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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 September 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 October 31, 2019 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

102,945,936

9,810,777

203,451,287

Liberty Braves common stock

10,268,578

981,860

39,804,955

Liberty Formula One common stock

25,714,567

2,448,903

203,051,529

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-63

Item 4. Controls and Procedures

I-64

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)

September 30, 2019

    

December 31, 2018

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

694

 

358

Trade and other receivables, net

 

778

 

364

Other current assets

 

464

 

360

Total current assets

 

1,936

 

1,082

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

 

1,698

 

1,641

Property and equipment, at cost

 

3,714

 

3,765

Accumulated depreciation

 

(1,484)

 

(1,296)

 

2,230

 

2,469

Intangible assets not subject to amortization (note 8):

Goodwill

 

19,952

 

18,386

FCC licenses

 

8,600

 

8,600

Other

 

1,405

 

1,074

 

29,957

 

28,060

Intangible assets subject to amortization, net (note 8)

 

6,079

 

5,715

Other assets

 

1,745

 

1,861

Total assets

$

43,645

 

40,828

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,537

 

1,116

Deferred revenue

 

2,235

 

2,079

Other current liabilities

 

110

 

49

Total current liabilities

 

3,882

 

3,244

Long-term debt, including $2,812 million and $2,487 million measured at fair value at September 30, 2019 and December 31, 2018, respectively (note 9)

 

14,707

 

13,371

Deferred income tax liabilities

 

1,872

 

1,651

Other liabilities

 

1,006

 

864

Total liabilities

 

21,467

 

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)

    

September 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 102,943,929 shares at September 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 10,268,578 shares at September 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 25,714,464 shares at September 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 9,810,777 shares at September 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 September 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 2,449,006 shares at September 30, 2019 and 2,453,485 shares at December 31, 2018 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 203,862,820 shares at September 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 39,803,452 shares at September 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 203,046,842 shares at September 30, 2019 and 202,887,872 shares at December 31, 2018 (note 2)

2

2

Additional paid-in capital

 

2,780

 

2,984

Accumulated other comprehensive earnings (loss), net of taxes

 

(61)

 

(38)

Retained earnings

 

13,793

 

13,644

Total stockholders' equity

 

16,517

 

16,595

Noncontrolling interests in equity of subsidiaries

 

5,661

 

5,103

Total equity

 

22,178

 

21,698

Commitments and contingencies (note 11)

Total liabilities and equity

$

43,645

 

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

    

Nine months ended

 

September 30,

September 30,

 

    

2019

    

2018

    

2019

    

2018

 

amounts in millions,

 

except per share amounts

 

Revenue:

SIRIUS XM Holdings revenue

$

2,011

 

1,468

 

5,732

 

4,275

Formula 1 revenue

633

647

1,499

1,346

Other revenue

 

212

 

200

 

442

 

410

Total revenue

 

2,856

 

2,315

 

7,673

 

6,031

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

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

Revenue share and royalties

 

592

 

343

 

1,684

 

1,057

Programming and content

 

116

 

97

 

338

 

303

Customer service and billing

 

120

 

95

 

352

 

284

Other

 

52

 

30

 

136

 

92

Cost of Formula 1 revenue

434

450

1,023

945

Subscriber acquisition costs

 

101

 

110

 

313

 

352

Other operating expense

 

223

 

137

 

511

 

336

Selling, general and administrative

 

440

 

288

 

1,275

 

849

Acquisition and other related costs (note 3)

83

Depreciation and amortization

 

271

 

234

 

790

 

681

 

2,349

 

1,784

 

6,505

 

4,899

Operating income (loss)

 

507

 

531

 

1,168

 

1,132

Other income (expense):

Interest expense

 

(169)

 

(150)

 

(495)

 

(453)

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

 

55

 

58

 

69

 

72

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

 

14

 

(31)

 

(171)

 

180

Other, net

 

(47)

 

10

 

(18)

 

37

 

(147)

 

(113)

 

(615)

 

(164)

Earnings (loss) before income taxes

 

360

 

418

 

553

 

968

Income tax (expense) benefit

 

(98)

 

(52)

 

(226)

 

(134)

Net earnings (loss)

 

262

 

366

 

327

 

834

Less net earnings (loss) attributable to the noncontrolling interests

 

69

 

98

 

176

 

263

Net earnings (loss) attributable to Liberty stockholders

$

193

 

268

 

151

 

571

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

140

185

368

550

Liberty Braves common stock

12

41

(33)

(13)

Liberty Formula One common stock

41

42

(184)

34

$

193

268

151

571

(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

    

Nine months ended

September 30,

September 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

0.44

0.56

1.15

1.65

Series A, B and C Liberty Braves common stock

0.24

0.80

(0.65)

(0.25)

Series A, B and C Liberty Formula One common stock

0.18

0.18

(0.80)

0.15

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

Series A, B and C Liberty SiriusXM common stock

0.44

0.55

1.14

1.63

Series A, B and C Liberty Braves common stock

0.16

0.80

(0.65)

(0.25)

Series A, B and C Liberty Formula One common stock

0.18

0.18

(0.80)

0.15

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

Nine months ended

September 30,

September 30,

 

    

2019

    

2018

    

2019

    

2018

amounts in millions

Net earnings (loss)

$

262

 

366

 

327

 

834

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

(8)

 

10

 

11

 

(11)

Credit risk on fair value debt instruments gains (losses)

 

(23)

 

(10)

 

(26)

 

(24)

Unrealized holding gains (losses) arising during the period

1

4

(3)

Share of other comprehensive earnings (loss) of equity affiliates

 

(8)

 

(3)

 

(8)

 

(7)

Comprehensive earnings (loss)

 

224

 

363

 

308

 

789

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

67

 

101

 

180

 

260

Comprehensive earnings (loss) attributable to Liberty stockholders

$

157

 

262

 

128

 

529

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

132

191

374

544

Liberty Braves common stock

13

40

(29)

(16)

Liberty Formula One common stock

12

31

(217)

1

$

157

262

128

529

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)

Nine months ended

September 30,

    

2019

    

2018

 

amounts in millions

Cash flows from operating activities:

Net earnings

$

327

 

834

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

Depreciation and amortization

 

790

 

681

Stock-based compensation

 

238

 

145

Share of (earnings) loss of affiliates, net

 

(69)

 

(72)

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

 

171

 

(180)

Noncash interest expense (benefit)

7

(6)

Deferred income tax expense (benefit)

 

196

 

132

Other, net

 

61

 

13

Changes in operating assets and liabilities

Current and other assets

 

(61)

 

(119)

Payables and other liabilities

 

110

 

207

Net cash provided (used) by operating activities

 

1,770

 

1,635

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(25)

 

(403)

Cash proceeds from sale of investments

389

244

Cash paid for acquisitions, net of cash acquired

313

(1)

Capital expended for property and equipment

 

(338)

 

(265)

Sales of short term investments and other marketable securities

 

73

 

Other investing activities, net

 

(2)

 

43

Net cash provided (used) by investing activities

 

410

 

(382)

Cash flows from financing activities:

Borrowings of debt

 

5,018

 

2,310

Repayments of debt

 

(4,345)

 

(3,014)

Series C Liberty SiriusXM stock repurchases

(374)

(368)

Subsidiary shares repurchased by subsidiary

 

(1,959)

 

(662)

Cash dividends paid by subsidiary

(52)

(44)

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

(101)

(122)

Other financing activities, net

 

(41)

 

51

Net cash provided (used) by financing activities

 

(1,854)

 

(1,849)

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

(5)

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

 

321

 

(596)

Cash, cash equivalents and restricted cash at beginning of period

 

452

 

1,047

Cash, cash equivalents and restricted cash at end of period

$

773

 

451

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:

September 30,

December 31,

2019

    

2018

amounts in millions

Cash and cash equivalents

$

694

358

Restricted cash included in other current assets

55

70

Restricted cash included in other assets

24

24

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

$

773

452

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended September 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 June 30, 2019

$

1

2

2

 

3,016

(25)

 

13,600

 

5,885

 

22,481

Net earnings

 

 

 

193

 

69

 

262

Other comprehensive earnings (loss)

 

(36)

 

 

(2)

 

(38)

Stock-based compensation

 

 

60

 

 

19

 

79

Series C Liberty SiriusXM stock repurchases

(68)

(68)

Shares repurchased by subsidiary

 

(127)

(337)

(464)

Shares issued by subsidiary