Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
September 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 |
​ |
$ |
529 |
​ |
134 |
​ |
2,195 |
​ |
— |
​ |
2,858 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
652 |
​ |
50 |
​ |
110 |
​ |
— |
​ |
812 |
Ìý |
Other current assets |
​ |
Ìý |
632 |
​ |
127 |
​ |
161 |
​ |
— |
​ |
920 |
Ìý |
Total current assets |
​ |
Ìý |
1,813 |
​ |
311 |
​ |
2,466 |
​ |
— |
​ |
4,590 |
Ìý |
Intergroup interests (note 1) |
​ |
​ |
310 |
​ |
— |
​ |
179 |
​ |
(489) |
​ |
— |
​ |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
874 |
​ |
108 |
​ |
34 |
​ |
— |
​ |
1,016 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
2,781 |
​ |
997 |
​ |
203 |
​ |
— |
​ |
3,981 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(1,645) |
​ |
(220) |
​ |
(85) |
​ |
— |
​ |
(1,950) |
Ìý |
​ |
​ |
Ìý |
1,136 |
​ |
777 |
​ |
118 |
​ |
— |
​ |
2,031 |
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 |
1,310 |
​ |
22 |
​ |
3,601 |
​ |
— |
​ |
4,933 |
Ìý |
Other assets |
​ |
Ìý |
1,102 |
​ |
84 |
​ |
1,480 |
​ |
(49) |
​ |
2,617 |
Ìý |
Total assets |
​ |
$ |
31,497 |
​ |
1,625 |
​ |
11,835 |
​ |
(538) |
​ |
44,419 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intergroup payable (receivable) (note 3) |
​ |
$ |
(16) |
​ |
(37) |
​ |
53 |
​ |
— |
​ |
— |
​ |
Accounts payable and accrued liabilities |
​ |
​ |
1,272 |
Ìý |
55 |
​ |
191 |
​ |
— |
​ |
1,518 |
​ |
Current portion of debt |
​ |
​ |
1,900 |
​ |
12 |
​ |
661 |
​ |
— |
​ |
2,573 |
​ |
Deferred revenue |
​ |
Ìý |
1,500 |
Ìý |
73 |
​ |
421 |
​ |
— |
​ |
1,994 |
​ |
Other current liabilities |
​ |
Ìý |
69 |
Ìý |
6 |
​ |
28 |
​ |
— |
​ |
103 |
​ |
Total current liabilities |
​ |
Ìý |
4,725 |
Ìý |
109 |
​ |
1,354 |
​ |
— |
​ |
6,188 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
11,854 |
Ìý |
706 |
​ |
2,965 |
​ |
— |
​ |
15,525 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
2,206 |
Ìý |
63 |
​ |
— |
​ |
(49) |
​ |
2,220 |
​ |
Redeemable intergroup interests (note 1) |
​ |
​ |
— |
​ |
241 |
​ |
248 |
​ |
(489) |
​ |
— |
​ |
Other liabilities |
​ |
Ìý |
623 |
Ìý |
206 |
​ |
188 |
​ |
— |
​ |
1,017 |
​ |
Total liabilities |
​ |
Ìý |
19,408 |
Ìý |
1,325 |
​ |
4,755 |
​ |
(538) |
​ |
24,950 |
​ |
Redeemable noncontrolling interests in equity of subsidiary |
​ |
​ |
— |
​ |
— |
​ |
575 |
​ |
— |
​ |
575 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
8,130 |
Ìý |
300 |
​ |
6,481 |
​ |
— |
​ |
14,911 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
3,959 |
Ìý |
— |
​ |
24 |
​ |
— |
​ |
3,983 |
​ |
Total liabilities and equity |
​ |
$ |
31,497 |
Ìý |
1,625 |
​ |
11,835 |
​ |
(538) |
​ |
44,419 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 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 |
​ |
$ |
2,198 |
Ìý |
— |
​ |
— |
​ |
2,198 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
668 |
​ |
668 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
234 |
​ |
— |
​ |
234 |
​ |
Total revenue |
​ |
Ìý |
2,198 |
Ìý |
234 |
​ |
668 |
​ |
3,100 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
671 |
Ìý |
— |
​ |
— |
​ |
671 |
​ |
Programming and content |
​ |
Ìý |
142 |
Ìý |
— |
​ |
— |
​ |
142 |
​ |
Customer service and billing |
​ |
Ìý |
128 |
Ìý |
— |
​ |
— |
​ |
128 |
​ |
Other |
​ |
Ìý |
57 |
Ìý |
— |
​ |
— |
​ |
57 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
449 |
​ |
449 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
70 |
Ìý |
— |
​ |
— |
​ |
70 |
​ |
Other operating expenses |
​ |
Ìý |
67 |
Ìý |
154 |
​ |
— |
​ |
221 |
​ |
Selling, general and administrative |
​ |
Ìý |
402 |
Ìý |
28 |
​ |
51 |
​ |
481 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
(95) |
Ìý |
— |
​ |
— |
​ |
(95) |
​ |
Depreciation and amortization |
​ |
Ìý |
152 |
Ìý |
22 |
​ |
100 |
​ |
274 |
​ |
​ |
​ |
Ìý |
1,594 |
Ìý |
204 |
​ |
600 |
​ |
2,398 |
​ |
Operating income (loss) |
​ |
Ìý |
604 |
Ìý |
30 |
​ |
68 |
​ |
702 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(130) |
Ìý |
(6) |
​ |
(32) |
​ |
(168) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
2 |
Ìý |
9 |
​ |
(2) |
​ |
9 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(42) |
Ìý |
— |
​ |
2 |
​ |
(40) |
​ |
Gains (losses) on dilution of investment in affiliate |
​ |
​ |
142 |
Ìý |
— |
​ |
— |
​ |
142 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
20 |
​ |
12 |
​ |
(32) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
(75) |
Ìý |
1 |
​ |
2 |
​ |
(72) |
​ |
​ |
​ |
Ìý |
(83) |
Ìý |
16 |
​ |
(62) |
​ |
(129) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
521 |
Ìý |
46 |
​ |
6 |
​ |
573 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(108) |
Ìý |
(10) |
​ |
(55) |
​ |
(173) |
​ |
Net earnings (loss) |
​ |
Ìý |
413 |
Ìý |
36 |
​ |
(49) |
​ |
400 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
71 |
Ìý |
— |
​ |
3 |
​ |
74 |
​ |
Less net earnings (loss) attributable to redeemable noncontrolling interest |
​ |
​ |
— |
Ìý |
— |
​ |
(2) |
​ |
(2) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
342 |
Ìý |
36 |
​ |
(50) |
​ |
328 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 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 |
​ |
$ |
2,025 |
Ìý |
— |
​ |
— |
​ |
2,025 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
597 |
​ |
597 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
110 |
​ |
— |
​ |
110 |
​ |
Total revenue |
​ |
Ìý |
2,025 |
Ìý |
110 |
​ |
597 |
​ |
2,732 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
602 |
Ìý |
— |
​ |
— |
​ |
602 |
​ |
Programming and content |
​ |
Ìý |
123 |
Ìý |
— |
​ |
— |
​ |
123 |
​ |
Customer service and billing |
​ |
Ìý |
119 |
Ìý |
— |
​ |
— |
​ |
119 |
​ |
Other |
​ |
Ìý |
51 |
Ìý |
— |
​ |
— |
​ |
51 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
551 |
​ |
551 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
110 |
Ìý |
— |
​ |
— |
​ |
110 |
​ |
Other operating expenses |
​ |
Ìý |
64 |
Ìý |
90 |
​ |
— |
​ |
154 |
​ |
Selling, general and administrative |
​ |
Ìý |
363 |
Ìý |
17 |
​ |
43 |
​ |
423 |
​ |
Depreciation and amortization |
​ |
Ìý |
142 |
Ìý |
19 |
​ |
118 |
​ |
279 |
​ |
​ |
​ |
Ìý |
1,574 |
Ìý |
126 |
​ |
712 |
​ |
2,412 |
​ |
Operating income (loss) |
​ |
Ìý |
451 |
Ìý |
(16) |
​ |
(115) |
​ |
320 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(116) |
Ìý |
(6) |
​ |
(31) |
​ |
(153) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(183) |
Ìý |
(5) |
​ |
1 |
​ |
(187) |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(39) |
Ìý |
— |
​ |
55 |
​ |
16 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
25 |
​ |
(10) |
​ |
(15) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
(36) |
Ìý |
(1) |
​ |
5 |
​ |
(32) |
​ |
​ |
​ |
Ìý |
(349) |
Ìý |
(22) |
​ |
15 |
​ |
(356) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
102 |
Ìý |
(38) |
​ |
(100) |
​ |
(36) |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(22) |
Ìý |
7 |
​ |
8 |
​ |
(7) |
​ |
Net earnings (loss) |
​ |
Ìý |
80 |
Ìý |
(31) |
​ |
(92) |
​ |
(43) |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
68 |
Ìý |
— |
​ |
3 |
​ |
71 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
12 |
Ìý |
(31) |
​ |
(95) |
​ |
(114) |
​ |
​
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 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 |
​ |
$ |
6,415 |
Ìý |
— |
​ |
— |
​ |
6,415 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
1,349 |
​ |
1,349 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
466 |
​ |
— |
​ |
466 |
​ |
Total revenue |
​ |
Ìý |
6,415 |
Ìý |
466 |
​ |
1,349 |
​ |
8,230 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
1,974 |
Ìý |
— |
​ |
— |
​ |
1,974 |
​ |
Programming and content |
​ |
Ìý |
407 |
Ìý |
— |
​ |
— |
​ |
407 |
​ |
Customer service and billing |
​ |
Ìý |
372 |
Ìý |
— |
​ |
— |
​ |
372 |
​ |
Other |
​ |
Ìý |
167 |
Ìý |
— |
​ |
— |
​ |
167 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
931 |
​ |
931 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
245 |
Ìý |
— |
​ |
— |
​ |
245 |
​ |
Other operating expenses |
​ |
Ìý |
197 |
Ìý |
316 |
​ |
— |
​ |
513 |
​ |
Selling, general and administrative |
​ |
Ìý |
1,122 |
Ìý |
73 |
​ |
141 |
​ |
1,336 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
13 |
Ìý |
— |
​ |
— |
​ |
13 |
​ |
Depreciation and amortization |
​ |
Ìý |
451 |
Ìý |
56 |
​ |
299 |
​ |
806 |
​ |
​ |
​ |
Ìý |
4,948 |
Ìý |
445 |
​ |
1,371 |
​ |
6,764 |
​ |
Operating income (loss) |
​ |
Ìý |
1,467 |
Ìý |
21 |
​ |
(22) |
​ |
1,466 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(373) |
Ìý |
(18) |
​ |
(93) |
​ |
(484) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(181) |
Ìý |
20 |
​ |
27 |
​ |
(134) |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(42) |
Ìý |
1 |
​ |
107 |
​ |
66 |
​ |
Gains (losses) on dilution of investment in affiliate |
​ |
​ |
152 |
Ìý |
— |
​ |
— |
​ |
152 |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
52 |
​ |
(15) |
​ |
(37) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
(66) |
Ìý |
1 |
​ |
11 |
​ |
(54) |
​ |
​ |
​ |
Ìý |
(458) |
Ìý |
(11) |
​ |
15 |
​ |
(454) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
1,009 |
Ìý |
10 |
​ |
(7) |
​ |
1,012 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(126) |
Ìý |
(8) |
​ |
36 |
​ |
(98) |
​ |
Net earnings (loss) |
​ |
Ìý |
883 |
Ìý |
2 |
​ |
29 |
​ |
914 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
215 |
Ìý |
— |
​ |
19 |
​ |
234 |
​ |
Less net earnings (loss) attributable to redeemable noncontrolling interest |
​ |
​ |
— |
Ìý |
— |
​ |
51 |
​ |
51 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
668 |
Ìý |
2 |
​ |
(41) |
​ |
629 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 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 |
​ |
$ |
5,851 |
Ìý |
— |
​ |
— |
​ |
5,851 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
660 |
​ |
660 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
143 |
​ |
— |
​ |
143 |
​ |
Total revenue |
​ |
Ìý |
5,851 |
Ìý |
143 |
​ |
660 |
​ |
6,654 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
1,759 |
Ìý |
— |
​ |
— |
​ |
1,759 |
​ |
Programming and content |
​ |
Ìý |
351 |
Ìý |
— |
​ |
— |
​ |
351 |
​ |
Customer service and billing |
​ |
Ìý |
359 |
Ìý |
— |
​ |
— |
​ |
359 |
​ |
Other |
​ |
Ìý |
142 |
Ìý |
— |
​ |
— |
​ |
142 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
610 |
​ |
610 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
257 |
Ìý |
— |
​ |
— |
​ |
257 |
​ |
Other operating expenses |
​ |
Ìý |
196 |
Ìý |
143 |
​ |
— |
​ |
339 |
​ |
Selling, general and administrative |
​ |
Ìý |
1,055 |
Ìý |
39 |
​ |
127 |
​ |
1,221 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
24 |
Ìý |
— |
​ |
— |
​ |
24 |
​ |
Depreciation and amortization |
​ |
Ìý |
432 |
Ìý |
54 |
​ |
326 |
​ |
812 |
​ |
​ |
​ |
Ìý |
4,575 |
Ìý |
236 |
​ |
1,063 |
​ |
5,874 |
​ |
Operating income (loss) |
​ |
Ìý |
1,276 |
Ìý |
(93) |
​ |
(403) |
​ |
780 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(347) |
Ìý |
(19) |
​ |
(114) |
​ |
(480) |
​ |
Intergroup interest (expense) income |
​ |
​ |
(7) |
Ìý |
— |
​ |
7 |
​ |
— |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(331) |
Ìý |
(2) |
​ |
(109) |
​ |
(442) |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(228) |
Ìý |
(10) |
​ |
75 |
​ |
(163) |
​ |
Gains (losses) on dilution of investment in affiliate |
​ |
​ |
1 |
​ |
— |
​ |
— |
​ |
1 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
92 |
​ |
78 |
​ |
(170) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
(20) |
Ìý |
(1) |
​ |
19 |
​ |
(2) |
​ |
​ |
​ |
Ìý |
(840) |
Ìý |
46 |
​ |
(292) |
​ |
(1,086) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
436 |
Ìý |
(47) |
​ |
(695) |
​ |
(306) |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(88) |
Ìý |
31 |
​ |
60 |
​ |
3 |
​ |
Net earnings (loss) |
​ |
Ìý |
348 |
Ìý |
(16) |
​ |
(635) |
​ |
(303) |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
210 |
Ìý |
— |
​ |
3 |
​ |
213 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
138 |
Ìý |
(16) |
​ |
(638) |
​ |
(516) |
​ |
​
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 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) |
​ |
$ |
883 |
Ìý |
2 |
​ |
29 |
​ |
914 |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
451 |
Ìý |
56 |
​ |
299 |
​ |
806 |
​ |
Stock-based compensation |
​ |
Ìý |
158 |
Ìý |
9 |
​ |
21 |
​ |
188 |
​ |
Non-cash impairment and restructuring costs |
​ |
​ |
24 |
​ |
— |
​ |
— |
​ |
24 |
​ |
Changes in fair value of contingent consideration |
​ |
​ |
(17) |
​ |
— |
​ |
— |
​ |
(17) |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
181 |
Ìý |
(20) |
​ |
(27) |
​ |
134 |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(52) |
​ |
15 |
​ |
37 |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
42 |
Ìý |
(1) |
​ |
(107) |
​ |
(66) |
​ |
Losses (gains) on dilution of investment in affiliate |
​ |
​ |
(152) |
Ìý |
— |
​ |
— |
​ |
(152) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
66 |
Ìý |
10 |
​ |
(43) |
​ |
33 |
​ |
Intergroup tax allocation |
​ |
​ |
5 |
​ |
(2) |
​ |
(3) |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
94 |
Ìý |
7 |
​ |
3 |
​ |
104 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
54 |
Ìý |
(52) |
​ |
(47) |
​ |
(45) |
​ |
Payables and other liabilities |
​ |
Ìý |
(439) |
Ìý |
(16) |
​ |
205 |
​ |
(250) |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
1,298 |
Ìý |
8 |
​ |
367 |
​ |
1,673 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(66) |
Ìý |
— |
​ |
(152) |
​ |
(218) |
​ |
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 |
​ |
​ |
27 |
​ |
2 |
​ |
167 |
​ |
196 |
​ |
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 |
(244) |
Ìý |
(26) |
​ |
(10) |
​ |
(280) |
​ |
Proceeds from insurance recoveries |
​ |
​ |
225 |
​ |
— |
​ |
— |
​ |
225 |
​ |
Other investing activities, net |
​ |
Ìý |
6 |
Ìý |
8 |
​ |
(1) |
​ |
13 |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(66) |
Ìý |
(16) |
​ |
(533) |
​ |
(615) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
6,294 |
Ìý |
113 |
​ |
— |
​ |
6,407 |
​ |
Repayments of debt |
​ |
Ìý |
(5,871) |
Ìý |
(67) |
​ |
(191) |
​ |
(6,129) |
​ |
Â鶹×îгöÆ· stock repurchases |
​ |
​ |
(351) |
​ |
— |
​ |
(47) |
​ |
(398) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(1,174) |
Ìý |
— |
​ |
— |
​ |
(1,174) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(41) |
​ |
— |
​ |
— |
​ |
(41) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(91) |
Ìý |
— |
​ |
(2) |
​ |
(93) |
​ |
Proceeds from initial public offering of subsidiary |
​ |
​ |
— |
​ |
— |
​ |
575 |
​ |
575 |
​ |
Settlement of intergroup call spread |
​ |
​ |
(384) |
​ |
— |
​ |
384 |
​ |
— |
​ |
Other financing activities, net |
​ |
​ |
(85) |
​ |
(6) |
​ |
(37) |
​ |
(128) |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(1,703) |
Ìý |
40 |
​ |
682 |
​ |
(981) |
​ |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
​ |
​ |
— |
​ |
— |
​ |
(5) |
​ |
(5) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(471) |
Ìý |
32 |
​ |
511 |
​ |
72 |
​ |
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 |
​ |
$ |
537 |
Ìý |
217 |
​ |
2,195 |
​ |
2,949 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 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) |
​ |
$ |
348 |
Ìý |
(16) |
​ |
(635) |
​ |
(303) |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
432 |
Ìý |
54 |
​ |
326 |
​ |
812 |
​ |
Stock-based compensation |
​ |
Ìý |
173 |
Ìý |
(10) |
​ |
17 |
​ |
180 |
​ |
Non-cash impairment and restructuring costs |
​ |
​ |
24 |
​ |
— |
​ |
— |
​ |
24 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
331 |
Ìý |
2 |
​ |
109 |
​ |
442 |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(92) |
​ |
(78) |
​ |
170 |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
228 |
Ìý |
10 |
​ |
(75) |
​ |
163 |
​ |
Losses (gains) on dilution of investment in affiliate |
​ |
​ |
(1) |
​ |
— |
​ |
— |
​ |
(1) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
33 |
Ìý |
(15) |
​ |
(61) |
​ |
(43) |
​ |
Intergroup tax allocation |
​ |
​ |
4 |
​ |
(16) |
​ |
12 |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
50 |
Ìý |
10 |
​ |
2 |
​ |
62 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
150 |
Ìý |
(16) |
​ |
(282) |
​ |
(148) |
​ |
Payables and other liabilities |
​ |
Ìý |
(301) |
Ìý |
19 |
​ |
150 |
​ |
(132) |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
1,379 |
Ìý |
(56) |
​ |
(267) |
​ |
1,056 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(91) |
Ìý |
— |
​ |
(3) |
​ |
(94) |
​ |
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 |
(230) |
Ìý |
(69) |
​ |
(17) |
​ |
(316) |
​ |
Other investing activities, net |
​ |
Ìý |
10 |
Ìý |
4 |
​ |
(3) |
​ |
11 |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(339) |
Ìý |
(65) |
​ |
95 |
​ |
(309) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
2,300 |
Ìý |
216 |
​ |
522 |
​ |
3,038 |
​ |
Repayments of debt |
​ |
Ìý |
(1,922) |
Ìý |
(62) |
​ |
(611) |
​ |
(2,595) |
​ |
Intergroup Loan (repayment) borrowing |
​ |
​ |
(750) |
Ìý |
— |
​ |
750 |
​ |
— |
​ |
Â鶹×îгöÆ· stock repurchases |
​ |
​ |
(135) |
​ |
— |
​ |
(69) |
​ |
(204) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(870) |
Ìý |
— |
​ |
— |
​ |
(870) |
​ |
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 |
​ |
​ |
(49) |
​ |
— |
​ |
— |
​ |
(49) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(84) |
Ìý |
— |
​ |
(2) |
​ |
(86) |
​ |
Other financing activities, net |
​ |
​ |
(35) |
​ |
(5) |
​ |
(26) |
​ |
(66) |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(1,399) |
Ìý |
149 |
​ |
1,172 |
​ |
(78) |
​ |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
​ |
​ |
— |
​ |
— |
​ |
(1) |
​ |
(1) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(359) |
Ìý |
28 |
​ |
999 |
​ |
668 |
​ |
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 |
​ |
$ |
148 |
Ìý |
240 |
​ |
1,586 |
​ |
1,974 |
​ |
|