Financial Information for Tracking Stock Groups (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
June 30, 2019
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Â鶹app |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Inter-Group |
​ |
Consolidated |
​ |
​ |
ÌýÌýÌýÌý |
Group |
​ |
Group |
​ |
Group |
​ |
Eliminations |
​ |
Â鶹app |
ÌýÌýÌýÌý |
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Assets |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current assets: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash and cash equivalents |
​ |
$ |
236 |
​ |
127 |
​ |
334 |
​ |
— |
​ |
697 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
628 |
​ |
83 |
​ |
138 |
​ |
— |
​ |
849 |
Ìý |
Other current assets |
​ |
Ìý |
239 |
​ |
44 |
​ |
102 |
​ |
— |
​ |
385 |
Ìý |
Total current assets |
​ |
Ìý |
1,103 |
​ |
254 |
​ |
574 |
​ |
— |
​ |
1,931 |
Ìý |
Intergroup interest in the Â鶹app Braves Group (note 1) |
​ |
​ |
— |
​ |
— |
​ |
254 |
​ |
(254) |
​ |
— |
​ |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
649 |
​ |
103 |
​ |
942 |
​ |
— |
​ |
1,694 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
2,592 |
​ |
857 |
​ |
181 |
​ |
— |
​ |
3,630 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(1,223) |
​ |
(105) |
​ |
(91) |
​ |
— |
​ |
(1,419) |
Ìý |
​ |
​ |
Ìý |
1,369 |
​ |
752 |
​ |
90 |
​ |
— |
​ |
2,211 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intangible assets not subject to amortization |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
15,812 |
​ |
180 |
​ |
3,956 |
​ |
— |
​ |
19,948 |
Ìý |
FCC licenses |
​ |
Ìý |
8,600 |
​ |
— |
​ |
— |
​ |
— |
​ |
8,600 |
Ìý |
Other |
​ |
Ìý |
1,262 |
​ |
143 |
​ |
— |
​ |
— |
​ |
1,405 |
Ìý |
​ |
​ |
Ìý |
25,674 |
​ |
323 |
​ |
3,956 |
​ |
— |
​ |
29,953 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
1,656 |
​ |
44 |
​ |
4,522 |
​ |
— |
​ |
6,222 |
Ìý |
Other assets |
​ |
Ìý |
711 |
​ |
73 |
​ |
960 |
​ |
(55) |
​ |
1,689 |
Ìý |
Total assets |
​ |
$ |
31,162 |
​ |
1,549 |
​ |
11,298 |
​ |
(309) |
​ |
43,700 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intergroup payable (receivable) (note 3) |
​ |
$ |
— |
​ |
(8) |
​ |
8 |
​ |
— |
​ |
— |
​ |
Accounts payable and accrued liabilities |
​ |
​ |
1,220 |
Ìý |
62 |
​ |
225 |
​ |
— |
​ |
1,507 |
​ |
Current portion of debt (noteÌý1) |
​ |
Ìý |
— |
Ìý |
13 |
​ |
— |
​ |
— |
​ |
13 |
​ |
Deferred revenue |
​ |
Ìý |
1,974 |
Ìý |
95 |
​ |
287 |
​ |
— |
​ |
2,356 |
​ |
Other current liabilities |
​ |
Ìý |
71 |
Ìý |
8 |
​ |
18 |
​ |
— |
​ |
97 |
​ |
Total current liabilities |
​ |
Ìý |
3,265 |
Ìý |
170 |
​ |
538 |
​ |
— |
​ |
3,973 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
8,703 |
Ìý |
452 |
​ |
5,256 |
​ |
— |
​ |
14,411 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
1,809 |
Ìý |
70 |
​ |
— |
​ |
(55) |
​ |
1,824 |
​ |
Redeemable intergroup interest (note 1) |
​ |
​ |
— |
​ |
254 |
​ |
— |
​ |
(254) |
​ |
— |
​ |
Other liabilities |
​ |
Ìý |
653 |
Ìý |
200 |
​ |
158 |
​ |
— |
​ |
1,011 |
​ |
Total liabilities |
​ |
Ìý |
14,430 |
Ìý |
1,146 |
​ |
5,952 |
​ |
(309) |
​ |
21,219 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
10,842 |
Ìý |
411 |
​ |
5,343 |
​ |
— |
​ |
16,596 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
5,890 |
Ìý |
(8) |
​ |
3 |
​ |
— |
​ |
5,885 |
​ |
Total liabilities and equity |
​ |
$ |
31,162 |
Ìý |
1,549 |
​ |
11,298 |
​ |
(309) |
​ |
43,700 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2019
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹app |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹app |
​ |
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SIRIUS XM Holdings revenue |
​ |
$ |
1,977 |
Ìý |
— |
​ |
— |
​ |
1,977 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
620 |
​ |
620 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
208 |
​ |
— |
​ |
208 |
​ |
Total revenue |
​ |
Ìý |
1,977 |
Ìý |
208 |
​ |
620 |
​ |
2,805 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
600 |
Ìý |
— |
​ |
— |
​ |
600 |
​ |
Programming and content |
​ |
Ìý |
116 |
Ìý |
— |
​ |
— |
​ |
116 |
​ |
Customer service and billing |
​ |
Ìý |
119 |
Ìý |
— |
​ |
— |
​ |
119 |
​ |
Other |
​ |
Ìý |
47 |
Ìý |
— |
​ |
— |
​ |
47 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
441 |
​ |
441 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
104 |
Ìý |
— |
​ |
— |
​ |
104 |
​ |
Other operating expenses |
​ |
Ìý |
74 |
Ìý |
129 |
​ |
— |
​ |
203 |
​ |
Selling, general and administrative |
​ |
Ìý |
361 |
Ìý |
24 |
​ |
51 |
​ |
436 |
​ |
Acquisition and other related costs |
​ |
​ |
7 |
Ìý |
— |
​ |
— |
​ |
7 |
​ |
Depreciation and amortization |
​ |
Ìý |
136 |
Ìý |
21 |
​ |
114 |
​ |
271 |
​ |
​ |
​ |
Ìý |
1,564 |
Ìý |
174 |
​ |
606 |
​ |
2,344 |
​ |
Operating income (loss) |
​ |
Ìý |
413 |
Ìý |
34 |
​ |
14 |
​ |
461 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(109) |
Ìý |
(7) |
​ |
(51) |
​ |
(167) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(7) |
Ìý |
7 |
​ |
34 |
​ |
34 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
15 |
Ìý |
(2) |
​ |
(100) |
​ |
(87) |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
— |
​ |
(2) |
​ |
2 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
6 |
Ìý |
1 |
​ |
14 |
​ |
21 |
​ |
​ |
​ |
Ìý |
(95) |
Ìý |
(3) |
​ |
(101) |
​ |
(199) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
318 |
Ìý |
31 |
​ |
(87) |
​ |
262 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(75) |
Ìý |
(5) |
​ |
10 |
​ |
(70) |
​ |
Net earnings (loss) |
​ |
Ìý |
243 |
Ìý |
26 |
​ |
(77) |
​ |
192 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
76 |
Ìý |
— |
​ |
— |
​ |
76 |
​ |
Net earnings (loss) attributable to Â鶹app stockholders |
​ |
$ |
167 |
Ìý |
26 |
​ |
(77) |
​ |
116 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2018
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹app |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹app |
​ |
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SIRIUS XM Holdings revenue |
​ |
$ |
1,432 |
Ìý |
— |
​ |
— |
​ |
1,432 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
585 |
​ |
585 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
182 |
​ |
— |
​ |
182 |
​ |
Total revenue |
​ |
Ìý |
1,432 |
Ìý |
182 |
​ |
585 |
​ |
2,199 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
404 |
Ìý |
— |
​ |
— |
​ |
404 |
​ |
Programming and content |
​ |
Ìý |
105 |
Ìý |
— |
​ |
— |
​ |
105 |
​ |
Customer service and billing |
​ |
Ìý |
95 |
Ìý |
— |
​ |
— |
​ |
95 |
​ |
Other |
​ |
Ìý |
33 |
Ìý |
— |
​ |
— |
​ |
33 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
414 |
​ |
414 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
119 |
​ |
— |
​ |
— |
​ |
119 |
​ |
Other operating expenses |
​ |
Ìý |
27 |
Ìý |
97 |
​ |
— |
​ |
124 |
​ |
Selling, general and administrative |
​ |
Ìý |
224 |
Ìý |
27 |
​ |
49 |
​ |
300 |
​ |
Depreciation and amortization |
​ |
Ìý |
92 |
Ìý |
23 |
​ |
116 |
​ |
231 |
​ |
​ |
​ |
Ìý |
1,099 |
Ìý |
147 |
​ |
579 |
​ |
1,825 |
​ |
Operating income (loss) |
​ |
Ìý |
333 |
Ìý |
35 |
​ |
6 |
​ |
374 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(99) |
Ìý |
(7) |
​ |
(47) |
​ |
(153) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(1) |
Ìý |
3 |
​ |
20 |
​ |
22 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
62 |
Ìý |
— |
​ |
(4) |
​ |
58 |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
— |
​ |
(28) |
​ |
28 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
12 |
Ìý |
1 |
​ |
8 |
​ |
21 |
​ |
​ |
​ |
Ìý |
(26) |
Ìý |
(31) |
​ |
5 |
​ |
(52) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
307 |
Ìý |
4 |
​ |
11 |
​ |
322 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(59) |
Ìý |
(7) |
​ |
(1) |
​ |
(67) |
​ |
Net earnings (loss) |
​ |
Ìý |
248 |
Ìý |
(3) |
​ |
10 |
​ |
255 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
83 |
Ìý |
(1) |
​ |
1 |
​ |
83 |
​ |
Net earnings (loss) attributable to Â鶹app stockholders |
​ |
$ |
165 |
Ìý |
(2) |
​ |
9 |
​ |
172 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2019
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹app |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹app |
​ |
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SIRIUS XM Holdings revenue |
​ |
$ |
3,721 |
Ìý |
— |
​ |
— |
​ |
3,721 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
866 |
​ |
866 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
230 |
​ |
— |
​ |
230 |
​ |
Total revenue |
​ |
Ìý |
3,721 |
Ìý |
230 |
​ |
866 |
​ |
4,817 |
​ |
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 |
1,092 |
Ìý |
— |
​ |
— |
​ |
1,092 |
​ |
Programming and content |
​ |
Ìý |
222 |
Ìý |
— |
​ |
— |
​ |
222 |
​ |
Customer service and billing |
​ |
Ìý |
232 |
Ìý |
— |
​ |
— |
​ |
232 |
​ |
Other |
​ |
Ìý |
84 |
Ìý |
— |
​ |
— |
​ |
84 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
589 |
​ |
589 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
212 |
Ìý |
— |
​ |
— |
​ |
212 |
​ |
Other operating expenses |
​ |
Ìý |
128 |
Ìý |
160 |
​ |
— |
​ |
288 |
​ |
Selling, general and administrative |
​ |
Ìý |
687 |
Ìý |
51 |
​ |
97 |
​ |
835 |
​ |
Acquisition and other related costs |
​ |
​ |
83 |
Ìý |
— |
​ |
— |
​ |
83 |
​ |
Depreciation and amortization |
​ |
Ìý |
261 |
Ìý |
34 |
​ |
224 |
​ |
519 |
​ |
​ |
​ |
Ìý |
3,001 |
Ìý |
245 |
​ |
910 |
​ |
4,156 |
​ |
Operating income (loss) |
​ |
Ìý |
720 |
Ìý |
(15) |
​ |
(44) |
​ |
661 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(211) |
Ìý |
(14) |
​ |
(101) |
​ |
(326) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(11) |
Ìý |
9 |
​ |
16 |
​ |
14 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
16 |
Ìý |
(4) |
​ |
(197) |
​ |
(185) |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
— |
​ |
(28) |
​ |
28 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
9 |
Ìý |
1 |
​ |
19 |
​ |
29 |
​ |
​ |
​ |
Ìý |
(197) |
Ìý |
(36) |
​ |
(235) |
​ |
(468) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
523 |
Ìý |
(51) |
​ |
(279) |
​ |
193 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(188) |
Ìý |
6 |
​ |
54 |
​ |
(128) |
​ |
Net earnings (loss) |
​ |
Ìý |
335 |
Ìý |
(45) |
​ |
(225) |
​ |
65 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
107 |
Ìý |
— |
​ |
— |
​ |
107 |
​ |
Net earnings (loss) attributable to Â鶹app stockholders |
​ |
$ |
228 |
Ìý |
(45) |
​ |
(225) |
​ |
(42) |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2018
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹app |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹app |
​ |
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SIRIUS XM Holdings revenue |
​ |
$ |
2,807 |
Ìý |
— |
​ |
— |
​ |
2,807 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
699 |
​ |
699 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
210 |
​ |
— |
​ |
210 |
​ |
Total revenue |
​ |
Ìý |
2,807 |
Ìý |
210 |
​ |
699 |
​ |
3,716 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
714 |
Ìý |
— |
​ |
— |
​ |
714 |
​ |
Programming and content |
​ |
Ìý |
206 |
Ìý |
— |
​ |
— |
​ |
206 |
​ |
Customer service and billing |
​ |
Ìý |
189 |
Ìý |
— |
​ |
— |
​ |
189 |
​ |
Other |
​ |
Ìý |
62 |
Ìý |
— |
​ |
— |
​ |
62 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
495 |
​ |
495 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
242 |
​ |
— |
​ |
— |
​ |
242 |
​ |
Other operating expenses |
​ |
Ìý |
58 |
Ìý |
141 |
​ |
— |
​ |
199 |
​ |
Selling, general and administrative |
​ |
Ìý |
426 |
Ìý |
46 |
​ |
89 |
​ |
561 |
​ |
Depreciation and amortization |
​ |
Ìý |
181 |
Ìý |
39 |
​ |
227 |
​ |
447 |
​ |
​ |
​ |
Ìý |
2,078 |
Ìý |
226 |
​ |
811 |
​ |
3,115 |
​ |
Operating income (loss) |
​ |
Ìý |
729 |
Ìý |
(16) |
​ |
(112) |
​ |
601 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(196) |
Ìý |
(13) |
​ |
(94) |
​ |
(303) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
— |
Ìý |
6 |
​ |
8 |
​ |
14 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
120 |
Ìý |
— |
​ |
91 |
​ |
211 |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
— |
​ |
(33) |
​ |
33 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
17 |
Ìý |
2 |
​ |
8 |
​ |
27 |
​ |
​ |
​ |
Ìý |
(59) |
Ìý |
(38) |
​ |
46 |
​ |
(51) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
670 |
Ìý |
(54) |
​ |
(66) |
​ |
550 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(140) |
Ìý |
(1) |
​ |
59 |
​ |
(82) |
​ |
Net earnings (loss) |
​ |
Ìý |
530 |
Ìý |
(55) |
​ |
(7) |
​ |
468 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
165 |
Ìý |
(1) |
​ |
1 |
​ |
165 |
​ |
Net earnings (loss) attributable to Â鶹app stockholders |
​ |
$ |
365 |
Ìý |
(54) |
​ |
(8) |
​ |
303 |
​ |
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2019
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹app |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹app |
​ |
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
335 |
Ìý |
(45) |
​ |
(225) |
​ |
65 |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
261 |
Ìý |
34 |
​ |
224 |
​ |
519 |
​ |
Stock-based compensation |
​ |
Ìý |
138 |
Ìý |
9 |
​ |
15 |
​ |
162 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
11 |
Ìý |
(9) |
​ |
(16) |
​ |
(14) |
​ |
Unrealized (gains) losses on intergroup interest, net |
​ |
​ |
— |
​ |
28 |
​ |
(28) |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(16) |
Ìý |
4 |
​ |
197 |
​ |
185 |
​ |
Noncash interest expense (benefit) |
​ |
​ |
2 |
​ |
— |
​ |
1 |
​ |
3 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
178 |
Ìý |
— |
​ |
(63) |
​ |
115 |
​ |
Intergroup tax allocation |
​ |
​ |
(1) |
​ |
(6) |
​ |
7 |
​ |
— |
​ |
Intergroup tax (payments) receipts |
​ |
​ |
(2) |
​ |
22 |
​ |
(20) |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
2 |
Ìý |
5 |
​ |
(7) |
​ |
— |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
(14) |
Ìý |
(34) |
​ |
(35) |
​ |
(83) |
​ |
Payables and other liabilities |
​ |
Ìý |
15 |
Ìý |
56 |
​ |
149 |
​ |
220 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
909 |
Ìý |
64 |
​ |
199 |
​ |
1,172 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(9) |
Ìý |
(5) |
​ |
(6) |
​ |
(20) |
​ |
Cash proceeds from sale of investments |
​ |
​ |
373 |
​ |
— |
​ |
— |
​ |
373 |
​ |
Cash received from Pandora acquisition |
​ |
​ |
313 |
​ |
— |
​ |
— |
​ |
313 |
​ |
Capital expended for property and equipment |
​ |
Ìý |
(160) |
Ìý |
(50) |
​ |
(11) |
​ |
(221) |
​ |
Sales of short term investments and other marketable securities |
​ |
​ |
72 |
Ìý |
— |
​ |
— |
​ |
72 |
​ |
Other investing activities, net |
​ |
Ìý |
(1) |
Ìý |
— |
​ |
(4) |
​ |
(5) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
588 |
Ìý |
(55) |
​ |
(21) |
​ |
512 |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
2,878 |
Ìý |
1 |
​ |
— |
​ |
2,879 |
​ |
Repayments of debt |
​ |
Ìý |
(2,360) |
Ìý |
(24) |
​ |
(3) |
​ |
(2,387) |
​ |
Series C Â鶹app SiriusXM stock repurchases |
​ |
​ |
(306) |
​ |
— |
​ |
— |
​ |
(306) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(1,474) |
Ìý |
— |
​ |
— |
​ |
(1,474) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(36) |
​ |
— |
​ |
— |
​ |
(36) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(50) |
Ìý |
— |
​ |
(7) |
​ |
(57) |
​ |
Other financing activities, net |
​ |
​ |
(3) |
​ |
(7) |
​ |
6 |
​ |
(4) |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(1,351) |
Ìý |
(30) |
​ |
(4) |
​ |
(1,385) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
146 |
Ìý |
(21) |
​ |
174 |
​ |
299 |
​ |
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 |
​ |
$ |
248 |
Ìý |
169 |
​ |
334 |
​ |
751 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2018
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
Â鶹app |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
SiriusXM |
​ |
Braves |
​ |
Formula One |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
Â鶹app |
​ |
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
530 |
Ìý |
(55) |
​ |
(7) |
​ |
468 |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
181 |
Ìý |
39 |
​ |
227 |
​ |
447 |
​ |
Stock-based compensation |
​ |
Ìý |
82 |
Ìý |
5 |
​ |
12 |
​ |
99 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
— |
Ìý |
(6) |
​ |
(8) |
​ |
(14) |
​ |
Unrealized (gains) losses on intergroup interest, net |
​ |
​ |
— |
​ |
33 |
​ |
(33) |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(120) |
Ìý |
— |
​ |
(91) |
​ |
(211) |
​ |
Noncash interest expense (benefit) |
​ |
​ |
(8) |
​ |
2 |
​ |
— |
​ |
(6) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
123 |
Ìý |
(2) |
​ |
(49) |
​ |
72 |
​ |
Intergroup tax allocation |
​ |
​ |
1 |
​ |
3 |
​ |
(4) |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
— |
Ìý |
14 |
​ |
2 |
​ |
16 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
1 |
Ìý |
(3) |
​ |
(97) |
​ |
(99) |
​ |
Payables and other liabilities |
​ |
Ìý |
163 |
Ìý |
37 |
​ |
296 |
​ |
496 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
953 |
Ìý |
67 |
​ |
248 |
​ |
1,268 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(395) |
Ìý |
— |
​ |
(4) |
​ |
(399) |
​ |
Cash proceeds from sale of investments |
​ |
​ |
— |
​ |
— |
​ |
243 |
​ |
243 |
​ |
Capital expended for property and equipment |
​ |
Ìý |
(174) |
Ìý |
(14) |
​ |
(3) |
​ |
(191) |
​ |
Other investing activities, net |
​ |
Ìý |
3 |
Ìý |
36 |
​ |
8 |
​ |
47 |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(566) |
Ìý |
22 |
​ |
244 |
​ |
(300) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
1,171 |
Ìý |
123 |
​ |
289 |
​ |
1,583 |
​ |
Repayments of debt |
​ |
Ìý |
(1,388) |
Ìý |
(180) |
​ |
(850) |
​ |
(2,418) |
​ |
Series C Â鶹app SiriusXM stock repurchases |
​ |
​ |
(218) |
​ |
— |
​ |
— |
​ |
(218) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(334) |
Ìý |
— |
​ |
— |
​ |
(334) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(29) |
​ |
— |
​ |
— |
​ |
(29) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(79) |
Ìý |
— |
​ |
(2) |
​ |
(81) |
​ |
Other financing activities, net |
​ |
​ |
50 |
​ |
— |
​ |
(4) |
​ |
46 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(827) |
Ìý |
(57) |
​ |
(567) |
​ |
(1,451) |
​ |
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 |
(440) |
Ìý |
32 |
​ |
(76) |
​ |
(484) |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
625 |
Ìý |
140 |
​ |
282 |
​ |
1,047 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
185 |
Ìý |
172 |
​ |
206 |
​ |
563 |
​ |
​
|