Sirius XM Holdings Inc. Files 2023 Annual Report (10-K)
Ticker: SIRI · Form: 10-K · Filed: 2024-02-01T00:00:00.000Z
Sentiment: neutral
Topics: 10-K, Sirius XM, Annual Report, Financials, SEC Filing
TL;DR
<b>Sirius XM Holdings Inc. has submitted its 2023 Annual Report on Form 10-K, detailing its financial performance and business operations.</b>
AI Summary
SIRIUS XM HOLDINGS INC. (SIRI) filed a Annual Report (10-K) with the SEC on February 1, 2024. Sirius XM Holdings Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers financial performance and business operations for the period. Key financial data and disclosures are included in the report. The company's fiscal year ends on December 31st. The filing was made on February 1, 2024.
Why It Matters
For investors and stakeholders tracking SIRIUS XM HOLDINGS INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sirius XM's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding revenue streams, expenses, assets, liabilities, and compliance with regulatory requirements.
Risk Assessment
Risk Level: medium — SIRIUS XM HOLDINGS INC. shows moderate risk based on this filing. The company's business is subject to various risks including competition, technological changes, and economic conditions, as detailed in the 10-K filing, which could impact future financial performance.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to understand Sirius XM's performance and potential challenges.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| SiriusXM | ||
| Pandora and Off-Platform | ||
| Equipment Products and Services | ||
| Other Revenue |
Key Numbers
- 2023-12-31 — Fiscal Year End (Reporting period)
- 2024-02-01 — Filing Date (Date of submission)
- 0000908937 — Central Index Key (Company identifier)
- 4832 — Standard Industrial Classification (Industry code for Radio Broadcasting Stations)
Key Players & Entities
- SIRIUS XM HOLDINGS INC. (company) — Filer name
- 0000908937 (company) — Central Index Key
- 20231231 (date) — Fiscal year end
- 20240201 (date) — Filing date
- 1290 AVENUE OF THE AMERICAS (address) — Business address
- NEW YORK (location) — Business address city
- NY (location) — Business address state
- 212-584-5100 (phone) — Business phone
Forward-Looking Statements
- SiriusXM will continue to rely heavily on subscription revenue in the coming year. (SIRIUS XM HOLDINGS INC.) — high confidence, target: 2024-12-31
- Advertising revenue from Pandora and off-platform services will remain a significant, though secondary, revenue stream. (SIRIUS XM HOLDINGS INC.) — medium confidence, target: 2024-12-31
FAQ
When did SIRIUS XM HOLDINGS INC. file this 10-K?
SIRIUS XM HOLDINGS INC. filed this Annual Report (10-K) with the SEC on February 1, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by SIRIUS XM HOLDINGS INC. (SIRI).
Where can I read the original 10-K filing from SIRIUS XM HOLDINGS INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SIRIUS XM HOLDINGS INC..
What are the key takeaways from SIRIUS XM HOLDINGS INC.'s 10-K?
SIRIUS XM HOLDINGS INC. filed this 10-K on February 1, 2024. Key takeaways: Sirius XM Holdings Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The filing covers financial performance and business operations for the period.. Key financial data and disclosures are included in the report..
Is SIRIUS XM HOLDINGS INC. a risky investment based on this filing?
Based on this 10-K, SIRIUS XM HOLDINGS INC. presents a moderate-risk profile. The company's business is subject to various risks including competition, technological changes, and economic conditions, as detailed in the 10-K filing, which could impact future financial performance.
What should investors do after reading SIRIUS XM HOLDINGS INC.'s 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to understand Sirius XM's performance and potential challenges. The overall sentiment from this filing is neutral.
Risk Factors
- Competition [high — market]: The company faces intense competition from various sources, including other audio entertainment providers and free or low-cost alternatives.
- Technological Changes [medium — operational]: Rapid technological advancements in the automotive and audio industries could impact the demand for satellite radio services.
- Economic Conditions [medium — financial]: Downturns in the general economy or the automotive industry could adversely affect subscriber growth and advertising revenue.
- Regulatory Environment [low — regulatory]: Changes in government regulations related to broadcasting, spectrum use, or data privacy could affect operations.
Filing Stats: 4,439 words · 18 min read · ~15 pages · Grade level 13.8 · Accepted 2024-02-01 09:35:52
Key Financial Figures
- $0.001 — ange on which registered Common stock, $0.001 par value SIRI The NASDAQ Stock Market
Filing Documents
- siri-20231231.htm (10-K) — 2352KB
- exhibit211-20231231.htm (EX-21.1) — 3KB
- exhibit231-20231231.htm (EX-23.1) — 2KB
- exhibit311-20231231.htm (EX-31.1) — 8KB
- exhibit312-20231231.htm (EX-31.2) — 8KB
- exhibit321-20231231.htm (EX-32.1) — 5KB
- exhibit322-20231231.htm (EX-32.2) — 5KB
- exhibit971-20231231.htm (EX-97.1) — 25KB
- image_0a.jpg (GRAPHIC) — 59KB
- image_1a.jpg (GRAPHIC) — 34KB
- siri-20231231_g1.jpg (GRAPHIC) — 86KB
- 0000908937-24-000008.txt ( ) — 12370KB
- siri-20231231.xsd (EX-101.SCH) — 74KB
- siri-20231231_cal.xml (EX-101.CAL) — 127KB
- siri-20231231_def.xml (EX-101.DEF) — 425KB
- siri-20231231_lab.xml (EX-101.LAB) — 971KB
- siri-20231231_pre.xml (EX-101.PRE) — 673KB
- siri-20231231_htm.xml (XML) — 1918KB
Business
Business 4 Item 1A.
Risk Factors
Risk Factors 19 Item 1B. Unresolved Staff Comments 32 I tem 1C. C ybersecurity 32 Item 2.
Properties
Properties 35 Item 3.
Legal Proceedings
Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6. Reserved 39 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 58 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 58 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 58 Item 9A.
Controls and Procedures
Controls and Procedures 58 Item 9B. Other Information 59 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59 PART III Item 10. Directors, Executive Officers and Corporate Governance 60 Item 11.
Executive Compensation
Executive Compensation 60 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60 Item 13. Certain Relationships and Related Transactions and Director Independence 60 Item 14. Principal Accountant Fees and Services 60 PART IV Item 15. Exhibits and Financial Statement Schedules 61 Item 16. Form 10-K Summary 61
Signatures
Signatures 67 3 Table of Contents PART I
BUSINESS
ITEM 1. BUSINESS This Annual Report on Form 10-K presents information for Sirius XM Holdings Inc. ("Holdings"), a Delaware corporation. The terms "Holdings," "we," "us," "our," and "our company" as used herein and unless otherwise stated or indicated by context, refer to Sirius XM Holdings Inc. and its subsidiaries. "Sirius XM" refers to our wholly owned subsidiary Sirius XM Radio Inc. and its subsidiaries other than Pandora. "Pandora" refers to Sirius XM's wholly owned subsidiary Pandora Media, LLC and its subsidiaries. Sirius XM Holdings Inc. Holdings was incorporated in the State of Delaware on May 21, 2013. Holdings has no operations independent of its wholly owned subsidiaries, Sirius XM and Pandora. Relationship with Liberty Media As of December 31, 2023, Liberty Media Corporation ("Liberty Media") beneficially owned, directly and indirectly, 83.4% of the outstanding shares of Holdings' common stock. Liberty Media owns interests in a range of media, communications and entertainment businesses. Liberty Media Split-Off Transaction On December 11, 2023, Holdings entered into definitive agreements whereby, subject to the terms thereof, Liberty Sirius XM Holdings Inc., a Delaware corporation and a wholly owned subsidiary of Liberty Media ("New Sirius"), would split-off from Liberty Media. The transactions would be effectuated by means of a redemptive split-off of New Sirius (the "Split-Off"), which will own all of the assets and liabilities attributed to Liberty Media's Series A Liberty SiriusXM common stock ("LSXMA"), Series B Liberty SiriusXM common stock ("LSXMB") and Series C Liberty SiriusXM common stock ("LSXMK", together with the LSXMB and LSXMA stock, the "Liberty SiriusXM Group"). Following the Split-Off, New Sirius will combine with Holdings through the merger of Radio Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of New Sirius ("Merger Sub"), with Holdings, with Holdings becoming a wholly owned subsidiary of N