Part I – Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Liberty Media Corporation as of March 31, 2022, including balance sheets, statements of operations, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased slightly to $44.52 billion, driven by cash, while total liabilities rose to $25.99 billion due to long-term debt, and total equity decreased to $17.95 billion Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$44,519** | **$44,351** | | Cash and cash equivalents | $3,286 | $2,814 | | Goodwill | $19,272 | $19,248 | | **Total Liabilities** | **$25,991** | **$25,514** | | Total current liabilities | $6,362 | $6,610 | | Long-term debt | $16,467 | $15,699 | | **Total Equity** | **$17,953** | **$18,262** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2022 saw total revenue of $2.57 billion, operating income of $463 million, and net earnings of $240 million, significantly improving from Q1 2021 Q1 2022 vs. Q1 2021 Statement of Operations (in millions, except per share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Total Revenue | $2,569 | $2,254 | | Operating Income | $463 | $142 | | Net Earnings (Loss) Attributable to Liberty Stockholders | $240 | $(116) | | Diluted EPS (Liberty SiriusXM) | $0.82 | $(0.03) | | Diluted EPS (Liberty Braves) | $(0.25) | $(1.13) | | Diluted EPS (Liberty Formula One) | $(0.15) | $(0.20) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to $551 million, investing activities shifted to a $11 million inflow, and financing activities used $164 million in Q1 2022 Cash Flow Summary for Three Months Ended March 31 (in millions) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $551 | $497 | | Net Cash from Investing Activities | $11 | $(716) | | Net Cash from Financing Activities | $(164) | $383 | | **Net Increase in Cash** | **$396** | **$162** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes explain tracking stock structure, debt, segment performance, and significant Q1 2021 impairment charges - The company's structure is organized around three tracking stocks: Liberty SiriusXM Group, Liberty Braves Group, and Liberty Formula One Group, which are intended to reflect the economic performance of attributed businesses but are not separate legal entities[49](index=49&type=chunk) - Total long-term debt stood at **$19.05 billion** as of March 31, 2022, an increase from $18.59 billion at year-end 2021[112](index=112&type=chunk) - In Q1 2021, the company recorded a **$220 million impairment charge** for the SXM-7 satellite, which was deemed a total loss, and a **$25 million charge** for restructuring office leases[160](index=160&type=chunk)[166](index=166&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=41&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations for the first quarter of 2022, detailing segment performance, liquidity, and capital resources [Consolidated Operating Results](index=45&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) Consolidated revenue grew to $2.57 billion, operating income rose to $463 million, and Adjusted OIBDA increased to $778 million in Q1 2022 Consolidated Operating Results for Q1 (in millions) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Revenue | $2,569 | $2,254 | | Operating Income | $463 | $142 | | Adjusted OIBDA | $778 | $714 | [Other Income and Expense](index=47&type=section&id=Other%20Income%20and%20Expense) Total other expense significantly decreased to $67 million due to improved affiliate losses and a swing to gains on financial instruments - Share of losses from affiliates improved to a loss of **$14 million** from a loss of **$95 million** in the prior year, primarily due to reduced losses at Live Nation as the live entertainment industry recovered from COVID-19 impacts[223](index=223&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk) - Realized and unrealized gains on financial instruments were a net gain of **$59 million**, compared to a net loss of **$49 million** in Q1 2021, driven by changes in the fair value of debt and equity securities[223](index=223&type=chunk)[226](index=226&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Material%20Changes%20in%20Financial%20Condition) The company maintained strong cash balances across groups, with primary cash uses including debt repayments and stock repurchases Cash and Cash Equivalents by Group (March 31, 2022, in millions) | Group | Cash and Cash Equivalents | | :--- | :--- | | Liberty SiriusXM Group | $710 | | Braves Group | $311 | | Formula One Group | $2,265 | - Primary uses of cash in Q1 2022 included **$795 million** for debt repayments and over **$239 million** for stock repurchases, funded by $350 million in margin loan borrowings and dividends from Sirius XM Holdings[240](index=240&type=chunk) - Subsequent to quarter-end, a subsidiary committed to purchase land near the Las Vegas Strip for approximately **$240 million** in support of the 2023 Las Vegas Grand Prix[243](index=243&type=chunk) [Results of Operations—Businesses](index=51&type=section&id=Results%20of%20Operations%E2%80%94Businesses) Sirius XM saw modest growth, Formula 1 achieved significant revenue and OIBDA growth, and Braves Holdings' revenue increased slightly Segment Adjusted OIBDA for Q1 (in millions) | Segment | 2022 | 2021 | | :--- | :--- | :--- | | Sirius XM Holdings | $690 | $682 | | Formula 1 | $122 | $66 | | Braves Holdings | $(17) | $(20) | [Quantitative and Qualitative Disclosures about Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages interest rate risk through debt mix and is transitioning from LIBOR, while also exposed to stock price risk from equity holdings - As of March 31, 2022, the company's debt consisted of approximately **$3.2 billion** in variable-rate debt and **$14.8 billion** in fixed-rate debt[300](index=300&type=chunk) - The company is managing the transition away from LIBOR, which is the benchmark for its margin loans and various subsidiary credit facilities, and expects to incorporate alternative reference rates like SOFR into its debt agreements[300](index=300&type=chunk) - The company holds **$162 million** in marketable equity securities; a 10% decline in market price would result in a **$16 million** reduction in value, and its investment in Live Nation would decrease by **$819 million** with a 10% price drop[303](index=303&type=chunk) [Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2022, with no material changes to internal controls - The company's executives concluded that disclosure controls and procedures were effective as of March 31, 2022[304](index=304&type=chunk) - No material changes were made to internal controls over financial reporting during the first quarter of 2022[305](index=305&type=chunk) Part II — Other Information [Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) The report refers to the 2021 Form 10-K and Note 10 for legal proceedings information and updates - For information on legal proceedings, the report refers to the 2021 Form 10-K and Note 10 of the current financial statements for any updates[307](index=307&type=chunk) [Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor highlights supply chain issues, including semiconductor shortages and the war in Ukraine, impacting Sirius XM Holdings - A new risk factor was added concerning supply chain issues affecting Sirius XM Holdings[308](index=308&type=chunk)[309](index=309&type=chunk) - These supply chain issues, including semiconductor shortages and the war in Ukraine, could negatively impact new vehicle production, affecting Sirius XM's subscriber acquisition, and delay the supply of essential components for its satellite radios and future satellites[310](index=310&type=chunk)[311](index=311&type=chunk) [Share Repurchases](index=61&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased shares of Liberty SiriusXM and Liberty Formula One common stock in Q1 2022, with an additional $1 billion authorization in May Share Repurchase Activity for Q1 2022 | Stock Series | Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | Series A Liberty SiriusXM | 2,341,648 | ~$47.50 | | Series C Liberty SiriusXM | 1,849,254 | ~$48.70 | | Series A Liberty Formula One | 665,418 | ~$56.10 | - In May 2022, the Board of Directors authorized an additional **$1 billion** for the company's common stock repurchase program[312](index=312&type=chunk) [Exhibits](index=62&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including certifications and XBRL data - The report lists all exhibits filed, including CEO/CFO certifications (31.1, 31.2), Section 1350 certification (32), and unaudited attributed financial information for tracking stock groups (99.1)[317](index=317&type=chunk)

Part I [Business](index=3&type=section&id=Item%201.%20Business) Liberty Media operates diverse media and entertainment businesses across three tracking stock groups, including Sirius XM, Formula 1, Braves, and Live Nation - Liberty Media Corporation's structure is organized into **three tracking stock groups**: Liberty SiriusXM Group, Liberty Braves Group, and Liberty Formula One Group, which track the economic performance of specific attributed assets[16](index=16&type=chunk)[18](index=18&type=chunk) - The company's principal businesses and assets include its consolidated subsidiaries Sirius XM Holdings Inc., Formula 1, and Braves Holdings, LLC, along with its equity affiliate Live Nation Entertainment, Inc[15](index=15&type=chunk) - In April 2020, the company executed a significant reattribution of assets and liabilities between the Formula One Group and the Liberty SiriusXM Group, including moving the Live Nation stake and reallocating certain debt instruments[20](index=20&type=chunk)[25](index=25&type=chunk) - The COVID-19 pandemic significantly impacted operations in 2020, but operations saw a significant restart and recovery in 2021, with a **record 22 Formula 1 events** and a return to a normal MLB season schedule with fan attendance[31](index=31&type=chunk) [Sirius XM Holdings](index=13&type=section&id=Sirius%20XM%20Holdings) Sirius XM Holdings generates revenue primarily from subscriptions and advertising, expanding into podcasting, with 34 million Sirius XM and 6.4 million Pandora subscribers Sirius XM Holdings Subscriber Metrics (as of Dec 31, 2021) | Business | Metric | Value | | :--- | :--- | :--- | | **Sirius XM** | Subscribers | ~**34.0 million** | | **Pandora** | Subscribers | ~**6.4 million** | | **Pandora** | Monthly Active Users | ~**52.3 million** | - Sirius XM's primary revenue source is subscription fees, while Pandora's is advertising on its ad-supported service[46](index=46&type=chunk)[50](index=50&type=chunk) - The company is expanding its podcasting capabilities through acquisitions, including Stitcher (a podcast distribution and ad sales leader) and Simplecast (a podcast management and analytics platform)[52](index=52&type=chunk)[105](index=105&type=chunk) - For its satellite radio service, the Copyright Royalty Board (CRB) set the statutory royalty rate for sound recordings at **15.5% of gross revenue** for the period from 2018 to 2027[116](index=116&type=chunk)[121](index=121&type=chunk) - For streaming services, the CRB set 2021 rates at **$0.0021 per performance** for non-subscription and **$0.0026 for subscription transmissions**[122](index=122&type=chunk) [Formula 1](index=31&type=section&id=Formula%201) Formula 1 holds exclusive commercial rights to the World Championship, with revenue from race promotion, media rights, and sponsorship, recovering to a record 22 events in 2021 Formula 1 Revenue Mix (2021 vs. 2020) | Revenue Stream | % of Total Revenue (2021) | % of Total Revenue (2020) | | :--- | :--- | :--- | | Race Promotion | 31% | 13% | | Media Rights | 40% | 59% | | Sponsorship | 16% | 18% | - The 2021 season featured a **record 22 events**, compared to **17 in 2020**, with fan attendance restrictions significantly reduced as the year progressed[127](index=127&type=chunk) - Formula 1's exclusive commercial rights to the World Championship are secured until the **end of 2110** under the "100-Year Agreements" with the FIA[147](index=147&type=chunk) - The 2021 Concorde Agreement, which governs the relationship with the 10 participating teams, secures their commitment to the World Championship through **December 31, 2025**[152](index=152&type=chunk) [Braves Holdings, LLC](index=41&type=section&id=Braves%20Holdings%2C%20LLC) Braves Holdings operates the Atlanta Braves and The Battery Atlanta, with revenue from ballpark operations, broadcasting, and real estate, recovering from the 2020 season - Braves Holdings' revenue is seasonal, with the majority recognized during the second and third quarters, aligning with the MLB regular season[162](index=162&type=chunk) - The 2021 season returned to a normal schedule and number of games, with limitations on fan attendance lifted in May, contrasting with the 2020 season which was shortened to 60 games with no fans[165](index=165&type=chunk) - The Collective Bargaining Agreement (CBA) with MLB players expired in December 2021, leading to an MLB lockout during which player salaries are not paid[169](index=169&type=chunk) - The Battery Atlanta mixed-use development is a key asset, with Phase I and Phase II complete and operational, generating rental income from retail, office, hotel, and entertainment tenants[180](index=180&type=chunk) [Live Nation](index=47&type=section&id=Live%20Nation) Live Nation, a leading live entertainment company, saw a significant restart in Q3 2021 after COVID-19 impacts, with Liberty Media owning 31% equity - As of December 31, 2021, Liberty beneficially owned **approximately 31% of Live Nation's common stock**[188](index=188&type=chunk) - Live Nation's business was significantly impacted by COVID-19 but began a meaningful restart in Q3 2021 with the resumption of amphitheater events and festivals in the U.S. and U.K[183](index=183&type=chunk) - Under a stockholders agreement, Liberty has the right to nominate two directors to Live Nation's board and is limited to owning a **maximum of 35% of the voting power**[189](index=189&type=chunk)[190](index=190&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from its tracking stock structure, ongoing COVID-19 impacts, supply chain disruptions, intense competition, and dependence on key relationships - Risks related to the tracking stock structure include potential market confusion, stockholders being subject to risks of the entire company, and the board's ability to reattribute assets, making future prospects difficult to assess[415](index=415&type=chunk)[416](index=416&type=chunk)[421](index=421&type=chunk) - The COVID-19 pandemic continues to pose a significant risk, with potential impacts on auto sales and advertising (Sirius XM) and the risk of event cancellations, reduced attendance, and changes in consumer spending for live events (Formula 1, Braves, Live Nation)[240](index=240&type=chunk)[244](index=244&type=chunk) - Sirius XM Holdings faces risks from the global semiconductor supply shortage, which could impact new vehicle production and thus subscriber acquisition, as well as substantial competition from other audio services like Spotify, Apple Music, and YouTube[251](index=251&type=chunk)[252](index=252&type=chunk) - Formula 1's success is dependent on its continued popularity, the participation of its 10 teams (committed through 2025 via the Concorde Agreement), and its relationship with the FIA, which holds the rights to the World Championship until 2110[347](index=347&type=chunk)[352](index=352&type=chunk)[353](index=353&type=chunk) - The Braves Group's financial success depends heavily on the team's on-field performance, with risks including player injuries, organized labor matters such as the ongoing MLB lockout, and restrictions imposed by MLB rules and regulations[396](index=396&type=chunk)[398](index=398&type=chunk)[403](index=403&type=chunk) [Unresolved Staff Comments](index=132&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - None[454](index=454&type=chunk) [Properties](index=132&type=section&id=Item%202.%20Properties) The company owns its corporate headquarters in Englewood, Colorado, while its subsidiaries own or lease various properties essential to their operations, including offices, studios, and stadiums - Liberty Media owns its corporate headquarters in Englewood, Colorado[455](index=455&type=chunk) - Sirius XM Holdings owns and leases numerous facilities for office, production, and technical purposes across the U.S. and leases space for its terrestrial repeater network[456](index=456&type=chunk) - Braves Holdings' key properties include Truist Park and the adjacent mixed-use development, The Battery Atlanta[457](index=457&type=chunk) [Legal Proceedings](index=132&type=section&id=Item%203.%20Legal%20Proceedings) The company discloses contingent liabilities from legal proceedings, including a settled TCPA class action and ongoing litigation regarding pre-1972 sound recordings - A class action suit against Sirius XM Holdings for alleged violations of the Telephone Consumer Protection Act (TCPA) was settled in 2019, with Sirius XM paying **$25 million** into a settlement fund[1001](index=1001&type=chunk)[1005](index=1005&type=chunk) - Pandora (a Sirius XM subsidiary) is involved in a class action lawsuit alleging copyright violations for the public performance of sound recordings made before February 15, 1972, which the company intends to defend vigorously[1006](index=1006&type=chunk)[1013](index=1013&type=chunk) [Mine Safety Disclosures](index=133&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[459](index=459&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=134&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This section details trading markets for tracking stocks, confirms no cash dividends, and outlines significant share repurchases in Q4 2021 - The company has no present intention of paying cash dividends on its common stock[467](index=467&type=chunk) Share Repurchases (Q4 2021) | Stock | Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | Series A Liberty SiriusXM | 711,487 | - | | Series C Liberty SiriusXM | 2,265,247 | - | | Series A Liberty Formula One | 154,135 | - | - As of December 31, 2021, approximately **$496 million** remained available under the company's share repurchase programs[470](index=470&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=137&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses 2021 financial results, highlighting a $2.0 billion revenue increase driven by recovery across all segments, ending the year with $2.8 billion cash Consolidated Operating Results (in millions) | Metric | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Revenue** | $11,400 | $9,363 | $10,292 | | **Operating Income** | $1,977 | $177 | $1,470 | | **Adjusted OIBDA** | $3,325 | $2,509 | $2,931 | - The **$2.0 billion increase** in consolidated revenue in 2021 was driven by increases at Formula 1 (**$991 million**), Sirius XM Holdings (**$656 million**), and Braves Holdings (**$390 million**), reflecting a strong recovery from the pandemic's impact in 2020[498](index=498&type=chunk) - As of December 31, 2021, the company had total cash and cash equivalents of **$2.8 billion**, with **$598 million** attributed to the Liberty SiriusXM Group, **$142 million** to the Braves Group, and **$2.1 billion** to the Formula One Group[524](index=524&type=chunk) - Material cash requirements over the next five years include significant payments for long-term debt, interest, and programming/royalty fees[542](index=542&type=chunk) [Results of Operations—Businesses](index=163&type=section&id=Results%20of%20Operations%E2%80%94Businesses) In 2021, Sirius XM revenue grew to $8.7 billion, Formula 1 nearly doubled to $2.1 billion, and Braves Holdings tripled to $568 million, reflecting strong recovery Sirius XM Holdings Revenue by Source (in millions) | Revenue Source | 2021 | 2020 | | :--- | :--- | :--- | | Subscriber Revenue | $6,614 | $6,372 | | Advertising Revenue | $1,730 | $1,340 | | **Total Revenue** | **$8,696** | **$8,040** | Formula 1 Revenue (in millions) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | **Total Revenue** | $2,136 | $1,145 | | **Adjusted OIBDA** | $495 | $56 | Braves Holdings Revenue (in millions) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | **Total Revenue** | $568 | $178 | | **Adjusted OIBDA** | $111 | $(49) | [Quantitative and Qualitative Disclosures About Market Risk](index=183&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risk from interest rate changes on variable debt and stock price fluctuations from marketable securities and its Live Nation investment - The company manages interest rate risk by using a mix of fixed and variable rate debt, with significant variable rate debt tied to LIBOR as of December 31, 2021[629](index=629&type=chunk)[630](index=630&type=chunk) - The company is preparing for the phase-out of LIBOR and expects to incorporate alternative reference rates, such as SOFR, into its debt agreements[631](index=631&type=chunk) - The company is exposed to stock price risk through its portfolio of marketable equity securities, valued at **$217 million** at year-end, and its investment in Live Nation[632](index=632&type=chunk)[633](index=633&type=chunk) [Financial Statements and Supplementary Data](index=184&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's audited consolidated financial statements for the fiscal year ended December 31, 2021, including balance sheets, statements of operations, cash flows, and comprehensive notes [Notes to Consolidated Financial Statements](index=201&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed financial information, including the tracking stock structure, acquisitions, $18.6 billion in debt, stock-based compensation, and segment data - As of December 31, 2021, the company had total debt with a carrying value of **$18.6 billion**, including corporate-level convertible and exchangeable notes, margin loans, and significant subsidiary-level debt[843](index=843&type=chunk) - In November 2021, Liberty acquired additional shares of Sirius XM Holdings, increasing its ownership to **approximately 81%** and causing Sirius XM Holdings to become part of Liberty's consolidated federal income tax group[684](index=684&type=chunk)[928](index=928&type=chunk) - Sirius XM Holdings' SXM-7 satellite, launched in December 2020, was declared a total loss after in-orbit testing failures, resulting in a **$220 million impairment charge** offset by **$225 million in insurance recoveries** in 2021[994](index=994&type=chunk)[995](index=995&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=184&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[635](index=635&type=chunk) [Controls and Procedures](index=186&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of December 31, 2021, with an unqualified opinion from KPMG LLP on internal control effectiveness - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2021[637](index=637&type=chunk) - The company's independent registered public accounting firm, KPMG LLP, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2021[645](index=645&type=chunk) [Other Information](index=186&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[639](index=639&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, and Principal Accountant Fees](index=300&type=section&id=Items%2010-14) Information for Items 10-14, covering governance, compensation, and security ownership, is incorporated by reference from the 2022 proxy statement - The information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the company's definitive proxy statement for its 2022 Annual Meeting of Stockholders[1034](index=1034&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=301&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K, including corporate documents and material contracts - The financial statements are included in Part II of the report[1037](index=1037&type=chunk) - All financial statement schedules have been omitted as they are not applicable, not material, or the required information is provided elsewhere in the report[1039](index=1039&type=chunk) [Form 10-K Summary](index=309&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not applicable[1050](index=1050&type=chunk)

Financial Data and Key Metrics Changes - The Braves' season-to-date baseball revenue per home game is up 11% compared to 2019, and retail per caps are up 33% versus 2019 [10] - Liberty SiriusXM reported the highest revenue and EBITDA ever for the quarter, with 616,000 self-paying net adds, the highest quarterly figure ever recorded [14][22] - Total Liberty SiriusXM Group attributed principal amount of debt is $13.1 billion, which includes $8.9 billion of debt at SiriusXM [25] Business Line Data and Key Metrics Changes - Liberty SiriusXM's advertising revenue is up 31% [14] - Formula One Group had attributed cash and liquid investments of $1.6 billion at quarter end, with a total principal amount of debt of $3.4 billion [26] - The Braves Group had attributed cash and liquid investments of $134 million, excluding $83 million of restricted cash [29] Market Data and Key Metrics Changes - Formula One attendance in Austin set a record with 400,000 people over the race weekend, with almost 70% being first-time attendees [18] - Digital engagement for Formula One is up 56% compared to 2020, with social interactions reaching record numbers [40] - The TV audience has seen strong growth in several markets, including the United States, with concurrent viewership on race days consistently more than 2.7 times higher than the 2020 season average [41] Company Strategy and Development Direction - The company is focused on growing engagement outside the vehicle and has launched a new ad campaign [14] - Formula One is looking to enhance its race promotion and pricing power with host partners due to increased demand [86] - The company aims to achieve net zero carbon by 2030 and is working on developing a 100% sustainable fuel for new generation hybrid engines [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2022, expecting better performance than in 2021 and significantly better than 2019 [59] - The ongoing pandemic conditions are still a concern, but the situation is improving, and management believes that initiatives from the past years will pay off [60] - The demand for races continues to exceed available supply, indicating a strong market position for Formula One [42] Other Important Information - The company sold its entire iHeart stake for after-tax proceeds of $175 million, realizing a 40% pre-tax gain [13] - The company continues to repurchase shares, having repurchased $98 million across the As and Ks [12] - Formula One has announced a 23-race calendar for 2022, including a second race in the U.S. in Miami [41] Q&A Session Summary Question: Will 2022 see the benefits of the last four and a half years' initiatives for Formula One? - Management believes 2022 will show improved performance, but it is hard to predict if everything will come together due to potential attendance issues [59][60] Question: Why was the decision made to sell the iHeart stock? - The decision was based on recognizing gains and utilizing proceeds for other opportunities, as iHeart was no longer seen as a strategic interest [61] Question: What does the tax-free exchange mean for SiriusXM's qualification as an ATB? - The tax-free exchange allows SiriusXM to become an ATB, providing optionality and flexibility for the company [67] Question: How does the company view the economic split between F1 and the teams? - Management is optimistic about continuing to negotiate favorable terms with the teams, as their success is crucial for F1's growth [102] Question: What is the outlook for the Sprint races in 2022? - There is potential for monetization through increased attendance and sponsorship, but there are tensions regarding the impact on teams and drivers [131]

```markdown Part I – Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Liberty Media Corporation and its subsidiaries for the period ended September 30, 2021, including Balance Sheets, Statements of Operations, Comprehensive Earnings, Cash Flows, and Equity, along with detailed Notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Balance%20Sheets%20(unaudited)) The balance sheet details the company's financial position as of September 30, 2021, highlighting total assets, liabilities, and equity, with significant goodwill from key segments Consolidated Balance Sheet Summary (in millions) | Balance Sheet Item | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$44,419** | **$44,004** | | Goodwill | $19,247 | $19,218 | | Total Current Assets | $4,590 | $4,030 | | **Total Liabilities** | **$24,950** | **$24,403** | | Long-term Debt | $15,525 | $16,686 | | Total Current Liabilities | $6,188 | $4,490 | | **Total Equity** | **$18,894** | **$19,601** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Operations%20(unaudited)) The statements of operations show significant revenue and operating income growth for Q3 and the nine-month period ended September 30, 2021, driven by improved segment performance and a turnaround in net earnings Key Operating Results (in millions, except per share data) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$3,100** | **$2,732** | **$8,230** | **$6,654** | | Sirius XM Holdings Revenue | $2,198 | $2,025 | $6,415 | $5,851 | | Formula 1 Revenue | $668 | $597 | $1,349 | $660 | | **Operating Income** | **$702** | **$320** | **$1,466** | **$780** | | **Net Earnings (Loss) to Stockholders** | **$328** | **($114)** | **$629** | **($516)** | Diluted EPS Attributable to Liberty Stockholders | Stock Group | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Liberty SiriusXM | $1.02 | $0.03 | $1.98 | $0.31 | | Liberty Braves | $0.39 | ($0.61) | $0.04 | ($1.57) | | Liberty Formula One | ($0.22) | ($0.41) | ($0.18) | ($2.75) | [Condensed Consolidated Statements of Comprehensive Earnings (Loss)](index=7&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings%20(Loss)%20(unaudited)) Comprehensive earnings for Q3 and the nine-month period ended September 30, 2021, reflect a positive shift from prior-year losses, influenced by net earnings and other comprehensive income/loss components Comprehensive Earnings (Loss) Summary (in millions) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Earnings (Loss) | $400 | ($43) | $914 | ($303) | | Other Comprehensive Earnings (Loss) | ($53) | ($134) | ($91) | $49 | | **Comprehensive Earnings (Loss) to Stockholders** | **$277** | **($251)** | **$537** | **($464)** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) Cash flow statements for the nine months ended September 30, 2021, indicate strong operating cash generation, with significant cash utilization in investing and financing activities, including share repurchases and debt management Cash Flow Summary for Nine Months Ended Sep 30 (in millions) | Cash Flow Category | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $1,673 | $1,056 | | Net Cash from Investing Activities | ($615) | ($309) | | Net Cash from Financing Activities | ($981) | ($78) | | **Net Increase in Cash** | **$72** | **$668** | [Condensed Consolidated Statements of Equity](index=10&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Condensed%20Consolidated%20Statements%20of%20Equity%20(unaudited)) Total equity decreased during the nine months ended September 30, 2021, primarily due to significant share repurchases by both the company and its subsidiaries, partially offset by net earnings Changes in Total Equity for Nine Months Ended Sep 30, 2021 (in millions) | Component | Amount | | :--- | :--- | | **Balance at January 1, 2021** | **$19,601** | | Net Earnings | $863 | | Other Comprehensive Loss | ($91) | | Liberty Stock Repurchases | ($398) | | Subsidiary Shares Repurchased | ($1,168) | | **Balance at September 30, 2021** | **$18,894** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=LIBERTY%20MEDIA%20CORPORATION%20AND%20SUBSIDIARIES%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) This section details accounting policies, financial statement components, and significant events, including the tracking stock structure, debt instruments, segment performance, and the SXM-7 satellite impairment - The company's primary businesses are conducted through its significant subsidiaries: Sirius XM Holdings Inc., Delta Topco Limited (Formula 1), and Braves Holdings, LLC[44](index=44&type=chunk) - The company utilizes a tracking stock structure for three groups: Liberty SiriusXM Group, Braves Group, and Formula One Group. These are not separate legal entities but are intended to track the economic performance of attributed businesses, assets, and liabilities[59](index=59&type=chunk) - Sirius XM Holdings' SXM-7 satellite was determined to be a total loss, resulting in a **$220 million** impairment charge, which was offset by **$225 million** in insurance recoveries collected during the nine months ended September 30, 2021[176](index=176&type=chunk)[177](index=177&type=chunk) Total Debt by Group (Principal, in millions) | Group | Sep 30, 2021 | | :--- | :--- | | Liberty SiriusXM Group | $13,127 | | Braves Group | $721 | | Formula One Group | $3,448 | | **Total Debt** | **$17,296** | [Management's Discussion and Analysis (MD&A)](index=48&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results, covering business segments, tracking stock structure, consolidated performance, liquidity, and capital resources, emphasizing COVID-19 recovery and key drivers [Overview](index=49&type=section&id=MD%26A%20Overview) The company's media and entertainment businesses, structured into three tracking stock groups, experienced significant operational recovery in 2021 following COVID-19 impacts on Formula 1, MLB, and Live Nation events - The company's largest operating subsidiary is Sirius XM Holdings, which operates two complementary audio entertainment businesses, Sirius XM and Pandora[224](index=224&type=chunk) - The business operations of Formula 1, the Atlanta Braves, and Live Nation were significantly impacted by COVID-19 in 2020. In 2021, operations have been recovering, with the MLB season returning to a normal length and Formula 1 expecting to hold **22 events**, though some fan attendance limitations remained[236](index=236&type=chunk) [Consolidated Operating Results](index=52&type=section&id=MD%26A%20Consolidated%20Operating%20Results) Consolidated revenue, operating income, and Adjusted OIBDA significantly increased in Q3 and the nine-month period of 2021, driven by strong performance across all key business segments Consolidated Operating Results Summary (in millions) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$3,100** | **$2,732** | **$8,230** | **$6,654** | | **Operating Income** | **$702** | **$320** | **$1,466** | **$780** | | **Adjusted OIBDA** | **$946** | **$667** | **$2,473** | **$1,780** | - The increase in operating income for the nine months ended Sep 30, 2021 was driven by improvements of **$374 million**, **$177 million**, and **$118 million** in Formula 1, Sirius XM Holdings, and Braves Holdings operating results, respectively[241](index=241&type=chunk) [Other Income and Expense](index=54&type=section&id=MD%26A%20Other%20Income%20and%20Expense) Other expense decreased significantly in Q3 2021, primarily due to a positive shift in affiliate earnings, notably from Live Nation's recovery, and a gain on investment dilution Components of Other Income (Expense) (in millions) | Component | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Interest expense | ($168) | ($153) | | Share of earnings (losses) of affiliates, net | $9 | ($187) | | Realized and unrealized gains (losses) on financial instruments, net | ($40) | $16 | | Gains on dilution of investment in affiliate | $142 | $— | | Other, net | ($72) | ($32) | | **Total Other Income (Expense)** | **($129)** | **($356)** | - The improvement in share of earnings from affiliates was primarily due to Live Nation's performance, which was reattributed to the Liberty SiriusXM Group from the Formula One Group in April 2020[250](index=250&type=chunk) [Material Changes in Financial Condition](index=56&type=section&id=MD%26A%20Material%20Changes%20in%20Financial%20Condition) The company's liquidity is derived from diverse sources, with cash balances primarily held at group levels, and cash utilized for share repurchases and debt service, noting potential subsidiary cash access restrictions - Potential sources of liquidity include available cash, cash from subsidiary operations, asset sales, monetization of public investments, debt borrowings, and equity issuances[260](index=260&type=chunk) Cash and Cash Equivalents by Group (as of Sep 30, 2021, in millions) | Group | Cash Balance | | :--- | :--- | | Liberty SiriusXM Group | $529 | | Braves Group | $134 | | Formula One Group | $2,195 | - Primary uses of cash in the first nine months of 2021 included **$351 million** for Liberty SiriusXM stock repurchases and **$191 million** for debt repayments, funded by borrowings, dividends from Sirius XM, and cash on hand[265](index=265&type=chunk) [Results of Operations—Businesses](index=59&type=section&id=MD%26A%20Results%20of%20Operations%E2%80%94Businesses) This section details the strong operational performance of key business segments, including Sirius XM Holdings, Formula 1, and Braves Holdings, driven by revenue growth and a return to normalized operations [Sirius XM Holdings](index=59&type=section&id=Sirius%20XM%20Holdings) Sirius XM Holdings reported strong Q3 2021 revenue growth, driven by increased Sirius XM subscriber revenue and a significant surge in Pandora advertising revenue, leading to higher Adjusted OIBDA Sirius XM Holdings Operating Results (in millions) | Metric | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | **Total Revenue** | **$2,198** | **$2,025** | | Sirius XM Revenue | $1,660 | $1,587 | | Pandora Revenue | $538 | $438 | | **Adjusted OIBDA** | **$720** | **$661** | | **Operating Income** | **$610** | **$461** | - Sirius XM subscriber revenue increased **5%** in Q3 2021 due to growth in its self-pay subscriber base[286](index=286&type=chunk) - Pandora advertising revenue increased **32%** in Q3 2021 due to growth in owned-and-operated revenue from higher sell-through, increased ad pricing, and contributions from Stitcher and AdsWizz[292](index=292&type=chunk) [Formula 1](index=64&type=section&id=Formula%201) Formula 1's Q3 2021 revenue and Adjusted OIBDA significantly increased due to higher race promotion fees from increased fan attendance, despite some offsets from media rights and sponsorship revenue recognition Formula 1 Operating Results (in millions) | Metric | Q3 2021 (7 Events) | Q3 2020 (10 Events) | | :--- | :--- | :--- | | **Total Revenue** | **$668** | **$597** | | Primary Revenue | $612 | $558 | | **Adjusted OIBDA** | **$180** | **$14** | | **Operating Income (Loss)** | **$80** | **($104)** | - Race promotion revenue increased in Q3 2021 as limitations on fan attendance in the prior year were reduced, leading to fewer one-time changes in contractual terms[309](index=309&type=chunk) - Other Formula 1 revenue increased due to the operation of the Paddock Club, which did not operate in the prior year due to COVID-19 restrictions[312](index=312&type=chunk) [Braves Holdings](index=67&type=section&id=Braves%20Holdings) Braves Holdings experienced a substantial revenue increase in Q3 2021, driven by the return of fans to home baseball games, leading to significantly improved Adjusted OIBDA and a return to normalized operations Braves Holdings Operating Results (in millions) | Metric | Q3 2021 (34 Home Games) | Q3 2020 (30 Home Games) | | :--- | :--- | :--- | | **Total Revenue** | **$234** | **$110** | | Baseball Revenue | $222 | $102 | | Development Revenue | $12 | $8 | | **Adjusted OIBDA** | **$58** | **$6** | | **Operating Income (Loss)** | **$35** | **($15)** | - The increase in baseball revenue was driven by home games being played with fans in 2021, leading to higher revenue from ballpark operations, broadcast rights, and other MLB revenue streams[323](index=323&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from stock price fluctuations on its equity portfolio and interest rate changes on its debt, actively managing the transition from LIBOR for variable rate borrowings Debt Composition by Interest Rate Type (as of Sep 30, 2021, in millions) | Group | Variable Rate Debt | Fixed Rate Debt | | :--- | :--- | :--- | | Liberty SiriusXM Group | $875 | $12,252 | | Braves Group | $282 | $439 | | Formula One Group | $832 | $2,616 | - The company is exposed to stock price risk on its **$393 million** of marketable equity securities. A hypothetical **10%** decline in market price would result in a **$39 million** loss in value[332](index=332&type=chunk) - The company is managing the transition away from LIBOR for its variable rate debt by planning to incorporate alternative reference rates, such as SOFR, into its debt agreements[330](index=330&type=chunk) [Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2021, with no material changes to internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2021[333](index=333&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[334](index=334&type=chunk) Part II — Other Information [Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to the Annual Report on Form 10-K for legal proceedings, with updates available in Note 10 of the condensed consolidated financial statements - For updates on legal proceedings, the report refers to Note 10 in the notes to the condensed consolidated financial statements[336](index=336&type=chunk) [Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) A new material risk factor highlights the global semiconductor supply shortage, which could negatively impact Sirius XM Holdings' subscriber acquisition due to delays in securing chipsets for radios and new vehicles - A new risk factor was disclosed: The global semiconductor supply shortage is impacting Sirius XM Holdings' business by causing delays in securing chipsets for its satellite radios and affecting new vehicle production by automakers, which may harm subscriber acquisition[338](index=338&type=chunk) [Share Repurchases and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2021, the company repurchased shares of Liberty SiriusXM and Liberty Formula One common stock, with approximately $653 million remaining available for future repurchases under the buyback program Share Repurchase Activity for Q3 2021 | Stock Series | Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | Series A Liberty SiriusXM | 437,411 | N/A | | Series C Liberty SiriusXM | 1,859,486 | N/A | | Series A Liberty Formula One | 1,044,000 | N/A | | **Total** | **3,340,897** | **N/A** | - As of September 30, 2021, approximately **$653 million** remained available for repurchases under the company's share buyback programs[340](index=340&type=chunk) [Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications, attributed financial information for tracking stock groups, and Inline XBRL data files - Exhibits filed with the report include CEO and CFO certifications, unaudited attributed financial information for tracking stock groups, and Inline XBRL data files[344](index=344&type=chunk) ```

Part I – Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Liberty Media's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and equity, with detailed notes on accounting policies and segment information [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$45.7 billion**, driven by cash, while total liabilities grew to **$26.1 billion** due to long-term debt, resulting in a slight equity decrease to **$19.0 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | Balance Sheet Item | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$45,654** | **$44,004** | | Cash and cash equivalents | $3,935 | $2,831 | | Goodwill | $19,247 | $19,218 | | **Total Liabilities** | **$26,071** | **$24,403** | | Total current liabilities | $5,440 | $4,490 | | Long-term debt | $17,420 | $16,686 | | **Total Equity** | **$19,008** | **$19,601** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2021 total revenue surged to **$2.88 billion**, yielding **$417 million** net earnings, a significant turnaround from a **$326 million** net loss in Q2 2020, with H1 net earnings at **$301 million** Key Operating Results (in millions, except per share data) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$2,876** | **$1,909** | **$5,130** | **$3,922** | | Sirius XM Holdings revenue | $2,159 | $1,874 | $4,217 | $3,826 | | Formula 1 revenue | $501 | $24 | $681 | $63 | | **Operating Income** | **$622** | **$214** | **$764** | **$460** | | **Net Earnings (Loss) to Stockholders** | **$417** | **($326)** | **$301** | **($402)** | Diluted EPS Attributable to Liberty Stockholders | Stock Group | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | Liberty SiriusXM | $1.00 | ($0.28) | $0.96 | $0.28 | | Liberty Braves | $0.39 | ($0.75) | ($0.65) | ($1.22) | | Liberty Formula One | $0.24 | ($0.86) | $0.04 | ($2.34) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2021 operating cash flow increased to **$1.24 billion**, investing activities used **$754 million**, and financing provided **$650 million**, leading to a **$1.13 billion** net cash increase Six-Month Cash Flow Summary (in millions) | Cash Flow Activity | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,235 | $869 | | Net cash used in investing activities | ($754) | ($203) | | Net cash provided by financing activities | $650 | $2,069 | | **Net increase in cash** | **$1,129** | **$2,725** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, tracking stock structure, debt, equity investments, contingencies like SXM-7 failure, segment information, and COVID-19 impacts - The company's significant subsidiaries include Sirius XM Holdings Inc., Delta Topco Limited (Formula 1), and Braves Holdings, LLC, with Live Nation Entertainment, Inc. as its most significant equity method investment[43](index=43&type=chunk) - The COVID-19 pandemic caused significant disruptions in 2020, delaying Formula 1 and Major League Baseball seasons and suspending Live Nation events, though no asset value revisions are currently anticipated[46](index=46&type=chunk)[47](index=47&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial condition and operations across Liberty SiriusXM, Liberty Braves, and Liberty Formula One, highlighting COVID-19 recovery, segment performance, liquidity, and capital resources - Consolidated revenue increased by **$967 million** in Q2 2021 and **$1,208 million** in H1 2021 year-over-year, driven by increases across Formula 1, Sirius XM Holdings, and Braves Holdings[240](index=240&type=chunk) - Consolidated operating income rose by **$408 million** in Q2 2021 and **$304 million** in H1 2021, reflecting improved operating results at Sirius XM Holdings, Formula 1, and Braves Holdings[241](index=241&type=chunk) Reconciliation of Operating Income to Adjusted OIBDA (in millions) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | **Operating income (loss)** | **$622** | **$214** | **$764** | **$460** | | Depreciation and amortization | $268 | $266 | $532 | $533 | | Stock-based compensation | $60 | $45 | $123 | $112 | | Impairment, restructuring and acquisition costs | ($137) | $24 | $108 | $24 | | **Adjusted OIBDA** | **$813** | **$549** | **$1,527** | **$1,113** | [Results of Operations—Businesses](index=59&type=section&id=Results%20of%20Operations%E2%80%94Businesses) This section details key business performance, with Sirius XM showing subscriber and advertising growth, Formula 1 revenue surging from resumed races, and Braves Holdings benefiting from fan attendance Sirius XM Holdings Revenue Breakdown (in millions) | Segment | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | **Sirius XM Revenue** | **$1,642** | **$1,538** | **$3,258** | **$3,121** | | Subscriber revenue | $1,508 | $1,453 | $2,989 | $2,910 | | Advertising revenue | $45 | $25 | $87 | $69 | | **Pandora Revenue** | **$517** | **$336** | **$959** | **$705** | | Subscriber revenue | $133 | $125 | $263 | $253 | | Advertising revenue | $384 | $211 | $696 | $452 | | **Total Revenue** | **$2,159** | **$1,874** | **$4,217** | **$3,826** | Formula 1 Operating Results (in millions) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$501** | **$24** | **$681** | **$63** | | Adjusted OIBDA | $66 | ($16) | $132 | ($48) | | Operating Income (Loss) | ($36) | ($122) | ($69) | ($259) | | Number of Events | 7 | 0 | 8 | 0 | Braves Holdings Operating Results (in millions) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$216** | **$11** | **$232** | **$33** | | Baseball revenue | $204 | $5 | $211 | $17 | | Development revenue | $12 | $6 | $21 | $16 | | Adjusted OIBDA | $54 | ($26) | $34 | ($51) | | Operating Income | $32 | ($30) | ($5) | ($73) | | Home Games | 42 | 0 | 42 | 0 | [Quantitative and Qualitative Disclosures about Market Risk](index=67&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from stock price fluctuations and interest rate changes, managing debt with fixed and variable rates, and preparing for the LIBOR transition to alternative reference rates - The company is exposed to interest rate risk through its variable rate debt tied to LIBOR, acknowledging the planned phase-out and intending to incorporate alternative reference rates like SOFR into its debt facilities[326](index=326&type=chunk) - As of June 30, 2021, the fair value of marketable equity securities was **$413 million**, with a hypothetical 10% decline in market price reducing this value by approximately **$41 million**[328](index=328&type=chunk) Debt Composition as of June 30, 2021 (in millions) | Group | Variable Rate Debt (Principal) | Weighted Avg Rate | Fixed Rate Debt (Principal) | Weighted Avg Rate | | :--- | :--- | :--- | :--- | :--- | | Liberty SiriusXM Group | $875 | 2.1% | $13,252 | 3.8% | | Braves Group | $277 | 1.6% | $417 | 3.4% | | Formula One Group | $831 | 3.5% | $2,617 | 4.8% | [Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting during Q2 2021 - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[330](index=330&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended June 30, 2021[331](index=331&type=chunk) Part II — Other Information [Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 10 of the financial statements for updates on legal proceedings, including pre-1972 sound recording litigation and Copyright Royalty Board matters - For updates on legal proceedings, the report directs readers to Note 10 in the financial statements, which covers topics such as pre-1972 sound recording litigation and Copyright Royalty Board proceedings[332](index=332&type=chunk)[183](index=183&type=chunk)[188](index=188&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details Q2 2021 share repurchase activity, exclusively for Liberty SiriusXM common stock, with approximately **$808 million** remaining under authorization Share Repurchase Activity (Q2 2021) | Period | Total Shares Purchased | Avg Price (LSXMA) | Avg Price (LSXMK) | Remaining Authorization (millions) | | :--- | :--- | :--- | :--- | :--- | | April 2021 | 799,851 | $45.68 | $46.13 | $907 | | May 2021 | 1,118,361 | $42.26 | $42.65 | $860 | | June 2021 | 1,144,874 | $45.25 | $44.68 | $808 | | **Total** | **3,063,086** | | | | - No repurchases of Liberty Braves or Liberty Formula One common stock were made during the three months ended June 30, 2021[334](index=334&type=chunk) [Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report, including officer certifications, Section 1350 certification, unaudited tracking stock financial information, and XBRL data files - Exhibits filed with the report include CEO and CFO certifications, unaudited financial information for the tracking stock groups, and interactive data files (XBRL)[338](index=338&type=chunk)

Formula One Group (NASDAQ:FWONA) Q1 2021 Earnings Conference Call May 7, 2021 10:00 AM ET Company Participants Courtnee Chun - Chief Portfolio Officer Greg Maffei - President and CEO, Liberty Media Corporation Stefano Domenicali - President and CEO Brian Wendling - Chief Principal Officer, Liberty Media Corporation Conference Call Participants Jeff Wlodarczak - at Pivotal Research Bryan Kraft - Deutsche Bank Vijay Jayant - Evercore David Karnovsky - JPMorgan David Beckel - Berenberg David Joyce - Barclays J ...

Table of Contents Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) 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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to State of Delaware 37-1699499 (Sta ...

Formula One Group (NASDAQ:FWONA) Q4 2022 Earnings Conference Call March 1, 2023 10:00 AM ET Company Participants Shane Kleinstein - VP, IR Gregory Maffei - President & CEO Brian Wendling - Chief Accounting & Principal Financial Officer Stefano Domenicali - President & CEO, Formula One Conference Call Participants Vijay Jayant - Evercore Benjamin Swinburne - Morgan Stanley Barton Crockett - Rosenblatt Securities Stephen Laszczyk - Goldman Sachs Peter Supino - Wolfe Research Jason Bazinet - Citi Operator Welc ...

Table of Contents ☐ 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware (State or other juri ...

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 September 30, 2020 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 ...