Financial Information for Tracking Stock Groups (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Financial Information for Tracking Stock Groups |
Ìý
|
| Condensed Balance Sheets |
BALANCE SHEET INFORMATION
March 31, 2025
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
СÀ¶ÊÓƵ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
Inter-Group |
​ |
Consolidated |
​ |
​ |
ÌýÌýÌýÌý |
Group |
​ |
Group |
​ |
Eliminations |
​ |
СÀ¶ÊÓƵ |
ÌýÌýÌýÌý |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Assets |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current assets: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash and cash equivalents |
​ |
$ |
2,833 |
​ |
314 |
​ |
— |
​ |
3,147 |
Ìý |
Trade and other receivables, net |
​ |
Ìý |
143 |
​ |
1 |
​ |
— |
​ |
144 |
Ìý |
Other current assets |
​ |
Ìý |
376 |
​ |
— |
​ |
— |
​ |
376 |
Ìý |
Total current assets |
​ |
Ìý |
3,352 |
​ |
315 |
​ |
— |
​ |
3,667 |
Ìý |
Investments in affiliates, accounted for using the equity method (noteÌý1) |
​ |
Ìý |
31 |
​ |
479 |
​ |
— |
​ |
510 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Property and equipment, at cost |
​ |
Ìý |
1,039 |
​ |
— |
​ |
— |
​ |
1,039 |
Ìý |
Accumulated depreciation |
​ |
Ìý |
(214) |
​ |
— |
​ |
— |
​ |
(214) |
Ìý |
​ |
​ |
Ìý |
825 |
​ |
— |
​ |
— |
​ |
825 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Goodwill |
​ |
Ìý |
4,134 |
​ |
— |
​ |
— |
​ |
4,134 |
Ìý |
Intangible assets subject to amortization, net |
​ |
Ìý |
2,632 |
​ |
— |
​ |
— |
​ |
2,632 |
Ìý |
Deferred income tax assets |
​ |
​ |
600 |
​ |
220 |
​ |
(32) |
​ |
788 |
​ |
Other assets |
​ |
Ìý |
512 |
​ |
217 |
​ |
— |
​ |
729 |
Ìý |
Total assets |
​ |
$ |
12,086 |
​ |
1,231 |
​ |
(32) |
​ |
13,285 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Liabilities and Equity |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Accounts payable and accrued liabilities |
​ |
$ |
330 |
​ |
— |
​ |
— |
​ |
330 |
​ |
Current portion of debt |
​ |
​ |
30 |
​ |
— |
​ |
— |
​ |
30 |
​ |
Deferred revenue |
​ |
Ìý |
1,009 |
​ |
— |
​ |
— |
​ |
1,009 |
​ |
Financial instrument liabilities |
​ |
​ |
30 |
​ |
— |
​ |
— |
​ |
30 |
​ |
Other current liabilities |
​ |
Ìý |
47 |
​ |
— |
​ |
— |
​ |
47 |
​ |
Total current liabilities |
​ |
Ìý |
1,446 |
​ |
— |
​ |
— |
​ |
1,446 |
​ |
Long-term debt (note 1) |
​ |
Ìý |
2,952 |
​ |
1,582 |
​ |
— |
​ |
4,534 |
​ |
Other liabilities |
​ |
Ìý |
277 |
​ |
1 |
​ |
(32) |
​ |
246 |
​ |
Total liabilities |
​ |
Ìý |
4,675 |
​ |
1,583 |
​ |
(32) |
​ |
6,226 |
​ |
Equity / Attributed net assets |
​ |
Ìý |
7,411 |
​ |
(374) |
​ |
— |
​ |
7,037 |
​ |
Noncontrolling interests in equity of subsidiaries |
​ |
Ìý |
— |
​ |
22 |
​ |
— |
​ |
22 |
​ |
Total liabilities and equity |
​ |
$ |
12,086 |
​ |
1,231 |
​ |
(32) |
​ |
13,285 |
​ |
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2025
(unaudited)
​
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
СÀ¶ÊÓƵ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
СÀ¶ÊÓƵ |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula 1 revenue |
​ |
$ |
400 |
​ |
— |
​ |
400 |
​ |
Other revenue |
​ |
Ìý |
47 |
​ |
— |
​ |
47 |
​ |
Total revenue |
​ |
Ìý |
447 |
​ |
— |
​ |
447 |
​ |
Operating costs and expenses: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
286 |
​ |
— |
​ |
286 |
​ |
Other cost of sales |
​ |
​ |
39 |
​ |
— |
​ |
39 |
​ |
Other operating expenses |
​ |
Ìý |
1 |
​ |
— |
​ |
1 |
​ |
Selling, general and administrative, including stock-based compensation (note 2) |
​ |
Ìý |
100 |
​ |
4 |
​ |
104 |
​ |
Acquisition costs |
​ |
​ |
11 |
​ |
— |
​ |
11 |
​ |
Depreciation and amortization |
​ |
Ìý |
77 |
​ |
— |
​ |
77 |
​ |
​ |
​ |
Ìý |
514 |
​ |
4 |
​ |
518 |
​ |
Operating income (loss) |
​ |
Ìý |
(67) |
​ |
(4) |
​ |
(71) |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(48) |
​ |
(7) |
​ |
(55) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(3) |
​ |
4 |
​ |
1 |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
82 |
​ |
(17) |
​ |
65 |
​ |
Other, net |
​ |
Ìý |
34 |
​ |
2 |
​ |
36 |
​ |
​ |
​ |
Ìý |
65 |
​ |
(18) |
​ |
47 |
​ |
Earnings (loss) before income taxes |
​ |
Ìý |
(2) |
​ |
(22) |
​ |
(24) |
​ |
Income tax (expense) benefit |
​ |
Ìý |
24 |
​ |
5 |
​ |
29 |
​ |
Net earnings (loss) |
​ |
​ |
22 |
​ |
(17) |
​ |
5 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
— |
​ |
— |
​ |
— |
​ |
Net earnings (loss) attributable to СÀ¶ÊÓƵ stockholders |
​ |
$ |
22 |
​ |
(17) |
​ |
5 |
​ |
​
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
СÀ¶ÊÓƵ |
​ |
СÀ¶ÊÓƵ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
СÀ¶ÊÓƵ |
​ |
|
​ |
​ |
amounts in millions |
​ |
Revenue: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula 1 revenue |
​ |
$ |
550 |
​ |
— |
​ |
— |
​ |
550 |
​ |
Other revenue |
​ |
Ìý |
37 |
​ |
— |
​ |
— |
​ |
37 |
​ |
Total revenue |
​ |
Ìý |
587 |
​ |
— |
​ |
— |
​ |
587 |
​ |
Operating costs and expenses: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) |
​ |
​ |
279 |
​ |
— |
​ |
— |
​ |
279 |
​ |
Other cost of sales |
​ |
​ |
26 |
​ |
— |
​ |
— |
​ |
26 |
​ |
Other operating expenses |
​ |
Ìý |
1 |
​ |
— |
​ |
— |
​ |
1 |
​ |
Selling, general and administrative, including stock-based compensation (note 2) |
​ |
Ìý |
91 |
​ |
2 |
​ |
— |
​ |
93 |
​ |
Acquisition costs |
​ |
​ |
9 |
​ |
— |
​ |
— |
​ |
9 |
​ |
Depreciation and amortization |
​ |
Ìý |
86 |
​ |
— |
​ |
— |
​ |
86 |
​ |
​ |
​ |
Ìý |
492 |
​ |
2 |
​ |
— |
​ |
494 |
​ |
Operating income (loss) |
​ |
Ìý |
95 |
​ |
(2) |
​ |
— |
​ |
93 |
​ |
Other income (expense): |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Interest expense |
​ |
Ìý |
(55) |
​ |
(7) |
​ |
— |
​ |
(62) |
​ |
Share of earnings (losses) of affiliates, net |
​ |
Ìý |
(3) |
​ |
(21) |
​ |
— |
​ |
(24) |
​ |
Realized and unrealized gains (losses) on financial instruments, net |
​ |
Ìý |
48 |
​ |
(69) |
​ |
— |
​ |
(21) |
​ |
Other, net |
​ |
Ìý |
15 |
​ |
6 |
​ |
— |
​ |
21 |
​ |
​ |
​ |
Ìý |
5 |
​ |
(91) |
​ |
— |
​ |
(86) |
​ |
Earnings (loss) from continuing operations before income taxes |
​ |
Ìý |
100 |
​ |
(93) |
​ |
— |
​ |
7 |
​ |
Income tax (expense) benefit |
​ |
Ìý |
(23) |
​ |
20 |
​ |
— |
​ |
(3) |
​ |
Net earnings (loss) from continuing operations |
​ |
Ìý |
77 |
​ |
(73) |
​ |
— |
​ |
4 |
​ |
Net earnings (loss) from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
241 |
​ |
241 |
​ |
Net earnings (loss) |
​ |
​ |
77 |
​ |
(73) |
​ |
241 |
​ |
245 |
​ |
Less net earnings (loss) attributable to the noncontrolling interests |
​ |
Ìý |
— |
​ |
— |
​ |
42 |
​ |
42 |
​ |
Net earnings (loss) attributable to СÀ¶ÊÓƵ stockholders |
​ |
$ |
77 |
​ |
(73) |
​ |
199 |
​ |
203 |
​ |
​
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2025
(unaudited)
​
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
СÀ¶ÊÓƵ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
СÀ¶ÊÓƵ |
​ |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
22 |
​ |
(17) |
​ |
5 |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Depreciation and amortization |
​ |
Ìý |
77 |
​ |
— |
​ |
77 |
​ |
Stock-based compensation |
​ |
Ìý |
2 |
​ |
— |
​ |
2 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
3 |
​ |
(4) |
​ |
(1) |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(82) |
​ |
17 |
​ |
(65) |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
(25) |
​ |
(4) |
​ |
(29) |
​ |
Other, net |
​ |
Ìý |
(1) |
​ |
1 |
​ |
— |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
(143) |
​ |
— |
​ |
(143) |
​ |
Payables and other liabilities |
​ |
Ìý |
538 |
​ |
(3) |
​ |
535 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
391 |
​ |
(10) |
​ |
381 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(5) |
​ |
(1) |
​ |
(6) |
​ |
Cash (paid) received for acquisitions, net of cash acquired |
​ |
​ |
(131) |
​ |
— |
​ |
(131) |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(33) |
​ |
— |
​ |
(33) |
​ |
Other investing activities, net |
​ |
Ìý |
(11) |
​ |
— |
​ |
(11) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(180) |
​ |
(1) |
​ |
(181) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Repayments of debt |
​ |
Ìý |
(6) |
​ |
— |
​ |
(6) |
​ |
Other financing activities, net |
​ |
​ |
(7) |
​ |
— |
​ |
(7) |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(13) |
​ |
— |
​ |
(13) |
​ |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
​ |
​ |
4 |
​ |
— |
​ |
4 |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
202 |
​ |
(11) |
​ |
191 |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
2,638 |
​ |
325 |
​ |
2,963 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
2,840 |
​ |
314 |
​ |
3,154 |
​ |
​
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2024
(unaudited)
​
|
|
|
|
|
|
|
|
|
|
|
​ |
​ |
Attributed (note 1) |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
СÀ¶ÊÓƵ |
​ |
СÀ¶ÊÓƵ |
​ |
​ |
​ |
​ |
​ |
Formula One |
​ |
Live |
​ |
SiriusXM |
​ |
Consolidated |
​ |
​ |
​ |
Group |
​ |
Group |
​ |
Group |
​ |
СÀ¶ÊÓƵ |
​ |
|
​ |
​ |
amountsÌýinÌýmillions |
​ |
Cash flows from operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net earnings (loss) |
​ |
$ |
77 |
​ |
(73) |
​ |
241 |
​ |
245 |
​ |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Net (earnings) loss from discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(241) |
​ |
(241) |
​ |
Depreciation and amortization |
​ |
Ìý |
86 |
​ |
— |
​ |
— |
​ |
86 |
​ |
Stock-based compensation |
​ |
Ìý |
12 |
​ |
1 |
​ |
— |
​ |
13 |
​ |
Share of (earnings) loss of affiliates, net |
​ |
Ìý |
3 |
​ |
21 |
​ |
— |
​ |
24 |
​ |
Realized and unrealized (gains) losses on financial instruments, net |
​ |
Ìý |
(48) |
​ |
69 |
​ |
— |
​ |
21 |
​ |
Deferred income tax expense (benefit) |
​ |
Ìý |
9 |
​ |
(18) |
​ |
— |
​ |
(9) |
​ |
Intergroup tax allocation |
​ |
​ |
(27) |
​ |
(2) |
​ |
— |
​ |
(29) |
​ |
Other, net |
​ |
Ìý |
2 |
​ |
— |
​ |
— |
​ |
2 |
​ |
Changes in operating assets and liabilities |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current and other assets |
​ |
Ìý |
(90) |
​ |
(3) |
​ |
— |
​ |
(93) |
​ |
Payables and other liabilities |
​ |
Ìý |
116 |
​ |
(4) |
​ |
— |
​ |
112 |
​ |
Net cash provided (used) by operating activities |
​ |
Ìý |
140 |
​ |
(9) |
​ |
— |
​ |
131 |
​ |
Cash flows from investing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Investments in equity method affiliates and debt and equity securities |
​ |
Ìý |
(1) |
​ |
— |
​ |
— |
​ |
(1) |
​ |
Cash (paid) received for acquisitions, net of cash acquired |
​ |
​ |
(205) |
​ |
— |
​ |
— |
​ |
(205) |
​ |
Capital expended for property and equipment, including internal-use software and website development |
​ |
Ìý |
(27) |
​ |
— |
​ |
— |
​ |
(27) |
​ |
Other investing activities, net |
​ |
Ìý |
(63) |
​ |
— |
​ |
— |
​ |
(63) |
​ |
Net cash provided (used) by investing activities |
​ |
Ìý |
(296) |
​ |
— |
​ |
— |
​ |
(296) |
​ |
Cash flows from financing activities: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Repayments of debt |
​ |
Ìý |
(10) |
​ |
— |
​ |
— |
​ |
(10) |
​ |
Other financing activities, net |
​ |
​ |
(1) |
​ |
2 |
​ |
— |
​ |
1 |
​ |
Net cash provided (used) by financing activities |
​ |
Ìý |
(11) |
​ |
2 |
​ |
— |
​ |
(9) |
​ |
Net cash provided (used) by discontinued operations: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Cash provided (used) by operating activities |
​ |
​ |
— |
​ |
— |
​ |
264 |
​ |
264 |
​ |
Cash provided (used) by investing activities |
​ |
​ |
— |
​ |
— |
​ |
(354) |
​ |
(354) |
​ |
Cash provided (used) by financing activities |
​ |
​ |
— |
​ |
— |
​ |
(73) |
​ |
(73) |
​ |
Net cash provided (used) by discontinued operations |
​ |
​ |
— |
​ |
— |
​ |
(163) |
​ |
(163) |
​ |
Net increase (decrease) in cash, cash equivalents and restricted cash |
​ |
Ìý |
(167) |
​ |
(7) |
​ |
(163) |
​ |
(337) |
​ |
Cash, cash equivalents and restricted cash at beginning of period |
​ |
Ìý |
1,408 |
​ |
305 |
​ |
315 |
​ |
2,028 |
​ |
Cash, cash equivalents and restricted cash at end of period |
​ |
$ |
1,241 |
​ |
298 |
​ |
152 |
​ |
1,691 |
​ |
​
|