tracking Stock Groups

Condensed Balance Sheets

BALANCE SHEET INFORMATION

June 30, 2024

(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	$	188	1,491	406	—	2,085
Trade and other receivables, net		644	182	—	—	826
Other current assets		365	363	—	—	728
Total current assets		1,197	2,036	406	—	3,639
Investments in affiliates, accounted for using the equity method (note 1)		1,601	37	345	—	1,983

Property and equipment, at cost		3,299	991	—	—	4,290
Accumulated depreciation		(2,001)	(166)	—	—	(2,167)
		1,298	825	—	—	2,123

Intangible assets not subject to amortization
Goodwill		15,209	4,191	—	—	19,400
FCC licenses		8,600	—	—	—	8,600
Other		1,242	—	—	—	1,242
		25,051	4,191	—	—	29,242
Intangible assets subject to amortization, net		1,001	2,827	—	—	3,828
Other assets		673	894	249	1	1,817
Total assets	$	30,821	10,810	1,000	1	42,632

Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 3)	$	38	(44)	6	—	—
Accounts payable and accrued liabilities		1,296	472	—	—	1,768
Current portion of debt		581	37	67	—	685
Deferred revenue		1,128	712	—	—	1,840
Other current liabilities		142	37	—	—	179
Total current liabilities		3,185	1,214	73	—	4,472
Long-term debt (note 1)		10,232	2,875	1,236	—	14,343
Deferred income tax liabilities		2,371	—	(162)	1	2,210
Other liabilities		1,227	173	—	—	1,400
Total liabilities		17,015	4,262	1,147	1	22,425
Equity / Attributed net assets		10,682	6,548	(170)	—	17,060
Noncontrolling interests in equity of subsidiaries		3,124	—	23	—	3,147
Total liabilities and equity	$	30,821	10,810	1,000	1	42,632

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2024

(unaudited)


		Attributed (note 1)
	Liberty			Liberty
	SiriusXM		Formula One	Live	Consolidated
	Group		Group	Group	Liberty

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,178	—	—	2,178
Formula 1 revenue		—	853	—	853
Other revenue		—	135	—	135
Total revenue		2,178	988	—	3,166
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		708	—	—	708
Programming and content		148	—	—	148
Customer service and billing		108	—	—	108
Other		59	—	—	59
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)		—	639	—	639
Other cost of sales		—	94	—	94
Subscriber acquisition costs		92	—	—	92
Other operating expenses		71	5	—	76
Selling, general and administrative		361	91	2	454
Impairment, restructuring and acquisition costs		4	11	—	15
Depreciation and amortization		156	89	—	245
		1,707	929	2	2,638
Operating income (loss)		471	59	(2)	528
Other income (expense):
Interest expense		(126)	(53)	(7)	(186)
Share of earnings (losses) of affiliates, net		1	(2)	85	84
Realized and unrealized gains (losses) on financial instruments, net		82	(1)	88	169
Other, net		2	20	6	28
		(41)	(36)	172	95
Earnings (loss) before income taxes		430	23	170	623
Income tax (expense) benefit		(81)	1	(36)	(116)
Net earnings (loss)		349	24	134	507
Less net earnings (loss) attributable to the noncontrolling interests		50	—	—	50
Net earnings (loss) attributable to Liberty stockholders	$	299	24	134	457

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2024

(unaudited)


		Attributed (note 1)
	Liberty			Liberty
	SiriusXM		Formula One	Live	Consolidated
	Group		Group	Group	Liberty

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	4,340	—	—	4,340
Formula 1 revenue		—	1,403	—	1,403
Other revenue		—	172	—	172
Total revenue		4,340	1,575	—	5,915
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		1,411	—	—	1,411
Programming and content		305	—	—	305
Customer service and billing		224	—	—	224
Other		120	—	—	120
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)		—	918	—	918
Other cost of sales		—	120	—	120
Subscriber acquisition costs		182	—	—	182
Other operating expenses		157	6	—	163
Selling, general and administrative		733	182	4	919
Impairment, restructuring and acquisition costs		17	20	—	37
Depreciation and amortization		311	175	—	486
		3,460	1,421	4	4,885
Operating income (loss)		880	154	(4)	1,030
Other income (expense):
Interest expense		(255)	(108)	(14)	(377)
Share of earnings (losses) of affiliates, net		6	(5)	64	65
Realized and unrealized gains (losses) on financial instruments, net		100	47	19	166
Other, net		8	35	12	55
		(141)	(31)	81	(91)
Earnings (loss) before income taxes		739	123	77	939
Income tax (expense) benefit		(149)	(22)	(16)	(187)
Net earnings (loss)		590	101	61	752
Less net earnings (loss) attributable to the noncontrolling interests		92	—	—	92
Net earnings (loss) attributable to Liberty stockholders	$	498	101	61	660

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2023

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Formula One	Braves	Consolidated
	Group		Group	Group	Liberty

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,250	—	—	2,250
Formula 1 revenue		—	724	—	724
Other revenue		—	—	270	270
Total revenue		2,250	724	270	3,244
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		732	—	—	732
Programming and content		153	—	—	153
Customer service and billing		124	—	—	124
Other		54	—	—	54
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)		—	519	—	519
Subscriber acquisition costs		93	—	—	93
Other operating expenses		83	—	197	280
Selling, general and administrative		387	69	34	490
Impairment, restructuring and acquisition costs		18	—	1	19
Depreciation and amortization		154	84	19	257
		1,798	672	251	2,721
Operating income (loss)		452	52	19	523
Other income (expense):
Interest expense		(137)	(54)	(9)	(200)
Share of earnings (losses) of affiliates, net		79	(1)	12	90
Realized and unrealized gains (losses) on financial instruments, net		(164)	64	4	(96)
Unrealized gains (losses) on intergroup interests (note 1)		10	40	(50)	—
Other, net		23	24	3	50
		(189)	73	(40)	(156)
Earnings (loss) before income taxes		263	125	(21)	367
Income tax (expense) benefit		(46)	(10)	(8)	(64)
Net earnings (loss)		217	115	(29)	303
Less net earnings (loss) attributable to the noncontrolling interests		51	(1)	—	50
Net earnings (loss) attributable to Liberty stockholders	$	166	116	(29)	253

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2023

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Formula One	Braves	Consolidated
	Group		Group	Group	Liberty

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	4,394	—	—	4,394
Formula 1 revenue		—	1,105	—	1,105
Other revenue		—	—	301	301
Total revenue		4,394	1,105	301	5,800
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		1,432	—	—	1,432
Programming and content		303	—	—	303
Customer service and billing		246	—	—	246
Other		106	—	—	106
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)		—	725	—	725
Subscriber acquisition costs		183	—	—	183
Other operating expenses		162	—	236	398
Selling, general and administrative		772	144	60	976
Impairment, restructuring and acquisition costs		50	—	1	51
Depreciation and amortization		315	168	34	517
		3,569	1,037	331	4,937
Operating income (loss)		825	68	(30)	863
Other income (expense):
Interest expense		(273)	(105)	(18)	(396)
Share of earnings (losses) of affiliates, net		72	(3)	11	80
Realized and unrealized gains (losses) on financial instruments, net		(162)	17	3	(142)
Unrealized gains (losses) on intergroup interests (note 1)		64	(1)	(63)	—
Other, net		26	34	4	64
		(273)	(58)	(63)	(394)
Earnings (loss) before income taxes		552	10	(93)	469
Income tax (expense) benefit		(115)	(4)	5	(114)
Net earnings (loss)		437	6	(88)	355
Less net earnings (loss) attributable to the noncontrolling interests		88	(1)	—	87
Net earnings (loss) attributable to Liberty stockholders	$	349	7	(88)	268

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 2024

(unaudited)


		Attributed (note 1)
	Liberty			Liberty
	SiriusXM		Formula One	Live	Consolidated
	Group		Group	Group	Liberty

	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	590	101	61	752
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		311	175	—	486
Stock-based compensation		96	18	2	116
Non-cash impairment and restructuring costs		1	—	—	1
Share of (earnings) loss of affiliates, net		(6)	5	(64)	(65)
Realized and unrealized (gains) losses on financial instruments, net		(100)	(47)	(19)	(166)
Deferred income tax expense (benefit)		(19)	2	13	(4)
Intergroup tax allocation		59	(62)	3	—
Intergroup tax (payments) receipts		(83)	80	3	—
Other charges (credits), net		73	5	(4)	74
Changes in operating assets and liabilities
Current and other assets		74	(79)	2	(3)
Payables and other liabilities		(243)	203	(4)	(44)
Net cash provided (used) by operating activities		753	401	(7)	1,147
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(202)	(1)	—	(203)
Cash proceeds from dispositions		—	—	107	107
Cash (paid) received for acquisitions, net of cash acquired		—	(205)	—	(205)
Capital expended for property and equipment, including internal-use software and website development		(347)	(40)	—	(387)
Other investing activities, net		(1)	(62)	1	(62)
Net cash provided (used) by investing activities		(550)	(308)	108	(750)
Cash flows from financing activities:
Borrowings of debt		1,352	10	—	1,362
Repayments of debt		(1,605)	(31)	—	(1,636)
Cash dividends paid by subsidiary		(34)	—	—	(34)
Taxes paid in lieu of shares issued for stock-based compensation		(23)	(7)	(1)	(31)
Other financing activities, net		(4)	34	1	31
Net cash provided (used) by financing activities		(314)	6	—	(308)
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		(111)	91	101	81
Cash, cash equivalents and restricted cash at beginning of period		315	1,408	305	2,028
Cash, cash equivalents and restricted cash at end of period	$	204	1,499	406	2,109

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 2023

(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)	$	437	6	(88)	355
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		315	168	34	517
Stock-based compensation		94	10	6	110
Non-cash impairment and restructuring costs		21	—	—	21
Share of (earnings) loss of affiliates, net		(72)	3	(11)	(80)
Unrealized (gains) losses on intergroup interests, net		(64)	1	63	—
Realized and unrealized (gains) losses on financial instruments, net		162	(17)	(3)	142
Deferred income tax expense (benefit)		(33)	1	(3)	(35)
Intergroup tax allocation		86	(84)	(2)	—
Intergroup tax (payments) receipts		(33)	36	(3)	—
Other charges (credits), net		(12)	—	4	(8)
Changes in operating assets and liabilities
Current and other assets		1	(91)	(5)	(95)
Payables and other liabilities		(48)	275	44	271
Net cash provided (used) by operating activities		854	308	36	1,198
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(41)	(173)	—	(214)
Cash proceeds from dispositions		(1)	68	—	67
Capital expended for property and equipment, including internal-use software and website development		(334)	(180)	(30)	(544)
Other investing activities, net		(1)	(19)	—	(20)
Net cash provided (used) by investing activities		(377)	(304)	(30)	(711)
Cash flows from financing activities:
Borrowings of debt		2,048	—	16	2,064
Repayments of debt		(2,563)	(59)	(19)	(2,641)
Settlement of intergroup interests		202	(202)	—	—
Subsidiary shares repurchased by subsidiary		(199)	—	—	(199)
Cash dividends paid by subsidiary		(33)	—	—	(33)
Taxes paid in lieu of shares issued for stock-based compensation		(19)	(8)	(1)	(28)
Other financing activities, net		36	19	8	63
Net cash provided (used) by financing activities		(528)	(250)	4	(774)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	2	—	2
Net increase (decrease) in cash, cash equivalents and restricted cash		(51)	(244)	10	(285)
Cash, cash equivalents and restricted cash at beginning of period		370	1,733	173	2,276
Cash, cash equivalents and restricted cash at end of period	$	319	1,489	183	1,991