Sirius Xm Holdings Inc. (SIRI) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Earnings Press Release
10-Q Quarterly Report
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Sirius Xm Holdings Inc.
Ticker: SIRI CIK: 908937

Exhibit 99.1

SiriusXM Reports First Quarter 2018 Results


•	Total Subscribers Surpass 33 Million for First Time


•	First Quarter Revenue Climbs 6% to $1.4 Billion


•	Total Net Subscriber Additions of 330,000 in the Quarter


•	Net Income Grows 40% to $289 Million; Adjusted EBITDA Grows 6% to $532 Million


•	Operating Cash Flow Climbs 34% to $415 Million; Free Cash Flow Climbs 31% to $326 Million


•	Company Reiterates Financial and Subscriber Guidance for 2018

NEW YORK – April 25, 2018 – SiriusXM today announced first quarter 2018 operating and financial results, including revenue of $1.4 billion, increasing 6% versus the prior year period.

The Company's net income totaled $289 million in the first quarter 2018, compared to $207 million in the first quarter 2017. Net income per diluted common share was $0.06 in the first quarter 2018, compared to $0.04 in the first quarter 2017. Adjusted EBITDA grew 6% in the first quarter 2018 to $532 million, a first quarter record. Free cash flow and operating cash flow in the first quarter 2018 increased 31% and 34%, respectively, to $326 million and $415 million.

“SiriusXM has come out of the gate strong in 2018. Our 6% growth in revenue would have been 8% absent the change in generally accepted accounting principles that was effective January 1^st, and we are pleased with our 6% growth in adjusted EBITDA given the sharp increase in our music royalties also beginning January 1^st. We are on-track to meet all of our full-year guidance, and I’m thrilled to announce we topped 33 million paying subscribers," said Jim Meyer, Chief Executive Officer, SiriusXM.

“We continue to add compelling, diverse programming across our talk, sports, comedy, and music channels. We gravitate toward those who have played the game, made their mark, or are the true insiders who can tell you the story as no one else can. We launched a new classic hip hop channel with LL Cool J, and a new comedy channel with Kevin Hart. We added a limited run Southern Rock channel that was so popular we had to extend it, and we gave subscribers another reason to love us with a chance to win tickets to Springsteen On Broadway. And our bundle got even stronger with the launch of new, full-time sports channels from the country’s biggest, most important college athletic conferences,” added Meyer.

FIRST QUARTER 2018 HIGHLIGHTS


•	Total Subscribers Exceed 33 Million for First Time. The Company added 206,000 net new self-pay subscribers in the first quarter to end with approximately 27.7 million self-pay subscribers. Total net additions in the first quarter were 330,000, taking the Company's total subscriber count to approximately 33.1 million at quarter-end.

•

Strong Revenue Growth Despite Accounting Headwind. First quarter revenue grew 6% compared to the year ago period to $1.4 billion, a first quarter record. This growth was driven by a 5% increase in subscribers as average revenue per user (ARPU) stayed flat year over year at $12.95. The first quarter 2018 saw the adoption of the new revenue recognition accounting standard (FASB ASU 2014-09) which reclassified approximately $24 million of revenue to offset expenses principally related to automaker agreements.

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Net Income Grows 40%. Net income in the first quarter totaled $289 million, up 40% from $207 million in the first quarter 2017. This increase included a $31 million unrealized gain associated with the change in fair value of the Company's Pandora investment, in addition to approximately $50 million of tax savings resulting from a 21.7% rate in the first quarter compared to 35.5% in the prior year period.

The following information was filed by Sirius Xm Holdings Inc. (SIRI) on Wednesday, April 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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