Financial Information for Tracking Stock Groups |
BALANCE SHEET INFORMATION
September 30, 2016
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Attributed (note 1)
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Liberty
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Liberty
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Liberty
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SiriusXM
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Braves
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Media
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Inter-Group
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Consolidated
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Group
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Group
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Group
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Eliminations
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Liberty
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amounts in millions
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Assets
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Current assets:
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Cash and cash equivalents
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$
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611
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|
109
|
|
220
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|
—
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940
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Trade and other receivables, net
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233
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|
39
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|
2
|
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—
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274
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Other current assets
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|
236
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|
16
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|
6
|
|
—
|
|
258
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|
Total current assets
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1,080
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|
164
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|
228
|
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—
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|
1,472
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|
Intergroup interest in the Liberty Braves Group (note 2)
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—
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—
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158
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(158)
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—
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Investments in available-for-sale securities and other cost investments (note 3)
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—
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|
8
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1,241
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—
|
|
1,249
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|
Investments in affiliates, accounted for using the equity method (note 4)
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|
165
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|
56
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|
935
|
|
—
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1,156
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|
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Property and equipment, at cost
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2,038
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|
783
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|
159
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—
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2,980
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Accumulated depreciation
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(703)
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(46)
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(68)
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—
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(817)
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1,335
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|
737
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|
91
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—
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2,163
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Intangible assets not subject to amortization
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Goodwill
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14,165
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180
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—
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—
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14,345
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FCC licenses
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8,600
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—
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—
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—
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8,600
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Other
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|
930
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143
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—
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—
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1,073
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23,695
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323
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—
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—
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24,018
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Intangible assets subject to amortization, net
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1,001
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69
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—
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—
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1,070
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Other assets
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156
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12
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294
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|
(27)
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435
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Total assets
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$
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27,432
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1,369
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2,947
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(185)
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31,563
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Liabilities and Equity
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Current liabilities:
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Intergroup payable (receivable) (note 7)
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$
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(6)
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(1)
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7
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—
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—
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Accounts payable and accrued liabilities
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732
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66
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|
26
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—
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824
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Current portion of debt (note 5)
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609
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—
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—
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—
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609
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Deferred revenue
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1,811
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27
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—
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—
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1,838
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Other current liabilities
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3
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—
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12
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—
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|
15
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Total current liabilities
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3,149
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|
92
|
|
45
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—
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3,286
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Long-term debt (note 5)
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5,753
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|
211
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1,546
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—
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7,510
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Deferred income tax liabilities
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1,952
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|
37
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|
47
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(27)
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2,009
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Redeemable intergroup interest (note 2)
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—
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|
158
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—
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(158)
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—
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Other liabilities
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279
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|
431
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|
55
|
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—
|
|
765
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Total liabilities
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11,133
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|
929
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1,693
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(185)
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13,570
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Equity / Attributed net assets
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10,026
|
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425
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1,254
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—
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11,705
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Noncontrolling interests in equity of subsidiaries
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6,273
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15
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—
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—
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6,288
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Total liabilities and equity
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$
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27,432
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|
1,369
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2,947
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(185)
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31,563
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STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2016
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Attributed (note 1)
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Liberty
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|
Liberty
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|
Liberty
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|
SiriusXM
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Braves
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|
Media
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|
Consolidated
|
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Group
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Group
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Group
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Liberty
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amounts in millions
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Revenue:
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Subscriber revenue
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$
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1,069
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—
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—
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1,069
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Other revenue
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|
207
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|
109
|
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—
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316
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Total revenue
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1,276
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|
109
|
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—
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1,385
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Operating costs and expenses, including stock-based compensation (note 6):
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Cost of subscriber services (exclusive of depreciation shown separately below):
|
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|
|
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|
|
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Revenue share and royalties
|
|
|
273
|
|
—
|
|
—
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|
273
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|
Programming and content
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|
90
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|
—
|
|
—
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|
90
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Customer service and billing
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|
95
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|
—
|
|
—
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|
95
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Other
|
|
|
31
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|
—
|
|
—
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|
31
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Subscriber acquisition costs
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|
121
|
|
—
|
|
—
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|
121
|
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Other operating expenses
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|
18
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|
78
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|
—
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|
96
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|
Selling, general and administrative
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|
202
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|
18
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|
15
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|
235
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Depreciation and amortization
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79
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|
12
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|
1
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|
92
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|
909
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108
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|
16
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1,033
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Operating income (loss)
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|
367
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|
1
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(16)
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352
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Other income (expense):
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Interest expense
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(93)
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—
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(5)
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(98)
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Share of earnings (losses) of affiliates, net
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|
2
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|
2
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|
33
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|
37
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|
Realized and unrealized gains (losses) on financial instruments, net
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|
—
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|
—
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|
7
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|
7
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|
Unrealized gains (losses) on intergroup interest (note 2)
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|
—
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|
(25)
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|
25
|
|
—
|
|
Other, net
|
|
|
1
|
|
1
|
|
3
|
|
5
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(90)
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(22)
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63
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|
(49)
|
|
Earnings (loss) before income taxes
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|
|
277
|
|
(21)
|
|
47
|
|
303
|
|
Income tax (expense) benefit
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|
(127)
|
|
(1)
|
|
(6)
|
|
(134)
|
|
Net earnings (loss)
|
|
|
150
|
|
(22)
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|
41
|
|
169
|
|
Less net earnings (loss) attributable to the noncontrolling interests
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|
54
|
|
—
|
|
—
|
|
54
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|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
96
|
|
(22)
|
|
41
|
|
115
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2015
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|
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|
Attributed (note 1)
|
|
|
|
|
|
Liberty
|
|
Liberty
|
|
Liberty
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Media
|
|
Consolidated
|
|
|
|
Group
|
|
Group
|
|
Group
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|
Liberty
|
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amounts in millions
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|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Subscriber revenue
|
|
$
|
969
|
|
—
|
|
—
|
|
969
|
|
Other revenue
|
|
|
196
|
|
119
|
|
—
|
|
315
|
|
Total revenue
|
|
|
1,165
|
|
119
|
|
—
|
|
1,284
|
|
Operating costs and expenses, including stock-based compensation (note 6):
|
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below):
|
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties
|
|
|
239
|
|
—
|
|
—
|
|
239
|
|
Programming and content
|
|
|
68
|
|
—
|
|
—
|
|
68
|
|
Customer service and billing
|
|
|
94
|
|
—
|
|
—
|
|
94
|
|
Other
|
|
|
33
|
|
—
|
|
—
|
|
33
|
|
Subscriber acquisition costs
|
|
|
133
|
|
—
|
|
—
|
|
133
|
|
Other operating expenses
|
|
|
18
|
|
75
|
|
—
|
|
93
|
|
Selling, general and administrative
|
|
|
170
|
|
17
|
|
20
|
|
207
|
|
Depreciation and amortization
|
|
|
82
|
|
11
|
|
3
|
|
96
|
|
|
|
|
837
|
|
103
|
|
23
|
|
963
|
|
Operating income (loss)
|
|
|
328
|
|
16
|
|
(23)
|
|
321
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(80)
|
|
(1)
|
|
(3)
|
|
(84)
|
|
Share of earnings (losses) of affiliates, net
|
|
|
1
|
|
2
|
|
26
|
|
29
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
—
|
|
—
|
|
(200)
|
|
(200)
|
|
Other, net
|
|
|
—
|
|
—
|
|
4
|
|
4
|
|
|
|
|
(79)
|
|
1
|
|
(173)
|
|
(251)
|
|
Earnings (loss) before income taxes
|
|
|
249
|
|
17
|
|
(196)
|
|
70
|
|
Income tax (expense) benefit
|
|
|
(97)
|
|
(7)
|
|
75
|
|
(29)
|
|
Net earnings (loss)
|
|
|
152
|
|
10
|
|
(121)
|
|
41
|
|
Less net earnings (loss) attributable to the noncontrolling interests
|
|
|
63
|
|
—
|
|
—
|
|
63
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
89
|
|
10
|
|
(121)
|
|
(22)
|
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
Liberty
|
|
Liberty
|
|
Liberty
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Media
|
|
Consolidated
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
amounts in millions
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Subscriber revenue
|
|
$
|
3,110
|
|
—
|
|
—
|
|
3,110
|
|
Other revenue
|
|
|
601
|
|
244
|
|
—
|
|
845
|
|
Total revenue
|
|
|
3,711
|
|
244
|
|
—
|
|
3,955
|
|
Operating costs and expenses, including stock-based compensation (note 6):
|
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below):
|
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties
|
|
|
789
|
|
—
|
|
—
|
|
789
|
|
Programming and content
|
|
|
258
|
|
—
|
|
—
|
|
258
|
|
Customer service and billing
|
|
|
286
|
|
—
|
|
—
|
|
286
|
|
Other
|
|
|
109
|
|
—
|
|
—
|
|
109
|
|
Subscriber acquisition costs
|
|
|
382
|
|
—
|
|
—
|
|
382
|
|
Other operating expenses
|
|
|
57
|
|
208
|
|
—
|
|
265
|
|
Selling, general and administrative
|
|
|
549
|
|
51
|
|
44
|
|
644
|
|
Legal settlement, net
|
|
|
—
|
|
—
|
|
(511)
|
|
(511)
|
|
Depreciation and amortization
|
|
|
235
|
|
30
|
|
7
|
|
272
|
|
|
|
|
2,665
|
|
289
|
|
(460)
|
|
2,494
|
|
Operating income (loss)
|
|
|
1,046
|
|
(45)
|
|
460
|
|
1,461
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(260)
|
|
—
|
|
(12)
|
|
(272)
|
|
Share of earnings (losses) of affiliates, net
|
|
|
11
|
|
6
|
|
26
|
|
43
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
—
|
|
—
|
|
(33)
|
|
(33)
|
|
Unrealized gains (losses) on intergroup interest (note 2)
|
|
|
—
|
|
2
|
|
(2)
|
|
—
|
|
Other, net
|
|
|
2
|
|
—
|
|
15
|
|
17
|
|
|
|
|
(247)
|
|
8
|
|
(6)
|
|
(245)
|
|
Earnings (loss) before income taxes
|
|
|
799
|
|
(37)
|
|
454
|
|
1,216
|
|
Income tax (expense) benefit
|
|
|
(328)
|
|
15
|
|
(165)
|
|
(478)
|
|
Net earnings (loss)
|
|
|
471
|
|
(22)
|
|
289
|
|
738
|
|
Less net earnings (loss) attributable to the noncontrolling interests
|
|
|
177
|
|
—
|
|
—
|
|
177
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
294
|
|
(22)
|
|
289
|
|
561
|
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
Liberty
|
|
Liberty
|
|
Liberty
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Media
|
|
Consolidated
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
amounts in millions
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Subscriber revenue
|
|
$
|
2,812
|
|
—
|
|
—
|
|
2,812
|
|
Other revenue
|
|
|
548
|
|
227
|
|
—
|
|
775
|
|
Total revenue
|
|
|
3,360
|
|
227
|
|
—
|
|
3,587
|
|
Operating costs and expenses, including stock-based compensation (note 6):
|
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below):
|
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties
|
|
|
783
|
|
—
|
|
—
|
|
783
|
|
Programming and content
|
|
|
191
|
|
—
|
|
—
|
|
191
|
|
Customer service and billing
|
|
|
280
|
|
—
|
|
—
|
|
280
|
|
Other
|
|
|
98
|
|
—
|
|
—
|
|
98
|
|
Subscriber acquisition costs
|
|
|
392
|
|
—
|
|
—
|
|
392
|
|
Other operating expenses
|
|
|
53
|
|
173
|
|
—
|
|
226
|
|
Selling, general and administrative
|
|
|
511
|
|
45
|
|
52
|
|
608
|
|
Depreciation and amortization
|
|
|
240
|
|
25
|
|
7
|
|
272
|
|
|
|
|
2,548
|
|
243
|
|
59
|
|
2,850
|
|
Operating income (loss)
|
|
|
812
|
|
(16)
|
|
(59)
|
|
737
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(229)
|
|
(2)
|
|
(13)
|
|
(244)
|
|
Share of earnings (losses) of affiliates, net
|
|
|
(3)
|
|
6
|
|
(11)
|
|
(8)
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
—
|
|
—
|
|
(188)
|
|
(188)
|
|
Other, net
|
|
|
—
|
|
—
|
|
12
|
|
12
|
|
|
|
|
(232)
|
|
4
|
|
(200)
|
|
(428)
|
|
Earnings (loss) before income taxes
|
|
|
580
|
|
(12)
|
|
(259)
|
|
309
|
|
Income tax (expense) benefit
|
|
|
(252)
|
|
3
|
|
99
|
|
(150)
|
|
Net earnings (loss)
|
|
|
328
|
|
(9)
|
|
(160)
|
|
159
|
|
Less net earnings (loss) attributable to the noncontrolling interests
|
|
|
139
|
|
—
|
|
—
|
|
139
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
189
|
|
(9)
|
|
(160)
|
|
20
|
|
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 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)
|
|
$
|
471
|
|
(22)
|
|
289
|
|
738
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
235
|
|
30
|
|
7
|
|
272
|
|
Stock-based compensation
|
|
|
90
|
|
7
|
|
12
|
|
109
|
|
Share of (earnings) loss of affiliates, net
|
|
|
(11)
|
|
(6)
|
|
(26)
|
|
(43)
|
|
Unrealized (gains) losses on intergroup interest, net
|
|
|
—
|
|
(2)
|
|
2
|
|
—
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
|
|
—
|
|
—
|
|
33
|
|
33
|
|
Deferred income tax expense (benefit)
|
|
|
319
|
|
(10)
|
|
98
|
|
407
|
|
Intergroup tax allocation
|
|
|
(9)
|
|
(4)
|
|
13
|
|
—
|
|
Intergroup tax (payments) receipts
|
|
|
2
|
|
7
|
|
(9)
|
|
—
|
|
Other charges (credits), net
|
|
|
27
|
|
3
|
|
5
|
|
35
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
6
|
|
(39)
|
|
4
|
|
(29)
|
|
Payables and other liabilities
|
|
|
67
|
|
55
|
|
7
|
|
129
|
|
Net cash provided (used) by operating activities
|
|
|
1,197
|
|
19
|
|
435
|
|
1,651
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Investments in and loans to cost and equity investees
|
|
|
—
|
|
(13)
|
|
(749)
|
|
(762)
|
|
Cash proceeds from sale of investments
|
|
|
—
|
|
—
|
|
61
|
|
61
|
|
Proceeds (payments) on financial instruments, net
|
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
Capital expended for property and equipment
|
|
|
(132)
|
|
(185)
|
|
(1)
|
|
(318)
|
|
Purchases of short term investments and other marketable securities
|
|
|
—
|
|
—
|
|
(258)
|
|
(258)
|
|
Sales of short term investments and other marketable securities
|
|
|
—
|
|
—
|
|
273
|
|
273
|
|
Other investing activities, net
|
|
|
(4)
|
|
(27)
|
|
26
|
|
(5)
|
|
Net cash provided (used) by investing activities
|
|
|
(136)
|
|
(225)
|
|
(649)
|
|
(1,010)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
1,387
|
|
194
|
|
438
|
|
2,019
|
|
Repayments of debt
|
|
|
(749)
|
|
(126)
|
|
(1)
|
|
(876)
|
|
Intergroup (payments) receipts
|
|
|
8
|
|
(34)
|
|
26
|
|
—
|
|
Shares repurchased by subsidiary
|
|
|
(1,225)
|
|
—
|
|
—
|
|
(1,225)
|
|
Proceeds from Liberty Braves common stock rights offering
|
|
|
—
|
|
203
|
|
—
|
|
203
|
|
Taxes paid in lieu of shares issued for stock-based compensation
|
|
|
(34)
|
|
—
|
|
(9)
|
|
(43)
|
|
Other financing activities, net
|
|
|
51
|
|
65
|
|
(96)
|
|
20
|
|
Net cash provided (used) by financing activities
|
|
|
(562)
|
|
302
|
|
358
|
|
98
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
499
|
|
96
|
|
144
|
|
739
|
|
Cash and cash equivalents at beginning of period
|
|
|
112
|
|
13
|
|
76
|
|
201
|
|
Cash and cash equivalents at end of period
|
|
$
|
611
|
|
109
|
|
220
|
|
940
|
|
STATEMENT OF CASH FLOWS INFORMATION
September 30, 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)
|
|
$
|
328
|
|
(9)
|
|
(160)
|
|
159
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
240
|
|
25
|
|
7
|
|
272
|
|
Stock-based compensation
|
|
|
115
|
|
5
|
|
27
|
|
147
|
|
Share of (earnings) loss of affiliates, net
|
|
|
3
|
|
(6)
|
|
11
|
|
8
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
|
|
—
|
|
—
|
|
188
|
|
188
|
|
Deferred income tax expense (benefit)
|
|
|
225
|
|
(5)
|
|
(122)
|
|
98
|
|
Intergroup tax allocation
|
|
|
(3)
|
|
2
|
|
1
|
|
—
|
|
Intergroup tax (payments) receipts
|
|
|
—
|
|
1
|
|
(1)
|
|
—
|
|
Other charges (credits), net
|
|
|
16
|
|
3
|
|
1
|
|
20
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
(154)
|
|
12
|
|
1
|
|
(141)
|
|
Payables and other liabilities
|
|
|
113
|
|
(8)
|
|
37
|
|
142
|
|
Net cash provided (used) by operating activities
|
|
|
883
|
|
20
|
|
(10)
|
|
893
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions of investments
|
|
|
—
|
|
24
|
|
151
|
|
175
|
|
Proceeds (payments) from settlement of financial instruments, net
|
|
|
—
|
|
—
|
|
(88)
|
|
(88)
|
|
Capital expended for property and equipment
|
|
|
(91)
|
|
(84)
|
|
(1)
|
|
(176)
|
|
Purchases of short term investments and other marketable securities
|
|
|
—
|
|
—
|
|
(51)
|
|
(51)
|
|
Sales of short term investments and other marketable securities
|
|
|
—
|
|
—
|
|
231
|
|
231
|
|
Other investing activities, net
|
|
|
—
|
|
(10)
|
|
(30)
|
|
(40)
|
|
Net cash provided (used) by investing activities
|
|
|
(91)
|
|
(70)
|
|
212
|
|
51
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
1,579
|
|
200
|
|
—
|
|
1,779
|
|
Repayments of debt
|
|
|
(688)
|
|
(130)
|
|
—
|
|
(818)
|
|
Intergroup (payments) receipts
|
|
|
9
|
|
—
|
|
(9)
|
|
—
|
|
Repurchases of Liberty common stock
|
|
|
—
|
|
—
|
|
(303)
|
|
(303)
|
|
Shares repurchased by subsidiary
|
|
|
(1,648)
|
|
—
|
|
—
|
|
(1,648)
|
|
Taxes paid in lieu of shares issued for stock-based compensation
|
|
|
(39)
|
|
—
|
|
(12)
|
|
(51)
|
|
Other financing activities, net
|
|
|
—
|
|
—
|
|
4
|
|
4
|
|
Net cash provided (used) by financing activities
|
|
|
(787)
|
|
70
|
|
(320)
|
|
(1,037)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
5
|
|
20
|
|
(118)
|
|
(93)
|
|
Cash and cash equivalents at beginning of period
|
|
|
148
|
|
11
|
|
522
|
|
681
|
|
Cash and cash equivalents at end of period
|
|
$
|
153
|
|
31
|
|
404
|
|
588
|
|
|