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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, 2020

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, 2020 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

101,421,424

9,808,232

202,410,868

Liberty Braves common stock

10,312,675

981,824

39,929,761

Liberty Formula One common stock

25,834,426

2,448,141

203,442,287

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-11

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

I-38

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-55

Item 4. Controls and Procedures

I-56

Part II — Other Information

Item 1. Legal Proceedings

II-1

Item 1A. Risk Factors

II-1

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

II-3

Item 6. Exhibits

II-4

SIGNATURES

II-5

I-2

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

March 31, 2020

    

December 31, 2019

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

1,801

 

1,222

Trade and other receivables, net

 

700

 

767

Other current assets

 

488

 

416

Total current assets

 

2,989

 

2,405

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

 

1,442

 

1,625

Property and equipment, at cost

 

3,803

 

3,780

Accumulated depreciation

 

(1,558)

 

(1,518)

 

2,245

 

2,262

Intangible assets not subject to amortization (note 8):

Goodwill

 

19,939

 

19,939

FCC licenses

 

8,600

 

8,600

Other

 

1,405

 

1,405

 

29,944

 

29,944

Intangible assets subject to amortization, net (note 8)

 

5,790

 

5,940

Other assets

 

1,508

 

2,013

Total assets

$

43,918

 

44,189

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,308

 

1,621

Current portion of debt (note 9)

590

60

Deferred revenue

 

2,585

 

2,113

Other current liabilities

 

101

 

94

Total current liabilities

 

4,584

 

3,888

Long-term debt, including $2,856 million and $3,678 million measured at fair value at March 31, 2020 and December 31, 2019, respectively (note 9)

 

14,553

 

15,416

Deferred income tax liabilities

 

1,964

 

1,913

Other liabilities

 

1,115

 

1,047

Total liabilities

 

22,216

 

22,264

(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, 2020

    

December 31, 2019

 

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 101,421,424 shares at March 31, 2020 and 103,339,016 shares at December 31, 2019 (note 2)

1

1

Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,312,675 shares at March 31, 2020 and 10,312,639 shares at December 31, 2019 (note 2)

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 25,834,426 shares at March 31, 2020 and 25,834,334 shares at December 31, 2019 (note 2)

Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,808,232 shares at March 31, 2020 and 9,808,601 at December 31, 2019 (note 2)

Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,824 shares at March 31, 2020 and 981,860 at December 31, 2019 (note 2)

Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,448,141 shares at March 31, 2020 and 2,448,233 shares at December 31, 2019 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 202,408,714 shares at March 31, 2020 and 203,324,574 shares at December 31, 2019 (note 2)

2

2

Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 39,929,491 shares at March 31, 2020 and 39,894,784 shares at December 31, 2019 (note 2)

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 203,439,060 shares at March 31, 2020 and 203,366,419 shares at December 31, 2019 (note 2)

2

2

Additional paid-in capital

 

2,371

 

2,575

Accumulated other comprehensive earnings (loss), net of taxes

 

120

 

(33)

Retained earnings

 

13,671

 

13,748

Total stockholders' equity

 

16,167

 

16,295

Noncontrolling interests in equity of subsidiaries

 

5,535

 

5,630

Total equity

 

21,702

 

21,925

Commitments and contingencies (note 10)

Total liabilities and equity

$

43,918

 

44,189

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,

 

    

2020

    

2019

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

1,952

 

1,744

Formula 1 revenue

39

246

Other revenue

 

22

 

22

Total revenue

 

2,013

 

2,012

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

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

Revenue share and royalties

 

570

 

492

Programming and content

 

118

 

106

Customer service and billing

 

118

 

113

Other

 

44

 

37

Cost of Formula 1 revenue

43

148

Subscriber acquisition costs

 

99

 

108

Other operating expense

 

100

 

85

Selling, general and administrative

 

408

 

399

Acquisition and other related costs (note 3)

76

Depreciation and amortization

 

267

 

248

 

1,767

 

1,812

Operating income (loss)

 

246

 

200

Other income (expense):

Interest expense

 

(164)

 

(159)

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

 

(62)

 

(20)

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

 

1

 

(98)

Other, net

 

17

 

8

 

(208)

 

(269)

Earnings (loss) before income taxes

 

38

 

(69)

Income tax (expense) benefit

 

(36)

 

(58)

Net earnings (loss)

 

2

 

(127)

Less net earnings (loss) attributable to the noncontrolling interests

 

78

 

31

Net earnings (loss) attributable to Liberty stockholders

$

(76)

 

(158)

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

214

61

Liberty Braves common stock

53

(71)

Liberty Formula One common stock

(343)

(148)

$

(76)

(158)

(Continued)

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Continued)

(unaudited)

Three months ended

March 31,

2020

    

2019

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

Series A, B and C Liberty SiriusXM common stock

0.68

0.19

Series A, B and C Liberty Braves common stock

1.04

(1.39)

Series A, B and C Liberty Formula One common stock

(1.48)

(0.64)

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

Series A, B and C Liberty SiriusXM common stock

0.57

0.19

Series A, B and C Liberty Braves common stock

(0.69)

(1.39)

Series A, B and C Liberty Formula One common stock

(1.48)

(0.64)

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)

Three months ended

March 31,

 

    

2020

    

2019

amounts in millions

Net earnings (loss)

$

2

 

(127)

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

(37)

 

9

Credit risk on fair value debt instruments gains (losses)

 

216

 

(13)

Unrealized holding gains (losses) arising during the period

(6)

2

Share of other comprehensive earnings (loss) of equity affiliates

 

(30)

 

Comprehensive earnings (loss)

 

145

 

(129)

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

68

 

34

Comprehensive earnings (loss) attributable to Liberty stockholders

$

77

 

(163)

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

274

67

Liberty Braves common stock

47

(69)

Liberty Formula One common stock

(244)

(161)

$

77

(163)

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

Three months ended

March 31,

    

2020

    

2019

 

amounts in millions

Cash flows from operating activities:

Net earnings

$

2

 

(127)

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

Depreciation and amortization

 

267

 

248

Stock-based compensation

 

67

 

86

Share of (earnings) loss of affiliates, net

 

62

 

20

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

 

(1)

 

98

Deferred income tax expense (benefit)

 

39

 

54

Other, net

 

10

 

5

Changes in operating assets and liabilities

Current and other assets

 

(34)

 

(19)

Payables and other liabilities

 

145

 

284

Net cash provided (used) by operating activities

 

557

 

649

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(82)

 

(11)

Return of investment in equity method affiliates

105

Cash proceeds from sale of investments

10

72

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

313

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

 

(88)

 

(113)

Other investing activities, net

 

(3)

 

(7)

Net cash provided (used) by investing activities

 

(58)

 

254

Cash flows from financing activities:

Borrowings of debt

 

853

 

913

Repayments of debt

 

(372)

 

(741)

Liberty SiriusXM stock repurchases

(138)

(222)

Subsidiary shares repurchased by subsidiary

 

(243)

 

(576)

Cash dividends paid by subsidiary

(17)

(19)

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

(38)

(40)

Other financing activities, net

 

(7)

 

Net cash provided (used) by financing activities

 

38

 

(685)

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

(8)

1

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

 

529

 

219

Cash, cash equivalents and restricted cash at beginning of period

 

1,306

 

452

Cash, cash equivalents and restricted cash at end of period

$

1,835

 

671

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,

2020

    

2019

amounts in millions

Cash and cash equivalents

$

1,801

1,222

Restricted cash included in other current assets

9

57

Restricted cash included in other assets

25

27

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

$

1,835

1,306

See accompanying notes to condensed consolidated financial statements.

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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)

 

153

 

 

(10)

 

143

Stock-based compensation

 

 

54

 

 

17

 

71

Withholding taxes on net share settlements of stock-based compensation

 

(38)

 

 

 

(38)

Liberty SiriusXM stock repurchases

(138)

(138)

Shares repurchased by subsidiary

 

(60)

(183)

(243)

Shares issued by subsidiary

 

 

(20)

 

 

20

Other, net

(2)

(1)

(17)

(20)

Balance at March 31, 2020

$

1

2

2

 

2,371

120

 

13,671

 

5,535

21,702

See accompanying notes to condensed consolidated financial statements.

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended March 31, 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 January 1, 2019

$

1

2

2

 

2,984

(38)

 

13,644

 

5,103

21,698

Net earnings

 

 

 

(158)

 

31

 

(127)

Other comprehensive earnings (loss)

 

(5)

 

 

3

 

(2)

Cumulative effect of accounting change

 

 

(2)

 

 

(2)

Stock-based compensation

 

 

66

 

 

23

 

89

Withholding taxes on net share settlements of stock-based compensation

 

 

(40)

 

 

(40)

Issuance of stock upon exercise of stock options

3

3

Liberty SiriusXM stock repurchases

(222)

(222)

Subsidiary shares issued as consideration in subsidiary acquisition

657

1,698

2,355

Equity component of subsidiary convertible note

68

68

Shares repurchased by subsidiary