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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 SEPTEMBER 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 October 20, 2020)
Common stock, $0.001 par value4,249,501,448shares


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 September 30,For the Nine Months Ended September 30,
(in millions, except per share data)2020201920202019
Revenue:  
Subscriber revenue$1,594 $1,556 $4,757 $4,551 
Advertising revenue345 366 866 933 
Equipment revenue47 45 113 127 
Other revenue39 44 115 121 
Total revenue2,025 2,011 5,851 5,732 
Operating expenses:  
Cost of services:  
Revenue share and royalties602 592 1,759 1,684 
Programming and content123 116 351 338 
Customer service and billing119 119 359 352 
Transmission46 46 129 117 
Cost of equipment5 8 13 20 
Subscriber acquisition costs110 101 257 313 
Sales and marketing222 233 664 648 
Engineering, design and development64 78 196 206 
General and administrative131 124 357 379 
Depreciation and amortization125 118 381 344 
Acquisition and restructuring costs  24 83 
Total operating expenses1,547 1,535 4,490 4,484 
Income from operations478 476 1,361 1,248 
Other (expense) income:  
Interest expense(96)(104)(297)(291)
Loss on extinguishment of debt(40)(56)(40)(57)
Other income (expense)2  10 (2)
Total other (expense) income(134)(160)(327)(350)
Income before income taxes344 316 1,034 898 
Income tax expense(72)(70)(226)(227)
Net income$272 $246 $808 $671 
Foreign currency translation adjustment, net of tax7 (5)(8)9 
Total comprehensive income$279 $241 $800 $680 
Net income per common share:  
Basic$0.06 $0.06 $0.19 $0.15 
Diluted$0.06 $0.05 $0.18 $0.15 
Weighted average common shares outstanding:  
Basic4,326 4,450 4,367 4,529 
Diluted4,415 4,564 4,465 4,641 
 
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)September 30, 2020December 31, 2019
ASSETS(unaudited)
Current assets:  
Cash and cash equivalents$33 $106 
Receivables, net582 670 
Inventory, net10 11 
Related party current assets10 22 
Prepaid expenses and other current assets194 194 
Total current assets829 1,003 
Property and equipment, net1,587 1,626 
Intangible assets, net3,360 3,467 
Goodwill3,860 3,843 
Related party long-term assets514 452 
Deferred tax assets 153 
Operating lease right-of-use assets423 466 
Other long-term assets129 139 
Total assets$10,702 $11,149 
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)  
Current liabilities:  
Accounts payable and accrued expenses$1,088 $1,151 
Accrued interest84 160 
Current portion of deferred revenue1,792 1,930 
Current maturities of debt2 2 
Operating lease current liabilities47 46 
Related party current liabilities1 4 
Total current liabilities3,014 3,293 
Long-term deferred revenue121 130 
Long-term debt7,845 7,842 
Deferred tax liabilities91 70 
Operating lease liabilities416 456 
Other long-term liabilities126 94 
Total liabilities11,613 11,885 
Commitments and contingencies (Note 16)
Stockholders’ equity (deficit):  
Common stock, par value $0.001 per share; 9,000 shares authorized; 4,283 and 4,412 shares issued; 4,278 and 4,412 shares outstanding at September 30, 2020 and December 31, 2019, respectively
4 4 
Accumulated other comprehensive income, net of tax 8 
Additional paid-in capital 395 
Treasury stock, at cost; 5 and 0 shares of common stock at September 30, 2020 and December 31, 2019, respectively
(24) 
Accumulated deficit(891)(1,143)
Total stockholders’ equity (deficit)(911)(736)
Total liabilities and stockholders’ equity (deficit)$10,702 $11,149 
See accompanying notes to the unaudited consolidated financial statements.
3

Table of Contents
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
(UNAUDITED)
For the Nine Months Ended September 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 (loss), net of tax— — (8)— — — 808 800 
Share-based payment expense— — — 178 — — — 178 
Exercise of stock options and vesting of restricted stock units22 — — — — — —  
Withholding taxes on net share settlement of stock-based compensation— — — (84)— — — (84)
Cash dividends paid on common stock, $0.03993 per share
— — — (139)— — (36)(175)
Common stock repurchased— — — — 156 (894)— (894)
Common stock retired(151)— — (350)(151)870 (520) 
Balance at September 30, 20204,283 $4 $ $ 5 $(24)$(891)$(911)

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 September 30, 2020
Common StockAccumulated
Other
Comprehensive Income (Loss)
Additional
Paid-in
Capital
Treasury StockAccumulated
Deficit
Total
Stockholders’ Equity (Deficit)
(in millions)SharesAmountSharesAmount
Balance at June 30, 20204,355 $4 $(7)$(49)2 $(9)$(607)$(668)
Comprehensive income, net of tax— — 7 — — — 272 279 
Share-based payment expense— — — 63 — — — 63 
Exercise of stock options and vesting of restricted stock units11 — — — — — —  
Withholding taxes on net share settlement of stock-based compensation— — — (41)— — — (41)
Cash dividends paid on common stock, $0.01331 per share
— — — (22)— — (36)(58)
Common stock repurchased— — — — 86 (486)— (486)
Common stock retired(83)— — 49 (83)471 (520) 
Balance at September 30, 20204,283 $4 $ $ 5 $(24)$(891)$(911)

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 Nine Months Ended September 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— — 9 — — — 671 680 
Share-based payment expense— — — 201 — — — 201 
Exercise of stock options and vesting of restricted stock units30 — — 8 — — — 8 
Withholding taxes on net share settlement of stock-based compensation— — — (104)— — — (104)
Cash dividends paid on common stock, $0.0363 per share
— — — (167)— — — (167)
Issuance of common stock as part of Pandora Acquisition392 1 — 2,354 — — — 2,355 
Equity component of convertible note— — — 62 — — — 62 
Common stock repurchased— — — — 335 (1,966)— (1,966)
Common stock retired(334)(1)— (1,958)(334)1,959 —  
Balance at September 30, 20194,434 $4 $3 $638 1 $(7)$(1,386)$(748)

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 September 30, 2019
Common StockAccumulated
Other
Comprehensive Income (Loss)
Additional
Paid-in
Capital
Treasury StockAccumulated
Deficit
Total
Stockholders’ Equity (Deficit)
(in millions)SharesAmountSharesAmount
Balance at June 30, 20194,497 $4 $8 $1,159 5 $(28)$(1,632)$(489)
Comprehensive income (loss), net of tax— — (5)— — — 246 241 
Share-based payment expense — — — 67 — — — 67 
Exercise of stock options and vesting of restricted stock units17 — — 8 — — — 8 
Withholding taxes on net share settlement of stock-based compensation— — — (57)— — — (57)
Cash dividends paid on common stock, $0.0121 per share
— — — (54)— — — (54)
Common stock repurchased — — — — 76 (464)— (464)
Common stock retired (80)— — (485)(80)485 —  
Balance at September 30, 20194,434 $4 $3 $638 1 $(7)$(1,386)$(748)

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 Nine Months Ended September 30,
(in millions)20202019
Cash flows from operating activities:  
Net income$808 $671 
Adjustments to reconcile net income to net cash provided by operating activities:
  
Depreciation and amortization381 344 
Non-cash interest expense, net of amortization of premium15 12 
Provision for doubtful accounts48 40 
Amortization of deferred income related to equity method investment(2)(2)
Loss on extinguishment of debt40 57 
Loss on unconsolidated entity investments, net8 16 
Dividend received from unconsolidated entity investment1 1 
Loss on restructuring24  
Gain on other investments(1)(3)
Share-based payment expense165 192 
Deferred income taxes175 210 
Amortization of right-of-use assets42 16 
Changes in operating assets and liabilities:  
Receivables39 (85)
Inventory(2)8 
Related party, net10  
Prepaid expenses and other current assets(2)(9)
Other long-term assets14 8 
Accounts payable and accrued expenses(83)79 
Accrued interest(76)(24)
Deferred revenue(147)(46)
Operating lease liabilities(39)(4)
Other long-term liabilities32 4 
Net cash provided by operating activities1,450 1,485 
Cash flows from investing activities:  
Additions to property and equipment(230)(239)
Purchases of other investments(8)(7)
Acquisition of business, net of cash acquired(28)313 
Sale of short-term investments 73 
Investments in related parties and other equity investees(89)(14)
Repayment from related party11  
Net cash (used in) provided by investing activities(344)126 
Cash flows from financing activities:  
Proceeds from exercise of stock options 8 
Taxes paid from net share settlements for stock-based compensation(81)(104)
Revolving credit facility, net of deferred financing costs
 (374)
Proceeds from long-term borrowings, net of costs1,481 2,715 
Proceeds from sale of capped call security
 3 
Principal payments of long-term borrowings(1,506)(1,663)
Payment of premiums on redemption of debt(31)(45)
Common stock repurchased and retired(870)(1,959)
Dividends paid(175)(167)
Net cash used in financing activities(1,182)(1,586)
Net (decrease) increase in cash, cash equivalents and restricted cash(76)25 
Cash, cash equivalents and restricted cash at beginning of period (1)
120 65 
Cash, cash equivalents and restricted cash at end of period (1)
$44 $90 
See accompanying notes to the unaudited consolidated financial statements.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
(UNAUDITED)
For the Nine Months Ended September 30,
(in millions)20202019
Supplemental Disclosure of Cash and Non-Cash Flow Information
Cash paid during the period for:
Interest, net of amounts capitalized$357 $300 
Income taxes paid$26 $6 
Non-cash investing and financing activities:
Treasury stock not yet settled$(24)$(7)
Fair value of shares issued related to acquisition of a business$ $2,355 
Accumulated other comprehensive (loss) income, net of tax$(8)$9 
(1)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.
(in millions)September 30, 2020December 31, 2019September 30, 2019December 31, 2018
Cash and cash equivalents$33