Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
September 30, 2020
(unaudited)
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Inter-Group |
​ |
Consolidated |
​ |
​ |
ÌýÌýÌýÌý |
Group |
​ |
Group |
​ |
Group |
​ |
Eliminations |
​ |
ÎçҹѰ»¨ |
ÌýÌýÌýÌý |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Assets |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current assets: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash and cash equivalents |
​ |
$ |
137 |
​ |
213 |
​ |
1,586 |
​ |
— |
​ |
1,936 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
582 |
​ |
41 |
​ |
148 |
​ |
— |
​ |
771 |
Ìý |
Other current assets |
​ |
Ìý |
214 |
​ |
40 |
​ |
588 |
​ |
(276) |
​ |
566 |
Ìý |
Total current assets |
​ |
Ìý |
933 |
​ |
294 |
​ |
2,322 |
​ |
(276) |
​ |
3,273 |
Ìý |
Intergroup interests (note 1) |
​ |
​ |
225 |
​ |
— |
​ |
142 |
​ |
(367) |
​ |
— |
​ |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
986 |
​ |
87 |
​ |
33 |
​ |
— |
​ |
1,106 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
2,724 |
​ |
991 |
​ |
191 |
​ |
— |
​ |
3,906 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(1,435) |
​ |
(168) |
​ |
(67) |
​ |
— |
​ |
(1,670) |
Ìý |
​ |
​ |
Ìý |
1,289 |
​ |
823 |
​ |
124 |
​ |
— |
​ |
2,236 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intangible assets not subject to amortization |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
15,820 |
​ |
180 |
​ |
3,956 |
​ |
— |
​ |
19,956 |
Ìý |
FCC licenses |
​ |
Ìý |
8,600 |
​ |
— |
​ |
— |
​ |
— |
​ |
8,600 |
Ìý |
Other |
​ |
Ìý |
1,262 |
​ |
143 |
​ |
— |
​ |
— |
​ |
1,405 |
Ìý |
​ |
​ |
Ìý |
25,682 |
​ |
323 |
​ |
3,956 |
​ |
— |
​ |
29,961 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
1,474 |
​ |
25 |
​ |
3,990 |
​ |
— |
​ |
5,489 |
Ìý |
Other assets |
​ |
Ìý |
1,021 |
​ |
76 |
​ |
664 |
​ |
(37) |
​ |
1,724 |
Ìý |
Total assets |
​ |
$ |
31,610 |
​ |
1,628 |
​ |
11,231 |
​ |
(680) |
​ |
43,789 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intergroup payable (receivable) (note 3) |
​ |
$ |
(28) |
​ |
(25) |
​ |
53 |
​ |
— |
​ |
— |
​ |
Accounts payable and accrued liabilities |
​ |
​ |
1,156 |
Ìý |
63 |
​ |
184 |
​ |
— |
​ |
1,403 |
​ |
Current portion of debt |
​ |
​ |
1 |
​ |
95 |
​ |
— |
​ |
— |
​ |
96 |
​ |
Deferred revenue |
​ |
Ìý |
1,792 |
Ìý |
88 |
​ |
362 |
​ |
— |
​ |
2,242 |
​ |
Other current liabilities |
​ |
Ìý |
350 |
Ìý |
4 |
​ |
20 |
​ |
(276) |
​ |
98 |
​ |
Total current liabilities |
​ |
Ìý |
3,271 |
Ìý |
225 |
​ |
619 |
​ |
(276) |
​ |
3,839 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
11,084 |
Ìý |
615 |
​ |
3,715 |
​ |
— |
​ |
15,414 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
2,055 |
Ìý |
47 |
​ |
— |
​ |
(37) |
​ |
2,065 |
​ |
Redeemable intergroup interests (note 1) |
​ |
​ |
— |
​ |
191 |
​ |
176 |
​ |
(367) |
​ |
— |
​ |
Other liabilities |
​ |
Ìý |
664 |
Ìý |
213 |
​ |
214 |
​ |
— |
​ |
1,091 |
​ |
Total liabilities |
​ |
Ìý |
17,074 |
Ìý |
1,291 |
​ |
4,724 |
​ |
(680) |
​ |
22,409 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
9,354 |
Ìý |
337 |
​ |
6,501 |
​ |
— |
​ |
16,192 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
5,182 |
Ìý |
— |
​ |
6 |
​ |
— |
​ |
5,188 |
​ |
Total liabilities and equity |
​ |
$ |
31,610 |
Ìý |
1,628 |
​ |
11,231 |
​ |
(680) |
​ |
43,789 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2020
(unaudited)
​
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
2,025 |
Ìý |
— |
​ |
— |
​ |
2,025 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
597 |
​ |
597 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
110 |
​ |
— |
​ |
110 |
​ |
Total revenue |
​ |
Ìý |
2,025 |
Ìý |
110 |
​ |
597 |
​ |
2,732 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
602 |
Ìý |
— |
​ |
— |
​ |
602 |
​ |
Programming and content |
​ |
Ìý |
123 |
Ìý |
— |
​ |
— |
​ |
123 |
​ |
Customer service and billing |
​ |
Ìý |
119 |
Ìý |
— |
​ |
— |
​ |
119 |
​ |
Other |
​ |
Ìý |
51 |
Ìý |
— |
​ |
— |
​ |
51 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
551 |
​ |
551 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
110 |
Ìý |
— |
​ |
— |
​ |
110 |
​ |
Other operating expenses |
​ |
Ìý |
64 |
Ìý |
90 |
​ |
— |
​ |
154 |
​ |
Selling, general and administrative |
​ |
Ìý |
363 |
Ìý |
17 |
​ |
43 |
​ |
423 |
​ |
Acquisition and restructuring |
​ |
​ |
— |
Ìý |
— |
​ |
— |
​ |
— |
​ |
Depreciation and amortization |
​ |
Ìý |
142 |
Ìý |
19 |
​ |
118 |
​ |
279 |
​ |
​ |
​ |
Ìý |
1,574 |
Ìý |
126 |
​ |
712 |
​ |
2,412 |
​ |
Operating income (loss) |
​ |
Ìý |
451 |
Ìý |
(16) |
​ |
(115) |
​ |
320 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(116) |
Ìý |
(6) |
​ |
(31) |
​ |
(153) |
​ |
Intergroup interest (expense) income |
​ |
​ |
— |
Ìý |
— |
​ |
— |
​ |
— |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(183) |
Ìý |
(5) |
​ |
1 |
​ |
(187) |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(39) |
Ìý |
— |
​ |
55 |
​ |
16 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
25 |
​ |
(10) |
​ |
(15) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
(36) |
Ìý |
(1) |
​ |
5 |
​ |
(32) |
​ |
​ |
​ |
Ìý |
(349) |
Ìý |
(22) |
​ |
15 |
​ |
(356) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
102 |
Ìý |
(38) |
​ |
(100) |
​ |
(36) |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(22) |
Ìý |
7 |
​ |
8 |
​ |
(7) |
​ |
Net earnings (loss) |
​ |
Ìý |
80 |
Ìý |
(31) |
​ |
(92) |
​ |
(43) |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
68 |
Ìý |
— |
​ |
3 |
​ |
71 |
​ |
Net earnings (loss) attributable to ÎçҹѰ»¨ stockholders |
​ |
$ |
12 |
Ìý |
(31) |
​ |
(95) |
​ |
(114) |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2019
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
2,011 |
Ìý |
— |
​ |
— |
​ |
2,011 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
633 |
​ |
633 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
212 |
​ |
— |
​ |
212 |
​ |
Total revenue |
​ |
Ìý |
2,011 |
Ìý |
212 |
​ |
633 |
​ |
2,856 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
592 |
Ìý |
— |
​ |
— |
​ |
592 |
​ |
Programming and content |
​ |
Ìý |
116 |
Ìý |
— |
​ |
— |
​ |
116 |
​ |
Customer service and billing |
​ |
Ìý |
120 |
Ìý |
— |
​ |
— |
​ |
120 |
​ |
Other |
​ |
Ìý |
52 |
Ìý |
— |
​ |
— |
​ |
52 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
434 |
​ |
434 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
101 |
Ìý |
— |
​ |
— |
​ |
101 |
​ |
Other operating expenses |
​ |
Ìý |
78 |
Ìý |
145 |
​ |
— |
​ |
223 |
​ |
Selling, general and administrative |
​ |
Ìý |
363 |
Ìý |
26 |
​ |
51 |
​ |
440 |
​ |
Acquisition and restructuring |
​ |
​ |
— |
Ìý |
— |
​ |
— |
​ |
— |
​ |
Depreciation and amortization |
​ |
Ìý |
135 |
Ìý |
20 |
​ |
116 |
​ |
271 |
​ |
​ |
​ |
Ìý |
1,557 |
Ìý |
191 |
​ |
601 |
​ |
2,349 |
​ |
Operating income (loss) |
​ |
Ìý |
454 |
Ìý |
21 |
​ |
32 |
​ |
507 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(115) |
Ìý |
(6) |
​ |
(48) |
​ |
(169) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(7) |
Ìý |
4 |
​ |
58 |
​ |
55 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(10) |
Ìý |
(2) |
​ |
26 |
​ |
14 |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
— |
​ |
2 |
​ |
(2) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
(51) |
Ìý |
— |
​ |
4 |
​ |
(47) |
​ |
​ |
​ |
Ìý |
(183) |
Ìý |
(2) |
​ |
38 |
​ |
(147) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
271 |
Ìý |
19 |
​ |
70 |
​ |
360 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(63) |
Ìý |
(7) |
​ |
(28) |
​ |
(98) |
​ |
Net earnings (loss) |
​ |
Ìý |
208 |
Ìý |
12 |
​ |
42 |
​ |
262 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
68 |
Ìý |
— |
​ |
1 |
​ |
69 |
​ |
Net earnings (loss) attributable to ÎçҹѰ»¨ stockholders |
​ |
$ |
140 |
Ìý |
12 |
​ |
41 |
​ |
193 |
​ |
​
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2020
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
5,851 |
Ìý |
— |
​ |
— |
​ |
5,851 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
660 |
​ |
660 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
143 |
​ |
— |
​ |
143 |
​ |
Total revenue |
​ |
Ìý |
5,851 |
Ìý |
143 |
​ |
660 |
​ |
6,654 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of subscriber services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
1,759 |
Ìý |
— |
​ |
— |
​ |
1,759 |
​ |
Programming and content |
​ |
Ìý |
351 |
Ìý |
— |
​ |
— |
​ |
351 |
​ |
Customer service and billing |
​ |
Ìý |
359 |
Ìý |
— |
​ |
— |
​ |
359 |
​ |
Other |
​ |
Ìý |
142 |
Ìý |
— |
​ |
— |
​ |
142 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
610 |
​ |
610 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
257 |
Ìý |
— |
​ |
— |
​ |
257 |
​ |
Other operating expenses |
​ |
Ìý |
196 |
Ìý |
143 |
​ |
— |
​ |
339 |
​ |
Selling, general and administrative |
​ |
Ìý |
1,055 |
Ìý |
39 |
​ |
127 |
​ |
1,221 |
​ |
Acquisition and restructuring |
​ |
​ |
24 |
Ìý |
— |
​ |
— |
​ |
24 |
​ |
Depreciation and amortization |
​ |
Ìý |
432 |
Ìý |
54 |
​ |
326 |
​ |
812 |
​ |
​ |
​ |
Ìý |
4,575 |
Ìý |
236 |
​ |
1,063 |
​ |
5,874 |
​ |
Operating income (loss) |
​ |
Ìý |
1,276 |
Ìý |
(93) |
​ |
(403) |
​ |
780 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(347) |
Ìý |
(19) |
​ |
(114) |
​ |
(480) |
​ |
Intergroup interest (expense) income |
​ |
​ |
(7) |
Ìý |
— |
​ |
7 |
​ |
— |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(331) |
Ìý |
(2) |
​ |
(109) |
​ |
(442) |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(228) |
Ìý |
(10) |
​ |
75 |
​ |
(163) |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
92 |
​ |
78 |
​ |
(170) |
​ |
— |
​ |
Other, net |
​ |
Ìý |
(19) |
Ìý |
(1) |
​ |
19 |
​ |
(1) |
​ |
​ |
​ |
Ìý |
(840) |
Ìý |
46 |
​ |
(292) |
​ |
(1,086) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
436 |
Ìý |
(47) |
​ |
(695) |
​ |
(306) |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(88) |
Ìý |
31 |
​ |
60 |
​ |
3 |
​ |
Net earnings (loss) |
​ |
Ìý |
348 |
Ìý |
(16) |
​ |
(635) |
​ |
(303) |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
210 |
Ìý |
— |
​ |
3 |
​ |
213 |
​ |
Net earnings (loss) attributable to ÎçҹѰ»¨ stockholders |
​ |
$ |
138 |
Ìý |
(16) |
​ |
(638) |
​ |
(516) |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2019
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Sirius XM Holdings revenue |
​ |
$ |
5,732 |
Ìý |
— |
​ |
— |
​ |
5,732 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
1,499 |
​ |
1,499 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
442 |
​ |
— |
​ |
442 |
​ |
Total revenue |
​ |
Ìý |
5,732 |
Ìý |
442 |
​ |
1,499 |
​ |
7,673 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
1,684 |
Ìý |
— |
​ |
— |
​ |
1,684 |
​ |
Programming and content |
​ |
Ìý |
338 |
Ìý |
— |
​ |
— |
​ |
338 |
​ |
Customer service and billing |
​ |
Ìý |
352 |
Ìý |
— |
​ |
— |
​ |
352 |
​ |
Other |
​ |
Ìý |
136 |
Ìý |
— |
​ |
— |
​ |
136 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
1,023 |
​ |
1,023 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
313 |
Ìý |
— |
​ |
— |
​ |
313 |
​ |
Other operating expenses |
​ |
Ìý |
206 |
Ìý |
305 |
​ |
— |
​ |
511 |
​ |
Selling, general and administrative |
​ |
Ìý |
1,050 |
Ìý |
77 |
​ |
148 |
​ |
1,275 |
​ |
Acquisition and restructuring |
​ |
​ |
83 |
Ìý |
— |
​ |
— |
​ |
83 |
​ |
Depreciation and amortization |
​ |
Ìý |
396 |
Ìý |
54 |
​ |
340 |
​ |
790 |
​ |
​ |
​ |
Ìý |
4,558 |
Ìý |
436 |
​ |
1,511 |
​ |
6,505 |
​ |
Operating income (loss) |
​ |
Ìý |
1,174 |
Ìý |
6 |
​ |
(12) |
​ |
1,168 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(326) |
Ìý |
(20) |
​ |
(149) |
​ |
(495) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(18) |
Ìý |
13 |
​ |
74 |
​ |
69 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
6 |
Ìý |
(6) |
​ |
(171) |
​ |
(171) |
​ |
Unrealized gains (losses) on intergroup interests (note 1) |
​ |
​ |
— |
​ |
(26) |
​ |
26 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
(42) |
Ìý |
1 |
​ |
23 |
​ |
(18) |
​ |
​ |
​ |
Ìý |
(380) |
Ìý |
(38) |
​ |
(197) |
​ |
(615) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
794 |
Ìý |
(32) |
​ |
(209) |
​ |
553 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(251) |
Ìý |
(1) |
​ |
26 |
​ |
(226) |
​ |
Net earnings (loss) |
​ |
Ìý |
543 |
Ìý |
(33) |
​ |
(183) |
​ |
327 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
175 |
Ìý |
— |
​ |
1 |
​ |
176 |
​ |
Net earnings (loss) attributable to ÎçҹѰ»¨ stockholders |
​ |
$ |
368 |
Ìý |
(33) |
​ |
(184) |
​ |
151 |
​ |
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2020
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
348 |
Ìý |
(16) |
​ |
(635) |
​ |
(303) |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
432 |
Ìý |
54 |
​ |
326 |
​ |
812 |
​ |
Stock-based compensation |
​ |
Ìý |
173 |
Ìý |
(10) |
​ |
17 |
​ |
180 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
331 |
Ìý |
2 |
​ |
109 |
​ |
442 |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(92) |
​ |
(78) |
​ |
170 |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
228 |
Ìý |
10 |
​ |
(75) |
​ |
163 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
33 |
Ìý |
(15) |
​ |
(61) |
​ |
(43) |
​ |
Intergroup tax allocation |
​ |
​ |
4 |
​ |
(16) |
​ |
12 |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
73 |
Ìý |
10 |
​ |
2 |
​ |
85 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
150 |
Ìý |
(16) |
​ |
(282) |
​ |
(148) |
​ |
Payables and other liabilities |
​ |
Ìý |
(301) |
Ìý |
19 |
​ |
150 |
​ |
(132) |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
1,379 |
Ìý |
(56) |
​ |
(267) |
​ |
1,056 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(91) |
Ìý |
— |
​ |
(3) |
​ |
(94) |
​ |
Return of investment in equity method affiliates |
​ |
​ |
— |
​ |
— |
​ |
105 |
​ |
105 |
​ |
Cash proceeds from sale of investments |
​ |
​ |
— |
​ |
— |
​ |
13 |
​ |
13 |
​ |
Cash (paid) received for acquisitions, net of cash acquired |
​ |
​ |
(28) |
​ |
— |
​ |
— |
​ |
(28) |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(230) |
Ìý |
(69) |
​ |
(17) |
​ |
(316) |
​ |
Other investing activities, net |
​ |
Ìý |
10 |
Ìý |
4 |
​ |
(3) |
​ |
11 |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(339) |
Ìý |
(65) |
​ |
95 |
​ |
(309) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
2,300 |
Ìý |
216 |
​ |
522 |
​ |
3,038 |
​ |
Repayments of debt |
​ |
Ìý |
(1,922) |
Ìý |
(62) |
​ |
(611) |
​ |
(2,595) |
​ |
Intergroup Loan (repayment) borrowing |
​ |
​ |
(750) |
Ìý |
— |
​ |
750 |
​ |
— |
​ |
ÎçҹѰ»¨ SiriusXM stock repurchases |
​ |
​ |
(135) |
​ |
— |
​ |
(69) |
​ |
(204) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(870) |
Ìý |
— |
​ |
— |
​ |
(870) |
​ |
Reattribution between ÎçҹѰ»¨ SiriusXM Group and ÎçҹѰ»¨ Formula One Group |
​ |
​ |
(608) |
Ìý |
— |
​ |
608 |
​ |
— |
​ |
Proceeds from ÎçҹѰ»¨ SiriusXM common stock rights offering |
​ |
​ |
754 |
Ìý |
— |
​ |
— |
​ |
754 |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(49) |
​ |
— |
​ |
— |
​ |
(49) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(84) |
Ìý |
— |
​ |
(2) |
​ |
(86) |
​ |
Other financing activities, net |
​ |
​ |
(35) |
​ |
(5) |
​ |
(26) |
​ |
(66) |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(1,399) |
Ìý |
149 |
​ |
1,172 |
​ |
(78) |
​ |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
​ |
​ |
— |
​ |
— |
​ |
(1) |
​ |
(1) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(359) |
Ìý |
28 |
​ |
999 |
​ |
668 |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
507 |
Ìý |
212 |
​ |
587 |
​ |
1,306 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
148 |
Ìý |
240 |
​ |
1,586 |
​ |
1,974 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2019
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
543 |
Ìý |
(33) |
​ |
(183) |
​ |
327 |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
396 |
Ìý |
54 |
​ |
340 |
​ |
790 |
​ |
Stock-based compensation |
​ |
Ìý |
204 |
Ìý |
13 |
​ |
21 |
​ |
238 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
18 |
Ìý |
(13) |
​ |
(74) |
​ |
(69) |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
— |
​ |
26 |
​ |
(26) |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(6) |
Ìý |
6 |
​ |
171 |
​ |
171 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
232 |
Ìý |
7 |
​ |
(43) |
​ |
196 |
​ |
Intergroup tax allocation |
​ |
​ |
1 |
​ |
(6) |
​ |
5 |
​ |
— |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
(2) |
​ |
22 |
​ |
(20) |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
63 |
Ìý |
9 |
​ |
(4) |
​ |
68 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
14 |
Ìý |
(37) |
​ |
(38) |
​ |
(61) |
​ |
Payables and other liabilities |
​ |
Ìý |
(26) |
Ìý |
9 |
​ |
127 |
​ |
110 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
1,437 |
Ìý |
57 |
​ |
276 |
​ |
1,770 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(14) |
Ìý |
(4) |
​ |
(7) |
​ |
(25) |
​ |
Cash proceeds from sale of investments |
​ |
​ |
373 |
​ |
— |
​ |
16 |
​ |
389 |
​ |
Cash (paid) received for acquisitions, net of cash acquired |
​ |
​ |
313 |
​ |
— |
​ |
— |
​ |
313 |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(239) |
Ìý |
(72) |
​ |
(27) |
​ |
(338) |
​ |
Sales of short term investments and other marketable securities |
​ |
​ |
73 |
Ìý |
— |
​ |
— |
​ |
73 |
​ |
Other investing activities, net |
​ |
Ìý |
2 |
Ìý |
— |
​ |
(4) |
​ |
(2) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
508 |
Ìý |
(76) |
​ |
(22) |
​ |
410 |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
4,943 |
Ìý |
75 |
​ |
— |
​ |
5,018 |
​ |
Repayments of debt |
​ |
Ìý |
(4,311) |
Ìý |
(29) |
​ |
(5) |
​ |
(4,345) |
​ |
ÎçҹѰ»¨ SiriusXM stock repurchases |
​ |
​ |
(374) |
​ |
— |
​ |
— |
​ |
(374) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(1,959) |
Ìý |
— |
​ |
— |
​ |
(1,959) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(52) |
​ |
— |
​ |
— |
​ |
(52) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(109) |
Ìý |
(1) |
​ |
9 |
​ |
(101) |
​ |
Other financing activities, net |
​ |
​ |
(41) |
​ |
(6) |
​ |
6 |
​ |
(41) |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(1,903) |
Ìý |
39 |
​ |
10 |
​ |
(1,854) |
​ |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
​ |
​ |
— |
​ |
— |
​ |
(5) |
​ |
(5) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
42 |
Ìý |
20 |
​ |
259 |
​ |
321 |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
102 |
Ìý |
190 |
​ |
160 |
​ |
452 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
144 |
Ìý |
210 |
​ |
419 |
​ |
773 |
​ |
|