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Sirius Xm Holdings Inc. (SIRI) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Sirius Xm Holdings Inc.

CIK: 908937 Ticker: SIRI


Exhibit 99.1
 
 
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SiriusXM Reports Second Quarter 2019 Results
 
Second Quarter Revenue Increases to $2.0 Billion; Pro Forma Growth of 9%
Net Income of $263 Million; Diluted EPS of $0.06
Adjusted EBITDA Climbs 22% to Record $618 Million
$898 Million of Common Stock Repurchased in the Second Quarter; Total Capital Returns of Nearly $1.9 Billion to Date in 2019
SiriusXM Increases 2019 Revenue and Adjusted EBITDA Guidance

NEW YORK – July 30, 2019 SiriusXM today announced second quarter 2019 operating and financial results. Total revenue of $2.0 billion increased 38% compared to the prior year period, boosted by the acquisition of Pandora Media on February 1, 2019. On a pro forma basis, revenue climbed 9% from $1.8 billion in the second quarter of 2018. The Company's net income totaled $263 million in the second quarter, compared to $293 million in the prior year period. Net income per diluted common share was $0.06 in the second quarter and the prior year period.

Adjusted EBITDA grew 22% to a record $618 million in the second quarter and resulted in an adjusted EBITDA margin of 31.2%, growing approximately 330 basis points from 27.9% in the second quarter 2018. The adjusted EBITDA margin in the quarter was driven primarily by revenue growth across the combined businesses and cost efficiencies in subscriber acquisition costs and revenue share and royalties.
 
“Our company produced outstanding financial and operating results once again this quarter, and I’m pleased by the quick progress we’ve made in integrating Pandora. Revenues and adjusted EBITDA each reached records in the period. We're thrilled with the results in the first half of the year, and we are raising 2019 guidance for revenue and adjusted EBITDA and reiterating our guidance for net subscriber additions and free cash flow," said Jim Meyer, Chief Executive Officer, SiriusXM.
 
“We continue to offer outstanding new programming across comedy, sports, talk and music, with some of the best brands in all of media. Lady Gaga played a once-in-a-lifetime show for SiriusXM subscribers and Pandora listeners in late June at Harlem’s Apollo Theater, marking the first-ever combined SiriusXM and Pandora event. We debuted "Netflix Is A Joke Radio," a full-time comedy channel with Netflix, and announced plans for a new music channel with SoulCycle. We launched a new jam band channel with Phish, and special pop-up channels with Madonna, Cher, Dave Matthews Band and the music of Pavarotti. And, last week, we were thrilled to announce a groundbreaking and unprecedented collaboration with platinum-selling recording artist Drake — our content is a true competitive advantage,” added Meyer.

Pro forma figures assume the Pandora acquisition closed on January 1, 2018.
 
SECOND QUARTER 2019 HIGHLIGHTS

SiriusXM operates two complementary audio entertainment businesses — our SiriusXM business and our Pandora business. Further information regarding these two segments will be contained in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2019. The pro forma financial and operating highlights of these two segments are presented separately below and exclude the impact of share-based payment expense.




The following information was filed by Sirius Xm Holdings Inc. (SIRI) on Tuesday, July 30, 2019 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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Inside Sirius Xm Holdings Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity (Deficit)
Consolidated Statement Of Stockholders' Equity (Deficit) (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Acquisition
Acquisition (Details)
Acquisition (Tables)
Acquisition - Consideration Transferred (Details)
Acquisition - Pro Forma Information (Details)
Acquisition - Schedule Of Acquisition (Details)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - 2015 Long-Term Stock Incentive Plan (Details)
Benefit Plans - 401(K) Savings Plan (Details)
Benefit Plans - Additional Information (Details)
Benefit Plans - Fair Value Of Options Granted (Details)
Benefit Plans - Other Plans (Details)
Benefit Plans - Sirius Xm Holdings Inc. Deferred Compensation Plan (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 &Amp; Basis Of Presentation
Business &Amp; Basis Of Presentation (Details)
Business &Amp; Basis Of Presentation (Tables)
Business &Amp; Basis Of Presentation - Reclassification (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)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
Goodwill
Goodwill (Details)
Income Taxes
Income Taxes - Narrative (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)
Leases
Leases (Details)
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
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 Property And Equipment (Details)
Receivables, Net
Receivables, Net (Details)
Receivables, Net (Tables)
Related Party Transactions
Related Party Transactions - Liberty Media, Sirius Xm Canada, Pandora - Additional Information (Details)
Related Party Transactions - Summary Of Related Party Balances (Details)
Segments And Geographic Information
Segments And Geographic Information (Details)
Segments And Geographic Information (Tables)
Segments And Geographic Information - Gross Profit To Consolidated Income Reconciliation (Details)
Segments And Geographic Information - Revenue And Profit By Segment (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 (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 - Assets And Liabilities At Fair Value (Details)
Summary Of Significant Accounting Policies - Effect Of Asu 2016-02 (Details)

Material Contracts, Statements, Certifications & more

Sirius Xm Holdings Inc. provided additional information to their SEC Filing as exhibits

Ticker: SIRI
CIK: 908937
Form Type: 10-Q Quarterly Report
Accession Number: 0000908937-19-000025
Submitted to the SEC: Tue Jul 30 2019 9:06:06 AM EST
Accepted by the SEC: Tue Jul 30 2019
Period: Sunday, June 30, 2019
Industry: Radio Broadcasting Stations

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