Siriusxm Holdings Inc. · NASDAQ:SIRI
Siriusxm — Q1 2025 Earnings Presentation
21 slides from Siriusxm's earnings presentation, May 1, 2025
Slide 1: First Quarter 2025 Operating and Financial Results
May 1, 2025 1 FIRST QUARTER 2025 OPERATING AND FINANCIAL RESULTS
Slide 2: Cautionary Note Regarding Forward Looking Statements
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 our outlook and our future financial and opera
Slide 3: Business Highlights
3 STRENGTHENING EXPANDING MULTI- EXECUTING ON SUBSCRIPTION BASE AND CHANNEL REACH AND AD EFFICIENCIES TODAY AND SUPER SERVING CORE IN- MONETIZATION INVESTING IN LONG-TERM CAR OFFERING o Podcast ad revenue up 33% YoY in 1Q25, o Streamlined organizational structure and and we now reach 70 million podc
Slide 4: Tracking Toward $200 Million in Run Rate Savings Exiting 2025
4 TRACKING TOWARD $200 MILLION IN RUN RATE SAVINGS Operating Expenses EXITING 2025 In 2023 and 2024, the company achieved approximately $350 million in gross savings, (2%) $687 1Q24 vs 1Q25 enabling significant investments in business 1Q24 priorities while maintaining a strong margin 1Q25 profile. M
Slide 5: Free Cash Flow Supported by Declining Capital Expenditures
5 FREE CASH FLOW SUPPORTED BY DECLINING CAPITAL Satellite Capital Expenditures EXPENDITURES Free cash flow generation will benefit from 2024 – 2028E continued reductions in both satellite and non- satellite capital expenditures. $262 Satellite capex is declining as planned, with SXM-9 having launche
Slide 6: Consolidated Financial Highlights
6 CONSOLIDATED FINANCIAL HIGHLIGHTS
Slide 7: Consolidated First Quarter Results
7 CONSOLIDATED RESULTS FIRST QUARTER OF 2025 Consolidated First Quarter Results TOTAL REVENUE ● Total revenue for the first quarter of $2.07 billion, down 4% over prior year’s quarter. Total Revenue Adj. EBITDA Free Cash Flow ● Total revenue includes consolidated subscriber revenue for the first qua
Slide 8: Subscriber Results
8 SUBSCRIBER RESULTS FIRST QUARTER OF 2025 Total Ending SiriusXM Subscribers SIRIUSXM SELF-PAY NET ADDITIONS Approximately 33 Million WERE (303,000) DURING THE FIRST QUARTER OF 2025 Self-pay net adds improved by 56,000, or 16%, 1Q 2025 year-over-year, reflecting progress across vehicle related, non-
Slide 9: Segment Highlights
SirlusXM SiriusXM pandora SEGMENT HIGHLIGHTS
Slide 10: SiriusXM First Quarter 2025 Highlights
10 SIRIUSXM FIRST QUARTER 2025 HIGHLIGHTS SIRIUSXM FIRST QUARTER REVENUE RESULTS ● Total revenue for the first quarter of $1.6 billion was primarily driven by a smaller average base of self-pay subscribers and lower average revenue per user (ARPU). SiriusXM 1Q25 Total Revenue TOTAL ARPU $14.86 ● ARP
Slide 11: Pandora and Off-platform First Quarter 2025 Highlights
11 PANDORA AND OFF-PLATFORM FIRST QUARTER 2025 PANDORA AND OFF-PLATFORM HIGHLIGHTS FIRST QUARTER RESULTS REVENUE ● Total revenue for the first quarter of 2025 was $487 million, a 2% decrease from Pandora and Off-platform 1Q24, which was primarily driven by a $7 1Q25 Total Revenue million decrease in
Slide 12: Reiterated 2025 Full-Year Financial Guidance
12 12 REITERATED 2025 FULL-YEAR 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 metr
Slide 13: Fueling Fan Connections
13 13 FUELING FAN CONNECTIONS THROUGH PROGRAMMING, PODCASTING AND STRATEGIC RELATIONSHIPS
Slide 14: Fueling Fan Connection: Programming
PROGRAMMING 14 FUELING FAN CONNECTION SIRIUSXM FUELED DEEPER FAN CONNECTIONS IN THE FIRST QUARTER WITH EXCLUSIVE ARTIST-CURATED CHANNELS, UNMATCHED LIVE SPORTS COVERAGE, AND COMPELLING NEW ORIGINAL PROGRAMMING ACROSS MUSIC, TALK, AND IN- CAR PLATFORMS. • GAGA RADIO, Mumford & Sons Radio, and Mary J.
Slide 15: Expanding Opportunity and Connections Through Our Podcast Network
PODCAST NETWORK 15 EXPANDING OPPORTUNITY AND CONNECTIONS THROUGH OUR PODCAST NETWORK • Our podcast network now reaches over 70 million monthly listeners, with close to 1 billion downloads in 1Q25. • Podcasting remains one of our largest growth opportunities, with 1Q25 podcast ad revenue up 33% year-
Slide 16: Expanding Reach Through Strategic Relationships
STRATEGIC RELATIONSHIPS 16 EXPANDING REACH THROUGH STRATEGIC RELATIONSHIPS EXPANDED 360L AVAILABILITY TO MITSUBISHI UNDER A NEW AGREEMENT THROUGH 2030, CONTINUING MOMENTUM IN THE OEM CHANNEL. Mix of New SiriusXM 360L Vehicle Sales SiriusXM with 360L is expected to exceed half of new vehicle installa
Slide 17: Thank You
SirlusXM THANK YOU
Slide 18: Appendix
SirlusXM APPENDIX
Slide 19: Free Cash Flow Reconciliation
19 FREE CASH FLOW RECONCILIATION For The Three Months Ended March 31, 2025 2024 Cash Flow Information Net cash provided by o perating activities $24 2 $26 4 Net cash use d in investing activitie s $(2 35) $(3 54) Net cash use d in financing activities $(4 2) $(7 3) Free Cash Flow Net Cash provided b
Slide 20: Adjusted EBITDA Reconciliation
20 ADJUSTED EBITDA RECONCILIATION For The Three Months Ended March 31, 2025 2024 Net income: $20 4 $24 1 Add ba ck ite ms excluded from Adjusted EBITDA: Former Pare nt ope rating costs $--- $6 Impairment, re structuring and other costs $48 $32 Sha re-based payment exp ense $50 $48 Depreciation and a
Slide 21: Earnings Per Share Reconciliation
21 EARNINGS PER SHARE RECONCILIATION For Three Months Ended March 31, 2025 2024 Net income available to common sto ckholde rs for basic net income p er common share $20 4 $19 9 Net income attr ibutable to no nco ntr olling interest $--- $42 Total n et income $20 4 $24 1 Effect of assumed co nve rsio