Siriusxm Holdings Inc. · NASDAQ:SIRI
Siriusxm — Q3 2024 Earnings Presentation
20 slides from Siriusxm's earnings presentation, Oct 31, 2024
Slide 1: Third Quarter 2024 Operating and Financial Results
SIRIUS XM HOLDINGS INC. OCTOBER 31, 2024 1 THIRD QUARTER 2024 OPERATING AND FINANCIAL RESULTS
Slide 2: Cautionary Note Regarding Forward Looking Statements
SIRIUS XM HOLDINGS INC. 2 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS 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 o
Slide 3: Third Quarter Business Highlights
3 Enhanced Subscription Focused on Advertising Drove Efficiency Business Offerings Across Organization ● Added approximately 14,000 self ● Continued ad-tech advancement by ● Launched technology center in pay subscribers investing in ad tech stack with industry Ireland leaders, like LiveRamp, to prov
Slide 4: Liberty Media Transaction
4 SIRIUSXM ENTERED NEW CLOSED LIBERTY MEDIA TRANSACTION PHASE AS INDEPENDENT SiriusXM is now a fully independent public company with a simplified COMPANY capital structure ~12% reduction in outstanding common stock driven by in-transaction levered share shrink North America’s leading audio entertain
Slide 5: Third Quarter Consolidated Results
5 HIGHLIGHTS Third Quarter Consolidated Results Total Revenue ● Total revenue for the third quarter of $2,171 million, down over prior year’s quarter driven by lighter subscriber and advertising revenue Total Revenue Adj. EBITDA Free Cash Flow ● Total revenue includes consolidated subscriber revenue
Slide 6: Positioned to Capture Near-Term & Long-Term Opportunities
6 POSITIONED TO CAPTURE NEAR-TERM & LONG-TERM OPPORTUNITIES New programming, initiatives & functionality focused on increasing value & expanding consumer offerings, tapping into the full power of our combined portfolio to support future growth Roll-out new pricing Debut 360 podcast structure & expan
Slide 7: Declining Satellite Capital Expenditures 2024E–2028E
7 Overall Capital Expenditures Set to Decline Declining Satellite Capital Expenditures The company's free cash flow generation should benefit from decreasing satellite (at right) and non-satellite capital expenditures 2024E – 2028E Non-Satellite Capex Set to ~$300 Modestly Decline Beginning in 2026
Slide 8: Full Year 2024 Financial Guidance
8 FULL YEAR 2024 FINANCIAL GUIDANCE REVENUE ADJ. EBITDA FREE CASH FLOW $ 8.675B $ 2.7B $ 1B 1 Full-year 2024 revenue reduced by $75 million on a more cautious outlook for advertising revenue 1. 1. $1 billion is net of the ~$215 million of incremental costs arising from the Liberty transaction, inclu
Slide 9: Segment Highlights
SiriusXM SiriusxXM pandora SEGMENT HIGHLIGHTS
Slide 10: SiriusXM Highlights
10 SIRIUSXM HIGHLIGHTS Revenue ● Total revenue for the third quarter of SiriusXM Total $1,627 million was primarily driven by a smaller average base of self-pay Revenue subscribers and lower average revenue per user (ARPU) (5%) 3Q24 3Q23 Total ARPU $15.16 $ millions ● ARPU during the Third Quarter o
Slide 11: On the Path to Year-Over-Year Improvement in 2024
11 ON THE PATH TO YEAR- OVER-YEAR IMPROVEMENT IN 2024 (359) (100) +14 SiriusXM Self-Pay Net Additions of 14,000 During the Third Quarter of 2024 1Q 2Q 3Q 3Q Q4 4Q 2024 Self-pay subscriber net additions during the quarter were largely driven by lower churn Paid Promotional Subscribers Decreased by 11
Slide 12: Pandora Highlights
12 PANDORA HIGHLIGHTS Revenue ● Total revenue for the third quarter of Pandora Total $544 million a 1% decrease from 3Q23, which was primarily driven by a Revenue decrease in advertising revenue of 2%, offset by a 2% increase in subscriber (1%) revenue driven by a rate increase on Pandora Premium an
Slide 13: Reinforcing Robust Programming and Product Offerings
13 REINFORCING ROBUST PROGRAMMING AND PRODUCT OFFERINGS
Slide 14: Continued Innovation Across Content, Technology, and Price
14 CONTINUED INNOVATION ACROSS CONTENT, TECHNOLOGY, AND PRICE CONTENT • Signed new exclusive agreement with Alex Cooper's Unwell, home of "Call Her Daddy" + kickoff with SmartLess • Continued uplifts in podcast and on-demand listenership across core and growth audience segments • Increased listeners
Slide 15: Expanding Portfolio of Premium Podcast Content
15 EXPANDING PORTFOLIO OF PREMIUM PODCAST CONTENT TO BROADEN AUDIENCE AND INCREASE AD OPPORTUNITIES Widely Distributed SiriusXM Exclusives & Podcast Network Podcasts+ Subscription • Growing fandoms across all • Increasing subscription value platforms and driving ongoing through exclusive channels, p
Slide 16: Continued Focus on High-Spending Audiences
16 CONTINUED FOCUS ON HIGH-SPENDING AUDIENCES Typically younger, ~10% penetrated, high “Growth” more diverse, willing consideration but Audience to pay for multiple limited experience with services SiriusXM 84% “Growth” ~25% Audience Skews Gen X+, more “Core” ~60% penetrated, high affluent, meaningf
Slide 17: Progress with Younger Listeners Where Penetration Is Low
17 PROGRESS WITH YOUNGER LISTENERS WHERE PENETRATION IS LOW Content Geared Towards Younger Audience • Approximately 30% of new households SiriusXM acquires are Gen Y/Z • New subscribers in these younger demos coming in meaningfully higher than existing base, pointing to upside Positive Listenership
Slide 18: Appendix
SiriusXM APPENDIX
Slide 19: Free Cash Flow Reconciliation
19 FREE CASH FLOW RECONCILIATION For Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Cash Flow Information Net cash provided by operating activities $309 $444 $1,062 $1,301 Net cash used in investing activities (242) (188) (792) (565) Net cash used in fin
Slide 20: Diluted (Loss) Earnings Per Share Reconciliation
20 DILUTED (LOSS) EARNINGS PER SHARE RECONCILIATION For Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net (loss) income available to common stockholders for basic net (loss) income per common share $(2,456) $234 $(1,952) $614 Net (loss) income attributa