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Table of Contents

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 March 31, 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: ( 720 ) 875-5400

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 April 30, 2022 was:

Series A

Series B

Series C

Liberty SiriusXM common stock

98,886,612

9,802,232

220,407,124

Liberty Braves common stock

10,313,703

981,494

41,562,516

Liberty Formula One common stock

23,973,053

2,445,666

205,807,819

Table of Contents

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-12

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

I-41

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-59

Item 4. Controls and Procedures

I-60

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 6. Exhibits

II-2

SIGNATURES

II-3

I-2

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

March 31, 2022

December 31, 2021

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

3,286

2,814

Trade and other receivables, net

841

828

Other current assets

1,043

1,170

Total current assets

5,170

4,812

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

947

945

Property and equipment, at cost

4,055

4,027

Accumulated depreciation

( 2,054 )

( 2,017 )

2,001

2,010

Intangible assets not subject to amortization (note 7):

Goodwill

19,272

19,248

FCC licenses

8,600

8,600

Other

1,366

1,385

29,238

29,233

Intangible assets subject to amortization, net (note 7)

4,680

4,797

Other assets

2,483

2,554

Total assets

$

44,519

44,351

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

1,512

1,832

Current portion of debt, including $ 2,149 million and $ 2,850 million measured at fair value, respectively (note 8)

2,584

2,891

Deferred revenue

2,143

1,790

Other current liabilities

123

97

Total current liabilities

6,362

6,610

Long-term debt, including $ 2,306 million and $ 2,372 million measured at fair value, respectively (note 8)

16,467

15,699

Deferred income tax liabilities

2,230

2,218

Other liabilities

932

987

Total liabilities

$

25,991

25,514

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-3

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Continued)

(unaudited)

March 31, 2022

December 31, 2021

amounts in millions,

except share amounts

Redeemable noncontrolling interests in equity of subsidiary (note 9)

$

575

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 99,281,712 shares at March 31, 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 10,313,703 shares at March 31, 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 23,973,053 shares at March 31, 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 March 31, 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 981,494 shares at March 31, 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 March 31, 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 221,169,270 shares at March 31, 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 41,562,406 shares at March 31, 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 205,651,678 shares at March 31, 2022 and 205,107,088 shares at December 31, 2021 (note 2)

2

2

Additional paid-in capital

1,654

1,954

Accumulated other comprehensive earnings (loss), net of taxes

13

( 5 )

Retained earnings

12,991

12,718

Total stockholders' equity

14,663

14,672

Noncontrolling interests in equity of subsidiaries

3,290

3,590

Total equity

17,953

18,262

Commitments and contingencies (note 10)

Total liabilities and equity

$

44,519

44,351

See accompanying notes to condensed consolidated financial statements.

I-4

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

Three months ended

March 31,

2022

2021

amounts in millions,

except per share amounts

Revenue:

Sirius XM Holdings revenue

$

2,186

2,058

Formula 1 revenue

360

180

Other revenue

23

16

Total revenue

2,569

2,254

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

670

640

Programming and content

140

130

Customer service and billing

125

117

Other

54

52

Cost of Formula 1 revenue

195

84

Subscriber acquisition costs

90

86

Other operating expense

90

84

Selling, general and administrative

482

410

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

245

Depreciation and amortization

260

264

2,106

2,112

Operating income (loss)

463

142

Other income (expense):

Interest expense

( 157 )

( 158 )

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

( 14 )

( 95 )

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

59

( 49 )

Other, net

45

15

( 67 )

( 287 )

Earnings (loss) before income taxes

396

( 145 )

Income tax (expense) benefit

( 100 )

131

Net earnings (loss)

296

( 14 )

Less net earnings (loss) attributable to the noncontrolling interests

65

49

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

( 9 )

53

Net earnings (loss) attributable to Liberty stockholders

$

240

( 116 )

Net earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

288

( 11 )

Liberty Braves common stock

( 13 )

( 59 )

Liberty Formula One common stock

( 35 )

( 46 )

$

240

( 116 )

(Continued)

See accompanying notes to condensed consolidated financial statements.

I-5

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Continued)

(unaudited)

Three months ended

March 31,

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

0.87

( 0.03 )

Series A, B and C Liberty Braves common stock

( 0.25 )

( 1.13 )

Series A, B and C Liberty Formula One common stock

( 0.15 )

( 0.20 )

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

( 0.03 )

Series A, B and C Liberty Braves common stock

( 0.25 )

( 1.13 )

Series A, B and C Liberty Formula One common stock

( 0.15 )

( 0.20 )

See accompanying notes to condensed consolidated financial statements.

I-6

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)

Three months ended

March 31,

2022

2021

amounts in millions

Net earnings (loss)

$

296

( 14 )

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

9

4

Credit risk on fair value debt instruments gains (losses)

5

( 48 )

Unrealized holding gains (losses) arising during the period

4

( 1 )

Share of other comprehensive earnings (loss) of equity affiliates

13

1

Recognition of previously unrealized (gains) losses on debt

( 11 )

Comprehensive earnings (loss)

316

( 58 )

Less comprehensive earnings (loss) attributable to the noncontrolling interests

67

50

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

( 9 )

53

Comprehensive earnings (loss) attributable to Liberty stockholders

$

258

( 161 )

Comprehensive earnings (loss) attributable to Liberty stockholders:

Liberty SiriusXM common stock

$

304

( 48 )

Liberty Braves common stock

( 9 )

( 60 )

Liberty Formula One common stock

( 37 )

( 53 )

$

258

( 161 )

See accompanying notes to condensed consolidated financial statements.

I-7

Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

Three months ended

March 31,

2022

2021

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

296

( 14 )

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

Depreciation and amortization

260

264

Stock-based compensation

55

63

Non-cash impairment and restructuring costs

245

Share of (earnings) loss of affiliates, net

14

95

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

( 59 )

49

Deferred income tax expense (benefit)

55

( 143 )

Other, net

( 33 )

( 1 )

Changes in operating assets and liabilities

Current and other assets

( 114 )

( 8 )

Payables and other liabilities

77

( 53 )

Net cash provided (used) by operating activities

551

497

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

( 9 )

( 58 )

Investment of subsidiary initial public offering proceeds into trust account

( 575 )

Cash proceeds from dispositions

97

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

( 111 )

( 91 )

Other investing activities, net

34

8

Net cash provided (used) by investing activities

11

( 716 )

Cash flows from financing activities:

Borrowings of debt

1,755

1,090

Repayments of debt

( 1,242 )

( 593 )

Liberty stock repurchases

( 239 )

( 107 )

Subsidiary shares repurchased by subsidiary

( 206 )

( 522 )

Cash dividends paid by subsidiary

( 201 )

( 14 )

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

( 35 )

( 22 )

Proceeds from initial public offering of subsidiary

575

Other financing activities, net

4

( 24 )

Net cash provided (used) by financing activities

( 164 )

383

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

( 2 )

( 2 )

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

396

162

Cash, cash equivalents and restricted cash at beginning of period

2,924

2,877

Cash, cash equivalents and restricted cash at end of period

$

3,320

3,039

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Table of Contents

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:

March 31,

December 31,

2022

2021

amounts in millions

Cash and cash equivalents

$

3,286

2,814

Restricted cash included in other current assets

12

88

Restricted cash included in other assets

22

22

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

$

3,320

2,924

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

LIBERTY MEDIA CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statement of Equity

(unaudited)

Three Months ended March 31, 2022

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

amounts in millions

Balance at January 1, 2022

$

1

2

2

1,954

( 5 )

12,718

3,590

18,262

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