Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.21.2
Financial Information for Tracking Stock Groups (Tables)
6 Months Ended
Jun. 30, 2021
Condensed Balance Sheet

BALANCE SHEET INFORMATION

June 30, 2021

(unaudited)

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

$

1,542

168

2,225

3,935

 

Trade and other receivables, net

 

655

55

113

823

 

Other current assets

 

350

64

189

603

 

Total current assets

 

2,547

287

2,527

5,361

 

Intergroup interests (note 1)

289

189

(478)

Investments in affiliates, accounted for using the equity method (note 1)

 

746

102

33

881

 

Property and equipment, at cost

 

2,699

997

203

3,899

 

Accumulated depreciation

 

(1,617)

(206)

(83)

(1,906)

 

 

1,082

791

120

1,993

 

Intangible assets not subject to amortization

Goodwill

 

15,110

180

3,957

19,247

 

FCC licenses

 

8,600

8,600

 

Other

 

1,242

143

1,385

 

 

24,952

323

3,957

29,232

 

Intangible assets subject to amortization, net

 

1,368

21

3,696

5,085

 

Other assets

 

1,556

81

1,507

(42)

3,102

 

Total assets

$

32,540

1,605

12,029

(520)

45,654

 

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 3)

$

(22)

(33)

55

Accounts payable and accrued liabilities

1,294

 

65

208

1,567

Current portion of debt

1,515

12

26

1,553

Deferred revenue

 

1,583

 

103

525

2,211

Other current liabilities

 

68

 

6

35

109

Total current liabilities

 

4,438

 

153

849

5,440

Long-term debt (note 1)

 

13,155

 

679

3,586

17,420

Deferred income tax liabilities

 

2,150

 

48

(42)

2,156

Redeemable intergroup interests (note 1)

253

225

(478)

Other liabilities

 

638

 

211

206

1,055

Total liabilities

 

20,381

 

1,344

4,866

(520)

26,071

Redeemable noncontrolling interests in equity of subsidiary

575

575

Equity / Attributed net assets

 

8,062

 

261

6,565

14,888

Noncontrolling interests in equity of subsidiaries

 

4,097

 

23

4,120

Total liabilities and equity

$

32,540

 

1,605

12,029

(520)

45,654

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2021

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

2,159

 

2,159

Formula 1 revenue

501

501

Other revenue

 

 

216

216

Total revenue

 

2,159

 

216

501

2,876

Operating costs and expenses, including stock-based compensation (note 2):

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

Revenue share and royalties

 

663

 

663

Programming and content

 

135

 

135

Customer service and billing

 

127

 

127

Other

 

58

 

58

Cost of Formula 1 revenue

398

398

Subscriber acquisition costs

 

89

 

89

Other operating expenses

 

66

 

142

208

Selling, general and administrative

 

374

 

24

47

445

Impairment, restructuring and acquisition costs

(137)

 

(137)

Depreciation and amortization

 

150

 

19

99

268

 

1,525

 

185

544

2,254

Operating income (loss)

 

634

 

31

(43)

622

Other income (expense):

Interest expense

 

(123)

 

(6)

(29)

(158)

Share of earnings (losses) of affiliates, net

 

(70)

 

8

14

(48)

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

 

86

 

(1)

70

155

Unrealized gains (losses) on intergroup interests (note 1)

22

1

(23)

Other, net

 

8

 

1

4

13

 

(77)

 

3

36

(38)

Earnings (loss) before income taxes

 

557

 

34

(7)

584

Income tax (expense) benefit

 

(125)

 

(9)

78

(56)

Net earnings (loss)

 

432

 

25

71

528

Less net earnings (loss) attributable to the noncontrolling interests

 

95

 

16

111

Less net earnings (loss) attributable to redeemable noncontrolling interest

 

Net earnings (loss) attributable to Liberty stockholders

$

337

 

25

55

417

STATEMENT OF OPERATIONS INFORMATION

Three months ended June 30, 2020

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

1,874

 

1,874

Formula 1 revenue

24

24

Other revenue

 

 

11

11

Total revenue

 

1,874

 

11

24

1,909

Operating costs and expenses, including stock-based compensation (note 2):

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

Revenue share and royalties

 

587

 

587

Programming and content

 

110

 

110

Customer service and billing

 

122

 

122

Other

 

47

 

47

Cost of Formula 1 revenue

16

16

Subscriber acquisition costs

 

48

 

48

Other operating expenses

 

61

 

24

85

Selling, general and administrative

 

350

 

40

390

Acquisition and restructuring

24

 

24

Depreciation and amortization

 

142

 

20

104

266

 

1,491

 

44

160

1,695

Operating income (loss)

 

383

 

(33)

(136)

214

Other income (expense):

Interest expense

 

(120)

 

(6)

(37)

(163)

Intergroup interest (expense) income

(7)

 

7

Share of earnings (losses) of affiliates, net

 

(146)

 

(1)

(46)

(193)

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

 

(184)

 

(1)

5

(180)

Unrealized gains (losses) on intergroup interests (note 1)

36

(7)

(29)

Other, net

 

4

 

1

9

14

 

(417)

 

(14)

(91)

(522)

Earnings (loss) before income taxes

 

(34)

 

(47)

(227)

(308)

Income tax (expense) benefit

 

10

 

9

27

46

Net earnings (loss)

 

(24)

 

(38)

(200)

(262)

Less net earnings (loss) attributable to the noncontrolling interests

 

64

 

64

Net earnings (loss) attributable to Liberty stockholders

$

(88)

 

(38)

(200)

(326)

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2021

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

4,217

 

4,217

Formula 1 revenue

681

681

Other revenue

 

 

232

232

Total revenue

 

4,217

 

232

681

5,130

Operating costs and expenses, including stock-based compensation (note 2):

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

Revenue share and royalties

 

1,303

 

1,303

Programming and content

 

265

 

265

Customer service and billing

 

244

 

244

Other

 

110

 

110

Cost of Formula 1 revenue

482

482

Subscriber acquisition costs

 

175

 

175

Other operating expenses

 

130

 

162

292

Selling, general and administrative

 

720

 

45

90

855

Impairment, restructuring and acquisition costs

108

 

108

Depreciation and amortization

 

299

 

34

199

532

 

3,354

 

241

771

4,366

Operating income (loss)

 

863

 

(9)

(90)

764

Other income (expense):

Interest expense

 

(243)

 

(12)

(61)

(316)

Intergroup interest (expense) income

 

Share of earnings (losses) of affiliates, net

 

(183)

 

11

29

(143)

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

 

 

1

105

106

Unrealized gains (losses) on intergroup interest (note 1)

32

(27)

(5)

Other, net

 

19

 

9

28

 

(375)

 

(27)

77

(325)

Earnings (loss) before income taxes

 

488

 

(36)

(13)

439

Income tax (expense) benefit

 

(18)

 

2

91

75

Net earnings (loss)

 

470

 

(34)

78

514

Less net earnings (loss) attributable to the noncontrolling interests

 

144

 

16

160

Less net earnings (loss) attributable to redeemable noncontrolling interest

 

53

53

Net earnings (loss) attributable to Liberty stockholders

$

326

 

(34)

9

301

STATEMENT OF OPERATIONS INFORMATION

Six months ended June 30, 2020

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

3,826

 

3,826

Formula 1 revenue

63

63

Other revenue

 

 

33

33

Total revenue

 

3,826

 

33

63

3,922

Operating costs and expenses, including stock-based compensation (note 2):

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

Revenue share and royalties

 

1,157

 

1,157

Programming and content

 

228

 

228

Customer service and billing

 

240

 

240

Other

 

91

 

91

Cost of Formula 1 revenue

59

59

Subscriber acquisition costs

 

147

 

147

Other operating expenses

 

132

 

53

185

Selling, general and administrative

 

692

 

22

84

798

Acquisition and restructuring

24

 

24

Depreciation and amortization

 

290

 

35

208

533

 

3,001

 

110

351

3,462

Operating income (loss)

 

825

 

(77)

(288)

460

Other income (expense):

Interest expense

 

(231)

 

(13)

(83)

(327)

Intergroup interest (expense) income

(7)

 

7

Share of earnings (losses) of affiliates, net

 

(148)

 

3

(110)

(255)

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

 

(189)

 

(10)

20

(179)

Unrealized gains (losses) on intergroup interests (note 1)

67

88

(155)

Other, net

 

17

 

14

31

 

(491)

 

68

(307)

(730)

Earnings (loss) before income taxes

 

334

 

(9)

(595)

(270)

Income tax (expense) benefit

 

(66)

 

24

52

10

Net earnings (loss)

 

268

 

15

(543)

(260)

Less net earnings (loss) attributable to the noncontrolling interests

 

142

 

142

Net earnings (loss) attributable to Liberty stockholders

$

126

 

15

(543)

(402)

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 2021

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

470

 

(34)

78

514

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

Depreciation and amortization

 

299

 

34

199

532

Stock-based compensation

 

104

 

6

13

123

Non-cash impairment and restructuring costs

245

245

Share of (earnings) loss of affiliates, net

 

183

 

(11)

(29)

143

Unrealized (gains) losses on intergroup interests, net

(32)

27

5

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

 

 

(1)

(105)

(106)

Deferred income tax expense (benefit)

 

(13)

 

(3)

(85)

(101)

Intergroup tax allocation

2

2

(4)

Other charges (credits), net

 

(2)

 

3

2

3

Changes in operating assets and liabilities

Current and other assets

 

(90)

 

2

(88)

(176)

Payables and other liabilities

 

(291)

 

23

326

58

Net cash provided (used) by operating activities

 

875

 

48

312

1,235

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(61)

 

(124)

(185)

Investment of subsidiary initial public offering proceeds into trust account

(575)

(575)

Return of investment in equity method affiliates

38

38

Cash proceeds from sale of investments

2

167

169

Cash (paid) received from acquisitions, net of cash acquired

(14)

(14)

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

 

(164)

 

(19)

(7)

(190)

Other investing activities, net

 

4

 

(1)

3

Net cash provided (used) by investing activities

 

(235)

 

(17)

(502)

(754)

Cash flows from financing activities:

Borrowings of debt

 

3,722

 

72

3,794

Repayments of debt

 

(2,270)

 

(53)

(190)

(2,513)

Liberty SiriusXM stock repurchases

(243)

(243)

Subsidiary shares repurchased by subsidiary

 

(856)

 

(856)

Cash dividends paid by subsidiary

(28)

(28)

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

 

(44)

 

(1)

(45)

Proceeds from initial public offering of subsidiary

575

575

Settlement of intergroup call spread

(384)

384

Other financing activities, net

5

(4)

(35)

(34)

Net cash provided (used) by financing activities

 

(98)

 

15

733

650

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

(2)

(2)

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

 

542

 

46

541

1,129

Cash, cash equivalents and restricted cash at beginning of period

 

1,008

 

185

1,684

2,877

Cash, cash equivalents and restricted cash at end of period

$

1,550

 

231

2,225

4,006

STATEMENT OF CASH FLOWS INFORMATION

Six months ended June 30, 2020

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

268

 

15

(543)

(260)

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

Depreciation and amortization

 

290

 

35

208

533

Stock-based compensation

 

112

 

(12)

12

112

Non-cash impairment and restructuring costs

24

24

Share of (earnings) loss of affiliates, net

 

148

 

(3)

110

255

Unrealized (gains) losses on intergroup interests, net

(67)

(88)

155

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

 

189

 

10

(20)

179

Deferred income tax expense (benefit)

 

29

 

(16)

(47)

(34)

Intergroup tax allocation

(1)

(8)

9

Other charges (credits), net

 

7

 

3

10

Changes in operating assets and liabilities

Current and other assets

 

204

 

6

(450)

(240)

Payables and other liabilities

 

(236)

 

59

467

290

Net cash provided (used) by operating activities

 

967

 

1

(99)

869

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(86)

 

(1)

(87)

Return of investment in equity method affiliates

105

105

Cash proceeds from sale of investments

13

13

Cash (paid) received for acquisitions, net of cash acquired

(28)

(28)

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

 

(149)

 

(43)

(14)

(206)

Other investing activities, net

 

(2)

 

4

(2)

Net cash provided (used) by investing activities

 

(265)

 

(39)

101

(203)

Cash flows from financing activities:

Borrowings of debt

 

2,117

 

196

522

2,835

Repayments of debt

 

(238)

 

(37)

(609)

(884)

Intergroup Loan (repayment) borrowing

(750)

 

750

Liberty SiriusXM stock repurchases

(69)

(69)

(138)

Subsidiary shares repurchased by subsidiary

 

(399)

 

(399)

Reattribution between Liberty SiriusXM Group and Liberty Formula One Group

(608)

 

608

Proceeds from Liberty SiriusXM common stock rights offering

754

 

754

Cash dividends paid by subsidiary

(33)

(33)

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

 

(44)

 

(2)

(46)

Other financing activities, net

(4)

(4)

(12)

(20)

Net cash provided (used) by financing activities

 

726

 

155

1,188

2,069

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

(10)

(10)

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

 

1,428

 

117

1,180

2,725

Cash, cash equivalents and restricted cash at beginning of period

 

507

 

212

587

1,306

Cash, cash equivalents and restricted cash at end of period

$

1,935

 

329

1,767

4,031