| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
Inter-Group
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Eliminations
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
234
|
|
129
|
|
420
|
|
—
|
|
783
|
|
|
Trade and other receivables, net
|
|
|
225
|
|
51
|
|
77
|
|
—
|
|
353
|
|
|
Other current assets
|
|
|
198
|
|
23
|
|
78
|
|
—
|
|
299
|
|
|
Total current assets
|
|
|
657
|
|
203
|
|
575
|
|
—
|
|
1,435
|
|
|
Intergroup interest in the Liberty Braves Group (note 2)
|
|
|
—
|
|
—
|
|
230
|
|
(230)
|
|
—
|
|
|
Investments in available-for-sale securities and other cost investments (note 3)
|
|
|
552
|
|
8
|
|
560
|
|
—
|
|
1,120
|
|
|
Investments in affiliates, accounted for using the equity method (note 4)
|
|
|
680
|
|
111
|
|
981
|
|
—
|
|
1,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost
|
|
|
2,191
|
|
1,120
|
|
174
|
|
—
|
|
3,485
|
|
|
Accumulated depreciation
|
|
|
(859)
|
|
(36)
|
|
(76)
|
|
—
|
|
(971)
|
|
|
|
|
|
1,332
|
|
1,084
|
|
98
|
|
—
|
|
2,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
14,247
|
|
180
|
|
3,968
|
|
—
|
|
18,395
|
|
|
FCC licenses
|
|
|
8,600
|
|
—
|
|
—
|
|
—
|
|
8,600
|
|
|
Other
|
|
|
931
|
|
143
|
|
—
|
|
—
|
|
1,074
|
|
|
|
|
|
23,778
|
|
323
|
|
3,968
|
|
—
|
|
28,069
|
|
|
Intangible assets subject to amortization, net
|
|
|
971
|
|
59
|
|
5,212
|
|
—
|
|
6,242
|
|
|
Other assets
|
|
|
147
|
|
15
|
|
569
|
|
(30)
|
|
701
|
|
|
Total assets
|
|
$
|
28,117
|
|
1,803
|
|
12,193
|
|
(260)
|
|
41,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 7)
|
|
$
|
(9)
|
|
(21)
|
|
30
|
|
—
|
|
—
|
|
|
Accounts payable and accrued liabilities
|
|
|
838
|
|
108
|
|
154
|
|
—
|
|
1,100
|
|
|
Current portion of debt (note 5)
|
|
|
4
|
|
43
|
|
—
|
|
—
|
|
47
|
|
|
Deferred revenue
|
|
|
1,846
|
|
27
|
|
306
|
|
—
|
|
2,179
|
|
|
Other current liabilities
|
|
|
8
|
|
—
|
|
20
|
|
—
|
|
28
|
|
|
Total current liabilities
|
|
|
2,687
|
|
157
|
|
510
|
|
—
|
|
3,354
|
|
|
Long-term debt (note 5)
|
|
|
6,978
|
|
533
|
|
5,934
|
|
—
|
|
13,445
|
|
|
Deferred income tax liabilities
|
|
|
2,292
|
|
75
|
|
477
|
|
(30)
|
|
2,814
|
|
|
Redeemable intergroup interest (note 2)
|
|
|
—
|
|
230
|
|
—
|
|
(230)
|
|
—
|
|
|
Other liabilities
|
|
|
285
|
|
438
|
|
63
|
|
—
|
|
786
|
|
|
Total liabilities
|
|
|
12,242
|
|
1,433
|
|
6,984
|
|
(260)
|
|
20,399
|
|
|
Equity / Attributed net assets
|
|
|
10,277
|
|
355
|
|
5,207
|
|
—
|
|
15,839
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
5,598
|
|
15
|
|
2
|
|
—
|
|
5,615
|
|
|
Total liabilities and equity
|
|
$
|
28,117
|
|
1,803
|
|
12,193
|
|
(260)
|
|
41,853
|
|
|
| Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
Inter-Group
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Eliminations
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
234
|
|
129
|
|
420
|
|
—
|
|
783
|
|
|
Trade and other receivables, net
|
|
|
225
|
|
51
|
|
77
|
|
—
|
|
353
|
|
|
Other current assets
|
|
|
198
|
|
23
|
|
78
|
|
—
|
|
299
|
|
|
Total current assets
|
|
|
657
|
|
203
|
|
575
|
|
—
|
|
1,435
|
|
|
Intergroup interest in the Liberty Braves Group (note 2)
|
|
|
—
|
|
—
|
|
230
|
|
(230)
|
|
—
|
|
|
Investments in available-for-sale securities and other cost investments (note 3)
|
|
|
552
|
|
8
|
|
560
|
|
—
|
|
1,120
|
|
|
Investments in affiliates, accounted for using the equity method (note 4)
|
|
|
680
|
|
111
|
|
981
|
|
—
|
|
1,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost
|
|
|
2,191
|
|
1,120
|
|
174
|
|
—
|
|
3,485
|
|
|
Accumulated depreciation
|
|
|
(859)
|
|
(36)
|
|
(76)
|
|
—
|
|
(971)
|
|
|
|
|
|
1,332
|
|
1,084
|
|
98
|
|
—
|
|
2,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
14,247
|
|
180
|
|
3,968
|
|
—
|
|
18,395
|
|
|
FCC licenses
|
|
|
8,600
|
|
—
|
|
—
|
|
—
|
|
8,600
|
|
|
Other
|
|
|
931
|
|
143
|
|
—
|
|
—
|
|
1,074
|
|
|
|
|
|
23,778
|
|
323
|
|
3,968
|
|
—
|
|
28,069
|
|
|
Intangible assets subject to amortization, net
|
|
|
971
|
|
59
|
|
5,212
|
|
—
|
|
6,242
|
|
|
Other assets
|
|
|
147
|
|
15
|
|
569
|
|
(30)
|
|
701
|
|
|
Total assets
|
|
$
|
28,117
|
|
1,803
|
|
12,193
|
|
(260)
|
|
41,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 7)
|
|
$
|
(9)
|
|
(21)
|
|
30
|
|
—
|
|
—
|
|
|
Accounts payable and accrued liabilities
|
|
|
838
|
|
108
|
|
154
|
|
—
|
|
1,100
|
|
|
Current portion of debt (note 5)
|
|
|
4
|
|
43
|
|
—
|
|
—
|
|
47
|
|
|
Deferred revenue
|
|
|
1,846
|
|
27
|
|
306
|
|
—
|
|
2,179
|
|
|
Other current liabilities
|
|
|
8
|
|
—
|
|
20
|
|
—
|
|
28
|
|
|
Total current liabilities
|
|
|
2,687
|
|
157
|
|
510
|
|
—
|
|
3,354
|
|
|
Long-term debt (note 5)
|
|
|
6,978
|
|
533
|
|
5,934
|
|
—
|
|
13,445
|
|
|
Deferred income tax liabilities
|
|
|
2,292
|
|
75
|
|
477
|
|
(30)
|
|
2,814
|
|
|
Redeemable intergroup interest (note 2)
|
|
|
—
|
|
230
|
|
—
|
|
(230)
|
|
—
|
|
|
Other liabilities
|
|
|
285
|
|
438
|
|
63
|
|
—
|
|
786
|
|
|
Total liabilities
|
|
|
12,242
|
|
1,433
|
|
6,984
|
|
(260)
|
|
20,399
|
|
|
Equity / Attributed net assets
|
|
|
10,277
|
|
355
|
|
5,207
|
|
—
|
|
15,839
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
5,598
|
|
15
|
|
2
|
|
—
|
|
5,615
|
|
|
Total liabilities and equity
|
|
$
|
28,117
|
|
1,803
|
|
12,193
|
|
(260)
|
|
41,853
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Subscriber revenue
|
|
$
|
1,136
|
|
—
|
|
—
|
|
1,136
|
|
|
Formula 1 revenue
|
|
|
—
|
|
—
|
|
501
|
|
501
|
|
|
Other revenue
|
|
|
243
|
|
185
|
|
—
|
|
428
|
|
|
Total revenue
|
|
|
1,379
|
|
185
|
|
501
|
|
2,065
|
|
|
Operating costs and expenses, including stock-based compensation (note 6):
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below):
|
|
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties
|
|
|
297
|
|
—
|
|
—
|
|
297
|
|
|
Programming and content
|
|
|
98
|
|
—
|
|
—
|
|
98
|
|
|
Customer service and billing
|
|
|
95
|
|
—
|
|
—
|
|
95
|
|
|
Other
|
|
|
29
|
|
—
|
|
—
|
|
29
|
|
|
Cost of Formula 1 revenue
|
|
|
—
|
|
—
|
|
354
|
|
354
|
|
|
Subscriber acquisition costs
|
|
|
119
|
|
—
|
|
—
|
|
119
|
|
|
Other operating expenses
|
|
|
30
|
|
109
|
|
—
|
|
139
|
|
|
Selling, general and administrative
|
|
|
210
|
|
61
|
|
53
|
|
324
|
|
|
Depreciation and amortization
|
|
|
93
|
|
24
|
|
111
|
|
228
|
|
|
|
|
|
971
|
|
194
|
|
518
|
|
1,683
|
|
|
Operating income (loss)
|
|
|
408
|
|
(9)
|
|
(17)
|
|
382
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(95)
|
|
(7)
|
|
(57)
|
|
(159)
|
|
|
Share of earnings (losses) of affiliates, net
|
|
|
34
|
|
68
|
|
53
|
|
155
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
62
|
|
—
|
|
(44)
|
|
18
|
|
|
Unrealized gains (losses) on intergroup interest (note 2)
|
|
|
—
|
|
(12)
|
|
12
|
|
—
|
|
|
Other, net
|
|
|
(19)
|
|
1
|
|
7
|
|
(11)
|
|
|
|
|
|
(18)
|
|
50
|
|
(29)
|
|
3
|
|
|
Earnings (loss) before income taxes
|
|
|
390
|
|
41
|
|
(46)
|
|
385
|
|
|
Income tax (expense) benefit
|
|
|
(116)
|
|
(19)
|
|
11
|
|
(124)
|
|
|
Net earnings (loss)
|
|
|
274
|
|
22
|
|
(35)
|
|
261
|
|
|
Less net earnings (loss) attributable to the noncontrolling interests
|
|
|
91
|
|
—
|
|
2
|
|
93
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
183
|
|
22
|
|
(37)
|
|
168
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Subscriber revenue
|
|
$
|
1,069
|
|
—
|
|
—
|
|
1,069
|
|
|
Other revenue
|
|
|
207
|
|
109
|
|
—
|
|
316
|
|
|
Total revenue
|
|
|
1,276
|
|
109
|
|
—
|
|
1,385
|
|
|
Operating costs and expenses, including stock-based compensation (note 6):
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below):
|
|
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties
|
|
|
273
|
|
—
|
|
—
|
|
273
|
|
|
Programming and content
|
|
|
90
|
|
—
|
|
—
|
|
90
|
|
|
Customer service and billing
|
|
|
95
|
|
—
|
|
—
|
|
95
|
|
|
Other
|
|
|
31
|
|
—
|
|
—
|
|
31
|
|
|
Subscriber acquisition costs
|
|
|
121
|
|
—
|
|
—
|
|
121
|
|
|
Other operating expenses
|
|
|
18
|
|
78
|
|
—
|
|
96
|
|
|
Selling, general and administrative
|
|
|
202
|
|
18
|
|
15
|
|
235
|
|
|
Depreciation and amortization
|
|
|
79
|
|
12
|
|
1
|
|
92
|
|
|
|
|
|
909
|
|
108
|
|
16
|
|
1,033
|
|
|
Operating income (loss)
|
|
|
367
|
|
1
|
|
(16)
|
|
352
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(93)
|
|
—
|
|
(5)
|
|
(98)
|
|
|
Share of earnings (losses) of affiliates, net
|
|
|
2
|
|
2
|
|
33
|
|
37
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
—
|
|
—
|
|
7
|
|
7
|
|
|
Unrealized gains (losses) on intergroup interest (note 2)
|
|
|
—
|
|
(25)
|
|
25
|
|
—
|
|
|
Other, net
|
|
|
1
|
|
1
|
|
3
|
|
5
|
|
|
|
|
|
(90)
|
|
(22)
|
|
63
|
|
(49)
|
|
|
Earnings (loss) before income taxes
|
|
|
277
|
|
(21)
|
|
47
|
|
303
|
|
|
Income tax (expense) benefit
|
|
|
(127)
|
|
(1)
|
|
(6)
|
|
(134)
|
|
|
Net earnings (loss)
|
|
|
150
|
|
(22)
|
|
41
|
|
169
|
|
|
Less net earnings (loss) attributable to the noncontrolling interests
|
|
|
54
|
|
—
|
|
—
|
|
54
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
96
|
|
(22)
|
|
41
|
|
115
|
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Subscriber revenue
|
|
$
|
3,325
|
|
—
|
|
—
|
|
3,325
|
|
|
Formula 1 revenue
|
|
|
—
|
|
—
|
|
1,213
|
|
1,213
|
|
|
Other revenue
|
|
|
696
|
|
366
|
|
—
|
|
1,062
|
|
|
Total revenue
|
|
|
4,021
|
|
366
|
|
1,213
|
|
5,600
|
|
|
Operating costs and expenses, including stock-based compensation (note 6):
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below):
|
|
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties
|
|
|
867
|
|
—
|
|
—
|
|
867
|
|
|
Programming and content
|
|
|
290
|
|
—
|
|
—
|
|
290
|
|
|
Customer service and billing
|
|
|
287
|
|
—
|
|
—
|
|
287
|
|
|
Other
|
|
|
86
|
|
—
|
|
—
|
|
86
|
|
|
Cost of Formula 1 revenue
|
|
|
—
|
|
—
|
|
836
|
|
836
|
|
|
Subscriber acquisition costs
|
|
|
372
|
|
—
|
|
—
|
|
372
|
|
|
Other operating expenses
|
|
|
81
|
|
252
|
|
—
|
|
333
|
|
|
Selling, general and administrative
|
|
|
596
|
|
109
|
|
146
|
|
851
|
|
|
Depreciation and amortization
|
|
|
270
|
|
50
|
|
295
|
|
615
|
|
|
|
|
|
2,849
|
|
411
|
|
1,277
|
|
4,537
|
|
|
Operating income (loss)
|
|
|
1,172
|
|
(45)
|
|
(64)
|
|
1,063
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(264)
|
|
(9)
|
|
(175)
|
|
(448)
|
|
|
Share of earnings (losses) of affiliates, net
|
|
|
32
|
|
72
|
|
63
|
|
167
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
62
|
|
—
|
|
(105)
|
|
(43)
|
|
|
Unrealized gains (losses) on intergroup interest (note 2)
|
|
|
—
|
|
(43)
|
|
43
|
|
—
|
|
|
Other, net
|
|
|
(20)
|
|
6
|
|
16
|
|
2
|
|
|
|
|
|
(190)
|
|
26
|
|
(158)
|
|
(322)
|
|
|
Earnings (loss) before income taxes
|
|
|
982
|
|
(19)
|
|
(222)
|
|
741
|
|
|
Income tax (expense) benefit
|
|
|
(334)
|
|
(10)
|
|
64
|
|
(280)
|
|
|
Net earnings (loss)
|
|
|
648
|
|
(29)
|
|
(158)
|
|
461
|
|
|
Less net earnings (loss) attributable to the noncontrolling interests
|
|
|
218
|
|
—
|
|
2
|
|
220
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
430
|
|
(29)
|
|
(160)
|
|
241
|
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
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
|
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
648
|
|
(29)
|
|
(158)
|
|
461
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
270
|
|
50
|
|
295
|
|
615
|
|
|
Stock-based compensation
|
|
|
113
|
|
41
|
|
28
|
|
182
|
|
|
Share of (earnings) loss of affiliates, net
|
|
|
(32)
|
|
(72)
|
|
(63)
|
|
(167)
|
|
|
Unrealized (gains) losses on intergroup interest, net
|
|
|
—
|
|
43
|
|
(43)
|
|
—
|
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
|
|
(62)
|
|
—
|
|
105
|
|
43
|
|
|
Noncash interest expense (benefit)
|
|
|
4
|
|
1
|
|
4
|
|
9
|
|
|
Losses (gains) on dilution of investment in affiliate
|
|
|
—
|
|
—
|
|
(4)
|
|
(4)
|
|
|
Deferred income tax expense (benefit)
|
|
|
321
|
|
28
|
|
(63)
|
|
286
|
|
|
Intergroup tax allocation
|
|
|
(11)
|
|
(18)
|
|
29
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
4
|
|
15
|
|
(19)
|
|
—
|
|
|
Other charges (credits), net
|
|
|
36
|
|
—
|
|
10
|
|
46
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
18
|
|
(41)
|
|
28
|
|
5
|
|
|
Payables and other liabilities
|
|
|
1
|
|
(59)
|
|
(105)
|
|
(163)
|
|
|
Net cash provided (used) by operating activities
|
|
|
1,310
|
|
(41)
|
|
44
|
|
1,313
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Investments in and loans to cost and equity investees
|
|
|
(750)
|
|
(2)
|
|
(8)
|
|
(760)
|
|
|
Cash proceeds from sale of investments
|
|
|
—
|
|
5
|
|
15
|
|
20
|
|
|
Net cash paid for the acquisition of Formula 1
|
|
|
—
|
|
—
|
|
(1,647)
|
|
(1,647)
|
|
|
Capital expended for property and equipment
|
|
|
(207)
|
|
(190)
|
|
(10)
|
|
(407)
|
|
|
Other investing activities, net
|
|
|
(115)
|
|
4
|
|
(9)
|
|
(120)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(1,072)
|
|
(183)
|
|
(1,659)
|
|
(2,914)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
3,933
|
|
288
|
|
1,599
|
|
5,820
|
|
|
Repayments of debt
|
|
|
(3,103)
|
|
(42)
|
|
(1,674)
|
|
(4,819)
|
|
|
Proceeds from issuance of Series C Liberty Formula One common stock
|
|
|
—
|
|
—
|
|
1,938
|
|
1,938
|
|
|
Subsidiary shares repurchased by subsidiary
|
|
|
(996)
|
|
—
|
|
—
|
|
(996)
|
|
|
Cash dividends paid by subsidiary
|
|
|
(45)
|
|
—
|
|
—
|
|
(45)
|
|
|
Taxes paid in lieu of shares issued for stock-based compensation
|
|
|
(91)
|
|
—
|
|
(4)
|
|
(95)
|
|
|
Other financing activities, net
|
|
|
11
|
|
—
|
|
1
|
|
12
|
|
|
Net cash provided (used) by financing activities
|
|
|
(291)
|
|
246
|
|
1,860
|
|
1,815
|
|
|
Effect of foreign exchange rate changes on cash and cash equivalents
|
|
|
—
|
|
—
|
|
7
|
|
7
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(53)
|
|
22
|
|
252
|
|
221
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
287
|
|
107
|
|
168
|
|
562
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
234
|
|
129
|
|
420
|
|
783
|
|
STATEMENT OF CASH FLOWS INFORMATION
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
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
|
|
|
Noncash interest expense (benefit)
|
|
|
5
|
|
(2)
|
|
6
|
|
9
|
|
|
Losses (gains) on dilution of investment in affiliate
|
|
|
—
|
|
—
|
|
2
|
|
2
|
|
|
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
|
|
|
22
|
|
5
|
|
(3)
|
|
24
|
|
|
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
|
|
|
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)
|
|
25
|
|
(6)
|
|
|
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
|
|
|