Annual report [Section 13 and 15(d), not S-K Item 405]

Financial Information for Tracking Stock Groups (Tables)

v3.25.0.1
Financial Information for Tracking Stock Groups (Tables)
12 Months Ended
Dec. 31, 2024
Financial Information for Tracking Stock Groups  
Condensed Balance Sheets

BALANCE SHEET INFORMATION

December 31, 2024

(unaudited)

Attributed (note 1)

Liberty

Formula One

Live

Inter-Group

Consolidated

    

Group

Group

Eliminations

Liberty

    

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

2,631

325

2,956

 

Trade and other receivables, net

 

114

114

 

Other current assets

 

277

277

 

Total current assets

 

3,022

325

3,347

 

Investments in affiliates, accounted for using the equity method (note 1)

 

33

458

491

 

Property and equipment, at cost

 

1,007

1,007

 

Accumulated depreciation

 

(197)

(197)

 

 

810

810

 

Goodwill

 

4,134

4,134

 

Intangible assets subject to amortization, net

 

2,689

2,689

 

Deferred income tax assets (note 3)

577

217

(34)

760

Other assets

 

494

223

717

 

Total assets

$

11,759

1,223

(34)

12,948

 

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

645

 

3

648

Current portion of debt (note 1)

 

26

 

26

Deferred revenue

 

267

 

267

Financial instrument liabilities

138

138

Other current liabilities

 

54

 

54

Total current liabilities

 

1,130

 

3

1,133

Long-term debt (note 1)

 

2,966

 

1,556

4,522

Other liabilities

 

275

 

1

(34)

242

Total liabilities

 

4,371

 

1,560

(34)

5,897

Equity / Attributed net assets

 

7,388

 

(359)

7,029

Noncontrolling interests in equity of subsidiaries

 

 

22

22

Total liabilities and equity

$

11,759

 

1,223

(34)

12,948

BALANCE SHEET INFORMATION

December 31, 2023

(unaudited)

Attributed (note 1)

Liberty

Liberty

Formula One

Live

SiriusXM

Inter-Group

Consolidated

    

Group

Group

Group

Eliminations

Liberty

    

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

1,408

305

1,713

 

Trade and other receivables, net

 

123

123

 

Other current assets

 

180

180

 

Current assets of discontinued operations

1,361

1,361

Total current assets

 

1,711

305

1,361

3,377

 

Investments in affiliates, accounted for using the equity method (note 1)

41

333

374

 

 

Property and equipment, at cost

 

973

973

 

Accumulated depreciation

 

(135)

(135)

 

838

838

Goodwill

 

3,956

3,956

 

Intangible assets subject to amortization, net

 

2,858

2,858

 

Deferred income tax assets (note 3)

608

167

(3)

772

Other assets

255

357

612

 

Noncurrent assets of discontinued operations

28,540

28,540

Total assets

$

10,267

1,162

29,901

(3)

41,327

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

472

 

2

474

Current portion of debt (note 1)

 

36

 

70

106

Deferred revenue

 

247

 

247

Financial instrument liabilities

8

8

Other current liabilities

 

32

 

32

Current liabilities of discontinued operations

3,876

3,876

Total current liabilities

 

787

 

80

3,876

4,743

Long-term debt (note 1)

 

2,870

 

1,247

4,117

Other liabilities

 

191

 

(3)

188

Noncurrent liabilities of discontinued operations

12,834

12,834

Total liabilities

 

3,848

 

1,327

16,710

(3)

21,882

Equity / Attributed net assets

6,419

 

(188)

10,165

16,396

Noncontrolling interests in equity of subsidiaries

 

23

3,026

3,049

Total liabilities and equity

$

10,267

 

1,162

29,901

(3)

41,327

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

December 31, 2024

(unaudited)

Attributed (note 1)

Liberty

Liberty

Formula One

Live

SiriusXM

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Formula 1 revenue

$

3,318

3,318

Other revenue

 

335

 

335

Total revenue

 

3,653

 

3,653

Operating costs and expenses:

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

2,294

 

2,294

Other cost of sales

194

 

194

Other operating expenses

 

13

 

13

Selling, general and administrative, including stock-based compensation (note 2)

 

408

11

 

419

Depreciation and amortization

 

352

 

352

Impairment and acquisition costs

105

 

105

 

3,366

11

 

3,377

Operating income (loss)

 

287

(11)

 

276

Other income (expense):

Interest expense

 

(208)

(29)

 

(237)

Share of earnings (losses) of affiliates, net

 

(10)

238

 

228

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

 

(120)

(263)

 

(383)

Other, net

 

68

24

 

92

 

(270)

(30)

 

(300)

Earnings (loss) from continuing operations before income taxes

 

17

(41)

 

(24)

Income tax (expense) benefit (note 3)

 

(47)

8

 

(39)

Net earnings (loss) from continuing operations

(30)

(33)

(63)

Net earnings (loss) from discontinued operations

(2,412)

(2,412)

Net earnings (loss)

 

(30)

(33)

 

(2,412)

(2,475)

Less net earnings (loss) attributable to the noncontrolling interests

 

(2)

 

(410)

(412)

Net earnings (loss) attributable to Liberty stockholders

$

(30)

(31)

 

(2,002)

(2,063)

STATEMENT OF OPERATIONS INFORMATION

December 31, 2023

(unaudited)

Attributed (note 1)

Liberty

Liberty

Formula One

Live

SiriusXM

Braves

Consolidated

Group

Group

Group

Group

Liberty

amounts in millions

Revenue:

Formula 1 revenue

$

3,222

3,222

Other revenue

 

 

350

350

Total revenue

 

3,222

 

350

3,572

Operating costs and expenses:

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

2,240

 

2,240

Other operating expenses

 

 

274

274

Selling, general and administrative, including stock-based compensation (note 2)

 

316

11

 

69

396

Depreciation and amortization

 

369

 

37

406

Impairment and acquisition costs

 

1

1

 

2,925

11

 

381

3,317

Operating income (loss)

 

297

(11)

 

(31)

255

Other income (expense):

Interest expense

 

(214)

(10)

(4)

 

(20)

(248)

Share of earnings (losses) of affiliates, net

 

(4)

22

127

 

12

157

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

 

42

(153)

(59)

 

3

(167)

Unrealized gains (losses) on intergroup interests

15

(83)

(68)

Other, net

 

75

(28)

(6)

 

5

46

 

(86)

(169)

58

 

(83)

(280)

Earnings (loss) from continuing operations before income taxes

 

211

(180)

58

 

(114)

(25)

Income tax (expense) benefit (note 3)

 

(27)

38

(13)

 

3

1

Net earnings (loss) from continuing operations

184

(142)

45

 

(111)

(24)

Net earnings (loss) from discontinued operations

986

986

Net earnings (loss)

 

184

 

(142)

1,031

(111)

962

Less net earnings (loss) attributable to the noncontrolling interests

 

(1)

202

 

201

Net earnings (loss) attributable to Liberty stockholders

$

185

(142)

829

 

(111)

761

STATEMENT OF OPERATIONS INFORMATION

December 31, 2022

(unaudited)

Attributed (note 1)

Liberty

Formula One

SiriusXM

Braves

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Formula 1 revenue

$

2,573

2,573

Other revenue

 

 

588

588

Total revenue

 

2,573

 

588

3,161

Operating costs and expenses:

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

1,750

 

1,750

Other operating expenses

 

 

434

434

Selling, general and administrative, including stock-based compensation (note 2)

 

288

 

105

393

Depreciation and amortization

 

362

 

71

433

Impairment and acquisition costs

 

6

6

 

2,400

 

616

3,016

Operating income (loss)

 

173

 

(28)

145

Other income (expense):

Interest expense

 

(149)

(8)

 

(29)

(186)

Share of earnings (losses) of affiliates, net

 

72

 

32

104

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

 

115

396

 

13

524

Unrealized gains (losses) on inter-group interests

54

(35)

19

Other, net

 

58

23

 

20

101

 

78

483

 

1

562

Earnings (loss) from continuing operations before income taxes

 

251

483

 

(27)

707

Income tax (expense) benefit (note 3)

 

311

(101)

 

(8)

202

Net earnings (loss) from continuing operations

562

382

 

(35)

909

Net earnings (loss) from discontinued operations

1,120

1,120

Net earnings (loss)

 

562

1,502

 

(35)

2,029

Less net earnings (loss) attributable to the noncontrolling interests

 

17

210

 

227

Less net earnings (loss) attributable to the redeemable noncontrolling interests

(13)

 

(13)

Net earnings (loss) attributable to Liberty stockholders

$

558

1,292

 

(35)

1,815

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2024

(unaudited)

Attributed (note 1)

Liberty

Liberty

Formula One

Live

SiriusXM

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

(30)

(33)

(2,412)

(2,475)

Adjustments to reconcile net earnings to net cash provided by operating activities:

(Earnings) loss from discontinued operations

2,412

2,412

Depreciation and amortization

 

352

352

Stock-based compensation

 

30

4

34

Non-cash impairment costs

73

73

Share of (earnings) loss of affiliates, net

 

10

(238)

(228)

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

 

120

263

383

Loss (gain) on early extinguishment of debt

6

6

Deferred income tax expense (benefit)

 

35

(6)

29

Intergroup tax allocation

(107)

(2)

(109)

Intergroup tax (payments) receipts

129

2

131

Other charges (credits), net

 

14

(4)

10

Changes in operating assets and liabilities

Current and other assets

 

39

39

Payables and other liabilities

 

(104)

(104)

Net cash provided (used) by operating activities

 

567

(14)

553

Cash flows from investing activities:

Capital expended for property and equipment, including internal-use software and website development

 

(75)

(75)

Cash proceeds from dispositions of investments

10

107

117

Cash (paid) received for acquisitions, net of cash acquired

(205)

(205)

Investments in equity method affiliates and debt and equity securities

 

(8)

(3)

(11)

Return of investment in equity method affiliates

1

1

Other investing activities, net

 

(15)

1

(14)

Net cash provided (used) by investing activities

 

(292)

105

(187)

Cash flows from financing activities:

Borrowings of debt

 

645

645

Repayments of debt

 

(677)

(71)

(748)

Issuance of Series C Liberty Formula One common stock

939

939

Taxes paid in lieu of shares issued for stock-based compensation

 

(14)

(3)

(17)

Other financing activities, net

72

3

75

Net cash provided (used) by financing activities

 

965

(71)

894

Effect of foreign exchange rates on cash, cash equivalents and restricted cash

(10)

(10)

Net cash provided (used) by discontinued operations:

Cash provided (used) by operating activities

882

882

Cash provided (used) by investing activities

(709)

(709)

Cash provided (used) by financing activities

(488)

(488)

Net cash provided (used) by discontinued operations

(315)

(315)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

1,230

20

(315)

935

Cash, cash equivalents and restricted cash at beginning of period

 

1,408

305

315

2,028

Cash, cash equivalents and restricted cash at end of period

$

2,638

325

2,963

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2023

(unaudited)

Attributed (note 1)

Liberty

Liberty

Formula One

Live

SiriusXM

Braves

Consolidated

Group

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

184

(142)

1,031

 

(111)

962

Adjustments to reconcile net earnings to net cash provided by operating activities:

(Earnings) loss from discontinued operations

(986)

(986)

Depreciation and amortization

 

369

 

37

406

Stock-based compensation

 

20

2

 

7

29

Share of (earnings) loss of affiliates, net

 

4

(22)

(127)

 

(12)

(157)

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

 

(42)

153

59

 

(3)

167

Unrealized (gains) losses on intergroup interests, net

(15)

83

68

Loss (gain) on early extinguishment of debt

(1)

35

34

Deferred income tax expense (benefit)

 

18

(37)

13

 

(3)

(9)

Intergroup tax allocation

(176)

(1)

(1)

(178)

Intergroup tax (payments) receipts

122

(1)

121

Other charges (credits), net

 

4

(2)

6

 

4

12

Changes in operating assets and liabilities

Current and other assets

 

46

(5)

 

(34)

7

Payables and other liabilities

 

86

5

1

 

66

158

Net cash provided (used) by operating activities

 

619

(13)

(4)

 

32

634

Cash flows from investing activities:

Capital expended for property and equipment, including internal-use software and website development

 

(426)

 

(35)

(461)

Cash proceeds from dispositions of investments

 

110

1

111

Investments in equity method affiliates and debt and equity securities

(173)

(3)

 

(176)

Other investing activities, net

 

(21)

3

 

(18)

Net cash provided (used) by investing activities

 

(510)

1

 

(35)

(544)

Cash flows from financing activities:

Borrowings of debt

 

1,135

 

30

1,165

Repayments of debt

 

(70)

(918)

 

(20)

(1,008)

Settlement of intergroup interests

(273)

 

(273)

Atlanta Braves Holdings, Inc. Split-Off

(188)

(188)

Reclassification

(100)

100

Taxes paid in lieu of shares issued for stock-based compensation

 

(9)

 

(1)

(10)

Distribution from former subsidiary

3

3

Other financing activities, net

17

9

26

Net cash provided (used) by financing activities

 

(435)

317

3

 

(170)

(285)

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

1

1

Net cash provided (used) by discontinued operations:

Cash provided (used) by operating activities

1,830

1,830

Cash provided (used) by investing activities

(696)

(696)

Cash provided (used) by financing activities

(1,188)

(1,188)

Net cash provided (used) by discontinued operations

(54)

(54)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(325)

305

(55)

 

(173)

(248)

Cash, cash equivalents and restricted cash at beginning of period

 

1,733

NA

370

 

173

2,276

Cash, cash equivalents and restricted cash at end of period

$

1,408

305

315

 

2,028

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2022

(unaudited)

Attributed (note 1)

Liberty

Formula One

SiriusXM

Braves

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

562

1,502

 

(35)

2,029

Adjustments to reconcile net earnings to net cash provided by operating activities:

(Earnings) loss from discontinued operations

(1,120)

(1,120)

Depreciation and amortization

 

362

 

71

433

Stock-based compensation

 

16

 

12

28

Non-cash impairment costs

5

5

Share of (earnings) loss of affiliates, net

 

(72)

 

(32)

(104)

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

 

(115)

(396)

 

(13)

(524)

Unrealized (gains) losses on intergroup interests, net

(54)

35

(19)

Loss (gain) on early extinguishment of debt

(14)

(14)

Deferred income tax expense (benefit)

 

(306)

166

 

(10)

(150)

Intergroup tax allocation

(109)

(65)

18

(156)

Intergroup tax (payments) receipts

72

8

80

Other charges (credits), net

 

4

(23)

 

3

(16)

Changes in operating assets and liabilities

Current and other assets

 

(87)

 

(10)

(97)

Payables and other liabilities

 

203

(1)

 

1

203

Net cash provided (used) by operating activities

 

534

(9)

 

53

578

Cash flows from investing activities:

Capital expended for property and equipment, including internal-use software and website development

 

(291)

 

(18)

(309)

Cash proceeds from dispositions of investments

 

53

48

101

Investments in equity method affiliates and debt and equity securities

(52)

 

(5)

(57)

Subsidiary initial public offering proceeds returned from (invested in) trust account

579

579

Return of investment in equity method affiliates

9

28

37

Other investing activities, net

 

96

 

96

Net cash provided (used) by investing activities

 

394

 

53

447

Cash flows from financing activities:

Borrowings of debt

 

2,884

250

 

155

3,289

Repayments of debt

 

(3,564)

(914)

 

(309)

(4,787)

Settlement of intergroup interests

(64)

(14)

(78)

Taxes paid in lieu of shares issued for stock-based compensation

 

24

 

24

Repayment of initial public offering proceeds to subsidiary shareholders

(579)

(579)

Liberty stock repurchases

(37)

(37)

Distribution from former subsidiary

672

672

Other financing activities, net

67

1

(9)

59

Net cash provided (used) by financing activities

 

(1,269)

9

 

(177)

(1,437)

Net cash provided (used) by discontinued operations:

Cash provided (used) by operating activities

1,968

1,968

Cash provided (used) by investing activities

(493)

(493)

Cash provided (used) by financing activities

(1,711)

(1,711)

Net cash provided (used) by discontinued operations

(236)

(236)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(341)

(236)

 

(71)

(648)

Cash, cash equivalents and restricted cash at beginning of period

 

2,074

606

 

244

2,924

Cash, cash equivalents and restricted cash at end of period

$

1,733

370

 

173

2,276