Sirius XM Holdings Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Benefit Plans (Tables)

Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fair Value of Options Granted

The following table summarizes the weighted-average assumptions used to compute the fair value of options granted to employees, members of our board of directors and non-employees under the Sirius XM Awards:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
		2023	2024	2023
Risk-free interest rate		4.3%	4.4%	4.0%
Expected life of options — years		3.76	3.76	3.80
Expected stock price volatility		42%	40%	32%
Expected dividend yield		2.0%	2.8%	2.0%

Schedule of Stock Options Activity Under Share-based Payment Plans

The following table presents the number and weighted average exercise price ("WAEP") of options to purchase shares of our common stock granted to certain officers, employees and directors of Liberty Media, as well as the weighted average remaining life and aggregate intrinsic value of the options. The shares and WAEP have been adjusted for the exchange ratio of 0.8375 shares of Sirius XM Holdings per share of SplitCo. Refer to Note 1 for more information.


	Options (000's)	WAEP		Weighted average remaining life (years)	Aggregate intrinsic value
Outstanding at January 1, 2024	5	$	34.78

Exercised	(1)	$	30.98
Forfeited/Cancelled	—	$	—
Transfer to Sirius XM Holdings (1)	(4)	$	35.56
Outstanding at September 30, 2024	—

(1)As discussed in the paragraph above, outstanding stock options to purchase shares of SplitCo common stock were accelerated and became fully vested and exchanged into stock options to purchase shares of our common stock, adjusted based on the SplitCo Award Exchange Ratio.

The following table summarizes stock option activity under our share-based plans for the nine months ended September 30, 2024:


	Options	WAEP		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value








Outstanding as of January 1, 2024	12	$	56.02
Granted	3	$	41.95
Exercised	—	$	33.58
Forfeited, cancelled or expired	(1)	$	50.53
Transfer in from SplitCo (1)	4	$	35.56
Outstanding as of September 30, 2024	18	$	49.66	4.68	$	—
Exercisable as of September 30, 2024	13	$	49.96	3.59	$	—

(1)As discussed above, outstanding stock options to purchase shares of SplitCo common stock were accelerated and became fully vested and exchanged into stock options to purchase shares of our common stock adjusted based on the SplitCo Award Exchange Ratio under the Transitional Plan.

Schedule of Restricted Stock Unit and Stock Award Activity

The following table summarizes the RSUs, including PRSUs, activity under our share-based plans for the nine months ended September 30, 2024:


	Shares	GDFV Per Share








Nonvested as of January 1, 2024	9	$	55.91
Granted	6	$	33.33
Vested	(3)	$	56.53
Forfeited	(1)	$	53.90
Nonvested as of September 30, 2024	11	$	43.37

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Included in the accompanying unaudited consolidated statements of operations are the following amounts of share-based compensation expense:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of services:
Programming and content	$	9	$	10	$	26	$	25
Customer service and billing	1		1		4		4
Transmission	1		2		4		4
Sales and marketing	11		13		34		33
Engineering, design, and development	11		11		34		33
General and administrative	25		20		52		52
	$	58	$	57	$	154	$	151