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) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Inter-Group |
​ |
Consolidated |
​ |
​ |
ÌýÌýÌýÌý |
Group |
​ |
Group |
​ |
Group |
​ |
Eliminations |
​ |
Â鶹×îгöÆ· |
ÌýÌýÌýÌý |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Assets |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current assets: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash and cash equivalents |
​ |
$ |
1,542 |
​ |
168 |
​ |
2,225 |
​ |
— |
​ |
3,935 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
655 |
​ |
55 |
​ |
113 |
​ |
— |
​ |
823 |
Ìý |
Other current assets |
​ |
Ìý |
350 |
​ |
64 |
​ |
189 |
​ |
— |
​ |
603 |
Ìý |
Total current assets |
​ |
Ìý |
2,547 |
​ |
287 |
​ |
2,527 |
​ |
— |
​ |
5,361 |
Ìý |
Intergroup interests (note 1) |
​ |
​ |
289 |
​ |
— |
​ |
189 |
​ |
(478) |
​ |
— |
​ |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
746 |
​ |
102 |
​ |
33 |
​ |
— |
​ |
881 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
2,699 |
​ |
997 |
​ |
203 |
​ |
— |
​ |
3,899 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(1,617) |
​ |
(206) |
​ |
(83) |
​ |
— |
​ |
(1,906) |
Ìý |
​ |
​ |
Ìý |
1,082 |
​ |
791 |
​ |
120 |
​ |
— |
​ |
1,993 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intangible assets not subject to amortization |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
15,110 |
​ |
180 |
​ |
3,957 |
​ |
— |
​ |
19,247 |
Ìý |
FCC licenses |
​ |
Ìý |
8,600 |
​ |
— |
​ |
— |
​ |
— |
​ |
8,600 |
Ìý |
Other |
​ |
Ìý |
1,242 |
​ |
143 |
​ |
— |
​ |
— |
​ |
1,385 |
Ìý |
​ |
​ |
Ìý |
24,952 |
​ |
323 |
​ |
3,957 |
​ |
— |
​ |
29,232 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
1,368 |
​ |
21 |
​ |
3,696 |
​ |
— |
​ |
5,085 |
Ìý |
Other assets |
​ |
Ìý |
1,556 |
​ |
81 |
​ |
1,507 |
​ |
(42) |
​ |
3,102 |
Ìý |
Total assets |
​ |
$ |
32,540 |
​ |
1,605 |
​ |
12,029 |
​ |
(520) |
​ |
45,654 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intergroup payable (receivable) (note 3) |
​ |
$ |
(22) |
​ |
(33) |
​ |
55 |
​ |
— |
​ |
— |
​ |
Accounts payable and accrued liabilities |
​ |
​ |
1,294 |
Ìý |
65 |
​ |
208 |
​ |
— |
​ |
1,567 |
​ |
Current portion of debt |
​ |
​ |
1,515 |
​ |
12 |
​ |
26 |
​ |
— |
​ |
1,553 |
​ |
Deferred revenue |
​ |
Ìý |
1,583 |
Ìý |
103 |
​ |
525 |
​ |
— |
​ |
2,211 |
​ |
Other current liabilities |
​ |
Ìý |
68 |
Ìý |
6 |
​ |
35 |
​ |
— |
​ |
109 |
​ |
Total current liabilities |
​ |
Ìý |
4,438 |
Ìý |
153 |
​ |
849 |
​ |
— |
​ |
5,440 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
13,155 |
Ìý |
679 |
​ |
3,586 |
​ |
— |
​ |
17,420 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
2,150 |
Ìý |
48 |
​ |
— |
​ |
(42) |
​ |
2,156 |
​ |
Redeemable intergroup interests (note 1) |
​ |
​ |
— |
​ |
253 |
​ |
225 |
​ |
(478) |
​ |
— |
​ |
Other liabilities |
​ |
Ìý |
638 |
Ìý |
211 |
​ |
206 |
​ |
— |
​ |
1,055 |
​ |
Total liabilities |
​ |
Ìý |
20,381 |
Ìý |
1,344 |
​ |
4,866 |
​ |
(520) |
​ |
26,071 |
​ |
Redeemable noncontrolling interests in equity of subsidiary |
​ |
​ |
— |
​ |
— |
​ |
575 |
​ |
— |
​ |
575 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
8,062 |
Ìý |
261 |
​ |
6,565 |
​ |
— |
​ |
14,888 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
4,097 |
Ìý |
— |
​ |
23 |
​ |
— |
​ |
4,120 |
​ |
Total liabilities and equity |
​ |
$ |
32,540 |
Ìý |
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) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
2,159 |
Ìý |
— |
​ |
— |
​ |
2,159 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
501 |
​ |
501 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
216 |
​ |
— |
​ |
216 |
​ |
Total revenue |
​ |
Ìý |
2,159 |
Ìý |
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 |
​ |
Ìý |
663 |
Ìý |
— |
​ |
— |
​ |
663 |
​ |
Programming and content |
​ |
Ìý |
135 |
Ìý |
— |
​ |
— |
​ |
135 |
​ |
Customer service and billing |
​ |
Ìý |
127 |
Ìý |
— |
​ |
— |
​ |
127 |
​ |
Other |
​ |
Ìý |
58 |
Ìý |
— |
​ |
— |
​ |
58 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
398 |
​ |
398 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
89 |
Ìý |
— |
​ |
— |
​ |
89 |
​ |
Other operating expenses |
​ |
Ìý |
66 |
Ìý |
142 |
​ |
— |
​ |
208 |
​ |
Selling, general and administrative |
​ |
Ìý |
374 |
Ìý |
24 |
​ |
47 |
​ |
445 |
​ |
Impairment, restructuring and acquisition costs |
​ |
​ |
(137) |
Ìý |
— |
​ |
— |
​ |
(137) |
​ |
Depreciation and amortization |
​ |
Ìý |
150 |
Ìý |
19 |
​ |
99 |
​ |
268 |
​ |
​ |
​ |
Ìý |
1,525 |
Ìý |
185 |
​ |
544 |
​ |
2,254 |
​ |
Operating income (loss) |
​ |
Ìý |
634 |
Ìý |
31 |
​ |
(43) |
​ |
622 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(123) |
Ìý |
(6) |
​ |
(29) |
​ |
(158) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(70) |
Ìý |
8 |
​ |
14 |
​ |
(48) |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
86 |
Ìý |
(1) |
​ |
70 |
​ |
155 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
22 |
​ |
1 |
​ |
(23) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
8 |
Ìý |
1 |
​ |
4 |
​ |
13 |
​ |
​ |
​ |
Ìý |
(77) |
Ìý |
3 |
​ |
36 |
​ |
(38) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
557 |
Ìý |
34 |
​ |
(7) |
​ |
584 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(125) |
Ìý |
(9) |
​ |
78 |
​ |
(56) |
​ |
Net earnings (loss) |
​ |
Ìý |
432 |
Ìý |
25 |
​ |
71 |
​ |
528 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
95 |
Ìý |
— |
​ |
16 |
​ |
111 |
​ |
Less net earnings (loss) attributable to redeemable noncontrolling interest |
​ |
​ |
— |
Ìý |
— |
​ |
— |
​ |
— |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
337 |
Ìý |
25 |
​ |
55 |
​ |
417 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2020
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
1,874 |
Ìý |
— |
​ |
— |
​ |
1,874 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
24 |
​ |
24 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
11 |
​ |
— |
​ |
11 |
​ |
Total revenue |
​ |
Ìý |
1,874 |
Ìý |
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 |
​ |
Ìý |
587 |
Ìý |
— |
​ |
— |
​ |
587 |
​ |
Programming and content |
​ |
Ìý |
110 |
Ìý |
— |
​ |
— |
​ |
110 |
​ |
Customer service and billing |
​ |
Ìý |
122 |
Ìý |
— |
​ |
— |
​ |
122 |
​ |
Other |
​ |
Ìý |
47 |
Ìý |
— |
​ |
— |
​ |
47 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
16 |
​ |
16 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
48 |
Ìý |
— |
​ |
— |
​ |
48 |
​ |
Other operating expenses |
​ |
Ìý |
61 |
Ìý |
24 |
​ |
— |
​ |
85 |
​ |
Selling, general and administrative |
​ |
Ìý |
350 |
Ìý |
— |
​ |
40 |
​ |
390 |
​ |
Acquisition and restructuring |
​ |
​ |
24 |
Ìý |
— |
​ |
— |
​ |
24 |
​ |
Depreciation and amortization |
​ |
Ìý |
142 |
Ìý |
20 |
​ |
104 |
​ |
266 |
​ |
​ |
​ |
Ìý |
1,491 |
Ìý |
44 |
​ |
160 |
​ |
1,695 |
​ |
Operating income (loss) |
​ |
Ìý |
383 |
Ìý |
(33) |
​ |
(136) |
​ |
214 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(120) |
Ìý |
(6) |
​ |
(37) |
​ |
(163) |
​ |
Intergroup interest (expense) income |
​ |
​ |
(7) |
Ìý |
— |
​ |
7 |
​ |
— |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(146) |
Ìý |
(1) |
​ |
(46) |
​ |
(193) |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(184) |
Ìý |
(1) |
​ |
5 |
​ |
(180) |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
36 |
​ |
(7) |
​ |
(29) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
4 |
Ìý |
1 |
​ |
9 |
​ |
14 |
​ |
​ |
​ |
Ìý |
(417) |
Ìý |
(14) |
​ |
(91) |
​ |
(522) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
(34) |
Ìý |
(47) |
​ |
(227) |
​ |
(308) |
​ |
Income tax (expense) benefit |
​ |
Ìý |
10 |
Ìý |
9 |
​ |
27 |
​ |
46 |
​ |
Net earnings (loss) |
​ |
Ìý |
(24) |
Ìý |
(38) |
​ |
(200) |
​ |
(262) |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
64 |
Ìý |
— |
​ |
— |
​ |
64 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
(88) |
Ìý |
(38) |
​ |
(200) |
​ |
(326) |
​ |
​
​
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2021
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
4,217 |
Ìý |
— |
​ |
— |
​ |
4,217 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
681 |
​ |
681 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
232 |
​ |
— |
​ |
232 |
​ |
Total revenue |
​ |
Ìý |
4,217 |
Ìý |
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 |
​ |
Ìý |
1,303 |
Ìý |
— |
​ |
— |
​ |
1,303 |
​ |
Programming and content |
​ |
Ìý |
265 |
Ìý |
— |
​ |
— |
​ |
265 |
​ |
Customer service and billing |
​ |
Ìý |
244 |
Ìý |
— |
​ |
— |
​ |
244 |
​ |
Other |
​ |
Ìý |
110 |
Ìý |
— |
​ |
— |
​ |
110 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
482 |
​ |
482 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
175 |
Ìý |
— |
​ |
— |
​ |
175 |
​ |
Other operating expenses |
​ |
Ìý |
130 |
Ìý |
162 |
​ |
— |
​ |
292 |
​ |
Selling, general and administrative |
​ |
Ìý |
720 |
Ìý |
45 |
​ |
90 |
​ |
855 |
​ |
Impairment, restructuring and acquisition costs |
​ |
​ |
108 |
Ìý |
— |
​ |
— |
​ |
108 |
​ |
Depreciation and amortization |
​ |
Ìý |
299 |
Ìý |
34 |
​ |
199 |
​ |
532 |
​ |
​ |
​ |
Ìý |
3,354 |
Ìý |
241 |
​ |
771 |
​ |
4,366 |
​ |
Operating income (loss) |
​ |
Ìý |
863 |
Ìý |
(9) |
​ |
(90) |
​ |
764 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(243) |
Ìý |
(12) |
​ |
(61) |
​ |
(316) |
​ |
Intergroup interest (expense) income |
​ |
​ |
— |
Ìý |
— |
​ |
— |
​ |
— |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(183) |
Ìý |
11 |
​ |
29 |
​ |
(143) |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
— |
Ìý |
1 |
​ |
105 |
​ |
106 |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
32 |
​ |
(27) |
​ |
(5) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
19 |
Ìý |
— |
​ |
9 |
​ |
28 |
​ |
​ |
​ |
Ìý |
(375) |
Ìý |
(27) |
​ |
77 |
​ |
(325) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
488 |
Ìý |
(36) |
​ |
(13) |
​ |
439 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(18) |
Ìý |
2 |
​ |
91 |
​ |
75 |
​ |
Net earnings (loss) |
​ |
Ìý |
470 |
Ìý |
(34) |
​ |
78 |
​ |
514 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
144 |
Ìý |
— |
​ |
16 |
​ |
160 |
​ |
Less net earnings (loss) attributable to redeemable noncontrolling interest |
​ |
​ |
— |
Ìý |
— |
​ |
53 |
​ |
53 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
326 |
Ìý |
(34) |
​ |
9 |
​ |
301 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2020
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
3,826 |
Ìý |
— |
​ |
— |
​ |
3,826 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
63 |
​ |
63 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
33 |
​ |
— |
​ |
33 |
​ |
Total revenue |
​ |
Ìý |
3,826 |
Ìý |
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 |
​ |
Ìý |
1,157 |
Ìý |
— |
​ |
— |
​ |
1,157 |
​ |
Programming and content |
​ |
Ìý |
228 |
Ìý |
— |
​ |
— |
​ |
228 |
​ |
Customer service and billing |
​ |
Ìý |
240 |
Ìý |
— |
​ |
— |
​ |
240 |
​ |
Other |
​ |
Ìý |
91 |
Ìý |
— |
​ |
— |
​ |
91 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
59 |
​ |
59 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
147 |
Ìý |
— |
​ |
— |
​ |
147 |
​ |
Other operating expenses |
​ |
Ìý |
132 |
Ìý |
53 |
​ |
— |
​ |
185 |
​ |
Selling, general and administrative |
​ |
Ìý |
692 |
Ìý |
22 |
​ |
84 |
​ |
798 |
​ |
Acquisition and restructuring |
​ |
​ |
24 |
Ìý |
— |
​ |
— |
​ |
24 |
​ |
Depreciation and amortization |
​ |
Ìý |
290 |
Ìý |
35 |
​ |
208 |
​ |
533 |
​ |
​ |
​ |
Ìý |
3,001 |
Ìý |
110 |
​ |
351 |
​ |
3,462 |
​ |
Operating income (loss) |
​ |
Ìý |
825 |
Ìý |
(77) |
​ |
(288) |
​ |
460 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(231) |
Ìý |
(13) |
​ |
(83) |
​ |
(327) |
​ |
Intergroup interest (expense) income |
​ |
​ |
(7) |
Ìý |
— |
​ |
7 |
​ |
— |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(148) |
Ìý |
3 |
​ |
(110) |
​ |
(255) |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(189) |
Ìý |
(10) |
​ |
20 |
​ |
(179) |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
67 |
​ |
88 |
​ |
(155) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
17 |
Ìý |
— |
​ |
14 |
​ |
31 |
​ |
​ |
​ |
Ìý |
(491) |
Ìý |
68 |
​ |
(307) |
​ |
(730) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
334 |
Ìý |
(9) |
​ |
(595) |
​ |
(270) |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(66) |
Ìý |
24 |
​ |
52 |
​ |
10 |
​ |
Net earnings (loss) |
​ |
Ìý |
268 |
Ìý |
15 |
​ |
(543) |
​ |
(260) |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
142 |
Ìý |
— |
​ |
— |
​ |
142 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
126 |
Ìý |
15 |
​ |
(543) |
​ |
(402) |
​ |
​
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2021
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
470 |
Ìý |
(34) |
​ |
78 |
​ |
514 |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
299 |
Ìý |
34 |
​ |
199 |
​ |
532 |
​ |
Stock-based compensation |
​ |
Ìý |
104 |
Ìý |
6 |
​ |
13 |
​ |
123 |
​ |
Non-cash impairment and restructuring costs |
​ |
​ |
245 |
​ |
— |
​ |
— |
​ |
245 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
183 |
Ìý |
(11) |
​ |
(29) |
​ |
143 |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(32) |
​ |
27 |
​ |
5 |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
— |
Ìý |
(1) |
​ |
(105) |
​ |
(106) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
(13) |
Ìý |
(3) |
​ |
(85) |
​ |
(101) |
​ |
Intergroup tax allocation |
​ |
​ |
2 |
​ |
2 |
​ |
(4) |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
(2) |
Ìý |
3 |
​ |
2 |
​ |
3 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
(90) |
Ìý |
2 |
​ |
(88) |
​ |
(176) |
​ |
Payables and other liabilities |
​ |
Ìý |
(291) |
Ìý |
23 |
​ |
326 |
​ |
58 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
875 |
Ìý |
48 |
​ |
312 |
​ |
1,235 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(61) |
Ìý |
— |
​ |
(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 |
​ |
Ìý |
(164) |
Ìý |
(19) |
​ |
(7) |
​ |
(190) |
​ |
Other investing activities, net |
​ |
Ìý |
4 |
Ìý |
— |
​ |
(1) |
​ |
3 |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(235) |
Ìý |
(17) |
​ |
(502) |
​ |
(754) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
3,722 |
Ìý |
72 |
​ |
— |
​ |
3,794 |
​ |
Repayments of debt |
​ |
Ìý |
(2,270) |
Ìý |
(53) |
​ |
(190) |
​ |
(2,513) |
​ |
Â鶹×îгöÆ· SiriusXM stock repurchases |
​ |
​ |
(243) |
​ |
— |
​ |
— |
​ |
(243) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(856) |
Ìý |
— |
​ |
— |
​ |
(856) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(28) |
​ |
— |
​ |
— |
​ |
(28) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(44) |
Ìý |
— |
​ |
(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 |
​ |
Ìý |
(98) |
Ìý |
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 |
​ |
Ìý |
542 |
Ìý |
46 |
​ |
541 |
​ |
1,129 |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
1,008 |
Ìý |
185 |
​ |
1,684 |
​ |
2,877 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
1,550 |
Ìý |
231 |
​ |
2,225 |
​ |
4,006 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2020
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
268 |
Ìý |
15 |
​ |
(543) |
​ |
(260) |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
290 |
Ìý |
35 |
​ |
208 |
​ |
533 |
​ |
Stock-based compensation |
​ |
Ìý |
112 |
Ìý |
(12) |
​ |
12 |
​ |
112 |
​ |
Non-cash impairment and restructuring costs |
​ |
​ |
24 |
​ |
— |
​ |
— |
​ |
24 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
148 |
Ìý |
(3) |
​ |
110 |
​ |
255 |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(67) |
​ |
(88) |
​ |
155 |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
189 |
Ìý |
10 |
​ |
(20) |
​ |
179 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
29 |
Ìý |
(16) |
​ |
(47) |
​ |
(34) |
​ |
Intergroup tax allocation |
​ |
​ |
(1) |
​ |
(8) |
​ |
9 |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
7 |
Ìý |
3 |
​ |
— |
​ |
10 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
204 |
Ìý |
6 |
​ |
(450) |
​ |
(240) |
​ |
Payables and other liabilities |
​ |
Ìý |
(236) |
Ìý |
59 |
​ |
467 |
​ |
290 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
967 |
Ìý |
1 |
​ |
(99) |
​ |
869 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(86) |
Ìý |
— |
​ |
(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 |
​ |
Ìý |
(149) |
Ìý |
(43) |
​ |
(14) |
​ |
(206) |
​ |
Other investing activities, net |
​ |
Ìý |
(2) |
Ìý |
4 |
​ |
(2) |
​ |
— |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(265) |
Ìý |
(39) |
​ |
101 |
​ |
(203) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
2,117 |
Ìý |
196 |
​ |
522 |
​ |
2,835 |
​ |
Repayments of debt |
​ |
Ìý |
(238) |
Ìý |
(37) |
​ |
(609) |
​ |
(884) |
​ |
Intergroup Loan (repayment) borrowing |
​ |
​ |
(750) |
Ìý |
— |
​ |
750 |
​ |
— |
​ |
Â鶹×îгöÆ· SiriusXM stock repurchases |
​ |
​ |
(69) |
​ |
— |
​ |
(69) |
​ |
(138) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(399) |
Ìý |
— |
​ |
— |
​ |
(399) |
​ |
Reattribution between Â鶹×îгöÆ· SiriusXM Group and Â鶹×îгöÆ· Formula One Group |
​ |
​ |
(608) |
Ìý |
— |
​ |
608 |
​ |
— |
​ |
Proceeds from Â鶹×îгöÆ· SiriusXM common stock rights offering |
​ |
​ |
754 |
Ìý |
— |
​ |
— |
​ |
754 |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(33) |
​ |
— |
​ |
— |
​ |
(33) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(44) |
Ìý |
— |
​ |
(2) |
​ |
(46) |
​ |
Other financing activities, net |
​ |
​ |
(4) |
​ |
(4) |
​ |
(12) |
​ |
(20) |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
726 |
Ìý |
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 |
​ |
Ìý |
1,428 |
Ìý |
117 |
​ |
1,180 |
​ |
2,725 |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
507 |
Ìý |
212 |
​ |
587 |
​ |
1,306 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
1,935 |
Ìý |
329 |
​ |
1,767 |
​ |
4,031 |
​ |
|