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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to                

Commission File Number 001-35707

LIBERTY MEDIA CORPORATION

(Exact name of Registrant as specified in its charter)

State of Delaware

37-1699499

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

12300 Liberty Boulevard
Englewood, Colorado

80112

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (720875-5400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Series A Liberty SiriusXM Common Stock

LSXMA

The Nasdaq Stock Market LLC

Series B Liberty SiriusXM Common Stock

LSXMB

The Nasdaq Stock Market LLC

Series C Liberty SiriusXM Common Stock

LSXMK

The Nasdaq Stock Market LLC

Series A Liberty Braves Common Stock

BATRA

The Nasdaq Stock Market LLC

Series C Liberty Braves Common Stock

BATRK

The Nasdaq Stock Market LLC

Series A Liberty Formula One Common Stock

FWONA

The Nasdaq Stock Market LLC

Series C Liberty Formula One Common Stock

FWONK

The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes     No 

The number of outstanding shares of Liberty Media Corporation's common stock as of July 31, 2019 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

102,906,749

9,814,777

204,817,616

Liberty Braves common stock

10,255,678

981,860

39,784,180

Liberty Formula One common stock

25,697,139

2,449,185

203,004,559

Table of Contents

Table of Contents

Part I – Financial Information

Item 1. Financial Statements

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited)

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited)

I-5

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)

I-7

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited)

I-8

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Equity (unaudited)

I-9

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

I-13

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

I-43

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-61

Item 4. Controls and Procedures

I-61

Part II — Other Information

Item 1. Legal Proceedings

II-1

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

II-2

Item 6. Exhibits

II-2

SIGNATURES

II-4

I-2

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

June 30, 2019

    

December 31, 2018

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

697

 

358

Trade and other receivables, net

 

849

 

364

Other current assets

 

385

 

360

Total current assets

 

1,931

 

1,082

Investments in affiliates, accounted for using the equity method (note 7)

 

1,694

 

1,641

Property and equipment, at cost

 

3,630

 

3,765

Accumulated depreciation

 

(1,419)

 

(1,296)

 

2,211

 

2,469

Intangible assets not subject to amortization (note 8):

Goodwill

 

19,948

 

18,386

FCC licenses

 

8,600

 

8,600

Other

 

1,405

 

1,074

 

29,953

 

28,060

Intangible assets subject to amortization, net (note 8)

 

6,222

 

5,715

Other assets

 

1,689

 

1,861

Total assets

$

43,700

 

40,828

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,507

 

1,116

Current portion of debt

 

13

 

17

Deferred revenue

 

2,356

 

2,079

Other current liabilities

 

97

 

32

Total current liabilities

 

3,973

 

3,244

Long-term debt, including $2,723 million and $2,487 million measured at fair value at June 30, 2019 and December 31, 2018, respectively (note 9)

 

14,411

 

13,371

Deferred income tax liabilities

 

1,824

 

1,651

Other liabilities

 

1,011

 

864

Total liabilities

 

21,219

 

19,130

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-3

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

    

June 30, 2019

    

December 31, 2018

 

amounts in millions,

 

except share amounts

 

Stockholders' equity:

Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued

 

 

Series A Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 102,887,744 shares at June 30, 2019 and 102,809,736 shares at December 31, 2018 (note 2)

1

1

Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,255,678 shares at June 30, 2019 and 10,244,591 shares at December 31, 2018 (note 2)

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 25,691,922 shares at June 30, 2019 and 25,675,346 shares at December 31, 2018 (note 2)

Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,814,777 shares at June 30, 2019 and 9,821,531 at December 31, 2018 (note 2)

Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,860 shares at June 30, 2019 and December 31, 2018 (note 2)

Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,449,185 shares at June 30, 2019 and December 31, 2018 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 205,466,815 shares at June 30, 2019 and 213,130,922 shares at December 31, 2018 (note 2)

2

2

Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 39,784,180 shares at June 30, 2019 and 39,740,215 shares at December 31, 2018 (note 2)

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 202,995,970 shares at June 30, 2019 and 202,887,872 shares at December 31, 2018 (note 2)

2

2

Additional paid-in capital

 

3,016

 

2,984

Accumulated other comprehensive earnings (loss), net of taxes

 

(25)

 

(38)

Retained earnings

 

13,600

 

13,644

Total stockholders' equity

 

16,596

 

16,595

Noncontrolling interests in equity of subsidiaries

 

5,885

 

5,103

Total equity

 

22,481

 

21,698

Commitments and contingencies (note 11)

Total liabilities and equity

$

43,700

 

40,828

See accompanying notes to condensed consolidated financial statements.

I-4

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

Three months ended

    

Six months ended

 

June 30,

June 30,

 

    

2019

    

2018

    

2019

    

2018

 

amounts in millions,

 

except per share amounts

 

Revenue:

SIRIUS XM Holdings revenue

$

1,977

 

1,432

 

3,721

 

2,807

Formula 1 revenue

620

585

866

699

Other revenue

 

208

 

182

 

230

 

210

Total revenue

 

2,805

 

2,199

 

4,817

 

3,716

Operating costs and expenses, including stock-based compensation (note 4):

Cost of services (exclusive of depreciation shown separately below):

Revenue share and royalties

 

600

 

404

 

1,092

 

714

Programming and content

 

116

 

105

 

222

 

206

Customer service and billing

 

119

 

95

 

232

 

189

Other

 

47

 

33

 

84

 

62

Cost of Formula 1 revenue

441

414

589

495

Subscriber acquisition costs

 

104

 

119

 

212

 

242

Other operating expense

 

203

 

124

 

288

 

199

Selling, general and administrative

 

436

 

300

 

835

 

561

Acquisition and other related costs (note 3)

7

83

Depreciation and amortization

 

271

 

231

 

519

 

447

 

2,344

 

1,825

 

4,156

 

3,115

Operating income (loss)

 

461

 

374

 

661

 

601

Other income (expense):

Interest expense

 

(167)

 

(153)

 

(326)

 

(303)

Share of earnings (losses) of affiliates, net (note 7)

 

34

 

22

 

14

 

14

Realized and unrealized gains (losses) on financial instruments, net (note 6)

 

(87)

 

58

 

(185)

 

211

Other, net

 

21

 

21

 

29

 

27

 

(199)

 

(52)

 

(468)

 

(51)

Earnings (loss) before income taxes

 

262

 

322

 

193

 

550

Income tax (expense) benefit

 

(70)

 

(67)

 

(128)

 

(82)

Net earnings (loss)

 

192

 

255

 

65

 

468

Less net earnings (loss) attributable to the noncontrolling interests

 

76

 

83

 

107

 

165

Net earnings (loss) attributable to Liberty stockholders

$

116

 

172

 

(42)

 

303

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

167

165

228

365

Liberty Braves common stock

26

(2)

(45)

(54)

Liberty Formula One common stock

(77)

9

(225)

(8)

$

116

172

(42)

303

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-5

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Continued)

(unaudited)

Three months ended

    

Six months ended

June 30,

June 30,

2019

    

2018

    

2019

    

2018

Basic net earnings (loss) attributable to Liberty stockholders per common share
(notes 3 and 6):

Series A, B and C Liberty SiriusXM common stock

0.52

0.50

0.71

1.09

Series A, B and C Liberty Braves common stock

0.51

(0.04)

(0.88)

(1.06)

Series A, B and C Liberty Formula One common stock

(0.33)

0.04

(0.97)

(0.03)

Diluted net earnings (loss) attributable to Liberty stockholders per common share
(notes 3 and 6):

Series A, B and C Liberty SiriusXM common stock

0.52

0.49

0.70

1.08

Series A, B and C Liberty Braves common stock

0.46

(0.04)

(0.88)

(1.06)

Series A, B and C Liberty Formula One common stock

(0.33)

0.04

(0.97)

(0.03)

See accompanying notes to condensed consolidated financial statements.

I-6

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)

Three months ended

Six months ended

June 30,

June 30,

 

    

2019

    

2018

    

2019

    

2018

amounts in millions

Net earnings (loss)

$

192

 

255

 

65

 

468

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

10

 

(2)

 

19

 

2

Credit risk on fair value debt instruments gains (losses)

 

10

 

(12)

 

(3)

 

(14)

Unrealized holding gains (losses) arising during the period

1

(1)

3

(3)

Share of other comprehensive earnings (loss) of equity affiliates

 

 

(18)

 

 

(27)

Comprehensive earnings (loss)

 

213

 

222

 

84

 

426

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

79

 

80

 

113

 

159

Comprehensive earnings (loss) attributable to Liberty stockholders

$

134

 

142

 

(29)

 

267

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

175

157

242

355

Liberty Braves common stock

27

(1)

(42)

(56)

Liberty Formula One common stock

(68)

(14)

(229)

(32)

$

134

142

(29)

267

See accompanying notes to condensed consolidated financial statements.

I-7

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

Six months ended

June 30,

    

2019

    

2018

 

amounts in millions

Cash flows from operating activities:

Net earnings

$

65

 

468

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

Depreciation and amortization

 

519

 

447

Stock-based compensation

 

162

 

99

Share of (earnings) loss of affiliates, net

 

(14)

 

(14)

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

 

185

 

(211)

Noncash interest expense (benefit)

3

(6)

Deferred income tax expense (benefit)

 

115

 

72

Other, net

 

 

16

Changes in operating assets and liabilities

Current and other assets

 

(83)

 

(99)

Payables and other liabilities

 

220

 

496

Net cash provided (used) by operating activities

 

1,172

 

1,268

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(20)

 

(399)

Cash proceeds from sale of investments

373

243

Cash received from Pandora acquisition

313

Capital expended for property and equipment

 

(221)

 

(191)

Sales of short term investments and other marketable securities

 

72

 

Other investing activities, net

 

(5)

 

47

Net cash provided (used) by investing activities

 

512

 

(300)

Cash flows from financing activities:

Borrowings of debt

 

2,879

 

1,583

Repayments of debt

 

(2,387)

 

(2,418)

Series C Liberty SiriusXM stock repurchases

(306)

(218)

Subsidiary shares repurchased by subsidiary

 

(1,474)

 

(334)

Cash dividends paid by subsidiary

(36)

(29)

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

(57)

(81)

Other financing activities, net

 

(4)

 

46

Net cash provided (used) by financing activities

 

(1,385)

 

(1,451)

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

(1)

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

 

299

 

(484)

Cash, cash equivalents and restricted cash at beginning of period

 

452

 

1,047

Cash, cash equivalents and restricted cash at end of period

$

751

 

563

The following table reconciles cash and cash equivalents and restricted cash reported in our condensed consolidated balance sheets to the total amount presented in our condensed consolidated statements of cash flows:

June 30,

December 31,

2019

    

2018

amounts in millions

Cash and cash equivalents

$

697

358

Restricted cash included in other current assets

29

70

Restricted cash included in other assets

25

24

Total cash and cash equivalents and restricted cash at end of period

$

751

452

See accompanying notes to condensed consolidated financial statements.

I-8

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended June 30, 2019

Stockholders' equity

 

    

    

Accumulated

    

    

Noncontrolling

    

Additional

other

interest in

Preferred

Liberty Sirius XM

Liberty Braves

Liberty Formula One

Paid-in

comprehensive

Retained

equity of

Total

    

Stock

    

Series A

    

Series B

    

Series C

    

Series A

    

Series B

    

Series C

Series A

    

Series B

    

Series C

    

Capital

    

earnings (loss)

    

earnings

    

subsidiaries

    

equity

 

amounts in millions

Balance at March 31, 2019

$

1

2

2

 

3,261

(43)

 

13,484

 

6,488

 

23,195

Net earnings

 

 

 

116

 

76

 

192

Other comprehensive earnings (loss)

 

18

 

 

3

 

21

Stock-based compensation

 

 

60

 

 

19

 

79

Series C Liberty SiriusXM stock repurchases

(84)

(84)

Shares repurchased by subsidiary

 

(208)