Exhibit 99.1 SiriusXM Reports First Quarter 2024 Operating and Financial Results • First Quarter 2024 Revenue of $2.16 Billion; Up 1% Year-Over-Year • Ad Revenue Up 7% Year-Over-Year • Net Income of $265 Million; Diluted EPS of $0.07 • Adjusted EBITDA of $650 Million; Up 4% Year-Over-Year • Free Cash Flow of $132 Million; Down 8% Year-Over-Year • Company Reiterates 2024 Financial Guidance NEW YORK – April 30, 2024 – SiriusXM today announced first quarter 2024 operating and financial results, including reven ...

Sirius XM Holdings Inc. (NASDAQ:SIRI) Q4 2023 Earnings Conference Call February 1, 2024 8:00 AM ET Company Participants Jennifer Witz - Chief Executive Officer Scott Greenstein - President, Chief Content Officer Tom Barry - Executive Vice President, Chief Financial Officer Hooper Stevens - Senior Vice President, Investor Relation and Finance Conference Call Participants Cameron Mansson-Perrone - Morgan Stanley Vijay Jayant - Evercore Barton Crockett - Rosenblatt Steven Cahall - Wells Fargo Jim Goss - Barrin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 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 of incorpo ...

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 ...

[PART I - Financial Information](index=3&type=section&id=PART%20I%20-%20Financial%20Information) This section presents the company's unaudited financial statements, management's analysis of financial performance, market risk exposures, and internal controls [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents Sirius XM Holdings Inc.'s unaudited consolidated financial statements and accompanying notes [Consolidated Statements of Comprehensive Income](index=3&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This statement details the company's revenues, expenses, and net income for the specified periods | Financial Metric | Q3 2023 (in millions) | Q3 2022 (in millions) | Nine Months 2023 (in millions) | Nine Months 2022 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Total revenue** | **$2,271** | **$2,280** | **$6,665** | **$6,720** | | Subscriber revenue | $1,729 | $1,734 | $5,146 | $5,166 | | Advertising revenue | $460 | $457 | $1,278 | $1,292 | | Income from operations | $564 | $467 | $1,455 | $1,474 | | **Net income** | **$363** | **$247** | **$906** | **$848** | | **Diluted EPS** | **$0.09** | **$0.06** | **$0.23** | **$0.21** | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's assets, liabilities, and equity at specific dates | Balance Sheet Item | Sep 30, 2023 (in millions) | Dec 31, 2022 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $53 | $57 | | Total current assets | $1,041 | $1,038 | | **Total assets** | **$10,129** | **$10,022** | | Total current liabilities | $3,158 | $2,981 | | Long-term debt | $8,823 | $9,256 | | **Total liabilities** | **$13,022** | **$13,373** | | **Total stockholders' equity (deficit)** | **$(2,893)** | **$(3,351)** | [Consolidated Statements of Stockholders' Equity (Deficit)](index=5&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Deficit)) This statement tracks changes in the company's equity, including net income, share repurchases, and dividends - The total stockholders' deficit improved from **$(3,351) million** at the end of 2022 to **$(2,893) million** as of September 30, 2023, primarily driven by net income of **$906 million**[15](index=15&type=chunk) - During the first nine months of 2023, the company repurchased **69 million shares** of common stock for **$274 million** and paid cash dividends totaling **$281 million**[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes cash inflows and outflows from operating, investing, and financing activities | Cash Flow Activity (Nine Months Ended Sep 30) | 2023 (in millions) | 2022 (in millions) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$1,279** | **$1,300** | | Net cash used in investing activities | $(554) | $(415) | | Net cash used in financing activities | $(729) | $(1,036) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(4)** | **$(151)** | [Notes to the Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and additional information supporting the financial statements - The company operates and reports on two segments: '**SiriusXM**' (satellite radio and connected vehicle services) and '**Pandora and Off-platform**' (streaming and advertising technology)[34](index=34&type=chunk)[48](index=48&type=chunk)[166](index=166&type=chunk) - As of September 30, 2023, Liberty Media Corporation beneficially owned **83.5%** of the company's outstanding common stock, making SiriusXM a '**controlled company**'[44](index=44&type=chunk)[88](index=88&type=chunk) - On September 22, 2023, the company received a non-binding proposal from Liberty Media for a potential combination transaction involving the split-off of Liberty's SiriusXM tracking stock group[90](index=90&type=chunk) - Total debt as of September 30, 2023, was approximately **$9.36 billion**, consisting of various senior notes, convertible notes, and borrowings under a credit facility[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial results, revenue trends, net income, EBITDA, cash flow, and key operating metrics | Metric | Q3 2023 | Q3 2022 | Change | Nine Months 2023 | Nine Months 2022 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$2,271M** | **$2,280M** | **(0.4%)** | **$6,665M** | **$6,720M** | **(0.8%)** | | SiriusXM Revenue | $1,721M | $1,742M | (1.2%) | $5,124M | $5,181M | (1.1%) | | Pandora & Off-platform Revenue | $550M | $538M | +2.2% | $1,541M | $1,539M | +0.1% | | **Net Income** | **$363M** | **$247M** | **+47.0%** | **$906M** | **$848M** | **+6.8%** | | **Adjusted EBITDA** | **$747M** | **$720M** | **+3.8%** | **$2,075M** | **$2,091M** | **(0.8%)** | | Operating Metric | As of Sep 30, 2023 | As of Sep 30, 2022 | Change | | :--- | :--- | :--- | :--- | | SiriusXM Ending Subscribers | 33.97 million | 34.17 million | (0.6%) | | Pandora Monthly Active Users | 46.50 million | 48.77 million | (4.7%) | | Pandora Ending Subscribers | 6.12 million | 6.27 million | (2.4%) | - Free cash flow for the nine months ended September 30, 2023, decreased **26%** to **$758 million** from **$1,022 million** in the prior-year period, primarily driven by higher cash taxes paid and increased satellite capital expenditures[279](index=279&type=chunk) - Sales and marketing expenses decreased **19%** for the nine-month period due to lower spending on streaming marketing and brand support[244](index=244&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risks](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company's primary market risk is interest rate fluctuations on variable-rate debt, with no current hedging - The company's main market risk is from interest rate fluctuations affecting its variable-rate debt under the Credit Facility[310](index=310&type=chunk) - As of September 30, 2023, the company did not hold any free-standing derivative instruments for hedging purposes[309](index=309&type=chunk) [Item 4. Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were effective, with no material changes to internal controls this quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[312](index=312&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the quarter ended September 30, 2023[313](index=313&type=chunk) [PART II - Other Information](index=50&type=section&id=PART%20II%20-%20Other%20Information) This section details legal proceedings, updates on risk factors, equity repurchase activities, and a list of filed exhibits [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company faces class action lawsuits and arbitrations regarding its 'U.S. Music Royalty Fee' and intends to defend itself - The company is facing multiple class actions and mass arbitrations alleging deceptive practices related to its '**U.S. Music Royalty Fee**'[151](index=151&type=chunk) - The company states it has substantial defenses to the claims and intends to defend the actions vigorously[156](index=156&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes to risk factors were reported since the filing of the 2022 Annual Report on Form 10-K[316](index=316&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities,%20Use%20of%20Proceeds,%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This section details the company's Q3 2023 common stock repurchase activity and remaining authorization | Period (2023) | Total Shares Purchased | Average Price Paid Per Share | Value Remaining in Program | | :--- | :--- | :--- | :--- | | July | 2,422,502 | $4.65 | $1.23B | | August | 6,127,426 | $4.44 | $1.20B | | September | 8,110,782 | $4.16 | $1.17B | | **Q3 Total** | **16,660,710** | **$4.33** | **$1.17B** | - As of September 30, 2023, **$1.2 billion** remained available for future share repurchases under the company's existing stock repurchase program[317](index=317&type=chunk) [Item 3. Defaults Upon Senior Securities](index=51&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable - Not applicable[319](index=319&type=chunk) [Item 4. Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable - Not applicable[320](index=320&type=chunk) [Item 5. Other Information](index=51&type=section&id=Item%205.%20Other%20Information) This item is not applicable - Not applicable[321](index=321&type=chunk) [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and Inline XBRL data - The report includes required certifications from the CEO and CFO pursuant to the Sarbanes-Oxley Act[323](index=323&type=chunk) - Financial statements and notes are provided in Inline eXtensible Business Reporting Language (**Inline XBRL**) format[323](index=323&type=chunk) [Signatures](index=53&type=section&id=Signatures) This section contains the official signatures certifying the accuracy and completeness of the report - The Form 10-Q report was signed on October 31, 2023, by Thomas D. Barry, Executive Vice President and Chief Financial Officer[326](index=326&type=chunk)[327](index=327&type=chunk)

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]

Financial Data and Key Metrics Changes - In Q1 2023, Sirius XM recorded $2.14 billion in revenue, a 2% decline compared to the prior year period [22] - Adjusted EBITDA decreased by 9% to $625 million, while free cash flow was down to $144 million from $258 million in the prior year [26] - The company increased its full-year guidance for adjusted EBITDA from $2.7 billion to approximately $2.75 billion and free cash flow expectations from $1.05 billion to approximately $1.1 billion [22][26] Business Line Data and Key Metrics Changes - The Sirius XM segment generated $1.7 billion in revenue, down 2% primarily due to lower OEM paid promotional trial revenue [22] - The Pandora and Off-Platform segment's total revenue was $462 million, nearly flat year-over-year, with advertising revenue slightly decreasing by 1% [23] - Self-pay net adds declined by 347,000, consistent with expectations due to lower vehicle and streaming trial starts [23] Market Data and Key Metrics Changes - The total new and used car penetration rate was 80% and 55% respectively, with an enabled fleet of approximately 154 million vehicles [23] - Vehicle trial starts increased by 7% overall compared to the fourth quarter, with a 3% rebound in new vehicle trials and an 11% rebound in used vehicle trials [7] Company Strategy and Development Direction - The company plans to launch a new data-driven platform later this year to enhance the listener experience and improve content discovery [9] - Sirius XM aims to address barriers such as pricing and content discovery to meet evolving consumer expectations, particularly among younger audiences [8] - The company is focusing on ramping up marketing technology capabilities to deliver personalized messaging and improve subscriber conversions [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in expanding the subscriber base as auto sales recover and the next-generation Sirius XM experience is launched [19] - The company anticipates improvements in subscriber performance as the year progresses, despite a modestly negative outlook for the full year [23][43] - Management highlighted strong customer satisfaction and low churn rates, indicating a solid foundation for future growth [38] Other Important Information - The company is investing in satellite CapEx for the construction of SXM-11 and SXM-12, with expected spending of around $300 million per year in 2023 and 2024 [27] - Sirius XM's advertising business saw growth in podcasts and programmatic sales, with podcast ad revenue increasing by 34% year-over-year [17] Q&A Session Summary Question: What are the key priorities for the new CFO? - The new CFO emphasized focusing on cost structure optimization, investing in future platforms, and maintaining capital return plans [32] Question: How is Sirius XM positioned with OEMs regarding third-party interfaces? - Management noted that they are well-positioned to sustain service incorporation regardless of OEM choices, particularly with the rise of Android Automotive [34] Question: What is the subscriber outlook for the rest of the year? - Management expects improvements in subscriber numbers in the second half of the year, driven by stronger trial starts and auto sales recovery [37][39] Question: How material is the 360L platform for subscriber acquisitions? - Currently, about a third of new car trial starts include 360L, with expectations to increase to 40% by year-end, which is key for conversion and retention [45] Question: What are the impacts on ARPU from new auto deals? - Management indicated that OEM paid promotional revenue has been trending down, but self-pay ARPU is expected to improve year-over-year [54] Question: How is the advertising landscape affecting audio advertising? - The company reported better-than-expected ad revenue performance, with podcasting being a bright spot, despite some uncertainty in the market [66]

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 ...

Financial Data and Key Metrics - SiriusXM achieved record high EBITDA of over $2.8 billion and revenue of $9 billion in 2022, with 348,000 Self-Pay net additions [5] - Adjusted EBITDA grew 2% from $2.77 billion in 2021 to $2.83 billion in 2022, while free cash flow was $1.55 billion, up from $1.39 billion in 2021 [22] - Q4 2022 revenue remained flat at $2.28 billion, with subscription revenue increasing while advertising revenue declined 3% to $480 million [22] - Net income for Q4 2022 rose 15% to $365 million, or $0.09 per diluted share, and free cash flow reached $529 million, up 10% YoY [23] Business Line Performance - SiriusXM segment revenue grew 4.2% to $6.9 billion in 2022, driven by 6% ARPU growth, while gross profit increased 6% to nearly $4.3 billion, with a margin of 62% [23] - Pandora and Off-Platform segment revenue increased 1% to $2.1 billion in 2022, with advertising revenue up 2%, but MAUs declined 9% to 47.6 million [24] - Non-Pandora ad revenue across the business climbed 24% in 2022 to $672 million, representing 38% of total ad business, driven by podcasting revenue [24] Market Performance - New and used car trial starts were down 3% and 7% sequentially in Q4 2022 due to soft auto industry sales and high vehicle prices [8] - Total new and used vehicle penetration rates were 83% and 53%, respectively, with over 150 million enabled vehicles on the road [13] - The 360L platform is now available in 20 OEM brands, with over 7 million 360L-enabled cars on the road, representing 27% of new SiriusXM-enabled vehicles in 2022 [13] Strategy and Industry Competition - SiriusXM is focusing on modernizing its technology platform and improving the streaming experience, with a relaunch of the SXM app expected in Q4 2023 [12] - The company is investing in content to attract younger, more diverse audiences, including original on-demand content and streaming-first talk, music, and video content [17] - Podcasting remains a growth opportunity, with five of the top 20 shows in Edison Research's top 50 podcast rankings, driving a 34% increase in Off-Platform business revenue in 2022 [19] Management Commentary on Operating Environment and Outlook - SiriusXM expects a softer first half of 2023 in terms of revenue, EBITDA, and subscriber growth due to economic uncertainty and reduced marketing spend [7] - The company anticipates modestly negative Self-Pay net adds for 2023, with a focus on cost reductions and efficiency improvements across the business [26] - Management remains confident in the company's ability to monetize its ad-supported portfolio and attract new audiences through improved product experiences [21] Other Important Information - SiriusXM returned approximately $2 billion to stockholders in 2022, including $1 billion in special dividends, $350 million in recurring dividends, and $639 million in share repurchases [25] - The company expects satellite CapEx to rise by over $200 million in 2023 due to the production of SXM 11 and 12 satellites, with non-satellite CapEx also increasing for strategic investments in product, engineering, and IT [28] Q&A Summary Question: Path to Positive Self-Pay Net Adds and Free Cash Flow Outlook - SiriusXM expects flat trial starts for the first nine months of 2023, with conversion rates for new and used cars expected to be in the low 30s and low 20s, respectively [34][37] - Free cash flow is expected to be a low point in 2023 due to increased CapEx and cash taxes, but the company anticipates improvements in future years as satellite CapEx moderates [38] Question: Economic Sensitivity and Podcast Advertising Opportunity - SiriusXM's subscriber base is largely more affluent, but the company has expanded into used cars, attracting younger and less affluent buyers [42] - Podcasting advertising is seen as a growth opportunity, with unique assets and cross-platform selling capabilities, though the market is still nascent and requires further investment [44][46] Question: Conversion Rates and Streaming Launch Details - Conversion rates have declined due to lower-end vehicle trends and younger buyers seeking more personalized listening experiences, which SiriusXM is addressing through 360L and app improvements [49][50] - The streaming relaunch in Q4 2023 will focus on improving the SiriusXM app with enhanced search, recommendations, and a new consumer-facing experience [52] Question: Advertising Market and Live Events Impact - The advertising market remains choppy, with podcasting being a bright spot, though competition from digital streaming audio companies is increasing [58][60] - Live events are a strategic part of SiriusXM's content experience, generating awareness and enhancing subscriber engagement, with no major renewals expected in 2023 [63][65] Question: Metrics to Watch Post-Streaming Relaunch - SiriusXM will focus on improving retention of streaming trialers through better engagement metrics, such as early engagement, content breadth, and personalized recommendations [69]