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

Sirius Xm Holdings Inc.

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CIK: 908937 Ticker: SIRI

Exhibit 99.1
 
 
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SiriusXM Reports Third Quarter 2020 Results
 
•SiriusXM Self-Pay Net Subscriber Additions of 169,000 in Third Quarter
•Third Quarter Revenue of $2,025 Million, Up 1% Year-Over-Year
•Third Quarter Net Income of $272 Million, Up 11%; Diluted EPS of $0.06
•Adjusted EBITDA of $661 Million in the Third Quarter, Up 1% Year-Over-Year
•Company Increases 2020 Subscriber and Financial Guidance
•Third Quarter Capital Returns Total $544 Million; Stitcher Acquisition Complete; Leadership Transition on Track

NEW YORK – October 22, 2020 –
 SiriusXM today announced third quarter 2020 operating and financial results, including revenue of $2.025 billion, up 1% compared to the prior year period. The Company's net income increased 11% to $272 million in the third quarter from $246 million a year prior. Net income per diluted common share was $0.06 in the third quarter 2020, compared to $0.05 in the prior year period. Adjusted EBITDA in the third quarter totaled $661 million, an increase of approximately 1% from $657 million in the prior year period.

“SiriusXM maintains strong momentum heading into year end, and we are increasing all of our full-year subscriber and financial guidance today. Our talented people and our powerful business model have delivered stellar results during a challenging year for our company and country,” said Jim Meyer, Chief Executive Officer, SiriusXM.

“Our commitment to having the best possible audio content from top talent, as well as leading media and sports brands, has never wavered. First, we are making significant progress in extending our relationship with Howard Stern. We reached a new agreement with Kevin Hart for more content, with LeBron James and Maverick Carter we launched UNINTERRUPTED Radio from the NBA bubble on Pandora, and we debuted our fulltime channel with the members of U2 on SiriusXM. Pat McAfee joined our sports lineup, and we returned to live sports across the MLB, NBA and NFL. And we brought our listeners special moments like the recent interview between Paul McCartney and Alec Baldwin honoring John Lennon’s 80th birthday on The Beatles Channel,” added Meyer.

LEADERSHIP UPDATE

As previously announced, Jim Meyer will retire as Chief Executive Officer of SiriusXM on December 31, 2020 and become Vice Chairman of SiriusXM’s Board of Directors. Jennifer Witz, the Company’s President, Sales, Marketing and Operations, is slated to become Chief Executive Officer on January 1, 2021. Sean S. Sullivan has been appointed Chief Financial Officer and is starting in his new position on October 26, 2020.

“This will be my last earnings period as SiriusXM’s CEO, and the numbers we are reporting today reflect the incredible progress our team has made during my tenure. It has been an honor to lead SiriusXM for the past eight years, and I’m thrilled to be passing the baton at year end to a leader as capable as Jennifer Witz,” Meyer continued.

“I couldn’t be more pleased to assume the role of CEO in January and to welcome Sean Sullivan to our team. Our goals are clear: we will maintain our track record of consistent execution and subscriber growth, and continue to drive higher OEM penetration and invest in our 360L platform, streaming efforts, podcasting, and more to ensure our place as the leader in digital audio entertainment and enable the next phase of our growth,” said Jennifer Witz.

“The steady churn of 1.7% we saw in the third quarter was outstanding, particularly against a backdrop of rebounding auto sales and the vehicle-related churn which results from higher sales. Our new guidance implies that we will finish the year with self-pay net additions close to 90% of what we originally projected - an extraordinary

The following information was filed by Sirius Xm Holdings Inc. (SIRI) on Thursday, October 22, 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
Acquisitions
Acquisitions (Tables)
Acquisitions - Consideration Transferred (Details)
Acquisitions - Narrative (Details)
Acquisitions - 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: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: SIRI
CIK: 908937
Form Type: 10-Q Quarterly Report
Accession Number: 0000908937-20-000043
Submitted to the SEC: Thu Oct 22 2020 11:23:36 AM EST
Accepted by the SEC: Thu Oct 22 2020
Period: Wednesday, September 30, 2020
Industry: Radio Broadcasting Stations

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