Financial Information for Tracking Stock Groups (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
June 30, 2023
(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 |
​ |
$ |
311 |
​ |
131 |
​ |
1,489 |
​ |
— |
​ |
1,931 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
660 |
​ |
52 |
​ |
110 |
​ |
— |
​ |
822 |
Ìý |
Other current assets |
​ |
Ìý |
354 |
​ |
72 |
​ |
355 |
​ |
— |
​ |
781 |
Ìý |
Total current assets |
​ |
Ìý |
1,325 |
​ |
255 |
​ |
1,954 |
​ |
— |
​ |
3,534 |
Ìý |
Intergroup interests (note 1) |
​ |
​ |
143 |
​ |
— |
​ |
269 |
​ |
(412) |
​ |
— |
​ |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
960 |
​ |
99 |
​ |
67 |
​ |
— |
​ |
1,126 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
2,975 |
​ |
1,037 |
​ |
747 |
​ |
— |
​ |
4,759 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(1,785) |
​ |
(299) |
​ |
(118) |
​ |
— |
​ |
(2,202) |
Ìý |
​ |
​ |
Ìý |
1,190 |
​ |
738 |
​ |
629 |
​ |
— |
​ |
2,557 |
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 |
1,032 |
​ |
23 |
​ |
3,004 |
​ |
— |
​ |
4,059 |
Ìý |
Other assets |
​ |
Ìý |
524 |
​ |
85 |
​ |
1,254 |
​ |
(4) |
​ |
1,859 |
Ìý |
Total assets |
​ |
$ |
30,225 |
​ |
1,500 |
​ |
11,133 |
​ |
(416) |
​ |
42,442 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intergroup payable (receivable) (note 3) |
​ |
$ |
57 |
​ |
(2) |
​ |
(55) |
​ |
— |
​ |
— |
​ |
Accounts payable and accrued liabilities |
​ |
​ |
1,374 |
Ìý |
65 |
​ |
315 |
​ |
— |
​ |
1,754 |
​ |
Current portion of debt |
​ |
​ |
753 |
​ |
7 |
​ |
27 |
​ |
— |
​ |
787 |
​ |
Deferred revenue |
​ |
Ìý |
1,287 |
Ìý |
142 |
​ |
724 |
​ |
— |
​ |
2,153 |
​ |
Other current liabilities |
​ |
Ìý |
69 |
Ìý |
3 |
​ |
27 |
​ |
— |
​ |
99 |
​ |
Total current liabilities |
​ |
Ìý |
3,540 |
Ìý |
215 |
​ |
1,038 |
​ |
— |
​ |
4,793 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
11,977 |
Ìý |
532 |
​ |
2,923 |
​ |
— |
​ |
15,432 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
2,011 |
Ìý |
51 |
​ |
— |
​ |
(4) |
​ |
2,058 |
​ |
Redeemable intergroup interests (note 1) |
​ |
​ |
— |
​ |
341 |
​ |
71 |
​ |
(412) |
​ |
— |
​ |
Other liabilities |
​ |
Ìý |
587 |
Ìý |
147 |
​ |
146 |
​ |
— |
​ |
880 |
​ |
Total liabilities |
​ |
Ìý |
18,115 |
Ìý |
1,286 |
​ |
4,178 |
​ |
(416) |
​ |
23,163 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
9,150 |
Ìý |
203 |
​ |
6,931 |
​ |
— |
​ |
16,284 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
2,960 |
Ìý |
11 |
​ |
24 |
​ |
— |
​ |
2,995 |
​ |
Total liabilities and equity |
​ |
$ |
30,225 |
Ìý |
1,500 |
​ |
11,133 |
​ |
(416) |
​ |
42,442 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2023
(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 |
​ |
$ |
2,250 |
Ìý |
— |
​ |
— |
​ |
2,250 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
724 |
​ |
724 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
270 |
​ |
— |
​ |
270 |
​ |
Total revenue |
​ |
Ìý |
2,250 |
Ìý |
270 |
​ |
724 |
​ |
3,244 |
​ |
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 |
732 |
Ìý |
— |
​ |
— |
​ |
732 |
​ |
Programming and content |
​ |
Ìý |
153 |
Ìý |
— |
​ |
— |
​ |
153 |
​ |
Customer service and billing |
​ |
Ìý |
124 |
Ìý |
— |
​ |
— |
​ |
124 |
​ |
Other |
​ |
Ìý |
54 |
Ìý |
— |
​ |
— |
​ |
54 |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
— |
​ |
— |
​ |
519 |
​ |
519 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
93 |
Ìý |
— |
​ |
— |
​ |
93 |
​ |
Other operating expenses |
​ |
Ìý |
83 |
Ìý |
197 |
​ |
— |
​ |
280 |
​ |
Selling, general and administrative |
​ |
Ìý |
387 |
Ìý |
34 |
​ |
69 |
​ |
490 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
18 |
Ìý |
1 |
​ |
— |
​ |
19 |
​ |
Depreciation and amortization |
​ |
Ìý |
154 |
Ìý |
19 |
​ |
84 |
​ |
257 |
​ |
​ |
​ |
Ìý |
1,798 |
Ìý |
251 |
​ |
672 |
​ |
2,721 |
​ |
Operating income (loss) |
​ |
Ìý |
452 |
Ìý |
19 |
​ |
52 |
​ |
523 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(137) |
Ìý |
(9) |
​ |
(54) |
​ |
(200) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
79 |
Ìý |
12 |
​ |
(1) |
​ |
90 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(164) |
Ìý |
4 |
​ |
64 |
​ |
(96) |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
10 |
​ |
(50) |
​ |
40 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
23 |
Ìý |
3 |
​ |
24 |
​ |
50 |
​ |
​ |
​ |
Ìý |
(189) |
Ìý |
(40) |
​ |
73 |
​ |
(156) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
263 |
Ìý |
(21) |
​ |
125 |
​ |
367 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(46) |
Ìý |
(8) |
​ |
(10) |
​ |
(64) |
​ |
Net earnings (loss) |
​ |
Ìý |
217 |
Ìý |
(29) |
​ |
115 |
​ |
303 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
51 |
Ìý |
— |
​ |
(1) |
​ |
50 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
166 |
Ìý |
(29) |
​ |
116 |
​ |
253 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2023
(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 |
​ |
$ |
4,394 |
Ìý |
— |
​ |
— |
​ |
4,394 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
1,105 |
​ |
1,105 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
301 |
​ |
— |
​ |
301 |
​ |
Total revenue |
​ |
Ìý |
4,394 |
Ìý |
301 |
​ |
1,105 |
​ |
5,800 |
​ |
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 |
1,432 |
Ìý |
— |
​ |
— |
​ |
1,432 |
​ |
Programming and content |
​ |
Ìý |
303 |
Ìý |
— |
​ |
— |
​ |
303 |
​ |
Customer service and billing |
​ |
Ìý |
246 |
Ìý |
— |
​ |
— |
​ |
246 |
​ |
Other |
​ |
Ìý |
106 |
Ìý |
— |
​ |
— |
​ |
106 |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
— |
​ |
— |
​ |
725 |
​ |
725 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
183 |
Ìý |
— |
​ |
— |
​ |
183 |
​ |
Other operating expenses |
​ |
Ìý |
162 |
Ìý |
236 |
​ |
— |
​ |
398 |
​ |
Selling, general and administrative |
​ |
Ìý |
772 |
Ìý |
60 |
​ |
144 |
​ |
976 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
50 |
Ìý |
1 |
​ |
— |
​ |
51 |
​ |
Depreciation and amortization |
​ |
Ìý |
315 |
Ìý |
34 |
​ |
168 |
​ |
517 |
​ |
​ |
​ |
Ìý |
3,569 |
Ìý |
331 |
​ |
1,037 |
​ |
4,937 |
​ |
Operating income (loss) |
​ |
Ìý |
825 |
Ìý |
(30) |
​ |
68 |
​ |
863 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(273) |
Ìý |
(18) |
​ |
(105) |
​ |
(396) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
72 |
Ìý |
11 |
​ |
(3) |
​ |
80 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(162) |
Ìý |
3 |
​ |
17 |
​ |
(142) |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
64 |
​ |
(63) |
​ |
(1) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
26 |
Ìý |
4 |
​ |
34 |
​ |
64 |
​ |
​ |
​ |
Ìý |
(273) |
Ìý |
(63) |
​ |
(58) |
​ |
(394) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
552 |
Ìý |
(93) |
​ |
10 |
​ |
469 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(115) |
Ìý |
5 |
​ |
(4) |
​ |
(114) |
​ |
Net earnings (loss) |
​ |
Ìý |
437 |
Ìý |
(88) |
​ |
6 |
​ |
355 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
88 |
Ìý |
— |
​ |
(1) |
​ |
87 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
349 |
Ìý |
(88) |
​ |
7 |
​ |
268 |
​ |
​
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 (exclusive of depreciation shown separately below) |
​ |
​ |
— |
​ |
— |
​ |
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 |
​ |
— |
​ |
— |
​ |
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 |
​ |
​ |
— |
​ |
— |
​ |
(1) |
​ |
(1) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
447 |
Ìý |
64 |
​ |
111 |
​ |
622 |
​ |
​
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 (exclusive of depreciation shown separately below) |
​ |
​ |
— |
​ |
— |
​ |
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 |
​ |
— |
​ |
— |
​ |
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 interests (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 |
​ |
​ |
— |
​ |
— |
​ |
(10) |
​ |
(10) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
735 |
Ìý |
51 |
​ |
76 |
​ |
862 |
​ |
​
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2023
(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) |
​ |
$ |
437 |
Ìý |
(88) |
​ |
6 |
​ |
355 |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
315 |
Ìý |
34 |
​ |
168 |
​ |
517 |
​ |
Stock-based compensation |
​ |
Ìý |
94 |
Ìý |
6 |
​ |
10 |
​ |
110 |
​ |
Non-cash impairment and restructuring costs |
​ |
​ |
21 |
Ìý |
— |
​ |
— |
​ |
21 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
(72) |
Ìý |
(11) |
​ |
3 |
​ |
(80) |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(64) |
​ |
63 |
​ |
1 |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
162 |
Ìý |
(3) |
​ |
(17) |
​ |
142 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
(33) |
Ìý |
(3) |
​ |
1 |
​ |
(35) |
​ |
Intergroup tax allocation |
​ |
​ |
86 |
​ |
(2) |
​ |
(84) |
​ |
— |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
(33) |
​ |
(3) |
​ |
36 |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
(12) |
Ìý |
4 |
​ |
— |
​ |
(8) |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
1 |
Ìý |
(5) |
​ |
(91) |
​ |
(95) |
​ |
Payables and other liabilities |
​ |
Ìý |
(48) |
Ìý |
44 |
​ |
275 |
​ |
271 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
854 |
Ìý |
36 |
​ |
308 |
​ |
1,198 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(41) |
Ìý |
— |
​ |
(173) |
​ |
(214) |
​ |
Cash proceeds from dispositions |
​ |
​ |
(1) |
​ |
— |
​ |
68 |
​ |
67 |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(334) |
Ìý |
(30) |
​ |
(180) |
​ |
(544) |
​ |
Other investing activities, net |
​ |
Ìý |
(1) |
Ìý |
— |
​ |
(19) |
​ |
(20) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(377) |
Ìý |
(30) |
​ |
(304) |
​ |
(711) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
2,048 |
Ìý |
16 |
​ |
— |
​ |
2,064 |
​ |
Repayments of debt |
​ |
Ìý |
(2,563) |
Ìý |
(19) |
​ |
(59) |
​ |
(2,641) |
​ |
Intergroup (repayments) borrowings |
​ |
​ |
202 |
​ |
— |
​ |
(202) |
​ |
— |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(199) |
Ìý |
— |
​ |
— |
​ |
(199) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(33) |
​ |
— |
​ |
— |
​ |
(33) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(19) |
Ìý |
(1) |
​ |
(8) |
​ |
(28) |
​ |
Other financing activities, net |
​ |
​ |
36 |
​ |
8 |
​ |
19 |
​ |
63 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(528) |
Ìý |
4 |
​ |
(250) |
​ |
(774) |
​ |
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 |
(51) |
Ìý |
10 |
​ |
(244) |
​ |
(285) |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
370 |
Ìý |
173 |
​ |
1,733 |
​ |
2,276 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
319 |
Ìý |
183 |
​ |
1,489 |
​ |
1,991 |
​ |
​
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 |
​ |
|