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, 2024 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 333-276758 Sirius XM Holdings Inc. (Exact name of registrant as specified in its charter) Delaware 93-4680139 (State or ...

Earnings Performance - Sirius XM reported a quarterly loss of $0.84 per share, missing the Zacks Consensus Estimate of $0.75, representing an earnings surprise of -212% [1] - The company's earnings per share (EPS) for the same quarter last year was $0.90 [1] - Over the last four quarters, Sirius XM has surpassed consensus EPS estimates two times [2] Revenue Performance - Sirius XM posted revenues of $2.17 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.91% [2] - This compares to year-ago revenues of $2.27 billion [2] - The company has topped consensus revenue estimates just once over the last four quarters [2] Stock Performance - Sirius XM shares have lost about 49.9% since the beginning of the year, compared to the S&P 500's gain of 21.9% [3] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.80 on $2.22 billion in revenues [7] - For the current fiscal year, the consensus EPS estimate is $3.04 on $8.75 billion in revenues [7] - The estimate revisions trend for Sirius XM is mixed, translating into a Zacks Rank 3 (Hold) [6] Industry Context - Sirius XM belongs to the Zacks Broadcast Radio and Television industry, which is currently in the bottom 19% of the 250 plus Zacks industries [8] - The top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8] Peer Comparison - Saga Communications, another stock in the same industry, is expected to post quarterly earnings of $0.13 per share, representing a year-over-year change of -71.1% [9] - Saga Communications' revenues are expected to be $28.7 million, down 1.5% from the year-ago quarter [10]

Revenue and Financial Performance - Total revenue for Q3 2024 was $2.17 billion, a 4% decline compared to Q3 2023[1] - SiriusXM revenue declined 5% year-over-year to $1.6 billion, with ARPU dropping to $15.16[6] - Pandora and Off-Platform revenue decreased 1% to $544 million, with advertising revenue down 2% to $409 million[12] - Full-year 2024 revenue guidance adjusted to $8.675 billion, with adjusted EBITDA expected at $2.7 billion and free cash flow at $1 billion[17] - Total revenue for the three months ended September 30, 2024, decreased by 4% to $2.171 billion compared to $2.271 billion in 2023[23] - Sirius XM subscriber revenue declined by 5% to $1.510 billion for the three months ended September 30, 2024, from $1.597 billion in 2023[23] - Pandora and Off-platform subscriber revenue increased by 2% to $135 million for the three months ended September 30, 2024, from $132 million in 2023[23] Profitability and Margins - Adjusted EBITDA of $693 million, representing a 32% margin, a 7% decline year-over-year[2] - Pandora and Off-Platform gross profit increased 4% to $187 million, with a gross margin of 34%[13] - Adjusted EBITDA for the three months ended September 30, 2024, was $693 million, a 7% decrease from $747 million in 2023[23] - Sirius XM gross profit decreased by 7% to $969 million for the three months ended September 30, 2024, from $1.047 billion in 2023[23] - Pandora and Off-platform gross profit increased by 4% to $187 million for the three months ended September 30, 2024, from $180 million in 2023[23] - Total company Adjusted EBITDA decreased by $54 million (7%) to $693 million for the three months ended September 30, 2024[27] Subscriber Metrics - SiriusXM added 14,000 self-pay subscribers in Q3 2024, with self-pay churn at 1.6%[5] - Subscribers to the Cloud Cover music programming service are now included in Pandora's subscriber count[25] - Sirius XM self-pay subscribers decreased by 314,000 (1%) to 31,497,000 as of September 30, 2024[26] - Pandora and Off-platform monthly active users declined by 2,779,000 (6%) to 43,721,000 as of September 30, 2024[26] - Pandora and Off-platform self-pay subscribers decreased by 285,000 (5%) to 5,875,000 as of September 30, 2024[26] - Sirius XM Canada subscribers decreased by 102,000 (4%) to 2,559,000 as of September 30, 2024[26] Costs and Expenses - Total cost of services decreased by 3% to $1.015 billion for the three months ended September 30, 2024, from $1.044 billion in 2023[23] - Additions to property and equipment increased from $521 million in 2023 to $563 million in 2024[20] - Sirius XM SAC per installation increased by $2.21 (18%) to $14.67 for the three months ended September 30, 2024[27] - Total share-based payment expense for the three months ended September 30, 2024, was $58 million, compared to $57 million in 2023[24] Cash Flow and Liquidity - Cash and cash equivalents dropped from $306 million in December 2023 to $127 million in September 2024[19] - Net cash provided by operating activities decreased from $1,301 million in 2023 to $1,062 million in 2024[20] - Revolving credit facility borrowings rose from $1,670 million in 2023 to $1,841 million in 2024[20] - Total cash, cash equivalents, and restricted cash decreased from $335 million in 2023 to $135 million in 2024[21] - Free cash flow decreased by $165 million (64%) to $93 million for the three months ended September 30, 2024[27] - Total company net cash provided by operating activities decreased by $135 million to $309 million for the three months ended September 30, 2024[30] Impairments and Losses - Net loss of $2.96 billion due to a non-cash impairment charge of $3.36 billion related to the Liberty Media transaction[1] - Net income for the nine months ended September 30, 2024, was a loss of $2,362 million compared to a profit of $760 million in the same period in 2023[20] - Net loss for the three months ended September 30, 2024, was $2.958 billion, compared to a net income of $291 million in 2023[23] - Non-cash impairment and restructuring costs surged from $21 million in 2023 to $3,355 million in 2024[20] Assets and Liabilities - Total assets decreased from $30,056 million in December 2023 to $27,483 million in September 2024[19] - Goodwill decreased from $15,209 million in December 2023 to $12,390 million in September 2024[19] - Retained earnings dropped from $15,353 million in December 2023 to $10,889 million in September 2024[19] Operational and Strategic Initiatives - SiriusXM introduced new in-app features and a seamless app download for in-car subscribers to enhance user experience[10] - The company remains on track to achieve $200 million in cost savings for the full year 2024[14] - SiriusXM is migrating its billing system and payment processing function to a new service provider[32] - The company uses artificial intelligence in its business, with potential risks including reputational harm and legal liability[32] Market and Competitive Landscape - SiriusXM reaches a combined monthly audience of approximately 150 million listeners[32] - Pandora's ad-supported business has experienced a substantial and consistent loss of monthly active users[32] - The company faces significant competition, which is likely to increase over time[32] - SiriusXM relies on third parties for the operation of its business, and their failure could adversely affect operations[32] - The company may not realize the benefits of acquisitions or other strategic investments and initiatives[32] - SiriusXM's Pandora and Off-platform business generates a significant portion of its revenues from advertising[32] - SiriusXM has significant indebtedness, and its subsidiaries' debt contains certain covenants that restrict operations[32] - The company may face lawsuits, incur liability, or suffer reputational harm due to content published through its services[32]

NEW YORK, Oct. 31, 2024 /PRNewswire/ -- SiriusXM (NASDAQ: SIRI) today reported operating and financial results for the third quarter of 2024, which have been posted to the Investor Relations section of the SiriusXM website at https://investor.siriusxm.com.About Sirius XM Holdings Inc.SiriusXM is the leading audio entertainment company in North America with a portfolio of audio businesses including its flagship subscription entertainment service SiriusXM; the ad-supported and premium music streaming services ...

Core Viewpoint - Sirius XM (SIRI) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in a company's earnings picture, which is crucial for predicting near-term stock price movements [2][4]. - The correlation between earnings estimate revisions and stock price movements is strong, indicating that institutional investors' actions based on these estimates can lead to significant price changes [4][6]. Sirius XM's Earnings Outlook - For the fiscal year ending December 2024, Sirius XM is expected to earn $3.22 per share, reflecting a 0.6% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Sirius XM has increased by 5.2%, indicating positive sentiment among analysts [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - Sirius XM's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Sirius XM (SIRI) is set to report third-quarter 2024 earnings on Oct. 31.The Zacks Consensus Estimate for third-quarter earnings has moved south by 2.4% to 80 cents per share in the past 30 days. Image Source: Zacks Investment ResearchThe consensus mark for revenues is pegged at $2.19 billion, indicating a 3.52% decrease from the year-ago quarter’s reported figure.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.On Sept. 10, SiriusXM started operating as an independent public company w ...

The upcoming report from Sirius XM (SIRI) is expected to reveal quarterly earnings of $0.80 per share, indicating a decline of 11.1% compared to the year-ago period. Analysts forecast revenues of $2.19 billion, representing a decrease of 3.5% year over year. The current level reflects an upward revision of 0.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Be ...

The investment giant is buying up a ton of the company.Berkshire Hathaway has made some big moves with Sirius XM (SIRI -0.49%) this month. The investing conglomerate led by Warren Buffett has increased its position in the audio and entertainment platform to 32%, worth around $3 billion as of this writing. This buying occurred in conjunction with Sirius XM combining all of its tracking stocks into one entity.The company has struggled with the rise of streaming audio services, with the stock posting a negativ ...

Berkshire Hathaway has a growing stake in this stock-split stock, and Buffett just added more this month. Those looking to become successful investors could do worse than following in the footsteps of legendary Berkshire Hathaway (BRK.A) (BRK.B -0.82%) CEO Warren Buffett, arguably one of the greatest investors of all time. Since taking the helm of the company in 1965, Buffett has an unparalleled track record, as his stock picks have generated compounded annual gains of roughly 20% and collectively soared 4, ...

In the latest trading session, Sirius XM (SIRI) closed at $26.40, marking a -0.49% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 0.03%. At the same time, the Dow lost 0.61%, and the tech-heavy Nasdaq gained 0.56%. Heading into today, shares of the satellite radio company had gained 8.95% over the past month, outpacing the Consumer Discretionary sector's gain of 0.88% and the S&P 500's gain of 1.39% in that time. The investment community will be paying close atten ...