Financial Information for Tracking Stock Groups (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Financial Information for Tracking Stock Groups |
Ìý
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
December 31, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
Inter-Group |
​ |
Consolidated |
​ |
​ |
ÌýÌýÌýÌý |
​ |
Group |
​ |
Group |
​ |
Eliminations |
​ |
ÎçҹѰ»¨ |
ÌýÌýÌýÌý |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Assets |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current assets: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash and cash equivalents |
​ |
$ |
2,631 |
​ |
325 |
​ |
— |
​ |
2,956 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
114 |
​ |
— |
​ |
— |
​ |
114 |
Ìý |
Other current assets |
​ |
Ìý |
277 |
​ |
— |
​ |
— |
​ |
277 |
Ìý |
Total current assets |
​ |
Ìý |
3,022 |
​ |
325 |
​ |
— |
​ |
3,347 |
Ìý |
Investments in affiliates, accounted for using the equity method (note 1) |
​ |
Ìý |
33 |
​ |
458 |
​ |
— |
​ |
491 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
1,007 |
​ |
— |
​ |
— |
​ |
1,007 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(197) |
​ |
— |
​ |
— |
​ |
(197) |
Ìý |
​ |
​ |
Ìý |
810 |
​ |
— |
​ |
— |
​ |
810 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
4,134 |
​ |
— |
​ |
— |
​ |
4,134 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
2,689 |
​ |
— |
​ |
— |
​ |
2,689 |
Ìý |
Deferred income tax assets (note 3) |
​ |
​ |
577 |
​ |
217 |
​ |
(34) |
​ |
760 |
​ |
Other assets |
​ |
Ìý |
494 |
​ |
223 |
​ |
— |
​ |
717 |
Ìý |
Total assets |
​ |
$ |
11,759 |
​ |
1,223 |
​ |
(34) |
​ |
12,948 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Accounts payable and accrued liabilities |
​ |
$ |
645 |
Ìý |
3 |
​ |
— |
​ |
648 |
​ |
Current portion of debt (noteÌý1) |
​ |
Ìý |
26 |
Ìý |
— |
​ |
— |
​ |
26 |
​ |
Deferred revenue |
​ |
Ìý |
267 |
Ìý |
— |
​ |
— |
​ |
267 |
​ |
Financial instrument liabilities |
​ |
​ |
138 |
​ |
— |
​ |
— |
​ |
138 |
​ |
Other current liabilities |
​ |
Ìý |
54 |
Ìý |
— |
​ |
— |
​ |
54 |
​ |
Total current liabilities |
​ |
Ìý |
1,130 |
Ìý |
3 |
​ |
— |
​ |
1,133 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
2,966 |
Ìý |
1,556 |
​ |
— |
​ |
4,522 |
​ |
Other liabilities |
​ |
Ìý |
275 |
Ìý |
1 |
​ |
(34) |
​ |
242 |
​ |
Total liabilities |
​ |
Ìý |
4,371 |
Ìý |
1,560 |
​ |
(34) |
​ |
5,897 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
7,388 |
Ìý |
(359) |
​ |
— |
​ |
7,029 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
— |
Ìý |
22 |
​ |
— |
​ |
22 |
​ |
Total liabilities and equity |
​ |
$ |
11,759 |
Ìý |
1,223 |
​ |
(34) |
​ |
12,948 |
​ |
​
BALANCE SHEET INFORMATION
December 31, 2023
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Inter-Group |
​ |
Consolidated |
​ |
​ |
ÌýÌýÌýÌý |
Group |
​ |
Group |
​ |
Group |
​ |
Eliminations |
​ |
ÎçҹѰ»¨ |
ÌýÌýÌýÌý |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Assets |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current assets: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash and cash equivalents |
​ |
$ |
1,408 |
​ |
305 |
​ |
— |
​ |
— |
​ |
1,713 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
123 |
​ |
— |
​ |
— |
​ |
— |
​ |
123 |
Ìý |
Other current assets |
​ |
Ìý |
180 |
​ |
— |
​ |
— |
​ |
— |
​ |
180 |
Ìý |
Current assets of discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
1,361 |
​ |
— |
​ |
1,361 |
​ |
Total current assets |
​ |
Ìý |
1,711 |
​ |
305 |
​ |
1,361 |
​ |
— |
​ |
3,377 |
Ìý |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
​ |
41 |
​ |
333 |
​ |
— |
​ |
— |
​ |
374 |
​ |
​ |
​ |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Ìý |
Property and equipment, at cost |
​ |
Ìý |
973 |
​ |
— |
​ |
— |
​ |
— |
​ |
973 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(135) |
​ |
— |
​ |
— |
​ |
— |
​ |
(135) |
Ìý |
​ |
​ |
​ |
838 |
​ |
— |
​ |
— |
​ |
— |
​ |
838 |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
3,956 |
​ |
— |
​ |
— |
​ |
— |
​ |
3,956 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
2,858 |
​ |
— |
​ |
— |
​ |
— |
​ |
2,858 |
Ìý |
Deferred income tax assets (note 3) |
​ |
​ |
608 |
​ |
167 |
​ |
— |
​ |
(3) |
​ |
772 |
​ |
Other assets |
​ |
​ |
255 |
​ |
357 |
​ |
— |
​ |
— |
​ |
612 |
Ìý |
Noncurrent assets of discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
28,540 |
​ |
— |
​ |
28,540 |
​ |
Total assets |
​ |
$ |
10,267 |
​ |
1,162 |
​ |
29,901 |
​ |
(3) |
​ |
41,327 |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Accounts payable and accrued liabilities |
​ |
$ |
472 |
Ìý |
2 |
​ |
— |
​ |
— |
​ |
474 |
​ |
Current portion of debt (noteÌý1) |
​ |
Ìý |
36 |
Ìý |
70 |
​ |
— |
​ |
— |
​ |
106 |
​ |
Deferred revenue |
​ |
Ìý |
247 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
247 |
​ |
Financial instrument liabilities |
​ |
​ |
— |
​ |
8 |
​ |
— |
​ |
— |
​ |
8 |
​ |
Other current liabilities |
​ |
Ìý |
32 |
Ìý |
— |
​ |
— |
​ |
— |
​ |
32 |
​ |
Current liabilities of discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
3,876 |
​ |
— |
​ |
3,876 |
​ |
Total current liabilities |
​ |
Ìý |
787 |
Ìý |
80 |
​ |
3,876 |
​ |
— |
​ |
4,743 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
2,870 |
Ìý |
1,247 |
​ |
— |
​ |
— |
​ |
4,117 |
​ |
Other liabilities |
​ |
Ìý |
191 |
Ìý |
— |
​ |
— |
​ |
(3) |
​ |
188 |
​ |
Noncurrent liabilities of discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
12,834 |
​ |
— |
​ |
12,834 |
​ |
Total liabilities |
​ |
Ìý |
3,848 |
Ìý |
1,327 |
​ |
16,710 |
​ |
(3) |
​ |
21,882 |
​ |
Equity / Attributed net assets |
​ |
​ |
6,419 |
Ìý |
(188) |
​ |
10,165 |
​ |
— |
​ |
16,396 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
​ |
— |
Ìý |
23 |
​ |
3,026 |
​ |
— |
​ |
3,049 |
​ |
Total liabilities and equity |
​ |
$ |
10,267 |
Ìý |
1,162 |
​ |
29,901 |
​ |
(3) |
​ |
41,327 |
​ |
​
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
December 31, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula 1 revenue |
​ |
$ |
3,318 |
​ |
— |
​ |
— |
​ |
3,318 |
​ |
Other revenue |
​ |
Ìý |
335 |
​ |
— |
Ìý |
— |
​ |
335 |
​ |
Total revenue |
​ |
Ìý |
3,653 |
​ |
— |
Ìý |
— |
​ |
3,653 |
​ |
Operating costs and expenses: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
2,294 |
​ |
— |
Ìý |
— |
​ |
2,294 |
​ |
Other cost of sales |
​ |
​ |
194 |
​ |
— |
Ìý |
— |
​ |
194 |
​ |
Other operating expenses |
​ |
Ìý |
13 |
​ |
— |
Ìý |
— |
​ |
13 |
​ |
Selling, general and administrative, including stock-based compensation (note 2) |
​ |
Ìý |
408 |
​ |
11 |
Ìý |
— |
​ |
419 |
​ |
Depreciation and amortization |
​ |
Ìý |
352 |
​ |
— |
Ìý |
— |
​ |
352 |
​ |
Impairment and acquisition costs |
​ |
​ |
105 |
​ |
— |
Ìý |
— |
​ |
105 |
​ |
​ |
​ |
Ìý |
3,366 |
​ |
11 |
Ìý |
— |
​ |
3,377 |
​ |
Operating income (loss) |
​ |
Ìý |
287 |
​ |
(11) |
Ìý |
— |
​ |
276 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(208) |
​ |
(29) |
Ìý |
— |
​ |
(237) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(10) |
​ |
238 |
Ìý |
— |
​ |
228 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(120) |
​ |
(263) |
Ìý |
— |
​ |
(383) |
​ |
Other, net |
​ |
Ìý |
68 |
​ |
24 |
Ìý |
— |
​ |
92 |
​ |
​ |
​ |
Ìý |
(270) |
​ |
(30) |
Ìý |
— |
​ |
(300) |
​ |
Earnings (loss) from continuing operations before income taxes |
​ |
Ìý |
17 |
​ |
(41) |
Ìý |
— |
​ |
(24) |
​ |
Income tax (expense) benefit (note 3) |
​ |
Ìý |
(47) |
​ |
8 |
Ìý |
— |
​ |
(39) |
​ |
Net earnings (loss) from continuing operations |
​ |
​ |
(30) |
​ |
(33) |
​ |
— |
​ |
(63) |
​ |
Net earnings (loss) from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(2,412) |
​ |
(2,412) |
​ |
Net earnings (loss) |
​ |
Ìý |
(30) |
​ |
(33) |
Ìý |
(2,412) |
​ |
(2,475) |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
— |
​ |
(2) |
Ìý |
(410) |
​ |
(412) |
​ |
Net earnings (loss) attributable to ÎçҹѰ»¨ stockholders |
​ |
$ |
(30) |
​ |
(31) |
Ìý |
(2,002) |
​ |
(2,063) |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
December 31, 2023
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula 1 revenue |
​ |
$ |
3,222 |
​ |
— |
​ |
— |
​ |
— |
​ |
3,222 |
​ |
Other revenue |
​ |
Ìý |
— |
​ |
— |
​ |
— |
Ìý |
350 |
​ |
350 |
​ |
Total revenue |
​ |
Ìý |
3,222 |
​ |
— |
​ |
— |
Ìý |
350 |
​ |
3,572 |
​ |
Operating costs and expenses: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
2,240 |
​ |
— |
​ |
— |
Ìý |
— |
​ |
2,240 |
​ |
Other operating expenses |
​ |
Ìý |
— |
​ |
— |
​ |
— |
Ìý |
274 |
​ |
274 |
​ |
Selling, general and administrative, including stock-based compensation (note 2) |
​ |
Ìý |
316 |
​ |
11 |
​ |
— |
Ìý |
69 |
​ |
396 |
​ |
Depreciation and amortization |
​ |
Ìý |
369 |
​ |
— |
​ |
— |
Ìý |
37 |
​ |
406 |
​ |
Impairment and acquisition costs |
​ |
​ |
— |
​ |
— |
​ |
— |
Ìý |
1 |
​ |
1 |
​ |
​ |
​ |
Ìý |
2,925 |
​ |
11 |
​ |
— |
Ìý |
381 |
​ |
3,317 |
​ |
Operating income (loss) |
​ |
Ìý |
297 |
​ |
(11) |
​ |
— |
Ìý |
(31) |
​ |
255 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(214) |
​ |
(10) |
​ |
(4) |
Ìý |
(20) |
​ |
(248) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(4) |
​ |
22 |
​ |
127 |
Ìý |
12 |
​ |
157 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
42 |
​ |
(153) |
​ |
(59) |
Ìý |
3 |
​ |
(167) |
​ |
Unrealized gains (losses) on intergroup interests |
​ |
​ |
15 |
​ |
— |
​ |
— |
​ |
(83) |
​ |
(68) |
​ |
Other, net |
​ |
Ìý |
75 |
​ |
(28) |
​ |
(6) |
Ìý |
5 |
​ |
46 |
​ |
​ |
​ |
Ìý |
(86) |
​ |
(169) |
​ |
58 |
Ìý |
(83) |
​ |
(280) |
​ |
Earnings (loss) from continuing operations before income taxes |
​ |
Ìý |
211 |
​ |
(180) |
​ |
58 |
Ìý |
(114) |
​ |
(25) |
​ |
Income tax (expense) benefit (note 3) |
​ |
Ìý |
(27) |
​ |
38 |
​ |
(13) |
Ìý |
3 |
​ |
1 |
​ |
Net earnings (loss) from continuing operations |
​ |
​ |
184 |
​ |
(142) |
​ |
45 |
Ìý |
(111) |
​ |
(24) |
​ |
Net earnings (loss) from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
986 |
​ |
— |
​ |
986 |
​ |
Net earnings (loss) |
​ |
Ìý |
184 |
Ìý |
(142) |
​ |
1,031 |
​ |
(111) |
​ |
962 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
(1) |
​ |
— |
​ |
202 |
Ìý |
— |
​ |
201 |
​ |
Net earnings (loss) attributable to ÎçҹѰ»¨ stockholders |
​ |
$ |
185 |
​ |
(142) |
​ |
829 |
Ìý |
(111) |
​ |
761 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
December 31, 2022
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
SiriusXM |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula 1 revenue |
​ |
$ |
2,573 |
​ |
— |
​ |
— |
​ |
2,573 |
​ |
Other revenue |
​ |
Ìý |
— |
​ |
— |
Ìý |
588 |
​ |
588 |
​ |
Total revenue |
​ |
Ìý |
2,573 |
​ |
— |
Ìý |
588 |
​ |
3,161 |
​ |
Operating costs and expenses: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
1,750 |
​ |
— |
Ìý |
— |
​ |
1,750 |
​ |
Other operating expenses |
​ |
Ìý |
— |
​ |
— |
Ìý |
434 |
​ |
434 |
​ |
Selling, general and administrative, including stock-based compensation (note 2) |
​ |
Ìý |
288 |
​ |
— |
Ìý |
105 |
​ |
393 |
​ |
Depreciation and amortization |
​ |
Ìý |
362 |
​ |
— |
Ìý |
71 |
​ |
433 |
​ |
Impairment and acquisition costs |
​ |
​ |
— |
​ |
— |
Ìý |
6 |
​ |
6 |
​ |
​ |
​ |
Ìý |
2,400 |
​ |
— |
Ìý |
616 |
​ |
3,016 |
​ |
Operating income (loss) |
​ |
Ìý |
173 |
​ |
— |
Ìý |
(28) |
​ |
145 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(149) |
​ |
(8) |
Ìý |
(29) |
​ |
(186) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
— |
​ |
72 |
Ìý |
32 |
​ |
104 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
115 |
​ |
396 |
Ìý |
13 |
​ |
524 |
​ |
Unrealized gains (losses) on inter-group interests |
​ |
​ |
54 |
​ |
— |
​ |
(35) |
​ |
19 |
​ |
Other, net |
​ |
Ìý |
58 |
​ |
23 |
Ìý |
20 |
​ |
101 |
​ |
​ |
​ |
Ìý |
78 |
​ |
483 |
Ìý |
1 |
​ |
562 |
​ |
Earnings (loss) from continuing operations before income taxes |
​ |
Ìý |
251 |
​ |
483 |
Ìý |
(27) |
​ |
707 |
​ |
Income tax (expense) benefit (note 3) |
​ |
Ìý |
311 |
​ |
(101) |
Ìý |
(8) |
​ |
202 |
​ |
Net earnings (loss) from continuing operations |
​ |
​ |
562 |
​ |
382 |
Ìý |
(35) |
​ |
909 |
​ |
Net earnings (loss) from discontinued operations |
​ |
​ |
— |
​ |
1,120 |
​ |
— |
​ |
1,120 |
​ |
Net earnings (loss) |
​ |
Ìý |
562 |
​ |
1,502 |
Ìý |
(35) |
​ |
2,029 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
17 |
​ |
210 |
Ìý |
— |
​ |
227 |
​ |
Less net earnings (loss) attributable to the redeemable noncontrolling interests |
​ |
​ |
(13) |
​ |
— |
Ìý |
— |
​ |
(13) |
​ |
Net earnings (loss) attributable to ÎçҹѰ»¨ stockholders |
​ |
$ |
558 |
​ |
1,292 |
Ìý |
(35) |
​ |
1,815 |
​ |
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
December 31, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
(30) |
​ |
(33) |
​ |
(2,412) |
​ |
(2,475) |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
(Earnings) loss from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
2,412 |
​ |
2,412 |
​ |
Depreciation and amortization |
​ |
Ìý |
352 |
​ |
— |
​ |
— |
​ |
352 |
​ |
Stock-based compensation |
​ |
Ìý |
30 |
​ |
4 |
​ |
— |
​ |
34 |
​ |
Non-cash impairment costs |
​ |
​ |
73 |
​ |
— |
​ |
— |
​ |
73 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
10 |
​ |
(238) |
​ |
— |
​ |
(228) |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
120 |
​ |
263 |
​ |
— |
​ |
383 |
​ |
Loss (gain) on early extinguishment of debt |
​ |
​ |
6 |
​ |
— |
​ |
— |
​ |
6 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
35 |
​ |
(6) |
​ |
— |
​ |
29 |
​ |
Intergroup tax allocation |
​ |
​ |
(107) |
​ |
(2) |
​ |
— |
​ |
(109) |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
129 |
​ |
2 |
​ |
— |
​ |
131 |
​ |
Other charges (credits), net |
​ |
Ìý |
14 |
​ |
(4) |
​ |
— |
​ |
10 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
39 |
​ |
— |
​ |
— |
​ |
39 |
​ |
Payables and other liabilities |
​ |
Ìý |
(104) |
​ |
— |
​ |
— |
​ |
(104) |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
567 |
​ |
(14) |
​ |
— |
​ |
553 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(75) |
​ |
— |
​ |
— |
​ |
(75) |
​ |
Cash proceeds from dispositions of investments |
​ |
​ |
10 |
​ |
107 |
​ |
— |
​ |
117 |
​ |
Cash (paid) received for acquisitions, net of cash acquired |
​ |
​ |
(205) |
​ |
— |
​ |
— |
​ |
(205) |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(8) |
​ |
(3) |
​ |
— |
​ |
(11) |
​ |
Return of investment in equity method affiliates |
​ |
​ |
1 |
​ |
— |
​ |
— |
​ |
1 |
​ |
Other investing activities, net |
​ |
Ìý |
(15) |
​ |
1 |
​ |
— |
​ |
(14) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(292) |
​ |
105 |
​ |
— |
​ |
(187) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
645 |
​ |
— |
​ |
— |
​ |
645 |
​ |
Repayments of debt |
​ |
Ìý |
(677) |
​ |
(71) |
​ |
— |
​ |
(748) |
​ |
Issuance of Series C ÎçҹѰ»¨ Formula One common stock |
​ |
​ |
939 |
​ |
— |
​ |
— |
​ |
939 |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(14) |
​ |
(3) |
​ |
— |
​ |
(17) |
​ |
Other financing activities, net |
​ |
​ |
72 |
​ |
3 |
​ |
— |
​ |
75 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
965 |
​ |
(71) |
​ |
— |
​ |
894 |
​ |
Effect of foreign exchange rates on cash, cash equivalents and restricted cash |
​ |
​ |
(10) |
​ |
— |
​ |
— |
​ |
(10) |
​ |
Net cash provided (used) by discontinued operations: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash provided (used) by operating activities |
​ |
​ |
— |
​ |
— |
​ |
882 |
​ |
882 |
​ |
Cash provided (used) by investing activities |
​ |
​ |
— |
​ |
— |
​ |
(709) |
​ |
(709) |
​ |
Cash provided (used) by financing activities |
​ |
​ |
— |
​ |
— |
​ |
(488) |
​ |
(488) |
​ |
Net cash provided (used) by discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(315) |
​ |
(315) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
1,230 |
​ |
20 |
​ |
(315) |
​ |
935 |
​ |
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 |
​ |
$ |
2,638 |
​ |
325 |
​ |
— |
​ |
2,963 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
December 31, 2023
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
​ |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
184 |
​ |
(142) |
​ |
1,031 |
Ìý |
(111) |
​ |
962 |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
(Earnings) loss from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(986) |
​ |
— |
​ |
(986) |
​ |
Depreciation and amortization |
​ |
Ìý |
369 |
​ |
— |
​ |
— |
Ìý |
37 |
​ |
406 |
​ |
Stock-based compensation |
​ |
Ìý |
20 |
​ |
2 |
​ |
— |
Ìý |
7 |
​ |
29 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
4 |
​ |
(22) |
​ |
(127) |
Ìý |
(12) |
​ |
(157) |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(42) |
​ |
153 |
​ |
59 |
Ìý |
(3) |
​ |
167 |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(15) |
​ |
— |
​ |
— |
​ |
83 |
​ |
68 |
​ |
Loss (gain) on early extinguishment of debt |
​ |
​ |
(1) |
​ |
35 |
​ |
— |
​ |
— |
​ |
34 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
18 |
​ |
(37) |
​ |
13 |
Ìý |
(3) |
​ |
(9) |
​ |
Intergroup tax allocation |
​ |
​ |
(176) |
​ |
— |
​ |
(1) |
​ |
(1) |
​ |
(178) |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
122 |
​ |
— |
​ |
— |
​ |
(1) |
​ |
121 |
​ |
Other charges (credits), net |
​ |
Ìý |
4 |
​ |
(2) |
​ |
6 |
Ìý |
4 |
​ |
12 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
46 |
​ |
(5) |
​ |
— |
Ìý |
(34) |
​ |
7 |
​ |
Payables and other liabilities |
​ |
Ìý |
86 |
​ |
5 |
​ |
1 |
Ìý |
66 |
​ |
158 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
619 |
​ |
(13) |
​ |
(4) |
Ìý |
32 |
​ |
634 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(426) |
​ |
— |
​ |
— |
Ìý |
(35) |
​ |
(461) |
​ |
Cash proceeds from dispositions of investments |
​ |
Ìý |
110 |
​ |
1 |
​ |
— |
​ |
— |
​ |
111 |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
​ |
(173) |
​ |
(3) |
​ |
— |
Ìý |
— |
​ |
(176) |
​ |
Other investing activities, net |
​ |
Ìý |
(21) |
​ |
3 |
​ |
— |
Ìý |
— |
​ |
(18) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(510) |
​ |
1 |
​ |
— |
Ìý |
(35) |
​ |
(544) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
— |
​ |
1,135 |
​ |
— |
Ìý |
30 |
​ |
1,165 |
​ |
Repayments of debt |
​ |
Ìý |
(70) |
​ |
(918) |
​ |
— |
Ìý |
(20) |
​ |
(1,008) |
​ |
Settlement of intergroup interests |
​ |
​ |
(273) |
​ |
— |
​ |
— |
Ìý |
— |
​ |
(273) |
​ |
Atlanta Braves Holdings, Inc. Split-Off |
​ |
​ |
— |
​ |
— |
​ |
— |
​ |
(188) |
​ |
(188) |
​ |
Reclassification |
​ |
​ |
(100) |
​ |
100 |
​ |
— |
​ |
— |
​ |
— |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(9) |
​ |
— |
​ |
— |
Ìý |
(1) |
​ |
(10) |
​ |
Distribution from former subsidiary |
​ |
​ |
— |
​ |
— |
​ |
3 |
​ |
— |
​ |
3 |
​ |
Other financing activities, net |
​ |
​ |
17 |
​ |
— |
​ |
— |
​ |
9 |
​ |
26 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(435) |
​ |
317 |
​ |
3 |
Ìý |
(170) |
​ |
(285) |
​ |
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 |
​ |
​ |
— |
​ |
— |
​ |
1,830 |
​ |
— |
​ |
1,830 |
​ |
Cash provided (used) by investing activities |
​ |
​ |
— |
​ |
— |
​ |
(696) |
​ |
— |
​ |
(696) |
​ |
Cash provided (used) by financing activities |
​ |
​ |
— |
​ |
— |
​ |
(1,188) |
​ |
— |
​ |
(1,188) |
​ |
Net cash provided (used) by discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(54) |
​ |
— |
​ |
(54) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(325) |
​ |
305 |
​ |
(55) |
Ìý |
(173) |
​ |
(248) |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
1,733 |
​ |
NA |
​ |
370 |
Ìý |
173 |
​ |
2,276 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
1,408 |
​ |
305 |
​ |
315 |
Ìý |
— |
​ |
2,028 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
December 31, 2022
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
ÎçҹѰ»¨ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
SiriusXM |
​ |
Braves |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
ÎçҹѰ»¨ |
​ |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
562 |
​ |
1,502 |
Ìý |
(35) |
​ |
2,029 |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
(Earnings) loss from discontinued operations |
​ |
​ |
— |
​ |
(1,120) |
​ |
— |
​ |
(1,120) |
​ |
Depreciation and amortization |
​ |
Ìý |
362 |
​ |
— |
Ìý |
71 |
​ |
433 |
​ |
Stock-based compensation |
​ |
Ìý |
16 |
​ |
— |
Ìý |
12 |
​ |
28 |
​ |
Non-cash impairment costs |
​ |
​ |
— |
​ |
— |
​ |
5 |
​ |
5 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
— |
​ |
(72) |
Ìý |
(32) |
​ |
(104) |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(115) |
​ |
(396) |
Ìý |
(13) |
​ |
(524) |
​ |
Unrealized (gains) losses on intergroup interests, net |
​ |
​ |
(54) |
​ |
— |
​ |
35 |
​ |
(19) |
​ |
Loss (gain) on early extinguishment of debt |
​ |
​ |
(14) |
​ |
— |
​ |
— |
​ |
(14) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
(306) |
​ |
166 |
Ìý |
(10) |
​ |
(150) |
​ |
Intergroup tax allocation |
​ |
​ |
(109) |
​ |
(65) |
​ |
18 |
​ |
(156) |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
72 |
​ |
— |
​ |
8 |
​ |
80 |
​ |
Other charges (credits), net |
​ |
Ìý |
4 |
​ |
(23) |
Ìý |
3 |
​ |
(16) |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
(87) |
​ |
— |
Ìý |
(10) |
​ |
(97) |
​ |
Payables and other liabilities |
​ |
Ìý |
203 |
​ |
(1) |
Ìý |
1 |
​ |
203 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
534 |
​ |
(9) |
Ìý |
53 |
​ |
578 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(291) |
​ |
— |
Ìý |
(18) |
​ |
(309) |
​ |
Cash proceeds from dispositions of investments |
​ |
Ìý |
53 |
​ |
— |
​ |
48 |
​ |
101 |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
​ |
(52) |
​ |
— |
Ìý |
(5) |
​ |
(57) |
​ |
Subsidiary initial public offering proceeds returned from (invested in) trust account |
​ |
​ |
579 |
​ |
— |
​ |
— |
​ |
579 |
​ |
Return of investment in equity method affiliates |
​ |
​ |
9 |
​ |
— |
​ |
28 |
​ |
37 |
​ |
Other investing activities, net |
​ |
Ìý |
96 |
​ |
— |
Ìý |
— |
​ |
96 |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
394 |
​ |
— |
Ìý |
53 |
​ |
447 |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
2,884 |
​ |
250 |
Ìý |
155 |
​ |
3,289 |
​ |
Repayments of debt |
​ |
Ìý |
(3,564) |
​ |
(914) |
Ìý |
(309) |
​ |
(4,787) |
​ |
Settlement of intergroup interests |
​ |
​ |
(64) |
​ |
— |
​ |
(14) |
​ |
(78) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
24 |
​ |
— |
Ìý |
— |
​ |
24 |
​ |
Repayment of initial public offering proceeds to subsidiary shareholders |
​ |
​ |
(579) |
​ |
— |
​ |
— |
​ |
(579) |
​ |
ÎçҹѰ»¨ stock repurchases |
​ |
​ |
(37) |
​ |
— |
​ |
— |
​ |
(37) |
​ |
Distribution from former subsidiary |
​ |
​ |
— |
​ |
672 |
​ |
— |
​ |
672 |
​ |
Other financing activities, net |
​ |
​ |
67 |
​ |
1 |
​ |
(9) |
​ |
59 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(1,269) |
​ |
9 |
Ìý |
(177) |
​ |
(1,437) |
​ |
Net cash provided (used) by discontinued operations: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash provided (used) by operating activities |
​ |
​ |
— |
​ |
1,968 |
​ |
— |
​ |
1,968 |
​ |
Cash provided (used) by investing activities |
​ |
​ |
— |
​ |
(493) |
​ |
— |
​ |
(493) |
​ |
Cash provided (used) by financing activities |
​ |
​ |
— |
​ |
(1,711) |
​ |
— |
​ |
(1,711) |
​ |
Net cash provided (used) by discontinued operations |
​ |
​ |
— |
​ |
(236) |
​ |
— |
​ |
(236) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(341) |
​ |
(236) |
Ìý |
(71) |
​ |
(648) |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
2,074 |
​ |
606 |
Ìý |
244 |
​ |
2,924 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
1,733 |
​ |
370 |
Ìý |
173 |
​ |
2,276 |
​ |
​
|