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Sirius Xm Holdings Inc. (SIRI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Sirius Xm Holdings Inc.

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CIK: 908937 Ticker: SIRI


Exhibit 99.1
 
 
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SiriusXM Reports First Quarter 2020 Results
 
•
SiriusXM Responds to COVID-19 Crisis; Company Withdraws 2020 Guidance
•
Self-Pay Net Subscriber Additions of 69,000 Reported for First Quarter
•
First Quarter Revenue of $2.0 Billion; a Pro Forma Increase of 5%
•
First Quarter Net Income of $293 Million; Diluted EPS of $0.07
•
Adjusted EBITDA Reaches $639 Million in the First Quarter, up 13%

NEW YORK – April 28, 2020 – SiriusXM today announced first quarter 2020 operating and financial results, including revenue of $2.0 billion, increasing 5% on a pro forma basis compared to the prior year period. The Company's net income was $293 million in the first quarter 2020, compared to $162 million in the prior year period. Net income per diluted common share was $0.07 in the first quarter 2020, compared to $0.03 in the prior year period.

Adjusted EBITDA in the first quarter totaled $639 million, up 13% from $567 million in the prior year period, resulting in an adjusted EBITDA margin of 32.7%, an improvement of approximately 220 basis points from the 2019 period. The improvement in adjusted EBITDA margin was driven primarily by revenue growth across the business and reductions in subscriber acquisition costs, general and administrative costs and customer service and billing costs. Pro forma figures, including adjusted EBITDA, assume the Pandora acquisition closed on January 1, 2019.
 
“Since the start of the global pandemic, our top priorities have been ensuring our employees’ safety and well-being, and continuing to support our subscribers and listeners by providing them the best entertainment, news, and information in the audio space. On both fronts, I’m pleased by our response. We are streaming SiriusXM for free, and we have been in overdrive introducing new shows, channels and special virtual moments. In conjunction with NYU Langone Health, we’ve launched a 24/7 COVID-19 focused channel and hotline, an important complement to our Doctor Radio channel. We welcomed the healthy return of Andy Cohen, Howard Stern interviewed Governor Andrew Cuomo, and SiriusXM contributed $2 million to COVID-19 response charities, with a near-term focus on New York, San Francisco, and Detroit - the home of our two biggest employee bases and the primary community of our automakers. I’m also proud that we have joined with Music Cares to support our artist community and to donate advertising inventory to the Ad Council in support of COVID-19 informational campaigns,” said Jim Meyer, Chief Executive Officer, SiriusXM.

“This challenging period has in fact inspired enormous creativity from our programming teams at SiriusXM and Pandora, but creativity and adaptability has not just been limited to our programming teams. Global stay-at-home orders swiftly and materially altered the way we work. We’ve navigated the material disruption of call center staffing by migrating thousands of team members to work-from-home in mere days, retooled marketing campaigns, worked quickly to support our automakers, and more. In short, we immediately took steps to ensure that our audio entertainment service would be uninterrupted, to provide the best possible customer service, and to continue to operate our business with the level of excellence you have come to expect from SiriusXM. I could not be prouder of the effort and performance of our teams throughout this period,” added Meyer.

“In the face of the economy hitting the brakes hard in March, SiriusXM’s first quarter results were very strong. Auto sales, advertising and customer responses to marketing campaigns all fell swiftly in the second half of March, yet we delivered increasing subscribers, solid revenue growth and 13% adjusted EBITDA growth to a first quarter record of $639 million. Just as it was a little over a decade ago during the global financial crisis, SiriusXM’s subscriber-based business model is resilient. We do not know what the shape of a recovery from this current crisis will look like, however, we are confident that our business will continue to generate substantial positive free cash


The following information was filed by Sirius Xm Holdings Inc. (SIRI) on Tuesday, April 28, 2020 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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Definitive Proxy Statement (Form DEF 14A)
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Sirius Xm Holdings Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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  • Peers / Competitors

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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)
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)
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 - Additional Information (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)
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 - Additional Information (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)

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: SIRI
CIK: 908937
Form Type: 10-Q Quarterly Report
Accession Number: 0000908937-20-000018
Submitted to the SEC: Tue Apr 28 2020 10:08:51 AM EST
Accepted by the SEC: Tue Apr 28 2020
Period: Tuesday, March 31, 2020
Industry: Radio Broadcasting Stations

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