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The following table reconciles cash, cash equivalents and restricted cash per the statement of cash flows to the balance sheet. The restricted cash balances are primarily due to letters of credit which have been issued to the landlords of leased office space. The terms of the letters of credit primarily extend beyond one year.
Cash and cash equivalents : June 30, 2020: $1,770, December 31, 2019: $106, June 30, 2019: $215, December 31, 2018: $54

Restricted cash included in Other long-term assets: June 30, 2020: $11, December 31, 2019: $14, June 30, 2019: $11, December 31, 2018: $11
Total cash, cash equivalents and restricted cash at end of period: June 30, 2020: $1,781, December 31, 2019: $120, June 30, 2019: $226, December 31, 2018: $65
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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, 2020
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)
Delaware 38-3916511
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer Identification No.)
1221 Avenue of the Americas, 35th Floor, New York, NY
(Address of Principal Executive Offices)
10020
(Zip Code)
Registrant’s telephone number, including area code: (212584-5100
Former name, former address and former fiscal year, if changed since last report: Not Applicable
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common stock, $0.001 par valueSIRINASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑        No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑        No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large accelerated filer Accelerated filer Non-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ☑
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
(Class)(Outstanding as of July 28, 2020)
Common stock, $0.001 par value4,340,289,704shares


Table of Contents
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
Item No.Description


Table of Contents

SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 For the Three Months Ended June 30,For the Six Months Ended June 30,
(in millions, except per share data)2020201920202019
Revenue:  
Subscriber revenue$1,578  $1,537  $3,163  $2,995  
Advertising revenue236  358  521  567  
Equipment revenue25  41  66  82  
Other revenue35  41  76  77  
Total revenue1,874  1,977  3,826  3,721  
Operating expenses:  
Cost of services:  
Revenue share and royalties587  600  1,157  1,092  
Programming and content110  116  228  222  
Customer service and billing122  120  240  233  
Transmission43  40  83  71  
Cost of equipment4  6  8  12  
Subscriber acquisition costs48  104  147  212  
Sales and marketing217  232  442  415  
Engineering, design and development61  74  132  128  
General and administrative119  120  226  255  
Depreciation and amortization124  119  256  226  
Acquisition and restructuring costs24  7  24  83  
Total operating expenses1,459  1,538  2,943  2,949  
Income from operations415  439  883  772  
Other (expense) income:  
Interest expense(102) (97) (201) (187) 
Loss on extinguishment of debt      (1) 
Other income (expense)4  (3) 8  (2) 
Total other (expense) income(98) (100) (193) (190) 
Income before income taxes317  339  690  582  
Income tax expense(74) (76) (154) (157) 
Net income$243  $263  $536  $425  
Foreign currency translation adjustment, net of tax10  7  (15) 14  
Total comprehensive income$253  $270  $521  $439  
Net income per common share:  
Basic$0.06  $0.06  $0.12  $0.09  
Diluted$0.05  $0.06  $0.12  $0.09  
Weighted average common shares outstanding:  
Basic4,369  4,568  4,387  4,569  
Diluted4,457  4,675  4,487  4,677  
 
See accompanying notes to the unaudited consolidated financial statements.

2

Table of Contents
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)June 30, 2020December 31, 2019
ASSETS(unaudited)
Current assets:  
Cash and cash equivalents$1,770  $106  
Receivables, net497  670  
Inventory, net12  11  
Related party current assets11  22  
Prepaid expenses and other current assets205  194  
Total current assets2,495  1,003  
Property and equipment, net1,592  1,626  
Intangible assets, net3,398  3,467  
Goodwill3,860  3,843  
Related party long-term assets512  452  
Deferred tax assets41  153  
Operating lease right-of-use assets438  466  
Other long-term assets129  139  
Total assets$12,465  $11,149  
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)  
Current liabilities:  
Accounts payable and accrued expenses$1,022  $1,151  
Accrued interest157  160  
Current portion of deferred revenue1,833  1,930  
Current maturities of debt1,492  2  
Operating lease current liabilities46  46  
Related party current liabilities2  4  
Total current liabilities4,552  3,293  
Long-term deferred revenue123  130  
Long-term debt7,841  7,842  
Deferred tax liabilities70  70  
Operating lease liabilities430  456  
Other long-term liabilities117  94  
Total liabilities13,133  11,885  
Commitments and contingencies (Note 16)
Stockholders’ equity (deficit):  
Common stock, par value $0.001 per share; 9,000 shares authorized; 4,355 and 4,412 shares issued; 4,353 and 4,412 shares outstanding at June 30, 2020 and December 31, 2019, respectively
4  4  
Accumulated other comprehensive (loss) income, net of tax(7) 8  
Additional paid-in capital(49) 395  
Treasury stock, at cost; 2 and 0 shares of common stock at June 30, 2020 and December 31, 2019, respectively
(9)   
Accumulated deficit(607) (1,143) 
Total stockholders’ equity (deficit)(668) (736) 
Total liabilities and stockholders’ equity (deficit)$12,465  $11,149  
See accompanying notes to the unaudited consolidated financial statements.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
(UNAUDITED)
For the Six Months Ended June 30, 2020
Common StockAccumulated
Other
Comprehensive Income (Loss)
Additional
Paid-in
Capital
Treasury StockAccumulated
Deficit
Total
Stockholders’ Equity (Deficit)
(in millions)SharesAmountSharesAmount
Balance at December 31, 20194,412  $4  $8  $395    $  $(1,143) $(736) 
Comprehensive income, net of tax—  —  (15) —  —  —  536  521  
Share-based payment expense—  —  —  115  —  —  —  115  
Exercise of stock options and vesting of restricted stock units11  —  —  —  —  —  —    
Withholding taxes on net share settlement of stock-based compensation—  —  —  (43) —  —  —  (43) 
Cash dividends paid on common stock, $0.02662 per share
—  —  —  (117) —  —  —  (117) 
Common stock repurchased—  —  —  —  70  (408) —  (408) 
Common stock retired(68) —  —  (399) (68) 399  —    
Balance at June 30, 20204,355  $4  $(7) $(49) 2  $(9) $(607) $(668) 

See accompanying notes to the unaudited consolidated financial statements.

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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
(UNAUDITED)
For the Three Months Ended June 30, 2020
Common StockAccumulated
Other
Comprehensive Income (Loss)
Additional
Paid-in
Capital
Treasury StockAccumulated
Deficit
Total
Stockholders’ Equity (Deficit)
(in millions)SharesAmountSharesAmount
Balance at March 31, 20204,379  $4  $(17) $116    $  $(850) $(747) 
Comprehensive income, net of tax—  —  10  —  —  —  243  253  
Share-based payment expense—  —  —  56  —  —  —  56  
Exercise of stock options and vesting of restricted stock units3  —  —  —  —  —  —    
Withholding taxes on net share settlement of stock-based compensation—  —  —  (7) —  —  —  (7) 
Cash dividends paid on common stock, $0.01331 per share
—  —  —  (58) —  —  —  (58) 
Common stock repurchased—  —  —  —  29  (165) —  (165) 
Common stock retired(27) —  —  (156) (27) 156  —    
Balance at June 30, 20204,355  $4  $(7) $(49) 2  $(9) $(607) $(668) 

See accompanying notes to the unaudited consolidated financial statements.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
(UNAUDITED)
For the Six Months Ended June 30, 2019
Common StockAccumulated
Other
Comprehensive Income (Loss)
Additional
Paid-in
Capital
Treasury StockAccumulated
Deficit
Total
Stockholders’ Equity (Deficit)
(in millions)SharesAmountSharesAmount
Balance at December 31, 20184,346  $4  $(6) $242    $  $(2,057) $(1,817) 
Comprehensive income, net of tax—  —  14  —  —  —  425  439  
Share-based payment expense—  —  —  134  —  —  —  134  
Exercise of stock options and vesting of restricted stock units13  —  —  —  —  —  —    
Withholding taxes on net share settlement of stock-based compensation—  —  —  (47) —  —  —  (47) 
Cash dividends paid on common stock, $0.0242 per share
—  —  —  (113) —  —  —  (113) 
Issuance of common stock as part of Pandora Acquisition392  1  —  2,354  —  —  —  2,355  
Equity component of convertible note—  —  —  62  —  —  —  62  
Common stock repurchased—  —  —  —  259  (1,502) —  (1,502) 
Common stock retired(254) (1) —  (1,473) (254) 1,474  —    
Balance at June 30, 20194,497  $4  $8  $1,159  5  $(28) $(1,632) $(489) 

See accompanying notes to the unaudited consolidated financial statements.

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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
(UNAUDITED)
For the Three Months Ended June 30, 2019
Common StockAccumulated
Other
Comprehensive Income (Loss)
Additional
Paid-in
Capital
Treasury StockAccumulated
Deficit
Total
Stockholders’ Equity (Deficit)
(in millions)SharesAmountSharesAmount
Balance at March 31, 20194,650  $5  $1  $2,071  5  $(28) $(1,895) $154  
Comprehensive income, net of tax—  —  7  —  —  —  263  270  
Share-based payment expense —  —  —  60  —  —  —  60  
Exercise of stock options and vesting of restricted stock units5  —  —  —  —  —  —    
Withholding taxes on net share settlement of stock-based compensation—  —  —  (13) —  —  —  (13) 
Cash dividends paid on common stock, $0.0121 per share
—  —  —  (56) —  —  —  (56) 
Equity component of convertible note—  —  —  (6) —  —  —  (6) 
Common stock repurchased —  —  —  —  158  (898) —  (898) 
Common stock retired (158) (1) —  (897) (158) 898  —    
Balance at June 30, 20194,497  $4  $8  $1,159  5  $(28) $(1,632) $(489) 

See accompanying notes to the unaudited consolidated financial statements.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 For the Six Months Ended June 30,
(in millions)20202019
Cash flows from operating activities:  
Net income$536  $425  
Adjustments to reconcile net income to net cash provided by operating activities:
  
Depreciation and amortization256  226  
Non-cash interest expense, net of amortization of premium10  7  
Provision for doubtful accounts38  27  
Amortization of deferred income related to equity method investment(1) (1) 
Loss on extinguishment of debt