Sirius XM Holdings Inc. Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2015



	Three months ended
	March 31,			June 30,			September 30,			December 31,		March 31,			June 30,			September 30,			December 31,
	2014			2014			2014			2014		2015			2015			2015			2015
	(in thousands, except per share data)
Total revenue (1)	$	194,315		$	218,894		$	239,593		$	268,000	$	230,764		$	285,560		$	311,562		$	336,157
Cost of revenue
Cost of Revenue—Content acquisition costs	108,275			111,461			111,315			115,326		126,023			130,134			211,272			142,933
Cost of revenue—Other	14,979			13,989			15,453			17,206		16,233			20,043			21,414			22,168
Cost of revenue—Ticketing service (1)	—			—			—			—		—			—			—			7,121
Total cost of revenue	123,254			125,450			126,768			132,532		142,256			150,177			232,686			172,222
Gross profit	71,061			93,444			112,825			135,468		88,508			135,383			78,876			163,935
Operating expenses
Product development (1)	11,831			13,076			13,381			14,865		15,875			18,742			21,849			28,115
Sales and marketing (1)	61,864			66,232			72,320			76,914		84,274			94,035			107,286			112,574
General and administrative (1)	26,361			25,865			29,143			31,074		36,754			38,812			35,603			42,774
Total operating expenses	100,056			105,173			114,844			122,853		136,903			151,589			164,738			183,463
Income (loss) from operations	(28,995		)	(11,729		)	(2,019		)	12,615		(48,395		)	(16,206		)	(85,862		)	(19,528		)
Net income (loss)	(28,931		)	(11,728		)	(2,025		)	12,278		(48,257		)	(16,065		)	(85,930		)	(19,409		)
Net income (loss) per share, basic	(0.14		)	(0.06		)	(0.01		)	0.06		(0.23		)	(0.08		)	(0.40		)	(0.09		)
Net income (loss) per share, diluted	$	(0.14	)	$	(0.06	)	$	(0.01	)	$	0.06	$	(0.23	)	$	(0.08	)	$	(0.40	)	$	(0.09	)
(1) Includes two months of revenue and expense for Ticketfly from the acquisition date of October 31, 2015 to December 31, 2015.