Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Financial Information for Tracking Stock Groups |
Ìý
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
September 30, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
Inter-Group |
​ |
Consolidated |
​ |
​ |
ÌýÌýÌýÌý |
Group |
​ |
Group |
​ |
Eliminations |
​ |
Â鶹×îгöÆ· |
ÌýÌýÌýÌý |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Assets |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current assets: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash and cash equivalents |
​ |
$ |
2,666 |
​ |
388 |
​ |
— |
​ |
3,054 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
122 |
​ |
— |
​ |
— |
​ |
122 |
Ìý |
Other current assets |
​ |
Ìý |
503 |
​ |
— |
​ |
— |
​ |
503 |
Ìý |
Total current assets |
​ |
Ìý |
3,291 |
​ |
388 |
​ |
— |
​ |
3,679 |
Ìý |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
35 |
​ |
448 |
​ |
— |
​ |
483 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
1,010 |
​ |
— |
​ |
— |
​ |
1,010 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(183) |
​ |
— |
​ |
— |
​ |
(183) |
Ìý |
​ |
​ |
Ìý |
827 |
​ |
— |
​ |
— |
​ |
827 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
4,192 |
​ |
— |
​ |
— |
​ |
4,192 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
2,757 |
​ |
— |
​ |
— |
​ |
2,757 |
Ìý |
Other assets |
​ |
Ìý |
878 |
​ |
419 |
​ |
(27) |
​ |
1,270 |
Ìý |
Total assets |
​ |
$ |
11,980 |
​ |
1,255 |
​ |
(27) |
​ |
13,208 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Accounts payable and accrued liabilities |
​ |
$ |
404 |
​ |
— |
​ |
— |
​ |
404 |
​ |
Current portion of debt |
​ |
​ |
21 |
​ |
55 |
​ |
— |
​ |
76 |
​ |
Deferred revenue |
​ |
Ìý |
756 |
​ |
— |
​ |
— |
​ |
756 |
​ |
Other current liabilities |
​ |
Ìý |
37 |
​ |
— |
​ |
— |
​ |
37 |
​ |
Total current liabilities |
​ |
Ìý |
1,218 |
​ |
55 |
​ |
— |
​ |
1,273 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
2,907 |
​ |
1,382 |
​ |
— |
​ |
4,289 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
27 |
​ |
— |
​ |
(27) |
​ |
— |
​ |
Other liabilities |
​ |
Ìý |
186 |
​ |
1 |
​ |
— |
​ |
187 |
​ |
Total liabilities |
​ |
Ìý |
4,338 |
​ |
1,438 |
​ |
(27) |
​ |
5,749 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
7,642 |
​ |
(206) |
​ |
— |
​ |
7,436 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
— |
​ |
23 |
​ |
— |
​ |
23 |
​ |
Total liabilities and equity |
​ |
$ |
11,980 |
​ |
1,255 |
​ |
(27) |
​ |
13,208 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula 1 revenue |
​ |
$ |
848 |
​ |
— |
​ |
— |
​ |
848 |
​ |
Other revenue |
​ |
Ìý |
63 |
​ |
— |
​ |
— |
​ |
63 |
​ |
Total revenue |
​ |
Ìý |
911 |
​ |
— |
​ |
— |
​ |
911 |
​ |
Operating costs and expenses: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
554 |
​ |
— |
​ |
— |
​ |
554 |
​ |
Other cost of sales |
​ |
​ |
41 |
​ |
— |
​ |
— |
​ |
41 |
​ |
Other operating expenses |
​ |
Ìý |
2 |
​ |
— |
​ |
— |
​ |
2 |
​ |
Selling, general and administrative, including stock-based compensation (note 2) |
​ |
Ìý |
113 |
​ |
3 |
​ |
— |
​ |
116 |
​ |
Impairment and acquisition costs |
​ |
​ |
3 |
​ |
— |
​ |
— |
​ |
3 |
​ |
Depreciation and amortization |
​ |
Ìý |
88 |
​ |
— |
​ |
— |
​ |
88 |
​ |
​ |
​ |
Ìý |
801 |
​ |
3 |
​ |
— |
​ |
804 |
​ |
Operating income (loss) |
​ |
Ìý |
110 |
​ |
(3) |
​ |
— |
​ |
107 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(54) |
​ |
(8) |
​ |
— |
​ |
(62) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(1) |
​ |
117 |
​ |
— |
​ |
116 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
39 |
​ |
(94) |
​ |
— |
​ |
(55) |
​ |
Other, net |
​ |
Ìý |
21 |
​ |
8 |
​ |
— |
​ |
29 |
​ |
​ |
​ |
Ìý |
5 |
​ |
23 |
​ |
— |
​ |
28 |
​ |
Earnings (loss) from continuing operations before income taxes |
​ |
Ìý |
115 |
​ |
20 |
​ |
— |
​ |
135 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
2 |
​ |
(5) |
​ |
— |
​ |
(3) |
​ |
Net earnings (loss) from continuing operations |
​ |
Ìý |
117 |
​ |
15 |
​ |
— |
​ |
132 |
​ |
Net earnings (loss) from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(3,002) |
​ |
(3,002) |
​ |
Net earnings (loss) |
​ |
​ |
117 |
​ |
15 |
​ |
(3,002) |
​ |
(2,870) |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
— |
​ |
— |
​ |
(502) |
​ |
(502) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
117 |
​ |
15 |
​ |
(2,500) |
​ |
(2,368) |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula 1 revenue |
​ |
$ |
2,251 |
​ |
— |
​ |
— |
​ |
2,251 |
​ |
Other revenue |
​ |
Ìý |
235 |
​ |
— |
​ |
— |
Ìý |
235 |
​ |
Total revenue |
​ |
Ìý |
2,486 |
​ |
— |
​ |
— |
Ìý |
2,486 |
​ |
Operating costs and expenses: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
1,472 |
​ |
— |
​ |
— |
​ |
1,472 |
​ |
Other cost of sales |
​ |
​ |
161 |
​ |
— |
​ |
— |
​ |
161 |
​ |
Other operating expenses |
​ |
Ìý |
8 |
​ |
— |
​ |
— |
Ìý |
8 |
​ |
Selling, general and administrative, including stock-based compensation (note 2) |
​ |
Ìý |
295 |
​ |
7 |
​ |
— |
Ìý |
302 |
​ |
Impairment and acquisition costs |
​ |
​ |
23 |
​ |
— |
​ |
— |
Ìý |
23 |
​ |
Depreciation and amortization |
​ |
Ìý |
263 |
​ |
— |
​ |
— |
Ìý |
263 |
​ |
​ |
​ |
Ìý |
2,222 |
​ |
7 |
​ |
— |
Ìý |
2,229 |
​ |
Operating income (loss) |
​ |
Ìý |
264 |
​ |
(7) |
​ |
— |
Ìý |
257 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(162) |
​ |
(22) |
​ |
— |
Ìý |
(184) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(6) |
​ |
181 |
​ |
— |
Ìý |
175 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
86 |
​ |
(75) |
​ |
— |
Ìý |
11 |
​ |
Other, net |
​ |
Ìý |
56 |
​ |
20 |
​ |
— |
Ìý |
76 |
​ |
​ |
​ |
Ìý |
(26) |
​ |
104 |
​ |
— |
Ìý |
78 |
​ |
Earnings (loss) from continuing operations before income taxes |
​ |
Ìý |
238 |
​ |
97 |
​ |
— |
Ìý |
335 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(20) |
​ |
(21) |
​ |
— |
Ìý |
(41) |
​ |
Net earnings (loss) from continuing operations |
​ |
Ìý |
218 |
​ |
76 |
​ |
— |
Ìý |
294 |
​ |
Net earnings (loss) from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(2,412) |
​ |
(2,412) |
​ |
Net earnings (loss) |
​ |
​ |
218 |
​ |
76 |
​ |
(2,412) |
​ |
(2,118) |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
— |
​ |
— |
​ |
(410) |
Ìý |
(410) |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
218 |
​ |
76 |
​ |
(2,002) |
Ìý |
(1,708) |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2023
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula 1 revenue |
​ |
$ |
887 |
​ |
— |
​ |
— |
​ |
— |
​ |
887 |
​ |
Other revenue |
​ |
Ìý |
— |
​ |
— |
​ |
— |
​ |
49 |
​ |
49 |
​ |
Total revenue |
​ |
Ìý |
887 |
​ |
— |
​ |
— |
​ |
49 |
​ |
936 |
​ |
Operating costs and expenses: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
615 |
​ |
— |
​ |
— |
​ |
— |
​ |
615 |
​ |
Other operating expenses |
​ |
Ìý |
— |
​ |
— |
​ |
— |
​ |
38 |
​ |
38 |
​ |
Selling, general and administrative, including stock-based compensation (note 2) |
​ |
Ìý |
79 |
​ |
5 |
​ |
— |
​ |
9 |
​ |
93 |
​ |
Depreciation and amortization |
​ |
Ìý |
86 |
​ |
— |
​ |
— |
​ |
3 |
​ |
89 |
​ |
​ |
​ |
Ìý |
780 |
​ |
5 |
​ |
— |
​ |
50 |
​ |
835 |
​ |
Operating income (loss) |
​ |
Ìý |
107 |
​ |
(5) |
​ |
— |
​ |
(1) |
​ |
101 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(56) |
​ |
(2) |
​ |
(1) |
​ |
(3) |
​ |
(62) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
2 |
​ |
90 |
​ |
50 |
​ |
1 |
​ |
143 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
66 |
​ |
(72) |
​ |
45 |
​ |
— |
​ |
39 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
16 |
​ |
— |
​ |
— |
​ |
(20) |
​ |
(4) |
​ |
Other, net |
​ |
Ìý |
14 |
​ |
(35) |
​ |
1 |
​ |
1 |
​ |
(19) |
​ |
​ |
​ |
Ìý |
42 |
​ |
(19) |
​ |
95 |
​ |
(21) |
​ |
97 |
​ |
Earnings (loss) from continuing operations before income taxes |
​ |
Ìý |
149 |
​ |
(24) |
​ |
95 |
​ |
(22) |
​ |
198 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(31) |
​ |
5 |
​ |
(21) |
​ |
1 |
​ |
(46) |
​ |
Net earnings (loss) from continuing operations |
​ |
Ìý |
118 |
​ |
(19) |
​ |
74 |
​ |
(21) |
​ |
152 |
​ |
Net earnings (loss) from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
291 |
​ |
— |
​ |
291 |
​ |
Net earnings (loss) |
​ |
​ |
118 |
​ |
(19) |
​ |
365 |
​ |
(21) |
​ |
443 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
— |
​ |
— |
​ |
58 |
​ |
— |
​ |
58 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
118 |
​ |
(19) |
​ |
307 |
​ |
(21) |
​ |
385 |
​ |
​
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2023
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula 1 revenue |
​ |
$ |
1,992 |
​ |
— |
​ |
— |
​ |
— |
​ |
1,992 |
​ |
Other revenue |
​ |
Ìý |
— |
​ |
— |
​ |
— |
Ìý |
350 |
​ |
350 |
​ |
Total revenue |
​ |
Ìý |
1,992 |
​ |
— |
​ |
— |
Ìý |
350 |
​ |
2,342 |
​ |
Operating costs and expenses: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
1,340 |
​ |
— |
​ |
— |
​ |
— |
​ |
1,340 |
​ |
Other operating expenses |
​ |
Ìý |
— |
​ |
— |
​ |
— |
Ìý |
274 |
​ |
274 |
​ |
Selling, general and administrative, including stock-based compensation (note 2) |
​ |
Ìý |
223 |
​ |
5 |
​ |
— |
Ìý |
69 |
​ |
297 |
​ |
Impairment and acquisition costs |
​ |
​ |
— |
​ |
— |
​ |
— |
Ìý |
1 |
​ |
1 |
​ |
Depreciation and amortization |
​ |
Ìý |
254 |
​ |
— |
​ |
— |
Ìý |
37 |
​ |
291 |
​ |
​ |
​ |
Ìý |
1,817 |
​ |
5 |
​ |
— |
Ìý |
381 |
​ |
2,203 |
​ |
Operating income (loss) |
​ |
Ìý |
175 |
​ |
(5) |
​ |
— |
Ìý |
(31) |
​ |
139 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(161) |
​ |
(2) |
​ |
(4) |
Ìý |
(21) |
​ |
(188) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(1) |
​ |
90 |
​ |
127 |
Ìý |
12 |
​ |
228 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
83 |
​ |
(72) |
​ |
(59) |
Ìý |
3 |
​ |
(45) |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
15 |
​ |
— |
​ |
— |
​ |
(83) |
​ |
(68) |
​ |
Other, net |
​ |
Ìý |
48 |
​ |
(35) |
​ |
(6) |
Ìý |
5 |
​ |
12 |
​ |
​ |
​ |
Ìý |
(16) |
​ |
(19) |
​ |
58 |
Ìý |
(84) |
​ |
(61) |
​ |
Earnings (loss) from continuing operations before income taxes |
​ |
Ìý |
159 |
​ |
(24) |
​ |
58 |
Ìý |
(115) |
​ |
78 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(35) |
​ |
5 |
​ |
(13) |
Ìý |
6 |
​ |
(37) |
​ |
Net earnings (loss) from continuing operations |
​ |
Ìý |
124 |
​ |
(19) |
​ |
45 |
Ìý |
(109) |
​ |
41 |
​ |
Net earnings (loss) from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
757 |
​ |
— |
​ |
757 |
​ |
Net earnings (loss) |
​ |
​ |
124 |
​ |
(19) |
​ |
802 |
​ |
(109) |
​ |
798 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
(1) |
​ |
— |
​ |
146 |
Ìý |
— |
​ |
145 |
​ |
Net earnings (loss) attributable to Â鶹×îгöÆ· stockholders |
​ |
$ |
125 |
​ |
(19) |
​ |
656 |
Ìý |
(109) |
​ |
653 |
​ |
​
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
218 |
​ |
76 |
​ |
(2,412) |
​ |
(2,118) |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net (earnings) loss from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
2,412 |
​ |
2,412 |
​ |
Depreciation and amortization |
​ |
Ìý |
263 |
​ |
— |
​ |
— |
​ |
263 |
​ |
Stock-based compensation |
​ |
Ìý |
24 |
​ |
3 |
​ |
— |
​ |
27 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
6 |
​ |
(181) |
​ |
— |
​ |
(175) |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(86) |
​ |
75 |
​ |
— |
​ |
(11) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
22 |
​ |
22 |
​ |
— |
​ |
44 |
​ |
Intergroup tax allocation |
​ |
​ |
(97) |
​ |
(1) |
​ |
— |
​ |
(98) |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
128 |
​ |
3 |
​ |
— |
​ |
131 |
​ |
Other, net |
​ |
Ìý |
25 |
​ |
(4) |
​ |
— |
​ |
21 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
(71) |
​ |
— |
​ |
— |
​ |
(71) |
​ |
Payables and other liabilities |
​ |
Ìý |
155 |
​ |
(4) |
​ |
— |
​ |
151 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
587 |
​ |
(11) |
​ |
— |
​ |
576 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(7) |
​ |
(3) |
​ |
— |
​ |
(10) |
​ |
Cash proceeds from dispositions |
​ |
​ |
— |
​ |
107 |
​ |
— |
​ |
107 |
​ |
Cash (paid) received for acquisitions, net of cash acquired |
​ |
​ |
(205) |
​ |
— |
​ |
— |
​ |
(205) |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(52) |
​ |
— |
​ |
— |
​ |
(52) |
​ |
Other investing activities, net |
​ |
Ìý |
(13) |
​ |
1 |
​ |
— |
​ |
(12) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(277) |
​ |
105 |
​ |
— |
​ |
(172) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
644 |
​ |
— |
​ |
— |
​ |
644 |
​ |
Repayments of debt |
​ |
Ìý |
(671) |
​ |
(12) |
​ |
— |
​ |
(683) |
​ |
Issuance of Series C Â鶹×îгöÆ· Formula One common stock |
​ |
​ |
939 |
​ |
— |
​ |
— |
​ |
939 |
​ |
Other financing activities, net |
​ |
​ |
42 |
​ |
1 |
​ |
— |
​ |
43 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
954 |
​ |
(11) |
​ |
— |
​ |
943 |
​ |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
​ |
​ |
1 |
​ |
— |
​ |
— |
​ |
1 |
​ |
Net cash provided (used) by discontinued operations: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash provided (used) by operating activities |
​ |
​ |
— |
​ |
— |
​ |
879 |
​ |
879 |
​ |
Cash provided (used) by investing activities |
​ |
​ |
— |
​ |
— |
​ |
(709) |
​ |
(709) |
​ |
Cash provided (used) by financing activities |
​ |
​ |
— |
​ |
— |
​ |
(485) |
​ |
(485) |
​ |
Net cash provided (used) by discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(315) |
​ |
(315) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
1,265 |
​ |
83 |
​ |
(315) |
​ |
1,033 |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
1,408 |
​ |
305 |
​ |
315 |
​ |
2,028 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
2,673 |
​ |
388 |
​ |
— |
​ |
3,061 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2023
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Â鶹×îгöÆ· |
​ |
Â鶹×îгöÆ· |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹×îгöÆ· |
​ |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
124 |
​ |
(19) |
​ |
802 |
​ |
(109) |
​ |
798 |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net (earnings) loss from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(757) |
​ |
— |
​ |
(757) |
​ |
Depreciation and amortization |
​ |
Ìý |
254 |
​ |
— |
​ |
— |
​ |
37 |
​ |
291 |
​ |
Stock-based compensation |
​ |
Ìý |
14 |
​ |
1 |
​ |
— |
​ |
7 |
​ |
22 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
1 |
​ |
(90) |
​ |
(127) |
​ |
(12) |
​ |
(228) |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(83) |
​ |
72 |
​ |
59 |
​ |
(3) |
​ |
45 |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(15) |
​ |
— |
​ |
— |
​ |
83 |
​ |
68 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
19 |
​ |
(4) |
​ |
14 |
​ |
(5) |
​ |
24 |
​ |
Intergroup tax allocation |
​ |
​ |
(135) |
​ |
(1) |
​ |
(1) |
​ |
— |
​ |
(137) |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
91 |
​ |
— |
​ |
— |
​ |
(1) |
​ |
90 |
​ |
Other, net |
​ |
Ìý |
6 |
​ |
34 |
​ |
6 |
​ |
4 |
​ |
50 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
(122) |
​ |
(10) |
​ |
— |
​ |
(34) |
​ |
(166) |
​ |
Payables and other liabilities |
​ |
Ìý |
400 |
​ |
14 |
​ |
1 |
​ |
65 |
​ |
480 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
554 |
​ |
(3) |
​ |
(3) |
​ |
32 |
​ |
580 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(173) |
​ |
— |
​ |
— |
​ |
— |
​ |
(173) |
​ |
Cash proceeds from dispositions |
​ |
​ |
110 |
​ |
1 |
​ |
— |
​ |
— |
​ |
111 |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(308) |
​ |
— |
​ |
— |
​ |
(35) |
​ |
(343) |
​ |
Other investing activities, net |
​ |
Ìý |
(20) |
​ |
— |
​ |
— |
​ |
— |
​ |
(20) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(391) |
​ |
1 |
​ |
— |
​ |
(35) |
​ |
(425) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
— |
​ |
1,135 |
​ |
— |
​ |
30 |
​ |
1,165 |
​ |
Repayments of debt |
​ |
Ìý |
(64) |
​ |
(918) |
​ |
— |
​ |
(20) |
​ |
(1,002) |
​ |
Settlement of intergroup interests |
​ |
​ |
(273) |
​ |
— |
​ |
— |
​ |
— |
​ |
(273) |
​ |
Atlanta Braves Holdings, Inc. Split-Off |
​ |
​ |
— |
​ |
— |
​ |
— |
​ |
(188) |
​ |
(188) |
​ |
Reclassification |
​ |
​ |
(100) |
​ |
100 |
​ |
— |
​ |
— |
​ |
— |
​ |
Other financing activities, net |
​ |
​ |
11 |
​ |
— |
​ |
3 |
​ |
8 |
​ |
22 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(426) |
​ |
317 |
​ |
3 |
​ |
(170) |
​ |
(276) |
​ |
Net cash provided (used) by discontinued operations: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash provided (used) by operating activities |
​ |
​ |
— |
​ |
— |
​ |
1,301 |
​ |
— |
​ |
1,301 |
​ |
Cash provided (used) by investing activities |
​ |
​ |
— |
​ |
— |
​ |
(565) |
​ |
— |
​ |
(565) |
​ |
Cash provided (used) by financing activities |
​ |
​ |
— |
​ |
— |
​ |
(771) |
​ |
— |
​ |
(771) |
​ |
Net cash provided (used) by discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(35) |
​ |
— |
​ |
(35) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(263) |
​ |
315 |
​ |
(35) |
​ |
(173) |
​ |
(156) |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
1,733 |
​ |
NA |
​ |
370 |
​ |
173 |
​ |
2,276 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
1,470 |
​ |
315 |
​ |
335 |
​ |
— |
​ |
2,120 |
​ |
​
|