Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
September 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 |
​ |
$ |
133 |
​ |
142 |
​ |
419 |
​ |
— |
​ |
694 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
632 |
​ |
49 |
​ |
97 |
​ |
— |
​ |
778 |
Ìý |
Other current assets |
​ |
Ìý |
225 |
​ |
102 |
​ |
137 |
​ |
— |
​ |
464 |
Ìý |
Total current assets |
​ |
Ìý |
990 |
​ |
293 |
​ |
653 |
​ |
— |
​ |
1,936 |
Ìý |
Intergroup interest in the Â鶹app Braves Group (note 1) |
​ |
​ |
— |
​ |
— |
​ |
252 |
​ |
(252) |
​ |
— |
​ |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
638 |
​ |
104 |
​ |
956 |
​ |
— |
​ |
1,698 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
2,639 |
​ |
883 |
​ |
192 |
​ |
— |
​ |
3,714 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(1,275) |
​ |
(117) |
​ |
(92) |
​ |
— |
​ |
(1,484) |
Ìý |
​ |
​ |
Ìý |
1,364 |
​ |
766 |
​ |
100 |
​ |
— |
​ |
2,230 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intangible assets not subject to amortization |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
15,816 |
​ |
180 |
​ |
3,956 |
​ |
— |
​ |
19,952 |
Ìý |
FCC licenses |
​ |
Ìý |
8,600 |
​ |
— |
​ |
— |
​ |
— |
​ |
8,600 |
Ìý |
Other |
​ |
Ìý |
1,262 |
​ |
143 |
​ |
— |
​ |
— |
​ |
1,405 |
Ìý |
​ |
​ |
Ìý |
25,678 |
​ |
323 |
​ |
3,956 |
​ |
— |
​ |
29,957 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
1,632 |
​ |
35 |
​ |
4,412 |
​ |
— |
​ |
6,079 |
Ìý |
Other assets |
​ |
Ìý |
702 |
​ |
73 |
​ |
1,032 |
​ |
(62) |
​ |
1,745 |
Ìý |
Total assets |
​ |
$ |
31,004 |
​ |
1,594 |
​ |
11,361 |
​ |
(314) |
​ |
43,645 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Intergroup payable (receivable) (note 3) |
​ |
$ |
4 |
​ |
(7) |
​ |
3 |
​ |
— |
​ |
— |
​ |
Accounts payable and accrued liabilities |
​ |
​ |
1,240 |
Ìý |
57 |
​ |
240 |
​ |
— |
​ |
1,537 |
​ |
Deferred revenue |
​ |
Ìý |
1,938 |
Ìý |
52 |
​ |
245 |
​ |
— |
​ |
2,235 |
​ |
Other current liabilities |
​ |
Ìý |
74 |
Ìý |
17 |
​ |
19 |
​ |
— |
​ |
110 |
​ |
Total current liabilities |
​ |
Ìý |
3,256 |
Ìý |
119 |
​ |
507 |
​ |
— |
​ |
3,882 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
8,857 |
Ìý |
521 |
​ |
5,329 |
​ |
— |
​ |
14,707 |
​ |
Deferred income tax liabilities |
​ |
Ìý |
1,856 |
Ìý |
78 |
​ |
— |
​ |
(62) |
​ |
1,872 |
​ |
Redeemable intergroup interest (note 1) |
​ |
​ |
— |
​ |
252 |
​ |
— |
​ |
(252) |
​ |
— |
​ |
Other liabilities |
​ |
Ìý |
634 |
Ìý |
206 |
​ |
166 |
​ |
— |
​ |
1,006 |
​ |
Total liabilities |
​ |
Ìý |
14,603 |
Ìý |
1,176 |
​ |
6,002 |
​ |
(314) |
​ |
21,467 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
10,735 |
Ìý |
426 |
​ |
5,356 |
​ |
— |
​ |
16,517 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
5,666 |
Ìý |
(8) |
​ |
3 |
​ |
— |
​ |
5,661 |
​ |
Total liabilities and equity |
​ |
$ |
31,004 |
Ìý |
1,594 |
​ |
11,361 |
​ |
(314) |
​ |
43,645 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 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 |
​ |
$ |
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 |
​ |
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 interest (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 Â鶹app stockholders |
​ |
$ |
140 |
Ìý |
12 |
​ |
41 |
​ |
193 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 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 |
​ |
$ |
1,468 |
Ìý |
— |
​ |
— |
​ |
1,468 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
647 |
​ |
647 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
200 |
​ |
— |
​ |
200 |
​ |
Total revenue |
​ |
Ìý |
1,468 |
Ìý |
200 |
​ |
647 |
​ |
2,315 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
343 |
Ìý |
— |
​ |
— |
​ |
343 |
​ |
Programming and content |
​ |
Ìý |
97 |
Ìý |
— |
​ |
— |
​ |
97 |
​ |
Customer service and billing |
​ |
Ìý |
95 |
Ìý |
— |
​ |
— |
​ |
95 |
​ |
Other |
​ |
Ìý |
30 |
Ìý |
— |
​ |
— |
​ |
30 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
450 |
​ |
450 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
110 |
​ |
— |
​ |
— |
​ |
110 |
​ |
Other operating expenses |
​ |
Ìý |
31 |
Ìý |
106 |
​ |
— |
​ |
137 |
​ |
Selling, general and administrative |
​ |
Ìý |
214 |
Ìý |
26 |
​ |
48 |
​ |
288 |
​ |
Depreciation and amortization |
​ |
Ìý |
93 |
Ìý |
23 |
​ |
118 |
​ |
234 |
​ |
​ |
​ |
Ìý |
1,013 |
Ìý |
155 |
​ |
616 |
​ |
1,784 |
​ |
Operating income (loss) |
​ |
Ìý |
455 |
Ìý |
45 |
​ |
31 |
​ |
531 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(95) |
Ìý |
(6) |
​ |
(49) |
​ |
(150) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(2) |
Ìý |
2 |
​ |
58 |
​ |
58 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
(51) |
Ìý |
1 |
​ |
19 |
​ |
(31) |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
— |
​ |
(13) |
​ |
13 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
6 |
Ìý |
— |
​ |
4 |
​ |
10 |
​ |
​ |
​ |
Ìý |
(142) |
Ìý |
(16) |
​ |
45 |
​ |
(113) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
313 |
Ìý |
29 |
​ |
76 |
​ |
418 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(30) |
Ìý |
12 |
​ |
(34) |
​ |
(52) |
​ |
Net earnings (loss) |
​ |
Ìý |
283 |
Ìý |
41 |
​ |
42 |
​ |
366 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
98 |
Ìý |
— |
​ |
— |
​ |
98 |
​ |
Net earnings (loss) attributable to Â鶹app stockholders |
​ |
$ |
185 |
Ìý |
41 |
​ |
42 |
​ |
268 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 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 |
​ |
$ |
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 subscriber 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 other related costs |
​ |
​ |
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 interest (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 Â鶹app stockholders |
​ |
$ |
368 |
Ìý |
(33) |
​ |
(184) |
​ |
151 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 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 |
​ |
$ |
4,275 |
Ìý |
— |
​ |
— |
​ |
4,275 |
​ |
Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
1,346 |
​ |
1,346 |
​ |
Other revenue |
​ |
Ìý |
— |
Ìý |
410 |
​ |
— |
​ |
410 |
​ |
Total revenue |
​ |
Ìý |
4,275 |
Ìý |
410 |
​ |
1,346 |
​ |
6,031 |
​ |
Operating costs and expenses, including stock-based compensation (note 2): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of services (exclusive of depreciation shown separately below): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Revenue share and royalties |
​ |
Ìý |
1,057 |
Ìý |
— |
​ |
— |
​ |
1,057 |
​ |
Programming and content |
​ |
Ìý |
303 |
Ìý |
— |
​ |
— |
​ |
303 |
​ |
Customer service and billing |
​ |
Ìý |
284 |
Ìý |
— |
​ |
— |
​ |
284 |
​ |
Other |
​ |
Ìý |
92 |
Ìý |
— |
​ |
— |
​ |
92 |
​ |
Cost of Formula 1 revenue |
​ |
​ |
— |
​ |
— |
​ |
945 |
​ |
945 |
​ |
Subscriber acquisition costs |
​ |
Ìý |
352 |
​ |
— |
​ |
— |
​ |
352 |
​ |
Other operating expenses |
​ |
Ìý |
89 |
Ìý |
247 |
​ |
— |
​ |
336 |
​ |
Selling, general and administrative |
​ |
Ìý |
640 |
Ìý |
72 |
​ |
137 |
​ |
849 |
​ |
Depreciation and amortization |
​ |
Ìý |
274 |
Ìý |
62 |
​ |
345 |
​ |
681 |
​ |
​ |
​ |
Ìý |
3,091 |
Ìý |
381 |
​ |
1,427 |
​ |
4,899 |
​ |
Operating income (loss) |
​ |
Ìý |
1,184 |
Ìý |
29 |
​ |
(81) |
​ |
1,132 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(291) |
Ìý |
(19) |
​ |
(143) |
​ |
(453) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(2) |
Ìý |
8 |
​ |
66 |
​ |
72 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
69 |
Ìý |
1 |
​ |
110 |
​ |
180 |
​ |
Unrealized gains (losses) on intergroup interest (note 1) |
​ |
​ |
— |
​ |
(46) |
​ |
46 |
​ |
— |
​ |
Other, net |
​ |
Ìý |
23 |
Ìý |
2 |
​ |
12 |
​ |
37 |
​ |
​ |
​ |
Ìý |
(201) |
Ìý |
(54) |
​ |
91 |
​ |
(164) |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
983 |
Ìý |
(25) |
​ |
10 |
​ |
968 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(170) |
Ìý |
11 |
​ |
25 |
​ |
(134) |
​ |
Net earnings (loss) |
​ |
Ìý |
813 |
Ìý |
(14) |
​ |
35 |
​ |
834 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
263 |
Ìý |
(1) |
​ |
1 |
​ |
263 |
​ |
Net earnings (loss) attributable to Â鶹app stockholders |
​ |
$ |
550 |
Ìý |
(13) |
​ |
34 |
​ |
571 |
​ |
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 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) |
​ |
$ |
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 interest, net |
​ |
​ |
— |
​ |
26 |
​ |
(26) |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(6) |
Ìý |
6 |
​ |
171 |
​ |
171 |
​ |
Noncash interest expense (benefit) |
​ |
​ |
5 |
​ |
1 |
​ |
1 |
​ |
7 |
​ |
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 |
58 |
Ìý |
8 |
​ |
(5) |
​ |
61 |
​ |
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 for acquisitions, net of cash acquired |
​ |
​ |
313 |
​ |
— |
​ |
— |
​ |
313 |
​ |
Capital expended for property and equipment |
​ |
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) |
​ |
Series C Â鶹app 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 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 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) |
​ |
$ |
813 |
Ìý |
(14) |
​ |
35 |
​ |
834 |
​ |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
274 |
Ìý |
62 |
​ |
345 |
​ |
681 |
​ |
Stock-based compensation |
​ |
Ìý |
117 |
Ìý |
9 |
​ |
19 |
​ |
145 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
2 |
Ìý |
(8) |
​ |
(66) |
​ |
(72) |
​ |
Unrealized (gains) losses on intergroup interest, net |
​ |
​ |
— |
​ |
46 |
​ |
(46) |
​ |
— |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(69) |
Ìý |
(1) |
​ |
(110) |
​ |
(180) |
​ |
Noncash interest expense (benefit) |
​ |
​ |
(9) |
​ |
4 |
​ |
(1) |
​ |
(6) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
159 |
Ìý |
3 |
​ |
(30) |
​ |
132 |
​ |
Intergroup tax allocation |
​ |
​ |
21 |
​ |
(14) |
​ |
(7) |
​ |
— |
​ |
Other charges (credits), net |
​ |
Ìý |
2 |
Ìý |
9 |
​ |
2 |
​ |
13 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
(33) |
Ìý |
(3) |
​ |
(83) |
​ |
(119) |
​ |
Payables and other liabilities |
​ |
Ìý |
14 |
Ìý |
(30) |
​ |
223 |
​ |
207 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
1,291 |
Ìý |
63 |
​ |
281 |
​ |
1,635 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(397) |
Ìý |
— |
​ |
(6) |
​ |
(403) |
​ |
Cash proceeds from sale of investments |
​ |
​ |
— |
​ |
— |
​ |
244 |
​ |
244 |
​ |
Cash paid for acquisitions, net of cash acquired |
​ |
​ |
(1) |
​ |
— |
​ |
— |
​ |
(1) |
​ |
Capital expended for property and equipment |
​ |
Ìý |
(239) |
Ìý |
(15) |
​ |
(11) |
​ |
(265) |
​ |
Other investing activities, net |
​ |
Ìý |
5 |
Ìý |
33 |
​ |
5 |
​ |
43 |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(632) |
Ìý |
18 |
​ |
232 |
​ |
(382) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Borrowings of debt |
​ |
Ìý |
1,899 |
Ìý |
123 |
​ |
288 |
​ |
2,310 |
​ |
Repayments of debt |
​ |
Ìý |
(1,902) |
Ìý |
(185) |
​ |
(927) |
​ |
(3,014) |
​ |
Series C Â鶹app SiriusXM stock repurchases |
​ |
​ |
(368) |
​ |
— |
​ |
— |
​ |
(368) |
​ |
Subsidiary shares repurchased by subsidiary |
​ |
Ìý |
(662) |
Ìý |
— |
​ |
— |
​ |
(662) |
​ |
Cash dividends paid by subsidiary |
​ |
​ |
(44) |
​ |
— |
​ |
— |
​ |
(44) |
​ |
Taxes paid in lieu of shares issued for stock-based compensation |
​ |
Ìý |
(120) |
Ìý |
— |
​ |
(2) |
​ |
(122) |
​ |
Other financing activities, net |
​ |
​ |
50 |
​ |
— |
​ |
1 |
​ |
51 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(1,147) |
Ìý |
(62) |
​ |
(640) |
​ |
(1,849) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(488) |
Ìý |
19 |
​ |
(127) |
​ |
(596) |
​ |
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 |
​ |
$ |
137 |
Ìý |
159 |
​ |
155 |
​ |
451 |
​ |
|