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Sirius Xm Holdings Inc. (SIRI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Sirius Xm Holdings Inc.

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CIK: 908937 Ticker: SIRI

Exhibit 99.1
 
 
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Sirius XM Reports Second Quarter 2020 Results
 
•Sirius XM Self-Pay Net Subscriber Additions of 264,000 in Second Quarter
•Second Quarter Revenue of $1,874 Million
•Second Quarter Net Income of $243 Million; Diluted EPS of $0.05
•Adjusted EBITDA Roughly Unchanged at $615 Million in the Second Quarter
•Company Offers New 2020 Subscriber and Financial Guidance
•Buyback Authorization Expanded by $2 Billion; Company Reaches Agreement to Acquire Stitcher

NEW YORK – July 30, 2020 –
 Sirius XM today announced second quarter 2020 operating and financial results, including revenue of $1.9 billion, down 5% compared to the prior year period. The Company's net income was $243 million in the second quarter 2020, compared to $263 million in the prior year period. Net income per diluted common share was $0.05 in the second quarter 2020, compared to $0.06 in the prior year period.

Adjusted EBITDA in the second quarter totaled $615 million, roughly unchanged from $618 million in the prior year period, resulting in an adjusted EBITDA margin of 32.8%, an improvement of approximately 160 basis points from the 2019 period. The improvement in adjusted EBITDA margin was driven by a 7% decrease in total cash operating expenses, primarily in subscriber acquisition costs, revenue share and royalties, and sales and marketing, while revenue only decreased 5%.
 
“Sirius XM’s business during this challenging period has been resilient, and with improving results and visibility into the remainder of the year, I’m pleased to resume offering subscriber and financial guidance. Despite the incredible economic stresses brought about by the COVID-19 pandemic, our self-pay net subscriber additions grew by nearly 200,000 over the first quarter of the year, and we reported improved churn of just 1.6% per month with rising ARPU. Although advertising revenue fell 34% in the quarter, substantial expense savings in SAC and other areas provided a complete offset, and we generated over half a billion dollars of free cash flow. We are investing in our business, our people, and external opportunities to position ourselves for future growth,” said Jim Meyer, Chief Executive Officer, Sirius XM.

“Our ongoing success highlights the strengths of our business model but also the talent, dedication and innovation of employees across our organization. We simply haven’t skipped a beat. We have announced that an array of new automakers will be deploying our 360L radios starting later this year. We are optimizing our customer service operations with new tools and techniques, and we ramped up new streaming-centric and on-demand programming with the unprecedented help of artists and other media providers. We’ve brought on new stellar talent like Gayle King, and our artist friends such as Bruce Springsteen are doing new programming that entertains but also addresses the current times. We opened up our SiriusXM service for free during a time when people needed news, information and entertainment and we saw millions of new listeners take advantage of it. And earlier this month, we debuted new channels from stars such as the Beastie Boys, Bob Marley, Coldplay, Queen, and comedian Jim Gaffigan – not to mention U2, which debuted with deep involvement from the members of the band,” added Meyer.

Additional information about our business, results of operations and the evolving impact of the COVID-19 pandemic on our business and operations is included below under “SPECIAL NOTE ON COVID-19 RESPONSE.” Additional information,” regarding the impact of the COVID-19 pandemic on our business and operations is contained in our Quarterly Report on Form 10-Q, which will be filed with the Securities and Exchange Commission.


The following information was filed by Sirius Xm Holdings Inc. (SIRI) on Thursday, July 30, 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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Sirius Xm Holdings Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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 (Tables)
Acquisition - Consideration Transferred (Details)
Acquisition - Narrative (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)
Restructuring Costs
Restructuring Costs (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: 0000908937-20-000036
Submitted to the SEC: Thu Jul 30 2020 5:48:53 PM EST
Accepted by the SEC: Thu Jul 30 2020
Period: Tuesday, June 30, 2020
Industry: Radio Broadcasting Stations

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