Sirius XM falls short of revenue estimates in its latest quarter.The bar of expectations was low heading into Sirius XM Holdings' (SIRI -5.02%) second-quarter results on Thursday morning. The satellite-radio provider still bumped its head against the limbo stick. Revenue clocked in at $2.18 billion for the three months ending in June, a 3% decline from where it landed a year earlier. Analysts were holding out for just a 2% dip.The year-over-year decrease in business may not seem like much, but it's the seco ...

Financial Data and Key Metrics - Consolidated revenue for Q2 2024 was $2.18 billion, a 3% decrease YoY, primarily driven by a 5% drop in SiriusXM subscriber revenue to $1.52 billion [14] - Adjusted EBITDA remained flat YoY at $702 million but increased 8% sequentially, with an adjusted EBITDA margin of 32% [15] - Free cash flow increased 6% YoY to $343 million, driven by lower cash taxes paid [19] - Self-pay subscribers declined by 100,000, an improvement compared to the same quarter last year, with voluntary churn reduction being a key factor [14] - Paid promotional subscribers decreased by 73,000 due to automakers shifting from paid to unpaid promotional subscriptions [14] Business Line Performance - SiriusXM segment revenue was $1.64 billion, with subscriber revenue declining 5%, advertising revenue dropping 4%, and equipment revenue remaining flat YoY [16] - Pandora and off-platform segment revenue increased 2% YoY to $538 million, driven by an 8% increase in subscriber revenue from rate hikes on Pandora premium and plus subscriptions [17] - Advertising revenue in the Pandora segment remained flat at $400 million, with ad hours declining 5% YoY to 2.6 billion [17] - Gross profit in the SiriusXM segment declined 6% YoY to $986 million, with a margin drop of 1 percentage point to 60% [16] - Pandora segment gross profit increased 18% YoY to $180 million, reflecting a gross margin of 33% [18] Market and Advertising Trends - Advertising revenue remained flat YoY at $443 million, with growth in political and pharma categories offsetting headwinds in other industries [10] - Programmatic advertising grew 10% YoY, with podcasting programmatic revenue up nearly 60% [10] - The company is leveraging Unified ID 2.0 with The Trade Desk to enhance programmatic capabilities [10] - Podcasting continues to attract significant ad spend, with several brands spending over $1 million on podcast offerings year-to-date [10] Strategic Priorities and Industry Competition - The company is focusing on three strategic priorities: enhancing the subscription business, driving advertising growth, and maintaining financial success through optimization [6] - New subscription packages are being introduced, including a $9.99 music-only package with add-ons for talk, news, and sports, aimed at improving retention and reducing reliance on promotional plans [32] - The company is leveraging AI in customer support and self-serve audio advertising creative development to drive efficiencies [11] - SiriusXM is expanding its content portfolio, including exclusive podcast deals and live programming, to attract and retain subscribers [11][29] Management Commentary on Operating Environment and Future Outlook - Management remains confident in the company's long-term growth potential, citing strong retention rates, customer satisfaction, and industry-leading profitability [12] - The company expects to see improvements in ad revenue in the second half of 2024, driven by political ads and programmatic growth [26][27] - SiriusXM is focused on leveraging its content and technology to drive future growth, particularly in podcasting and live programming [29] - The company is reiterating its full-year 2024 financial guidance and expects the Liberty Media transaction to close on September 9, 2024 [13] Other Key Information - SiriusXM launched a free ad-supported version of its service in select vehicles, offering limited music and talk channels with ads, aimed at engaging potential customers post-trial [9] - The company is opening a European tech hub in the second half of 2024 to support technology and product investments in a tax-efficient manner [18] - SiriusXM paid $103 million in dividends during Q2 2024 and ended the quarter with a net debt to adjusted EBITDA ratio of 3.2x [19] Q&A Session Summary Question: Conversion rates and ARPU outlook [21] - Conversion rates are stabilizing, particularly among younger first-time trialers, with personalized marketing journeys expected to improve post-trial conversion rates [22] - ARPU is expected to remain stable, with the company planning to maintain its every-other-year rate increase cadence while offering tiered subscription packages [23] Question: Advertising growth drivers and content opportunities [25] - Advertising growth is expected in the second half of 2024, driven by political ads and programmatic capabilities [26] - Podcasting and live programming are seen as key growth areas, with exclusive content deals and live sports rights providing significant opportunities [29] Question: Impact of new subscription packages on P&L [31] - New subscription packages are expected to drive demand and improve retention, with impacts on metrics captured in guidance [32] - The company expects self-pay net adds to improve year-over-year, though the improvement will be less negative rather than positive [34] Question: Streaming experience and cost performance [37] - The company is building a next-generation streaming platform, with positive momentum in streaming metrics and personalized marketing journeys [38] - Cost performance in Q2 was driven by $50 million in savings from workforce streamlining and cost optimization initiatives [39] Question: Free ad-supported plans and cannibalization risk [41] - Free ad-supported plans are expected to have minimal cannibalization risk, as they offer a reduced content set with ads [42] - Over time, the company expects to leverage IP-targeted ads to improve ad revenue across both free and paid subscriptions [44] Question: Self-pay outlook and OEM agreements [48] - The company expects self-pay net adds to improve year-over-year, with uncertainty tied to new and used car sales [49] - The shift to unpaid trials in OEM agreements is a long-term trend, driven by adjustments in economic terms as agreements are extended [49]

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 JUNE 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 001-34295 SIRIUS XM HOLDINGS INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

Sirius XM (SIRI) came out with quarterly earnings of $0.08 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this satellite radio company would post earnings of $0.06 per share when it actually produced earnings of $0.07, delivering a surprise of 16.67%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Sirius XM, which be ...

Exhibit 99.1 SiriusXM Reports Second Quarter 2024 Operating and Financial Results NEW YORK – August 1, 2024 – SiriusXM today announced second quarter 2024 operating and financial results, including revenue of $2.18 billion, a decrease of 3% compared to the second quarter of 2023. The company recorded net income of $316 million in the second quarter of 2024 compared to $310 million in the prior year's second quarter. Net income per diluted common share was $0.08 in both the second quarter of 2024 and the sec ...

MIAMI BEACH, FLORIDA - JULY 31: UPSAHL speaks with Mack & Jen at SiriusXM Studios on July 31, 2024 ... [+] in Miami Beach, Florida. (Photo by Ivan Apfel/Getty Images)Getty ImagesSirius XM (NASDAQ: SIRI), a leading provider of satellite radio, is scheduled to announce its fiscal second-quarter results on Thursday, August 1. We expect Sirius XM stock to likely trade lower with revenues beating and earnings missing market expectations in the second quarter results. SIRI stock has declined 34% from $5.47 to $3. ...

The satellite radio provider is up 45% since bottoming out last month. There is still more potential upside.One of this year's biggest laggards is showing signs of life this summer. Shares of Sirius XM Holdings (SIRI -1.84%) have soared 45% since bottoming out in June. It's a big jump for any stock, but the satellite radio provider is still trading 35% lower so far in 2024.The stock has been on the move lately. It's going to be even more volatile this week. Sirius XM reports its second-quarter results on Th ...

Core Viewpoint - Sirius XM (SIRI) is expected to report second-quarter 2024 earnings on August 1, with earnings per share estimated at 8 cents, unchanged from the previous year, and revenues projected at $2.2 billion, reflecting a 2.02% decline year over year [1] Group 1: Earnings and Revenue Estimates - The Zacks Consensus Estimate for second-quarter earnings has remained constant at 8 cents per share, consistent with the year-ago quarter [1] - The consensus mark for revenues is pegged at $2.2 billion, indicating a 2.02% decrease from the year-ago quarter's reported figure [1] - The company has beaten the Zacks Consensus Estimate in each of the last four quarters, with an average surprise of 14.44% [1] Group 2: Subscriber and Advertisement Revenue Trends - Subscriber revenues are expected to decline, with the first quarter showing a 1% decrease year over year to $1.7 billion, and the second-quarter estimate at $1.66 billion, indicating a 3.6% decline [2] - Advertisement revenues in the first quarter increased by 7% year over year to $402 million, with the second-quarter estimate at $457.9 million, indicating a rise of 2.9% year over year [3] Group 3: Competitive Landscape and Content Strategy - Sirius XM faces intense competition in the streaming space from companies like Apple and Spotify, which may impact revenue growth [3] - The company continues to enhance its content offerings, including extensive coverage of major sporting events and a diverse range of content across music, politics, news, and sports [3] Group 4: Earnings Prediction Model - According to the Zacks model, Sirius XM has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold), indicating lower odds of an earnings beat [4]

Wall Street analysts expect Sirius XM (SIRI) to post quarterly earnings of $0.08 per share in its upcoming report, which indicates no change from the year-ago quarter. Revenues are expected to be $2.2 billion, down 2% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company announces its earnings, it is essent ...

SiriusXM (SIRI) is set to exclusively broadcast the 152nd Open golf championship nationwide. The championship will be played at the Royal Troon Club in Scotland from Jul 18 to Jul 21, 2024.SiriusXM will air more than 45 hours of live coverage across all four rounds. It will be aired on SIRI’s The Open Radio channel, which is available on the SiriusXM app and for listeners in their cars on channel 92.The broadcast team will feature Marcus Buckland, Sue Thearle, Ron Jones, Matt Adams, Sophie Walker, Raymond B ...