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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 June 30, 2022

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 July 31, 2022 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

98,094,012

9,802,232

218,807,352

Liberty Braves common stock

10,313,935

981,262

41,568,618

Liberty Formula One common stock

23,974,078

2,445,666

206,459,829

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-43

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-61

Item 4. Controls and Procedures

I-62

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)

June 30, 2022

    

December 31, 2021

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

2,645

 

2,814

Trade and other receivables, net

 

823

 

828

Other current assets

 

658

 

1,170

Total current assets

 

4,126

 

4,812

Investments in affiliates, accounted for using the equity method (note 6)

 

966

 

945

Property and equipment, at cost

 

4,339

 

4,027

Accumulated depreciation

 

(2,113)

 

(2,017)

 

2,226

 

2,010

Intangible assets not subject to amortization (note 7):

Goodwill

 

19,341

 

19,248

FCC licenses

 

8,600

 

8,600

Other

 

1,366

 

1,385

 

29,307

 

29,233

Intangible assets subject to amortization, net (note 7)

 

4,545

 

4,797

Other assets

 

2,590

 

2,554

Total assets

$

43,760

 

44,351

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,714

 

1,832

Current portion of debt, including $803 million and $2,850 million measured at fair value, respectively (note 8)

911

2,891

Deferred revenue

 

1,989

 

1,790

Other current liabilities

 

95

 

97

Total current liabilities

 

4,709

 

6,610

Long-term debt, including $2,778 million and $2,372 million measured at fair value, respectively (note 8)

 

16,971

 

15,699

Deferred income tax liabilities

 

2,253

 

2,218

Other liabilities

 

894

 

987

Total liabilities

$

24,827

 

25,514

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

    

June 30, 2022

    

December 31, 2021

 

amounts in millions,

 

except share amounts

 

Redeemable noncontrolling interests in equity of subsidiary (note 9)

$

576

575

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 98,323,712 shares at June 30, 2022 and 101,623,360 shares at December 31, 2021 (note 2)

1

1

Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,313,859 shares at June 30, 2022 and 10,313,703 shares at December 31, 2021 (note 2)

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 23,974,078 shares at June 30, 2022 and 24,638,242 shares at December 31, 2021 (note 2)

Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,802,232 shares at June 30, 2022 and 9,802,232 at December 31, 2021 (note 2)

Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,338 shares at June 30, 2022 and 981,494 at December 31, 2021 (note 2)

Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,445,666 shares at June 30, 2022 and 2,445,895 shares at December 31, 2021 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 219,326,052 shares at June 30, 2022 and 222,874,721 shares at December 31, 2021 (note 2)

2

2

Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 41,568,618 shares at June 30, 2022 and 41,494,524 shares at December 31, 2021 (note 2)

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 206,317,229 shares at June 30, 2022 and 205,107,088 shares at December 31, 2021 (note 2)

2

2

Additional paid-in capital

 

1,527

 

1,954

Accumulated other comprehensive earnings (loss), net of taxes

 

31

 

(5)

Retained earnings

 

13,613

 

12,718

Total stockholders' equity

 

15,176

 

14,672

Noncontrolling interests in equity of subsidiaries

 

3,181

 

3,590

Total equity

 

18,357

 

18,262

Commitments and contingencies (note 10)

Total liabilities and equity

$

43,760

 

44,351

See accompanying notes to condensed consolidated financial statements.

I-4

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

Three months ended

    

Six months ended

 

June 30,

June 30,

 

    

2022

    

2021

    

2022

    

2021

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

2,254

 

2,159

 

4,440

 

4,217

Formula 1 revenue

744

501

1,104

681

Other revenue

 

260

 

216

 

283

 

232

Total revenue

 

3,258

 

2,876

 

5,827

 

5,130

Operating costs and expenses, including stock-based compensation (note 3):

Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):

Revenue share and royalties

 

711

 

663

 

1,381

 

1,303

Programming and content

 

152

 

135

 

292

 

265

Customer service and billing

 

126

 

127

 

251

 

244

Other

 

58

 

58

 

112

 

110

Cost of Formula 1 revenue

534

398

729

482

Subscriber acquisition costs

 

91

 

89

 

181

 

175

Other operating expense

 

247

 

208

 

337

 

292

Selling, general and administrative

 

520

 

445

 

1,002

 

855

Impairment, restructuring and acquisition costs, net of recoveries (note 10)

1

(137)

1

108

Depreciation and amortization

 

262

 

268

 

522

 

532

 

2,702

 

2,254

 

4,808

 

4,366

Operating income (loss)

 

556

 

622

 

1,019

 

764

Other income (expense):

Interest expense

 

(161)

 

(158)

 

(318)

 

(316)

Share of earnings (losses) of affiliates, net (note 6)

 

61

 

(48)

 

47

 

(143)

Realized and unrealized gains (losses) on financial instruments, net (note 5)

 

380

 

155

 

439

 

106

Other, net

 

22

 

13

 

67

 

28

 

302

 

(38)

 

235

 

(325)

Earnings (loss) before income taxes

 

858

 

584

 

1,254

 

439

Income tax (expense) benefit

 

(184)

 

(56)

 

(284)

 

75

Net earnings (loss)

 

674

 

528

 

970

 

514

Less net earnings (loss) attributable to the noncontrolling interests

 

53

 

111

 

118

 

160

Less net earnings (loss) attributable to redeemable noncontrolling interest (note 9)

(1)

(10)

53

Net earnings (loss) attributable to Liberty stockholders

$

622

 

417

 

862

 

301

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

447

337

735

326

Liberty Braves common stock

64

25

51

(34)

Liberty Formula One common stock

111

55

76

9

$

622

417

862

301

(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

    

Six months ended

June 30,

June 30,

2022

    

2021

    

2022

    

2021

Basic net earnings (loss) attributable to Liberty stockholders per common share
(notes 2 and 4):

Series A, B and C Liberty SiriusXM common stock

1.36

1.01

2.23

0.97

Series A, B and C Liberty Braves common stock

1.21

0.48

0.96

(0.65)

Series A, B and C Liberty Formula One common stock

0.48

0.24

0.33

0.04

Diluted net earnings (loss) attributable to Liberty stockholders per common share
(notes 2 and 4):

Series A, B and C Liberty SiriusXM common stock

1.24

1.00

2.06

0.96

Series A, B and C Liberty Braves common stock

0.47

0.39

0.24

(0.65)

Series A, B and C Liberty Formula One common stock

0.35

0.24

0.29

0.04

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

Six months ended

June 30,

June 30,

 

    

2022

    

2021

    

2022

    

2021

amounts in millions

Net earnings (loss)

$

674

 

528

 

970

 

514

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

(23)

 

10

 

(14)

 

14

Credit risk on fair value debt instruments gains (losses)

 

50

 

(5)

 

55

 

(53)

Unrealized holding gains (losses) arising during the period

4

(1)

Share of other comprehensive earnings (loss) of equity affiliates

 

(9)

 

2

 

4

 

3

Recognition of previously unrealized (gains) losses on debt

(3)

(1)

(14)

(1)

Comprehensive earnings (loss)

 

689

 

534

 

1,005

 

476

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

50

 

113

 

117

 

163

Less comprehensive earnings (loss) attributable to redeemable noncontrolling interest (note 9)

(1)

(10)

53

Comprehensive earnings (loss) attributable to Liberty stockholders

$

640

 

421

 

898

 

260

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

473

341

777

293

Liberty Braves common stock

64

25

55

(35)

Liberty Formula One common stock

103

55

66

2

$

640

421

898

260

See accompanying notes to condensed consolidated financial statements.

I-7

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

Six months ended

June 30,

    

2022

    

2021

 

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

970

 

514

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

Depreciation and amortization

 

522

 

532

Stock-based compensation

 

112

 

123

Non-cash impairment and restructuring costs

245

Share of (earnings) loss of affiliates, net

 

(47)

 

143

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

 

(439)

 

(106)

Deferred income tax expense (benefit)

 

181

 

(101)

Other, net

 

(34)

 

3

Changes in operating assets and liabilities

Current and other assets

 

(114)

 

(176)

Payables and other liabilities

 

70

 

58

Net cash provided (used) by operating activities

 

1,221

 

1,235

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(9)

 

(185)

Investment of subsidiary initial public offering proceeds into trust account

(575)

Cash proceeds from dispositions

148

169

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

(137)

(14)

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

 

(455)

 

(190)

Other investing activities, net

 

78

 

41

Net cash provided (used) by investing activities

 

(375)

 

(754)

Cash flows from financing activities:

Borrowings of debt

 

2,674

 

3,794

Repayments of debt

 

(2,701)

 

(2,513)

Liberty stock repurchases

(356)

(243)

Subsidiary shares repurchased by subsidiary

 

(415)

 

(856)

Cash dividends paid by subsidiary

(217)

(28)

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

(45)

(45)

Proceeds from initial public offering of subsidiary

575

Other financing activities, net

 

17

 

(34)

Net cash provided (used) by financing activities

 

(1,043)

 

650

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

(8)

(2)

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

 

(205)

 

1,129

Cash, cash equivalents and restricted cash at beginning of period

 

2,924

 

2,877

Cash, cash equivalents and restricted cash at end of period

$

2,719

 

4,006

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:

June 30,

December 31,

2022

    

2021

amounts in millions

Cash and cash equivalents

$

2,645

2,814

Restricted cash included in other current assets

56

88

Restricted cash included in other assets

18

22

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

$

2,719

2,924

See accompanying notes to condensed consolidated financial statements.

I-9

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended June 30, 2022

Stockholders' equity

 

    

    

Accumulated

    

    

Noncontrolling

    

Additional

other

interest in

Preferred

Liberty Sirius XM

Liberty Braves