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Sirius Xm Holdings Inc. (SIRI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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SIRI Annual Reports

Sirius Xm Holdings Inc.

CIK: 908937 Ticker: SIRI

Exhibit 99.1
 
 
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SiriusXM Reports Fourth Quarter and Full Year 2021 Results
 
SiriusXM’s 2021 Revenue Reaches a Record $8.70 Billion; an Increase of 8% Compared to 2020
Full-Year 2021 Net Income Climbs to $1.31 Billion; Diluted EPS of $0.32
Record Full-Year 2021 Adjusted EBITDA of $2.77 Billion, an Increase of 8% Year-Over-Year
Company Exceeds All 2021 Financial & Operating Guidance; Issues New 2022 Guidance
Announces a Special Dividend of $0.25 per Share, Returning an Additional $1 Billion to Stockholders

NEW YORK – February 1, 2022 –
SiriusXM today announced fourth quarter and full-year 2021 operating and financial results, including revenue of $2.28 billion and $8.70 billion, respectively, an increase of 4% and 8%, compared to the prior year periods. The company recorded net income of $318 million and $1.31 billion in the fourth quarter and full-year 2021, respectively, compared to $(677) million and $131 million in the prior year periods. The fourth quarter and full year 2020 was impacted by a $976 million non-cash impairment charge associated with Pandora. Net income per diluted common share was $0.08 and $0.32 in the fourth quarter and full year 2021, respectively.

Adjusted EBITDA reached a new record of $2.77 billion in 2021, climbing 8% from $2.58 billion in 2020.

"2021 was an outstanding year across the board. We added more than one million net new SiriusXM self-pay subscribers for the tenth time in the past 11 years; this growth continues to be sustained by a fifth straight year of improving churn. Once again we outperformed all of 2021’s public guidance, and now our strong financial position enables us to declare a special cash dividend to our stockholders," said Jennifer Witz, Chief Executive Officer of SiriusXM.

“Our performance last year is a testament to our strong execution – and staying true to our vision of connecting listeners to the content they love. We collaborated with renowned and emerging creators across our platforms to deliver curated premium content both in- and out-of-car; and delivered value to our advertisers with effective solutions to reach a massive audience of more than 150 million listeners,” added Witz.

BUSINESS AND CONTENT UPDATE

New vehicle penetration reaches 82% in 2021. SiriusXM’s hardware was incorporated into approximately 82% of new vehicles sold in the United States in 2021, up from approximately 78% in 2020. The company exited 2021 with just over 25% of SiriusXM-equipped vehicles sold in the fourth quarter 2021 incorporating 360L, the company’s platform that combines streaming and satellite-delivered content for an enhanced consumer experience.

Expanding content and delivering exclusive live performances. SiriusXM continues to add compelling and timely content across music genres, talk, entertainment, sports and comedy. SiriusXM’s Small Stage Series featured intimate shows with Alicia Keys, Ed Sheeran, The Go-Go’s, H.E.R., J. Cole, Jason Aldean and more. SiriusXM also launched new exclusive artist channels showcasing the music of Alicia Keys, David Bowie, J Balvin, ABBA and Neil Young. The company agreed to a multi-year extension of its broadcasting agreement with the PGA TOUR. SiriusXM teamed up with Apple and Discovery, adding 12-month subscriptions to both Apple Music and discovery+ to the list of benefits for new and existing SiriusXM subscribers of the Platinum VIP plan. SiriusXM joined with Audible to create Chapter and Verse, a new monthly series on Pandora, SiriusXM and the SXM App. The company continued to build upon the success of its SiriusXM House Campaign with a holiday spot featuring Dave Grohl, Bebe Rexha, Jeff Lewis and Kehlani. Pandora launched new programming including its biggest-ever Artist Takeover with U2, created a special Hip-Hop Forever station, and presented new Pandora-produced virtual


The following information was filed by Sirius Xm Holdings Inc. (SIRI) on Tuesday, February 1, 2022 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-K Annual 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 2022 10-K Annual Report includes:

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Inside Sirius Xm Holdings Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
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 - Additional Information (Details)
Acquisitions - Consideration Transferred (Details)
Acquisitions - Pro Forma Information (Details)
Acquisitions - 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)
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)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill
Goodwill (Tables)
Goodwill - Narrative (Details)
Goodwill - Rollforward (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Summary Of Income Tax Contingencies (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)
Leases
Leases (Tables)
Leases - Additional Information (Details)
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 Estimated Useful Life (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)
Schedule Ii - Schedule Of Valuation And Qualifying Accounts
Schedule Ii - Schedule Of Valuation And Qualifying Accounts (Details)
Segments And Geographic Information
Segments And Geographic Information (Tables)
Segments And Geographic Information - Additional Information (Details)
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 - Accumulated Other Comprehensive Income (Loss) (Details)
Summary Of Significant Accounting Policies - Additional Information (Details)
Ticker: SIRI
CIK: 908937
Form Type: 10-K Annual Report
Accession Number: 0000908937-22-000007
Submitted to the SEC: Tue Feb 01 2022 9:09:40 AM EST
Accepted by the SEC: Tue Feb 01 2022
Period: Friday, December 31, 2021
Industry: Radio Broadcasting Stations

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