Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
September 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 |
​ |
$ |
264 |
​ |
159 |
​ |
2,119 |
​ |
— |
​ |
2,542 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
658 |
​ |
65 |
​ |
103 |
​ |
— |
​ |
826 |
Ìý |
Other current assets |
​ |
Ìý |
325 |
​ |
81 |
​ |
196 |
​ |
— |
​ |
602 |
Ìý |
Total current assets |
​ |
Ìý |
1,247 |
​ |
305 |
​ |
2,418 |
​ |
— |
​ |
3,970 |
Ìý |
Intergroup interests (note 1) |
​ |
​ |
270 |
​ |
— |
​ |
187 |
​ |
(457) |
​ |
— |
​ |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
885 |
​ |
114 |
​ |
29 |
​ |
— |
​ |
1,028 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
2,863 |
​ |
999 |
​ |
467 |
​ |
— |
​ |
4,329 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(1,779) |
​ |
(265) |
​ |
(103) |
​ |
— |
​ |
(2,147) |
Ìý |
​ |
​ |
Ìý |
1,084 |
​ |
734 |
​ |
364 |
​ |
— |
​ |
2,182 |
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 |
1,132 |
​ |
25 |
​ |
3,249 |
​ |
— |
​ |
4,406 |
Ìý |
Other assets |
​ |
Ìý |
760 |
​ |
56 |
​ |
1,528 |
​ |
(2) |
​ |
2,342 |
Ìý |
Total assets |
​ |
$ |
30,429 |
​ |
1,534 |
​ |
11,731 |
​ |
(459) |
​ |
43,235 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intergroup payable (receivable) (note 3) |
​ |
$ |
4 |
​ |
(7) |
​ |
3 |
​ |
— |
​ |
— |
​ |
Accounts payable and accrued liabilities |
​ |
​ |
1,315 |
Ìý |
58 |
​ |
267 |
​ |
— |
​ |
1,640 |
​ |
Current portion of debt |
​ |
​ |
381 |
​ |
75 |
​ |
43 |
​ |
— |
​ |
499 |
​ |
Deferred revenue |
​ |
Ìý |
1,381 |
Ìý |
78 |
​ |
471 |
​ |
— |
​ |
1,930 |
​ |
Other current liabilities |
​ |
Ìý |
65 |
Ìý |
4 |
​ |
26 |
​ |
— |
​ |
95 |
​ |
Total current liabilities |
​ |
Ìý |
3,146 |
Ìý |
208 |
​ |
810 |
​ |
— |
​ |
4,164 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
13,133 |
Ìý |
523 |
​ |
3,410 |
​ |
— |
​ |
17,066 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
2,042 |
Ìý |
53 |
​ |
— |
​ |
(2) |
​ |
2,093 |
​ |
Redeemable intergroup interests (note 1) |
​ |
​ |
— |
​ |
238 |
​ |
219 |
​ |
(457) |
​ |
— |
​ |
Other liabilities |
​ |
Ìý |
544 |
Ìý |
173 |
​ |
151 |
​ |
— |
​ |
868 |
​ |
Total liabilities |
​ |
Ìý |
18,865 |
Ìý |
1,195 |
​ |
4,590 |
​ |
(459) |
​ |
24,191 |
​ |
Redeemable noncontrolling interests in equity of subsidiary |
​ |
​ |
— |
​ |
— |
​ |
578 |
​ |
— |
​ |
578 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
8,457 |
Ìý |
339 |
​ |
6,538 |
​ |
— |
​ |
15,334 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
3,107 |
Ìý |
— |
​ |
25 |
​ |
— |
​ |
3,132 |
​ |
Total liabilities and equity |
​ |
$ |
30,429 |
Ìý |
1,534 |
​ |
11,731 |
​ |
(459) |
​ |
43,235 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 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 |
​ |
$ |
2,280 |
Ìý |
— |
​ |
— |
​ |
2,280 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
715 |
​ |
715 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
252 |
​ |
— |
​ |
252 |
​ |
Total revenue |
​ |
Ìý |
2,280 |
Ìý |
252 |
​ |
715 |
​ |
3,247 |
​ |
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 |
709 |
Ìý |
— |
​ |
— |
​ |
709 |
​ |
Programming and content |
​ |
Ìý |
156 |
Ìý |
— |
​ |
— |
​ |
156 |
​ |
Customer service and billing |
​ |
Ìý |
122 |
Ìý |
— |
​ |
— |
​ |
122 |
​ |
Other |
​ |
Ìý |
54 |
Ìý |
— |
​ |
— |
​ |
54 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
494 |
​ |
494 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
86 |
Ìý |
— |
​ |
— |
​ |
86 |
​ |
Other operating expenses |
​ |
Ìý |
69 |
Ìý |
184 |
​ |
— |
​ |
253 |
​ |
Selling, general and administrative |
​ |
Ìý |
424 |
Ìý |
33 |
​ |
68 |
​ |
525 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
69 |
Ìý |
5 |
​ |
— |
​ |
74 |
​ |
Depreciation and amortization |
​ |
Ìý |
157 |
Ìý |
22 |
​ |
89 |
​ |
268 |
​ |
​ |
​ |
Ìý |
1,846 |
Ìý |
244 |
​ |
651 |
​ |
2,741 |
​ |
Operating income (loss) |
​ |
Ìý |
434 |
Ìý |
8 |
​ |
64 |
​ |
506 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(130) |
Ìý |
(8) |
​ |
(41) |
​ |
(179) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
104 |
Ìý |
6 |
​ |
1 |
​ |
111 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
76 |
Ìý |
6 |
​ |
24 |
​ |
106 |
​ |
Gains (losses) on dilution of investment in affiliate |
​ |
​ |
2 |
Ìý |
— |
​ |
— |
​ |
2 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
(16) |
​ |
(31) |
​ |
47 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
11 |
Ìý |
— |
​ |
7 |
​ |
18 |
​ |
​ |
​ |
Ìý |
47 |
Ìý |
(27) |
​ |
38 |
​ |
58 |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
481 |
Ìý |
(19) |
​ |
102 |
​ |
564 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(135) |
Ìý |
(3) |
​ |
8 |
​ |
(130) |
​ |
Net earnings (loss) |
​ |
Ìý |
346 |
Ìý |
(22) |
​ |
110 |
​ |
434 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
41 |
Ìý |
— |
​ |
5 |
​ |
46 |
​ |
Less net earnings (loss) attributable to redeemable noncontrolling interest |
​ |
​ |
— |
Ìý |
— |
​ |
(3) |
​ |
(3) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
305 |
Ìý |
(22) |
​ |
108 |
​ |
391 |
​ |
​
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 |
​ |
— |
​ |
— |
​ |
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 |
​ |
​ |
— |
​ |
— |
​ |
(2) |
​ |
(2) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
342 |
Ìý |
36 |
​ |
(50) |
​ |
328 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 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 |
​ |
$ |
6,720 |
Ìý |
— |
​ |
— |
​ |
6,720 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
1,819 |
​ |
1,819 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
535 |
​ |
— |
​ |
535 |
​ |
Total revenue |
​ |
Ìý |
6,720 |
Ìý |
535 |
​ |
1,819 |
​ |
9,074 |
​ |
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 |
2,090 |
Ìý |
— |
​ |
— |
​ |
2,090 |
​ |
Programming and content |
​ |
Ìý |
448 |
Ìý |
— |
​ |
— |
​ |
448 |
​ |
Customer service and billing |
​ |
Ìý |
373 |
Ìý |
— |
​ |
— |
​ |
373 |
​ |
Other |
​ |
Ìý |
166 |
Ìý |
— |
​ |
— |
​ |
166 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
1,223 |
​ |
1,223 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
267 |
Ìý |
— |
​ |
— |
​ |
267 |
​ |
Other operating expenses |
​ |
Ìý |
208 |
Ìý |
382 |
​ |
— |
​ |
590 |
​ |
Selling, general and administrative |
​ |
Ìý |
1,247 |
Ìý |
88 |
​ |
192 |
​ |
1,527 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
70 |
Ìý |
5 |
​ |
— |
​ |
75 |
​ |
Depreciation and amortization |
​ |
Ìý |
461 |
Ìý |
57 |
​ |
272 |
​ |
790 |
​ |
​ |
​ |
Ìý |
5,330 |
Ìý |
532 |
​ |
1,687 |
​ |
7,549 |
​ |
Operating income (loss) |
​ |
Ìý |
1,390 |
Ìý |
3 |
​ |
132 |
​ |
1,525 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(377) |
Ìý |
(20) |
​ |
(100) |
​ |
(497) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
140 |
Ìý |
18 |
​ |
— |
​ |
158 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
433 |
Ìý |
12 |
​ |
100 |
​ |
545 |
​ |
Gains (losses) on dilution of investment in affiliate |
​ |
​ |
9 |
Ìý |
— |
​ |
— |
​ |
9 |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
(31) |
​ |
5 |
​ |
26 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
28 |
Ìý |
21 |
​ |
29 |
​ |
78 |
​ |
​ |
​ |
Ìý |
202 |
Ìý |
36 |
​ |
55 |
​ |
293 |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
1,592 |
Ìý |
39 |
​ |
187 |
​ |
1,818 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(404) |
Ìý |
(10) |
​ |
— |
​ |
(414) |
​ |
Net earnings (loss) |
​ |
Ìý |
1,188 |
Ìý |
29 |
​ |
187 |
​ |
1,404 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
148 |
Ìý |
— |
​ |
16 |
​ |
164 |
​ |
Less net earnings (loss) attributable to redeemable noncontrolling interest |
​ |
​ |
— |
Ìý |
— |
​ |
(13) |
​ |
(13) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
1,040 |
Ìý |
29 |
​ |
184 |
​ |
1,253 |
​ |
​
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 |
​ |
— |
​ |
— |
​ |
152 |
​ |
Unrealized gains (losses) on intergroup interests (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 |
​ |
​
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 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) |
​ |
$ |
1,188 |
Ìý |
29 |
​ |
187 |
​ |
1,404 |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
461 |
Ìý |
57 |
​ |
272 |
​ |
790 |
​ |
Stock-based compensation |
​ |
Ìý |
152 |
Ìý |
9 |
​ |
12 |
​ |
173 |
​ |
Non-cash impairment and restructuring costs |
​ |
​ |
68 |
Ìý |
5 |
​ |
— |
​ |
73 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
(140) |
Ìý |
(18) |
​ |
— |
​ |
(158) |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
31 |
​ |
(5) |
​ |
(26) |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(433) |
Ìý |
(12) |
​ |
(100) |
​ |
(545) |
​ |
Losses (gains) on dilution of investment in affiliate |
​ |
​ |
(9) |
​ |
— |
​ |
— |
​ |
(9) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
267 |
Ìý |
(6) |
​ |
16 |
​ |
277 |
​ |
Intergroup tax allocation |
​ |
​ |
80 |
​ |
15 |
​ |
(95) |
​ |
— |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
(66) |
​ |
9 |
​ |
57 |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
(11) |
Ìý |
(3) |
​ |
(4) |
​ |
(18) |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
41 |
Ìý |
(52) |
​ |
(91) |
​ |
(102) |
​ |
Payables and other liabilities |
​ |
Ìý |
(325) |
Ìý |
(8) |
​ |
188 |
​ |
(145) |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
1,304 |
Ìý |
20 |
​ |
416 |
​ |
1,740 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(1) |
Ìý |
(5) |
​ |
(35) |
​ |
(41) |
​ |
Cash proceeds from dispositions |
​ |
​ |
50 |
​ |
48 |
​ |
51 |
​ |
149 |
​ |
Cash (paid) received for acquisitions, net of cash acquired |
​ |
​ |
(136) |
​ |
— |
​ |
— |
​ |
(136) |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(279) |
Ìý |
(13) |
​ |
(263) |
​ |
(555) |
​ |
Other investing activities, net |
​ |
Ìý |
4 |
Ìý |
— |
​ |
73 |
​ |
77 |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(362) |
Ìý |
30 |
​ |
(174) |
​ |
(506) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
3,019 |
Ìý |
135 |
​ |
468 |
​ |
3,622 |
​ |
Repayments of debt |
​ |
Ìý |
(3,079) |
Ìý |
(235) |
​ |
(634) |
​ |
(3,948) |
​ |
Intergroup (repayments) borrowings |
​ |
​ |
78 |
​ |
(14) |
​ |
(64) |
​ |
— |
​ |
Â鶹×îгöÆ· stock repurchases |
​ |
​ |
(358) |
​ |
— |
​ |
(37) |
​ |
(395) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(599) |
Ìý |
— |
​ |
— |
​ |
(599) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(233) |
​ |
— |
​ |
— |
​ |
(233) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(134) |
Ìý |
— |
​ |
25 |
​ |
(109) |
​ |
Other financing activities, net |
​ |
​ |
30 |
​ |
(6) |
​ |
58 |
​ |
82 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(1,276) |
Ìý |
(120) |
​ |
(184) |
​ |
(1,580) |
​ |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
​ |
​ |
— |
​ |
— |
​ |
(13) |
​ |
(13) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(334) |
Ìý |
(70) |
​ |
45 |
​ |
(359) |
​ |
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 |
​ |
$ |
272 |
Ìý |
174 |
​ |
2,119 |
​ |
2,565 |
​ |
​
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 (loss) 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 |
​ |
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) |
​ |
— |
​ |
— |
​ |
(152) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
66 |
Ìý |
10 |
​ |
(43) |
​ |
33 |
​ |
Intergroup tax allocation |
​ |
​ |
5 |
​ |
(2) |
​ |
(3) |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
77 |
Ìý |
7 |
​ |
3 |
​ |
87 |
​ |
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) |
​ |
Cash proceeds from dispositions |
​ |
​ |
27 |
​ |
2 |
​ |
167 |
​ |
196 |
​ |
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 |
(244) |
Ìý |
(26) |
​ |
(10) |
​ |
(280) |
​ |
Proceeds from insurance recoveries |
​ |
​ |
225 |
​ |
— |
​ |
— |
​ |
225 |
​ |
Other investing activities, net |
​ |
Ìý |
6 |
Ìý |
8 |
​ |
37 |
​ |
51 |
​ |
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 |
​ |
|