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 ...

Formula One Group (NASDAQ:FWONA) Q2 2020 Earnings Conference Call August 10, 2020 10:00 AM ET Company Participants Courtnee Chun - Chief Portfolio Officer and Senior Vice President of Investor Relations Greg Maffei - President and CEO, Liberty Media Corporation Chase Carey - Chairman and CEO Brian Wendling - Chief Accounting, Chief Principal Officer, and Financial Officer, Liberty Media Corporation Conference Call Participants Ben Swinburne - Morgan Stanley Bryan Kraft - Deutsche Bank David Karnovsky - JP M ...

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 June 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 (Stat ...