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Sirius Xm Holdings Inc. (SIRI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

SIRI Quarterly Reports

Sirius Xm Holdings Inc.

CIK: 908937 Ticker: SIRI

Exhibit 99.1
 
 
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SiriusXM Reports First Quarter Year 2022 Results
 
Revenue in First Quarter 2022 of $2.19 Billion; an Increase of 6% Year-Over-Year
First Quarter 2022 Net Income Climbs to $309 Million; Diluted EPS of $0.08
Adjusted EBITDA of $690 Million, an Increase of 1% Year-Over-Year
Year-to-Date Capital Returns to Stockholders of $1.3 Billion
SiriusXM Reiterates Full-Year Subscriber and Financial Guidance

NEW YORK – April 28, 2022 –
SiriusXM today announced first quarter 2022 operating and financial results, including revenue of $2.19 billion, an increase of 6%, compared to the prior year period. The company recorded net income of $309 million in the first quarter 2022 compared to $219 million in the prior year. Net income per diluted common share was $0.08 in the first quarter 2022 compared to $0.05 in the prior year period.

Adjusted EBITDA reached $690 million in 2022, climbing 1% from $682 million in the first quarter of 2021.

"SiriusXM delivered a record first quarter churn rate of just 1.6%, and we drove a 9% increase in average revenue per user to a new all-time high. Overall, the first quarter marked a great start to the year, even as SiriusXM’s near-term subscriber growth remains limited by supply constraints in the automotive industry. We are making substantial investments to grow our advertising platform through new podcast agreements and to grow SiriusXM digital with enhanced brand and performance marketing. In the first quarter, we returned $1.3 billion to our stockholders through regular and special dividends and common stock repurchases. We remain on track to attain our full-year subscriber and financial guidance," said Jennifer Witz, Chief Executive Officer of SiriusXM.

“Content will always power our strong listenership and sustained subscriber loyalty at SiriusXM, and this quarter we continued to expand our offering through new agreements with artists and creators. We have announced multiple distribution and advertising sales agreements with top podcast brands such as Crooked Media, and several agreements include new content developed specifically for the SiriusXM platform. We kept our content fresh by launching an array of new pop-up channels and resumed even more live performances with legendary artists,” added Witz.

BUSINESS AND CONTENT UPDATE

New vehicle penetration at all-time high. SiriusXM’s hardware was incorporated into approximately 83% of new vehicles sold in the United States in the first quarter of 2022, up from approximately 81% in the first quarter of 2021. SiriusXM’s enabled fleet grew to nearly 146 million vehicles, up 9% from a year prior.

SiriusXM expands content offering and offers even more live performances. SiriusXM continues to add compelling and timely content across music genres, talk, entertainment, sports and comedy. SiriusXM introduced listeners to new, limited-time artist channels from the legendary and prolific artist Joni Mitchell, rock and soul icon Tina Turner, decade-spanning alt-rocker Avril Lavigne, and genre-bending country superstar Maren Morris. The company also launched a year-long channel from one of the bestselling acts in music history, Red Hot Chili Peppers, and curated artist-branded channels that drew headlines and subscriber attention, such as Neil Young Radio and the David Bowie Channel. SiriusXM gave listeners access to great live performances by major artists including Avril Lavigne, John Legend, John Mayer and Kelly Rowland.

Podcast business continues to grow. SXM Media, the company’s combined advertising sales organization, continues to be a dominant force in podcast ad sales, ranking as the #1 podcast advertising network in weekly U.S. listener reach according to Edison Research. SXM Media currently represents three of the top 15 podcasts in the country according to Edison Research, including Crime Junkie, Office Ladies, Dateline NBC, and soon a fourth, Pod Save America.



The following information was filed by Sirius Xm Holdings Inc. (SIRI) on Thursday, April 28, 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-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 2022 10-K Annual Report includes:

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  • Executive Team
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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
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 (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)
Leases
Leases (Tables)
Leases - Additional Information (Details)
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 (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 - Special Dividend (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 - Liabilities Measured At Fair Value (Details)
Summary Of Significant Accounting Policies - Recent Adopted Accounting Policies (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: 0000908937-22-000013
Submitted to the SEC: Thu Apr 28 2022 9:33:57 AM EST
Accepted by the SEC: Thu Apr 28 2022
Period: Thursday, March 31, 2022
Industry: Radio Broadcasting Stations

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