Siriusxm Holdings Inc. · NASDAQ:SIRI
Siriusxm — Q4 2024 Earnings Presentation
24 slides from Siriusxm's earnings presentation, Jan 30, 2025
Slide 1: Fourth Quarter and Full-Year 2024 Operating and Financial Results
JANUARY 30, 2025 1 FOURTH QUARTER AND FULL-YEAR 2024 OPERATING AND FINANCIAL RESULTS
Slide 2: Cautionary Note Regarding Forward Looking Statements
2 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This communication contains "f orward-looking statements" within the meaning of the Private Securities Litigat ion Reform A ct of 1 99 5. S uch sta teme nts include , bu t are n ot limited to, st atement s abo ut o ur outloo k and ou r fu ture f
Slide 3: Accelerating Our Strategy with Renewed Focus and Leadership
3 STRATEGIC FOCUS ALIGNED WITH LEADERSHIP ACCELERATING OUR STRATEGY WITH ANNOUNCEMENT SiriusXM welcomed Wayne D. Thorsen, a RENEWED FOCUS AND LEADERSHIP seasoned leader with transformative expertise from ADT and Google, to drive operational efficiency and innovation. Thorsen’s proven track record in
Slide 4: Unlocking Efficiency: Targeting Additional $200 Million Run-Rate Savings
4 UNLOCKING EFFICIENCY: TARGETING ADDITIONAL Continuous Cost Optimization Initiatives $200 MILLION IN RUN-RATE SAVINGS EXITING 2025 Sales & Programming & General & Product & Marketing Content Other Administrative Technology From 2023 to 2024, the company achieved significant gross savings, unlocking
Slide 5: Free Cash Flow Supported by Declining Capital Expenditures
5 FREE CASH FLOW SUPPORTED BY DECLINING Satellite Capital Expenditures CAPITAL EXPENDITURES Free cash flow generation will benefit from reductions in both satellite and non-satellite capital $262 2024A – 2028E expenditures. Satellite capex will continue to decrease with launch of next three satellit
Slide 6: Business Highlights
6 Enhanced Subscription Focused on Continued Efficiency Business Advertising Strength Across Organization o Added approximately 149,000 self-pay o Expanded podcast offerings with new o Achieved $200 million in annualized gross subscribers in 4Q24, an increase of 18,000 agreements, including Alex Coo
Slide 7: Consolidated Financial Highlights
7 CONSOLIDATED FINANCIAL HIGHLIGHTS
Slide 8: Consolidated Results Fourth Quarter of 2024
8 CONSOLIDATED RESULTS FOURTH QUARTER OF 2024 Fourth Quarter Consolidated Results Total Revenue ● Total revenue for the fourth quarter of $2,188 million, down 4% over prior year’s quarter driven Total Revenue Adj. EBITDA Free Cash Flow by lighter subscriber and advertising revenue. ● Total revenue i
Slide 9: Consolidated Full-Year 2024 Results
9 CONSOLIDATED FULL-YEAR 2024 RESULTS Full-Year 2024 Consolidated Results Total Revenue ● Total revenue for full-year 2024 was $8,699 million, a 3% decrease or $254 million decline Total Revenue Adj. EBITDA Free Cash Flow compared to $8,953 million in 2023. Adjusted EBITDA (3%) (2%) (14%) ● For full
Slide 10: Full Year 2025 Financial Guidance
10 10 FULL YEAR 2025 FINANCIAL GUIDANCE REVENUE ADJ. EBITDA FREE CASH FLOW $ 8.50B $ 2.60B $ 1.15B 2027 Free Cash Flow Target: SiriusXM is targeting $1.5 billion in free cash flow in 2027, reflecting a continued focus on operational efficiency and cash flow conversion. • All guidance metrics are ap
Slide 11: Segment Highlights
SiriusXM SiriusxXM pandora SEGMENT HIGHLIGHTS
Slide 12: SiriusXM Fourth Quarter Highlights
12 SIRIUSXM FOURTH QUARTER HIGHLIGHTS SIRIUSXM FOURTH QUARTER 2024 RESULTS Revenue ● Total revenue for the fourth quarter of $1,620 million was primarily driven by a SiriusXM 4Q24 smaller average base of self-pay Total Revenue subscribers and lower average revenue per user (ARPU). (6%) 2024 2023 Tot
Slide 13: SiriusXM Full-Year 2024 Highlights
13 SIRIUSXM FULL-YEAR 2024 HIGHLIGHTS SIRIUSXM FULL-YEAR 2024 RESULTS Revenue ● Total revenue for the full-year 2024 of $6,553 million was primarily driven by a SiriusXM 2024 smaller average base of self-pay Total Revenue subscribers and lower ARPU. The lower ARPU was driven by an increase in subscr
Slide 14: Pandora and Off-Platform Fourth Quarter Highlights
14 PANDORA AND OFF- PLATFORM FOURTH PANDORA AND OFF-PLATFORM FOURTH QUARTER QUARTER HIGHLIGHTS 2024 RESULTS Revenue ● Total revenue for the fourth quarter of 2024 Pandora and Off-platform was $568 million, a 1% decrease from 4Q24 Total Revenue 4Q23, which was primarily driven by a $2 million decreas
Slide 15: Pandora and Off-Platform Full-Year 2024 Highlights
15 PANDORA AND OFF- PANDORA AND OFF-PLATFORM FULL-YEAR PLATOFORM FULL-YEAR 2024 HIGHLIGHTS 2024 RESULTS Revenue Pandora and Off-platform ● Total revenue for the full-year 2024 was $2,146 million, a 2% increase over the 2024 Total Revenue $2,113 million for full-year 2023. The increase was driven by
Slide 16: Strengthening Engagement Through Programming and Strategic Relationships
16 16 STRENGTHENING ENGAGEMENT THROUGH PROGRAMMING AND STRATEGIC RELATIONSHIPS
Slide 17: Content That Engages
PROGRAMMING 17 CONTENT THAT ENGAGES SIRIUSXM DELIVERED STANDOUT FOURTH-QUARTER PROGRAMMING, FEATURING EXCLUSIVE ARTIST CHANNELS, HOLIDAY SPECIALS, AND EXPANDED Holiday CONTENT ACROSS MUSIC, SPORTS, AND TALK. programming sounds of the • Jeff Lewis extends SiriusXM agreement, expanding Jeff Lewis Live
Slide 18: Expanding Reach Through Strategic Relationships
STRATEGIC RELATIONSHIPS 18 EXPANDING REACH THROUGH STRATEGIC RELATIONSHIPS ESPN Rivian New and existing Rivian integrated SiriusXM into R1T and ESPN+ subscribers in R1S models in 2024, offering new and the U.S. can get 6 existing owners a three-month trial. months of SiriusXM streaming to enjoy on t
Slide 19: SpaceX Launches SiriusXM's SXM-9 on Falcon 9
19 SPACEX LAUNCHES SiriusXM's SXM-9 ON FALCON 9 Maxar Space Systems constructed the satellite, a high-powered digital audio radio satellite built on its advanced 1300-class platform. SiriusXM ordered this satellite in 2021. Following its successful launch, confirmed by Maxar, this marks SiriusXM’s f
Slide 20: Thank You
SiriusXM THANK YOU
Slide 21: Appendix
SiriusXM APPENDIX
Slide 22: Free Cash Flow Reconciliation
22 FREE CASH FLOW RECONCILIATION For The Three Months Ended For the Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Cash Flow Information Net cash provided by o perating activities $67 9 $52 8 $1,741 $1,829 Net cash use d in investing activitie s ($1 78) ($1 31) ($9 70) ($6 96) Net
Slide 23: Adjusted EBITDA Reconciliation
23 ADJUSTED EBITDA RECONCILIATION For The Three Months Ended For the Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Net (lo ss) income: $28 7 $22 8 ($2 ,07 5) $98 8 Add ba ck items exclude d from Adjusted EBITDA : Leg al settlements and reserves $3 $7 $3 $31 Former Pare nt ope rat
Slide 24: (Loss) Earnings Per Share Reconciliation
24 (LOSS) EARNINGS PER SHARE RECONCILIATION For Three Months Ended For the Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Net (lo ss) income a vaila ble to common stockh olders for ba sic net (lo ss) income p er common share $28 7 $17 2 ($1 ,66 5) $78 6 Net (lo ss) income a ttribu