Financial Information for Tracking Stock Groups (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
|---|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
June 30, 2022
(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 |
​ |
$ |
494 |
​ |
207 |
​ |
1,944 |
​ |
— |
​ |
2,645 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
660 |
​ |
74 |
​ |
89 |
​ |
— |
​ |
823 |
Ìý |
Other current assets |
​ |
Ìý |
348 |
​ |
81 |
​ |
229 |
​ |
— |
​ |
658 |
Ìý |
Total current assets |
​ |
Ìý |
1,502 |
​ |
362 |
​ |
2,262 |
​ |
— |
​ |
4,126 |
Ìý |
Intergroup interests (note 1) |
​ |
​ |
363 |
​ |
— |
​ |
163 |
​ |
(526) |
​ |
— |
​ |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
823 |
​ |
115 |
​ |
28 |
​ |
— |
​ |
966 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
2,886 |
​ |
1,002 |
​ |
451 |
​ |
— |
​ |
4,339 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(1,768) |
​ |
(254) |
​ |
(91) |
​ |
— |
​ |
(2,113) |
Ìý |
​ |
​ |
Ìý |
1,118 |
​ |
748 |
​ |
360 |
​ |
— |
​ |
2,226 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intangible assets not subject to amortization |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
15,209 |
​ |
176 |
​ |
3,956 |
​ |
— |
​ |
19,341 |
Ìý |
FCC licenses |
​ |
Ìý |
8,600 |
​ |
— |
​ |
— |
​ |
— |
​ |
8,600 |
Ìý |
Other |
​ |
Ìý |
1,242 |
​ |
124 |
​ |
— |
​ |
— |
​ |
1,366 |
Ìý |
​ |
​ |
Ìý |
25,051 |
​ |
300 |
​ |
3,956 |
​ |
— |
​ |
29,307 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
1,190 |
​ |
20 |
​ |
3,335 |
​ |
— |
​ |
4,545 |
Ìý |
Other assets |
​ |
Ìý |
1,105 |
​ |
64 |
​ |
1,466 |
​ |
(45) |
​ |
2,590 |
Ìý |
Total assets |
​ |
$ |
31,152 |
​ |
1,609 |
​ |
11,570 |
​ |
(571) |
​ |
43,760 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intergroup payable (receivable) (note 3) |
​ |
$ |
7 |
​ |
(9) |
​ |
2 |
​ |
— |
​ |
— |
​ |
Accounts payable and accrued liabilities |
​ |
​ |
1,372 |
Ìý |
71 |
​ |
271 |
​ |
— |
​ |
1,714 |
​ |
Current portion of debt |
​ |
​ |
387 |
​ |
80 |
​ |
444 |
​ |
— |
​ |
911 |
​ |
Deferred revenue |
​ |
Ìý |
1,432 |
Ìý |
131 |
​ |
426 |
​ |
— |
​ |
1,989 |
​ |
Other current liabilities |
​ |
Ìý |
66 |
Ìý |
4 |
​ |
25 |
​ |
— |
​ |
95 |
​ |
Total current liabilities |
​ |
Ìý |
3,264 |
Ìý |
277 |
​ |
1,168 |
​ |
— |
​ |
4,709 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
13,516 |
Ìý |
519 |
​ |
2,936 |
​ |
— |
​ |
16,971 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
2,240 |
Ìý |
58 |
​ |
— |
​ |
(45) |
​ |
2,253 |
​ |
Redeemable intergroup interests (note 1) |
​ |
​ |
— |
​ |
221 |
​ |
305 |
​ |
(526) |
​ |
— |
​ |
Other liabilities |
​ |
Ìý |
565 |
Ìý |
177 |
​ |
152 |
​ |
— |
​ |
894 |
​ |
Total liabilities |
​ |
Ìý |
19,585 |
Ìý |
1,252 |
​ |
4,561 |
​ |
(571) |
​ |
24,827 |
​ |
Redeemable noncontrolling interests in equity of subsidiary |
​ |
​ |
— |
​ |
— |
​ |
576 |
​ |
— |
​ |
576 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
8,411 |
Ìý |
357 |
​ |
6,408 |
​ |
— |
​ |
15,176 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
3,156 |
Ìý |
— |
​ |
25 |
​ |
— |
​ |
3,181 |
​ |
Total liabilities and equity |
​ |
$ |
31,152 |
Ìý |
1,609 |
​ |
11,570 |
​ |
(571) |
​ |
43,760 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2022
(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 |
​ |
$ |
2,254 |
Ìý |
— |
​ |
— |
​ |
2,254 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
744 |
​ |
744 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
260 |
​ |
— |
​ |
260 |
​ |
Total revenue |
​ |
Ìý |
2,254 |
Ìý |
260 |
​ |
744 |
​ |
3,258 |
​ |
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 |
711 |
Ìý |
— |
​ |
— |
​ |
711 |
​ |
Programming and content |
​ |
Ìý |
152 |
Ìý |
— |
​ |
— |
​ |
152 |
​ |
Customer service and billing |
​ |
Ìý |
126 |
Ìý |
— |
​ |
— |
​ |
126 |
​ |
Other |
​ |
Ìý |
58 |
Ìý |
— |
​ |
— |
​ |
58 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
534 |
​ |
534 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
91 |
Ìý |
— |
​ |
— |
​ |
91 |
​ |
Other operating expenses |
​ |
Ìý |
72 |
Ìý |
175 |
​ |
— |
​ |
247 |
​ |
Selling, general and administrative |
​ |
Ìý |
419 |
Ìý |
33 |
​ |
68 |
​ |
520 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
1 |
Ìý |
— |
​ |
— |
​ |
1 |
​ |
Depreciation and amortization |
​ |
Ìý |
152 |
Ìý |
17 |
​ |
93 |
​ |
262 |
​ |
​ |
​ |
Ìý |
1,782 |
Ìý |
225 |
​ |
695 |
​ |
2,702 |
​ |
Operating income (loss) |
​ |
Ìý |
472 |
Ìý |
35 |
​ |
49 |
​ |
556 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(125) |
Ìý |
(6) |
​ |
(30) |
​ |
(161) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
54 |
Ìý |
8 |
​ |
(1) |
​ |
61 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
296 |
Ìý |
1 |
​ |
83 |
​ |
380 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
(35) |
​ |
35 |
​ |
— |
​ |
— |
​ |
Other, net |
​ |
Ìý |
4 |
Ìý |
1 |
​ |
17 |
​ |
22 |
​ |
​ |
​ |
Ìý |
194 |
Ìý |
39 |
​ |
69 |
​ |
302 |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
666 |
Ìý |
74 |
​ |
118 |
​ |
858 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(168) |
Ìý |
(10) |
​ |
(6) |
​ |
(184) |
​ |
Net earnings (loss) |
​ |
Ìý |
498 |
Ìý |
64 |
​ |
112 |
​ |
674 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
51 |
Ìý |
— |
​ |
2 |
​ |
53 |
​ |
Less net earnings (loss) attributable to redeemable noncontrolling interest |
​ |
​ |
— |
Ìý |
— |
​ |
(1) |
​ |
(1) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
447 |
Ìý |
64 |
​ |
111 |
​ |
622 |
​ |
​
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 Sirius XM Holdings 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, net of recoveries |
​ |
​ |
(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 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
337 |
Ìý |
25 |
​ |
55 |
​ |
417 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2022
(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 |
​ |
$ |
4,440 |
Ìý |
— |
​ |
— |
​ |
4,440 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
1,104 |
​ |
1,104 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
283 |
​ |
— |
​ |
283 |
​ |
Total revenue |
​ |
Ìý |
4,440 |
Ìý |
283 |
​ |
1,104 |
​ |
5,827 |
​ |
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 |
1,381 |
Ìý |
— |
​ |
— |
​ |
1,381 |
​ |
Programming and content |
​ |
Ìý |
292 |
Ìý |
— |
​ |
— |
​ |
292 |
​ |
Customer service and billing |
​ |
Ìý |
251 |
Ìý |
— |
​ |
— |
​ |
251 |
​ |
Other |
​ |
Ìý |
112 |
Ìý |
— |
​ |
— |
​ |
112 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
729 |
​ |
729 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
181 |
Ìý |
— |
​ |
— |
​ |
181 |
​ |
Other operating expenses |
​ |
Ìý |
139 |
Ìý |
198 |
​ |
— |
​ |
337 |
​ |
Selling, general and administrative |
​ |
Ìý |
823 |
Ìý |
55 |
​ |
124 |
​ |
1,002 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
1 |
Ìý |
— |
​ |
— |
​ |
1 |
​ |
Depreciation and amortization |
​ |
Ìý |
304 |
Ìý |
35 |
​ |
183 |
​ |
522 |
​ |
​ |
​ |
Ìý |
3,484 |
Ìý |
288 |
​ |
1,036 |
​ |
4,808 |
​ |
Operating income (loss) |
​ |
Ìý |
956 |
Ìý |
(5) |
​ |
68 |
​ |
1,019 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(247) |
Ìý |
(12) |
​ |
(59) |
​ |
(318) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
36 |
Ìý |
12 |
​ |
(1) |
​ |
47 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
357 |
Ìý |
6 |
​ |
76 |
​ |
439 |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
(15) |
​ |
36 |
​ |
(21) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
24 |
Ìý |
21 |
​ |
22 |
​ |
67 |
​ |
​ |
​ |
Ìý |
155 |
Ìý |
63 |
​ |
17 |
​ |
235 |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
1,111 |
Ìý |
58 |
​ |
85 |
​ |
1,254 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(269) |
Ìý |
(7) |
​ |
(8) |
​ |
(284) |
​ |
Net earnings (loss) |
​ |
Ìý |
842 |
Ìý |
51 |
​ |
77 |
​ |
970 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
107 |
Ìý |
— |
​ |
11 |
​ |
118 |
​ |
Less net earnings (loss) attributable to redeemable noncontrolling interest |
​ |
​ |
— |
Ìý |
— |
​ |
(10) |
​ |
(10) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
735 |
Ìý |
51 |
​ |
76 |
​ |
862 |
​ |
​
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 Sirius XM Holdings 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, net of recoveries |
​ |
​ |
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) |
​ |
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 interests (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 |
​ |
​
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2022
(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) |
​ |
$ |
842 |
Ìý |
51 |
​ |
77 |
​ |
970 |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
304 |
Ìý |
35 |
​ |
183 |
​ |
522 |
​ |
Stock-based compensation |
​ |
Ìý |
99 |
Ìý |
6 |
​ |
7 |
​ |
112 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
(36) |
Ìý |
(12) |
​ |
1 |
​ |
(47) |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
15 |
​ |
(36) |
​ |
21 |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(357) |
Ìý |
(6) |
​ |
(76) |
​ |
(439) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
161 |
Ìý |
(6) |
​ |
26 |
​ |
181 |
​ |
Intergroup tax allocation |
​ |
​ |
65 |
​ |
13 |
​ |
(78) |
​ |
— |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
(42) |
​ |
9 |
​ |
33 |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
(13) |
Ìý |
(11) |
​ |
(10) |
​ |
(34) |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
11 |
Ìý |
(8) |
​ |
(117) |
​ |
(114) |
​ |
Payables and other liabilities |
​ |
Ìý |
(162) |
Ìý |
65 |
​ |
167 |
​ |
70 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
887 |
Ìý |
100 |
​ |
234 |
​ |
1,221 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(1) |
Ìý |
(5) |
​ |
(3) |
​ |
(9) |
​ |
Cash proceeds from dispositions |
​ |
​ |
50 |
​ |
47 |
​ |
51 |
​ |
148 |
​ |
Cash (paid) received for acquisitions, net of cash acquired |
​ |
​ |
(137) |
​ |
— |
​ |
— |
​ |
(137) |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(196) |
Ìý |
(8) |
​ |
(251) |
​ |
(455) |
​ |
Other investing activities, net |
​ |
Ìý |
4 |
Ìý |
— |
​ |
74 |
​ |
78 |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(280) |
Ìý |
34 |
​ |
(129) |
​ |
(375) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
2,634 |
Ìý |
40 |
​ |
— |
​ |
2,674 |
​ |
Repayments of debt |
​ |
Ìý |
(2,320) |
Ìý |
(138) |
​ |
(243) |
​ |
(2,701) |
​ |
Â鶹×îгöÆ· stock repurchases |
​ |
​ |
(319) |
​ |
— |
​ |
(37) |
​ |
(356) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(415) |
Ìý |
— |
​ |
— |
​ |
(415) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(217) |
​ |
— |
​ |
— |
​ |
(217) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(71) |
Ìý |
— |
​ |
26 |
​ |
(45) |
​ |
Other financing activities, net |
​ |
​ |
(3) |
​ |
(7) |
​ |
27 |
​ |
17 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(711) |
Ìý |
(105) |
​ |
(227) |
​ |
(1,043) |
​ |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
​ |
​ |
— |
​ |
— |
​ |
(8) |
​ |
(8) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(104) |
Ìý |
29 |
​ |
(130) |
​ |
(205) |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
606 |
Ìý |
244 |
​ |
2,074 |
​ |
2,924 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
502 |
Ìý |
273 |
​ |
1,944 |
​ |
2,719 |
​ |
​
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 (loss) 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) |
​ |
Cash proceeds from dispositions |
​ |
​ |
— |
​ |
2 |
​ |
167 |
​ |
169 |
​ |
Cash (paid) received for 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 |
— |
​ |
37 |
​ |
41 |
​ |
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· 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 |
​ |
|