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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, 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 October 31, 2022 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

98,094,012

9,802,232

218,565,844

Liberty Braves common stock

10,313,935

981,262

41,573,282

Liberty Formula One common stock

23,974,078

2,445,666

207,402,332

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-44

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-63

Item 4. Controls and Procedures

I-64

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, 2022

    

December 31, 2021

 

amounts in millions

 

Assets

Current assets:

Cash and cash equivalents

$

2,542

 

2,814

Trade and other receivables, net

 

826

 

828

Other current assets

 

602

 

1,170

Total current assets

 

3,970

 

4,812

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

 

1,028

 

945

Property and equipment, at cost

 

4,329

 

4,027

Accumulated depreciation

 

(2,147)

 

(2,017)

 

2,182

 

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)

 

4,406

 

4,797

Other assets

 

2,342

 

2,554

Total assets

$

43,235

 

44,351

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,640

 

1,832

Current portion of debt, including $424 million and $2,850 million measured at fair value, respectively (note 8)

499

2,891

Deferred revenue

 

1,930

 

1,790

Other current liabilities

 

95

 

97

Total current liabilities

 

4,164

 

6,610

Long-term debt, including $2,927 million and $2,372 million measured at fair value, respectively (note 8)

 

17,066

 

15,699

Deferred income tax liabilities

 

2,093

 

2,218

Other liabilities

 

868

 

987

Total liabilities

$

24,191

 

25,514

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-3

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

    

September 30, 2022

    

December 31, 2021

 

amounts in millions,

 

except share amounts

 

Redeemable noncontrolling interests in equity of subsidiary (note 9)

$

578

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 98,094,012 shares at September 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 10,313,935 shares at September 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 September 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 September 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 981,262 shares at September 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 September 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 218,559,292 shares at September 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 41,572,400 shares at September 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 207,173,169 shares at September 30, 2022 and 205,107,088 shares at December 31, 2021 (note 2)

2

2

Additional paid-in capital

 

1,367

 

1,954

Accumulated other comprehensive earnings (loss), net of taxes

 

(42)

 

(5)

Retained earnings

 

14,004

 

12,718

Total stockholders' equity

 

15,334

 

14,672

Noncontrolling interests in equity of subsidiaries

 

3,132

 

3,590

Total equity

 

18,466

 

18,262

Commitments and contingencies (note 10)

Total liabilities and equity

$

43,235

 

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

    

Nine months ended

 

September 30,

September 30,

 

    

2022

    

2021

    

2022

    

2021

 

amounts in millions,

 

except per share amounts

 

Revenue:

Sirius XM Holdings revenue

$

2,280

 

2,198

 

6,720

 

6,415

Formula 1 revenue

715

668

1,819

1,349

Other revenue

 

252

 

234

 

535

 

466

Total revenue

 

3,247

 

3,100

 

9,074

 

8,230

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

 

709

 

671

 

2,090

 

1,974

Programming and content

 

156

 

142

 

448

 

407

Customer service and billing

 

122

 

128

 

373

 

372

Other

 

54

 

57

 

166

 

167

Cost of Formula 1 revenue

494

449

1,223

931

Subscriber acquisition costs

 

86

 

70

 

267

 

245

Other operating expense

 

253

 

221

 

590

 

513

Selling, general and administrative

 

525

 

481

 

1,527

 

1,336

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

74

(95)

75

13

Depreciation and amortization

 

268

 

274

 

790

 

806

 

2,741

 

2,398

 

7,549

 

6,764

Operating income (loss)

 

506

 

702

 

1,525

 

1,466

Other income (expense):

Interest expense

 

(179)

 

(168)

 

(497)

 

(484)

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

 

111

 

9

 

158

 

(134)

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

 

106

 

(40)

 

545

 

66

Gains (losses) on dilution of investment in affiliate

2

142

9

152

Other, net

 

18

 

(72)

 

78

 

(54)

 

58

 

(129)

 

293

 

(454)

Earnings (loss) before income taxes

 

564

 

573

 

1,818

 

1,012

Income tax (expense) benefit

 

(130)

 

(173)

 

(414)

 

(98)

Net earnings (loss)

 

434

 

400

 

1,404

 

914

Less net earnings (loss) attributable to the noncontrolling interests

 

46

 

74

 

164

 

234

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

(3)

(2)

(13)

51

Net earnings (loss) attributable to Liberty stockholders

$

391

 

328

 

1,253

 

629

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

305

342

1,040

668

Liberty Braves common stock

(22)

36

29

2

Liberty Formula One common stock

108

(50)

184

(41)

$

391

328

1,253

629

(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,

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

0.93

1.03

3.16

1.99

Series A, B and C Liberty Braves common stock

(0.42)

0.69

0.55

0.04

Series A, B and C Liberty Formula One common stock

0.46

(0.22)

0.79

(0.18)

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

Series A, B and C Liberty SiriusXM common stock

0.82

1.02

2.89

1.98

Series A, B and C Liberty Braves common stock

(0.42)

0.39

0.39

0.04

Series A, B and C Liberty Formula One common stock

0.31

(0.22)

0.60

(0.18)

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,

 

    

2022

    

2021

    

2022

    

2021

amounts in millions

Net earnings (loss)

$

434

 

400

 

1,404

 

914

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

(36)

 

(16)

 

(50)

 

(2)

Credit risk on fair value debt instruments gains (losses)

 

(26)

 

(35)

 

29

 

(88)

Unrealized holding gains (losses) arising during the period

4

(1)

Share of other comprehensive earnings (loss) of equity affiliates

 

(5)

 

(2)

 

(1)

 

1

Recognition of previously unrealized (gains) losses on debt

(11)

(25)

(1)

Comprehensive earnings (loss)

 

356

 

347

 

1,361

 

823

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

41

 

72

 

158

 

235

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

(3)

(2)

(13)

51

Comprehensive earnings (loss) attributable to Liberty stockholders

$

318

 

277

 

1,216

 

537

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

241

296

1,018

589

Liberty Braves common stock

(22)

36

33

1

Liberty Formula One common stock

99

(55)

165

(53)

$

318

277

1,216

537

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,

    

2022

    

2021

 

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

1,404

 

914

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

Depreciation and amortization

 

790

 

806

Stock-based compensation

 

173

 

188

Non-cash impairment and restructuring costs

73

24

Share of (earnings) loss of affiliates, net

 

(158)

 

134

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

 

(545)

 

(66)

Losses (gains) on dilution of investment in affiliate

(9)

(152)

Deferred income tax expense (benefit)

 

277

 

33

Other, net

 

(18)

 

87

Changes in operating assets and liabilities

Current and other assets

 

(102)

 

(45)

Payables and other liabilities

 

(145)

 

(250)

Net cash provided (used) by operating activities

 

1,740

 

1,673

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

 

(41)

 

(218)

Investment of subsidiary initial public offering proceeds into trust account

(575)

Cash proceeds from dispositions

149

196

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

(136)

(14)

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

 

(555)

 

(280)

Proceeds from insurance recoveries

225

Other investing activities, net

 

77

 

51

Net cash provided (used) by investing activities

 

(506)

 

(615)

Cash flows from financing activities:

Borrowings of debt

 

3,622

 

6,407

Repayments of debt

 

(3,948)

 

(6,129)

Liberty stock repurchases

(395)

(398)

Subsidiary shares repurchased by subsidiary

 

(599)

 

(1,174)

Cash dividends paid by subsidiary

(233)

(41)

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

(109)

(93)

Proceeds from initial public offering of subsidiary

575

Other financing activities, net

 

82

 

(128)

Net cash provided (used) by financing activities

 

(1,580)

 

(981)

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

(13)

(5)

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

 

(359)

 

72

Cash, cash equivalents and restricted cash at beginning of period

 

2,924

 

2,877

Cash, cash equivalents and restricted cash at end of period

$

2,565

 

2,949

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,

2022

    

2021

amounts in millions

Cash and cash equivalents

$

2,542

2,814

Restricted cash included in other current assets

15

88

Restricted cash included in other assets

8

22

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

$

2,565

2,924

See accompanying notes to condensed consolidated financial statements.

I-9

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES