NEW YORK, April 28, 2016 /PRNewswire/ -- SiriusXM today
announced first quarter 2016 operating and financial results,
including record high quarterly revenue of $1.2 billion, up 11% from the first quarter of
2015.
Net income totaled $171 million in
the first quarter of 2016, up 62% from $106
million in the first quarter of 2015. Net income per diluted
common share was $0.03 in the first
quarter of 2016 compared to $0.02 in
the first quarter of 2015. Adjusted EBITDA in the first quarter of
2016 was $441 million, an 11%
increase from $399 million in the
first quarter of 2015.
"SiriusXM's results exceeded our expectations in the first
quarter, and I'm especially pleased we were able to add 465,000 net
new subscribers, leading to an 8% increase in subscribers over the
prior year. With excellent subscriber growth so early in the year,
we are raising our guidance for full year net subscriber additions
to 1.6 million. We set first quarter records for revenue, adjusted
EBITDA, and free cash flow, and we are on track to achieve all of
our financial goals this year," noted Jim
Meyer, Chief Executive Officer, SiriusXM.
"With a new full time music channel from Kenny Chesney, live broadcasts from major music
festivals, special popup channels for David
Bowie and Billy Joel, as well
as new talk shows, and unmatched coverage of the presidential
primaries, SiriusXM continues to be the leader in audio
entertainment. We are always looking to deliver new, compelling
content to our subscribers," added Meyer.
FIRST QUARTER 2016 HIGHLIGHTS
- SiriusXM Subscribers Exceed 30 Million. The company
added 465,000 net new subscribers to end the first quarter of 2016
with nearly 30.1 million subscribers, an increase of 8% from 27.7
million subscribers at the end of the first quarter of 2015.
Self-pay net additions were 348,000 during the first quarter,
resulting in self-pay subscribers of 24.6 million, up 8% versus the
prior year period.
- Double-Digit Revenue Growth. Revenue climbed 11% to
$1.2 billion, a record high for a
first quarter. The increase was driven by an 8% increase in
subscribers and a 3% increase in average revenue per user (ARPU) to
$12.66.
- Free Cash Flow Per Diluted Share Climbs 31%. Free cash
flow increased 19% to $328 million in
the first quarter of 2016 from $276
million in the first quarter of 2015. This, combined with a
9% reduction in fully diluted shares from our share repurchase
program, drove a 31% increase in free cash flow per fully diluted
share to 6.4 cents in the first
quarter of 2016 from 4.9 cents in the
prior year period.
"During the first quarter, we reduced our outstanding share
count by about 3%, spending $588
million to repurchase 159 million shares of our common
stock. Our debt to adjusted EBITDA remained low at just 3.4 times,
leaving plenty of flexibility to continue capital returns to our
stockholders or make acquisitions while also making investments in
our technology, content, and new satellite infrastructure," said
David Frear, Chief Financial
Officer, SiriusXM.
INCREASED 2016 GUIDANCE
The company now expects to add 1.6 million net new total
subscribers in 2016, an increase from prior guidance of 1.4
million. SiriusXM's 2016 guidance for continued growth in self-pay
subscribers, revenue, adjusted EBITDA, and free cash flow remains
unchanged. The company's full guidance is as follows:
- Net self-pay subscriber additions of approximately 1.4
million,
- Total net subscriber additions of approximately 1.6
million,
- Revenue of approximately $4.9
billion,
- Adjusted EBITDA of approximately $1.78
billion, and
- Free cash flow of approximately $1.4
billion.
FIRST QUARTER 2016 RESULTS
|
|
|
|
|
|
|
SIRIUS XM HOLDINGS
INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
|
(UNAUDITED)
|
|
|
|
For the Three
Months Ended March 31,
|
|
|
(in thousands,
except per share data)
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
Subscriber
revenue
|
$
1,009,682
|
|
$
911,470
|
|
|
Advertising
revenue
|
31,541
|
|
26,873
|
|
|
Equipment
revenue
|
27,121
|
|
24,841
|
|
|
Other
revenue
|
132,666
|
|
117,806
|
|
|
Total
revenue
|
1,201,010
|
|
1,080,990
|
|
|
Operating
expenses:
|
|
|
|
|
|
Cost of
services:
|
|
|
|
|
|
Revenue share and
royalties
|
251,744
|
|
212,978
|
|
|
Programming and
content
|
85,100
|
|
71,146
|
|
|
Customer service and
billing
|
96,867
|
|
92,097
|
|
|
Satellite and
transmission
|
23,538
|
|
21,304
|
|
|
Cost of
equipment
|
9,779
|
|
8,845
|
|
|
Subscriber
acquisition costs
|
132,449
|
|
122,260
|
|
|
Sales and
marketing
|
88,726
|
|
78,744
|
|
|
Engineering, design
and development
|
19,441
|
|
14,960
|
|
|
General and
administrative
|
77,505
|
|
79,823
|
|
|
Depreciation and
amortization
|
67,627
|
|
65,027
|
|
|
Total operating
expenses
|
852,776
|
|
767,184
|
|
|
Income from
operations
|
348,234
|
|
313,806
|
|
|
Other income
(expense):
|
|
|
|
|
|
Interest
expense
|
(78,400)
|
|
(69,908)
|
|
|
Other
income
|
10,848
|
|
723
|
|
|
Total other
expense
|
(67,552)
|
|
(69,185)
|
|
|
Income before income
taxes
|
280,682
|
|
244,621
|
|
|
Income tax
expense
|
(109,343)
|
|
(138,929)
|
|
|
Net income
|
$
171,339
|
|
$
105,692
|
|
|
Foreign currency
translation adjustment, net of tax
|
449
|
|
-
|
|
|
Total comprehensive
income
|
$
171,788
|
|
$
105,692
|
|
|
Net income per common
share:
|
|
|
|
|
|
Basic
|
$
0.03
|
|
$
0.02
|
|
|
Diluted
|
$
0.03
|
|
$
0.02
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
Basic
|
5,065,319
|
|
5,570,748
|
|
|
Diluted
|
5,110,618
|
|
5,639,838
|
|
|
|
|
|
|
|
|
|
|
|
SIRIUS XM HOLDINGS
INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
|
As of March
31,
|
|
As of December
31,
|
|
2016
|
|
2015
|
(in thousands,
except per share data)
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
101,952
|
|
$
111,838
|
Receivables,
net
|
228,170
|
|
234,782
|
Inventory,
net
|
21,755
|
|
22,295
|
Related party current
assets
|
5,427
|
|
5,941
|
Prepaid expenses and
other current assets
|
204,849
|
|
187,033
|
Total current
assets
|
562,153
|
|
561,889
|
Property and
equipment, net
|
1,400,755
|
|
1,415,401
|
Intangible assets,
net
|
2,580,906
|
|
2,593,346
|
Goodwill
|
2,205,107
|
|
2,205,107
|
Related party
long-term assets
|
6,695
|
|
-
|
Deferred tax
assets
|
1,012,649
|
|
1,115,731
|
Other long-term
assets
|
159,977
|
|
155,188
|
Total
assets
|
$
7,928,242
|
|
$
8,046,662
|
LIABILITIES AND
STOCKHOLDERS' (DEFICIT) EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
606,744
|
|
$
625,313
|
Accrued
interest
|
89,882
|
|
91,655
|
Current portion of
deferred revenue
|
1,799,491
|
|
1,771,915
|
Current maturities of
long-term debt
|
5,501
|
|
4,764
|
Related party current
liabilities
|
2,840
|
|
2,840
|
Total current
liabilities
|
2,504,458
|
|
2,496,487
|
Deferred
revenue
|
160,506
|
|
157,609
|
Long-term
debt
|
5,709,319
|
|
5,443,614
|
Related party
long-term liabilities
|
10,085
|
|
10,795
|
Deferred tax
liabilties
|
6,508
|
|
6,681
|
Other long-term
liabilities
|
101,310
|
|
97,967
|
Total
liabilities
|
8,492,186
|
|
8,213,153
|
Stockholders'
(deficit) equity:
|
|
|
|
Common stock, par
value $0.001; 9,000,000 shares authorized; 4,993,936 and
5,153,451
shares issued; 4,989,436 and 5,147,647 outstanding at March 31,
2016 and December 31,
2015, respectively
|
4,994
|
|
5,153
|
Accumulated other
comprehensive loss, net of tax
|
(53)
|
|
(502)
|
Additional paid-in
capital
|
4,208,743
|
|
4,783,795
|
Treasury stock, at
cost; 4,500 and 5,804 shares of common stock at March 31, 2016 and
December 31, 2015, respectively
|
(17,757)
|
|
(23,727)
|
Accumulated
deficit
|
(4,759,871)
|
|
(4,931,210)
|
Total stockholders'
(deficit) equity
|
(563,944)
|
|
(166,491)
|
Total liabilities and
stockholders' (deficit) equity
|
$
7,928,242
|
|
$
8,046,662
|
|
|
|
|
SIRIUS XM HOLDINGS
INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
For the Three
Months Ended March 31,
|
(in
thousands)
|
2016
|
|
2015
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
171,339
|
|
$
105,692
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
67,627
|
|
65,027
|
Non-cash interest
expense, net of amortization of premium
|
2,054
|
|
1,852
|
Provision for
doubtful accounts
|
13,055
|
|
10,885
|
Amortization of
deferred income related to equity method investment
|
(694)
|
|
(694)
|
Gain on
unconsolidated entity investments, net
|
(6,274)
|
|
-
|
Dividend received
from unconsolidated entity investment
|
3,386
|
|
3,778
|
Share-based payment
expense
|
23,693
|
|
19,417
|
Deferred income
taxes
|
103,081
|
|
136,294
|
Other non-cash
purchase price adjustments
|
-
|
|
(836)
|
Changes in operating
assets and liabilities:
|
|
|
|
Receivables
|
(6,443)
|
|
(9,727)
|
Inventory
|
540
|
|
(3,540)
|
Related party,
net
|
(3,310)
|
|
695
|
Prepaid expenses and
other current assets
|
(18,545)
|
|
(19,102)
|
Other long-term
assets
|
(956)
|
|
215
|
Accounts payable and
accrued expenses
|
(18,239)
|
|
(27,918)
|
Accrued
interest
|
(1,773)
|
|
(12,690)
|
Deferred
revenue
|
30,473
|
|
40,304
|
Other long-term
liabilities
|
3,172
|
|
377
|
Net cash provided by
operating activities
|
362,186
|
|
310,029
|
Cash flows from
investing activities:
|
|
|
|
Additions to property
and equipment
|
(30,171)
|
|
(29,831)
|
Purchases of
restricted and other investments
|
(3,798)
|
|
(3,966)
|
Net cash used in
investing activities
|
(33,969)
|
|
(33,797)
|
Cash flows from
financing activities:
|
|
|
|
Taxes paid in lieu of
shares issued for stock-based compensation
|
(1,354)
|
|
(12,711)
|
Proceeds from
long-term borrowings and revolving credit facility, net of
costs
|
330,000
|
|
1,263,745
|
Repayment of
long-term borrowings and revolving credit facility
|
(72,299)
|
|
(657,731)
|
Common stock
repurchased and retired
|
(594,450)
|
|
(535,216)
|
Net cash (used in)
provided by financing activities
|
(338,103)
|
|
58,087
|
Net (decrease)
increase in cash and cash equivalents
|
(9,886)
|
|
334,319
|
Cash and cash
equivalents at beginning of period
|
111,838
|
|
147,724
|
Cash and cash
equivalents at end of period
|
$
101,952
|
|
$
482,043
|
Key Operating
Metrics
The following table contains our key operating metrics based on
our adjusted results of operations for the three months ended
March 31, 2016 and 2015,
respectively. Subscribers and subscription related revenues and
expenses associated with our connected vehicle services are not
included in our subscriber count or subscriber-based operating
metrics:
|
|
|
|
|
Unaudited
|
(in thousands,
except per subscriber and per installation amounts)
|
For the Three
Months Ended
March 31,
|
2016
|
|
2015
|
Self-pay
subscribers
|
24,636
|
|
22,917
|
Paid promotional
subscribers
|
5,423
|
|
4,826
|
Ending
subscribers(a)
|
30,059
|
|
27,742
|
|
|
|
|
Self-pay
subscribers
|
348
|
|
394
|
Paid promotional
subscribers
|
117
|
|
37
|
Net
additions
|
465
|
|
431
|
|
|
|
|
Daily weighted
average number of subscribers
|
29,767
|
|
27,406
|
|
|
|
|
Average self-pay
monthly churn
|
1.9%
|
|
1.8%
|
|
|
|
|
New vehicle consumer
conversion rate
|
38%
|
|
40%
|
|
|
|
|
ARPU
|
$
12.66
|
|
$
12.26
|
SAC, per
installation
|
$
34
|
|
$
33
|
Customer service and
billing expenses, per average subscriber
|
$
1.01
|
|
$
1.01
|
Free cash
flow
|
$
328,217
|
|
$
276,232
|
Adjusted
EBITDA
|
$
441,367
|
|
$
399,227
|
(a) Amounts may not
sum as a result of rounding.
|
|
|
|
Glossary
Adjusted EBITDA – EBITDA is defined as net income
before interest expense, income tax expense and depreciation and
amortization. We adjust EBITDA to exclude the impact of other
income as well as certain other charges discussed below. This
measure is one of the primary Non-GAAP financial measures on which
we (i) evaluate the performance of our on-going core operating
results period over period, (ii) base our internal budgets and
(iii) compensate management. As such, adjusted EBITDA is a Non-GAAP
financial performance measure that excludes (if
applicable): (i) certain adjustments as a result of the
purchase price accounting for the Merger, (ii) depreciation and
amortization, (iii) share-based payment expense and (iv) other
significant operating expense (income) that do not relate to the
on-going performance of our business. The purchase price
accounting adjustments include the elimination of deferred revenue
associated with the investment in XM Canada, and elimination of the
benefit of deferred credits on executory contracts, which are
primarily attributable to third party arrangements with programming
providers. We believe adjusted EBITDA is a useful
measure of the underlying trend of our operating performance, which
provides useful information about our business apart from the costs
associated with our physical plant, capital structure and purchase
price accounting. We believe investors find this Non-GAAP financial
measure useful when analyzing our results and comparing our
operating performance to the performance of other communications,
entertainment and media companies. We believe investors use current
and projected adjusted EBITDA to estimate our current and
prospective enterprise value and to make investment decisions.
Because we fund and build-out our satellite radio system through
the periodic raising and expenditure of large amounts of capital,
our results of operations reflect significant charges for
depreciation expense. The exclusion of depreciation and
amortization expense is useful given significant variation in
depreciation and amortization expense that can result from the
potential variations in estimated useful lives, all of which can
vary widely across different industries or among companies within
the same industry. We believe the exclusion of
share-based payment expense is useful as it is not directly related
to the operational conditions of our business.
Adjusted EBITDA has certain limitations in that it does not take
into account the impact to our statements of comprehensive income
of certain expenses, including share-based payment expense and
certain purchase price accounting for the Merger. We endeavor to
compensate for the limitations of the Non-GAAP measure presented by
also providing the comparable GAAP measure with equal or greater
prominence and descriptions of the reconciling items, including
quantifying such items, to derive the Non-GAAP
measure. Investors that wish to compare and evaluate our
operating results after giving effect for these costs, should refer
to net income as disclosed in our unaudited consolidated statements
of comprehensive income. Since adjusted EBITDA is a Non-GAAP
financial performance measure, our calculation of adjusted EBITDA
may be susceptible to varying calculations; may not be comparable
to other similarly titled measures of other companies; and should
not be considered in isolation, as a substitute for, or superior to
measures of financial performance prepared in accordance with GAAP.
The reconciliation of net income to the adjusted EBITDA is
calculated as follows:
|
|
|
|
|
Unaudited
|
|
For the Three
Months Ended
March 31,
|
(in
thousands)
|
2016
|
|
2015
|
|
|
|
|
Net
income:
|
$
171,339
|
|
$
105,692
|
Add back items
excluded from Adjusted EBITDA:
|
|
|
|
Purchase price
accounting adjustments:
|
|
|
|
Revenues
|
1,813
|
|
1,813
|
Operating
expenses
|
-
|
|
(836)
|
Share-based payment
expense(1)
|
23,693
|
|
19,417
|
Depreciation and
amortization
|
67,627
|
|
65,027
|
Interest
expense
|
78,400
|
|
69,908
|
Other
income
|
(10,848)
|
|
(723)
|
Income tax
expense
|
109,343
|
|
138,929
|
Adjusted
EBITDA
|
$
441,367
|
|
$
399,227
|
|
|
|
|
|
|
(1) Allocation of
share-based payment expense
|
Unaudited
|
|
For the Three
Months Ended
March 31,
|
(in
thousands)
|
2016
|
|
2015
|
|
|
|
|
Programming and
content
|
$
4,494
|
|
$
2,227
|
Customer service and
billing
|
806
|
|
695
|
Satellite and
transmission
|
1,017
|
|
937
|
Sales and
marketing
|
4,812
|
|
3,744
|
Engineering, design
and development
|
2,868
|
|
2,134
|
General and
administrative
|
9,696
|
|
9,680
|
Total share-based
payment expense
|
$
23,693
|
|
$
19,417
|
ARPU - is derived from total earned subscriber
revenue, advertising revenue and other subscription-related
revenue, excluding revenue associated with our connected vehicle
business, divided by the number of months in the period, divided by
the daily weighted average number of subscribers for the period.
Other subscription-related revenue includes the U.S. Music Royalty
Fee. ARPU is calculated as follows:
|
|
|
|
|
Unaudited
|
|
For the Three
Months Ended
March 31,
|
(in thousands,
except per subscriber amounts)
|
2016
|
|
2015
|
|
|
|
|
Subscriber revenue,
excluding connected vehicle
|
$
984,984
|
|
$
888,381
|
Add: advertising
revenue
|
31,541
|
|
26,873
|
Add: other
subscription-related revenue
|
114,071
|
|
92,654
|
|
$ 1,130,596
|
|
$ 1,007,908
|
|
|
|
|
Daily weighted
average number of subscribers
|
29,767
|
|
27,406
|
|
|
|
|
ARPU
|
$
12.66
|
|
$
12.26
|
Average self-pay monthly churn - is defined as the
monthly average of self-pay deactivations for the period divided by
the average number of self-pay subscribers for the period.
Customer service and billing expenses, per average
subscriber - is derived from total customer service and billing
expenses, excluding connected vehicle customer service and billing
expenses and share-based payment expense, divided by the number of
months in the period, divided by the daily weighted average number
of subscribers for the period. We believe the exclusion of
share-based payment expense in our calculation of customer service
and billing expenses, per average subscriber, is useful as
share-based payment expense is not directly related to the
operational conditions that give rise to variations in the
components of our customer service and billing expenses. Customer
service and billing expenses, per average subscriber, is calculated
as follows:
|
|
|
|
|
Unaudited
|
|
For the Three
Months
Ended March 31,
|
(in thousands,
except per subscriber amounts)
|
2016
|
|
2015
|
|
|
|
|
Customer service and
billing expenses, excluding connected vehicle
|
$
91,171
|
|
$
84,061
|
Less: share-based
payment expense
|
(806)
|
|
(695)
|
|
$
90,365
|
|
$
83,366
|
|
|
|
|
Daily weighted
average number of subscribers
|
29,767
|
|
27,406
|
|
|
|
|
Customer service and
billing expenses, per average subscriber
|
$
1.01
|
|
$
1.01
|
Free cash flow and free cash flow per diluted
share - are derived from cash flow provided by operating
activities, net of additions to property and equipment, and
restricted and other investment activity. The calculations
for free cash flow and free cash flow per diluted share are as
follows:
|
|
|
|
|
Unaudited
|
|
For the Three
Months Ended
March 31,
|
|
2016
|
|
2015
|
|
|
|
|
Cash Flow
information
|
|
|
|
Net cash provided by
operating activities
|
$
362,186
|
|
$
310,029
|
Net cash used in
investing activities
|
$
(33,969)
|
|
$
(33,797)
|
Net cash (used in)
provided by financing activities
|
$
(338,103)
|
|
$
58,087
|
Free Cash
Flow
|
|
|
|
Net cash provided by
operating activities
|
$
362,186
|
|
$
310,029
|
Additions to property
and equipment
|
(30,171)
|
|
(29,831)
|
Purchases of
restricted and other investments
|
(3,798)
|
|
(3,966)
|
Free cash
flow
|
$
328,217
|
|
$
276,232
|
|
|
|
|
Diluted weighted
average common shares outstanding
|
5,110,618
|
|
5,639,838
|
|
|
|
|
Free cash flow per
diluted share
|
$
0.06
|
|
$
0.05
|
New vehicle consumer conversion rate - is defined as
the percentage of owners and lessees of new vehicles that receive
our satellite radio service and convert to become self-paying
subscribers after the initial promotion period. At the time
satellite radio enabled vehicles are sold or leased, the owners or
lessees generally receive trial subscriptions ranging from three to
twelve months. We measure conversion rate three months after the
period in which the trial service ends. The metric excludes rental
and fleet vehicles.
Subscriber acquisition cost, per installation - or SAC,
per installation, is derived from subscriber acquisition costs and
margins from the sale of radios and accessories, divided by the
number of satellite radio installations in new vehicles and
shipments of aftermarket radios for the period. SAC, per
installation, is calculated as follows:
|
|
|
|
|
Unaudited
|
|
For the Three
Months Ended
March 31,
|
(in thousands,
except per installation amounts)
|
2016
|
|
2015
|
|
|
|
|
Subscriber
acquisition costs
|
$
132,449
|
|
$
122,260
|
Less: margin from
direct sales of radios and accessories
|
(17,342)
|
|
(15,996)
|
|
$
115,107
|
|
$
106,264
|
|
|
|
|
Installations
|
3,430
|
|
3,221
|
|
|
|
|
SAC, per
installation
|
$
34
|
|
$
33
|
About SiriusXM
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the world's largest
radio company measured by revenue and has more than 30 million
subscribers. SiriusXM creates and offers commercial-free
music; premier sports talk and live events; comedy; news; exclusive
talk and entertainment, and a wide-range of Latin music, sports and
talk programming. SiriusXM is available in vehicles from
every major car company in the U.S. and on smartphones and other
connected devices as well as online at siriusxm.com. SiriusXM
radios and accessories are available from retailers nationwide and
online at SiriusXM. SiriusXM also provides premium traffic,
weather, data and information services for subscribers through
SiriusXM Traffic™, SiriusXM Travel Link, NavTraffic®,
NavWeatherâ„¢. SiriusXM delivers weather, data and information
services to aircraft and boats through SiriusXM Aviation, SiriusXM
Marineâ„¢, Sirius Marine Weather, XMWX
Aviationâ„¢, XMWX Weather, and XMWX Marineâ„¢. In addition,
SiriusXM Music for Business provides commercial-free music to
a variety of businesses. SiriusXM holds a minority interest
in SiriusXM Canada which has approximately 2.7 million subscribers.
SiriusXM is also a leading provider of connected vehicles services
to major automakers, giving customers access to a suite of safety,
security, and convenience services including automatic crash
notification, stolen vehicle recovery assistance, enhanced roadside
assistance and turn-by-turn navigation.
To download SiriusXM logos and artwork, visit
http://www.siriusxm.com/LogosAndPhotos.
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 operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as "will likely result," "are expected to," "will
continue," "is anticipated," "estimated," "believe," "intend,"
"plan," "projection," "outlook" or words of similar meaning.
Such forward-looking statements are based upon the current beliefs
and expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
beyond our control. Actual results and the timing of events
may differ materially from the results anticipated in these
forward-looking statements.
The following factors, among others, could cause actual
results and the timing of events to differ materially from the
anticipated results or other expectations expressed in the
forward-looking statements: our substantial competition,
which is likely to increase over time; our ability to attract and
retain subscribers, which is uncertain; consumer protection laws
and their enforcement; the unfavorable outcome of pending or future
litigation; the market for music rights, which is changing and
subject to uncertainties; our dependence upon the auto industry;
general economic conditions; the security of the personal
information about our customers; existing or future government laws
and regulations could harm our business; failure of our satellites
would significantly damage our business; the interruption or
failure of our information technology and communications systems;
our failure to realize benefits of acquisitions or other strategic
initiatives; rapid technological and industry changes; failure of
third parties to perform; harmful interference to our service from
new and existing wireless operations; our failure to comply with
FCC requirements; modifications to our business plan; our
indebtedness; our principal stockholder has significant influence
over our affairs and over actions requiring stockholder approval
and its interests may differ from interests of other holders of our
common stock; and impairment of our business by third-party
intellectual property rights. Additional factors that could
cause our results to differ materially from those described in the
forward-looking statements can be found in our Annual Report on
Form 10-K for the year ended December 31,
2015, which is filed with the Securities and Exchange
Commission (the "SEC") and available at the SEC's Internet site
(http://www.sec.gov). The information set forth
herein speaks only as of the date hereof, and we disclaim any
intention or obligation to update any forward looking statements as
a result of developments occurring after the date of this
communication.
Source: SiriusXM
Contact for SiriusXM:
Hooper Stevens
212-901-6718
Hooper.stevens@siriusxm.com
Patrick Reilly
212-901-6646
patrick.reilly@siriusxm.com
Logo -
http://photos.prnewswire.com/prnh/20101014/NY82093LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/siriusxm-reports-first-quarter-2016-results-300258877.html
SOURCE Sirius XM Holdings Inc.