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Sirius Xm Holdings Inc. (SIRI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Sirius Xm Holdings Inc.

CIK: 908937 Ticker: SIRI
Exhibit 99.1


 
 
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SiriusXM Reports Fourth Quarter and Full-Year 2017 Results
 
2017 Revenue Climbs 8% to $5.4 Billion
Self-Pay Net Subscriber Additions of 1.56 Million in 2017
2017 Net Income Totals $648 Million After $185 Million Charge Related to the Tax Cuts and Jobs Act
Adjusted EBITDA Grows 13% to a Record $2.12 Billion in 2017
Company Beats 2017 Financial and Subscriber Guidance, Confirms Expectations for Growth in 2018
Board of Directors Approves Additional $2 Billion to Share Repurchase Program

NEW YORK – January 31, 2018 SiriusXM today announced fourth quarter and full-year 2017 operating and financial results, including record revenue of $1.4 billion and $5.4 billion, respectively, each increasing 8% versus the prior year periods.
 
The Company's net (loss) income totaled $(37) million and $648 million in the fourth quarter and full-year 2017, respectively, compared to $205 million and $746 million in the fourth quarter and full-year 2016, respectively. Net (loss) income per diluted common share was $(0.01) and $0.14 in the fourth quarter and full-year 2017, respectively, compared to $0.04 and $0.15 in the fourth quarter and full-year 2016, respectively. The fourth quarter and full-year 2017 net income results reflect a $185 million, or $0.04 per diluted share, charge associated with the revaluation of the Company's deferred tax assets as a result of the Tax Cuts and Jobs Act. In the fourth quarter 2017, the Company also recorded a decrease of approximately $72 million, or approximately $0.02 per diluted share, in the fair value of its investment in Pandora, reversing the prior quarter's unrealized gains.

Adjusted EBITDA grew 14% and 13% in the fourth quarter and full-year 2017, respectively, to a record $542 million and $2.12 billion. Free cash flow and operating cash flow in the fourth quarter 2017 increased 7% and 8%, respectively, to $460 million and $542 million. Full-year 2017 free cash flow and operating cash flow grew 3% and 8%, respectively, to $1.56 billion and $1.86 billion.
 
“The fourth quarter capped a strong year for SiriusXM and was our best quarter for self-pay subscriber growth in five years. We exceeded all of our 2017 subscriber and financial guidance, even after increasing these targets during the year. I am particularly pleased that we achieved this growth in an environment of slowing auto sales. Earlier this month, we outlined our goals to grow subscribers, revenue and adjusted EBITDA in 2018, and at the Detroit Auto Show, we unveiled with Fiat Chrysler the new Ram 1500, which will soon be available to consumers with our new 360L interface,” commented Jim Meyer, Chief Executive Officer, SiriusXM.
 
“SiriusXM didn’t let up in the fourth quarter in finding and delivering outstanding new programming for our national audience. We see this as a true competitive advantage and simply part of our DNA. From the launch of new college sports channels from major conferences, to a new comedy channel with Kevin Hart and a new show with Ricky Gervais, to our newly launched 24/7 channel with Barstool Sports, to breaking new artists across multiple genres, and to exclusive concerts with icons such as the Eagles and Duran Duran in special venues, we never stop delivering the best radio for our subscribers,” added Meyer.
 
FULL-YEAR 2017 HIGHLIGHTS
 
Self-Pay Subscribers Exceed 27.5 Million. The Company added 527,000 net new self-pay subscribers in the fourth quarter and 1.56 million for the full-year to end 2017 with approximately 27.5 million self-pay subscribers. Total net additions in the fourth quarter and full-year were 569,000 and 1.39 million, respectively, taking the Company's total subscriber count to approximately 32.7 million at year-end. As of December 31,



The following information was filed by Sirius Xm Holdings Inc. (SIRI) on Wednesday, January 31, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Sirius Xm Holdings Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Schedule Of Valuation And Qualifying Accounts
Schedule Ii - Schedule Of Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Stockholders' (deficit) Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Acquisition
Acquisition (details)
Acquisition (tables)
Benefit Plans
Benefit Plans (tables)
Benefit Plans - Additional Information (details)
Benefit Plans - Fair Value Of Options Granted (details)
Benefit Plans - Fair Value Of Options Granted To Non-employees (details)
Benefit Plans - Stock Options Activity Under Share-based Payment Plans (details)
Benefit Plans - Summary Of Restricted Stock Unit And Stock Award Activity (details)
Business & Basis Of Presentation
Business & Basis Of Presentation (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (details)
Commitments And Contingencies - Expected Contractual Cash Commitments (details)
Debt
Debt (tables)
Debt - Additional Information (details)
Debt - Schedule Of Long-term Debt Instruments (details)
Debt - Schedule Of Long-term Debt Instruments Additional Information (details)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (details)
Earnings Per Share - Schedule Of Earnings Per Share (details)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Goodwill
Goodwill (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (details)
Income Taxes - Schedule Of Components Of Income Tax Expense (details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (details)
Income Taxes - Summary Of Income Tax Contingencies (details)
Intangible Assets
Intangible Assets (tables)
Intangible Assets - Definite Life Intangible Assets (details)
Intangible Assets - Expected Amortization Expense For Each Of The Fiscal Years (details)
Intangible Assets - Indefinite Life Intangible Assets (details)
Intangible Assets - Summary Of Intangible Assets (details)
Inventory, Net
Inventory, Net (details)
Inventory, Net (tables)
Property And Equipment
Property And Equipment (tables)
Property And Equipment - Additional Information (details)
Property And Equipment - Schedule Of Construction In Progress (details)
Property And Equipment - Schedule Of Estimated Useful Lives (details)
Property And Equipment - Schedule Of Property And Equipment (details)
Quarterly Financial Data -- Unaudited
Quarterly Financial Data -- Unaudited (details)
Quarterly Financial Data -- Unaudited (tables)
Receivables, Net
Receivables, Net (details)
Receivables, Net (tables)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Liberty Media, Sirius Xm Canada - Additional Information (details)
Related Party Transactions - Pandora (details)
Related Party Transactions - Schedule Of Related Party Revenue And Other Income (details)
Related Party Transactions - Schedule Of Related Party Revenue And Other Income, Additional Information (details)
Related Party Transactions - Summary Of Related Party Balances (details)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Common Stock (details)
Stockholders' Equity - Preferred Stock (details)
Stockholders' Equity - Quarterly Dividends (details)
Stockholders' Equity - Schedule Of Repurchase Agreements (details)
Stockholders' Equity - Stock Repurchase Program (details)
Subsequent Events
Subsequent Events - Capital Return Program (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (details)
Summary Of Significant Accounting Policies - Recent Accounting Pronouncements (details)
Ticker: SIRI
CIK: 908937
Form Type: 10-K Annual Report
Accession Number: 0000908937-18-000014
Submitted to the SEC: Wed Jan 31 2018 11:41:55 AM EST
Accepted by the SEC: Wed Jan 31 2018
Period: Sunday, December 31, 2017
Industry: Radio Broadcasting Stations

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