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

Quarterly report pursuant to Section 13 or 15(d)

Segments and Geographic Information (Tables)

Segments and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Segment Reporting Information, by Segment

Segment revenue and gross profit were as follows during the period presented:


	For the Three Months Ended September 30, 2024
	Sirius XM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	1,510	$	135	$	1,645
Advertising revenue	41		409		450
Equipment revenue	43		—		43
Other revenue	33		—		33
Total revenue	1,627		544		2,171
Cost of services (a)	(658)		(357)		(1,015)
Segment gross profit	$	969	$	187	$	1,156


	For the Three Months Ended September 30, 2023
	Sirius XM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	1,597	$	132	$	1,729
Advertising revenue	42		418		460
Equipment revenue	49		—		49
Other revenue	33		—		33
Total revenue	1,721		550		2,271
Cost of services (b)	(674)		(370)		(1,044)
Segment gross profit	$	1,047	$	180	$	1,227


	For the Nine Months Ended September 30, 2024
	Sirius XM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	4,576	$	407	$	4,983
Advertising revenue	124		1,171		1,295
Equipment revenue	140		—		140
Other revenue	93		—		93
Total revenue	4,933		1,578		6,511
Cost of services (c)	(1,987)		(1,067)		(3,054)
Segment gross profit	$	2,946	$	511	$	3,457


	For the Nine Months Ended September 30, 2023
	Sirius XM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	4,757	$	389	$	5,146
Advertising revenue	126		1,152		1,278
Equipment revenue	142		—		142
Other revenue	99		—		99
Total revenue	5,124		1,541		6,665
Cost of services (d)	(2,014)		(1,097)		(3,111)
Segment gross profit	$	3,110	$	444	$	3,554

Schedule of Reconciliation of Revenue from Segments to Consolidated

The reconciliation between reportable segment gross profit to consolidated loss before income tax is as follows:


	For the Three Months Ended September 30, 2024
Segment Gross Profit	$	1,156
Subscriber acquisition costs	(90)
Sales and marketing (a)	(206)
Engineering, design and development (a)	(57)
General and administrative (a)	(113)
Depreciation and amortization	(145)
Share-based payment expense	(58)
Impairment, restructuring and other costs	(3,388)
Total other expense	(96)
Consolidated loss before income taxes	$	(2,997)

(a) Share-based payment expense is presented as a separate line item for the purpose of this note and consists of $11 related to cost of services, $11 related to sales and marketing, $11 related to engineering, design and development and $25 related to general and administrative. These amounts have been excluded from these line items in this table for the three months ended September 30, 2024.

The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:


	For the Three Months Ended September 30, 2023
Segment Gross Profit	$	1,227
Subscriber acquisition costs	(87)
Sales and marketing (b)	(224)
Engineering, design and development (b)	(61)
General and administrative (b)	(119)
Depreciation and amortization	(145)
Share-based payment expense	(57)
Impairment, restructuring and other costs	(6)
Total other expense	(158)
Consolidated income before income taxes	$	370

(b) Share-based payment expense is presented as a separate line item for the purpose of this note and consists of $13 related to cost of services, $13 related to sales and marketing, $11 related to engineering, design and development and $20 related to general and administrative. These amounts have been excluded from these line items in this table for the three months ended September 30, 2023.

The reconciliation between reportable segment gross profit to consolidated loss before income tax is as follows:


	For the Nine Months Ended September 30, 2024
Segment Gross Profit	$	3,457
Subscriber acquisition costs	(272)
Sales and marketing (c)	(641)
Engineering, design and development (c)	(190)
General and administrative (c)	(326)
Depreciation and amortization	(455)
Share-based payment expense	(154)
Impairment, restructuring and other costs	(3,441)

Total other expense	(237)
Consolidated loss before income taxes	$	(2,259)

(c) Share-based payment expense is presented as a separate line item for the purpose of this note and consists of $34 related to cost of services, $34 related to sales and marketing, $34 related to engineering, design and development and $52 related to general and administrative. These amounts have been excluded from these line items in this table for the nine months ended September 30, 2024.

The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:


	For the Nine Months Ended September 30, 2023
Segment Gross Profit	$	3,554
Subscriber acquisition costs	(270)
Sales and marketing (d)	(647)
Engineering, design and development (d)	(201)
General and administrative (d)	(416)
Depreciation and amortization	(460)
Share-based payment expense	(151)
Impairment, restructuring and other costs	(56)

Total other expense	(394)
Consolidated income before income taxes	$	959

(d) Share-based payment expense is presented as a separate line item for the purpose of this note and consists of $33 related to cost of services, $33 related to sales and marketing, $33 related to engineering, design and development and $52 related to general and administrative. These amounts have been excluded from these line items in this table for the nine months ended September 30, 2023.