ΒιΆΉapp

​

​

Attributed (note 1)

​

​

​

​

​

​

​

​

​

​

ΒιΆΉapp

​

​

​

​

​

​

​

​

Formula One

​

Live

​

Inter-Group

​

Consolidated

​

​

ΜύΜύΜύΜύ

​

Group

​

Group

​

Eliminations

​

ΒιΆΉapp

ΜύΜύΜύΜύ

​

​

amountsΜύinΜύmillions

​

Assets

​

​

​

​

​

​

​

​

​

​

Current assets:

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

2,631

​

325

​

β€”

​

2,956

Μύ

Trade and other receivables, net

​

Μύ

114

​

β€”

​

β€”

​

114

Μύ

Other current assets

​

Μύ

277

​

β€”

​

β€”

​

277

Μύ

Total current assets

​

Μύ

3,022

​

325

​

β€”

​

3,347

Μύ

Investments in affiliates, accounted for using the equity method (note 1)

​

Μύ

33

​

458

​

β€”

​

491

Μύ

​

​

​

​

​

​

​

​

​

​

​

Property and equipment, at cost

​

Μύ

1,007

​

β€”

​

β€”

​

1,007

Μύ

Accumulated depreciation

​

Μύ

(197)

​

β€”

​

β€”

​

(197)

Μύ

​

​

Μύ

810

​

β€”

​

β€”

​

810

Μύ

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

Μύ

4,134

​

β€”

​

β€”

​

4,134

Μύ

Intangible assets subject to amortization, net

​

Μύ

2,689

​

β€”

​

β€”

​

2,689

Μύ

Deferred income tax assets (note 3)

​

​

577

​

217

​

(34)

​

760

​

Other assets

​

Μύ

494

​

223

​

β€”

​

717

Μύ

Total assets

​

$

11,759

​

1,223

​

(34)

​

12,948

Μύ

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

Accounts payable and accrued liabilities

​

$

645

Μύ

3

​

β€”

​

648

​

Current portion of debt (noteΜύ1)

​

Μύ

26

Μύ

β€”

​

β€”

​

26

​

Deferred revenue

​

Μύ

267

Μύ

β€”

​

β€”

​

267

​

Financial instrument liabilities

​

​

138

​

β€”

​

β€”

​

138

​

Other current liabilities

​

Μύ

54

Μύ

β€”

​

β€”

​

54

​

Total current liabilities

​

Μύ

1,130

Μύ

3

​

β€”

​

1,133

​

Long-term debt (note 1)

​

Μύ

2,966

Μύ

1,556

​

β€”

​

4,522

​

Other liabilities

​

Μύ

275

Μύ

1

​

(34)

​

242

​

Total liabilities

​

Μύ

4,371

Μύ

1,560

​

(34)

​

5,897

​

Equity / Attributed net assets

​

Μύ

7,388

Μύ

(359)

​

β€”

​

7,029

​

Noncontrolling interests in equity of subsidiaries

​

Μύ

β€”

Μύ

22

​

β€”

​

22

​

Total liabilities and equity

​

$

11,759

Μύ

1,223

​

(34)

​

12,948

​

​

​

Attributed (note 1)

​

​

​

​

​

​

​

​

​

​

ΒιΆΉapp

​

ΒιΆΉapp

​

​

​

​

​

​

​

Formula One

​

Live

​

SiriusXM

​

Inter-Group

​

Consolidated

​

​

ΜύΜύΜύΜύ

Group

​

Group

​

Group

​

Eliminations

​

ΒιΆΉapp

ΜύΜύΜύΜύ

​

​

amountsΜύinΜύmillions

​

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Current assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

1,408

​

305

​

β€”

​

β€”

​

1,713

Μύ

Trade and other receivables, net

​

Μύ

123

​

β€”

​

β€”

​

β€”

​

123

Μύ

Other current assets

​

Μύ

180

​

β€”

​

β€”

​

β€”

​

180

Μύ

Current assets of discontinued operations

​

​

β€”

​

β€”

​

1,361

​

β€”

​

1,361

​

Total current assets

​

Μύ

1,711

​

305

​

1,361

​

β€”

​

3,377

Μύ

Investments in affiliates, accounted for using the equity method (noteΜύ1)

​

​

41

​

333

​

β€”

​

β€”

​

374

​

​

​

Μύ

​

​

​

​

​

​

​

​

​

Μύ

Property and equipment, at cost

​

Μύ

973

​

β€”

​

β€”

​

β€”

​

973

Μύ

Accumulated depreciation

​

Μύ

(135)

​

β€”

​

β€”

​

β€”

​

(135)

Μύ

​

​

​

838

​

β€”

​

β€”

​

β€”

​

838

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

Μύ

3,956

​

β€”

​

β€”

​

β€”

​

3,956

Μύ

Intangible assets subject to amortization, net

​

Μύ

2,858

​

β€”

​

β€”

​

β€”

​

2,858

Μύ

Deferred income tax assets (note 3)

​

​

608

​

167

​

β€”

​

(3)

​

772

​

Other assets

​

​

255

​

357

​

β€”

​

β€”

​

612

Μύ

Noncurrent assets of discontinued operations

​

​

β€”

​

β€”

​

28,540

​

β€”

​

28,540

​

Total assets

​

$

10,267

​

1,162

​

29,901

​

(3)

​

41,327

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable and accrued liabilities

​

$

472

Μύ

2

​

β€”

​

β€”

​

474

​

Current portion of debt (noteΜύ1)

​

Μύ

36

Μύ

70

​

β€”

​

β€”

​

106

​

Deferred revenue

​

Μύ

247

Μύ

β€”

​

β€”

​

β€”

​

247

​

Financial instrument liabilities

​

​

β€”

​

8

​

β€”

​

β€”

​

8

​

Other current liabilities

​

Μύ

32

Μύ

β€”

​

β€”

​

β€”

​

32

​

Current liabilities of discontinued operations

​

​

β€”

​

β€”

​

3,876

​

β€”

​

3,876

​

Total current liabilities

​

Μύ

787

Μύ

80

​

3,876

​

β€”

​

4,743

​

Long-term debt (note 1)

​

Μύ

2,870

Μύ

1,247

​

β€”

​

β€”

​

4,117

​

Other liabilities

​

Μύ

191

Μύ

β€”

​

β€”

​

(3)

​

188

​

Noncurrent liabilities of discontinued operations

​

​

β€”

​

β€”

​

12,834

​

β€”

​

12,834

​

Total liabilities

​

Μύ

3,848

Μύ

1,327

​

16,710

​

(3)

​

21,882

​

Equity / Attributed net assets

​

​

6,419

Μύ

(188)

​

10,165

​

β€”

​

16,396

​

Noncontrolling interests in equity of subsidiaries

​

​

β€”

Μύ

23

​

3,026

​

β€”

​

3,049

​

Total liabilities and equity

​

$

10,267

Μύ

1,162

​

29,901

​

(3)

​

41,327

​

​

​

Attributed (note 1)

​

​

​

​

​

​

​

​

ΒιΆΉapp

​

ΒιΆΉapp

​

​

​

​

​

Formula One

​

Live

​

SiriusXM

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

ΒιΆΉapp

​

​

​

amountsΜύinΜύmillions

​

Cash flows from operating activities:

​

​

​

​

​

​

​

​

​

​

Net earnings (loss)

​

$

(30)

​

(33)

​

(2,412)

​

(2,475)

​

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

​

​

​

​

​

​

​

​

​

​

(Earnings) loss from discontinued operations

​

​

β€”

​

β€”

​

2,412

​

2,412

​

Depreciation and amortization

​

Μύ

352

​

β€”

​

β€”

​

352

​

Stock-based compensation

​

Μύ

30

​

4

​

β€”

​

34

​

Non-cash impairment costs

​

​

73

​

β€”

​

β€”

​

73

​

Share of (earnings) loss of affiliates, net

​

Μύ

10

​

(238)

​

β€”

​

(228)

​

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

​

Μύ

120

​

263

​

β€”

​

383

​

Loss (gain) on early extinguishment of debt

​

​

6

​

β€”

​

β€”

​

6

​

Deferred income tax expense (benefit)

​

Μύ

35

​

(6)

​

β€”

​

29

​

Intergroup tax allocation

​

​

(107)

​

(2)

​

β€”

​

(109)

​

Intergroup tax (payments) receipts

​

​

129

​

2

​

β€”

​

131

​

Other charges (credits), net

​

Μύ

14

​

(4)

​

β€”

​

10

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

Μύ

39

​

β€”

​

β€”

​

39

​

Payables and other liabilities

​

Μύ

(104)

​

β€”

​

β€”

​

(104)

​

Net cash provided (used) by operating activities

​

Μύ

567

​

(14)

​

β€”

​

553

​

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

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

​

Μύ

(75)

​

β€”

​

β€”

​

(75)

​

Cash proceeds from dispositions of investments

​

​

10

​

107

​

β€”

​

117

​

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

​

​

(205)

​

β€”

​

β€”

​

(205)

​

Investments in equity method affiliates and debt and equity securities

​

Μύ

(8)

​

(3)

​

β€”

​

(11)

​

Return of investment in equity method affiliates

​

​

1

​

β€”

​

β€”

​

1

​

Other investing activities, net

​

Μύ

(15)

​

1

​

β€”

​

(14)

​

Net cash provided (used) by investing activities

​

Μύ

(292)

​

105

​

β€”

​

(187)

​

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

Borrowings of debt

​

Μύ

645

​

β€”

​

β€”

​

645

​

Repayments of debt

​

Μύ

(677)

​

(71)

​

β€”

​

(748)

​

Issuance of Series C ΒιΆΉapp Formula One common stock

​

​

939

​

β€”

​

β€”

​

939

​

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

​

Μύ

(14)

​

(3)

​

β€”

​

(17)

​

Other financing activities, net

​

​

72

​

3

​

β€”

​

75

​

Net cash provided (used) by financing activities

​

Μύ

965

​

(71)

​

β€”

​

894

​

Effect of foreign exchange rates on cash, cash equivalents and restricted cash

​

​

(10)

​

β€”

​

β€”

​

(10)

​

Net cash provided (used) by discontinued operations:

​

​

​

​

​

​

​

​

​

​

Cash provided (used) by operating activities

​

​

β€”

​

β€”

​

882

​

882

​

Cash provided (used) by investing activities

​

​

β€”

​

β€”

​

(709)

​

(709)

​

Cash provided (used) by financing activities

​

​

β€”

​

β€”

​

(488)

​

(488)

​

Net cash provided (used) by discontinued operations

​

​

β€”

​

β€”

​

(315)

​

(315)

​

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

​

Μύ

1,230

​

20

​

(315)

​

935

​

Cash, cash equivalents and restricted cash at beginning of period

​

Μύ

1,408

​

305

​

315

​

2,028

​

Cash, cash equivalents and restricted cash at end of period

​

$

2,638

​

325

​

β€”

​

2,963

​

​

​

Attributed (note 1)

​

​

​

​

​

​

​

​

ΒιΆΉapp

​

ΒιΆΉapp

​

​

​

​

​

​

​

Formula One

​

Live

​

SiriusXM

​

Braves

​

Consolidated

​

​

​

Group

​

Group

​

Group

​

Group

​

ΒιΆΉapp

​

​

​

amountsΜύinΜύmillions

​

​

​

Cash flows from operating activities:

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings (loss)

​

$

184

​

(142)

​

1,031

Μύ

(111)

​

962

​

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

​

​

​

​

​

​

​

​

​

​

​

​

(Earnings) loss from discontinued operations

​

​

β€”

​

β€”

​

(986)

​

β€”

​

(986)

​

Depreciation and amortization

​

Μύ

369

​

β€”

​

β€”

Μύ

37

​

406

​

Stock-based compensation

​

Μύ

20

​

2

​

β€”

Μύ

7

​

29

​

Share of (earnings) loss of affiliates, net

​

Μύ

4

​

(22)

​

(127)

Μύ

(12)

​

(157)

​

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

​

Μύ

(42)

​

153

​

59

Μύ

(3)

​

167

​

Unrealized (gains) losses on intergroup interests, net

​

​

(15)

​

β€”

​

β€”

​

83

​

68

​

Loss (gain) on early extinguishment of debt

​

​

(1)

​

35

​

β€”

​

β€”

​

34

​

Deferred income tax expense (benefit)

​

Μύ

18

​

(37)

​

13

Μύ

(3)

​

(9)

​

Intergroup tax allocation

​

​

(176)

​

β€”

​

(1)

​

(1)

​

(178)

​

Intergroup tax (payments) receipts

​

​

122

​

β€”

​

β€”

​

(1)

​

121

​

Other charges (credits), net

​

Μύ

4

​

(2)

​

6

Μύ

4

​

12

​

Changes in operating assets and liabilities

​

​

​

​

​

​

​

​

​

​

​

​

Current and other assets

​

Μύ

46

​

(5)

​

β€”

Μύ

(34)

​

7

​

Payables and other liabilities

​