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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 March 31, 2021

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 April 30, 2021 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

98,336,294

9,802,232

227,428,596

Liberty Braves common stock

10,312,954

981,494

40,971,743

Liberty Formula One common stock

25,836,549

2,445,895

203,573,428

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-10

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

I-12

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

I-44

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-1

Item 6. Exhibits

II-2

SIGNATURES

II-3

I-2

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

March 31, 2021

    

December 31, 2020

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

2,994

 

2,831

Trade and other receivables, net

 

777

 

823

Other current assets

 

432

 

376

Total current assets

 

4,203

 

4,030

Investments in affiliates, accounted for using the equity method (note 6)

 

943

 

1,018

Property and equipment, at cost

 

3,850

 

4,017

Accumulated depreciation

 

(1,840)

 

(1,778)

 

2,010

 

2,239

Intangible assets not subject to amortization (note 7):

Goodwill

 

19,224

 

19,218

FCC licenses

 

8,600

 

8,600

Other

 

1,385

 

1,385

 

29,209

 

29,203

Intangible assets subject to amortization, net (note 7)

 

5,232

 

5,378

Other assets

 

2,868

 

2,136

Total assets

$

44,465

 

44,004

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,347

 

1,583

Current portion of debt, including $720 million and $684 million measured at fair value, respectively (note 8)

778

743

Deferred revenue

 

2,283

 

2,070

Other current liabilities

 

128

 

94

Total current liabilities

 

4,536

 

4,490

Long-term debt, including $3,998 million and $3,861 million measured at fair value, respectively (note 8)

 

17,330

 

16,686

Deferred income tax liabilities

 

2,043

 

2,126

Other liabilities

 

1,083

 

1,101

Total liabilities

 

24,992

 

24,403

(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)

    

March 31, 2021

    

December 31, 2020

 

amounts in millions,

 

except share amounts

 

Redeemable noncontrolling interests in equity of subsidiary (note 9)

575

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 98,816,785 shares at March 31, 2021 and 99,383,666 shares at December 31, 2020 (note 2)

1

1

Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,312,954 shares at March 31, 2021 and 10,312,670 shares at December 31, 2020 (note 2)

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 25,836,549 shares at March 31, 2021 and 25,835,838 shares at December 31, 2020 (note 2)

Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,802,232 shares at March 31, 2021 and 9,802,237 at December 31, 2020 (note 2)

Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,494 shares at March 31, 2021 and 981,778 at December 31, 2020 (note 2)

Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,445,895 shares at March 31, 2021 and 2,446,606 shares at December 31, 2020 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 227,772,317 shares at March 31, 2021 and 229,575,090 shares at December 31, 2020 (note 2)

2

2

Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 40,971,743 shares at March 31, 2021 and 40,958,175 shares at December 31, 2020 (note 2)

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 203,573,428 shares at March 31, 2021 and 203,538,477 shares at December 31, 2020 (note 2)

2

2

Additional paid-in capital

 

2,428

 

2,688

Accumulated other comprehensive earnings (loss), net of taxes

 

33

 

78

Retained earnings

 

12,204

 

12,320

Total stockholders' equity

 

14,670

 

15,091

Noncontrolling interests in equity of subsidiaries

 

4,228

 

4,510

Total equity

 

18,898

 

19,601

Commitments and contingencies (note 10)

Total liabilities and equity

$

44,465

 

44,004

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

 

March 31,

 

    

2021

    

2020

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

2,058

 

1,952

Formula 1 revenue

180

39

Other revenue

 

16

 

22

Total revenue

 

2,254

 

2,013

Operating costs and expenses, including stock-based compensation (note 3):

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

Revenue share and royalties

 

640

 

570

Programming and content

 

130

 

118

Customer service and billing

 

117

 

118

Other

 

52

 

44

Cost of Formula 1 revenue

84

43

Subscriber acquisition costs

 

86

 

99

Other operating expense

 

84

 

100

Selling, general and administrative

 

410

 

408

Impairment, restructuring and acquisition costs (note 10)

245

Depreciation and amortization

 

264

 

267

 

2,112

 

1,767

Operating income (loss)

 

142

 

246

Other income (expense):

Interest expense

 

(158)

 

(164)

Share of earnings (losses) of affiliates, net (note 6)

 

(95)

 

(62)

Realized and unrealized gains (losses) on financial instruments, net (note 5)

 

(49)

 

1

Other, net

 

15

 

17

 

(287)

 

(208)

Earnings (loss) before income taxes

 

(145)

 

38

Income tax (expense) benefit

 

131

 

(36)

Net earnings (loss)

 

(14)

 

2

Less net earnings (loss) attributable to the noncontrolling interests

 

49

 

78

Less net earnings (loss) attributable to redeemable noncontrolling interest (note 9)

53

Net earnings (loss) attributable to Liberty stockholders

$

(116)

 

(76)

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

(11)

214

Liberty Braves common stock

(59)

53

Liberty Formula One common stock

(46)

(343)

$

(116)

(76)

(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

March 31,

2021

    

2020

Basic net earnings (loss) attributable to Liberty stockholders per common share
(notes 2 and 4):

Series A, B and C Liberty SiriusXM common stock

(0.03)

0.66

Series A, B and C Liberty Braves common stock

(1.13)

1.04

Series A, B and C Liberty Formula One common stock

(0.20)

(1.48)

Diluted net earnings (loss) attributable to Liberty stockholders per common share
(notes 2 and 4):

Series A, B and C Liberty SiriusXM common stock

(0.03)

0.56

Series A, B and C Liberty Braves common stock

(1.13)

(0.69)

Series A, B and C Liberty Formula One common stock

(0.20)

(1.48)

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

March 31,

 

    

2021

    

2020

amounts in millions

Net earnings (loss)

$

(14)

 

2

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

4

 

(37)

Credit risk on fair value debt instruments gains (losses)

 

(48)

 

216

Unrealized holding gains (losses) arising during the period

(1)

(6)

Share of other comprehensive earnings (loss) of equity affiliates

 

1

 

(30)

Comprehensive earnings (loss)

 

(58)

 

145

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

50

 

68

Less comprehensive earnings (loss) attributable to redeemable noncontrolling interest (note 9)

53

Comprehensive earnings (loss) attributable to Liberty stockholders

$

(161)

 

77

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

(48)

274

Liberty Braves common stock

(60)

47

Liberty Formula One common stock

(53)

(244)

$

(161)

77

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)

Three months ended

March 31,

    

2021

    

2020

 

amounts in millions

Cash flows from operating activities:

Net earnings

$

(14)

 

2

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

Depreciation and amortization

 

264

 

267

Stock-based compensation

 

63

 

67

Impairment, restructuring and acquisition costs

245

Share of (earnings) loss of affiliates, net

 

95

 

62

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

 

49

 

(1)

Deferred income tax expense (benefit)

 

(143)

 

39

Other, net

 

(1)

 

10

Changes in operating assets and liabilities

Current and other assets

 

(8)

 

(34)

Payables and other liabilities

 

(53)

 

145

Net cash provided (used) by operating activities

 

497

 

557

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(58)

 

(82)

Investment of subsidiary initial public offering proceeds into trust account

(575)

Return of investment in equity method affiliates

105

Capital expended for property and equipment, including internal-use software and website development

 

(91)

 

(88)

Other investing activities, net

 

8

 

7

Net cash provided (used) by investing activities

 

(716)

 

(58)

Cash flows from financing activities:

Borrowings of debt

 

1,090

 

853

Repayments of debt

 

(593)

 

(372)

Liberty SiriusXM stock repurchases

(107)

(138)

Subsidiary shares repurchased by subsidiary

 

(522)

 

(243)

Cash dividends paid by subsidiary

(14)

(17)

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

(22)

(38)

Proceeds from initial public offering of subsidiary

575

Other financing activities, net

 

(24)

 

(7)

Net cash provided (used) by financing activities

 

383

 

38

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

(2)

(8)

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

 

162

 

529

Cash, cash equivalents and restricted cash at beginning of period

 

2,877

 

1,306

Cash, cash equivalents and restricted cash at end of period

$

3,039

 

1,835

I-8

Table of Contents

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:

March 31,

December 31,

2021

    

2020

amounts in millions

Cash and cash equivalents

$

2,994

2,831

Restricted cash included in other current assets

19

16

Restricted cash included in other assets

26

30

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

$

3,039

2,877

See accompanying notes to condensed consolidated financial statements.

I-9

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended March 31, 2021

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 January 1, 2021

$

1

2

2

 

2,688

78

 

12,320

 

4,510

 

19,601

Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) (note 9)

 

 

 

(116)

 

49

 

(67)

Other comprehensive earnings (loss)

 

(45)

 

 

1

 

(44)

Stock-based compensation

 

 

52

 

 

14

 

66

Withholding taxes on net share settlements of stock-based compensation

 

(22)

 

 

 

(22)

Liberty SiriusXM stock repurchases

(107)

(107)

Shares repurchased by subsidiary

 

(138)

(378)

(516)

Shares issued by subsidiary

 

 

(45)

 

 

45

Dividends paid by subsidiary

 

 

 

(14)

(14)

Other, net

1

1

Balance at March 31, 2021

$

1

2

2

 

2,428

33

 

12,204

 

4,228

18,898

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 March 31, 2020

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 January 1, 2020

$

1

2

2

 

2,575

(33)

 

13,748

 

5,630

21,925

Net earnings

 

 

 

(76)

 

78

 

2

Other comprehensive earnings (loss)

—</