| Financial Information for Trakcing Stock Groups |
BALANCE SHEET INFORMATION
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
|
|
Liberty
|
|
Liberty
|
|
Liberty
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Media
|
|
Inter-Group
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Eliminations
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
102
|
|
44
|
|
456
|
|
—
|
|
602
|
|
|
Trade and other receivables, net
|
|
|
228
|
|
12
|
|
4
|
|
—
|
|
244
|
|
|
Short term marketable securities
|
|
|
—
|
|
—
|
|
61
|
|
—
|
|
61
|
|
|
Other current assets
|
|
|
232
|
|
20
|
|
7
|
|
(2)
|
|
257
|
|
|
Total current assets
|
|
|
562
|
|
76
|
|
528
|
|
(2)
|
|
1,164
|
|
|
Investments in available-for-sale securities and other cost investments (note 2)
|
|
|
—
|
|
8
|
|
552
|
|
—
|
|
560
|
|
|
Investments in affiliates, accounted for using the equity method (note 3)
|
|
|
168
|
|
52
|
|
900
|
|
—
|
|
1,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost
|
|
|
2,003
|
|
504
|
|
191
|
|
—
|
|
2,698
|
|
|
Accumulated depreciation
|
|
|
(615)
|
|
(45)
|
|
(88)
|
|
—
|
|
(748)
|
|
|
|
|
|
1,388
|
|
459
|
|
103
|
|
—
|
|
1,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
1,013
|
|
67
|
|
—
|
|
—
|
|
1,080
|
|
|
Other assets, at cost, net of accumulated amortization
|
|
|
157
|
|
14
|
|
263
|
|
—
|
|
434
|
|
|
Total assets
|
|
$
|
26,983
|
|
999
|
|
2,346
|
|
(2)
|
|
30,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 6)
|
|
$
|
115
|
|
89
|
|
(204)
|
|
—
|
|
—
|
|
|
Accounts payable and accrued liabilities
|
|
|
696
|
|
46
|
|
21
|
|
—
|
|
763
|
|
|
Current portion of debt (note 4)
|
|
|
256
|
|
—
|
|
—
|
|
—
|
|
256
|
|
|
Deferred revenue
|
|
|
1,797
|
|
83
|
|
—
|
|
—
|
|
1,880
|
|
|
Other current liabilities
|
|
|
3
|
|
—
|
|
65
|
|
(2)
|
|
66
|
|
|
Total current liabilities
|
|
|
2,867
|
|
218
|
|
(118)
|
|
(2)
|
|
2,965
|
|
|
Long-term debt (note 4)
|
|
|
5,719
|
|
108
|
|
1,035
|
|
—
|
|
6,862
|
|
|
Deferred income tax liabilities
|
|
|
1,724
|
|
40
|
|
24
|
|
—
|
|
1,788
|
|
|
Other liabilities
|
|
|
272
|
|
297
|
|
57
|
|
—
|
|
626
|
|
|
Total liabilities
|
|
|
10,582
|
|
663
|
|
998
|
|
(2)
|
|
12,241
|
|
|
Equity / Attributed net assets
|
|
|
9,706
|
|
327
|
|
1,348
|
|
—
|
|
11,381
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
6,695
|
|
9
|
|
—
|
|
—
|
|
6,704
|
|
|
Total liabilities and equity
|
|
$
|
26,983
|
|
999
|
|
2,346
|
|
(2)
|
|
30,326
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
Liberty
|
|
Liberty
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Media
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Subscriber revenue
|
|
$
|
1,009
|
|
—
|
|
—
|
|
1,009
|
|
|
Other revenue
|
|
|
191
|
|
4
|
|
—
|
|
195
|
|
|
Total revenue
|
|
|
1,200
|
|
4
|
|
—
|
|
1,204
|
|
|
Operating costs and expenses, including stock-based compensation (note 5):
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below):
|
|
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties
|
|
|
252
|
|
—
|
|
—
|
|
252
|
|
|
Programming and content
|
|
|
85
|
|
—
|
|
—
|
|
85
|
|
|
Customer service and billing
|
|
|
97
|
|
—
|
|
—
|
|
97
|
|
|
Other
|
|
|
33
|
|
—
|
|
—
|
|
33
|
|
|
Subscriber acquisition costs
|
|
|
132
|
|
—
|
|
—
|
|
132
|
|
|
Other operating expenses
|
|
|
19
|
|
28
|
|
—
|
|
47
|
|
|
Selling, general and administrative
|
|
|
167
|
|
14
|
|
20
|
|
201
|
|
|
Legal settlement, net
|
|
|
—
|
|
—
|
|
(511)
|
|
(511)
|
|
|
Depreciation and amortization
|
|
|
79
|
|
5
|
|
3
|
|
87
|
|
|
|
|
|
864
|
|
47
|
|
(488)
|
|
423
|
|
|
Operating income (loss)
|
|
|
336
|
|
(43)
|
|
488
|
|
781
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(81)
|
|
—
|
|
(3)
|
|
(84)
|
|
|
Share of earnings (losses) of affiliates, net
|
|
|
7
|
|
2
|
|
(21)
|
|
(12)
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
—
|
|
—
|
|
(8)
|
|
(8)
|
|
|
Other, net
|
|
|
1
|
|
—
|
|
6
|
|
7
|
|
|
|
|
|
(73)
|
|
2
|
|
(26)
|
|
(97)
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
263
|
|
(41)
|
|
462
|
|
684
|
|
|
Income tax (expense) benefit
|
|
|
(100)
|
|
16
|
|
(173)
|
|
(257)
|
|
|
Net earnings (loss)
|
|
|
163
|
|
(25)
|
|
289
|
|
427
|
|
|
Less net earnings (loss) attributable to the noncontrolling interests
|
|
|
62
|
|
—
|
|
—
|
|
62
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
101
|
|
(25)
|
|
289
|
|
365
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
Liberty
|
|
Liberty
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Media
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Subscriber revenue
|
|
$
|
907
|
|
—
|
|
—
|
|
907
|
|
|
Other revenue
|
|
|
169
|
|
5
|
|
—
|
|
174
|
|
|
Total revenue
|
|
|
1,076
|
|
5
|
|
—
|
|
1,081
|
|
|
Operating costs and expenses, including stock-based compensation (note 5):
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below):
|
|
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties
|
|
|
213
|
|
—
|
|
—
|
|
213
|
|
|
Programming and content
|
|
|
62
|
|
—
|
|
—
|
|
62
|
|
|
Customer service and billing
|
|
|
92
|
|
—
|
|
—
|
|
92
|
|
|
Other
|
|
|
31
|
|
—
|
|
—
|
|
31
|
|
|
Subscriber acquisition costs
|
|
|
122
|
|
—
|
|
—
|
|
122
|
|
|
Other operating expenses
|
|
|
17
|
|
13
|
|
—
|
|
30
|
|
|
Selling, general and administrative
|
|
|
172
|
|
13
|
|
17
|
|
202
|
|
|
Depreciation and amortization
|
|
|
77
|
|
5
|
|
2
|
|
84
|
|
|
|
|
|
786
|
|
31
|
|
19
|
|
836
|
|
|
Operating income (loss)
|
|
|
290
|
|
(26)
|
|
(19)
|
|
245
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(73)
|
|
—
|
|
(4)
|
|
(77)
|
|
|
Share of earnings (losses) of affiliates, net
|
|
|
(7)
|
|
2
|
|
(32)
|
|
(37)
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
—
|
|
—
|
|
(28)
|
|
(28)
|
|
|
Other, net
|
|
|
—
|
|
—
|
|
2
|
|
2
|
|
|
|
|
|
(80)
|
|
2
|
|
(62)
|
|
(140)
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
210
|
|
(24)
|
|
(81)
|
|
105
|
|
|
Income tax (expense) benefit
|
|
|
(125)
|
|
9
|
|
30
|
|
(86)
|
|
|
Net earnings (loss)
|
|
|
85
|
|
(15)
|
|
(51)
|
|
19
|
|
|
Less net earnings (loss) attributable to the noncontrolling interests
|
|
|
38
|
|
—
|
|
—
|
|
38
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
47
|
|
(15)
|
|
(51)
|
|
(19)
|
|
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
Liberty
|
|
Liberty
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Media
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
163
|
|
(25)
|
|
289
|
|
427
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
79
|
|
5
|
|
3
|
|
87
|
|
|
Stock-based compensation
|
|
|
24
|
|
2
|
|
8
|
|
34
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
—
|
|
—
|
|
(73)
|
|
(73)
|
|
|
Share of (earnings) loss of affiliates, net
|
|
|
(7)
|
|
(2)
|
|
21
|
|
12
|
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
|
|
—
|
|
—
|
|
8
|
|
8
|
|
|
Losses (gains) on dilution of investment in affiliate
|
|
|
—
|
|
—
|
|
2
|
|
2
|
|
|
Deferred income tax expense (benefit)
|
|
|
95
|
|
(9)
|
|
28
|
|
114
|
|
|
Intergroup tax allocation
|
|
|
(1)
|
|
(6)
|
|
7
|
|
—
|
|
|
Other charges (credits), net
|
|
|
6
|
|
1
|
|
(4)
|
|
3
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
(13)
|
|
(12)
|
|
2
|
|
(23)
|
|
|
Payables and other liabilities
|
|
|
10
|
|
76
|
|
137
|
|
223
|
|
|
Net cash provided (used) by operating activities
|
|
|
356
|
|
30
|
|
428
|
|
814
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Investments in and loans to cost and equity investees
|
|
|
—
|
|
(8)
|
|
(3)
|
|
(11)
|
|
|
Cash proceeds from sale of investments
|
|
|
—
|
|
—
|
|
2
|
|
2
|
|
|
Capital expended for property and equipment
|
|
|
(30)
|
|
(37)
|
|
—
|
|
(67)
|
|
|
Purchases of short term investments and other marketable securities
|
|
|
—
|
|
—
|
|
(99)
|
|
(99)
|
|
|
Sales of short term investments and other marketable securities
|
|
|
—
|
|
—
|
|
53
|
|
53
|
|
|
Other investing activities, net
|
|
|
(4)
|
|
—
|
|
1
|
|
(3)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(34)
|
|
(45)
|
|
(46)
|
|
(125)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
330
|
|
5
|
|
—
|
|
335
|
|
|
Repayments of debt
|
|
|
(72)
|
|
(38)
|
|
(1)
|
|
(111)
|
|
|
Intergroup (payments) receipts
|
|
|
6
|
|
70
|
|
(76)
|
|
—
|
|
|
Shares repurchased by subsidiary
|
|
|
(594)
|
|
—
|
|
—
|
|
(594)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
—
|
|
—
|
|
73
|
|
73
|
|
|
Taxes paid in lieu of shares issued for stock-based compensation
|
|
|
(2)
|
|
—
|
|
(2)
|
|
(4)
|
|
|
Other financing activities, net
|
|
|
—
|
|
9
|
|
4
|
|
13
|
|
|
Net cash provided (used) by financing activities
|
|
|
(332)
|
|
46
|
|
(2)
|
|
(288)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(10)
|
|
31
|
|
380
|
|
401
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
112
|
|
13
|
|
76
|
|
201
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
102
|
|
44
|
|
456
|
|
602
|
|
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
Liberty
|
|
Liberty
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Media
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
85
|
|
(15)
|
|
(51)
|
|
19
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
77
|
|
5
|
|
2
|
|
84
|
|
|
Stock-based compensation
|
|
|
37
|
|
—
|
|
7
|
|
44
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
(2)
|
|
—
|
|
(12)
|
|
(14)
|
|
|
Share of (earnings) loss of affiliates, net
|
|
|
7
|
|
(2)
|
|
32
|
|
37
|
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
|
|
—
|
|
—
|
|
28
|
|
28
|
|
|
Losses (gains) on dilution of investment in affiliate
|
|
|
—
|
|
—
|
|
1
|
|
1
|
|
|
Deferred income tax expense (benefit)
|
|
|
120
|
|
(3)
|
|
(47)
|
|
70
|
|
|
Intergroup tax allocation
|
|
|
(1)
|
|
(5)
|
|
6
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
—
|
|
1
|
|
(1)
|
|
—
|
|
|
Other charges (credits), net
|
|
|
5
|
|
1
|
|
—
|
|
6
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
(22)
|
|
(1)
|
|
1
|
|
(22)
|
|
|
Payables and other liabilities
|
|
|
(4)
|
|
44
|
|
22
|
|
62
|
|
|
Net cash provided (used) by operating activities
|
|
|
302
|
|
25
|
|
(12)
|
|
315
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions of investments
|
|
|
—
|
|
—
|
|
113
|
|
113
|
|
|
Proceeds (payments) from settlement of financial instruments, net
|
|
|
—
|
|
—
|
|
(17)
|
|
(17)
|
|
|
Capital expended for property and equipment
|
|
|
(30)
|
|
(35)
|
|
1
|
|
(64)
|
|
|
Purchases of short term investments and other marketable securities
|
|
|
—
|
|
—
|
|
(10)
|
|
(10)
|
|
|
Sales of short term investments and other marketable securities
|
|
|
—
|
|
—
|
|
136
|
|
136
|
|
|
Other investing activities, net
|
|
|
(4)
|
|
—
|
|
(10)
|
|
(14)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(34)
|
|
(35)
|
|
213
|
|
144
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
1,265
|
|
10
|
|
—
|
|
1,275
|
|
|
Repayments of debt
|
|
|
(658)
|
|
—
|
|
—
|
|
(658)
|
|
|
Intergroup (payments) receipts
|
|
|
4
|
|
—
|
|
(4)
|
|
—
|
|
|
Repurchases of Liberty common stock
|
|
|
—
|
|
—
|
|
(58)
|
|
(58)
|
|
|
Shares repurchased by subsidiary
|
|
|
(535)
|
|
—
|
|
—
|
|
(535)
|
|
|
Taxes paid in lieu of shares issued for stock-based compensation
|
|
|
(13)
|
|
—
|
|
(3)
|
|
(16)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
3
|
|
—
|
|
11
|
|
14
|
|
|
Other financing activities, net
|
|
|
—
|
|
8
|
|
2
|
|
10
|
|
|
Net cash provided (used) by financing activities
|
|
|
66
|
|
18
|
|
(52)
|
|
32
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
334
|
|
8
|
|
149
|
|
491
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
148
|
|
11
|
|
522
|
|
681
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
482
|
|
19
|
|
671
|
|
1,172
|
|
|