0001558370-20-012869.txt : 20201105 0001558370-20-012869.hdr.sgml : 20201105 20201105162133 ACCESSION NUMBER: 0001558370-20-012869 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 79 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201105 DATE AS OF CHANGE: 20201105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Liberty Media Corp CENTRAL INDEX KEY: 0001560385 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 371699499 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35707 FILM NUMBER: 201290779 BUSINESS ADDRESS: STREET 1: 12300 LIBERTY BOULEVARD CITY: ENGLEWOOD STATE: CO ZIP: 80112 BUSINESS PHONE: 720-875-5400 MAIL ADDRESS: STREET 1: 12300 LIBERTY BOULEVARD CITY: ENGLEWOOD STATE: CO ZIP: 80112 FORMER COMPANY: FORMER CONFORMED NAME: Liberty Spinco, Inc. DATE OF NAME CHANGE: 20121015 10-Q 1 lmca-20200930x10q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to                

Commission File Number 001-35707

LIBERTY MEDIA CORPORATION

(Exact name of Registrant as specified in its charter)

State of Delaware

37-1699499

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

12300 Liberty Boulevard
Englewood, Colorado

80112

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (720875-5400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Series A Liberty SiriusXM Common Stock

LSXMA

The Nasdaq Stock Market LLC

Series B Liberty SiriusXM Common Stock

LSXMB

The Nasdaq Stock Market LLC

Series C Liberty SiriusXM Common Stock

LSXMK

The Nasdaq Stock Market LLC

Series A Liberty Braves Common Stock

BATRA

The Nasdaq Stock Market LLC

Series C Liberty Braves Common Stock

BATRK

The Nasdaq Stock Market LLC

Series A Liberty Formula One Common Stock

FWONA

The Nasdaq Stock Market LLC

Series C Liberty Formula One Common Stock

FWONK

The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes     No 

The number of outstanding shares of Liberty Media Corporation's common stock as of October 31, 2020 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

100,671,324

9,803,202

229,890,516

Liberty Braves common stock

10,312,721

981,778

39,929,761

Liberty Formula One common stock

25,835,710

2,446,857

203,497,807

Table of Contents

Part I – Financial Information

Item 1. Financial Statements

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited)

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited)

I-5

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)

I-7

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited)

I-8

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Equity (unaudited)

I-10

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

I-14

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

I-46

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-67

Item 4. Controls and Procedures

I-68

Part II — Other Information

Item 1. Legal Proceedings

II-1

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

II-1

Item 6. Exhibits

II-2

SIGNATURES

II-3

I-2

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

September 30, 2020

    

December 31, 2019

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

1,936

 

1,222

Trade and other receivables, net

 

771

 

767

Other current assets

 

566

 

416

Total current assets

 

3,273

 

2,405

Investments in affiliates, accounted for using the equity method (note 7)

 

1,106

 

1,625

Property and equipment, at cost

 

3,906

 

3,780

Accumulated depreciation

 

(1,670)

 

(1,518)

 

2,236

 

2,262

Intangible assets not subject to amortization (note 8):

Goodwill

 

19,956

 

19,939

FCC licenses

 

8,600

 

8,600

Other

 

1,405

 

1,405

 

29,961

 

29,944

Intangible assets subject to amortization, net (note 8)

 

5,489

 

5,940

Other assets

 

1,724

 

2,013

Total assets

$

43,789

 

44,189

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,403

 

1,621

Current portion of debt (note 9)

96

60

Deferred revenue

 

2,242

 

2,113

Other current liabilities

 

98

 

94

Total current liabilities

 

3,839

 

3,888

Long-term debt, including $3,237 million and $3,678 million measured at fair value at September 30, 2020 and December 31, 2019, respectively (note 9)

 

15,414

 

15,416

Deferred income tax liabilities

 

2,065

 

1,913

Other liabilities

 

1,091

 

1,047

Total liabilities

 

22,409

 

22,264

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

    

September 30, 2020

    

December 31, 2019

 

amounts in millions,

 

except share amounts

 

Stockholders' equity:

Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued

 

 

Series A Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 101,026,159 shares at September 30, 2020 and 103,339,016 shares at December 31, 2019 (note 2)

1

1

Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,312,685 shares at September 30, 2020 and 10,312,639 shares at December 31, 2019 (note 2)

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 25,835,650 shares at September 30, 2020 and 25,834,334 shares at December 31, 2019 (note 2)

Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,803,444 shares at September 30, 2020 and 9,808,601 at December 31, 2019 (note 2)

Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,814 shares at September 30, 2020 and 981,860 at December 31, 2019 (note 2)

Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,446,917 shares at September 30, 2020 and 2,448,233 shares at December 31, 2019 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 230,795,109 shares at September 30, 2020 and 203,324,574 shares at December 31, 2019 (note 2)

2

2

Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 39,929,761 shares at September 30, 2020 and 39,894,784 shares at December 31, 2019 (note 2)

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 203,497,807 shares at September 30, 2020 and 203,366,419 shares at December 31, 2019 (note 2)

2

2

Additional paid-in capital

 

2,943

 

2,575

Accumulated other comprehensive earnings (loss), net of taxes

 

19

 

(33)

Retained earnings

 

13,225

 

13,748

Total stockholders' equity

 

16,192

 

16,295

Noncontrolling interests in equity of subsidiaries

 

5,188

 

5,630

Total equity

 

21,380

 

21,925

Commitments and contingencies (note 10)

Total liabilities and equity

$

43,789

 

44,189

See accompanying notes to condensed consolidated financial statements.

I-4

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

Three months ended

    

Nine months ended

 

September 30,

September 30,

 

    

2020

    

2019

    

2020

    

2019

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

2,025

 

2,011

 

5,851

 

5,732

Formula 1 revenue

597

633

660

1,499

Other revenue

 

110

 

212

 

143

 

442

Total revenue

 

2,732

 

2,856

 

6,654

 

7,673

Operating costs and expenses, including stock-based compensation (note 4):

Cost of services (exclusive of depreciation shown separately below):

Revenue share and royalties

 

602

 

592

 

1,759

 

1,684

Programming and content

 

123

 

116

 

351

 

338

Customer service and billing

 

119

 

120

 

359

 

352

Other

 

51

 

52

 

142

 

136

Cost of Formula 1 revenue

551

434

610

1,023

Subscriber acquisition costs

 

110

 

101

 

257

 

313

Other operating expense

 

154

 

223

 

339

 

511

Selling, general and administrative

 

423

 

440

 

1,221

 

1,275

Acquisition and restructuring (note 3)

24

83

Depreciation and amortization

 

279

 

271

 

812

 

790

 

2,412

 

2,349

 

5,874

 

6,505

Operating income (loss)

 

320

 

507

 

780

 

1,168

Other income (expense):

Interest expense

 

(153)

 

(169)

 

(480)

 

(495)

Share of earnings (losses) of affiliates, net (note 7)

 

(187)

 

55

 

(442)

 

69

Realized and unrealized gains (losses) on financial instruments, net (note 6)

 

16

 

14

 

(163)

 

(171)

Other, net

 

(32)

 

(47)

 

(1)

 

(18)

 

(356)

 

(147)

 

(1,086)

 

(615)

Earnings (loss) before income taxes

 

(36)

 

360

 

(306)

 

553

Income tax (expense) benefit

 

(7)

 

(98)

 

3

 

(226)

Net earnings (loss)

 

(43)

 

262

 

(303)

 

327

Less net earnings (loss) attributable to the noncontrolling interests

 

71

 

69

 

213

 

176

Net earnings (loss) attributable to Liberty stockholders

$

(114)

 

193

 

(516)

 

151

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

12

140

138

368

Liberty Braves common stock

(31)

12

(16)

(33)

Liberty Formula One common stock

(95)

41

(638)

(184)

$

(114)

193

(516)

151

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-5

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Continued)

(unaudited)

Three months ended

    

Nine months ended

September 30,

September 30,

2020

    

2019

    

2020

    

2019

Basic net earnings (loss) attributable to Liberty stockholders per common share
(notes 3 and 6):

Series A, B and C Liberty SiriusXM common stock

0.03

0.43

0.42

1.12

Series A, B and C Liberty Braves common stock

(0.61)

0.24

(0.31)

(0.65)

Series A, B and C Liberty Formula One common stock

(0.41)

0.18

(2.75)

(0.80)

Diluted net earnings (loss) attributable to Liberty stockholders per common share
(notes 3 and 6):

Series A, B and C Liberty SiriusXM common stock

0.03

0.42

0.31

1.11

Series A, B and C Liberty Braves common stock

(0.61)

0.16

(1.57)

(0.65)

Series A, B and C Liberty Formula One common stock

(0.41)

0.18

(2.75)

(0.80)

See accompanying notes to condensed consolidated financial statements.

I-6

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)

Three months ended

Nine months ended

September 30,

September 30,

 

    

2020

    

2019

    

2020

    

2019

amounts in millions

Net earnings (loss)

$

(43)

 

262

 

(303)

 

327

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

12

 

(8)

 

(10)

 

11

Credit risk on fair value debt instruments gains (losses)

 

(151)

 

(23)

 

86

 

(26)

Unrealized holding gains (losses) arising during the period

(1)

1

(7)

4

Share of other comprehensive earnings (loss) of equity affiliates

 

6

 

(8)

 

(20)

 

(8)

Comprehensive earnings (loss)

 

(177)

 

224

 

(254)

 

308

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

74

 

67

 

210

 

180

Comprehensive earnings (loss) attributable to Liberty stockholders

$

(251)

 

157

 

(464)

 

128

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

(102)

132

119

374

Liberty Braves common stock

(32)

13

(24)

(29)

Liberty Formula One common stock

(117)

12

(559)

(217)

$

(251)

157

(464)

128

See accompanying notes to condensed consolidated financial statements.

I-7

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

Nine months ended

September 30,

    

2020

    

2019

 

amounts in millions

Cash flows from operating activities:

Net earnings

$

(303)

 

327

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

 

812

 

790

Stock-based compensation

 

180

 

238

Share of (earnings) loss of affiliates, net

 

442

 

(69)

Realized and unrealized (gains) losses on financial instruments, net

 

163

 

171

Deferred income tax expense (benefit)

 

(43)

 

196

Other, net

 

85

 

68

Changes in operating assets and liabilities

Current and other assets

 

(148)

 

(61)

Payables and other liabilities

 

(132)

 

110

Net cash provided (used) by operating activities

 

1,056

 

1,770

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(94)

 

(25)

Return of investment in equity method affiliates

105

Cash proceeds from sale of investments

13

389

Cash (paid) received for acquisitions, net of cash acquired

(28)

313

Capital expended for property and equipment, including internal-use software and website development

 

(316)

 

(338)

Sales of short term investments and other marketable securities

 

 

73

Other investing activities, net

 

11

 

(2)

Net cash provided (used) by investing activities

 

(309)

 

410

Cash flows from financing activities:

Borrowings of debt

 

3,038

 

5,018

Repayments of debt

 

(2,595)

 

(4,345)

Liberty SiriusXM stock repurchases

(204)

(374)

Subsidiary shares repurchased by subsidiary

 

(870)

 

(1,959)

Proceeds from Liberty SiriusXM common stock rights offering

754

Cash dividends paid by subsidiary

(49)

(52)

Taxes paid in lieu of shares issued for stock-based compensation

(86)

(101)

Other financing activities, net

 

(66)

 

(41)

Net cash provided (used) by financing activities

 

(78)

 

(1,854)

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

(1)

(5)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

668

 

321

Cash, cash equivalents and restricted cash at beginning of period

 

1,306

 

452

Cash, cash equivalents and restricted cash at end of period

$

1,974

 

773

I-8

The following table reconciles cash and cash equivalents and restricted cash reported in our condensed consolidated balance sheets to the total amount presented in our condensed consolidated statements of cash flows:

September 30,

December 31,

2020

    

2019

amounts in millions

Cash and cash equivalents

$

1,936

1,222

Restricted cash included in other current assets

10

57

Restricted cash included in other assets

28

27

Total cash and cash equivalents and restricted cash at end of period

$

1,974

1,306

See accompanying notes to condensed consolidated financial statements.

I-9

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended September 30, 2020

Stockholders' equity

 

    

    

Accumulated

    

    

Noncontrolling

    

Additional

other

interest in

Preferred

Liberty Sirius XM

Liberty Braves

Liberty Formula One

Paid-in

comprehensive

Retained

equity of

Total

    

Stock

    

Series A

    

Series B

    

Series C

    

Series A

    

Series B

    

Series C

Series A

    

Series B

    

Series C

    

Capital

    

earnings (loss)

    

earnings

    

subsidiaries

    

equity