Sirius XM Files 2024 10-K Annual Report

TL;DR

SIRI 2024 10-K is in. Full financials out, check for operational updates.

AI Summary

Sirius XM Holdings Inc. filed its 2024 10-K on January 30, 2025, reporting on its fiscal year ending December 31, 2024. The filing details the company's financial performance and operations. Key financial data and operational aspects are presented within this comprehensive annual report.

Why It Matters

This filing provides investors and the public with a detailed overview of Sirius XM's financial health and strategic direction for the past fiscal year, influencing investment decisions and market perception.

Risk Assessment

Risk Level: medium — 10-K filings are standard for public companies, but the specific financial details and disclosures within can reveal varying levels of risk.

Key Numbers

• 20241231 — Fiscal Year End (The end date of the reporting period.)
• 20250130 — Filing Date (The date the 10-K was officially submitted to the SEC.)
• 338,768,644 — Financial Metric (A significant number presented in the filing, likely related to revenue or assets.)

Key Players & Entities

• SIRIUS XM HOLDINGS INC. (company) — Filer of the 10-K
• 20241231 (date) — Fiscal year end date
• 20250130 (date) — Filing date
• 338,768,644 (dollar_amount) — A financial figure mentioned in the filing

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value SIRI The NASDAQ Stock Market
• $0.01 — iberty SiriusXM common stock, par value $0.01 per share, in exchange for 0.8375 of a

Filing Documents

• siri-20241231.htm (10-K) — 2732KB
• exhibit191siri-securitiest.htm (EX-19.1) — 59KB
• exhibit211-20241231.htm (EX-21.1) — 4KB
• exhibit231-20241231.htm (EX-23.1) — 2KB
• exhibit311-20241231.htm (EX-31.1) — 10KB
• exhibit312-20241231.htm (EX-31.2) — 10KB
• exhibit321-20241231.htm (EX-32.1) — 5KB
• exhibit322-20241231.htm (EX-32.2) — 5KB
• siri-20241231_g1.jpg (GRAPHIC) — 98KB
• 0000908937-25-000005.txt ( ) — 14468KB
• siri-20241231.xsd (EX-101.SCH) — 85KB
• siri-20241231_cal.xml (EX-101.CAL) — 123KB
• siri-20241231_def.xml (EX-101.DEF) — 500KB
• siri-20241231_lab.xml (EX-101.LAB) — 1067KB
• siri-20241231_pre.xml (EX-101.PRE) — 801KB
• siri-20241231_htm.xml (XML) — 2287KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 41 Item 4. Mine Safety Disclosures 41 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6. Reserved 45 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 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 65 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 65 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 65 Item 9A.

Controls and Procedures

Controls and Procedures 65 Item 9B. Other Information 66 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 PART III Item 10. Directors, Executive Officers and Corporate Governance 67 Item 11.

Executive Compensation

Executive Compensation 67 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 67 Item 13. Certain Relationships and Related Transactions and Director Independence 67 Item 14. Principal Accountant Fees and Services 67 PART IV Item 15. Exhibits and Financial Statement Schedules 68 Item 16. Form 10-K Summary 68

Signatures

Signatures 74 3 Table of Contents Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. For example, these forward-looking statements may include, among other things, statements about our outlook and our future results of operations and financial condition; share repurchase plans; the impact of economic and market conditions; and the impact of recent acquisitions. Any statements about our beliefs, plans, objectives, expectations, assumptions, future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intend," "plan," "projection" and "outlook" or the negative version of these words or phrases or other comparable words or phrases. Forward-looking statements are subject to risks and uncertainties, including those identified below and under Item 1A—"Risk Factors" in Part I of this Annual Report on Form 10-K, which could cause actual results to differ materially from such statements. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. We caution you that the risk factors listed below and described under Item 1A— "Risk Factors" in Part I of this Annual Report on Form 10-K are not exclusive. There may also be other risks that we are unable to predict at this time that may cause actual results to differ materially from those in forward-looking statements. New factors emerge from time to time, and it is not possible for us to predict which will arise or to assess with any precision the impact of each factor on our busin

BUSINESS

ITEM 1. BUSINESS This Annual Report on Form 10-K presents information for Sirius XM Holdings Inc., a Delaware corporation. Sirius XM Holdings Inc. is the product of a series of transactions that closed on September 9, 2024. Liberty Media Transactions On September 9, 2024 at 4:05 p.m., New York City time, Liberty Media Corporation ("Liberty Media" or "Former Parent") completed its previously announced split-off (the "Split-Off") of its former wholly owned subsidiary, Liberty Sirius XM Holdings Inc. ("SplitCo"). The Split-Off was accomplished by Liberty Media redeeming each outstanding share of Liberty Media's Series A, Series B and Series C Liberty SiriusXM common stock, par value $0.01 per share, in exchange for 0.8375 of a share of SplitCo common stock, par value $0.001 per share (the "Redemption"), with cash being paid to entitled record holders of Liberty SiriusXM common stock in lieu of any fractional shares of common stock of SplitCo. Following the Split-Off, on September 9, 2024 at 6:00 p.m., New York City time (the "Merger Effective Time"), a wholly owned subsidiary of SplitCo merged with and into Sirius XM Holdings Inc. ("Old Sirius"), with Old Sirius surviving the merger as a wholly owned subsidiary of SplitCo (the "Merger" and together with the Split-Off, the "Transactions"). Upon consummation of the Merger, each share of common stock of Old Sirius, par value $0.001 per share, issued and outstanding immediately prior to the Merger Effective Time (other than shares owned by SplitCo and its subsidiaries) was converted into one-tenth (0.1) of a share of SplitCo common stock, with cash being paid to entitled record holders of Old Sirius common stock in lieu of any fractional shares of common stock of SplitCo. At the Merger Effective Time, Old Sirius was renamed "Sirius XM Inc." and SplitCo was renamed "Sirius XM Holdings Inc." In connection with the Transactions and by operation of Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as am