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Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.19.2
Acquisitions (Tables)
6 Months Ended
Jun. 30, 2019
Schedule of consideration paid with the acquisition

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Pandora common stock outstanding at January 31, 2019

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272

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Exchange ratio

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1.44

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Sirius XM Holdings common stock issued

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392

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Price per share of Sirius XM Holdings common stock as of January 31, 2019

$

5.83

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Value of Sirius XM Holdings common stock issued to Pandora stockholders pursuant to the transactions

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2,285

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Value of Sirius XM Holdings replacement equity awards attributable to pre-combination service

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70

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Sirius XM Holdings' Pandora preferred stock investment cancelled

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524

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Total consideration

$

2,879

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Schedule of Purchase Price Allocation

The preliminary acquisition price allocation for Pandora is as follows (in millions):

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Cash and cash equivalents

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$

313

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Trade and other receivables, net

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353

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Other current assets

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109

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Property and equipment

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41

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Goodwill

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1,562

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Intangible assets not subject to amortization

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331

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Intangible assets subject to amortization, net

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800

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Other assets

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178

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Accounts payable and accrued liabilities

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(306)

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Current portion of debt

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(151)

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Deferred revenue

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(37)

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Other current liabilities

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(27)

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Long-term debt (a)

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(218)

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Other liabilities

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(69)

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$

2,879

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(a) In order to present the assets acquired and liabilities assumed, the conversion feature associated with Pandora’s convertible notes for $62 million has been included within long-term debt in the table above and included within noncontrolling interest in equity of subsidiaries within the condensed consolidated statement of equity. See note 9 for details regarding Pandora’s convertible notes.

Business Acquisition, Pro Forma Information

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Three months ended

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Six months ended

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June 30,

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June 30,

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2019

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2018

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2019

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2018

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amounts in millions

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Revenue

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$

2,807

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2,586

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4,935

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4,425

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Net earnings (loss)

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$

194

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81

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86

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177

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Net earnings (loss) attributable to Liberty stockholders

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$

118

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48

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(27)

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99

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