Exhibit 99.1


 
 
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SiriusXM Reports First Quarter 2017 Results
 
•
First Quarter Revenue Climbs 8% to $1.3 Billion
•
Quarterly Net Income Rises 20% to $207 Million
•
Adjusted EBITDA Grows 14% to $502 Million
•
Net Self-Pay Subscribers Grow 259,000 in the First Quarter

NEW YORK – April 27, 2017 – SiriusXM today announced first quarter 2017 operating and financial results, including record revenue of $1.3 billion, up 8% versus the prior year period.
 
Net income totaled $207 million in the first quarter 2017, up 20% from $172 million in the first quarter 2016. Net income per diluted common share grew 28% to $0.04 in the first quarter 2017, compared to $0.03 in the first quarter 2016. Adjusted EBITDA grew 14% in the first quarter 2017 to a quarterly record $502 million, compared to $441 million in the first quarter of 2016.
 
“The year is off to a very solid start for our business, and we are on track to achieve our guidance for 2017. I'm particularly proud of the record adjusted EBITDA of more than half a billion dollars and record adjusted EBITDA margin of 38.7% we recorded in the first quarter,” said Jim Meyer, Chief Executive Officer, SiriusXM. "We are also pleased to announce this morning the acquisition of Automatic Labs Inc., an exciting company focused on innovative products that broaden our array of connected vehicle services," added Meyer.
 
“We remain focused on delivering a bundle of compelling, timely and entertaining programming for subscribers who have come to expect the best in audio from SiriusXM,” said Meyer. “We continue to air new voices from unique personalities, such as special series from Brooke Shields, comedic TV star Jim Parsons, André Leon Talley of Vogue fame, and a new daily show from Craig Ferguson. In the first quarter, we again hosted a series of special subscriber-only events, including a great live performance from Ed Sheeran in New York City and our special Music Lounge in South Beach Miami leading up to the Ultra Music Festival,” added Meyer.
 
FIRST QUARTER 2017 HIGHLIGHTS
 
•
SiriusXM Reaches 31.6 Million Subscribers. The company added 259,000 net new self-pay subscribers in the first quarter 2017 to end with over 26.2 million self-pay subscribers. Total net additions were 257,000 to end the quarter with approximately 31.6 million subscribers.
•
Strong Quarterly Revenue and ARPU. First quarter revenue climbed 8% to a record $1.3 Billion. The growth was driven by a 5% increase in subscribers and a 2.3% increase in average revenue per user (ARPU) to $12.95.
•
Record Adjusted EBITDA. Adjusted EBITDA in the first quarter of 2017 totaled $502 Million, a record high, and up 14% from $441 Million in the first quarter of 2016. Adjusted EBITDA margin was a record 38.7% in the first quarter of 2017, a 200 basis point increase from 36.7% in the first quarter 2016.
•
Free Cash Flow of $249 Million. Free cash flow for the first quarter 2017 totaled $249 million, down 24% from $328 million in the first quarter 2016. The decline in free cash flow was due to payments for satellites, the effect of the legal settlement associated with pre-1972 sound recordings and a shift in timing of OEM payments and interest payments compared to the same period in 2016. Operating cash flow for the first quarter 2017 totaled $309 million, down 15% from the first quarter 2016. The decrease was primarily due to the shift in timing of OEM payments and interest payments and the settlement payment related to pre-1972 sound recordings.




“During the first quarter, we spent approximately $300 million to repurchase 62 million shares of our common stock. SiriusXM's average share count in the quarter declined by 6% from the first quarter of 2016 as a result of our share repurchase program. Additionally, we returned approximately $47 million in cash to our stockholders in the form of dividends in the quarter, bringing total capital returned to stockholders to approximately $350 million in the first quarter. Our debt to adjusted EBITDA was just 3.1 times, and we ended the first quarter with a cash balance of $230 million and undrawn revolver capacity of $1.2 billion," noted David Frear, Chief Financial Officer, SiriusXM.

"Approximately $160 million of the company's cash at quarter end was held in Canadian dollars in anticipation of closing the proposed recapitalization of our Canadian affiliate, SiriusXM Canada Inc. We expect to continue delivering strong capital returns to stockholders while at the same time making investments in technology, the connected car, content and our satellite infrastructure,” added Frear.
 
2017 GUIDANCE
 
Our full-year 2017 guidance for net subscribers, revenue, adjusted EBITDA, and free cash flow, originally issued on January 5, 2017, remains as follows:
 
•
Self-pay net subscriber additions of approximately 1.3 million,
•
Revenue of approximately $5.3 billion,
•
Adjusted EBITDA of approximately $2.025 billion, and
•
Free cash flow of approximately $1.5 billion.

CAPITAL RETURN PROGRAM

Shares of common stock may be purchased from time to time on the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act of 1934, as amended, in privately negotiated transactions, including in accelerated stock repurchase transactions and transactions with Liberty Media and its affiliates, or otherwise. The company expects to fund the additional repurchases through a combination of cash on hand, cash generated by operations and future borrowings. The size and timing of these purchases will be based on a number of factors, including price and business and market conditions.

Our dividend policy may change at any time without notice to our stockholders. The declaration and payment of dividends is at the discretion of our Board of Directors in accordance with applicable law after taking into account various factors, including our financial condition, operating results, current and anticipated cash needs, limitations imposed by our indebtedness, legal requirements and other factors that our Board of Directors deems relevant.




FIRST QUARTER 2017 RESULTS

SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 
For the Three Months Ended March 31,
(in thousands, except per share data)
2017
 
2016
Revenue:
 

 
 

Subscriber revenue
$
1,078,257

 
$
1,009,682

Advertising revenue
36,016

 
31,541

Equipment revenue
29,658

 
27,121

Other revenue
150,135

 
132,666

Total revenue
1,294,066

 
1,201,010

Operating expenses:
 

 
 

Cost of services:
 

 
 

Revenue share and royalties
277,300

 
251,744

Programming and content
95,544

 
85,100

Customer service and billing
96,775

 
96,867

Satellite and transmission
20,576

 
23,538

Cost of equipment
6,912

 
9,779

Subscriber acquisition costs
127,488

 
132,449

Sales and marketing
96,909

 
88,726

Engineering, design and development
23,817

 
19,441

General and administrative
78,201

 
77,505

Depreciation and amortization
76,704

 
67,627

Total operating expenses
900,226

 
852,776

Income from operations
393,840

 
348,234

Other income (expense):
 

 
 

Interest expense
(81,657
)
 
(78,400
)
Other income
8,863

 
10,848

Total other expense
(72,794
)
 
(67,552
)
Income before income taxes
321,046

 
280,682

Income tax expense
(113,973
)
 
(108,242
)
Net income
$
207,073

 
$
172,440

Foreign currency translation adjustment, net of tax
(17
)
 
449

Total comprehensive income
$
207,056

 
$
172,889

Net income per common share:
 

 
 

Basic
$
0.04

 
$
0.03

Diluted
$
0.04

 
$
0.03

Weighted average common shares outstanding:
 

 
 

Basic
4,710,340

 
5,065,319

Diluted
4,784,420

 
5,110,618

Dividends declared per common share
$
0.01

 
$
—





SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
(in thousands, except per share data)
March 31, 2017
 
December 31, 2016
ASSETS
(unaudited)
 


Current assets:
 

 
 

Cash and cash equivalents
$
230,488

 
$
213,939

Receivables, net
234,348

 
223,029

Inventory, net
16,972

 
20,363

Related party current assets
6,846

 
6,170

Prepaid expenses and other current assets
187,078

 
179,148

Total current assets
675,732

 
642,649

Property and equipment, net
1,408,152

 
1,398,693

Intangible assets, net
2,533,273

 
2,544,801

Goodwill
2,205,107

 
2,205,107

Related party long-term assets
8,114

 
8,918

Deferred tax assets
976,825

 
1,084,330

Other long-term assets
124,603

 
119,097

Total assets
$
7,931,806

 
$
8,003,595

LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
 

 
 

Current liabilities:
 

 
 

Accounts payable and accrued expenses
$
630,445

 
$
713,034

Accrued interest
81,887

 
114,633

Current portion of deferred revenue
1,856,874

 
1,832,609

Current maturities of long-term debt
4,637

 
5,485

Related party current liabilities
2,840

 
2,840

Total current liabilities
2,576,683

 
2,668,601

Deferred revenue
179,991

 
176,319

Long-term debt
5,983,213

 
5,842,764

Related party long-term liabilities
7,245

 
7,955

Deferred tax liabilities
6,418

 
6,418

Other long-term liabilities
99,334

 
93,553

Total liabilities
8,852,884

 
8,795,610

Stockholders’ (deficit) equity:
 

 
 

Common stock, par value $0.001; 9,000,000 shares authorized; 4,686,473 and 4,746,047 shares issued; 4,683,473 and 4,740,947 outstanding at March 31, 2017 and December 31, 2016, respectively
4,685

 
4,745

Accumulated other comprehensive loss, net of tax
(156
)
 
(139
)
Additional paid-in capital
2,774,189

 
3,117,666

Treasury stock, at cost; 3,000 and 5,100 shares of common stock at March 31, 2017 and December 31, 2016, respectively
(15,488
)
 
(22,906
)
Accumulated deficit
(3,684,308
)
 
(3,891,381
)
Total stockholders’ (deficit) equity
(921,078
)
 
(792,015
)
Total liabilities and stockholders’ (deficit) equity
$
7,931,806

 
$
8,003,595










SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
 
For the Three Months Ended March 31,
(in thousands)
2017
 
2016
Cash flows from operating activities:
 
 
 
Net income
$
207,073

 
$
172,440

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and amortization
76,704

 
67,627

Non-cash interest expense, net of amortization of premium
2,104

 
2,054

Provision for doubtful accounts
14,044

 
13,055

Amortization of deferred income related to equity method investment
(694
)
 
(694
)
Gain on unconsolidated entity investments, net
(3,014
)
 
(6,274
)
Dividend received from unconsolidated entity investment
3,606

 
3,386

Share-based payment expense
29,446

 
23,693

Deferred income taxes
107,505

 
101,980

Changes in operating assets and liabilities:
 

 
 

Receivables
(25,363
)
 
(6,443
)
Inventory
3,391

 
540

Related party, net
(503
)
 
(3,310
)
Prepaid expenses and other current assets
(7,930
)
 
(18,545
)
Other long-term assets
1,691

 
(956
)
Accounts payable and accrued expenses
(99,707
)
 
(18,239
)
Accrued interest
(32,746
)
 
(1,773
)
Deferred revenue
27,937

 
30,473

Other long-term liabilities
5,781

 
3,172

Net cash provided by operating activities
309,325

 
362,186

Cash flows from investing activities:
 

 
 

Additions to property and equipment
(53,365
)
 
(30,171
)
Purchases of restricted and other investments
(7,021
)
 
(3,798
)
Net cash used in investing activities
(60,386
)
 
(33,969
)
Cash flows from financing activities:
 

 
 

Taxes paid in lieu of shares issued for stock-based compensation
(15,609
)
 
(1,354
)
Net proceeds from revolving credit facility
140,000

 
260,000

Principal payments of long-term borrowings
(3,669
)
 
(2,299
)
Common stock repurchased and retired
(305,975
)
 
(594,450
)
Dividends paid
(47,137
)
 
—

Net cash used in financing activities
(232,390
)
 
(338,103
)
Net increase (decrease) in cash and cash equivalents
16,549

 
(9,886
)
Cash and cash equivalents at beginning of period
213,939

 
111,838

Cash and cash equivalents at end of period
$
230,488

 
$
101,952





Key Financial and Operating Performance Metrics
Subscribers and subscription related revenues and expenses associated with our connected vehicle services and Sirius XM Canada are not included in our subscriber count or subscriber-based operating metrics.
 
Set forth below are our subscriber balances as of March 31, 2017 compared to March 31, 2016:
 
As of March 31,
 
2017 vs 2016 Change
(in thousands)
2017
 
2016
 
Amount
 
%
Self-pay subscribers
26,210

 
24,636

 
1,574

 
6
 %
Paid promotional subscribers
5,393

 
5,423

 
(30
)
 
(1
)%
Ending subscribers (a)
31,602

 
30,059

 
1,543

 
5
 %
The following table contains our Non-GAAP financial and operating performance measures which are based on our adjusted results of operations for the three months ended March 31, 2017 and 2016:
(in thousands, except per subscriber and per installation amounts)
For the Three Months Ended March 31,
 
2017 vs 2016 Change
2017
 
2016
 
Amount
 
%
Self-pay subscribers
259

 
348

 
(89
)
 
(26
)%
Paid promotional subscribers
(3
)
 
117

 
(120
)
 
(103
)%
Net additions (a)
257

 
465

 
(208
)
 
(45
)%
Daily weighted average number of subscribers
31,369

 
29,767

 
1,602

 
5
 %
Average self-pay monthly churn
1.8
%
 
1.9
%
 
(0.1
)%
 
(5
)%
New vehicle consumer conversion rate
40
%
 
38
%
 
2
 %
 
5
 %
 
 
 
 
 
 
 
 
ARPU
$
12.95

 
$
12.66

 
$
0.29

 
2
 %
SAC, per installation
$
29

 
$
34

 
$
(5
)
 
(15
)%
Customer service and billing expenses, per average subscriber
$
0.97

 
$
1.01

 
$
(0.04
)
 
(4
)%
Adjusted EBITDA
$
501,803

 
$
441,367

 
$
60,436

 
14
 %
Free cash flow
$
248,939

 
$
328,217

 
$
(79,278
)
 
(24
)%
Diluted weighted average common shares outstanding (GAAP)
4,784,420

 
5,110,618

 
(326,198
)
 
(6
)%
(a)
Amounts may not sum as a result of rounding.


Glossary
 
Adjusted EBITDA - EBITDA is defined as net income before interest expense, income tax expense and depreciation and amortization. We adjust EBITDA to exclude the impact of other income as well as certain other charges discussed below. Adjusted EBITDA is one of the primary Non-GAAP financial measures we use to (i) evaluate the performance of our on-going core operating results period over period, (ii) base our internal budgets and (iii) compensate management. Adjusted EBITDA is a Non-GAAP financial measure that excludes (if applicable): (i) certain adjustments as a result of the purchase price accounting for the merger of Sirius and XM, (ii) share-based payment expense and (iii) other significant operating expense (income) that do not relate to the on-going performance of our business. We believe adjusted EBITDA is a useful measure of the underlying trend of our operating performance, which provides useful information about our business apart from the costs associated with our capital structure and purchase price accounting. We believe investors find this Non-GAAP financial measure useful when analyzing our past operating performance with our current performance and comparing our operating performance to the performance of other communications, entertainment and media companies. We believe investors use adjusted EBITDA to estimate our current enterprise value and to make investment decisions. Because of large capital investments in our satellite radio system our results of operations reflect significant charges for depreciation expense. We believe the exclusion of share-based payment expense is useful as it is not directly related to the operational conditions of our business. We also believe the exclusion of the legal settlements and reserves related to the historical use of sound recordings and loss on disposal of assets, to the extent they




occur during the period, is useful as they are significant expenses not incurred as part of our normal operations for the period.
Adjusted EBITDA has certain limitations in that it does not take into account the impact to our statements of comprehensive income of certain expenses, including share-based payment expense and certain purchase price accounting for the merger of Sirius and XM. We endeavor to compensate for the limitations of the Non-GAAP measure presented by also providing the comparable GAAP measure with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the Non-GAAP measure.  Investors that wish to compare and evaluate our operating results after giving effect for these costs, should refer to net income as disclosed in our unaudited consolidated statements of comprehensive income. Since adjusted EBITDA is a Non-GAAP financial performance measure, our calculation of adjusted EBITDA may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation of net income to the adjusted EBITDA is calculated as follows:
 
 
For the Three Months Ended March 31,
(in thousands)
2017
 
2016
Net income:
$
207,073

 
$
172,440

Add back items excluded from Adjusted EBITDA:
 
 
 
Purchase price accounting adjustments:
 
 
 
Revenues
1,813

 
1,813

Share-based payment expense (1)
29,446

 
23,693

Depreciation and amortization
76,704

 
67,627

Interest expense
81,657

 
78,400

Other income
(8,863
)
 
(10,848
)
Income tax expense
113,973

 
108,242

Adjusted EBITDA
$
501,803

 
$
441,367


 (1) Allocation of share-based payment expense 
 
For the Three Months Ended March 31,
(in thousands)
2017
 
2016
Programming and content
$
6,501

 
$
4,494

Customer service and billing
1,011

 
806

Satellite and transmission
1,187

 
1,017

Sales and marketing
5,680

 
4,812

Engineering, design and development
3,554

 
2,868

General and administrative
11,513

 
9,696

Total share-based payment expense
$
29,446

 
$
23,693

 
ARPU - is derived from total earned subscriber revenue, advertising revenue and other subscription-related revenue, excluding revenue associated with our connected vehicle services, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period. Other subscription-related revenue includes the U.S. Music Royalty Fee.  ARPU is calculated as follows:





 
For the Three Months Ended March 31,
(in thousands, except per subscriber amounts)
2017
 
2016
Subscriber revenue, excluding connected vehicle services
$
1,058,054

 
$
984,984

Add: advertising revenue
36,016

 
31,541

Add: other subscription-related revenue
124,468

 
114,071

 
$
1,218,538

 
$
1,130,596

Daily weighted average number of subscribers
31,369

 
29,767

ARPU
$
12.95

 
$
12.66



Average self-pay monthly churn - is defined as the monthly average of self-pay deactivations for the period divided by the average number of self-pay subscribers for the period.

Customer service and billing expenses, per average subscriber - is derived from total customer service and billing expenses, excluding connected vehicle customer service and billing expenses and share-based payment expense, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period. We believe the exclusion of share-based payment expense in our calculation of customer service and billing expenses, per average subscriber, is useful as share-based payment expense is not directly related to the operational conditions that give rise to variations in the components of our customer service and billing expenses. Customer service and billing expenses, per average subscriber, is calculated as follows:

 
 
For the Three Months Ended March 31,
(in thousands, except per subscriber amounts)
2017
 
2016
Customer service and billing expenses, excluding connected vehicle services
$
92,120

 
$
91,171

Less: share-based payment expense
(1,011
)
 
(806
)

$
91,109

 
$
90,365

Daily weighted average number of subscribers
31,369

 
29,767

Customer service and billing expenses, per average subscriber
$
0.97

 
$
1.01


Free cash flow - is derived from cash flow provided by operating activities, net of additions to property and equipment, restricted and other investment activity and the return of capital from investment in unconsolidated entity. Free cash flow is a metric that our management and board of directors use to evaluate the cash generated by our operations, net of capital expenditures and other investment activity and significant items that do not relate to the on-going performance of our business.  In a capital intensive business, with significant investments in satellites, we look at our operating cash flow, net of these investing cash outflows, to determine cash available for future subscriber acquisition and capital expenditures, to repurchase or retire debt, to acquire other companies and to evaluate our ability to return capital to stockholders. We believe free cash flow is an indicator of the long-term financial stability of our business.  Free cash flow, which is reconciled to “Net cash provided by operating activities,” is a Non-GAAP financial measure.  This measure can be calculated by deducting amounts under the captions “Additions to property and equipment” and deducting or adding Restricted and other investment activity from “Net cash provided by operating activities” from the consolidated statements of cash flows, adjusted for any significant legal settlements. Free cash flow should be used in conjunction with other GAAP financial performance measures and may not be comparable to free cash flow measures presented by other companies.  Free cash flow should be viewed as a supplemental measure rather than an alternative measure of cash flows from operating activities, as determined in accordance with GAAP.  Free cash flow is limited and does not represent remaining cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt maturities. We believe free cash flow provides useful supplemental information to investors regarding our current cash flow, along with other GAAP measures (such as cash flows from operating and investing activities), to determine our financial condition, and to compare our operating performance to other communications, entertainment and media companies. Free cash flow is calculated as follows:






For the Three Months Ended March 31,
(in thousands)
2017
 
2016
Cash Flow information
 
 
 
Net cash provided by operating activities
$
309,325

 
$
362,186

Net cash used in investing activities
$
(60,386
)
 
$
(33,969
)
Net cash used in financing activities
$
(232,390
)
 
$
(338,103
)
Free Cash Flow
 
 
 
Net cash provided by operating activities
$
309,325

 
$
362,186

Additions to property and equipment
(53,365
)
 
(30,171
)
Purchases of restricted and other investments
(7,021
)
 
(3,798
)
Free cash flow
$
248,939

 
$
328,217


New vehicle consumer conversion rate - is defined as the percentage of owners and lessees of new vehicles that receive our satellite radio service and convert to become self-paying subscribers after the initial promotion period. At the time satellite radio enabled vehicles are sold or leased, the owners or lessees generally receive trial subscriptions ranging from three to twelve months. We measure conversion rate three months after the period in which the trial service ends. The metric excludes rental and fleet vehicles.

Subscriber acquisition cost, per installation - or SAC, per installation, is derived from subscriber acquisition costs and margins from the sale of radios and accessories, divided by the number of satellite radio installations in new vehicles and shipments of aftermarket radios for the period.  SAC, per installation, is calculated as follows:


For the Three Months Ended March 31,
(in thousands, except per installation amounts)
2017
 
2016
Subscriber acquisition costs
$
127,488

 
$
132,449

Less: margin from sales of radios and accessories
(22,746
)
 
(17,342
)

$
104,742

 
$
115,107

Installations
3,584

 
3,430

SAC, per installation
$
29

 
$
34



###
 
About SiriusXM
 
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the world's largest radio company measured by revenue and has approximately 31.6 million subscribers. SiriusXM creates and offers commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment, and a wide-range of Latin music, sports and talk programming. SiriusXM is available in vehicles from every major car company and on smartphones and other connected devices as well as online at siriusxm.com. SiriusXM radios and accessories are available from retailers nationwide and online at SiriusXM. SiriusXM also provides premium traffic, weather, data and information services for subscribers through SiriusXM Traffic™, SiriusXM Travel Link, NavTraffic®, NavWeather™. SiriusXM delivers weather, data and information services to aircraft and boats through SiriusXM Aviation™ and SiriusXM Marine™. In addition, SiriusXM Music for Business provides commercial-free music to a variety of businesses. SiriusXM holds a minority interest in SiriusXM Canada which has approximately 2.8 million subscribers. SiriusXM is also a leading provider of connected vehicles services, giving customers access to a suite of safety, security, and convenience services including automatic crash notification, stolen vehicle recovery assistance, enhanced roadside assistance and turn-by-turn navigation.

To download SiriusXM logos and artwork, visit http://www.siriusxm.com/LogosAndPhotos.

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. Such




forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. SiriusXM does not provide a non-GAAP reconciliation for Adjusted EBITDA guidance to Net income or Free cash flow guidance to Net cash provided by operating activities because it does not provide guidance for the reconciling items between adjusted EBITDA to Net income, which includes the provision for income taxes, interest expense and other income, nor does the Company provide guidance for the reconciling items between Free cash flow to Net cash provided by operating activities, which includes additions to property and equipment.  As items that impact Net income and Net cash provided by operating activities are out of the Company’s control and/or cannot be reasonably predicted, the Company is unable to provide such guidance as the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Accordingly, a reconciliation to Net income and Net cash provided by operating activities is not available without unreasonable effort.

The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our substantial competition, which is likely to increase over time; our ability to attract and retain subscribers, which is uncertain; interference to our service from wireless operations; consumer protection laws and their enforcement; unfavorable outcomes of pending or future litigation; the market for music rights, which is changing and subject to uncertainties; our dependence upon the auto industry; general economic conditions; the security of the personal information about our customers; existing or future government laws and regulations could harm our business; failure of our satellites would significantly damage our business; the interruption or failure of our information technology and communications systems; our failure to realize benefits of acquisitions or other strategic initiatives; rapid technological and industry changes; failure of third parties to perform; our failure to comply with FCC requirements; modifications to our business plan; our indebtedness; our principal stockholder has significant influence over our affairs and over actions requiring stockholder approval and its interests may differ from interests of other holders of our common stock; impairment of our business by third-party intellectual property rights; and changes to our dividend policies which could occur at any time. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended December 31, 2016, which is filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.


 
Source: SiriusXM
 
Contact for SiriusXM:
 
Hooper Stevens
212-901-6718
Hooper.stevens@siriusxm.com
 
Patrick Reilly
212-901-6646
patrick.reilly@siriusxm.com