è��

Exhibit 99.1

Unaudited Attributed Financial Information for Tracking Stock Groups

The following tables present our assets and liabilities as of September 30, 2021 and revenue and expenses for the three and nine months ended September 30, 2021 and 2020 and cash flows for the nine months ended September 30, 2021 and 2020. The tables further present our assets, liabilities, revenue, expenses and cash flows that are intended to be attributed to the è�� SiriusXM Group, è�� Braves Group (“Braves Group”) and the è�� Formula One Group (“Formula One Group”), respectively. The reattribution, as described in note 1, is reflected in the attributed financial statements on a prospective basis from April 22, 2020. The financial information should be read in conjunction with our condensed consolidated financial statements for the nine months ended September 30, 2021 included in this Quarterly Report on Form 10-Q.

Notwithstanding the following attribution of assets, liabilities, revenue, expenses and cash flows to the è�� SiriusXM Group, Braves Group and the Formula One Group, our tracking stock capital structure does not affect the ownership or the respective legal title to our assets or responsibility for our liabilities. We and our subsidiaries are each responsible for our respective liabilities. Holders of è�� SiriusXM common stock, è�� Braves common stock and è�� Formula One common stock are holders of our common stock and are subject to risks associated with an investment in our company and all of our businesses, assets and liabilities. The issuance of è�� SiriusXM common stock, è�� Braves and è�� Formula One common stock does not affect the rights of our creditors.

SUMMARY ATTRIBUTED FINANCIAL DATA

è�� SiriusXM Group

Summary Balance Sheet Data:


	September 30,		December 31,
	2021		2020

	amounts in millions
Cash and cash equivalents	$	529		996
Investments in affiliates, accounted for using the equity method	$	874		886
Intangible assets not subject to amortization	$	24,952		24,924
Intangible assets subject to amortization, net	$	1,310		1,471
Total assets	$	31,497		32,081
Deferred revenue	$	1,500		1,721
Long-term debt, including current portion	$	13,754		13,000
Deferred tax liabilities	$	2,206		2,116
Attributed net assets	$	8,130		8,250
Noncontrolling interest	$	3,959		4,505

Summary Statement of Operations Data:


	Three months ended			Nine months ended
	September 30,			September 30,
	2021		2020	2021	2020

	amounts in millions
Revenue	$	2,198	2,025	6,415	5,851
Cost of Sirius XM Holdings services (1)	$	(998)	(895)	(2,920)	(2,611)
Other operating expenses (1)	$	(67)	(64)	(197)	(196)
Selling, general and administrative expense (1)	$	(402)	(363)	(1,122)	(1,055)
Operating income (loss)	$	604	451	1,467	1,276
Interest expense	$	(130)	(116)	(373)	(347)
Gains (losses) on dilution of investment in affiliate	$	142	—	152	1
Income tax (expense) benefit	$	(108)	(22)	(126)	(88)
Net earnings (loss) attributable to noncontrolling interests	$	71	68	215	210
Earnings (loss) attributable to è�� stockholders	$	342	12	668	138

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


	Three months ended			Nine months ended
	September 30,			September 30,
	2021		2020	2021	2020

	amounts in millions
Cost of services	$	11	11	33	32
Other operating expenses		9	11	26	31
Selling, general and administrative expense		34	39	99	110
	$	54	61	158	173

Braves Group

Summary Balance Sheet Data:


	September 30,		December 31,
	2021		2020

	amounts in millions
Cash and cash equivalents	$	134		151
Property and equipment, net	$	777		799
Investments in affiliates, accounted for using the equity method	$	108		94
Intangible assets not subject to amortization	$	323		323
Intangible assets subject to amortization, net	$	22		24
Total assets	$	1,625		1,571
Deferred revenue	$	73		90
Long-term debt, including current portion	$	718		670
Deferred tax liabilities	$	63		52
Attributed net assets	$	300		291

Summary Statement of Operations Data:


	Three months ended			Nine months ended
	September 30,			September 30,
	2021		2020	2021	2020

	amounts in millions
Revenue	$	234	110	466	143
Selling, general and administrative expense (1)	$	(28)	(17)	(73)	(39)
Operating income (loss)	$	30	(16)	21	(93)
Share of earnings (losses) of affiliates, net	$	9	(5)	20	(2)
Unrealized gains (losses) on intergroup interest	$	12	(10)	(15)	78
Income tax (expense) benefit	$	(10)	7	(8)	31
Earnings (loss) attributable to è�� stockholders	$	36	(31)	2	(16)

(1)	Includes stock-based compensation expense of $3 million and $9 million for the three and nine months ended September 30, 2021, respectively, and stock-based compensation expense of $2 million and benefit of $10 million for the three and nine months ended September 30, 2020, respectively.

Formula One Group

Summary Balance Sheet Data:


	September 30,		December 31,
	2021		2020

	amounts in millions
Cash and cash equivalents	$	2,195		1,684
Investments in affiliates, accounted for using the equity method	$	34		38
Intangible assets not subject to amortization	$	3,957		3,956
Intangible assets subject to amortization, net	$	3,601		3,883
Total assets	$	11,835		11,191
Long-term debt, including current portion	$	3,626		3,759
Redeemable noncontrolling interests in equity of subsidiary	$	575		—
Attributed net assets	$	6,481		6,550

Summary Statement of Operations Data:


	Three months ended			Nine months ended
	September 30,			September 30,
	2021		2020	2021	2020

	amounts in millions
Revenue	$	668	597	1,349	660
Cost of Formula 1 revenue	$	(449)	(551)	(931)	(610)
Selling, general and administrative expense (1)	$	(51)	(43)	(141)	(127)
Operating income (loss)	$	68	(115)	(22)	(403)
Interest expense	$	(32)	(31)	(93)	(114)
Share of earnings (losses) of affiliates, net	$	(2)	1	27	(109)
Realized and unrealized gains (losses) on financial instruments, net	$	2	55	107	75
Unrealized gains (losses) on intergroup interest	$	(32)	(15)	(37)	(170)
Income tax (expense) benefit	$	(55)	8	36	60
Earnings (loss) attributable to è�� stockholders	$	(50)	(95)	(41)	(638)

(1)	Includes stock-based compensation of $8 million and $5 million for the three months ended September 30, 2021 and 2020, respectively, and $21 million and $17 million for the nine months ended September 30, 2021 and 2020, respectively.

BALANCE SHEET INFORMATION

September 30, 2021

(unaudited)


		Attributed (note 1)
	è��
	SiriusXM		Braves	Formula One	Inter-Group	Consolidated
	Group		Group	Group	Eliminations	è��

	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	529	134	2,195	—	2,858
Trade and other receivables, net		652	50	110	—	812
Other current assets		632	127	161	—	920
Total current assets		1,813	311	2,466	—	4,590
Intergroup interests (note 1)		310	—	179	(489)	—
Investments in affiliates, accounted for using the equity method (note 1)		874	108	34	—	1,016

Property and equipment, at cost		2,781	997	203	—	3,981
Accumulated depreciation		(1,645)	(220)	(85)	—	(1,950)
		1,136	777	118	—	2,031

Intangible assets not subject to amortization
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
Intangible assets subject to amortization, net		1,310	22	3,601	—	4,933
Other assets		1,102	84	1,480	(49)	2,617
Total assets	$	31,497	1,625	11,835	(538)	44,419

Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 3)	$	(16)	(37)	53	—	—
Accounts payable and accrued liabilities		1,272	55	191	—	1,518
Current portion of debt		1,900	12	661	—	2,573
Deferred revenue		1,500	73	421	—	1,994
Other current liabilities		69	6	28	—	103
Total current liabilities		4,725	109	1,354	—	6,188
Long-term debt (note 1)		11,854	706	2,965	—	15,525
Deferred income tax liabilities		2,206	63	—	(49)	2,220
Redeemable intergroup interests (note 1)		—	241	248	(489)	—
Other liabilities		623	206	188	—	1,017
Total liabilities		19,408	1,325	4,755	(538)	24,950
Redeemable noncontrolling interests in equity of subsidiary		—	—	575	—	575
Equity / Attributed net assets		8,130	300	6,481	—	14,911
Noncontrolling interests in equity of subsidiaries		3,959	—	24	—	3,983
Total liabilities and equity	$	31,497	1,625	11,835	(538)	44,419

STATEMENT OF OPERATIONS INFORMATION

Three months ended September 30, 2021

(unaudited)


		Attributed (note 1)
	è��
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	è��

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,198	—	—	2,198
Formula 1 revenue		—	—	668	668
Other revenue		—	234	—	234
Total revenue		2,198	234	668	3,100
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		671	—	—	671
Programming and content		142	—	—	142
Customer service and billing		128	—	—	128
Other		57	—	—	57
Cost of Formula 1 revenue		—	—	449	449
Subscriber acquisition costs		70	—	—	70
Other operating expenses		67	154	—	221
Selling, general and administrative		402	28	51	481
Impairment, restructuring and acquisition costs, net of recoveries		(95)	—	—	(95)
Depreciation and amortization		152	22	100	274
		1,594	204	600	2,398
Operating income (loss)		604	30	68	702
Other income (expense):
Interest expense		(130)	(6)	(32)	(168)
Share of earnings (losses) of affiliates, net		2	9	(2)	9
Realized and unrealized gains (losses) on financial instruments, net		(42)	—	2	(40)
Gains (losses) on dilution of investment in affiliate		142	—	—	142
Unrealized gains (losses) on intergroup interests (note 1)		20	12	(32)	—
Other, net		(75)	1	2	(72)
		(83)	16	(62)	(129)
Earnings (loss) before income taxes		521	46	6	573
Income tax (expense) benefit		(108)	(10)	(55)	(173)
Net earnings (loss)		413	36	(49)	400
Less net earnings (loss) attributable to the noncontrolling interests		71	—	3	74
Less net earnings (loss) attributable to redeemable noncontrolling interest		—	—	(2)	(2)
Net earnings (loss) attributable to è�� stockholders	$	342	36	(50)	328

STATEMENT OF OPERATIONS INFORMATION

Three months ended September 30, 2020

(unaudited)


		Attributed (note 1)
	è��
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	è��

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	2,025	—	—	2,025
Formula 1 revenue		—	—	597	597
Other revenue		—	110	—	110
Total revenue		2,025	110	597	2,732
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		602	—	—	602
Programming and content		123	—	—	123
Customer service and billing		119	—	—	119
Other		51	—	—	51
Cost of Formula 1 revenue		—	—	551	551
Subscriber acquisition costs		110	—	—	110
Other operating expenses		64	90	—	154
Selling, general and administrative		363	17	43	423
Depreciation and amortization		142	19	118	279
		1,574	126	712	2,412
Operating income (loss)		451	(16)	(115)	320
Other income (expense):
Interest expense		(116)	(6)	(31)	(153)
Share of earnings (losses) of affiliates, net		(183)	(5)	1	(187)
Realized and unrealized gains (losses) on financial instruments, net		(39)	—	55	16
Unrealized gains (losses) on intergroup interests (note 1)		25	(10)	(15)	—
Other, net		(36)	(1)	5	(32)
		(349)	(22)	15	(356)
Earnings (loss) before income taxes		102	(38)	(100)	(36)
Income tax (expense) benefit		(22)	7	8	(7)
Net earnings (loss)		80	(31)	(92)	(43)
Less net earnings (loss) attributable to the noncontrolling interests		68	—	3	71
Net earnings (loss) attributable to è�� stockholders	$	12	(31)	(95)	(114)

STATEMENT OF OPERATIONS INFORMATION

Nine months ended September 30, 2021

(unaudited)


		Attributed (note 1)
	è��
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	è��

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	6,415	—	—	6,415
Formula 1 revenue		—	—	1,349	1,349
Other revenue		—	466	—	466
Total revenue		6,415	466	1,349	8,230
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,974	—	—	1,974
Programming and content		407	—	—	407
Customer service and billing		372	—	—	372
Other		167	—	—	167
Cost of Formula 1 revenue		—	—	931	931
Subscriber acquisition costs		245	—	—	245
Other operating expenses		197	316	—	513
Selling, general and administrative		1,122	73	141	1,336
Impairment, restructuring and acquisition costs, net of recoveries		13	—	—	13
Depreciation and amortization		451	56	299	806
		4,948	445	1,371	6,764
Operating income (loss)		1,467	21	(22)	1,466
Other income (expense):
Interest expense		(373)	(18)	(93)	(484)
Share of earnings (losses) of affiliates, net		(181)	20	27	(134)
Realized and unrealized gains (losses) on financial instruments, net		(42)	1	107	66
Gains (losses) on dilution of investment in affiliate		152	—	—	152
Unrealized gains (losses) on intergroup interest (note 1)		52	(15)	(37)	—
Other, net		(66)	1	11	(54)
		(458)	(11)	15	(454)
Earnings (loss) before income taxes		1,009	10	(7)	1,012
Income tax (expense) benefit		(126)	(8)	36	(98)
Net earnings (loss)		883	2	29	914
Less net earnings (loss) attributable to the noncontrolling interests		215	—	19	234
Less net earnings (loss) attributable to redeemable noncontrolling interest		—	—	51	51
Net earnings (loss) attributable to è�� stockholders	$	668	2	(41)	629

STATEMENT OF OPERATIONS INFORMATION

Nine months ended September 30, 2020

(unaudited)


		Attributed (note 1)
	è��
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	è��

	amounts in millions
Revenue:
Sirius XM Holdings revenue	$	5,851	—	—	5,851
Formula 1 revenue		—	—	660	660
Other revenue		—	143	—	143
Total revenue		5,851	143	660	6,654
Operating costs and expenses, including stock-based compensation (note 2):
Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,759	—	—	1,759
Programming and content		351	—	—	351
Customer service and billing		359	—	—	359
Other		142	—	—	142
Cost of Formula 1 revenue		—	—	610	610
Subscriber acquisition costs		257	—	—	257
Other operating expenses		196	143	—	339
Selling, general and administrative		1,055	39	127	1,221
Impairment, restructuring and acquisition costs, net of recoveries		24	—	—	24
Depreciation and amortization		432	54	326	812
		4,575	236	1,063	5,874
Operating income (loss)		1,276	(93)	(403)	780
Other income (expense):
Interest expense		(347)	(19)	(114)	(480)
Intergroup interest (expense) income		(7)	—	7	—
Share of earnings (losses) of affiliates, net		(331)	(2)	(109)	(442)
Realized and unrealized gains (losses) on financial instruments, net		(228)	(10)	75	(163)
Gains (losses) on dilution of investment in affiliate		1	—	—	1
Unrealized gains (losses) on intergroup interests (note 1)		92	78	(170)	—
Other, net		(20)	(1)	19	(2)
		(840)	46	(292)	(1,086)
Earnings (loss) before income taxes		436	(47)	(695)	(306)
Income tax (expense) benefit		(88)	31	60	3
Net earnings (loss)		348	(16)	(635)	(303)
Less net earnings (loss) attributable to the noncontrolling interests		210	—	3	213
Net earnings (loss) attributable to è�� stockholders	$	138	(16)	(638)	(516)

STATEMENT OF CASH FLOWS INFORMATION

Nine months ended September 30, 2021

(unaudited)


		Attributed (note 1)
	è��
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	è��

	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	883	2	29	914
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		451	56	299	806
Stock-based compensation		158	9	21	188
Non-cash impairment and restructuring costs		24	—	—	24
Changes in fair value of contingent consideration		(17)	—	—	(17)
Share of (earnings) loss of affiliates, net		181	(20)	(27)	134
Unrealized (gains) losses on intergroup interests, net		(52)	15	37	—
Realized and unrealized (gains) losses on financial instruments, net		42	(1)	(107)	(66)
Losses (gains) on dilution of investment in affiliate		(152)	—	—	(152)
Deferred income tax expense (benefit)		66	10	(43)	33
Intergroup tax allocation		5	(2)	(3)	—
Other charges (credits), net		94	7	3	104
Changes in operating assets and liabilities
Current and other assets		54	(52)	(47)	(45)
Payables and other liabilities		(439)	(16)	205	(250)
Net cash provided (used) by operating activities		1,298	8	367	1,673
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(66)	—	(152)	(218)
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		27	2	167	196
Cash (paid) received from acquisitions, net of cash acquired		(14)	—	—	(14)
Capital expended for property and equipment, including internal-use software and website development		(244)	(26)	(10)	(280)
Proceeds from insurance recoveries		225	—	—	225
Other investing activities, net		6	8	(1)	13
Net cash provided (used) by investing activities		(66)	(16)	(533)	(615)
Cash flows from financing activities:
Borrowings of debt		6,294	113	—	6,407
Repayments of debt		(5,871)	(67)	(191)	(6,129)
è�� stock repurchases		(351)	—	(47)	(398)
Subsidiary shares repurchased by subsidiary		(1,174)	—	—	(1,174)
Cash dividends paid by subsidiary		(41)	—	—	(41)
Taxes paid in lieu of shares issued for stock-based compensation		(91)	—	(2)	(93)
Proceeds from initial public offering of subsidiary		—	—	575	575
Settlement of intergroup call spread		(384)	—	384	—
Other financing activities, net		(85)	(6)	(37)	(128)
Net cash provided (used) by financing activities		(1,703)	40	682	(981)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(5)	(5)
Net increase (decrease) in cash, cash equivalents and restricted cash		(471)	32	511	72
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	$	537	217	2,195	2,949

STATEMENT OF CASH FLOWS INFORMATION

Nine months ended September 30, 2020

(unaudited)


		Attributed (note 1)
	è��
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	è��

	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	348	(16)	(635)	(303)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		432	54	326	812
Stock-based compensation		173	(10)	17	180
Non-cash impairment and restructuring costs		24	—	—	24
Share of (earnings) loss of affiliates, net		331	2	109	442
Unrealized (gains) losses on intergroup interests, net		(92)	(78)	170	—
Realized and unrealized (gains) losses on financial instruments, net		228	10	(75)	163
Losses (gains) on dilution of investment in affiliate		(1)	—	—	(1)
Deferred income tax expense (benefit)		33	(15)	(61)	(43)
Intergroup tax allocation		4	(16)	12	—
Other charges (credits), net		50	10	2	62
Changes in operating assets and liabilities
Current and other assets		150	(16)	(282)	(148)
Payables and other liabilities		(301)	19	150	(132)
Net cash provided (used) by operating activities		1,379	(56)	(267)	1,056
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities		(91)	—	(3)	(94)
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		(230)	(69)	(17)	(316)
Other investing activities, net		10	4	(3)	11
Net cash provided (used) by investing activities		(339)	(65)	95	(309)
Cash flows from financing activities:
Borrowings of debt		2,300	216	522	3,038
Repayments of debt		(1,922)	(62)	(611)	(2,595)
Intergroup Loan (repayment) borrowing		(750)	—	750	—
è�� stock repurchases		(135)	—	(69)	(204)
Subsidiary shares repurchased by subsidiary		(870)	—	—	(870)
Reattribution between è�� SiriusXM Group and è�� Formula One Group		(608)	—	608	—
Proceeds from è�� SiriusXM common stock rights offering		754	—	—	754
Cash dividends paid by subsidiary		(49)	—	—	(49)
Taxes paid in lieu of shares issued for stock-based compensation		(84)	—	(2)	(86)
Other financing activities, net		(35)	(5)	(26)	(66)
Net cash provided (used) by financing activities		(1,399)	149	1,172	(78)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		—	—	(1)	(1)
Net increase (decrease) in cash, cash equivalents and restricted cash		(359)	28	999	668
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	$	148	240	1,586	1,974

Notes to Attributed Financial Information (Continued)

(unaudited)

(1)

A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the è�� SiriusXM Group, è�� Braves Group (the “Braves Group”) and Formula One Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the è�� SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a è�� tracking stock, any equity or voting interest in a company, such as Sirius XM Holdings Inc. (“Sirius XM Holdings”), Live Nation Entertainment, Inc. (“Live Nation”), Formula 1 or Braves Holdings, in which è�� holds an interest and that is attributed to a è�� tracking stock group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation.

On April 22, 2020, the Company’s board of directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the è�� SiriusXM Group (collectively, the “reattribution”).

The assets reattributed from the Formula One Group to the è�� SiriusXM Group, valued at $2.8 billion, consisted of:

●

è��’s entire Live Nation stake, consisting of approximately 69.6 million shares of Live Nation common stock;

●

a newly-created Formula One Group intergroup interest, consisting of approximately 5.3 million notional shares of è�� Formula One common stock, to cover exposure under è��’s 1.375% cash convertible senior notes due 2023 (the “Convertible Notes”);

●

the bond hedge and warrants associated with the Convertible Notes;

●

the entire è�� SiriusXM Group intergroup interest, consisting of approximately 1.9 million notional shares of è�� SiriusXM common stock, thereby eliminating the è�� SiriusXM Group intergroup interest; and

●

a portion, consisting of approximately 2.3 million notional shares of è�� Braves common stock, of the Formula One Group’s intergroup interest in the Braves Group, to cover exposure under the Convertible Notes.

The reattributed liabilities, valued at $1.3 billion, consisted of:

●

the Convertible Notes;

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è��’s 2.25% exchangeable senior debentures due 2048; and

●

è��’s margin loan secured by shares of Live Nation.

Similarly, $1.5 billion of net asset value has been reattributed from the è�� SiriusXM Group to the Formula One Group, comprised of:

●

a call spread between the Formula One Group and the è�� SiriusXM Group with respect to 34.8 million of the Live Nation shares that were reattributed to the è�� SiriusXM Group; and

●

a net cash payment of $1.4 billion from the è�� SiriusXM Group to the Formula One Group, which was funded by a combination of (x) cash on hand, (y) an additional $400 million drawn from the Company’s existing margin loan secured by shares of common stock of Sirius XM Holdings, resulting in an aggregate outstanding balance of $750 million, and (z) the creation of an intergroup loan obligation from the è�� SiriusXM Group to the Formula One Group in the principal amount of $750 million, plus interest thereon, which was repaid with the proceeds from the distribution of subscription rights to holders of è�� SiriusXM common stock in June 2020.

The reattribution is reflected in the Company’s financial statements on a prospective basis.

Notes to Attributed Financial Information (Continued)

(unaudited)

As of September 30, 2021, the è�� SiriusXM Group is primarily comprised of è��’s interests in Sirius XM Holdings and Live Nation, corporate cash, è��’s 1.375% Cash Convertible Notes due 2023 and related financial instruments, è��’s 2.125% Exchangeable Senior Debentures due 2048, è��’s 2.25% Exchangeable Senior Debentures due 2048, è��’s 2.75% Exchangeable Senior Debentures due 2049, è��’s 0.5% Exchangeable Senior Debentures due 2050 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of è��. The è�� SiriusXM Group holds intergroup interests in the Formula One Group and the Braves Group as of September 30, 2021. In April 2021, the è�� SiriusXM Group paid approximately $384 million to the Formula One Group to settle its obligation under the call spread with respect to the shares of Live Nation attributed to the è�� SiriusXM Group. As of September 30, 2021, the è�� SiriusXM Group has cash and cash equivalents of approximately $529 million, which includes $164 million of subsidiary cash.

As of September 30, 2021, the Braves Group is primarily comprised of our consolidated subsidiary, Braves Holdings, LLC, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project and cash. As of September 30, 2021, the Braves Group has cash and cash equivalents of approximately $134 million, which includes $61 million of subsidiary cash.

As of September 30, 2021, the Formula One Group is primarily comprised of all of the businesses, assets and liabilities of è�� other than those specifically attributed to the è�� SiriusXM Group or the Braves Group, including è��’s interests in Formula 1 and è�� Media Acquisition Corporation, a minority equity investment in AT&T Inc., cash, an intergroup interest in the Braves Group, è��’s 1% Cash Convertible Notes due 2023 and è��’s 2.25% Exchangeable Senior Debentures due 2046. In April 2021, the Formula One Group received approximately $384 million from the è�� SiriusXM Group to settle the call spread with respect to the shares of Live Nation attributed to the è�� SiriusXM Group. As of September 30, 2021, the Formula One Group has cash and cash equivalents of approximately $2,195 million, which includes $585 million of cash held by Formula 1.

The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903, representing an 11.1% intergroup interest at September 30, 2021. The number of notional shares representing the intergroup interest in the Braves Group held by the è�� SiriusXM Group is 2,292,037, representing a 3.7% intergroup interest at September 30, 2021. The number of notional shares representing the intergroup interest in the Formula One Group held by the è�� SiriusXM Group is 5,271,475, representing a 2.2% intergroup interest at September 30, 2021. The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and è�� SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of è�� Braves common stock, and the è�� SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of è�� 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 intergroup interests line item in the unaudited attributed condensed consolidated statements of operations.

The Braves Group intergroup interests attributable to the Formula One Group and the è�� SiriusXM Group are reflected in the Investment in intergroup interests line item, and the Braves Group liabilities for the intergroup interests are reflected in the Redeemable intergroup interests line item in the unaudited attributed condensed consolidated balance sheets. Similarly, the Formula One Group intergroup interest attributable to the è�� SiriusXM Group is reflected in the Investment in intergroup interests line item, and the Formula One Group liability for the intergroup interest is reflected in the Redeemable intergroup interests line item in the unaudited attributed condensed consolidated balance sheets. Both accounts are presented as noncurrent, as there are currently no plans for the settlement of the intergroup interests. Appropriate eliminating entries are recorded in the Company’s condensed consolidated financial statements.

As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C è�� Braves common stock and Series A, B or C è�� Formula One common stock, respectively. However, è�� has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised

Notes to Attributed Financial Information (Continued)

(unaudited)

of Series C è�� Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the è�� SiriusXM Group interest in the Braves Group would be comprised of Series A è�� Braves common stock since Series A è�� Braves common stock underlie the 1.375% convertible bonds. Therefore, the market prices of Series C è�� Braves and Series A è�� Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and è�� SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. è�� has assumed that the notional shares (if and when issued) related to the è�� SiriusXM Group interest in the Formula One Group would be comprised of Series A è�� Formula One common stock since Series A Formula One common stock underlie the 1.375% convertible bonds. Therefore, the market price of Series A è�� Formula One common stock is used for the quarterly mark-to-market adjustment through 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 the Company’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.

For information relating to investments in affiliates accounted for using the equity method and debt, see notes 6 and 8, respectively, of the accompanying condensed consolidated financial statements.

(2)

Cash compensation expense for our corporate employees is allocated among the è�� SiriusXM Group, Braves Group and the Formula One Group based on the estimated percentage of time spent providing services for each group. On an annual basis estimated time spent is determined through an interview process and a review of personnel duties unless transactions significantly change the composition of companies and investments in either respective group which would require a timelier reevaluation of estimated time spent. Other general and administrative expenses are charged directly to the groups whenever possible and are otherwise allocated based on estimated usage or some other reasonably determined methodology. Following the Recapitalization, stock compensation related to each tracking stock is calculated based on actual awards outstanding.

While we believe that this allocation method is reasonable and fair to each group, we may elect to change the allocation methodology or percentages used to allocate general and administrative expenses in the future.

(3)	The intergroup balance at September 30, 2021 and December 31, 2020 is primarily a result of timing of tax benefits.

(4)

The è�� SiriusXM common stock, è�� Braves common stock and è�� Formula One common stock have voting and conversion rights under our restated charter. Following is a summary of those rights. Holders of Series A common stock of each group are entitled to one vote per share, and holders of Series B common stock of each group are entitled to ten votes per share. Holders of Series C common stock of each group are entitled to 1/100th of a vote per share in certain limited cases and will otherwise not be entitled to vote. In general, holders of Series A and Series B common stock vote as a single class. In certain limited circumstances, the board may elect to seek the approval of the holders of only Series A and Series B è�� SiriusXM common stock, only Series A and Series B è�� Braves common stock, or only Series A and Series B è�� Formula One common stock.

At the option of the holder, each share of Series B common stock of each group will be convertible into one share of Series A common stock of the same group. At the discretion of our board, the common stock related to one group may be converted into common stock of the same series that is related to another other group.

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