Liberty Media Corporation Reports Third Quarter 2020 Financial Results

ENGLEWOOD, Colo.–(BUSINESS WIRE)–Liberty Media Corporation (“Liberty Media” or “Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today reported third quarter 2020 results. Headlines include(1):

  • Attributed to Liberty SiriusXM Group

    • SiriusXM reported third quarter 2020 financial results

      • SiriusXM self-pay net subscriber additions of 169,000 in third quarter
      • Third quarter revenue of $2,025 million, up 1% year-over-year
      • Third quarter net income of $272 million, up 11%; diluted EPS of $0.06
      • Adjusted EBITDA(2) of $661 million in the third quarter, up 1% year-over-year
      • SiriusXM increased 2020 subscriber and financial guidance on October 22nd
      • Third quarter SiriusXM capital returns total $544 million; Stitcher acquisition complete; leadership transition on track
    • Jennifer Witz slated to become CEO of SiriusXM on January 1, 2021
    • Liberty Media’s ownership of SiriusXM stood at 74.4% as of October 20th
    • From August 1st through October 31st, Liberty repurchased 3.1 million LSXMA/K shares at an average price per share of $34.93 and total cash consideration of $110 million
    • Corporate level liquidity as of September 30th: $974 million cash, cash equivalents and undrawn margin loan capacity (excluding liquidity at SiriusXM)
  • Attributed to Formula One Group

    • F1 and FIA announced new five year Concorde Agreement executed with all ten teams
    • Completed 13 races of planned 17 race season
    • Lewis Hamilton sets new record of 93 Grand Prix wins, surpassing Michael Schumacher
    • Stefano Domenicali appointed President and CEO of F1 effective January 2021

      • Chase Carey will move to role of non-executive Chairman
    • Liquidity as of September 30th: $2.1 billion cash, cash equivalents and revolver capacity (including $639 million of liquidity at F1)
  • Attributed to Braves Group

    • Braves clinched third straight NL East title and won NL Wild Card Series and NL Division Series
    • Braves amended debt agreements related to the team revolver and ballpark funding
    • Liquidity as of September 30th: $260 million cash, restricted cash, cash equivalents and revolver capacity (including $183 million liquidity at Braves)

“Our employees and management teams executed exceptionally well given the ongoing challenges presented by COVID-19. SiriusXM posted strong results, returned capital of $544 million and announced Jennifer Witz will assume the role of CEO in 2021. The Braves had an outstanding season, clinching their third straight NL East title. Formula 1 impressively planned a 17 race calendar and has produced some thrilling races thus far, including at two new venues. We were pleased to announce that Stefano Domenicali has been appointed CEO effective January 2021,” said Greg Maffei, Liberty Media President & CEO.

Note on COVID-19

Liberty Media continues to monitor and assess the effects of the COVID-19 pandemic on its operations, wholly-owned businesses and various investments. The global spread of COVID-19 prompted many countries throughout the world to take aggressive actions, including imposing travel restrictions and stay-at-home orders, closing public attractions and restaurants, and mandating social distancing practices. As a result, the start of the 2020 F1 season was delayed until the beginning of July 2020 and the Major League Baseball season was delayed until the end of July 2020. In addition, in mid-March 2020, Live Nation suspended all large-scale live entertainment events but has continued to host alternative types of concerts and live events in various global locations that are compliant with local safety standards. Liberty Media and our portfolio companies will continue to comply with the recommendations of various government agencies and focus on the safety of our employees, partners and customers. Liberty Media, SiriusXM, Formula 1 and Braves Holdings are in compliance with all debt covenants as of September 30, 2020. Braves Holdings is expected to be out of compliance with certain debt covenants related to one mixed-use loan as of December 31, 2020, and is in ongoing discussions with the debt counterparty to obtain waivers and covenant modifications.

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended September 30, 2020 to the same period in 2019.

LIBERTY SIRIUSXM GROUP – The following table provides the financial results attributed to Liberty SiriusXM Group for the third quarter of 2020. In the third quarter, approximately $10 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Liberty SiriusXM Group.

 

 

 

 

 

 

 

 

 

 

 

 

 

3Q19

 

3Q20

 

% Change

 

 

amounts in millions

 

 

 

 

Liberty SiriusXM Group

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

SiriusXM

 

$

2,011

 

 

$

2,025

 

 

 

1

%

Total Liberty SiriusXM Group

 

$

2,011

 

 

$

2,025

 

 

 

1

%

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

SiriusXM

 

 

459

 

 

 

461

 

 

 

0

%

Corporate and other

 

 

(5

)

 

 

(10

)

 

 

(100

)%

Total Liberty SiriusXM Group

 

$

454

 

 

$

451

 

 

 

(1

)%

Adjusted OIBDA

 

 

 

 

 

 

 

 

 

 

SiriusXM(a)

 

 

659

 

 

 

661

 

 

 

0

%

Corporate and other

 

 

(4

)

 

 

(7

)

 

 

(75

)%

Total Liberty SiriusXM Group

 

$

655

 

 

$

654

 

 

 

0

%

a)

SiriusXM reported $657m of pro forma adjusted EBITDA in 3Q19 for purposes of page one of this press release.

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 third quarter results on October 22, 2020. For additional detail on SiriusXM’s financial results for the third 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 third quarter of 2020. In the third quarter, the Formula One Group incurred approximately $8 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

“We are incredibly proud of the way our Formula 1 community has come together to face the challenges and return to racing in a safe way, and we’ve seen excitement both on and off the track. Lewis Hamilton broke Michael Schumacher’s record of 91 wins and he keeps raising the bar,” said Chase Carey, Chairman and CEO of Formula 1. “Alongside the FIA and all ten teams, we were pleased to announce the signing of the new Concorde Agreement that further builds on the foundation for the long term future of our sport, along with the significant regulatory changes scheduled for 2022. After four years at Formula 1, I look forward to staying involved as non-executive Chairman with Stefano Domenicali assuming the role of CEO in 2021. I want to thank everyone at Formula 1, the FIA, teams, promoters and other partners who have been key to our success.”

 

 

 

 

 

 

 

 

 

3Q19

 

3Q20

 

 

amounts in millions

Formula One Group

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Formula 1

 

$

633

 

 

$

597

 

Total Formula One Group

 

$

633

 

 

$

597

 

Operating Income (Loss)

 

 

 

 

 

 

Formula 1

 

$

44

 

 

$

(104

)

Corporate and other

 

 

(12

)

 

 

(11

)

Total Formula One Group

 

$

32

 

 

$

(115

)

Adjusted OIBDA

 

 

 

 

 

 

Formula 1

 

$

162

 

 

$

14

 

Corporate and other

 

 

(8

)

 

 

(6

)

Total Formula One Group

 

$

154

 

 

$

8

 

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

F1 Operating Results

 

 

 

 

 

 

 

 

 

3Q19

 

3Q20

 

% Change

 

amounts in millions

 

 

 

Primary Formula 1 revenue

$

553

 

 

$

524

 

 

(5

)%

Other Formula 1 revenue

 

80

 

 

 

73

 

 

(9

)%

Total Formula 1 revenue

$

633

 

 

$

597

 

 

(6

)%

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

 

 

 

 

 

 

 

 

Team payments

 

(335

)

 

 

(441

)

 

(32

)%

Other cost of Formula 1 revenue

 

(99

)

 

 

(110

)

 

(11

)%

Cost of Formula 1 revenue

$

(434

)

 

$

(551

)

 

(27

)%

Selling, general and administrative expenses

 

(37

)

 

 

(32

)

 

14

%

Adjusted OIBDA

$

162

 

 

$

14

 

 

(91

)%

Stock-based compensation

 

(5

)

 

 

(3

)

 

40

%

Depreciation and Amortization

 

(113

)

 

 

(115

)

 

(2

)%

Operating income (loss)

$

44

 

 

$

(104

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

Number of races in period

 

7

 

 

 

10

 

 

 

 

Due to the COVID-19 pandemic, the start of the 2020 season was postponed until early July, with certain races cancelled and others rescheduled to later dates. The 2020 revised calendar consists of 17 events beginning July 5th and ending December 13th. There were ten races held in the third quarter of 2020 compared to seven races in the third quarter of 2019. Fans were only in attendance in reduced numbers at one race in the third quarter, and similar limited capacity crowds have been present at two subsequent races. Currently, F1 does not expect to have fans at any of the remaining 2020 races. Results in the third quarter of 2020 were impacted by the absence of fans, the location of races as well as the timing of the revised race calendar and pro rata recognition of certain revenue streams, with 10/17 races taking place in the third quarter of 2020 compared to 7/21 in the third quarter of 2019.

Primary F1 revenue is comprised of (i) race promotion fees, (ii) broadcasting fees and (iii) advertising & sponsorship fees. Primary F1 revenue decreased mainly due to the limited race promotion revenue received since fans were prohibited at all but one race during the third quarter. This was partially offset by growth in broadcasting and advertising & sponsorship fees due to the impact of higher proportionate recognition of season-based income with three additional races during the current period, as well as the impact of recognizing revenue over fewer races in 2020. However, both broadcasting and advertising & sponsorship revenues were lower than originally contracted. The altered schedule triggered lower broadcasting fees pursuant to the contractual terms within certain broadcasting agreements and also led to other one-time changes as certain broadcasting fees were renegotiated for the current year. Additionally, Formula 1 has been prevented from delivering all elements of a typical sponsorship offering due to the cancellation of races to which contracted sponsorship inventory specifically related and the limited activities at the races, including hospitality, leading to one-time changes in sponsorship contracts.

Other F1 revenue decreased in the third quarter due to the non-operation of the Paddock Club and lower freight revenue, partially offset by increased revenue from the F2 and F3 support series as there were three additional races in the current period compared to the prior year.

Operating loss increased and adjusted OIBDA(2) decreased in the third quarter. Team payments increased partially due to one-time fees paid to teams upon signing the new Concorde Agreement as well as the pro rata recognition of prize fund payments across the race season. Other cost of F1 revenue is largely variable in nature and mostly relates directly to revenue opportunities. These costs increased in the third quarter due to the increase in number of races compared to the prior year, partially offset by lower hospitality and lower freight costs, as only one flyaway race took place in the current period. Selling, general and administrative expense decreased due to favorable foreign exchange rates and lower discretionary 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 October 31, 2020. 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 October 31, 2020 would have been 237 million.

The businesses and assets attributed to the Formula One Group consist of Liberty Media’s subsidiary F1 and other minority investments, including AT&T 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 third quarter of 2020. In the third quarter, approximately $1 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Braves Group.

 

 

 

 

 

 

 

 

 

3Q19

 

3Q20

 

 

amounts in millions

Braves Group

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Corporate and other

 

$

212

 

$

110

 

Operating Income

 

 

 

 

 

 

Corporate and other

 

$

21

 

$

(16

)

Adjusted OIBDA

 

 

 

 

 

 

Corporate and other

 

$

45

 

$

5

 

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

 

 

 

 

 

 

 

 

 

 

3Q19

 

3Q20

 

% Change

 

amounts in millions

 

 

 

Baseball revenue

$

203

 

 

$

102

 

 

(50

)%

Development revenue

 

9

 

 

 

8

 

 

(11

)%

Total revenue

 

212

 

 

 

110

 

 

(48

)%

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

 

 

 

 

 

 

 

 

Other operating expenses

 

(145

)

 

 

(90

)

 

38

%

Selling, general and administrative expenses

 

(21

)

 

 

(14

)

 

33

%

Adjusted OIBDA

$

46

 

 

$

6

 

 

(87

)%

Stock-based compensation

 

(3

)

 

 

(2

)

 

33

%

Depreciation and Amortization

 

(20

)

 

 

(19

)

 

5

%

Operating income (loss)

$

23

 

 

$

(15

)

 

NM

 

 

 

 

 

 

 

 

 

Number of home games in period

 

40

 

 

 

30

 

 

 

 

Due to the outbreak of COVID-19, MLB postponed the start of the 2020 season until late July. The regular season included 60 games (30 home and 30 away) beginning July 24th and ending September 27th. Accordingly, the majority of Braves revenue in 2020 was recognized during the third quarter, compared to an ordinary 162 game season with revenue recognized primarily over the second and third quarters. There were no fans in attendance during the 2020 regular season. In the fourth quarter, the Braves do not expect to generate material revenue associated with the postseason given the structure of the MLB playoffs to accommodate COVID safety protocols, but the Braves will incur modest expense due to travel and other associated costs.

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 decreased in the third quarter as a result of fewer games and no fans, which drove lower broadcasting and ballpark operations revenue. The decrease in development revenue was primarily driven by the deferral of rental income from certain tenants at the mixed-use development.

Operating income and adjusted OIBDA decreased in the third quarter. Lower revenue was partially offset by decreased operating expenses as a result of lower player salaries, as players were paid a pro-rata portion of their salaries, as well as lower facility and game day expenses driven by fewer games with no fans. Selling, general and administrative expense decreased due to reduced marketing expense and fewer games.

The Formula One Group holds an approximate 11.3% intergroup interest (6.8 million notional shares) and the Liberty SiriusXM Group holds an approximate 3.8% intergroup interest (2.3 million notional shares) in the Braves Group as of October 31, 2020. 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 October 31, 2020 would have been 60 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, six minor league baseball clubs and certain assets and liabilities associated with the Braves’ ballpark and mixed-use development project.

Share Repurchases

From August 1, 2020 through October 31, 2020, Liberty SiriusXM Group repurchased approximately 2.4 million Series C Liberty SiriusXM shares (Nasdaq: LSXMK) at an average cost per share of $34.99 for total cash consideration of $83 million and repurchased approximately 756 thousand Series A Liberty SiriusXM shares (Nasdaq: LSXMA) at an average cost per share of $34.74 for total cash consideration of $26 million.

The total remaining repurchase authorization for Liberty Media as of November 1, 2020 is approximately $1.1 billion and can be applied to repurchases of Series A and Series C shares of any of the Liberty Media Corporation tracking stocks.

FOOTNOTES

1)

Liberty Media’s President and CEO, Greg Maffei, will discuss these headlines and other matters on Liberty Media’s earnings conference call which will begin at 10:00 a.m. (E.S.T.) on November 5, 2020. For information regarding how to access the call, please see “Important Notice” later in this document.

2)

For definitions of Adjusted OIBDA (as defined by Liberty Media) and 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 September 30, 2020.

Fair Value of Corporate Public Holdings

 

 

 

 

 

 

 

 

(amounts in millions)

 

6/30/2020

 

9/30/2020

 

Liberty SiriusXM Group

 

 

 

 

 

 

 

Live Nation Investment(a)

 

$

3,087

 

$

3,752

 

iHeart(b)

 

$

58

 

 

57

 

Total Liberty SiriusXM Group(c)

 

$

3,145

 

$

3,809

 

Formula One Group

 

 

 

 

 

 

 

Public Holdings(d)

 

 

187

 

 

177

 

Total Formula One Group

 

$

187

 

$

177

 

Braves Group

 

 

NA

 

 

NA

 

Total Liberty Media

 

$

3,332

 

$

3,986

 

a)

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 $453 million and $289 million as of June 30, 2020 and September 30, 2020, respectively. Includes all shares of Live Nation owned with no adjustment to fair value for the 34.8 million notional shares underlying the call spread held at the Formula One Group, which was valued at approximately $210 million and $276 million as of June 30, 2020 and September 30, 2020, respectively.

b)

Includes fair value of iHeart shares and warrants 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 which 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.

The Live Nation call spread was issued in connection with the reattribution between Liberty SiriusXM Group and Formula One Group in April 2020. Formula One Group bought from Liberty SiriusXM Group a European call option on 34.8 million Live Nation shares with a strike price of $36.72 (the “Reattribution Price”). Simultaneously, Formula One Group sold to Liberty SiriusXM Group a European call option on 34.8 million Live Nation shares with a strike price of $47.74, a 30% premium to the Reattribution Price. The call spread matures on April 22, 2021 and is included within Other Current Assets and Other Current Liabilities on Liberty Media’s unaudited attributed condensed consolidated balance sheet.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributed

 

 

 

as of September 30, 2020

 

 

 

Liberty

 

 

 

 

 

 

Formula

 

 

 

SiriusXM

 

Braves

 

One

 

 

 

Group

 

Group

 

Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(amounts in millions)

 

Notional

Shares

 

 

Value

 

Notional

Shares

 

 

Value

 

Notional

Shares

 

Value

 

Braves Group intergroup interests

 

2.3

 

 

$

49

 

 

(9.1

)

 

$

(191

)

 

6.8

 

 

$

142

 

 

Formula One Group intergroup interest

 

5.3

 

 

$

176

 

 

 

 

$

 

 

(5.3

)

 

$

(176

)

 

Live Nation call spread

 

(34.8

)

 

$

(276

)

 

 

 

$

 

 

34.8

 

 

$

276

 

 

Cash and Debt

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

 

 

 

 

 

 

 

 

(amounts in millions)

 

6/30/2020

 

9/30/2020

 

Cash, Cash Equivalents and Restricted Cash Attributable to:

 

 

 

 

 

 

 

Liberty SiriusXM Group(a)(b)

 

$

1,935

 

 

$

148

 

 

Formula One Group(c)

 

 

1,767

 

 

 

1,586

 

 

Braves Group(b)

 

 

329

 

 

 

240

 

 

Total Consolidated Cash, Cash Equivalents and Restricted Cash (GAAP)

 

$

4,031

 

 

$

1,974

 

 

 

 

 

 

 

 

 

 

Debt:

 

 

 

 

 

 

 

SiriusXM senior notes(d)

 

$

9,250

 

 

$

7,750

 

 

Pandora convertible senior notes

 

 

194

 

 

 

194

 

 

1.375% cash convertible notes due 2023(e)

 

 

1,000

 

 

 

1,000

 

 

2.125% SiriusXM exchangeable senior debentures due 2048(e)

 

 

400

 

 

 

400

 

 

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

 

 

385

 

 

 

385

 

 

2.75% SiriusXM exchangeable senior debentures due 2049(e)

 

 

604

 

 

 

604

 

 

SiriusXM margin loan

 

 

750

 

 

 

750

 

 

Live Nation margin loan

 

 

 

 

 

 

 

Other subsidiary debt(f)

 

 

 

 

 

 

 

Total Attributed Liberty SiriusXM Group Debt

 

$

12,583

 

 

$

11,083

 

 

Unamortized discount, fair market value adjustment and deferred loan costs

 

 

(115

)

 

 

2

 

 

Total Attributed Liberty SiriusXM Group Debt (GAAP)

 

$

12,468

 

 

$

11,085

 

 

 

 

 

 

 

 

 

 

1% cash convertible notes due 2023(e)

 

 

450

 

 

 

450

 

 

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

 

 

206

 

 

 

204

 

 

Formula 1 term loan and revolving credit facility

 

 

2,902

 

 

 

2,902

 

 

Other corporate level debt

 

 

77

 

 

 

76

 

 

Total Attributed Formula One Group Debt

 

$

3,635

 

 

$

3,632

 

 

Fair market value adjustment and deferred loan costs

 

 

37

 

 

 

83

 

 

Total Attributed Formula One Group Debt (GAAP)

 

$

3,672

 

 

$

3,715

 

 

 

 

 

 

 

 

 

 

Atlanta Braves debt

 

 

718

 

 

 

714

 

 

Total Attributed Braves Group Debt

 

$

718

 

 

$

714

 

 

Deferred loan costs

 

 

(4

)

 

 

(4

)

 

Total Attributed Braves Group Debt (GAAP)

 

$

714

 

 

$

710

 

 

 

 

 

 

 

 

 

 

Total Liberty Media Corporation Debt (GAAP)

 

$

16,854

 

 

$

15,510

 

 

a)

Includes $1.8 billion and $44 million of cash, liquid investments and restricted cash held at SiriusXM as of June 30, 2020 and September 30, 2020, respectively.

b)

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

c)

Includes $324 million and $139 million of cash and liquid investments held at Formula 1 as of June 30, 2020 and September 30, 2020, 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, undrawn as of June 30, 2020 and September 30, 2020.

Contacts

Courtnee Chun (720) 875-5420

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