Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Financial Information for Tracking Stock Groups |
Ìý
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
September 30, 2023
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Formula One |
​ |
Live |
​ |
Inter-Group |
​ |
Consolidated |
​ |
​ |
ÌýÌýÌýÌý |
Group |
​ |
Group |
​ |
Group |
​ |
Eliminations |
​ |
Â鶹×îгöÆ· |
ÌýÌýÌýÌý |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Assets |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current assets: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash and cash equivalents |
​ |
$ |
327 |
​ |
1,470 |
​ |
315 |
​ |
— |
​ |
2,112 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
659 |
​ |
149 |
​ |
— |
​ |
— |
​ |
808 |
Ìý |
Other current assets |
​ |
Ìý |
357 |
​ |
348 |
​ |
— |
​ |
— |
​ |
705 |
Ìý |
Total current assets |
​ |
Ìý |
1,343 |
​ |
1,967 |
​ |
315 |
​ |
— |
​ |
3,625 |
Ìý |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
705 |
​ |
43 |
​ |
397 |
​ |
— |
​ |
1,145 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
3,083 |
​ |
874 |
​ |
— |
​ |
— |
​ |
3,957 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(1,829) |
​ |
(123) |
​ |
— |
​ |
— |
​ |
(1,952) |
Ìý |
​ |
​ |
Ìý |
1,254 |
​ |
751 |
​ |
— |
​ |
— |
​ |
2,005 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intangible assets not subject to amortization |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
15,209 |
​ |
3,956 |
​ |
— |
​ |
— |
​ |
19,165 |
Ìý |
FCC licenses |
​ |
Ìý |
8,600 |
​ |
— |
​ |
— |
​ |
— |
​ |
8,600 |
Ìý |
Other |
​ |
Ìý |
1,242 |
​ |
— |
​ |
— |
​ |
— |
​ |
1,242 |
Ìý |
​ |
​ |
Ìý |
25,051 |
​ |
3,956 |
​ |
— |
​ |
— |
​ |
29,007 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
1,017 |
​ |
2,924 |
​ |
— |
​ |
— |
​ |
3,941 |
Ìý |
Other assets |
​ |
Ìý |
567 |
​ |
913 |
​ |
479 |
​ |
(167) |
​ |
1,792 |
Ìý |
Total assets |
​ |
$ |
29,937 |
​ |
10,554 |
​ |
1,191 |
​ |
(167) |
​ |
41,515 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intergroup payable (receivable) (note 3) |
​ |
$ |
51 |
​ |
(53) |
​ |
2 |
​ |
— |
​ |
— |
​ |
Accounts payable and accrued liabilities |
​ |
​ |
1,323 |
Ìý |
390 |
​ |
2 |
​ |
— |
​ |
1,715 |
​ |
Current portion of debt |
​ |
​ |
730 |
​ |
32 |
​ |
65 |
​ |
— |
​ |
827 |
​ |
Deferred revenue |
​ |
Ìý |
1,248 |
Ìý |
776 |
​ |
— |
​ |
— |
​ |
2,024 |
​ |
Other current liabilities |
​ |
Ìý |
78 |
Ìý |
32 |
​ |
— |
​ |
— |
​ |
110 |
​ |
Total current liabilities |
​ |
Ìý |
3,430 |
Ìý |
1,177 |
​ |
69 |
​ |
— |
​ |
4,676 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
10,810 |
Ìý |
2,865 |
​ |
1,161 |
​ |
— |
​ |
14,836 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
2,207 |
Ìý |
— |
​ |
— |
​ |
(167) |
​ |
2,040 |
​ |
Other liabilities |
​ |
Ìý |
575 |
Ìý |
149 |
​ |
— |
​ |
— |
​ |
724 |
​ |
Total liabilities |
​ |
Ìý |
17,022 |
Ìý |
4,191 |
​ |
1,230 |
​ |
(167) |
​ |
22,276 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
9,946 |
Ìý |
6,363 |
​ |
(62) |
​ |
— |
​ |
16,247 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
2,969 |
Ìý |
— |
​ |
23 |
​ |
— |
​ |
2,992 |
​ |
Total liabilities and equity |
​ |
$ |
29,937 |
Ìý |
10,554 |
​ |
1,191 |
​ |
(167) |
​ |
41,515 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2023
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Formula One |
​ |
Live |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
2,271 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
2,271 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
887 |
​ |
— |
​ |
— |
​ |
887 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
— |
​ |
— |
​ |
49 |
​ |
49 |
​ |
Total revenue |
​ |
Ìý |
2,271 |
Ìý |
887 |
​ |
— |
​ |
49 |
​ |
3,207 |
​ |
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 |
730 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
730 |
​ |
Programming and content |
​ |
Ìý |
153 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
153 |
​ |
Customer service and billing |
​ |
Ìý |
117 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
117 |
​ |
Other |
​ |
Ìý |
57 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
57 |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
— |
​ |
615 |
​ |
— |
​ |
— |
​ |
615 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
87 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
87 |
​ |
Other operating expenses |
​ |
Ìý |
72 |
Ìý |
— |
​ |
— |
​ |
38 |
​ |
110 |
​ |
Selling, general and administrative |
​ |
Ìý |
376 |
Ìý |
79 |
​ |
5 |
​ |
9 |
​ |
469 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
6 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
6 |
​ |
Depreciation and amortization |
​ |
Ìý |
145 |
Ìý |
86 |
​ |
— |
​ |
3 |
​ |
234 |
​ |
​ |
​ |
Ìý |
1,743 |
Ìý |
780 |
​ |
5 |
​ |
50 |
​ |
2,578 |
​ |
Operating income (loss) |
​ |
Ìý |
528 |
Ìý |
107 |
​ |
(5) |
​ |
(1) |
​ |
629 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(135) |
Ìý |
(56) |
​ |
(2) |
​ |
(3) |
​ |
(196) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
45 |
Ìý |
2 |
​ |
90 |
​ |
1 |
​ |
138 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
17 |
Ìý |
66 |
​ |
(72) |
​ |
— |
​ |
11 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
4 |
​ |
16 |
​ |
— |
​ |
(20) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
6 |
Ìý |
14 |
​ |
(35) |
​ |
1 |
​ |
(14) |
​ |
​ |
​ |
Ìý |
(63) |
Ìý |
42 |
​ |
(19) |
​ |
(21) |
​ |
(61) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
465 |
Ìý |
149 |
​ |
(24) |
​ |
(22) |
​ |
568 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(100) |
Ìý |
(31) |
​ |
5 |
​ |
1 |
​ |
(125) |
​ |
Net earnings (loss) |
​ |
Ìý |
365 |
Ìý |
118 |
​ |
(19) |
​ |
(21) |
​ |
443 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
58 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
58 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
307 |
Ìý |
118 |
​ |
(19) |
​ |
(21) |
​ |
385 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2023
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Formula One |
​ |
Live |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
6,665 |
​ |
— |
​ |
— |
Ìý |
— |
​ |
6,665 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
1,992 |
​ |
— |
​ |
— |
​ |
1,992 |
​ |
Other revenue |
​ |
Ìý |
— |
​ |
— |
​ |
— |
Ìý |
350 |
​ |
350 |
​ |
Total revenue |
​ |
Ìý |
6,665 |
​ |
1,992 |
​ |
— |
Ìý |
350 |
​ |
9,007 |
​ |
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 |
2,162 |
​ |
— |
​ |
— |
Ìý |
— |
​ |
2,162 |
​ |
Programming and content |
​ |
Ìý |
456 |
​ |
— |
​ |
— |
Ìý |
— |
​ |
456 |
​ |
Customer service and billing |
​ |
Ìý |
363 |
​ |
— |
​ |
— |
Ìý |
— |
​ |
363 |
​ |
Other |
​ |
Ìý |
163 |
​ |
— |
​ |
— |
Ìý |
— |
​ |
163 |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
— |
​ |
1,340 |
​ |
— |
​ |
— |
​ |
1,340 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
270 |
​ |
— |
​ |
— |
Ìý |
— |
​ |
270 |
​ |
Other operating expenses |
​ |
Ìý |
234 |
​ |
— |
​ |
— |
Ìý |
274 |
​ |
508 |
​ |
Selling, general and administrative |
​ |
Ìý |
1,148 |
​ |
223 |
​ |
5 |
Ìý |
69 |
​ |
1,445 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
56 |
​ |
— |
​ |
— |
Ìý |
1 |
​ |
57 |
​ |
Depreciation and amortization |
​ |
Ìý |
460 |
​ |
254 |
​ |
— |
Ìý |
37 |
​ |
751 |
​ |
​ |
​ |
Ìý |
5,312 |
​ |
1,817 |
​ |
5 |
Ìý |
381 |
​ |
7,515 |
​ |
Operating income (loss) |
​ |
Ìý |
1,353 |
​ |
175 |
​ |
(5) |
Ìý |
(31) |
​ |
1,492 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(408) |
​ |
(161) |
​ |
(2) |
Ìý |
(21) |
​ |
(592) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
117 |
​ |
(1) |
​ |
90 |
Ìý |
12 |
​ |
218 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(145) |
​ |
83 |
​ |
(72) |
Ìý |
3 |
​ |
(131) |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
68 |
​ |
15 |
​ |
— |
​ |
(83) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
32 |
​ |
48 |
​ |
(35) |
Ìý |
5 |
​ |
50 |
​ |
​ |
​ |
Ìý |
(336) |
​ |
(16) |
​ |
(19) |
Ìý |
(84) |
​ |
(455) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
1,017 |
​ |
159 |
​ |
(24) |
Ìý |
(115) |
​ |
1,037 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(215) |
​ |
(35) |
​ |
5 |
Ìý |
6 |
​ |
(239) |
​ |
Net earnings (loss) |
​ |
Ìý |
802 |
​ |
124 |
​ |
(19) |
Ìý |
(109) |
​ |
798 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
146 |
​ |
(1) |
​ |
— |
Ìý |
— |
​ |
145 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
656 |
​ |
125 |
​ |
(19) |
Ìý |
(109) |
​ |
653 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2022
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Formula One |
​ |
Braves |
​ |
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 |
715 |
​ |
252 |
​ |
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 (exclusive of depreciation shown separately below) |
​ |
​ |
— |
​ |
494 |
​ |
— |
​ |
494 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
86 |
Ìý |
— |
​ |
— |
​ |
86 |
​ |
Other operating expenses |
​ |
Ìý |
69 |
Ìý |
— |
​ |
184 |
​ |
253 |
​ |
Selling, general and administrative |
​ |
Ìý |
424 |
Ìý |
68 |
​ |
33 |
​ |
525 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
69 |
​ |
— |
​ |
5 |
​ |
74 |
​ |
Depreciation and amortization |
​ |
Ìý |
157 |
Ìý |
89 |
​ |
22 |
​ |
268 |
​ |
​ |
​ |
Ìý |
1,846 |
Ìý |
651 |
​ |
244 |
​ |
2,741 |
​ |
Operating income (loss) |
​ |
Ìý |
434 |
Ìý |
64 |
​ |
8 |
​ |
506 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(130) |
Ìý |
(41) |
​ |
(8) |
​ |
(179) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
104 |
Ìý |
1 |
​ |
6 |
​ |
111 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
76 |
Ìý |
24 |
​ |
6 |
​ |
106 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
(16) |
​ |
47 |
​ |
(31) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
13 |
Ìý |
7 |
​ |
— |
​ |
20 |
​ |
​ |
​ |
Ìý |
47 |
Ìý |
38 |
​ |
(27) |
​ |
58 |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
481 |
Ìý |
102 |
​ |
(19) |
​ |
564 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(135) |
Ìý |
8 |
​ |
(3) |
​ |
(130) |
​ |
Net earnings (loss) |
​ |
Ìý |
346 |
Ìý |
110 |
​ |
(22) |
​ |
434 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
41 |
Ìý |
5 |
​ |
— |
​ |
46 |
​ |
Less net earnings (loss) attributable to redeemable noncontrolling interest |
​ |
​ |
— |
​ |
(3) |
​ |
— |
​ |
(3) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
305 |
Ìý |
108 |
​ |
(22) |
​ |
391 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2022
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Formula One |
​ |
Braves |
​ |
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 |
1,819 |
​ |
535 |
​ |
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 (exclusive of depreciation shown separately below) |
​ |
​ |
— |
​ |
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 |
192 |
​ |
88 |
​ |
1,527 |
​ |
Impairment, restructuring and acquisition costs, net of recoveries |
​ |
​ |
70 |
​ |
— |
​ |
5 |
​ |
75 |
​ |
Depreciation and amortization |
​ |
Ìý |
461 |
Ìý |
272 |
​ |
57 |
​ |
790 |
​ |
​ |
​ |
Ìý |
5,330 |
Ìý |
1,687 |
​ |
532 |
​ |
7,549 |
​ |
Operating income (loss) |
​ |
Ìý |
1,390 |
Ìý |
132 |
​ |
3 |
​ |
1,525 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(377) |
Ìý |
(100) |
​ |
(20) |
​ |
(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 |
100 |
​ |
12 |
​ |
545 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
(31) |
​ |
26 |
​ |
5 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
37 |
Ìý |
29 |
​ |
21 |
​ |
87 |
​ |
​ |
​ |
Ìý |
202 |
Ìý |
55 |
​ |
36 |
​ |
293 |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
1,592 |
Ìý |
187 |
​ |
39 |
​ |
1,818 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(404) |
Ìý |
— |
​ |
(10) |
​ |
(414) |
​ |
Net earnings (loss) |
​ |
Ìý |
1,188 |
Ìý |
187 |
​ |
29 |
​ |
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 |
​ |
​ |
— |
​ |
(13) |
​ |
— |
​ |
(13) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
1,040 |
Ìý |
184 |
​ |
29 |
​ |
1,253 |
​ |
​
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2023
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Formula One |
​ |
Live |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
802 |
Ìý |
124 |
​ |
(19) |
​ |
(109) |
​ |
798 |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
460 |
Ìý |
254 |
​ |
— |
​ |
37 |
​ |
751 |
​ |
Stock-based compensation |
​ |
Ìý |
151 |
Ìý |
14 |
​ |
1 |
​ |
7 |
​ |
173 |
​ |
Non-cash impairment and restructuring costs |
​ |
​ |
21 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
21 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
(117) |
Ìý |
1 |
​ |
(90) |
​ |
(12) |
​ |
(218) |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(68) |
​ |
(15) |
​ |
— |
​ |
83 |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
145 |
Ìý |
(83) |
​ |
72 |
​ |
(3) |
​ |
131 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
(1) |
Ìý |
19 |
​ |
(4) |
​ |
(5) |
​ |
9 |
​ |
Intergroup tax allocation |
​ |
​ |
136 |
​ |
(135) |
​ |
(1) |
​ |
— |
​ |
— |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
(90) |
​ |
91 |
​ |
— |
​ |
(1) |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
(10) |
Ìý |
6 |
​ |
34 |
​ |
4 |
​ |
34 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
5 |
Ìý |
(122) |
​ |
(10) |
​ |
(34) |
​ |
(161) |
​ |
Payables and other liabilities |
​ |
Ìý |
(136) |
Ìý |
400 |
​ |
14 |
​ |
65 |
​ |
343 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
1,298 |
Ìý |
554 |
​ |
(3) |
​ |
32 |
​ |
1,881 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(44) |
Ìý |
(173) |
​ |
— |
​ |
— |
​ |
(217) |
​ |
Cash proceeds from dispositions |
​ |
​ |
— |
​ |
110 |
​ |
1 |
​ |
— |
​ |
111 |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(520) |
Ìý |
(308) |
​ |
— |
​ |
(35) |
​ |
(863) |
​ |
Other investing activities, net |
​ |
Ìý |
(1) |
Ìý |
(20) |
​ |
— |
​ |
— |
​ |
(21) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(565) |
Ìý |
(391) |
​ |
1 |
​ |
(35) |
​ |
(990) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
2,601 |
Ìý |
— |
​ |
1,135 |
​ |
30 |
​ |
3,766 |
​ |
Repayments of debt |
​ |
Ìý |
(3,306) |
Ìý |
(64) |
​ |
(918) |
​ |
(20) |
​ |
(4,308) |
​ |
Intergroup (repayments) borrowings |
​ |
​ |
273 |
​ |
(273) |
​ |
— |
​ |
— |
​ |
— |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(274) |
Ìý |
— |
​ |
— |
​ |
— |
​ |
(274) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(48) |
​ |
— |
​ |
— |
​ |
— |
​ |
(48) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(52) |
Ìý |
(8) |
​ |
— |
​ |
(1) |
​ |
(61) |
​ |
Atlanta Braves Holdings, Inc. Split-Off |
​ |
​ |
— |
Ìý |
— |
​ |
— |
​ |
(188) |
​ |
(188) |
​ |
Reclassification |
​ |
​ |
— |
Ìý |
(100) |
​ |
100 |
​ |
— |
​ |
— |
​ |
Other financing activities, net |
​ |
​ |
38 |
​ |
19 |
​ |
— |
​ |
9 |
​ |
66 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(768) |
Ìý |
(426) |
​ |
317 |
​ |
(170) |
​ |
(1,047) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(35) |
Ìý |
(263) |
​ |
315 |
​ |
(173) |
​ |
(156) |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
370 |
Ìý |
1,733 |
​ |
NA |
​ |
173 |
​ |
2,276 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
335 |
Ìý |
1,470 |
​ |
315 |
​ |
— |
​ |
2,120 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2022
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Formula One |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
1,188 |
Ìý |
187 |
​ |
29 |
​ |
1,404 |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
461 |
Ìý |
272 |
​ |
57 |
​ |
790 |
​ |
Stock-based compensation |
​ |
Ìý |
152 |
Ìý |
12 |
​ |
9 |
​ |
173 |
​ |
Non-cash impairment and restructuring costs |
​ |
​ |
68 |
​ |
— |
​ |
5 |
​ |
73 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
(140) |
Ìý |
— |
​ |
(18) |
​ |
(158) |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
31 |
​ |
(26) |
​ |
(5) |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(433) |
Ìý |
(100) |
​ |
(12) |
​ |
(545) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
267 |
Ìý |
16 |
​ |
(6) |
​ |
277 |
​ |
Intergroup tax allocation |
​ |
​ |
80 |
​ |
(95) |
​ |
15 |
​ |
— |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
(66) |
​ |
57 |
​ |
9 |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
(20) |
Ìý |
(4) |
​ |
(3) |
​ |
(27) |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
41 |
Ìý |
(91) |
​ |
(52) |
​ |
(102) |
​ |
Payables and other liabilities |
​ |
Ìý |
(325) |
Ìý |
188 |
​ |
(8) |
​ |
(145) |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
1,304 |
Ìý |
416 |
​ |
20 |
​ |
1,740 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(1) |
Ìý |
(35) |
​ |
(5) |
​ |
(41) |
​ |
Cash proceeds from dispositions |
​ |
​ |
50 |
​ |
51 |
​ |
48 |
​ |
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 |
(263) |
​ |
(13) |
​ |
(555) |
​ |
Other investing activities, net |
​ |
Ìý |
4 |
Ìý |
73 |
​ |
— |
​ |
77 |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(362) |
Ìý |
(174) |
​ |
30 |
​ |
(506) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
3,019 |
Ìý |
468 |
​ |
135 |
​ |
3,622 |
​ |
Repayments of debt |
​ |
Ìý |
(3,079) |
Ìý |
(634) |
​ |
(235) |
​ |
(3,948) |
​ |
Intergroup (repayments) borrowings |
​ |
​ |
78 |
​ |
(64) |
​ |
(14) |
​ |
— |
​ |
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 |
​ |
58 |
​ |
(6) |
​ |
82 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(1,276) |
Ìý |
(184) |
​ |
(120) |
​ |
(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 |
45 |
​ |
(70) |
​ |
(359) |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
606 |
Ìý |
2,074 |
​ |
244 |
​ |
2,924 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
272 |
Ìý |
2,119 |
​ |
174 |
​ |
2,565 |
​ |
​
|