Exhibit 99.1
Unaudited Attributed Financial Information for Tracking Stock Groups
The following tables present our assets and liabilities as of September 30, 2023 and revenue and expenses for the three and nine months ended September 30, 2023 and 2022 and cash flows for the nine months ended September 30, 2023 and 2022. The tables further present our assets, liabilities, revenue, expenses and cash flows that are intended to be attributed to the 猫咪社区 SiriusXM Group, the 猫咪社区 Formula One Group (the “Formula One Group”), the 猫咪社区 Live Group and the 猫咪社区 Braves Group (the “Braves Group”) (prior to the Split-Off, as defined in note 1), respectively. The financial information should be read in conjunction with our condensed consolidated financial statements for the three and nine months ended September 30, 2023 included in this Quarterly Report on Form 10-Q.
Notwithstanding the following attribution of assets, liabilities, revenue, expenses and cash flows to the 猫咪社区 SiriusXM Group, the Formula One Group, the 猫咪社区 Live Group and the Braves Group (prior to the Split-Off, as defined in note 1), 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 猫咪社区 SiriusXM common stock, 猫咪社区 Formula One common stock and 猫咪社区 Live 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 猫咪社区 SiriusXM common stock, 猫咪社区 Formula One and 猫咪社区 Live common stock does not affect the rights of our creditors.
1
SUMMARY ATTRIBUTED FINANCIAL DATA
猫咪社区 SiriusXM Group
Summary Balance Sheet Data:
September 30, | December 31, | ||||||
2023 | 2022 | ||||||
amounts in millions | |||||||
Cash and cash equivalents | $ | 327 | 362 | ||||
Investments in affiliates, accounted for using the equity method | $ | 705 | 823 | ||||
Intangible assets not subject to amortization | $ | 25,051 | 25,501 | ||||
Intangible assets subject to amortization, net | $ | 1,017 | 1,101 | ||||
Total assets | $ | 29,937 | 30,479 | ||||
Deferred revenue | $ | 1,248 | 1,321 | ||||
Long-term debt, including current portion | $ | 11,540 | 13,143 | ||||
Deferred tax liabilities | $ | 2,207 | 2,054 | ||||
Attributed net assets | $ | 9,946 | 8,759 | ||||
Noncontrolling interest | $ | 2,969 | 3,138 |
Summary Statement of Operations Data:
Three months ended | Nine months ended | |||||||||
September 30, | September 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
amounts in millions | ||||||||||
Revenue | $ | 2,271 | 2,280 | 6,665 | 6,720 | |||||
Cost of Sirius XM Holdings services (1) | $ | (1,057) | (1,041) | (3,144) | (3,077) | |||||
Other operating expenses (1) | $ | (72) | (69) | (234) | (208) | |||||
Selling, general and administrative expense (1) | $ | (376) | (424) | (1,148) | (1,247) | |||||
Operating income (loss) | $ | 528 | 434 | 1,353 | 1,390 | |||||
Interest expense | $ | (135) | (130) | (408) | (377) | |||||
Income tax (expense) benefit | $ | (100) | (135) | (215) | (404) | |||||
Net earnings (loss) attributable to noncontrolling interests | $ | 58 | 41 | 146 | 148 | |||||
Earnings (loss) attributable to 猫咪社区 stockholders | $ | 307 | 305 | 656 | 1,040 |
(1) | Includes stock-based compensation expense as follows: |
Three months ended | Nine months ended | |||||||||
September 30, | September 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
amounts in millions | ||||||||||
Cost of services | $ | 13 | 12 | 33 | 34 | |||||
Other operating expenses | 11 | 10 | 33 | 27 | ||||||
Selling, general and administrative expense | 33 | 31 | 85 | 91 | ||||||
$ | 57 | 53 | 151 | 152 |
2
Formula One Group
Summary Balance Sheet Data:
September 30, | December 31, | ||||||
2023 | 2022 | ||||||
amounts in millions | |||||||
Cash and cash equivalents | $ | 1,470 | 1,733 | ||||
Investments in affiliates, accounted for using the equity method | $ | 43 | 34 | ||||
Intangible assets not subject to amortization | $ | 3,956 | 3,956 | ||||
Intangible assets subject to amortization, net | $ | 2,924 | 3,163 | ||||
Total assets | $ | 10,554 | 11,016 | ||||
Long-term debt, including current portion | $ | 2,897 | 2,947 | ||||
Attributed net assets | $ | 6,363 | 6,910 |
Summary Statement of Operations Data:
Three months ended | Nine months ended | |||||||||
September 30, | September 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
amounts in millions | ||||||||||
Revenue | $ | 887 | 715 | 1,992 | 1,819 | |||||
Cost of Formula 1 revenue | $ | (615) | (494) | (1,340) | (1,223) | |||||
Selling, general and administrative expense (1) | $ | (79) | (68) | (223) | (192) | |||||
Operating income (loss) | $ | 107 | 64 | 175 | 132 | |||||
Interest expense | $ | (56) | (41) | (161) | (100) | |||||
Share of earnings (losses) of affiliates, net | $ | 2 | 1 | (1) | — | |||||
Realized and unrealized gains (losses) on financial instruments, net | $ | 66 | 24 | 83 | 100 | |||||
Unrealized gains (losses) on intergroup interest | $ | 16 | 47 | 15 | 26 | |||||
Income tax (expense) benefit | $ | (31) | 8 | (35) | — | |||||
Earnings (loss) attributable to 猫咪社区 stockholders | $ | 118 | 108 | 125 | 184 |
(1) | Includes stock-based compensation of $4 million and $5 million for the three months ended September 30, 2023 and 2022, respectively, and $14 million and $12 million for the nine months ended September 30, 2023 and 2022, respectively. |
3
猫咪社区 Live Group
Summary Balance Sheet Data:
September 30, | December 31, | ||||||
2023 | 2022 | ||||||
amounts in millions | |||||||
Cash and cash equivalents | $ | 315 | NA | ||||
Investments in affiliates, accounted for using the equity method | $ | 397 | NA | ||||
Total assets | $ | 1,191 | NA | ||||
Long-term debt, including current portion | $ | 1,226 | NA | ||||
Attributed net assets | $ | (62) | NA |
Summary Statement of Operations Data:
Three months ended | Nine months ended | |||||||||
September 30, | September 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
Selling, general and administrative expense (1) | $ | (5) | NA | (5) | NA | |||||
Operating income (loss) | $ | (5) | NA | (5) | NA | |||||
Share of earnings (losses) of affiliates, net | $ | 90 | NA | 90 | NA | |||||
Income tax (expense) benefit | $ | 5 | NA | 5 | NA | |||||
Earnings (loss) attributable to 猫咪社区 stockholders | $ | (19) | NA | (19) | NA |
(1) | Includes stock-based compensation expense of $1 million for each of the three and nine months ended September 30, 2023. |
4
BALANCE SHEET INFORMATION
September 30, 2023
(unaudited)
Attributed (note 1) | ||||||||||||
猫咪社区 | 猫咪社区 | |||||||||||
SiriusXM | Formula One | Live | Inter-Group | Consolidated | ||||||||
| Group | Group | Group | Eliminations | 猫咪社区 |
| ||||||
amounts in millions | ||||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | | | | — | |
| |||||
Trade and other receivables, net |
| | | — | — | |
| |||||
Other current assets |
| | | — | — | |
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Total current assets |
| | | | — | |
| |||||
Investments in affiliates, accounted for using the equity method (note 1) |
| | | | — | |
| |||||
Property and equipment, at cost |
| | | — | — | |
| |||||
Accumulated depreciation |
| ( | ( | — | — | ( |
| |||||
| | | — | — | |
| ||||||
Intangible assets not subject to amortization | ||||||||||||
Goodwill |
| | | — | — | |
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FCC licenses |
| | — | — | — | |
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Other |
| | — | — | — | |
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| | | — | — | |
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Intangible assets subject to amortization, net |
| | | — | — | |
| |||||
Other assets |
| | | | ( | |
| |||||
Total assets | $ | | | | ( | |
| |||||
Liabilities and Equity | ||||||||||||
Current liabilities: | ||||||||||||
Intergroup payable (receivable) (note 3) | $ | | ( | | — | — | ||||||
Accounts payable and accrued liabilities | |
| | | — | | ||||||
Current portion of debt | | | | — | | |||||||
Deferred revenue |
| |
| | — | — | | |||||
Other current liabilities |
| |
| | — | — | | |||||
Total current liabilities |
| |
| | | — | | |||||
Long-term debt (note 1) |
| |
| | | — | | |||||
Deferred income tax liabilities |
| |
| — | — | ( | | |||||
Other liabilities |
| |
| | — | — | | |||||
Total liabilities |
| |
| | | ( | | |||||
Equity / Attributed net assets |
| |
| | ( | — | | |||||
Noncontrolling interests in equity of subsidiaries |
| |
| — | | — | | |||||
Total liabilities and equity | $ | |
| | | ( | |
5
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2023
(unaudited)
Attributed (note 1) | ||||||||||||
猫咪社区 | 猫咪社区 | |||||||||||
SiriusXM | Formula One | Live | Braves | Consolidated | ||||||||
Group | Group | Group | Group | 猫咪社区 | ||||||||
amounts in millions | ||||||||||||
Revenue: | ||||||||||||
Sirius XM Holdings revenue | $ | |
| — | — | — | | |||||
Formula 1 revenue | — | | — | — | | |||||||
Other revenue |
| — |
| — | — | | | |||||
Total revenue |
| |
| | — | | | |||||
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 |
| |
| — | — | — | | |||||
Programming and content |
| |
| — | — | — | | |||||
Customer service and billing |
| |
| — | — | — | | |||||
Other |
| |
| — | — | — | | |||||
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) | — | | — | — | | |||||||
Subscriber acquisition costs |
| |
| — | — | — | | |||||
Other operating expenses |
| |
| — | — | | | |||||
Selling, general and administrative |
| |
| | | | | |||||
Impairment, restructuring and acquisition costs, net of recoveries | |
| — | — | — | | ||||||
Depreciation and amortization |
| |
| | — | | | |||||
| |
| | | | | ||||||
Operating income (loss) |
| |
| | ( | ( | | |||||
Other income (expense): | ||||||||||||
Interest expense |
| ( |
| ( | ( | ( | ( | |||||
Share of earnings (losses) of affiliates, net |
| |
| | | | | |||||
Realized and unrealized gains (losses) on financial instruments, net |
| |
| | ( | — | | |||||
Unrealized gains (losses) on intergroup interests (note 1) | | | — | ( | — | |||||||
Other, net |
| |
| | ( | | ( | |||||
| ( |
| | ( | ( | ( | ||||||
Earnings (loss) before income taxes |
| |
| | ( | ( | | |||||
Income tax (expense) benefit |
| ( |
| ( | | | ( | |||||
Net earnings (loss) |
| |
| | ( | ( | | |||||
Less net earnings (loss) attributable to the noncontrolling interests |
| |
| — | — | — | | |||||
Net earnings (loss) attributable to 猫咪社区 stockholders | $ | |
| | ( | ( | |
6
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2023
(unaudited)
Attributed (note 1) | ||||||||||||
猫咪社区 | 猫咪社区 | |||||||||||
SiriusXM | Formula One | Live | Braves | Consolidated | ||||||||
Group | Group | Group | Group | 猫咪社区 | ||||||||
amounts in millions | ||||||||||||
Revenue: | ||||||||||||
Sirius XM Holdings revenue | $ | | — | — |
| — | | |||||
Formula 1 revenue | — | | — | — | | |||||||
Other revenue |
| — | — | — |
| | | |||||
Total revenue |
| | | — |
| | | |||||
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 |
| | — | — |
| — | | |||||
Programming and content |
| | — | — |
| — | | |||||
Customer service and billing |
| | — | — |
| — | | |||||
Other |
| | — | — |
| — | | |||||
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) | — | | — | — | | |||||||
Subscriber acquisition costs |
| | — | — |
| — | | |||||
Other operating expenses |
| | — | — |
| | | |||||
Selling, general and administrative |
| | | |
| | | |||||
Impairment, restructuring and acquisition costs, net of recoveries | | — | — |
| | | ||||||
Depreciation and amortization |
| | | — |
| | | |||||
| | | |
| | | ||||||
Operating income (loss) |
| | | ( |
| ( | | |||||
Other income (expense): | ||||||||||||
Interest expense |
| ( | ( | ( |
| ( | ( | |||||
Share of earnings (losses) of affiliates, net |
| | ( | |
| | | |||||
Realized and unrealized gains (losses) on financial instruments, net |
| ( | | ( |
| | ( | |||||
Unrealized gains (losses) on intergroup interest (note 1) | | | — | ( | — | |||||||
Other, net |
| | | ( |
| | | |||||
| ( | ( | ( |
| ( | ( | ||||||
Earnings (loss) before income taxes |
| | | ( |
| ( | | |||||
Income tax (expense) benefit |
| ( | ( | |
| | ( | |||||
Net earnings (loss) |
| | | ( |
| ( | | |||||
Less net earnings (loss) attributable to the noncontrolling interests |
| | ( | — |
| — | | |||||
Net earnings (loss) attributable to 猫咪社区 stockholders | $ | | | ( |
| ( | |
7
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2022
(unaudited)
Attributed (note 1) | ||||||||||
猫咪社区 | ||||||||||
SiriusXM | Formula One | Braves | Consolidated | |||||||
Group | Group | Group | 猫咪社区 | |||||||
amounts in millions | ||||||||||
Revenue: | ||||||||||
Sirius XM Holdings revenue | $ | |
| — | — | | ||||
Formula 1 revenue | — | | — | | ||||||
Other revenue |
| — |
| — | | | ||||
Total revenue |
| |
| | | | ||||
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 |
| |
| — | — | | ||||
Programming and content |
| |
| — | — | | ||||
Customer service and billing |
| |
| — | — | | ||||
Other |
| |
| — | — | | ||||
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) | — | | — | | ||||||
Subscriber acquisition costs |
| |
| — | — | | ||||
Other operating expenses |
| |
| — | | | ||||
Selling, general and administrative |
| |
| | | | ||||
Impairment, restructuring and acquisition costs, net of recoveries | | — | | | ||||||
Depreciation and amortization |
| |
| | | | ||||
| |
| | | | |||||
Operating income (loss) |
| |
| | | | ||||
Other income (expense): | ||||||||||
Interest expense |
| ( |
| ( | ( | ( | ||||
Share of earnings (losses) of affiliates, net |
| |
| | | | ||||
Realized and unrealized gains (losses) on financial instruments, net |
| |
| | | | ||||
Unrealized gains (losses) on intergroup interests (note 1) | ( | | ( | — | ||||||
Other, net |
| |
| | — | | ||||
| |
| | ( | | |||||
Earnings (loss) before income taxes |
| |
| | ( | | ||||
Income tax (expense) benefit |
| ( |
| | ( | ( | ||||
Net earnings (loss) |
| |
| | ( | | ||||
Less net earnings (loss) attributable to the noncontrolling interests |
| |
| | — | | ||||
Less net earnings (loss) attributable to redeemable noncontrolling interest | — | ( | — | ( | ||||||
Net earnings (loss) attributable to 猫咪社区 stockholders | $ | |
| | ( | |
8
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2022
(unaudited)
Attributed (note 1) | ||||||||||
猫咪社区 | ||||||||||
SiriusXM | Formula One | Braves | Consolidated | |||||||
Group | Group | Group | 猫咪社区 | |||||||
amounts in millions | ||||||||||
Revenue: | ||||||||||
Sirius XM Holdings revenue | $ | |
| — | — | | ||||
Formula 1 revenue | — | | — | | ||||||
Other revenue |
| — |
| — | | | ||||
Total revenue |
| |
| | | | ||||
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 |
| |
| — | — | | ||||
Programming and content |
| |
| — | — | | ||||
Customer service and billing |
| |
| — | — | | ||||
Other |
| |
| — | — | | ||||
Cost of Formula 1 revenue (exclusive of depreciation shown separately below) | — | | — | | ||||||
Subscriber acquisition costs |
| |
| — | — | | ||||
Other operating expenses |
| |
| — | | | ||||
Selling, general and administrative |
| |
| | | | ||||
Impairment, restructuring and acquisition costs, net of recoveries | | — | | | ||||||
Depreciation and amortization |
| |
| | | | ||||
| |
| | | | |||||
Operating income (loss) |
| |
| | | | ||||
Other income (expense): | ||||||||||
Interest expense |
| ( |
| ( | ( | ( | ||||
Share of earnings (losses) of affiliates, net |
| |
| — | | | ||||
Realized and unrealized gains (losses) on financial instruments, net |
| |
| | | | ||||
Unrealized gains (losses) on intergroup interests (note 1) | ( | | | — | ||||||
Other, net |
| |
| | | | ||||
| |
| | | | |||||
Earnings (loss) before income taxes |
| |
| | | | ||||
Income tax (expense) benefit |
| ( |
| — | ( | ( | ||||
Net earnings (loss) |
| |
| | | | ||||
Less net earnings (loss) attributable to the noncontrolling interests |
| |
| | — | | ||||
Less net earnings (loss) attributable to redeemable noncontrolling interest | — | ( | — | ( | ||||||
Net earnings (loss) attributable to 猫咪社区 stockholders | $ | |
| | | |
9
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2023
(unaudited)
Attributed (note 1) | ||||||||||||
猫咪社区 | 猫咪社区 | |||||||||||
SiriusXM | Formula One | Live | Braves | Consolidated | ||||||||
Group | Group | Group | Group | 猫咪社区 | ||||||||
amounts in millions | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net earnings (loss) | $ | |
| | ( | ( | | |||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization |
| |
| | — | | | |||||
Stock-based compensation |
| |
| | | | | |||||
Non-cash impairment and restructuring costs | |
| — | — | — | | ||||||
Share of (earnings) loss of affiliates, net |
| ( |
| | ( | ( | ( | |||||
Unrealized (gains) losses on intergroup interests, net | ( | ( | — | | — | |||||||
Realized and unrealized (gains) losses on financial instruments, net |
| |
| ( | | ( | | |||||
Deferred income tax expense (benefit) |
| ( |
| | ( | ( | | |||||
Intergroup tax allocation | | ( | ( | — | — | |||||||
Intergroup tax (payments) receipts | ( | | — | ( | — | |||||||
Other charges (credits), net |
| ( |
| | | | | |||||
Changes in operating assets and liabilities | ||||||||||||
Current and other assets |
| |
| ( | ( | ( | ( | |||||
Payables and other liabilities |
| ( |
| | | | | |||||
Net cash provided (used) by operating activities |
| |
| | ( | | | |||||
Cash flows from investing activities: | ||||||||||||
Investments in equity method affiliates and debt and equity securities |
| ( |
| ( | — | — | ( | |||||
Cash proceeds from dispositions | — | | | — | | |||||||
Capital expended for property and equipment, including internal-use software and website development |
| ( |
| ( | — | ( | ( | |||||
Other investing activities, net |
| ( |
| ( | — | — | ( | |||||
Net cash provided (used) by investing activities |
| ( |
| ( | | ( | ( | |||||
Cash flows from financing activities: | ||||||||||||
Borrowings of debt |
| |
| — | | | | |||||
Repayments of debt |
| ( |
| ( | ( | ( | ( | |||||
Intergroup (repayments) borrowings | | ( | — | — | — | |||||||
Subsidiary shares repurchased by subsidiary |
| ( |
| — | — | — | ( | |||||
Cash dividends paid by subsidiary | ( | — | — | — | ( | |||||||
Taxes paid in lieu of shares issued for stock-based compensation |
| ( |
| ( | — | ( | ( | |||||
Atlanta Braves Holdings, Inc. Split-Off | — |
| — | — | ( | ( | ||||||
Reclassification | — |
| ( | | — | — | ||||||
Other financing activities, net | | | — | | | |||||||
Net cash provided (used) by financing activities |
| ( |
| ( | | ( | ( | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
| ( |
| ( | | ( | ( | |||||
Cash, cash equivalents and restricted cash at beginning of period |
| |
| | NA | | | |||||
Cash, cash equivalents and restricted cash at end of period | $ | |
| | | — | |
10
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2022
(unaudited)
Attributed (note 1) | ||||||||||
猫咪社区 | ||||||||||
SiriusXM | Formula One | Braves | Consolidated | |||||||
Group | Group | Group | 猫咪社区 | |||||||
amounts in millions | ||||||||||
Cash flows from operating activities: | ||||||||||
Net earnings (loss) | $ | |
| | | | ||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||||||||
Depreciation and amortization |
| |
| | | | ||||
Stock-based compensation |
| |
| | | | ||||
Non-cash impairment and restructuring costs | | — | | | ||||||
Share of (earnings) loss of affiliates, net |
| ( |
| — | ( | ( | ||||
Unrealized (gains) losses on intergroup interests, net | | ( | ( | — | ||||||
Realized and unrealized (gains) losses on financial instruments, net |
| ( |
| ( | ( | ( | ||||
Deferred income tax expense (benefit) |
| |
| | ( | | ||||
Intergroup tax allocation | | ( | | — | ||||||
Intergroup tax (payments) receipts | ( | | | — | ||||||
Other charges (credits), net |
| ( |
| ( | ( | ( | ||||
Changes in operating assets and liabilities | ||||||||||
Current and other assets |
| |
| ( | ( | ( | ||||
Payables and other liabilities |
| ( |
| | ( | ( | ||||
Net cash provided (used) by operating activities |
| |
| | | | ||||
Cash flows from investing activities: | ||||||||||
Investments in equity method affiliates and debt and equity securities |
| ( |
| ( | ( | ( | ||||
Cash proceeds from dispositions | | | | | ||||||
Cash (paid) received for acquisitions, net of cash acquired | ( | — | — | ( | ||||||
Capital expended for property and equipment, including internal-use software and website development |
| ( |
| ( | ( | ( | ||||
Other investing activities, net |
| |
| | — | | ||||
Net cash provided (used) by investing activities |
| ( |
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Borrowings of debt |
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Repayments of debt |
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Intergroup (repayments) borrowings | | ( | ( | — | ||||||
猫咪社区 stock repurchases | ( | ( | — | ( | ||||||
Subsidiary shares repurchased by subsidiary |
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Cash dividends paid by subsidiary | ( | — | — | ( | ||||||
Taxes paid in lieu of shares issued for stock-based compensation |
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Other financing activities, net | | | ( | | ||||||
Net cash provided (used) by financing activities |
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Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | — | ( | — | ( | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
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Cash, cash equivalents and restricted cash at beginning of period |
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Cash, cash equivalents and restricted cash at end of period | $ | |
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11
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. |
On July 18, 2023, the Company completed the previously announced split-off (the “Split-Off”) of its wholly owned subsidiary, Atlanta Braves Holdings, Inc (“Atlanta Braves Holdings”). The Split-Off was accomplished by a redemption by the Company of each outstanding share of 猫咪社区 Braves common stock in exchange for one share of the corresponding series of Atlanta Braves Holdings common stock. Atlanta Braves Holdings is comprised of the businesses, assets and liabilities attributed to the Braves Group immediately prior to the Split-Off, except for the intergroup interests in the Braves Group attributed to the 猫咪社区 SiriusXM Group and the Formula One Group, which were settled and extinguished in connection with the Split-Off.
On August 3, 2023, the Company reclassified its then-outstanding shares of common stock into three new tracking stocks — 猫咪社区 SiriusXM common stock, 猫咪社区 Formula One common stock and 猫咪社区 Live common stock, and, in connection therewith, provided for the attribution of the businesses, assets and liabilities of the Company’s remaining tracking stock groups among its newly created 猫咪社区 SiriusXM Group, Formula One Group and 猫咪社区 Live Group (the “Reclassification”). As a result of the Reclassification, each then-outstanding share of 猫咪社区 SiriusXM common stock was reclassified into one share of the corresponding series of new 猫咪社区 SiriusXM common stock and 0.2500 of a share of the corresponding series of 猫咪社区 Live common stock and each outstanding share of 猫咪社区 Formula One common stock was reclassified into one share of the corresponding series of new 猫咪社区 Formula One common stock and 0.0428 of a share of the corresponding series of 猫咪社区 Live common stock.
Each of the Split-Off and the Reclassification were intended to be tax-free to stockholders of the Company, except with respect to the receipt of cash in lieu of fractional shares. The Split-Off and the Reclassification are reflected in the Company’s consolidated financial statements and these attributed financial statements on a prospective basis.
While the 猫咪社区 SiriusXM Group, Formula One Group and 猫咪社区 Live 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. 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 猫咪社区 tracking stock, any equity or voting interest in a public company, such as Sirius XM Holdings Inc. (“Sirius XM Holdings”), in which 猫咪社区 holds an interest and that is attributed to a 猫咪社区 tracking stock group, the 猫咪社区 SiriusXM 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.
As of September 30, 2023, the 猫咪社区 SiriusXM Group was primarily comprised of 猫咪社区’s interest in Sirius XM Holdings, corporate cash, 猫咪社区’s 1.375% Cash Convertible Notes due 2023 and related financial instruments, 猫咪社区’s 3.75% Senior Convertible Notes due 2028, 猫咪社区’s 2.75% Exchangeable Senior Debentures due 2049, a margin loan obligation incurred by a wholly-owned special purpose subsidiary of 猫咪社区 and an interest in Atlanta Braves Holdings related to the settlement of 猫咪社区 SiriusXM Group’s intergroup interest in the Braves Group, detailed below. As of September 30, 2023, the 猫咪社区 SiriusXM Group had cash and cash equivalents of approximately $327 million, which included $53 million of subsidiary cash.
As of September 30, 2023, the Formula One Group was primarily comprised of 猫咪社区’s interest in Formula 1, cash and 猫咪社区’s 2.25% Convertible Senior Notes due 2027. As of September 30, 2023, the Formula One Group had cash and cash equivalents of approximately $1,470 million, which included $947 million of cash held by Formula 1.
As of September 30, 2023, the 猫咪社区 Live Group is comprised of all of the businesses, assets and liabilities of 猫咪社区, other than those specifically attributed to the 猫咪社区 SiriusXM Group or the Formula One Group, including 猫咪社区’s interest in Live Nation, cash, certain public and private assets previously attributed to
12
Notes to Attributed Financial Information (Continued)
(unaudited)