茄子污污视频

Quarterly report pursuant to Section 13 or 15(d)

Information 茄子污污视频 Liberty's Operating Segments

v3.22.2
Information 茄子污污视频 Liberty's Operating Segments
6 Months Ended
Jun. 30, 2022
Information 茄子污污视频 Liberty's Operating Segments
Information 茄子污污视频 Liberty's Operating Segments

(11)听听听Information 茄子污污视频 Liberty's Operating Segments

The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries. The Company identifies its reportable segments as (A)听those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B)听those equity method affiliates whose share of earnings represent 10% or more of the Company's annual pre-tax earnings.

Liberty鈥檚 chief operating decision maker evaluates performance and makes decisions about allocating resources to the Company鈥檚 operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as subscriber growth, churn and penetration.

For the six months ended June 30, 2022, the Company has identified the following subsidiaries as its reportable segments:

Sirius XM Holdings is a consolidated subsidiary that operates two complementary audio entertainment businesses, Sirius XM and Pandora and Off-platform. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels and other content, as well as podcasts and infotainment services, in the United States on a subscription fee basis. Sirius XM鈥檚 packages include live, curated and certain exclusive and on demand programming. The Sirius XM service is distributed through its two proprietary satellite radio systems and streamed via applications for mobile devices, home devices and other consumer electronic equipment. Sirius XM also provides connected vehicle services and a suite of in-vehicle data services. Pandora operates a music and podcast streaming discovery platform.听 Pandora is available as an ad-supported radio service, a radio subscription service, called Pandora Plus, and an on-demand subscription service, called Pandora Premium. Pandora also sells advertising on other audio platforms in widely distributed podcasts, which are considered to be off-platform services.
Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams
compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The World Championship takes place on various circuits with a varying number of events taking place in different countries around the world each season.听Formula 1 is responsible for the commercial exploitation and development of the World Championship as well as various aspects of its management and administration.听

The Company's segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments are the same as those described in the Company's summary of significant policies in the Company's annual financial statements filed on Form 10-K.

As of December 31, 2021, Live Nation met the Company鈥檚 reportable segment threshold for equity method affiliates due to significant losses driven by COVID-19. Although the Company owns less than 100% of the outstanding shares of Live Nation, 100% of the Live Nation amounts are included in the tables below and are subsequently eliminated in order to reconcile the account totals to the Company鈥檚 consolidated financial statements. The Company鈥檚 investment in Live Nation is attributed to the Liberty SiriusXM Group.

Performance Measures

The following table disaggregates revenue by segment and by source:

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Six months ended

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June 30,

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2022

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2021

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2022

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2021

amounts听in听millions

Liberty SiriusXM Group

Sirius XM Holdings:

Subscriber

$

1,719

1,641

3,432

3,252

Advertising

452

429

835

783

Equipment

45

51

98

108

Other

38

38

75

74

Total Liberty SiriusXM Group

2,254

2,159

4,440

4,217

Braves Group

Corporate and other:

Baseball

247

204

258

211

Development

13

12

25

21

Total Braves Group

260

216

283

232

Formula One Group

Formula 1:

Primary

628

464

915

623

Other

116

37

189

58

Total Formula One Group

744

501

1,104

681

Consolidated Liberty

$

3,258

2,876

5,827

5,130

Live Nation鈥檚 revenue was $4,434 million and $576 million during the three months ended June 30, 2022 and 2021, respectively, and $6,237 million and $867 million during the six months ended June 30, 2022 and 2021, respectively.

Our subsidiaries鈥 customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our unaudited condensed consolidated statement of operations as the services are provided. Changes in the contract liability balance for Sirius XM Holdings during the three months ended June 30, 2022 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings for the six months ended June 30, 2022 were approximately $347 million and $569 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations.

Significant portions of the transaction prices for Formula 1 and Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $1,313 million for the remainder of 2022, $1,997 million in 2023, $1,699 million in 2024, $3,939 million in 2025 through 2030, and $787 million thereafter, primarily recognized through 2035. We have not included any amounts in the undelivered performance obligations amounts for Formula 1 and Braves Holdings for those performance obligations that relate to a contract with an original expected duration of one year or less. 听

For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business鈥 performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices.

Adjusted OIBDA is summarized as follows:

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June 30,

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2022

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2021

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amounts听in听millions

Liberty SiriusXM Group

Sirius XM Holdings

$

679

699

1,369

1,381

Live Nation

480

10

689

(142)

Corporate and other

(4)

(2)

(9)

(7)

1,155

707

2,049

1,232

Eliminate equity method affiliate

(480)

(10)

(689)

142

Total Liberty SiriusXM Group

675

697

1,360

1,374

Braves Group

Corporate and other

55

53

36

31

Total Braves Group

55

53

36

31

Formula One Group

Formula 1

154

66

276

132

Corporate and other

(8)

(3)

(18)

(10)

Total Formula One Group

146

63

258

122

Consolidated Liberty

$

876

813

1,654

1,527

Other Information

June 30, 2022

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Total

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Investments

听听听听

Capital

assets

in听affiliates

expenditures

amounts听in听millions

Liberty SiriusXM Group

Sirius XM Holdings

$

29,769

711

196

Live Nation

16,421

328

102

Corporate and other

1,383

112

47,573

1,151

298

Eliminate equity method affiliate

(16,421)

(328)

(102)

Total Liberty SiriusXM Group

31,152

823

196

Braves Group

Corporate and other

1,609

115

8

Total Braves Group

1,609

115

8

Formula One Group

Formula 1

9,039

8

Corporate and other

2,531

28

243

Total Formula One Group

11,570

28

251

Elimination (1)

(571)

Consolidated Liberty

$

43,760

966

455

(1) This amount is primarily comprised of the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group and the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group. See note 2 for information regarding the intergroup interests. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the
Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation.

The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes:

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Six months ended

June 30,

June 30,

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2022

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2021

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2022

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2021

amounts听in听millions

Adjusted OIBDA

$

876

813

1,654

1,527

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

(1)

137

(1)

(108)

Stock-based compensation

(57)

(60)

(112)

(123)

Depreciation and amortization

(262)

(268)

(522)

(532)

Operating income (loss)

556

622

1,019

764

Interest expense

(161)

(158)

(318)

(316)

Share of earnings (losses) of affiliates, net

61

(48)

47

(143)

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

380

155

439

106

Other, net

22

13

67

28

Earnings (loss) before income taxes

$

858

584

1,254

439