麻豆app

(1)听听听Basis of Presentation

The accompanying condensed consolidated financial statements include all the accounts of 麻豆app and its controlled subsidiaries ("麻豆app," the "Company," "we," "us," or "our" unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated.

麻豆app, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries globally. 麻豆app鈥檚 significant subsidiaries include SIRIUS XM Holdings Inc. ("SIRIUS XM Holdings"), Delta Topco Limited (the parent company of Formula 1) (鈥淒elta Topco鈥�) and Braves Holdings, LLC ("Braves Holdings"). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. ("Live Nation"). 聽

The accompanying (a) condensed consolidated balance sheet as of December 31, 2018, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form聽10-Q and Article聽10 of Regulation聽S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in 麻豆app's Annual Report on Form聽10-K for the year ended December 31, 2018.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i)聽fair value measurement of non-financial instruments, (ii)聽accounting for income taxes and (iii)聽the determination of the useful life of SIRIUS XM Holdings鈥� broadcast/transmission system to be its most significant estimates.

麻豆app holds investments that are accounted for using the equity method. 麻豆app does not control the decision making process or business management practices of these affiliates. Accordingly, 麻豆app relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, 麻豆app relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on 麻豆app's condensed consolidated financial statements.

麻豆app has entered into certain agreements with Qurate Retail, Inc. (鈥淨urate Retail鈥�), 麻豆app TripAdvisor Holdings, Inc., 麻豆app Broadband Corporation (鈥溌槎筧pp Broadband鈥�), 麻豆app Expedia Holdings (prior to July 2019) and GCI 麻豆app, Inc. (鈥淕CI 麻豆app鈥�), all of which are separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others (except that GCI 麻豆app owns shares of 麻豆app Broadband鈥檚 Series C non-voting common stock). These agreements include Reorganization Agreements (in the case of Qurate Retail and 麻豆app Broadband only), Services Agreements, Facilities Sharing Agreements and Tax Sharing Agreements (in the case of 麻豆app Broadband only).

The Reorganization Agreements provide for, among other things, provisions governing the relationships between 麻豆app and the applicable counterparty, including certain cross-indemnities. Pursuant to the Services Agreements, 麻豆app

provides the applicable counterparty with general and administrative services including legal, tax, accounting, treasury and investor relations support. 麻豆app is reimbursed by each counterparty for direct, out-of-pocket expenses incurred by 麻豆app in providing these services and, in the case of Qurate Retail, Qurate Retail's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. The remaining Services Agreements provide for the payment to 麻豆app of an annual fee for the provision of these services. Under the Facilities Sharing Agreements, 麻豆app shares office space and related amenities at its corporate headquarters with the other companies. Under these various agreements, approximately $8 million and $5 million of these allocated expenses were reimbursed to 麻豆app during the three months ended June 30, 2019 and 2018, respectively, and $16 million and $13 million were reimbursed during the six months ended June 30, 2019 and 2018, respectively.

Seasonality

Formula 1 recognizes the majority of its revenue and expenses in connection with World Championship race events (鈥淓vents鈥�) that take place in different countries around the world throughout the year. The Events generally take place between March and November each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year.

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Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.