Business Wire | Aug 6, 2021 08:15AM EDT

Liberty Media Corporation Reports Second Quarter 2021 Financial Results

Aug. 06, 2021

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Aug. 06, 2021--Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported second quarter 2021 results. Headlines include(1):

* Attributed to Liberty SiriusXM Group SiriusXM reported strong second quarter 2021 financial results Second quarter revenue of $2.16 billion; an increase of 15% from prior year period Second quarter net income of $433 million; diluted EPS of $0.10 Record quarterly adjusted EBITDA(2) of $700 million, up 14% from prior year period SiriusXM self-pay net subscriber additions of 355,000, an increase of 34% year-over-year SiriusXM increased 2021 subscriber and financial guidance on July 27th Liberty Media's ownership of SiriusXM stood at 78.1% as of July 23rd From May 1st through July 31st, Liberty repurchased 3.2 million LSXMA/K shares at an average price per share of $44.27 for total cash consideration of $141 million * Attributed to Formula One Group Announced Crypto.com as Global Partner and inaugural partner of the F1 Sprint series and expanded BWT partnership to become Official Water Technology Partner Secured 3-year broadcast agreement in Netherlands with NENT Group beginning 2022 Successfully hosted inaugural F1 Sprint ahead of Silverstone Grand Prix Repurchased $176 million principal amount of 2.25% AT&T exchangeable debentures in individually negotiated private purchases ahead of October 2021 put / call date funded primarily with sale of 5.3 million AT&T shares * Attributed to Braves Group Braves lead MLB in total attendance and average attendance per game

"SiriusXM executed well, produced outstanding results and recently increased their 2021 guidance. They continue to repurchase stock and Liberty's ownership is now over 78%," said Greg Maffei, Liberty Media President and CEO. "Formula 1 is delivering across the board - on the track, for our fans, teams, partners and investors, and has done an impressive job steering through the 2021 calendar. The Braves are competitive on the field and lead MLB in total attendance, with over 1.5 million fans returning to Truist Park so far this season."

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended June 30, 2021 to the same period in 2020.

LIBERTY SIRIUSXM GROUP - The following table provides the financial results attributed to Liberty SiriusXM Group for the second quarter of 2021. In the second quarter, approximately $6 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Liberty SiriusXM Group.



2Q20 2Q21 % Change

amounts in millions

Liberty SiriusXM Group

Revenue

SiriusXM $ 1,874 $ 2,159 15 %

Total Liberty SiriusXM Group $ 1,874 $ 2,159 15 %

Operating Income (Loss)

SiriusXM 398 640 61 %

Corporate and other (15 ) (6 ) 60 %

Total Liberty SiriusXM Group $ 383 $ 634 66 %

Adjusted OIBDA

SiriusXM 615 699 14 %

Corporate and other (12 ) (2 ) 83 %

Total Liberty SiriusXM Group $ 603 $ 697 16 %

SiriusXM is a separate publicly traded company and additional information about SiriusXM can be obtained through its website and filings with the Securities and Exchange Commission. SiriusXM reported its stand-alone second quarter results on July 27, 2021. For additional detail on SiriusXM's financial results for the second quarter, please see SiriusXM's earnings release posted to its Investor Relations website. For presentation purposes on page one of this release, we include the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. Liberty Media believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results is best understood in the context of SiriusXM's historical financial presentation.

The businesses and assets attributed to Liberty SiriusXM Group consist primarily of Liberty Media's interests in SiriusXM, which includes its subsidiary Pandora, and Live Nation.

FORMULA ONE GROUP - The following table provides the financial results attributed to the Formula One Group for the second quarter of 2021. In the second quarter, the Formula One Group incurred approximately $4 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

"Formula 1 is having an incredible season and the drama on the track is resonating with fans worldwide. The battle for the Championship is intense and very close, evoking memories of some of the sport's greatest rivalries of the past," said Stefano Domenicali, Formula 1 President and CEO. "We are seeing increasing numbers of fans tune in at home, and it is great to see the fans retuning to the races, with a sellout crowd at Silverstone of 356,000 across the weekend marking one of the largest fan events in the world since COVID. We were very pleased with the first Sprint event and look forward to the next one in Monza, and we continue to prove, despite the challenges presented by the pandemic, that we can adapt and find solutions for the remainder of the season."



2Q20 2Q21

amounts in millions

Formula One Group

Revenue

Formula 1 $ 24 $ 501

Total Formula One Group $ 24 $ 501

Operating Loss

Formula 1 $ (122 ) $ (36 )

Corporate and other (14 ) (7 )

Total Formula One Group $ (136 ) $ (43 )

Adjusted OIBDA

Formula 1 $ (16 ) $ 66

Corporate and other (10 ) (3 )

Total Formula One Group $ (26 ) $ 63

The following table provides the operating results of Formula 1 ("F1").

F1 Operating Results



2Q20 2Q21 % Change

amounts in millions

Primary Formula 1 revenue $ 15 $ 464 2,993 %

Other Formula 1 revenue 9 37 311 %

Total Formula 1 revenue $ 24 $ 501 1,988 %

Operating expenses (excluding stock-based compensation included below):

Team payments - (308 ) NM

Other cost of Formula 1 revenue (16 ) (90 ) (463 ) %

Cost of Formula 1 revenue $ (16 ) $ (398 ) (2,388 ) %

Selling, general and administrative expenses (24 ) (37 ) (54 ) %

Adjusted OIBDA (loss) $ (16 ) $ 66 NM

Stock-based compensation (4 ) (5 ) (25 ) %

Depreciation and Amortization (102 ) (97 ) 5 %

Operating loss $ (122 ) $ (36 ) 70 %



Number of races in period - 7

Primary F1 revenue represents the majority of F1's revenue and is derived from (i) race promotion revenue, (ii) media rights fees (formerly referred to as broadcasting fees) and (iii) sponsorship fees.

Beginning January 1, 2021, F1 began reclassifying certain components previously reported in Other F1 revenue into Primary F1 revenue to better align with the way it currently evaluates the business. In addition, broadcasting revenue was renamed media rights revenue. The more significant components that were reclassified into Primary F1 revenue include fees for F1 TV subscriptions, fees for licensing commercial rights for Formula 2 and Formula 3 races, fees for the origination and support of program footage, fees for broadcast rights for Formula 2 and Formula 3 races and fees for advertising rights on Formula 1's digital platforms. Following the reclassification, Other F1 revenue is primarily comprised of freight and hospitality revenue. $3 million of Other F1 revenue was reclassified as Primary F1 revenue for the three months ended June 30, 2020 to conform to the current period presentation. The impact of the revenue reclassification for the years ended December 31, 2019 and 2020 can be found in Schedule 3 of this press release.

There were seven races held in the second quarter of 2021, compared to no races held in the second quarter of 2020 due to the COVID-19 pandemic. Fan attendance continues to be assessed by relevant government authorities on a race-by-race basis. A very limited number of fans were in attendance and there was no Paddock Club hospitality at races in the second quarter. While final decisions are pending for most upcoming events, fan capacity increased beginning in the third quarter and the Paddock Club hospitality resumed operations beginning with the Austrian Grand Prix on July 4th.

Primary F1 revenue increased in the second quarter with growth in race promotion, media rights and sponsorship fees. This was due to the recognition of race specific and season-based income with seven races held in the second quarter of 2021 compared to no races in the prior year period. Media rights fees also benefited from growth in F1 TV subscription revenue.

Other F1 revenue increased in the second quarter due to certain event-related activities associated with the seven races held in the current period compared to no races held in the prior year period, including higher freight, media and technical services, travel and Formula 2 and Formula 3 income. Licensing revenue also increased due to new contracts.

Operating loss decreased and adjusted OIBDA(2) increased in the second quarter. Cost of F1 revenue increased primarily due to the recognition of team payments in the second quarter, as such payments are recognized pro rata with the race calendar and no races were held in the prior year period. Other cost of F1 revenue is largely variable in nature and mostly relates to revenue opportunities. These costs increased in the second quarter due to seven races taking place, which drove higher technical, travel, freight and logistics, Formula 2 and Formula 3 and other related costs. The proportionate recognition of a full year of FIA fees also contributed to the increase in other cost of Formula 1 revenue during the second quarter. Selling, general and administrative expense increased due to higher personnel cost as no bonus was accrued in the prior year period, as well as increased marketing expense.

The Liberty SiriusXM Group holds an approximate 2.2% intergroup interest (5.3 million notional shares) in the Formula One Group as of July 31, 2021. These shares are not included in the outstanding share count of Formula One Group in Liberty Media's most recent Form 10-Q. Assuming the issuance of the shares underlying this intergroup interest, the Formula One Group outstanding share count as of July 31, 2021 would have been 237 million.

The businesses and assets attributed to the Formula One Group consist of Liberty Media's subsidiary F1, its interest in Liberty Media Acquisition Corporation, other minority investments and an inter-group interest in the Braves Group.

BRAVES GROUP - The following table provides the financial results attributed to the Braves Group for the second quarter of 2021. In the second quarter, approximately $1 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Braves Group.



2Q20 2Q21

amounts in millions

Braves Group

Revenue

Corporate and other $ 11 $ 216

Operating Income (Loss)

Corporate and other $ (33 ) $ 31

Adjusted OIBDA

Corporate and other $ (28 ) $ 53

The following table provides the operating results of Braves Holdings, LLC ("Braves").



2Q20 2Q21 % Change

amounts in millions

Baseball revenue $ 5 $ 204 3,980 %

Development revenue 6 12 100 %

Total revenue 11 216 1,864 %

Operating expenses (excluding stock-based compensation included below):

Other operating expenses (24 ) (142 ) (492 ) %

Selling, general and administrative expenses (13 ) (20 ) (54 ) %

Adjusted OIBDA (loss) $ (26 ) $ 54 NM

Stock-based compensation 16 (2 ) NM

Depreciation and Amortization (20 ) (20 ) - %

Operating income (loss) $ (30 ) $ 32 NM



Number of home games in period - 42

Baseball revenue per home game $ N/A $ 4.9

There were 42 home games played in the second quarter of 2021 compared to no home games played in the comparable prior year period as the 2020 regular season was delayed until July of that year. The 2021 regular season began with fans in attendance at 33% capacity for the first home game beginning April 9th, which increased to 50% capacity beginning April 23rd and further expanded to 100% capacity beginning May 7th.

Baseball revenue is comprised of (i) ballpark operations (ticket sales, concessions, corporate sales, retail, suites, premium seat fees and postseason), (ii) local broadcast rights and (iii) national broadcast rights, licensing and other shared MLB revenue streams. Development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income.

Baseball revenue increased in the second quarter driven by the home games played in the current year and the recognition of revenue related to all primary sources of revenue, compared to no home games played in the comparable prior year period. Development revenue increased during the second quarter due to a reduction in deferred payment arrangements as well as increases in rental income from various new lease commencements.

Operating income and adjusted OIBDA increased in the second quarter. Revenue growth more than offset increased operating costs as player salaries and facility and game day expenses returned to more normalized levels in the current year. Selling, general and administrative expense increased primarily due to higher marketing expense.

The Formula One Group holds an approximate 11.1% intergroup interest (6.8 million notional shares) and the Liberty SiriusXM Group holds an approximate 3.7% intergroup interest (2.3 million notional shares) in the Braves Group as of July 31, 2021. These shares are not included in the outstanding share count of the Braves Group in Liberty Media's most recent Form 10-Q. Assuming the issuance of the shares underlying these intergroup interests, the Braves Group outstanding share count as of July 31, 2021 would have been 61 million.

The businesses and assets attributed to the Braves Group consist primarily of Liberty Media's subsidiary the Braves, which indirectly owns the Atlanta Braves Major League Baseball Club, three Professional Development League clubs, FCL Braves and certain assets and liabilities associated with the Braves' ballpark and mixed-use development project.

Share Repurchases

From May 1, 2021 through July 31, 2021, Liberty SiriusXM Group repurchased approximately 2.3 million Series C Liberty SiriusXM shares (Nasdaq: LSXMK) at an average cost per share of $44.98 for total cash consideration of $103 million and repurchased approximately 887 thousand Series A Liberty SiriusXM shares (Nasdaq: LSXMA) at an average cost per share of $42.45 for total cash consideration of $38 million.

The total remaining repurchase authorization for Liberty Media as of August 1, 2021 is $766 million and can be applied to repurchases of Series A and Series C shares of any of the Liberty Media Corporation tracking stocks.

FOOTNOTES

Liberty Media's President and CEO, Greg Maffei, will discuss these headlines and other matters on Liberty Media's earnings conference call1) that will begin at 10:00 a.m. (E.D.T.) on August 6, 2021. For information regarding how to access the call, please see "Important Notice" later in this document.

For definitions of Adjusted OIBDA (as defined by Liberty Media) and2) adjusted EBITDA (as defined by SiriusXM) and applicable reconciliations see the accompanying schedules.

NOTES

The following financial information with respect to Liberty Media's equity affiliates and available for sale securities is intended to supplement Liberty Media's condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q for the period ended June 30, 2021.

Fair Value of Corporate Public Holdings



(amounts in millions) 3/31/2021 6/30/2021

Liberty SiriusXM Group

Live Nation Investment^(a) $ 5,895 $ 6,100

iHeart^(b) 127 188

Public Holdings^(d) - 50

Total Liberty SiriusXM Group^(c) $ 6,022 $ 6,338

Formula One Group

Public Holdings^(d) 239 175

Total Formula One Group $ 239 $ 175

Braves Group NA NA

Total Liberty Media $ 6,261 $ 6,513

Represents the fair value of the equity investment in Live Nation. In accordance with GAAP, Liberty Media accounts for its investment in the equity of Live Nation using the equity method of accounting and includes it in its condensed consolidated balance sheet at $60 million and $0 as ofa) March 31, 2021 and June 30, 2021, respectively. Fair value as of March 31, 2021 includes all shares of Live Nation owned with no adjustment to fair value for the 34.8 million notional shares underlying a call spread held at the Formula One Group, which was valued at approximately $384 million as of March 31, 2021 and was settled in April 2021.

b) Includes fair value of iHeart shares, which are included in other long-term assets.

c) Excludes Braves Group and Formula One Group intergroup interests.

d) Represents the carrying value of other public holdings that are accounted for at fair value. Excludes Braves Group intergroup interest.

Fair Value of Intergroup Assets and Liabilities

The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock, and the Liberty SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of Liberty Formula One common stock. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. The changes in fair value are recorded in the unrealized gain (loss) on the intergroup interest line item in the unaudited attributed condensed consolidated statements of operations. The intergroup interests will remain outstanding until the redemption of the outstanding interests, at the discretion of Liberty Media's Board of Directors, through transfer of securities, cash and/or other assets from the Braves Group or Formula One Group, respectively, to the respective tracking stock group.



Attributed

as of June 30, 2021

Liberty Formula

SiriusXM Braves One

Group Group Group



(amounts in Notional Value Notional Value Notional Valuemillions) Shares Shares Shares

Braves Groupintergroup 2.3 $ 64 (9.1) $ (253 ) 6.8 $ 189 interests

Formula OneGroup 5.3 $ 225 (5.3) $ (225 )intergroupinterest

Cash and Debt

The following presentation is provided to separately identify cash and liquid investments and debt information.



(amounts in millions) 3/31/2021 6/30/2021

Cash, Cash Equivalents and Restricted Cash Attributable to:

Liberty SiriusXM Group^(a)(b) $ 1,038 $ 1,550

Formula One Group^(c) 1,783 2,225

Braves Group^(b) 218 231

Total Consolidated Cash, Cash Equivalents and $ 3,039 $ 4,006 Restricted Cash (GAAP)



Debt:

SiriusXM senior notes^(d) $ 7,750 $ 9,750

Pandora convertible senior notes 193 193

1.375% cash convertible notes due 2023^(e) 1,000 1,000

2.125% SiriusXM exchangeable senior debentures due 2048 400 400 ^(e)

2.25% Live Nation exchangeable senior debentures due 385 385 2048^(e)

2.75% SiriusXM exchangeable senior debentures due 2049^ 604 604 (e)

0.5% Live Nation exchangeable senior debentures due 920 920 2050^(e)

SiriusXM margin loan 875 875

Live Nation margin loan - -

Other subsidiary debt^(f) 1,023 -

Total Attributed Liberty SiriusXM Group Debt $ 13,150 $ 14,127

Unamortized discount, fair market value adjustment and 533 543 deferred loan costs

Total Attributed Liberty SiriusXM Group Debt (GAAP) $ 13,683 $ 14,670



1% cash convertible notes due 2023^(e) 450 450

2.25% AT&T exchangeable senior debentures due 2046^(e) 201 25

Formula 1 term loan and revolving credit facility 2,902 2,902

Other corporate level debt 73 71

Total Attributed Formula One Group Debt $ 3,626 $ 3,448

Fair market value adjustment and deferred loan costs 127 164

Total Attributed Formula One Group Debt (GAAP) $ 3,753 $ 3,612



Atlanta Braves debt 676 694

Total Attributed Braves Group Debt $ 676 $ 694

Deferred loan costs (4 ) (3 )

Total Attributed Braves Group Debt (GAAP) $ 672 $ 691



Total Liberty Media Corporation Debt (GAAP) $ 18,108 $ 18,973

Includes $67 million and $1.1 billion of cash, liquid investments anda) restricted cash held at SiriusXM as of March 31, 2021 and June 30, 2021, respectively.

b) Includes restricted cash held in reserves pursuant to the terms of various financial obligations.

c) Includes $429 million and $537 million of cash and liquid investments held at Formula 1 as of March 31, 2021 and June 30, 2021, respectively.

d) Outstanding principal amount of Senior Notes with no reduction for the net unamortized discount.

e) Face amount of the cash convertible notes and exchangeable debentures with no fair market value adjustment.

f) Includes SiriusXM revolving credit facility.

Liberty Media, SiriusXM, Formula 1 and Braves Holdings are in compliance with their debt covenants as of June 30, 2021.

Total cash, liquid investments and restricted cash attributed to Liberty SiriusXM Group increased $512 million in the second quarter. Cash from operations at SiriusXM and net borrowings more than offset capital expenditures, return of capital at both SiriusXM and Liberty SiriusXM and approximately $384 million paid to the Formula One Group to settle the Live Nation call spread issued in connection with the reattribution between Liberty SiriusXM Group and Formula One Group in April 2021.

Included in the cash, liquid investments and restricted cash balance attributed to Liberty SiriusXM Group at June 30, 2021 is $1.1 billion held at SiriusXM. Although SiriusXM is a consolidated subsidiary, it is a separate public company with a significant non-controlling interest, therefore Liberty Media does not have unfettered access to SiriusXM's cash balances. Liberty SiriusXM Group received $46 million of dividends from SiriusXM during the quarter.

Total debt attributed to Liberty SiriusXM Group increased $977 million during the quarter driven by net borrowings at SiriusXM. In June 2021, SiriusXM issued $2.0 billion principal amount of 4.0% senior notes due 2028. A portion of the net proceeds were used to repay borrowings outstanding under its credit facility, and SiriusXM used the remaining proceeds to fund the redemption of its 3.875% senior notes due 2022 after quarter-end. On August 2, 2021, SiriusXM priced an offering of $1.0 billion aggregate principal amount of 3.125% senior notes due 2026 and $1.5 billion aggregate principal amount of 3.875% senior notes due 2031. SiriusXM intends to use the net proceeds, together with cash on hand and borrowings under its credit facility, to redeem all of its 5.375% senior notes due 2026 and all of its 4.625% senior notes due 2024.

Total cash and liquid investments attributed to the Formula One Group increased $442 million during the quarter primarily due to proceeds received in the settlement of the Live Nation call spread and cash from operations at F1. Total debt at Formula One Group decreased $178 million in the quarter due to private repurchases of certain of Liberty Media's 2.25% AT&T exchangeable senior debentures (the "AT&T exchangeable debentures"). The AT&T exchangeable debentures are subject to an optional put / call date on October 5, 2021. In a series of individually negotiated private purchases in April and May 2021, Liberty Media repurchased $176 million principal amount of the AT&T exchangeable debentures funded primarily with the sale of 5.3 million shares of AT&T as well as cash on hand. As of June 30, 2021, there is approximately $25 million principal amount of AT&T exchangeable debentures outstanding and Liberty Media owns approximately 800 thousand shares of AT&T.

Total cash, liquid investments and restricted cash attributed to the Braves Group increased $13 million during the quarter driven by cash from operations and additional borrowing, partially offset by capital expenditures related to the mixed-use development. Total debt attributed to the Braves Group increased $18 million in the quarter driven by increased borrowing to fund the mixed-use development and drawdowns on the team revolver. During the second quarter, the Braves refinanced their ballpark term loan with a $46 million revolving credit facility. The credit facility is fully funded as of June 30, 2021. The second phase of the Battery Atlanta mixed-use development is currently on-time and on-budget. It is expected to cost approximately $200 million, of which the Braves and affiliated entities have already funded approximately $55 million in equity and $103 million in debt, with approximately $42 million incremental debt funding remaining.

Important Notice: Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) President and CEO, Greg Maffei, will discuss Liberty Media's earnings release on a conference call which will begin at 10:00 a.m. (E.D.T.) on August 6, 2021. The call can be accessed by dialing (800) 289-0571 or (720) 543-0206, passcode 8082847 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to http://www.libertymedia.com/events. Links to this press release will also be available on the Liberty Media website.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial prospects, the impact of COVID-19, plans regarding stock repurchases, future financial performance (including results stemming from current and future performance stemming from COVID-19 impacts), the Battery Atlanta mixed-use development and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of pending or future litigation, the failure to realize benefits of acquisitions, rapid technological and industry change, continued access to capital on terms acceptable to Liberty Media, and changes in law, including consumer protection laws, and their enforcement, and the impact of COVID-19, including on general market conditions and the ability of Formula 1, the Braves and Live Nation to hold live events and fan attendance at such events. These forward-looking statements speak only as of the date of this press release, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Media, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media's business which may affect the statements made in this press release.

LIBERTY MEDIA CORPORATIONBALANCE SHEET INFORMATIONJune 30, 2021 (unaudited)



Attributed

Liberty Formula

SiriusXM Braves One Intergroup Consolidated

Group Group Group Eliminations Liberty

amounts in millions

Assets

Current assets:

Cash and cash $ 1,542 168 2,225 - 3,935 equivalents

Trade and otherreceivables, 655 55 113 - 823 net

Other current 350 64 189 - 603 assets

Total current 2,547 287 2,527 - 5,361 assets

Intergroup 289 - 189 (478 ) - interests

Investments inaffiliates,accounted for 746 102 33 - 881 using theequity method



Property andequipment, at 2,699 997 203 - 3,899 cost

Accumulated (1,617 ) (206 ) (83 ) - (1,906 )depreciation

1,082 791 120 - 1,993



Intangibleassets not subject toamortization

Goodwill 15,110 180 3,957 - 19,247

FCC licenses 8,600 - - - 8,600

Other 1,242 143 - - 1,385

24,952 323 3,957 - 29,232

Intangibleassets subjectto 1,368 21 3,696 - 5,085 amortization,net

Other assets 1,556 81 1,507 (42 ) 3,102

Total assets $ 32,540 1,605 12,029 (520 ) 45,654



Liabilities and Equity

Current liabilities:

Intergrouppayable $ (22 ) (33 ) 55 - - (receivable)

Accountspayable and 1,294 65 208 - 1,567 accruedliabilities

Current portion 1,515 12 26 - 1,553 of debt

Deferred 1,583 103 525 - 2,211 revenue

Other current 68 6 35 - 109 liabilities

Total current 4,438 153 849 - 5,440 liabilities

Long-term debt 13,155 679 3,586 - 17,420

Deferred income 2,150 48 - (42 ) 2,156 tax liabilities

Redeemableintergroup - 253 225 (478 ) - interests

Other 638 211 206 - 1,055 liabilities

Total 20,381 1,344 4,866 (520 ) 26,071 liabilities

Redeemablenoncontrollinginterests in - - 575 - 575 equity ofsubsidiary

Equity /Attributed net 8,062 261 6,565 - 14,888 assets

Noncontrollinginterests in 4,097 - 23 - 4,120 equity ofsubsidiaries

Totalliabilities and $ 32,540 1,605 12,029 (520 ) 45,654 equity

LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS Three months ended June 30, 2021 (unaudited)

Attributed

Liberty

Formula

SiriusXM

Braves

One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

2,159

-

-

2,159

Formula 1 revenue

-

-

501

501

Other revenue

-

216

-

216

Total revenue

2,159

216

501

2,876

Operating costs and expenses, including stock-based compensation:

Cost of services (exclusive of depreciation shown separately below):

Revenue share and royalties

663

-

-

663

Programming and content(1)

135

-

-

135

Customer service and billing(1)

127

-

-

127

Other(1)

58

-

-

58

Cost of Formula 1 revenue

-

-

398

398

Subscriber acquisition costs

89

-

-

89

Other operating expenses(1)

66

142

-

208

Selling, general and administrative(1)

374

24

47

445

Impairment, restructuring and acquisition costs

(137

)

-

-

(137

)

Depreciation and amortization

150

19

99

268

1,525

185

544

2,254

Operating income (loss)

634

31

(43

)

622

Other income (expense):

Interest expense

(123

)

(6

)

(29

)

(158

)

Share of earnings (losses) of affiliates, net

(70

)

8

14

(48

)

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

86

(1

)

70

155

Unrealized gains (losses) on intergroup interests

22

1

(23

)

-

Other, net

8

1

4

13

(77

)

3

36

(38

)

Earnings (loss) from continuing operations before income taxes

557

34

(7

)

584

Income tax (expense) benefit

(125

)

(9

)

78

(56

)

Net earnings (loss)

432

25

71

528

Less net earnings (loss) attributable to the noncontrolling interests

95

-

16

111

Less net earnings (loss) attributable to redeemable noncontrolling interest

-

-

-

-

Net earnings (loss) attributable to Liberty stockholders

$

337

25

55

417

(1) Includes stock-based compensation expense as follows:

Programming and content

8

-

-

8

Customer service and billing

2

-

-

2

Other

2

-

-

2

Other operating expenses

7

-

-

7

Selling, general and administrative

31

3

7

41

Stock compensation expense

$

50

3

7

60

LIBERTY MEDIA CORPORATIONSTATEMENT OF OPERATIONSThree months ended June 30, 2021 (unaudited)



Attributed

Liberty Formula

SiriusXM Braves One Consolidated

Group Group Group Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue $ 2,159 - - 2,159

Formula 1 revenue - - 501 501

Other revenue - 216 - 216

Total revenue 2,159 216 501 2,876

Operating costs and expenses,including stock-based compensation:

Cost of services (exclusive ofdepreciation shown separately below):

Revenue share and royalties 663 - - 663

Programming and content^(1) 135 - - 135

Customer service and billing^(1) 127 - - 127

Other^(1) 58 - - 58

Cost of Formula 1 revenue - - 398 398

Subscriber acquisition costs 89 - - 89

Other operating expenses^(1) 66 142 - 208

Selling, general and 374 24 47 445 administrative^(1)

Impairment, restructuring and (137 ) - - (137 )acquisition costs

Depreciation and amortization 150 19 99 268

1,525 185 544 2,254

Operating income (loss) 634 31 (43 ) 622

Other income (expense):

Interest expense (123 ) (6 ) (29 ) (158 )

Share of earnings (losses) of (70 ) 8 14 (48 )affiliates, net

Realized and unrealized gains(losses) on financial 86 (1 ) 70 155 instruments, net

Unrealized gains (losses) on 22 1 (23 ) - intergroup interests

Other, net 8 1 4 13

(77 ) 3 36 (38 )

Earnings (loss) from continuing 557 34 (7 ) 584 operations before income taxes

Income tax (expense) benefit (125 ) (9 ) 78 (56 )

Net earnings (loss) 432 25 71 528

Less net earnings (loss)attributable to the 95 - 16 111 noncontrolling interests

Less net earnings (loss)attributable to redeemable - - - - noncontrolling interest

Net earnings (loss) attributable $ 337 25 55 417 to Liberty stockholders



(1) Includes stock-based compensation expense as follows:

Programming and content 8 - - 8

Customer service and billing 2 - - 2

Other 2 - - 2

Other operating expenses 7 - - 7

Selling, general and 31 3 7 41administrative

Stock compensation expense $ 50 3 7 60

LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS Three months ended June 30, 2020 (unaudited)

Attributed

Liberty

Formula

SiriusXM

Braves

One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

1,874

-

-

1,874

Formula 1 revenue

-

-

24

24

Other revenue

-

11

-

11

Total revenue

1,874

11

24

1,909

Operating costs and expenses, including stock-based compensation:

Cost of services (exclusive of depreciation shown separately below):

Revenue share and royalties

587

-

-

587

Programming and content(1)

110

-

-

110

Customer service and billing(1)

122

-

-

122

Other(1)

47

-

-

47

Cost of Formula 1 revenue

-

-

16

16

Subscriber acquisition costs

48

-

-

48

Other operating expenses(1)

61

24

-

85

Selling, general and administrative(1)

350

-

40

390

Acquisition and restructuring

24

-

-

24

Depreciation and amortization

142

20

104

266

1,491

44

160

1,695

Operating income (loss)

383

(33

)

(136

)

214

Other income (expense):

Interest expense

(120

)

(6

)

(37

)

(163

)

Intergroup interest (expense) income

(7

)

-

7

-

Share of earnings (losses) of affiliates, net

(146

)

(1

)

(46

)

(193

)

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

(184

)

(1

)

5

(180

)

Unrealized gains (losses) on intergroup interests

36

(7

)

(29

)

-

Other, net

4

1

9

14

(417

)

(14

)

(91

)

(522

)

Earnings (loss) from continuing operations before income taxes

(34

)

(47

)

(227

)

(308

)

Income tax (expense) benefit

10

9

27

46

Net earnings (loss)

(24

)

(38

)

(200

)

(262

)

Less net earnings (loss) attributable to the noncontrolling interests

64

-

-

64

Net earnings (loss) attributable to Liberty stockholders

$

(88

)

(38

)

(200

)

(326

)

(1) Includes stock-based compensation expense as follows:

Programming and content

7

-

-

7

Customer service and billing

1

-

-

1

Other

2

-

-

2

Other operating expenses

9

-

-

9

Selling, general and administrative

35

(15

)

6

26

Stock compensation expense

$

54

(15

)

6

45

LIBERTY MEDIA CORPORATIONSTATEMENT OF OPERATIONSThree months ended June 30, 2020 (unaudited)



Attributed

Liberty Formula

SiriusXM Braves One Consolidated

Group Group Group Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue $ 1,874 - - 1,874

Formula 1 revenue - - 24 24

Other revenue - 11 - 11

Total revenue 1,874 11 24 1,909

Operating costs and expenses,including stock-based compensation:

Cost of services (exclusive ofdepreciation shown separately below):

Revenue share and royalties 587 - - 587

Programming and content^(1) 110 - - 110

Customer service and billing^(1) 122 - - 122

Other^(1) 47 - - 47

Cost of Formula 1 revenue - - 16 16

Subscriber acquisition costs 48 - - 48

Other operating expenses^(1) 61 24 - 85

Selling, general and 350 - 40 390 administrative^(1)

Acquisition and restructuring 24 - - 24

Depreciation and amortization 142 20 104 266

1,491 44 160 1,695

Operating income (loss) 383 (33 ) (136 ) 214

Other income (expense):

Interest expense (120 ) (6 ) (37 ) (163 )

Intergroup interest (expense) (7 ) - 7 - income

Share of earnings (losses) of (146 ) (1 ) (46 ) (193 )affiliates, net

Realized and unrealized gains(losses) on financial (184 ) (1 ) 5 (180 )instruments, net

Unrealized gains (losses) on 36 (7 ) (29 ) - intergroup interests

Other, net 4 1 9 14

(417 ) (14 ) (91 ) (522 )

Earnings (loss) from continuing (34 ) (47 ) (227 ) (308 )operations before income taxes

Income tax (expense) benefit 10 9 27 46

Net earnings (loss) (24 ) (38 ) (200 ) (262 )

Less net earnings (loss)attributable to the 64 - - 64 noncontrolling interests

Net earnings (loss) attributable $ (88 ) (38 ) (200 ) (326 )to Liberty stockholders



(1) Includes stock-based compensation expense as follows:

Programming and content 7 - - 7

Customer service and billing 1 - - 1

Other 2 - - 2

Other operating expenses 9 - - 9

Selling, general and 35 (15 ) 6 26 administrative

Stock compensation expense $ 54 (15 ) 6 45

LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Six months ended June 30, 2021 (unaudited)

Attributed

Liberty

Formula

SiriusXM

Braves

One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

470

(34

)

78

514

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

299

34

199

532

Stock-based compensation

104

6

13

123

Non-cash impairment and restructuring costs

245

-

-

245

Share of (earnings) loss of affiliates, net

183

(11

)

(29

)

143

Unrealized (gains) losses on intergroup interests, net

(32

)

27

5

-

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

-

(1

)

(105

)

(106

)

Deferred income tax expense (benefit)

(13

)

(3

)

(85

)

(101

)

Intergroup tax allocation

2

2

(4

)

-

Other charges (credits), net

(2

)

3

2

3

Changes in operating assets and liabilities

Current and other assets

(90

)

2

(88

)

(176

)

Payables and other liabilities

(291

)

23

326

58

Net cash provided (used) by operating activities

875

48

312

1,235

Cash flows from investing activities:

Investments in equity method affiliates and debt and equity securities

(61

)

-

(124

)

(185

)

Investment of subsidiary initial public offering proceeds into trust account

-

-

(575

)

(575

)

Return of investment in equity method affiliates

-

-

38

38

Cash proceeds from sale of investments

-

2

167

169

Cash (paid) received from acquisitions, net of cash acquired

(14

)

-

-

(14

)

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

(164

)

(19

)

(7

)

(190

)

Other investing activities, net

4

-

(1

)

3

Net cash provided (used) by investing activities

(235

)

(17

)

(502

)

(754

)

Cash flows from financing activities:

Borrowings of debt

3,722

72

-

3,794

Repayments of debt

(2,270

)

(53

)

(190

)

(2,513

)

Liberty SiriusXM stock repurchases

(243

)

-

-

(243

)

Subsidiary shares repurchased by subsidiary

(856

)

-

-

(856

)

Cash dividends paid by subsidiary

(28

)

-

-

(28

)

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

(44

)

-

(1

)

(45

)

Proceeds from initial public offering of subsidiary

-

-

575

575

Settlement of intergroup call spread

(384

)

-

384

-

Other financing activities, net

5

(4

)

(35

)

(34

)

Net cash provided (used) by financing activities

(98

)

15

733

650

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

-

-

(2

)

(2

)

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

542

46

541

1,129

Cash, cash equivalents and restricted cash at beginning of period

1,008

185

1,684

2,877

Cash, cash equivalents and restricted cash at end of period

$

1,550

231

2,225

4,006

Cash and cash equivalents

$

1,542

168

2,225

3,935

Restricted cash included in other current assets

-

49

-

49

Restricted cash included in other assets

8

14

-

22

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

$

1,550

231

2,225

4,006

LIBERTY MEDIA CORPORATIONSTATEMENT OF CASH FLOWS INFORMATIONSix months ended June 30, 2021 (unaudited)



Attributed

Liberty Formula

SiriusXM Braves One Consolidated

Group Group Group Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss) $ 470 (34 ) 78 514

Adjustments to reconcile netearnings to net cash provided by operating activities:

Depreciation and amortization 299 34 199 532

Stock-based compensation 104 6 13 123

Non-cash impairment and 245 - - 245 restructuring costs

Share of (earnings) loss of 183 (11 ) (29 ) 143 affiliates, net

Unrealized (gains) losses on (32 ) 27 5 - intergroup interests, net

Realized and unrealized (gains)losses on financial instruments, - (1 ) (105 ) (106 )net

Deferred income tax expense (13 ) (3 ) (85 ) (101 )(benefit)

Intergroup tax allocation 2 2 (4 ) -

Other charges (credits), net (2 ) 3 2 3

Changes in operating assets and liabilities

Current and other assets (90 ) 2 (88 ) (176 )

Payables and other liabilities (291 ) 23 326 58

Net cash provided (used) by 875 48 312 1,235 operating activities

Cash flows from investing activities:

Investments in equity methodaffiliates and debt and equity (61 ) - (124 ) (185 )securities

Investment of subsidiary initialpublic offering proceeds into - - (575 ) (575 )trust account

Return of investment in equity - - 38 38 method affiliates

Cash proceeds from sale of - 2 167 169 investments

Cash (paid) received fromacquisitions, net of cash (14 ) - - (14 )acquired

Capital expended for propertyand equipment, including (164 ) (19 ) (7 ) (190 )internal-use software andwebsite development

Other investing activities, net 4 - (1 ) 3

Net cash provided (used) by (235 ) (17 ) (502 ) (754 )investing activities

Cash flows from financing activities:

Borrowings of debt 3,722 72 - 3,794

Repayments of debt (2,270 ) (53 ) (190 ) (2,513 )

Liberty SiriusXM stock (243 ) - - (243 )repurchases

Subsidiary shares repurchased by (856 ) - - (856 )subsidiary

Cash dividends paid by (28 ) - - (28 )subsidiary

Taxes paid in lieu of sharesissued for stock-based (44 ) - (1 ) (45 )compensation

Proceeds from initial public - - 575 575 offering of subsidiary

Settlement of intergroup call (384 ) - 384 - spread

Other financing activities, net 5 (4 ) (35 ) (34 )

Net cash provided (used) by (98 ) 15 733 650 financing activities

Effect of foreign exchange ratechanges on cash, cash - - (2 ) (2 )equivalents and restricted cash

Net increase (decrease) in cash,cash equivalents and restricted 542 46 541 1,129 cash

Cash, cash equivalents andrestricted cash at beginning of 1,008 185 1,684 2,877 period

Cash, cash equivalents and $ 1,550 231 2,225 4,006 restricted cash at end of period



Cash and cash equivalents $ 1,542 168 2,225 3,935

Restricted cash included in - 49 - 49 other current assets

Restricted cash included in 8 14 - 22 other assets

Total cash and cash equivalentsand restricted cash at end of $ 1,550 231 2,225 4,006 period

LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Six months ended June 30, 2020 (unaudited)

Attributed

Liberty

Formula

SiriusXM

Braves

One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

268

15

(543

)

(260

)

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

290

35

208

533

Stock-based compensation

112

(12

)

12

112

Non-cash impairment and restructuring costs

24

-

-

24

Share of (earnings) loss of affiliates, net

148

(3

)

110

255

Unrealized (gains) losses on intergroup interests, net

(67

)

(88

)

155

-

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

189

10

(20

)

179

Deferred income tax expense (benefit)

29

(16

)

(47

)

(34

)

Intergroup tax allocation

(1

)

(8

)

9

-

Other charges (credits), net

7

3

-

10

Changes in operating assets and liabilities

Current and other assets

204

6

(450

)

(240

)

Payables and other liabilities

(236

)

59

467

290

Net cash provided (used) by operating activities

967

1

(99

)

869

Cash flows from investing activities:

Investments in equity affiliates and debt and equity securities

(86

)

-

(1

)

(87

)

Return of investment in equity method affiliates

-

-

105

105

Cash proceeds from sale of investments

-

-

13

13

Cash (paid) received for acquisitions, net of cash acquired

(28

)

-

-

(28

)

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

(149

)

(43

)

(14

)

(206

)

Other investing activities, net

(2

)

4

(2

)

-

Net cash provided (used) by investing activities

(265

)

(39

)

101

(203

)

Cash flows from financing activities:

Borrowings of debt

2,117

196

522

2,835

Repayments of debt

(238

)

(37

)

(609

)

(884

)

Intergroup Loan (repayment) borrowing

(750

)

-

750

-

Liberty SiriusXM stock repurchases

(69

)

-

(69

)

(138

)

Subsidiary shares repurchased by subsidiary

(399

)

-

-

(399

)

Reattribution between Liberty SiriusXM Group and Liberty Formula One Group

(608

)

-

608

-

Proceeds from Liberty SiriusXM common stock rights offering

754

-

-

754

Cash dividends paid by subsidiary

(33

)

-

-

(33

)

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

(44

)

-

(2

)

(46

)

Other financing activities, net

(4

)

(4

)

(12

)

(20

)

Net cash provided (used) by financing activities

726

155

1,188

2,069

Effect of foreign exchange rates on cash, cash equivalents and restricted cash

-

-

(10

)

(10

)

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

1,428

117

1,180

2,725

Cash, cash equivalents and restricted cash at beginning of period

507

212

587

1,306

Cash, cash equivalents and restricted cash at end of period

$

1,935

329

1,767

4,031

Cash and cash equivalents

$

1,924

308

1,767

3,999

Restricted cash included in other current assets

-

8

-

8

Restricted cash included in other assets

11

13

-

24

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

$

1,935

329

1,767

4,031

NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES

SCHEDULE 1

To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for the Liberty SiriusXM Group, the Braves Group and the Formula One Group, together with reconciliations to operating income, as determined under GAAP. Liberty Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and other related costs and impairment charges.

Liberty Media believes Adjusted OIBDA 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' 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. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Media views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Media's management considers in assessing the results of operations and performance of its assets.

The following table provides a reconciliation of Adjusted OIBDA for Liberty Media to operating income calculated in accordance with GAAP for the three months ended June 30, 2020 and June 30, 2021, respectively.

QUARTERLY SUMMARY

LIBERTY MEDIA CORPORATIONSTATEMENT OF CASH FLOWS INFORMATIONSix months ended June 30, 2020 (unaudited)



Attributed

Liberty Formula

SiriusXM Braves One Consolidated

Group Group Group Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss) $ 268 15 (543 ) (260 )

Adjustments to reconcile netearnings to net cash provided by operating activities:

Depreciation and amortization 290 35 208 533

Stock-based compensation 112 (12 ) 12 112

Non-cash impairment and 24 - - 24 restructuring costs

Share of (earnings) loss of 148 (3 ) 110 255 affiliates, net

Unrealized (gains) losses on (67 ) (88 ) 155 - intergroup interests, net

Realized and unrealized (gains)losses on financial instruments, 189 10 (20 ) 179 net

Deferred income tax expense 29 (16 ) (47 ) (34 )(benefit)

Intergroup tax allocation (1 ) (8 ) 9 -

Other charges (credits), net 7 3 - 10

Changes in operating assets and liabilities

Current and other assets 204 6 (450 ) (240 )

Payables and other liabilities (236 ) 59 467 290

Net cash provided (used) by 967 1 (99 ) 869 operating activities

Cash flows from investing activities:

Investments in equity affiliates (86 ) - (1 ) (87 )and debt and equity securities

Return of investment in equity - - 105 105 method affiliates

Cash proceeds from sale of - - 13 13 investments

Cash (paid) received foracquisitions, net of cash (28 ) - - (28 )acquired

Capital expended for property andequipment, including internal-use (149 ) (43 ) (14 ) (206 )software and website development

Other investing activities, net (2 ) 4 (2 ) -

Net cash provided (used) by (265 ) (39 ) 101 (203 )investing activities

Cash flows from financing activities:

Borrowings of debt 2,117 196 522 2,835

Repayments of debt (238 ) (37 ) (609 ) (884 )

Intergroup Loan (repayment) (750 ) - 750 - borrowing

Liberty SiriusXM stock (69 ) - (69 ) (138 )repurchases

Subsidiary shares repurchased by (399 ) - - (399 )subsidiary

Reattribution between LibertySiriusXM Group and Liberty (608 ) - 608 - Formula One Group

Proceeds from Liberty SiriusXM 754 - - 754 common stock rights offering

Cash dividends paid by subsidiary (33 ) - - (33 )

Taxes paid in lieu of sharesissued for stock-based (44 ) - (2 ) (46 )compensation

Other financing activities, net (4 ) (4 ) (12 ) (20 )

Net cash provided (used) by 726 155 1,188 2,069 financing activities

Effect of foreign exchange rateson cash, cash equivalents and - - (10 ) (10 )restricted cash

Net increase (decrease) in cash,cash equivalents and restricted 1,428 117 1,180 2,725 cash

Cash, cash equivalents andrestricted cash at beginning of 507 212 587 1,306 period

Cash, cash equivalents and $ 1,935 329 1,767 4,031 restricted cash at end of period



Cash and cash equivalents $ 1,924 308 1,767 3,999

Restricted cash included in other - 8 - 8 current assets

Restricted cash included in other 11 13 - 24 assets

Total cash and cash equivalentsand restricted cash at end of $ 1,935 329 1,767 4,031 period

NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES

SCHEDULE 1

To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for the Liberty SiriusXM Group, the Braves Group and the Formula One Group, together with reconciliations to operating income, as determined under GAAP. Liberty Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and other related costs and impairment charges.

Liberty Media believes Adjusted OIBDA 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' 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. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Media views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Media's management considers in assessing the results of operations and performance of its assets.

The following table provides a reconciliation of Adjusted OIBDA for Liberty Media to operating income calculated in accordance with GAAP for the three months ended June 30, 2020 and June 30, 2021, respectively.

QUARTERLY SUMMARY



(amounts in millions) 2Q20 2Q21

Liberty SiriusXM Group

Operating Income $ 383 $ 634

Depreciation and amortization 142 150

Stock compensation expense 54 50

Impairment, restructuring and acquisition costs^(a) 24 (137 )

Adjusted OIBDA $ 603 $ 697



Formula One Group

Operating Income $ (136 ) $ (43 )

Depreciation and amortization 104 99

Stock compensation expense 6 7

Adjusted OIBDA $ (26 ) $ 63



Braves Group

Operating Income $ (33 ) $ 31

Depreciation and amortization 20 19

Stock compensation expense (15 ) 3

Adjusted OIBDA $ (28 ) $ 53



Liberty Media Corporation (Consolidated)

Operating Income $ 214 $ 622

Depreciation and amortization 266 268

Stock compensation expense 45 60

Impairment, restructuring and acquisition costs^(a) 24 (137 )

Adjusted OIBDA $ 549 $ 813



During the three months ended June 30, 2021, SiriusXM recorded insurance recoveries related to the SXM-7 satellite of $140 million and acquisition and restructuring costs of $3 million. During the three months ended June(a) 30, 2020, Sirius XM Holdings recorded $24 million related to costs associated with the termination of the Automatic service and the acquisition of Simplecast. These charges have been excluded from adjusted OIBDA.

SCHEDULE 2

This press release also includes a presentation of adjusted EBITDA of SiriusXM, which is a non-GAAP financial measure used by SiriusXM, together with a reconciliation to SiriusXM's stand-alone net income, as determined under GAAP. SiriusXM defines adjusted EBITDA as net income before interest expense, income tax expense and depreciation and amortization. SiriusXM adjusts EBITDA to exclude the impact of other expense (income) as well as certain other charges discussed below. Adjusted EBITDA is a Non-GAAP financial measure that excludes or adjusts for (if applicable): (i) certain adjustments as a result of the purchase price accounting for the XM Merger and the Pandora Acquisition, (ii) share-based payment expense, (iii) impairment, restructuring and acquisition costs, (iv) legal settlements/reserves and (v) other significant operating expense (income) that do not relate to the on-going performance of SiriusXM's business. SiriusXM believes adjusted EBITDA is a useful measure of the underlying trend of its operating performance, which provides useful information about its business apart from the costs associated with its capital structure and purchase price accounting. SiriusXM believes investors find this Non-GAAP financial measure useful when analyzing past operating performance with current performance and comparing SiriusXM's operating performance to the performance of other communications, entertainment and media companies. SiriusXM believes investors use adjusted EBITDA to estimate current enterprise value and to make investment decisions. As a result of large capital investments in SiriusXM's satellite radio system, its results of operations reflect significant charges for depreciation expense. SiriusXM believes the exclusion of share-based payment expense is useful as it is not directly related to the operational conditions of its business. SiriusXM also believes the exclusion of the legal settlements and reserves, impairment, restructuring and acquisition related costs, and loss on extinguishment of debt, to the extent they occur during the period, is useful as they are significant expenses not incurred as part of its normal operations for the period.

Adjusted EBITDA has certain limitations in that it does not take into account the impact to SiriusXM's statements of comprehensive income of certain expenses, including share-based payment expense and certain purchase price accounting for the XM Merger and the Pandora Acquisition. SiriusXM endeavors to compensate for the limitations of the Non-GAAP measure presented by also providing the comparable GAAP measure with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the Non-GAAP measure. Investors that wish to compare and evaluate operating results after giving effect for these costs, should refer to net income as disclosed in SiriusXM's unaudited consolidated statements of comprehensive income. Since adjusted EBITDA is a Non-GAAP financial performance measure, SiriusXM's calculation of adjusted EBITDA may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation of net income to the adjusted EBITDA is calculated as follows:



Unaudited

For the Three Months Ended

June 30,

2020 2021

($ in millions)

Net income: $ 243 $ 433

Add back items excluded from Adjusted EBITDA:

Impairment, restructuring and acquisition costs^ 24 (136 )(a)

Share-based payment expense 52 47

Depreciation and amortization 124 131

Interest expense 102 103

Other income (4 ) (5 )

Income tax expense 74 127

Purchase price accounting adjustments:

Revenues 2 -

Operating expenses (2 ) -

Adjusted EBITDA $ 615 $ 700

During the three months ended June 30, 2021, SiriusXM recorded insurance recoveries related to the SXM-7 satellite of $140 million and acquisition and restructuring costs of $3 million. During the three months ended June(a) 30, 2020, Sirius XM Holdings recorded $24 million related to costs associated with the termination of the Automatic service and the acquisition of Simplecast. These charges have been excluded from adjusted EBITDA.

SCHEDULE 3

Beginning January 1, 2021, F1 began reclassifying certain components previously reported in Other F1 revenue into Primary F1 revenue to better align with the way it currently evaluates the business. In addition, broadcasting revenue was renamed media rights revenue. The more significant components that were reclassified into Primary F1 revenue include fees for F1 TV subscriptions, fees for licensing commercial rights for Formula 2 and Formula 3 races, fees for the origination and support of program footage, fees for broadcast rights for Formula 2 and Formula 3 races and fees for advertising rights on Formula 1's digital platforms.

For comparative purposes, the following table provides additional detail on Primary Formula 1 revenue calculated in accordance with the revenue reclassification for the years ended December 31, 2019 and December 31, 2020.



2019 2020

amounts in millions

Previous Reclassified Previous Reclassified Reporting Reporting

Race promotion $ 608 $ 644 $ 132 $ 149revenue

Media rights(formerly 759 795 636 671broadcasting fees)

Sponsorship fees 297 311 196 209

Primary Formula 1 $ 1,664 $ 1,750 $ 964 $ 1,029revenue

Other Formula 1 358 272 181 116revenue

Total Formula 1 $ 2,022 $ 2,022 $ 1,145 $ 1,145revenue

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