0001558370-23-013372.txt : 20230804 0001558370-23-013372.hdr.sgml : 20230804 20230804125817 ACCESSION NUMBER: 0001558370-23-013372 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 70 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230804 DATE AS OF CHANGE: 20230804 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: 231143093 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-20230630x10q.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 June 30, 2023

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 as of June 30, 2023 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, 2023 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

98,103,427

9,792,621

218,679,831

Liberty Formula One common stock

23,974,044

2,445,499

208,137,133

As of July 31, 2023, Liberty Braves common stock was no longer issued and outstanding and Liberty Live common stock was not yet issued and outstanding.

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-64

Item 4. Controls and Procedures

I-64

Part II — Other Information

Item 1. Legal Proceedings

II-1

Item 1A. Risk Factors

II-1

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

II-1

Item 5. Other Information

II-2

Item 6. Exhibits

II-2

SIGNATURES

II-3

I-2

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

June 30, 2023

    

December 31, 2022

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

1,931

 

2,246

Trade and other receivables, net

 

822

 

837

Other current assets

 

781

 

768

Total current assets

 

3,534

 

3,851

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

 

1,126

 

952

Property and equipment, at cost

 

4,759

 

4,481

Accumulated depreciation

 

(2,202)

 

(2,226)

 

2,557

 

2,255

Intangible assets not subject to amortization:

Goodwill

 

19,341

 

19,341

FCC licenses

 

8,600

 

8,600

Other

 

1,366

 

1,366

 

29,307

 

29,307

Intangible assets subject to amortization, net

 

4,059

 

4,288

Other assets

 

1,859

 

1,811

Total assets

$

42,442

 

42,464

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,754

 

1,856

Current portion of debt, including $232 million and $1,394 million measured at fair value, respectively (note 7)

787

1,679

Deferred revenue

 

2,153

 

1,773

Other current liabilities

 

99

 

102

Total current liabilities

 

4,793

 

5,410

Long-term debt, including $2,719 million and $1,937 million measured at fair value, respectively (note 7)

 

15,432

 

14,953

Deferred income tax liabilities

 

2,058

 

2,101

Other liabilities

 

880

 

874

Total liabilities

$

23,163

 

23,338

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

    

June 30, 2023

    

December 31, 2022

 

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 98,093,816 shares at June 30, 2023 and 98,093,908 shares at December 31, 2022 (note 2)

1

1

Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,314,735 shares at June 30, 2023 and 10,314,744 shares at December 31, 2022 (note 2)

Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 23,973,877 shares at June 30, 2023 and 23,974,052 shares at December 31, 2022 (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, 2023 and 9,802,232 at December 31, 2022 (note 2)

Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,262 shares at June 30, 2023 and 981,262 at December 31, 2022 (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, 2023 and 2,445,666 shares at December 31, 2022 (note 2)

Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 218,679,831 shares at June 30, 2023 and 218,618,614 shares at December 31, 2022 (note 2)

2

2

Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 41,819,324 shares at June 30, 2023 and 41,749,434 shares at December 31, 2022 (note 2)

Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 208,137,133 shares at June 30, 2023 and 207,445,741 shares at December 31, 2022 (note 2)

2

2

Additional paid-in capital

 

1,469

 

1,408

Accumulated other comprehensive earnings (loss), net of taxes

 

(47)

 

(39)

Retained earnings

 

14,857

 

14,589

Total stockholders' equity

 

16,284

 

15,963

Noncontrolling interests in equity of subsidiaries

 

2,995

 

3,163

Total equity

 

19,279

 

19,126

Commitments and contingencies (note 8)

Total liabilities and equity

$

42,442

 

42,464

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,

 

    

2023

    

2022

    

2023

    

2022

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

2,250

 

2,254

 

4,394

 

4,440

Formula 1 revenue

724

744

1,105

1,104

Other revenue

 

270

 

260

 

301

 

283

Total revenue

 

3,244

 

3,258

 

5,800

 

5,827

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

 

732

 

711

 

1,432

 

1,381

Programming and content

 

153

 

152

 

303

 

292

Customer service and billing

 

124

 

126

 

246

 

251

Other

 

54

 

58

 

106

 

112

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

519

534

725

729

Subscriber acquisition costs

 

93

 

91

 

183

 

181

Other operating expense

 

280

 

247

 

398

 

337

Selling, general and administrative

 

490

 

520

 

976

 

1,002

Impairment, restructuring and acquisition costs, net of recoveries (note 8)

19

1

51

1

Depreciation and amortization

 

257

 

262

 

517

 

522

 

2,721

 

2,702

 

4,937

 

4,808

Operating income (loss)

 

523

 

556

 

863

 

1,019

Other income (expense):

Interest expense

 

(200)

 

(161)

 

(396)

 

(318)

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

 

90

 

61

 

80

 

47

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

 

(96)

 

380

 

(142)

 

439

Other, net

 

50

 

22

 

64

 

67

 

(156)

 

302

 

(394)

 

235

Earnings (loss) before income taxes

 

367

 

858

 

469

 

1,254

Income tax (expense) benefit

 

(64)

 

(184)

 

(114)

 

(284)

Net earnings (loss)

 

303

 

674

 

355

 

970

Less net earnings (loss) attributable to the noncontrolling interests

 

50

 

53

 

87

 

118

Less net earnings (loss) attributable to redeemable noncontrolling interest

(1)

(10)

Net earnings (loss) attributable to Liberty stockholders

$

253

 

622

 

268

 

862

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

166

447

349

735

Liberty Braves common stock

(29)

64

(88)

51

Liberty Formula One common stock

116

111

7

76

$

253

622

268

862

(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,

2023

    

2022

    

2023

    

2022

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

Series A, B and C Liberty SiriusXM common stock

$

0.51

1.36

1.07

2.23

Series A, B and C Liberty Braves common stock

$

(0.55)

1.21

(1.66)

0.96

Series A, B and C Liberty Formula One common stock

$

0.50

0.48

0.03

0.33

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

Series A, B and C Liberty SiriusXM common stock

$

0.49

1.24

1.00

2.06

Series A, B and C Liberty Braves common stock

$

(0.55)

0.47

(1.66)

0.24

Series A, B and C Liberty Formula One common stock

$

0.41

0.35

(0.03)

0.29

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,

 

    

2023

    

2022

    

2023

    

2022

amounts in millions

Net earnings (loss)

$

303

 

674

 

355

 

970

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

12

 

(23)

 

16

 

(14)

Credit risk on fair value debt instruments gains (losses)

 

(19)

 

50

 

(23)

 

55

Unrealized holding gains (losses) arising during the period

(1)

(1)

4

Share of other comprehensive earnings (loss) of equity affiliates

 

19

 

(9)

 

36

 

4

Recognition of previously unrealized (gains) losses on debt

(14)

(3)

(34)

(14)

Comprehensive earnings (loss)

 

300

 

689

 

349

 

1,005

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

52

 

50

 

89

 

117

Less comprehensive earnings (loss) attributable to redeemable noncontrolling interest

(1)

(10)

Comprehensive earnings (loss) attributable to Liberty stockholders

$

248

 

640

 

260

 

898

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

170

473

355

777

Liberty Braves common stock

(29)

64

(88)

55

Liberty Formula One common stock

107

103

(7)

66

$

248

640

260

898

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,

    

2023

    

2022

 

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

355

 

970

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

Depreciation and amortization

 

517

 

522

Stock-based compensation

 

110

 

112

Non-cash impairment and restructuring costs

21

Share of (earnings) loss of affiliates, net

 

(80)

 

(47)

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

 

142

 

(439)

Deferred income tax expense (benefit)

 

(35)

 

181

Other, net

 

(8)

 

(34)

Changes in operating assets and liabilities

Current and other assets

 

(95)

 

(114)

Payables and other liabilities

 

271

 

70

Net cash provided (used) by operating activities

 

1,198

 

1,221

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(214)

 

(9)

Cash proceeds from dispositions

67

148

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

(137)

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

 

(544)

 

(455)

Other investing activities, net

 

(20)

 

78

Net cash provided (used) by investing activities

 

(711)

 

(375)

Cash flows from financing activities:

Borrowings of debt

 

2,064

 

2,674

Repayments of debt

 

(2,641)

 

(2,701)

Liberty stock repurchases

(356)

Subsidiary shares repurchased by subsidiary

 

(199)

 

(415)

Cash dividends paid by subsidiary

(33)

(217)

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

(28)

(45)

Other financing activities, net

 

63

 

17

Net cash provided (used) by financing activities

 

(774)

 

(1,043)

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

2

(8)

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

 

(285)

 

(205)

Cash, cash equivalents and restricted cash at beginning of period

 

2,276

 

2,924

Cash, cash equivalents and restricted cash at end of period

$

1,991

 

2,719

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,

2023

    

2022

amounts in millions

Cash and cash equivalents

$

1,931

2,246

Restricted cash included in other current assets

52

22

Restricted cash included in other assets

8

8

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

$

1,991

2,276

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, 2023

Stockholders' equity

 

    

    

Accumulated

    

    

Noncontrolling

    

Additional

other

interest in

Preferred

Liberty SiriusXM

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

 

amounts in millions

Balance at March 31, 2023

$

1

2

2

 

1,395

(42)

 

14,604