Exhibit 99.1
 
 
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SiriusXM Reports Second Quarter 2022 Results
 
•Revenue in Second Quarter 2022 of $2.25 Billion; an Increase of 4% Year-Over-Year
•Second Quarter 2022 Net Income of $292 Million; Diluted EPS of $0.07
•Adjusted EBITDA of $679 Million
•Year-to-Date Capital Returns to Stockholders of $1.6 Billion
•SiriusXM Reiterates Full-Year Financial Guidance; Expects Positive Full-Year Self Pay Net Subscriber Additions

NEW YORK – July 28, 2022 – SiriusXM today announced second quarter 2022 operating and financial results, including revenue of $2.25 billion, an increase of 4% year over year. The company recorded net income of $292 million in the second quarter 2022 compared to $433 million in the prior year period. The prior year period benefited from $140 million of satellite insurance recoveries. Net income per diluted common share was $0.07 in the second quarter 2022 compared to $0.10 in the prior year period, or $0.08 excluding the satellite insurance recoveries recorded in the second quarter of 2021.

Adjusted EBITDA was $679 million in the second quarter of 2022, down 3% from the second quarter of 2021.

“We are pleased with our results in the second quarter, and while we continue to navigate an uncertain economic environment, we delivered strong financial performance and continued to make strategic investments in our business that will set us up for an exciting new era at SiriusXM,” said Jennifer Witz, Chief Executive Officer of SiriusXM. “We remain committed to creating compelling experiences for our listeners by investing in innovative technologies to deliver best-in-class, curated, comprehensive audio entertainment. We remain equally committed to delivering consumers the best and widest choice in premium audio content. From launching pop-up channels celebrating Black Music Appreciation Month to acquiring Conan O’Brien’s Team Coco to produce new content for our listeners, and most recently, expanding our relationship with the NFL to deliver the most extensive sports lineup in audio entertainment, we will continue to enhance our platform to ensure broad appeal.”

“SiriusXM's churn was steady at approximately 1.5% in the quarter, underscoring the strength of our business, our products, and loyalty of our customers. In the second quarter, we delivered focused expansion in key streaming offerings and maintained a strong balance sheet,” said Sean Sullivan, Executive Vice President, and Chief Financial Officer. “This quarter we returned over $300 million in capital to stockholders, comprising $217 million in common stock repurchases and $86 million in dividends, and ended the quarter with net debt to adjusted EBITDA of 3.6 times."

SEGMENT HIGHLIGHTS

Sirius XM Holdings operates two complementary audio entertainment businesses — one of which we refer to as “SiriusXM” and the second of which we refer to as “Pandora and Off-Platform.” Further information regarding these two segments will be contained in the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. The financial and operating highlights below exclude the impact of share-based payment expense.



SiriusXM Financial Metrics and Key Highlights
 
Self-Pay Subscribers Remain at 32.0 Million
During the second quarter of 2022, SiriusXM self-pay subscribers increased by 23,000 and paid promotional subscribers increased by 54,000. Total subscribers were 34.0 million on June 30, 2022. The SiriusXM trial funnel stood at approximately 7.3 million at the end of the quarter, up from 6.9 million at the end of the first quarter of 2022. Self-pay monthly churn remained at approximately 1.5%.

SiriusXM Revenue Increased 5% to $1.7 Billion
Second quarter 2022 revenue grew 5% to $1.7 billion compared to the second quarter of 2021. This growth was driven by a $1.05 increase in average revenue per user (ARPU), up 7% year over year, resulting in a total ARPU of $15.62. Second quarter 2022 revenue also benefited from a 2% increase in SiriusXM self-pay subscribers, partially offset by the effects of a lower base of paid promotional subscribers.

Gross Profit Increased 6% to $1.1 Billion and Gross Margin Remained Stable
Total cost of services at SiriusXM increased by 3% to $668 million for the quarter compared to the corresponding quarter in 2021. Gross profit at SiriusXM totaled $1.1 billion, an increase of 6% compared to the 2021 period, producing a gross margin of 61%, consistent with the prior year period.

Expanded Content Offering
During the quarter, SiriusXM continued its efforts creating special programming recognizing Black artists with the launch of two exclusive channels during Black Music Appreciation Month in June, Whitney Houston and The Notorious B.I.G., and welcomed back The 2PAC Channel and The Prince Channel. The quarter also saw a continued focus on opportunities that leverage SiriusXM’s full audio ecosystem, including the acquisition of Team Coco, which included the critically-acclaimed hit podcast Conan O'Brien Needs a Friend, and the Conan O'Brien-led podcast network and digital media business. As part of the deal, Conan will collaborate with SiriusXM to create and executive produce a new fulltime, original Team Coco comedy channel for SiriusXM subscribers expected to launch this fall. SiriusXM also reached a new agreement with the NFL, making the platform the exclusive third-party audio provider of every NFL game, along with expanded rights to bring subscribers team-focused content from NFL clubs.

Product Enhancements
In the second quarter, SiriusXM made improvements to the commerce experience on its existing SXM Apps on connected devices, including Amazon Fire, Android TV, LG, and Roku, and launched the SXM App on Comcast X1, Flex, and XClass TV platforms.
BMW vehicles equipped with SiriusXM 360L received a key feature update. BMW vehicles with 360L now include Pandora Stations, an in-car feature from SiriusXM that employs Pandora's listener personalization technology and gives BMW owners the ability to customize their own ad-free music channels in the car with more of what they want to hear.

Pandora and Off-Platform Financial Metrics and Key Highlights

Advertising Revenue Increased 5% to $403 Million
Second quarter 2022 ad revenue in the Pandora and Off-Platform segment increased by 5% year over year to $403 million. Off-platform advertising, including the company's podcast business, climbed 50% year over year to nearly $119 million in the second quarter of 2022. Ad revenue maintained monetization of approximately $100 per thousand hours at Pandora, remaining roughly flat compared to the second quarter of 2021.

Total Advertising-Supported Listener Hours of 2.84 Billion
Monthly Active Users (MAUs) at Pandora were 50.5 million in the second quarter of 2022, down from 55.1 million in the prior year period. Total ad-supported listener hours were 2.84 billion in the second quarter of 2022, down from 3.03 billion in the 2021 period. Average monthly hours per ad-supported user climbed 3% to 21.1 in the second quarter of 2022 compared to 20.4 in the second quarter of 2021.

Self-Pay Subscribers Decreased Modestly
Self-pay subscribers to the Pandora Plus and Pandora Premium services decreased modestly in the second quarter of 2022 to end the period at 6.3 million.

Gross Profit Falls
Subscriber revenue decreased by 2%, advertising revenue increased by 5% and total cost of services increased by 14% during the second quarter of 2022 driven by investments in new podcast content. This resulted in gross profit in the Pandora and Off-platform segment of $167 million, a decrease of 13% compared to the corresponding 2021 period, and produced a gross margin for the quarter of 31%, down 6 percentage points from the prior year period.



Content Engagement
Pandora saw increases in time spent listening by active users, driven by a continued focus on improving personalization and expanding its rich content offering. The quarter saw launches of several new Pandora stations, including Country Grit, one of Pandora’s most-listened genres (country music); Pan-Asian United, a new channel showcasing a range of genres from Asian-American and Pacific Islander artists; and Prom Night, the platform’s largest suite of stations to date, all in celebration of the 2022 prom season. Additionally, in honor of Black Music Appreciation Month in June, Pandora’s Black Music Forever Radio launched five new modes representing five decades of the evolution of dance influenced by black culture.

Podcast Growth and Expanded Ad Representation
SXM Media, the company's combined advertising sales organization, continues to be a dominant force in podcast ad sales, ranking as the #1 podcast advertising network in weekly U.S. listener reach, according to Edison Research. SXM Media currently represents four of the top 15 podcasts in the country, including “Crime Junkies,” “Office Ladies,” “Dateline NBC,” and “Pod Save America.”

As part of the previously mentioned acquisition of Team Coco, SiriusXM expanded its exclusive global ad representation beyond Team Coco's acclaimed podcasts to also include digital video, social media, and live events associated with Team Coco's properties. During the quarter, the company also signed new agreements with multi-platform internet star Lyle Forever, which includes his hit podcast Therapy Gecko and Critical Role, the D&D role-playing collective with millions of fans. These agreements secured the global advertising sales rights for SXM Media and continued to expand the company's off-platform business, and solidified SXM Media as a leader in the sales of audio advertising for podcasts.

ADDITIONAL FINANCIAL HIGHLIGHTS

Subscriber acquisition costs increased by 2% to $91 million in the second quarter of 2022 compared to the prior year period, driven by higher equipment installations by automakers. Sales and marketing costs increased by 20% to $272 million in 2022 compared to the prior year, boosted by increased performance marketing efforts and the continuation of a multi-media national ad campaign promoting SiriusXM, which launched late 2021. Engineering, design and development costs rose 7% to $63 million, and general and administrative expenses decreased by 1% to $113 million in 2022.

Free cash flow was $435 million, down approximately 21% from the prior year period, as cash taxes rose by $97 million year over year and the second quarter of 2021 benefited from $17 million in satellite insurance receipts.

2022 GUIDANCE

The Company continues to anticipate positive full-year 2022 self-pay net subscriber additions and reiterates 2022 guidance for revenue, adjusted EBITDA, and free cash flow as follows:

•Total revenue of approximately $9.0 billion,
•Adjusted EBITDA of approximately $2.8 billion, and
•Free cash flow of approximately $1.55 billion.







SECOND QUARTER 2022 RESULTS

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)2022202120222021
Revenue:
Subscriber revenue$1,719 $1,641 $3,432 $3,252 
Advertising revenue452 429 835 783 
Equipment revenue45 51 98 108 
Other revenue37 38 75 74 
Total revenue2,253 2,159 4,440 4,217 
Operating expenses:
Cost of services:
Revenue share and royalties711 662 1,381 1,303 
Programming and content153 136 292 265 
Customer service and billing125 128 251 244 
Transmission54 52 106 101 
Cost of equipment3 4 6 9 
Subscriber acquisition costs91 89 181 175 
Sales and marketing285 240 557 456 
Engineering, design and development72 65 139 130 
General and administrative127 130 250 251 
Depreciation and amortization135 131 270 263 
Impairment, restructuring and acquisition costs1 (136)1 108 
Total operating expenses1,757 1,501 3,434 3,305 
Income from operations496 658 1,006 912 
Other (expense) income:
Interest expense(104)(103)(206)(203)
Other (expense) income(4)5 (2)8 
Total other (expense) income(108)(98)(208)(195)
Income before income taxes388 560 798 717 
Income tax expense(96)(127)(197)(65)
Net income$292 $433 $601 $652 
Foreign currency translation adjustment, net of tax(10)7 (2)12 
Total comprehensive income$282 $440 $599 $664 
Net income per common share:
Basic$0.07 $0.11 $0.15 $0.16 
Diluted$0.07 $0.10 $0.15 $0.16 
Weighted average common shares outstanding:
Basic3,928 4,079 3,938 4,108 
Diluted4,005 4,163 4,016 4,193 
Dividends declared per common share$0.0219615 $0.014641 $0.293923 $0.029282 




SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)June 30, 2022December 31, 2021
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$126 $191 
Receivables, net660 722 
Related party current assets19 21 
Prepaid expenses and other current assets328 246 
Total current assets1,133 1,180 
Property and equipment, net1,467 1,450 
Intangible assets, net3,128 3,186 
Goodwill3,249 3,151 
Related party long-term assets527 526 
Deferred tax assets200 200 
Operating lease right-of-use assets336 358 
Other long-term assets230 223 
Total assets$10,270 $10,274 
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable and accrued expenses$1,219 $1,299 
Accrued interest164 173 
Current portion of deferred revenue1,432 1,454 
Operating lease current liabilities49 49 
Related party current liabilities20 5 
Total current liabilities2,884 2,980 
Long-term deferred revenue87 97 
Long-term debt9,866 8,832 
Deferred tax liabilities539 478 
Operating lease liabilities333 362 
Other long-term liabilities140 150 
Total liabilities13,849 12,899 
Stockholders’ equity (deficit):
Common stock, par value $0.001 per share; 9,000 shares authorized; 3,909 and 3,968 shares issued; 3,908 and 3,967 shares outstanding at June 30, 2022 and December 31, 2021, respectively
4 4 
Accumulated other comprehensive income, net of tax13 15 
Additional paid-in capital— — 
Treasury stock, at cost; 1 shares of common stock at June 30, 2022 and December 31, 2021
(10)(8)
Accumulated deficit(3,586)(2,636)
Total stockholders’ equity (deficit)(3,579)(2,625)
Total liabilities and stockholders’ equity (deficit)$10,270 $10,274 





SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For The Six Months Ended June 30,
(in millions)20222021
Cash flows from operating activities:
Net income$601 $652 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization270 263 
Non cash impairment and restructuring costs— 245 
Non-cash interest expense, net of amortization of premium9 10 
Provision for doubtful accounts29 24 
(Gain) loss on unconsolidated entity investments, net(3)3 
Dividend received from unconsolidated entity investment— 1 
Loss (gain) on other investments9 (4)
Share-based payment expense92 98 
Deferred income tax expense60 37 
Amortization of right-of-use assets21 28 
Changes in operating assets and liabilities:
Receivables35 (11)
Related party, net1 11 
Prepaid expenses and other current assets(83)(136)
Other long-term assets6 (4)
Accounts payable and accrued expenses(81)(99)
Accrued interest(9)(1)
Deferred revenue(32)(145)
Operating lease liabilities(30)(26)
Other long-term liabilities(7)(18)
Net cash provided by operating activities888 928 
Cash flows from investing activities:
Additions to property and equipment(196)(164)
Sale (purchases) of other investments1 (3)
Acquisition of business, net of cash acquired(137)(14)
Investments in related parties and other equity investees(1)(11)
Repayment from related party— 2 
Net cash used in investing activities(333)(190)
Cash flows from financing activities:
Proceeds from exercise of stock options— 6 
Taxes paid from net share settlements for stock-based compensation(39)(43)
Revolving credit facility, net 510 (649)
Proceeds from long-term borrowings, net of costs499 1,976 
Principal payments of long-term borrowings(2)(2)
Payment of contingent consideration for business acquisition(3)— 
Distribution to parent related to Tax Sharing Agreement(11)— 
Common stock repurchased and retired(415)(856)
Dividends paid(1,159)(121)
Net cash (used in) provided by financing activities(620)311 
Net (decrease) increase in cash, cash equivalents and restricted cash(65)1,049 
Cash, cash equivalents and restricted cash at beginning of period (1)
199 83 
Cash, cash equivalents and restricted cash at end of period (1)
$134 $1,132 
(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)June 30, 2022December 31, 2021June 30, 2021December 31, 2020
Cash and cash equivalents$126 $191 $1,124 $71 
Restricted cash included in Other long-term assets8 8 8 12 
Total cash, cash equivalents and restricted cash at end of period$134 $199 $1,132 $83 


Unaudited Results
Set forth below are our results of operations for the three and six months ended June 30, 2022 compared with the three and six months ended June 30, 2021. Legal settlements and reserves and share-based payment expense have been excluded from cost of services line items and presented as their own line items in the table below, as this is consistent with how the segments are evaluated on a regular basis.


For the Three Months Ended June 30,For the Six Months Ended June 30,2022 vs 2021 Change
Three MonthsSix Months
2022202120222021Amount%Amount%
Revenue
Sirius XM:
Subscriber revenue$1,588 $1,508 $3,170 $2,989 $80 5 %$181 6 %
Advertising revenue49 46 97 87 3 7 %10 11 %
Equipment revenue45 51 98 108 (6)(12)%(10)(9)%
Other revenue37 38 75 74 (1)(3)%1 1 %
Total Sirius XM revenue1,719 1,643 3,440 3,258 76 5 %182 6 %
Pandora and Off-platform:
Subscriber revenue131 133 262 263 (2)(2)%(1)— %
Advertising revenue403 383 738 696 20 5 %42 6 %
Total Pandora and Off-platform revenue534 516 1,000 959 18 3 %41 4 %
Total consolidated revenue2,253 2,159 4,440 4,217 94 4 %223 5 %
Cost of services
Sirius XM:
Revenue share and royalties397 387 779 766 10 3 %13 2 %
Programming and content131 117 253 228 14 12 %25 11 %
Customer service and billing102 104 204 199 (2)(2)%5 3 %
Transmission35 35 75 68 — — %7 10 %
Cost of equipment3 4 6 9 (1)(25)%(3)(33)%
Total Sirius XM cost of services668 647 1,317 1,270 21 3 %47 4 %
Pandora and Off-platform:
Revenue share and royalties314 275 602 537 39 14 %65 12 %
Programming and content13 11 23 21 2 18 %2 10 %
Customer service and billing22 22 44 42 — — %2 5 %
Transmission18 15 28 30 3 20 %(2)(7)%
Total Pandora and Off-platform cost of services367 323 697 630 44 14 %67 11 %
Total consolidated cost of services1,035 970 2,014 1,900 65 7 %114 6 %
Subscriber acquisition costs91 89 181 175 2 2 %6 3 %
Sales and marketing272 227 531 428 45 20 %103 24 %
Engineering, design and development63 59 122 113 4 7 %9 8 %
General and administrative113 114 223 220 (1)(1)%3 1 %
Depreciation and amortization135 131 270 263 4 3 %7 3 %
Impairment, restructuring and acquisition costs1 (136)1 108 137 nm(107)nm
Share-based payment expense (1)
47 47 92 98 — — %(6)(6)%
Total operating expenses1,757 1,501 3,434 3,305 256 17 %129 4 %
Income (loss) from operations496 658 1,006 912 (162)(25)%94 10 %
Other (expense) income:
Interest expense(104)(103)(206)(203)(1)(1)%(3)(1)%
Other (expense) income(4)5 (2)8 (9)nm(10)nm
Total other (expense) income(108)(98)(208)(195)(10)(10)%(13)(7)%
Income (loss) before income taxes388 560 798 717 (172)(31)%81 11 %
Income tax expense(96)(127)(197)(65)31 (24)%(132)nm
Net income (loss)$292 $433 $601 $652 $(141)(33)%$(51)(8)%
Adjusted EBITDA$679 $700 $1,369 $1,381 $(21)(3)%$(12)(1)%
Gross Profit - Sirius XM$1,051 $996 $2,123 $1,988 $55 6 %$135 7 %
Gross Margin % - Sirius XM 61 %61 %62 %61 %— %— %1 %2 %
Gross Profit - Pandora and Off-platform$167 $193 $303 $329 $(26)(13)%$(26)(8)%
Gross Margin % - Pandora and Off-platform31 %37 %30 %34 %(6)%(16)%(4)%(12)%
nm - not meaningful



(1)    Allocation of share-based payment expense:
 For the Three Months Ended June 30,For the Six Months Ended June 30,
(in millions)2022202120222021
Programming and content - Sirius XM$8 $8 $15 $15 
Customer service and billing - Sirius XM1 1 3 3 
Transmission - Sirius XM1 1 2 2 
Programming and content - Pandora and Off-platform1 — 1 1 
Customer service and billing - Pandora— 1 — — 
Transmission - Pandora— 1 1 1 
Sales and marketing13 13 26 28 
Engineering, design and development9 6 17 17 
General and administrative14 16 27 31 
Total share-based payment expense$47 $47 $92 $98 


Key Financial and Operating Metrics

A full glossary defining our key financial and operating metrics can be found in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.
Subscribers and subscription related revenues and expenses associated with our connected vehicle services and Sirius XM Canada are not included in Sirius XM's subscriber count or subscriber-based operating metrics.
Set forth below are our subscriber balances as of June 30, 2022 compared to June 30, 2021:
As of June 30,2022 vs 2021 Change
(subscribers in thousands)20222021Amount%
Sirius XM
Self-pay subscribers32,037 31,368 669 2 %
Paid promotional subscribers1,994 3,108 (1,114)(36)%
Ending subscribers34,031 34,476 (445)(1)%
Sirius XM Canada subscribers2,574 2,578 (4)— %
Pandora and Off-platform
Monthly active users - all services50,478 55,137 (4,659)(8)%
Self-pay subscribers6,319 6,510 (191)(3)%
Paid promotional subscribers— 67 (67)(100)%
Ending subscribers6,319 6,577 (258)(4)%



The following table contains our Non-GAAP financial and operating performance measures which are based on our adjusted results of operations for the three and six months ended June 30, 2022 and 2021:
For the Three Months Ended June 30,For the Six Months Ended June 30,2022 vs 2021 Change
Three MonthsSix Months
(subscribers in thousands)2022202120222021Amount%Amount%
Sirius XM
Self-pay subscribers23 355 (1)481 (332)(94)%(482)(100)%
Paid promotional subscribers54 (378)— (719)432 114 %719 100 %
Net additions77 (23)(1)(238)100 435 %237 100 %
Weighted average number of subscribers33,953 34,473 33,927 34,468 (520)(2)%(541)(2)%
Average self-pay monthly churn1.5 %1.5 %1.6 %1.6 %— %— %— %— %
ARPU (1)
$15.62 $14.57 $15.58 $14.43 $1.05 7 %$1.15 8 %
SAC, per installation$16.27 $15.20 $14.46 $12.93 $1.07 7 %$1.53 12 %
Pandora and Off-platform
Self-pay subscribers(9)118 (5)231 (127)(108)%(236)(102)%
Paid promotional subscribers— 3 (69)5 (3)(100)%(74)(1,480)%
Net additions(9)121 (74)236 (130)(107)%(310)(131)%
Weighted average number of subscribers6,313 6,518 6,334 6,451 (205)(3)%(117)(2)%
Ad supported listener hours (in billions)2.84 3.03 5.53 5.90 (0.19)(6)%(0.37)(6)%
Advertising revenue per thousand listener hours (RPM)$99.75 $100.35 $94.90 $93.26 $(0.60)(1)%$1.64 2 %
Total Company
Adjusted EBITDA$679 $700 $1,369 $1,381 $(21)(3)%$(12)(1)%
Free cash flow$435 $550 $693 $761 $(115)(21)%$(68)(9)%

(1)    ARPU for Sirius XM excludes subscriber revenue from our connected vehicle services of $47 for each of the three months ended June 30, 2022 and 2021, and $95 and $92 for the six months ended June 30, 2022 and 2021, respectively.




Reconciliation from GAAP Net income to Non-GAAP Adjusted EBITDA:
For the Three Months Ended June 30,For the Six Months Ended June 30,
(in millions)2022202120222021
Net income:$292 $433 $601 $652 
Add back items excluded from Adjusted EBITDA:
Impairment, restructuring and acquisition costs1 (136)1 108 
Share-based payment expense47 47 92 98 
Depreciation and amortization135 131 270 263 
Interest expense104 103 206 203 
Other expense (income)4 (5)2 (8)
Income tax expense96 127 197 65 
Adjusted EBITDA$679 $700 $1,369 $1,381 



Reconciliation of Free Cash Flow:
For the Three Months Ended June 30,For the Six Months Ended June 30,
(in millions)2022202120222021
Cash Flow information
Net cash provided by operating activities$533 $636 $888 $928 
Net cash used in investing activities(191)(112)(333)(190)
Net cash (used in) provided by financing activities(292)541 (620)311 
Free Cash Flow
Net cash provided by operating activities533 636 888 928 
Additions to property and equipment(99)(86)(196)(164)
Sale (purchases) of other investments1 — 1 (3)
Free cash flow$435 $550 $693 $761 


Reconciliation of SAC, per installation:
For the Three Months Ended June 30,For the Six Months Ended June 30,
(costs in millions and installs in thousands)2022202120222021
Subscriber acquisition costs, excluding connected vehicle services$91 $89 $181 $175 
Less: margin from sales of radios and accessories, excluding connected vehicle services(42)(47)(92)(100)
$49 $42 $89 $75 
Installations2,974 2,724 6,099 5,791 
SAC, per installation (a)
$16.27 $15.20 $14.46 $12.93 
(a)    Amounts may not recalculate due to rounding.


###
 
About SiriusXM

Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio entertainment company in North America, and the premier programmer and platform for subscription and digital advertising-supported audio products. SiriusXM’s platforms collectively reach approximately 150 million listeners, the largest digital audio audience across paid and free tiers in North America, and deliver music, talk, news, comedy, entertainment and podcasts. SiriusXM offers the most extensive lineup of professional and college sports in audio. Pandora, a subsidiary of SiriusXM, is the largest ad-supported audio entertainment streaming service in the U.S. SiriusXM's subsidiaries Stitcher, Simplecast and AdsWizz make it a leader in podcast hosting, production, distribution, analytics and monetization. The Company’s advertising sales arm, SXM Media, leverages its scale, cross-platform sales organization, and ad tech capabilities to deliver results for audio creators and advertisers. SiriusXM, through Sirius XM Canada Holdings, Inc., also offers satellite radio and audio entertainment in Canada. In addition to its audio entertainment businesses, SiriusXM offers connected vehicle services to automakers. For more about SiriusXM, please go to: www.siriusxm.com.

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.

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: we have been, and may continue to be, adversely affected by supply chain issues as a result of the global semiconductor supply shortage; we face substantial competition and that competition is likely to increase over time; if our efforts to attract and retain subscribers and listeners, or convert listeners into subscribers, are not successful, our business will be adversely affected; we engage in extensive marketing efforts and the continued effectiveness of those efforts is an important part of our business; we rely on third parties for the operation of our business, and the failure of third parties to perform could adversely affect our business; we may not realize the benefits of acquisitions and other strategic investments and initiatives; the ongoing COVID-19 pandemic has introduced significant uncertainty to our business; a substantial number of our Sirius XM service subscribers periodically cancel their subscriptions and we cannot predict how successful we will be at retaining customers; our ability to profitably attract and retain subscribers to our Sirius XM service as our marketing efforts reach more price-sensitive consumers is uncertain; our business depends in part on the auto industry; failure of our satellites would significantly damage our business; our Sirius XM service may experience harmful interference from wireless operations; our Pandora ad-supported business has suffered a substantial and consistent loss of monthly active users, which may adversely affect our Pandora business; our failure to convince advertisers of the benefits of our Pandora ad-supported service could harm our business; if we are unable to maintain revenue growth from our advertising products our results of operations will be adversely affected; changes in mobile operating systems and browsers may hinder our ability to sell advertising and market our services; if we fail to accurately predict and play music, comedy or other content that our Pandora listeners enjoy, we may fail to retain existing and attract new listeners; privacy and data security laws and regulations may hinder our ability to market our services, sell advertising and impose legal liabilities; consumer protection laws and our failure to comply with them could damage our business; failure to comply with FCC requirements could damage our business; if we fail to protect the security of personal information about our customers, we could be subject to costly government enforcement actions and private litigation and our reputation could suffer; interruption or failure of our information technology and communications systems could impair the delivery of our service and harm our business; the market for music rights is changing and is subject to significant uncertainties; our Pandora services depend upon maintaining complex licenses with copyright owners, and these licenses contain onerous terms; the rates we must pay for “mechanical rights” to use musical works on our Pandora service have increased substantially and these new rates may adversely affect our business; failure to protect our intellectual property or actions by third parties to enforce their intellectual property rights could substantially harm our business and operating results; some of our services and technologies may use “open source” software, which may restrict how we use or distribute our services or require that we release the source code subject to those licenses; rapid technological and industry changes and new entrants could adversely impact our services; we have a significant amount of indebtedness, and our debt contains certain covenants that restrict our operations; we are a “controlled company” within the meaning of the NASDAQ listing rules and, as a result, qualify for, and rely on, exemptions from certain corporate governance requirements; while we currently pay a quarterly cash dividend to holders of our common stock, we may change our dividend policy at any time; our principal stockholder has significant influence, including over actions requiring stockholder approval, and its interests may differ from the interests of other holders of our common stock; if we are unable to attract and retain qualified personnel, our business could be harmed; our facilities could be damaged by natural catastrophes or terrorist activities; the unfavorable outcome of pending or future litigation could have an adverse impact on our operations and financial condition; we may be exposed to liabilities that other entertainment service providers would not customarily be subject to; and our business and prospects depend on the strength of our brands. 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, 2021, and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, which are 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:
 
Investor contact:
Hooper Stevens
212.901.6718
Hooper.Stevens@siriusxm.com

Natalie Diana Candela
212.901.6672
Natalie.Candela@siriusxm.com

Media contact:
Jessica Casano-Antonellis
212.901.6767
Jessica.Casano@siriusxm.com