Financial Information for Tracking Stock Groups (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Financial Information for Tracking Stock Groups |
Ìý
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
June 30, 2024
(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 |
​ |
$ |
188 |
​ |
1,491 |
​ |
406 |
​ |
— |
​ |
2,085 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
644 |
​ |
182 |
​ |
— |
​ |
— |
​ |
826 |
Ìý |
Other current assets |
​ |
Ìý |
365 |
​ |
363 |
​ |
— |
​ |
— |
​ |
728 |
Ìý |
Total current assets |
​ |
Ìý |
1,197 |
​ |
2,036 |
​ |
406 |
​ |
— |
​ |
3,639 |
Ìý |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
1,601 |
​ |
37 |
​ |
345 |
​ |
— |
​ |
1,983 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
3,299 |
​ |
991 |
​ |
— |
​ |
— |
​ |
4,290 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(2,001) |
​ |
(166) |
​ |
— |
​ |
— |
​ |
(2,167) |
Ìý |
​ |
​ |
Ìý |
1,298 |
​ |
825 |
​ |
— |
​ |
— |
​ |
2,123 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intangible assets not subject to amortization |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
15,209 |
​ |
4,191 |
​ |
— |
​ |
— |
​ |
19,400 |
Ìý |
FCC licenses |
​ |
Ìý |
8,600 |
​ |
— |
​ |
— |
​ |
— |
​ |
8,600 |
Ìý |
Other |
​ |
Ìý |
1,242 |
​ |
— |
​ |
— |
​ |
— |
​ |
1,242 |
Ìý |
​ |
​ |
Ìý |
25,051 |
​ |
4,191 |
​ |
— |
​ |
— |
​ |
29,242 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
1,001 |
​ |
2,827 |
​ |
— |
​ |
— |
​ |
3,828 |
Ìý |
Other assets |
​ |
Ìý |
673 |
​ |
894 |
​ |
249 |
​ |
1 |
​ |
1,817 |
Ìý |
Total assets |
​ |
$ |
30,821 |
​ |
10,810 |
​ |
1,000 |
​ |
1 |
​ |
42,632 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intergroup payable (receivable) (note 3) |
​ |
$ |
38 |
​ |
(44) |
​ |
6 |
​ |
— |
​ |
— |
​ |
Accounts payable and accrued liabilities |
​ |
​ |
1,296 |
Ìý |
472 |
​ |
— |
​ |
— |
​ |
1,768 |
​ |
Current portion of debt |
​ |
​ |
581 |
​ |
37 |
​ |
67 |
​ |
— |
​ |
685 |
​ |
Deferred revenue |
​ |
Ìý |
1,128 |
Ìý |
712 |
​ |
— |
​ |
— |
​ |
1,840 |
​ |
Other current liabilities |
​ |
Ìý |
142 |
Ìý |
37 |
​ |
— |
​ |
— |
​ |
179 |
​ |
Total current liabilities |
​ |
Ìý |
3,185 |
Ìý |
1,214 |
​ |
73 |
​ |
— |
​ |
4,472 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
10,232 |
Ìý |
2,875 |
​ |
1,236 |
​ |
— |
​ |
14,343 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
2,371 |
Ìý |
— |
​ |
(162) |
​ |
1 |
​ |
2,210 |
​ |
Other liabilities |
​ |
Ìý |
1,227 |
Ìý |
173 |
​ |
— |
​ |
— |
​ |
1,400 |
​ |
Total liabilities |
​ |
Ìý |
17,015 |
Ìý |
4,262 |
​ |
1,147 |
​ |
1 |
​ |
22,425 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
10,682 |
Ìý |
6,548 |
​ |
(170) |
​ |
— |
​ |
17,060 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
3,124 |
Ìý |
— |
​ |
23 |
​ |
— |
​ |
3,147 |
​ |
Total liabilities and equity |
​ |
$ |
30,821 |
Ìý |
10,810 |
​ |
1,000 |
​ |
1 |
​ |
42,632 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Formula One |
​ |
Live |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
2,178 |
Ìý |
— |
​ |
— |
​ |
2,178 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
853 |
​ |
— |
​ |
853 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
135 |
​ |
— |
​ |
135 |
​ |
Total revenue |
​ |
Ìý |
2,178 |
Ìý |
988 |
​ |
— |
​ |
3,166 |
​ |
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 |
708 |
Ìý |
— |
​ |
— |
​ |
708 |
​ |
Programming and content |
​ |
Ìý |
148 |
Ìý |
— |
​ |
— |
​ |
148 |
​ |
Customer service and billing |
​ |
Ìý |
108 |
Ìý |
— |
​ |
— |
​ |
108 |
​ |
Other |
​ |
Ìý |
59 |
Ìý |
— |
​ |
— |
​ |
59 |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
— |
​ |
639 |
​ |
— |
​ |
639 |
​ |
Other cost of sales |
​ |
​ |
— |
​ |
94 |
​ |
— |
​ |
94 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
92 |
Ìý |
— |
​ |
— |
​ |
92 |
​ |
Other operating expenses |
​ |
Ìý |
71 |
Ìý |
5 |
​ |
— |
​ |
76 |
​ |
Selling, general and administrative |
​ |
Ìý |
361 |
Ìý |
91 |
​ |
2 |
​ |
454 |
​ |
Impairment, restructuring and acquisition costs |
​ |
​ |
4 |
Ìý |
11 |
​ |
— |
​ |
15 |
​ |
Depreciation and amortization |
​ |
Ìý |
156 |
Ìý |
89 |
​ |
— |
​ |
245 |
​ |
​ |
​ |
Ìý |
1,707 |
Ìý |
929 |
​ |
2 |
​ |
2,638 |
​ |
Operating income (loss) |
​ |
Ìý |
471 |
Ìý |
59 |
​ |
(2) |
​ |
528 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(126) |
Ìý |
(53) |
​ |
(7) |
​ |
(186) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
1 |
Ìý |
(2) |
​ |
85 |
​ |
84 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
82 |
Ìý |
(1) |
​ |
88 |
​ |
169 |
​ |
Other, net |
​ |
Ìý |
2 |
Ìý |
20 |
​ |
6 |
​ |
28 |
​ |
​ |
​ |
Ìý |
(41) |
Ìý |
(36) |
​ |
172 |
​ |
95 |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
430 |
Ìý |
23 |
​ |
170 |
​ |
623 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(81) |
Ìý |
1 |
​ |
(36) |
​ |
(116) |
​ |
Net earnings (loss) |
​ |
Ìý |
349 |
Ìý |
24 |
​ |
134 |
​ |
507 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
50 |
Ìý |
— |
​ |
— |
​ |
50 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
299 |
Ìý |
24 |
​ |
134 |
​ |
457 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Formula One |
​ |
Live |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
4,340 |
​ |
— |
​ |
— |
Ìý |
4,340 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
1,403 |
​ |
— |
​ |
1,403 |
​ |
Other revenue |
​ |
Ìý |
— |
​ |
172 |
​ |
— |
Ìý |
172 |
​ |
Total revenue |
​ |
Ìý |
4,340 |
​ |
1,575 |
​ |
— |
Ìý |
5,915 |
​ |
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 |
1,411 |
​ |
— |
​ |
— |
Ìý |
1,411 |
​ |
Programming and content |
​ |
Ìý |
305 |
​ |
— |
​ |
— |
Ìý |
305 |
​ |
Customer service and billing |
​ |
Ìý |
224 |
​ |
— |
​ |
— |
Ìý |
224 |
​ |
Other |
​ |
Ìý |
120 |
​ |
— |
​ |
— |
Ìý |
120 |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
— |
​ |
918 |
​ |
— |
​ |
918 |
​ |
Other cost of sales |
​ |
​ |
— |
​ |
120 |
​ |
— |
​ |
120 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
182 |
​ |
— |
​ |
— |
Ìý |
182 |
​ |
Other operating expenses |
​ |
Ìý |
157 |
​ |
6 |
​ |
— |
Ìý |
163 |
​ |
Selling, general and administrative |
​ |
Ìý |
733 |
​ |
182 |
​ |
4 |
Ìý |
919 |
​ |
Impairment, restructuring and acquisition costs |
​ |
​ |
17 |
​ |
20 |
​ |
— |
Ìý |
37 |
​ |
Depreciation and amortization |
​ |
Ìý |
311 |
​ |
175 |
​ |
— |
Ìý |
486 |
​ |
​ |
​ |
Ìý |
3,460 |
​ |
1,421 |
​ |
4 |
Ìý |
4,885 |
​ |
Operating income (loss) |
​ |
Ìý |
880 |
​ |
154 |
​ |
(4) |
Ìý |
1,030 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(255) |
​ |
(108) |
​ |
(14) |
Ìý |
(377) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
6 |
​ |
(5) |
​ |
64 |
Ìý |
65 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
100 |
​ |
47 |
​ |
19 |
Ìý |
166 |
​ |
Other, net |
​ |
Ìý |
8 |
​ |
35 |
​ |
12 |
Ìý |
55 |
​ |
​ |
​ |
Ìý |
(141) |
​ |
(31) |
​ |
81 |
Ìý |
(91) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
739 |
​ |
123 |
​ |
77 |
Ìý |
939 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(149) |
​ |
(22) |
​ |
(16) |
Ìý |
(187) |
​ |
Net earnings (loss) |
​ |
Ìý |
590 |
​ |
101 |
​ |
61 |
Ìý |
752 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
92 |
​ |
— |
​ |
— |
Ìý |
92 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
498 |
​ |
101 |
​ |
61 |
Ìý |
660 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2023
(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 |
​ |
$ |
2,250 |
Ìý |
— |
​ |
— |
​ |
2,250 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
724 |
​ |
— |
​ |
724 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
— |
​ |
270 |
​ |
270 |
​ |
Total revenue |
​ |
Ìý |
2,250 |
Ìý |
724 |
​ |
270 |
​ |
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 |
69 |
​ |
34 |
​ |
490 |
​ |
Impairment, restructuring and acquisition costs |
​ |
​ |
18 |
​ |
— |
​ |
1 |
​ |
19 |
​ |
Depreciation and amortization |
​ |
Ìý |
154 |
Ìý |
84 |
​ |
19 |
​ |
257 |
​ |
​ |
​ |
Ìý |
1,798 |
Ìý |
672 |
​ |
251 |
​ |
2,721 |
​ |
Operating income (loss) |
​ |
Ìý |
452 |
Ìý |
52 |
​ |
19 |
​ |
523 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(137) |
Ìý |
(54) |
​ |
(9) |
​ |
(200) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
79 |
Ìý |
(1) |
​ |
12 |
​ |
90 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(164) |
Ìý |
64 |
​ |
4 |
​ |
(96) |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
10 |
​ |
40 |
​ |
(50) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
23 |
Ìý |
24 |
​ |
3 |
​ |
50 |
​ |
​ |
​ |
Ìý |
(189) |
Ìý |
73 |
​ |
(40) |
​ |
(156) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
263 |
Ìý |
125 |
​ |
(21) |
​ |
367 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(46) |
Ìý |
(10) |
​ |
(8) |
​ |
(64) |
​ |
Net earnings (loss) |
​ |
Ìý |
217 |
Ìý |
115 |
​ |
(29) |
​ |
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 |
116 |
​ |
(29) |
​ |
253 |
​ |
​
​
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2023
(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 |
​ |
$ |
4,394 |
Ìý |
— |
​ |
— |
​ |
4,394 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
1,105 |
​ |
— |
​ |
1,105 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
— |
​ |
301 |
​ |
301 |
​ |
Total revenue |
​ |
Ìý |
4,394 |
Ìý |
1,105 |
​ |
301 |
​ |
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 |
144 |
​ |
60 |
​ |
976 |
​ |
Impairment, restructuring and acquisition costs |
​ |
​ |
50 |
​ |
— |
​ |
1 |
​ |
51 |
​ |
Depreciation and amortization |
​ |
Ìý |
315 |
Ìý |
168 |
​ |
34 |
​ |
517 |
​ |
​ |
​ |
Ìý |
3,569 |
Ìý |
1,037 |
​ |
331 |
​ |
4,937 |
​ |
Operating income (loss) |
​ |
Ìý |
825 |
Ìý |
68 |
​ |
(30) |
​ |
863 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(273) |
Ìý |
(105) |
​ |
(18) |
​ |
(396) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
72 |
Ìý |
(3) |
​ |
11 |
​ |
80 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(162) |
Ìý |
17 |
​ |
3 |
​ |
(142) |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
64 |
​ |
(1) |
​ |
(63) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
26 |
Ìý |
34 |
​ |
4 |
​ |
64 |
​ |
​ |
​ |
Ìý |
(273) |
Ìý |
(58) |
​ |
(63) |
​ |
(394) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
552 |
Ìý |
10 |
​ |
(93) |
​ |
469 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(115) |
Ìý |
(4) |
​ |
5 |
​ |
(114) |
​ |
Net earnings (loss) |
​ |
Ìý |
437 |
Ìý |
6 |
​ |
(88) |
​ |
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 |
7 |
​ |
(88) |
​ |
268 |
​ |
​
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Formula One |
​ |
Live |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
590 |
Ìý |
101 |
​ |
61 |
​ |
752 |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
311 |
Ìý |
175 |
​ |
— |
​ |
486 |
​ |
Stock-based compensation |
​ |
Ìý |
96 |
Ìý |
18 |
​ |
2 |
​ |
116 |
​ |
Non-cash impairment and restructuring costs |
​ |
​ |
1 |
Ìý |
— |
​ |
— |
​ |
1 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
(6) |
Ìý |
5 |
​ |
(64) |
​ |
(65) |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(100) |
Ìý |
(47) |
​ |
(19) |
​ |
(166) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
(19) |
Ìý |
2 |
​ |
13 |
​ |
(4) |
​ |
Intergroup tax allocation |
​ |
​ |
59 |
Ìý |
(62) |
​ |
3 |
​ |
— |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
(83) |
Ìý |
80 |
​ |
3 |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
73 |
Ìý |
5 |
​ |
(4) |
​ |
74 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
74 |
Ìý |
(79) |
​ |
2 |
​ |
(3) |
​ |
Payables and other liabilities |
​ |
Ìý |
(243) |
Ìý |
203 |
​ |
(4) |
​ |
(44) |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
753 |
Ìý |
401 |
​ |
(7) |
​ |
1,147 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(202) |
Ìý |
(1) |
​ |
— |
​ |
(203) |
​ |
Cash proceeds from dispositions |
​ |
​ |
— |
Ìý |
— |
​ |
107 |
​ |
107 |
​ |
Cash (paid) received for acquisitions, net of cash acquired |
​ |
​ |
— |
Ìý |
(205) |
​ |
— |
​ |
(205) |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(347) |
Ìý |
(40) |
​ |
— |
​ |
(387) |
​ |
Other investing activities, net |
​ |
Ìý |
(1) |
Ìý |
(62) |
​ |
1 |
​ |
(62) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(550) |
Ìý |
(308) |
​ |
108 |
​ |
(750) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
1,352 |
Ìý |
10 |
​ |
— |
​ |
1,362 |
​ |
Repayments of debt |
​ |
Ìý |
(1,605) |
Ìý |
(31) |
​ |
— |
​ |
(1,636) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(34) |
​ |
— |
​ |
— |
​ |
(34) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(23) |
Ìý |
(7) |
​ |
(1) |
​ |
(31) |
​ |
Other financing activities, net |
​ |
​ |
(4) |
​ |
34 |
​ |
1 |
​ |
31 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(314) |
Ìý |
6 |
​ |
— |
​ |
(308) |
​ |
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 |
(111) |
Ìý |
91 |
​ |
101 |
​ |
81 |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
315 |
Ìý |
1,408 |
​ |
305 |
​ |
2,028 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
204 |
Ìý |
1,499 |
​ |
406 |
​ |
2,109 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2023
(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) |
​ |
$ |
437 |
Ìý |
6 |
​ |
(88) |
​ |
355 |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
315 |
Ìý |
168 |
​ |
34 |
​ |
517 |
​ |
Stock-based compensation |
​ |
Ìý |
94 |
Ìý |
10 |
​ |
6 |
​ |
110 |
​ |
Non-cash impairment and restructuring costs |
​ |
​ |
21 |
​ |
— |
​ |
— |
​ |
21 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
(72) |
Ìý |
3 |
​ |
(11) |
​ |
(80) |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(64) |
​ |
1 |
​ |
63 |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
162 |
Ìý |
(17) |
​ |
(3) |
​ |
142 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
(33) |
Ìý |
1 |
​ |
(3) |
​ |
(35) |
​ |
Intergroup tax allocation |
​ |
​ |
86 |
​ |
(84) |
​ |
(2) |
​ |
— |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
(33) |
​ |
36 |
​ |
(3) |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
(12) |
Ìý |
— |
​ |
4 |
​ |
(8) |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
1 |
Ìý |
(91) |
​ |
(5) |
​ |
(95) |
​ |
Payables and other liabilities |
​ |
Ìý |
(48) |
Ìý |
275 |
​ |
44 |
​ |
271 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
854 |
Ìý |
308 |
​ |
36 |
​ |
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 |
(180) |
​ |
(30) |
​ |
(544) |
​ |
Other investing activities, net |
​ |
Ìý |
(1) |
Ìý |
(19) |
​ |
— |
​ |
(20) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(377) |
Ìý |
(304) |
​ |
(30) |
​ |
(711) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
2,048 |
Ìý |
— |
​ |
16 |
​ |
2,064 |
​ |
Repayments of debt |
​ |
Ìý |
(2,563) |
Ìý |
(59) |
​ |
(19) |
​ |
(2,641) |
​ |
Settlement of intergroup interests |
​ |
​ |
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 |
(8) |
​ |
(1) |
​ |
(28) |
​ |
Other financing activities, net |
​ |
​ |
36 |
​ |
19 |
​ |
8 |
​ |
63 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(528) |
Ìý |
(250) |
​ |
4 |
​ |
(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 |
(244) |
​ |
10 |
​ |
(285) |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
370 |
Ìý |
1,733 |
​ |
173 |
​ |
2,276 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
319 |
Ìý |
1,489 |
​ |
183 |
​ |
1,991 |
​ |
​
|