Company and Industry Overview * **Company**: Sirius XM Holdings Inc. (NASDAQ: SIRI) * **Industry**: Media and Communications, specifically satellite radio and streaming services Key Points 1. Next-Generation Platform Launch * **Launch**: SiriusXM is launching a new next-generation platform, initially on streaming, with plans to roll it out across other products in the future. * **Features**: The platform includes a new streaming-only lower price point of $9.99/month, enhanced search and recommendation capabilities, and a new in-car platform called 360L. * **Objective**: The platform aims to grow subscribers, subscription revenue, and advertising over time. 2. Strategic Cost Management * **Efforts**: SiriusXM has been focused on strategic cost management, identifying $40 million in net savings in the last quarter. * **Focus**: The company will continue to focus on cost reductions while also investing in product and technology. 3. Balance Sheet and Free Cash Flow * **Balance Sheet**: SiriusXM has a strong balance sheet with $2 billion in liquidity and no bond maturities until 2026. * **Free Cash Flow**: The company expects free cash flow to grow over the next five years, despite high capital expenditures for satellite and non-satellite CapEx. 4. Subscriber Growth * **Trends**: SiriusXM expects meaningful improvement in subscriber net adds next year compared to this year. * **Challenges**: Vehicle-related churn, particularly in the used car market, remains a challenge. * **Strategies**: The company is focusing on partnerships and programs to drive conversion rates and improve subscriber retention. 5. Advertising * **Assets**: SiriusXM has a unique set of assets in audio, including SiriusXM broadcast, Pandora, and other off-platform advertising. * **Podcasting**: Podcasting has seen strong growth, with a focus on ad representation deals and exclusive content partnerships. * **Monetization**: SiriusXM is exploring different monetization opportunities, including ad-supported and subscription models. 6. Pricing Strategy * **Streaming**: The new streaming service will be priced at $9.99/month, positioning it as a complementary product to other music streaming services. * **ARPU**: SiriusXM's ARPU is trending at $15.70, with a focus on balancing core subscriber base growth with new demand capture. 7. Liberty Proposal * **Discussion**: SiriusXM is actively discussing a proposal from Liberty regarding additional leverage. * **Objective**: The company aims to reach its long-term target leverage rate of the low to mid three times EBITDA range. * **Timeline**: The resolution of the proposal is expected to be positive and will position the company well for future growth.

Start Time: 11:45 January 1, 0000 12:50 PM ET Sirius XM Holdings Inc. (NASDAQ:SIRI) 7th Annual Wells Fargo TMT Summit November 28, 2023, 11:45 AM ET Company Participants Jennifer Witz - CEO Conference Call Participants Steven Cahall - Wells Fargo Securities Steven Cahall Great. So for our next fireside, we're joined by Jennifer Witz, CEO of SiriusXM. Jennifer, thanks for joining us. I've had the joy of covering SiriusXM for a number of years and I think this, in my memory is probably the most change that yo ...

Sirius XM Holdings Inc. (NASDAQ:SIRI) Q3 2023 Earnings Conference Call October 31, 2023 8:00 AM ET Company Participants Hooper Stevens - Senior Vice President of Investor Relations and Finance Jennifer Witz - Chief Executive Officer Tom Barry - Chief Financial Officer Scott Greenstein - President and Chief Content Officer Conference Call Participants Bryan Kraft - Deutsche Bank Jessica Reif Ehrlich - Bank of America Steven Cahall - Wells Fargo Cameron Mansson-Perrone - Morgan Stanley Jason Bazinet - Citi Ba ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO ________ COMMISSION FILE NUMBER 001-34295 SIRIUS XM HOLDINGS INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...

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Sirius XM Holdings Inc. (NASDAQ:SIRI) Q2 2023 Earnings Conference Call August 1, 2023 8:00 AM ET Company Participants Hooper Stevens - SVP-IR and Finance Jennifer Witz - CEO Tom Berry - CFO Scott Greenstein - President and Chief Content Officer Conference Call Participants Steven Cahall - Wells Fargo Jessica Reif Ehrlich - Bank of America Jason Bazinet - Citi Sebastiano Petti - JPMorgan Cameron Mansson-Perrone - Morgan Stanley Operator Greetings, and welcome to the Sirius XM's Second Quarter 2023 Operating ...

Subscriber Metrics - Sirius XM business had approximately 34.0 million subscribers as of June 30, 2023[164] - Pandora business had approximately 6.2 million subscribers as of June 30, 2023[165] - Sirius XM had 34,047 subscribers as of June 30, 2023, an increase of 16 from 34,031 subscribers in June 2022, driven by higher paid promotional subscribers from vehicle sales, partially offset by lower self-pay subscribers due to lower vehicle conversion rates and higher vehicle-related churn[213][217] - Sirius XM Canada subscribers increased by 54 (2%) to 2,628 as of June 30, 2023, compared to 2,574 in June 2022[213][218] - Pandora's monthly active users decreased by 3,059 (6%) to 47,419 as of June 30, 2023, from 50,478 in June 2022, primarily due to churn and a decline in new users[213][221] - Pandora's self-pay subscribers decreased by 90 (1%) to 6,229 as of June 30, 2023, from 6,319 in June 2022, with net additions of 7 for the three months ended June 30, 2023, compared to a loss of 9 in the same period in 2022[213][221] Revenue and Financial Performance - Sirius XM subscriber revenue increased by 1% to $1,597 million for the three months ended June 30, 2023, driven by higher self-pay revenue[174] - Sirius XM advertising revenue decreased by 8% to $45 million for the three months ended June 30, 2023, due to fewer spots sold on news and entertainment channels[175] - Sirius XM equipment revenue increased by 4% to $47 million for the three months ended June 30, 2023, driven by higher chipset production[176] - Sirius XM other revenue decreased by 11% to $33 million for the three months ended June 30, 2023, primarily due to lower connected vehicle services revenue[177] - Pandora and Off-platform subscriber revenue decreased by 2% to $128 million for the three months ended June 30, 2023, driven by a decline in Pandora Plus subscribers[178] - Pandora and Off-platform advertising revenue decreased by 1% to $400 million for the three months ended June 30, 2023, due to lower streaming sell-through[180] - Total consolidated revenue decreased by less than 1% to $2,250 million for the three months ended June 30, 2023[181] - Sirius XM revenue share and royalties increased by 2% to $405 million for the three months ended June 30, 2023, driven by higher web streaming royalty rates[183] - Adjusted EBITDA for the three months ended June 30, 2023, was $702 million, an increase of 3% ($23 million) compared to $679 million in the same period in 2022, driven by lower sales and marketing costs, partially offset by higher revenue share and royalties as well as higher litigation costs[215][224] - Free cash flow for the three months ended June 30, 2023, was $323 million, a decrease of 26% ($112 million) compared to $435 million in the same period in 2022[215] - Free cash flow decreased by 26% to $323 million for Q2 2023 compared to $435 million in Q2 2022, primarily due to higher cash taxes and satellite capital expenditures[225] - Net cash provided by operating activities decreased by $87 million to $801 million for the six months ended June 30, 2023 compared to $888 million in the same period of 2022[227][228] - Cash flows used in investing activities increased by $32 million to $365 million for the six months ended June 30, 2023, primarily due to spending on capitalized software, hardware, and satellite construction[230] - Cash flows used in financing activities decreased by $178 million to $442 million for the six months ended June 30, 2023, primarily due to lower cash dividend payments and share repurchases[232] - Adjusted EBITDA increased to $702 million for Q2 2023 from $679 million in Q2 2022, driven by higher net income and lower legal settlements[248] - Free cash flow for the six months ended June 30, 2023, was $467 million, compared to $693 million for the same period in 2022[251] - Net cash provided by operating activities for the six months ended June 30, 2023, was $801 million, down from $888 million in 2022[251] Advertising and Listener Metrics - Majority of Pandora's revenue is generated from advertising on the ad-supported radio service[166] - Ad-supported listener hours for Pandora decreased by 4% (113 million hours) to 2.729 billion for the three months ended June 30, 2023, from 2.842 billion in the same period in 2022, primarily due to a decline in monthly active users[222][223] - Advertising revenue per thousand listener hours (RPM) for Pandora decreased by 3% ($2.62) to $97.13 for the three months ended June 30, 2023, from $99.75 in the same period in 2022, driven by a decrease in total advertisements sold[215][223] Business Operations and Partnerships - Sirius XM holds a 70% equity interest and 33% voting interest in Sirius XM Canada[164] - Liberty Media beneficially owned approximately 83% of the outstanding shares of the company's common stock as of June 30, 2023[168] - The company provides connected vehicle services to several automakers, enhancing safety, security, and driving experience[164] - Pandora offers three service tiers: ad-supported radio, Pandora Plus, and Pandora Premium[165] - The company has an exclusive ad sales arrangement with SoundCloud in the US and certain European countries[167] - AdsWizz Inc. provides a comprehensive digital audio and programmatic advertising technology platform[167] - The company's Sirius XM service is distributed through satellite radio systems and streamed via mobile and home devices[162] Expenses and Costs - Sirius XM programming and content expenses decreased by 3% ($4) to $135 for the three months ended June 30, 2023, compared to $139 in the same period in 2022[184] - Sirius XM customer service and billing expenses decreased by 3% ($3) to $100 for the three months ended June 30, 2023, compared to $103 in the same period in 2022[185] - Sirius XM transmission expenses increased by 14% ($5) to $41 for the three months ended June 30, 2023, compared to $36 in the same period in 2022[187] - Pandora and Off-platform revenue share and royalties increased by 4% ($13) to $327 for the three months ended June 30, 2023, compared to $314 in the same period in 2022[190] - Pandora and Off-platform programming and content expenses increased by 29% ($4) to $18 for the three months ended June 30, 2023, compared to $14 in the same period in 2022[191] - Subscriber acquisition costs increased by 2% ($2) to $93 for the three months ended June 30, 2023, compared to $91 in the same period in 2022[196] - Sales and marketing expenses decreased by 23% ($65) to $220 for the three months ended June 30, 2023, compared to $285 in the same period in 2022[197] - Engineering, design and development expenses increased by 15% ($11) to $83 for the three months ended June 30, 2023, compared to $72 in the same period in 2022[198] - General and administrative expenses increased by 24% ($30) to $157 for the three months ended June 30, 2023, compared to $127 in the same period in 2022[200] - Depreciation and amortization expense increased to $139 for the three months ended June 30, 2023, compared to $135 in the same period in 2022[201] - Share-based payment expense decreased to $42 million for Q2 2023 from $47 million in Q2 2022, primarily due to lower sales and marketing expenses[249] Subscriber Acquisition and ARPU - SAC (Subscriber Acquisition Cost) per installation decreased by 16% ($2.54) to $13.73 for the three months ended June 30, 2023, from $16.27 in the same period in 2022, driven by a change in the mix of OEMs and lower chipset costs[215][220] - ARPU (Average Revenue Per User) for Sirius XM increased by $0.04 to $15.66 for the three months ended June 30, 2023, from $15.62 in the same period in 2022, primarily driven by increases in certain subscription rates, partially offset by the impact of promotional plans and lower advertising revenue[215][219] - Subscriber acquisition cost (SAC) per installation for the three months ended June 30, 2023, was $13.73, a decrease from $16.27 in 2022[253] - Total installations for the three months ended June 30, 2023, were 3.567 million, up from 2.974 million in 2022[253] - Subscriber acquisition cost (SAC) per installation for the six months ended June 30, 2023, was $14.05, a decrease from $14.46 in 2022[253] - Total installations for the six months ended June 30, 2023, were 6.901 million, up from 6.099 million in 2022[253] Financial Instruments and Borrowings - As of June 30, 2023, the company had $223 million outstanding under its Credit Facility with $1,527 million available for future borrowing[233] - The company's board authorized an aggregate of $18 billion for common stock repurchases, with $1.24 billion remaining available as of June 30, 2023[236] - Sirius XM's borrowings under the Credit Facility now use the Secured Overnight Financing Rate (SOFR) instead of LIBOR as the benchmark rate[256] - The company may use hedging instruments such as swaps, caps, options, forwards, or futures to manage interest rate risks in the future[256]

Summary of Sirius XM Holdings Inc. Conference Call Company Overview - **Company**: Sirius XM Holdings Inc. (NASDAQ: SIRI) - **Event**: 51st Annual J.P. Morgan Global Technology, Media and Communications Conference Call - **Date**: May 22, 2023 - **Participants**: Jennifer Witz (CEO), Sebastiano Petti (JPMorgan Chase & Co) Key Points Industry and Market Context - **Macro Headwinds**: Sirius XM is facing macroeconomic challenges similar to other companies, particularly in ad sales and auto sales softness [2][3] - **Investment Year**: 2023 is identified as an investment year for Sirius XM, focusing on product suite updates and long-term growth strategies [1] Financial Performance and Guidance - **EBITDA and Free Cash Flow**: The company raised its 2023 EBITDA and free cash flow guidance by $50 million each due to better-than-expected ad sales and improved cost structure management [5][6] - **Ad Sales Trends**: Ad sales were down 2% year-over-year in Q1, but there is optimism for recovery in the second half of the year [6][11] - **Revenue Uncertainty**: Revenue guidance remains cautious due to uncertainties in ad sales, despite expectations for recovery [6][11] Subscriber Base and Growth Strategy - **Strong Subscriber Base**: Sirius XM has a loyal subscriber base with high customer satisfaction and low churn rates [2][3] - **Self-Pay Net Adds**: The company is comfortable with modestly negative self-pay net adds for 2023, with expectations for slight improvements in auto sales [14][15] - **360L Platform**: The rollout of the 360L platform is expected to enhance customer experience and improve conversion and retention rates [23][24] Advertising and Podcasting - **Ad Sales Recovery**: There is a noted recovery in certain ad categories, particularly travel, which is up 50% year-over-year in Q2 [8][9] - **Podcasting Growth**: Sirius XM is leveraging its podcasting capabilities to attract brands, with a focus on audience-based advertising products [40][41] Technology and Product Development - **NextGen Platform Investments**: Investments are being made in a new streaming experience and backend capabilities to enhance user engagement and content discovery [33][34] - **Flexible Pricing Strategy**: The company is exploring flexible pricing options to attract younger listeners while maintaining its premium offerings [44][46] Competitive Landscape - **Differentiation Strategy**: Sirius XM positions itself as a complementary service to other audio platforms, emphasizing its unique content offerings and human curation [21][22] - **Impact of Technology**: The company acknowledges the potential disruption from technologies like Apple CarPlay and Android Auto but believes its differentiated service will retain customer loyalty [21][22] Future Outlook - **Satellite Fleet Expansion**: Sirius XM is building a new satellite fleet to enhance service reliability and explore new revenue opportunities, including potential video and data services [56][58] - **Long-Term CapEx Strategy**: The company plans to maintain a disciplined approach to capital expenditures while ensuring flexibility for future growth [50][60] Conclusion - **Management Focus**: The management team remains focused on executing the business strategy, addressing cost structures, and preparing for future growth opportunities [52][53] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's current challenges and future growth initiatives.

Sirius XM Holdings Inc. (NASDAQ:SIRI) Q1 2023 Earnings Conference Call April 27, 2023 8:00 AM ET Company Participants Hooper Stevens – Senior Vice President-Investor Relations and Finance Jennifer Witz – Chief Executive Officer Sean Sullivan – Chief Financial Officer Tom Berry – Chief Financial Officer Scott Greenstein – President and Chief Content Officer Conference Call Participants James Ratcliffe – Evercore ISI Ben Swinburne – Morgan Stanley Barton Crockett – Rosenblatt Securities Steven Cahall – Wells ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO ________ COMMISSION FILE NUMBER 001-34295 SIRIUS XM HOLDINGS INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 38-3916511 ...