NEW YORK, July 26, 2016 /PRNewswire/ -- SiriusXM today announced second quarter 2016 operating and financial results, including record quarterly revenue of $1.2 billion, up 10% from the second quarter of 2015.

SIRIUS XM logo. (PRNewsFoto/SIRIUS XM Radio)

Net income totaled $173 million in the second quarter of 2016, up 68% from $103 million in the second quarter of 2015. Net income per diluted common share was $0.03 in the second quarter of 2016 compared to $0.02 in the second quarter of 2015. Adjusted EBITDA in the second quarter of 2016 was $468 million, a record quarterly high and a 13% increase from $415 million in the prior year period.

"SiriusXM's second quarter results demonstrated continued strong demand for our content bundle and solid execution by our entire team. We grew net new subscribers by 587,000 in the second quarter, and our subscriber base, revenue, adjusted EBITDA, and free cash flow have never been higher. We are pleased to once again raise our key guidance metrics for the full year," said Jim Meyer, Chief Executive Officer, SiriusXM.

"Our programming team has been hard at work developing new and exclusive content to power our unique service. From Town Hall specials with the cast of Broadway's Hamilton to a pop-up channel dedicated to the legendary Prince to full coverage of music festivals like Coachella, SiriusXM has something for everyone. For two weeks we have been providing 'gavel to gavel' coverage of the Republican and Democratic National Conventions, and we will follow the political action all the way to November. And stay tuned, because we are always working on exciting new content initiatives to please our subscribers," added Meyer.

SECOND QUARTER 2016 HIGHLIGHTS

  • SiriusXM Subscribers Surpass 30.6 Million. The company added 587,000 net new subscribers to end the second quarter of 2016 with more than 30.6 million subscribers, an increase of 8% from 28.4 million subscribers at the end of the second quarter of 2015. Self-pay net additions were 507,000 during the second quarter, resulting in self-pay subscribers of 25.1 million, up 7% versus the prior year period.
  • Double-Digit Revenue Growth and Record ARPU. Revenue climbed 10% to $1.2 billion, a record high for any single quarter. The increase was driven by an 8% increase in subscribers and a 3% increase in average revenue per user (ARPU) to $12.78.
  • Free Cash Flow Reaches a Quarterly Record $395 Million. Free cash flow increased 6% to $395 million in the second quarter of 2016 from $371 million in the second quarter of 2015.

"During the second quarter, we spent $403 million to repurchase 102 million shares of our common stock. SiriusXM's average share count declined by 9% in the second quarter 2016 from a year earlier as a result of our substantial share repurchases. Our debt to adjusted EBITDA remained just 3.5 times, and we ended the second quarter 2016 with a cash balance of $476 million following our successful $1 billion Senior Notes offering in May. We have ample flexibility to continue making strategic investments in technology, content, and new satellite infrastructure while maintaining strong capital returns to our stockholders," noted David Frear, Chief Financial Officer, SiriusXM.

INCREASED 2016 GUIDANCE

The company now expects to add 1.6 million net new self-pay subscribers and 1.7 million total net new subscribers in 2016, an increase from prior guidance of 1.4 million and 1.6 million, respectively. SiriusXM now expects to record revenue approaching $5 billion in 2016, an increase from prior guidance of approximately $4.9 billion. The company now anticipates adjusted EBITDA of approximately $1.8 billion and free cash flow approaching $1.5 billion, increases from approximately $1.78 billion and $1.4 billion, respectively. The company's full 2016 guidance is as follows:

  • Net self-pay subscriber additions of approximately 1.6 million,
  • Total net subscriber additions of approximately 1.7 million,
  • Revenue approaching $5 billion,
  • Adjusted EBITDA of approximately $1.8 billion, and
  • Free cash flow approaching $1.5 billion.

 

SECOND QUARTER 2016 RESULTS

SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)




For the Three Months Ended June 30,


For the Six Months Ended June 30,

(in thousands, except per share data)

2016


2015


2016


2015

Revenue:








Subscriber revenue

$

1,033,284



$

940,077



$

2,042,966



$

1,851,547


Advertising revenue

33,521



28,839



65,062



55,712


Equipment revenue

27,858



29,263



54,979



54,104


Other revenue

140,903



125,031



273,569



242,837


Total revenue

1,235,566



1,123,210



2,436,576



2,204,200


Operating expenses:








Cost of services:








Revenue share and royalties

264,385



331,517



516,129



544,495


Programming and content

83,645



69,370



168,745



140,516


Customer service and billing

93,712



91,932



190,579



184,029


Satellite and transmission

34,847



21,714



58,385



43,018


Cost of equipment

9,728



10,930



19,507



19,775


Subscriber acquisition costs

128,956



136,504



261,405



258,764


Sales and marketing

91,358



86,493



180,084



165,237


Engineering, design and development

18,893



16,088



38,334



31,048


General and administrative

81,178



72,137



158,683



151,960


Depreciation and amortization

66,708



67,096



134,335



132,123


Total operating expenses

873,410



903,781



1,726,186



1,670,965


Income from operations

362,156



219,429



710,390



533,235


Other income (expense):








Interest expense

(83,396)



(75,380)



(161,796)



(145,288)


Other income

2,515



4,221



13,363



4,944


Total other expense

(80,881)



(71,159)



(148,433)



(140,344)


Income before income taxes

281,275



148,270



561,957



392,891


Income tax expense

(108,260)



(45,421)



(217,603)



(184,350)


Net income

$

173,015



$

102,849



$

344,354



$

208,541


Foreign currency translation adjustment, net of tax

(15)



(9)



434



(9)


Total comprehensive income

$

173,000



$

102,840



$

344,788



$

208,532


Net income per common share:








Basic

$

0.04



$

0.02



$

0.07



$

0.04


Diluted

$

0.03



$

0.02



$

0.07



$

0.04


Weighted average common shares outstanding:








Basic

4,938,820



5,443,590



5,002,070



5,506,818


Diluted

4,988,247



5,507,601



5,049,571



5,570,445


 

 

SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS



(in thousands, except per share data)

June 30, 2016


December 31, 2015

ASSETS

(unaudited)



Current assets:




Cash and cash equivalents

$

476,453



$

111,838


Receivables, net

225,380



234,782


Inventory, net

26,276



22,295


Related party current assets

4,912



5,941


Prepaid expenses and other current assets

200,356



187,033


Total current assets

933,377



561,889


Property and equipment, net

1,373,874



1,415,401


Intangible assets, net

2,568,648



2,593,346


Goodwill

2,205,107



2,205,107


Related party long-term assets

4,900



—


Deferred tax assets

910,510



1,115,731


Other long-term assets

143,429



155,188


Total assets

$

8,139,845



$

8,046,662


LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY




Current liabilities:




Accounts payable and accrued expenses

$

617,848



$

625,313


Accrued interest

97,103



91,655


Current portion of deferred revenue

1,815,426



1,771,915


Current maturities of long-term debt

5,611



4,764


Related party current liabilities

2,840



2,840


Total current liabilities

2,538,828



2,496,487


Deferred revenue

163,386



157,609


Long-term debt

6,096,808



5,443,614


Related party long-term liabilities

9,375



10,795


Deferred tax liabilities

6,681



6,681


Other long-term liabilities

99,886



97,967


Total liabilities

8,914,964



8,213,153


Stockholders' (deficit) equity:




Common stock, par value $0.001; 9,000,000 shares authorized; 4,893,341 and 
     5,153,451 shares issued; 4,888,341 and 5,147,647 outstanding at June 30, 2016
      and December 31, 2015, respectively

4,893



5,153


Accumulated other comprehensive loss, net of tax

(68)



(502)


Additional paid-in capital

3,826,370



4,783,795


Treasury stock, at cost; 5,000 and 5,804 shares of common stock at June 30, 2016 and December 31, 2015, respectively

(19,458)



(23,727)


Accumulated deficit

(4,586,856)



(4,931,210)


Total stockholders' (deficit) equity

(775,119)



(166,491)


Total liabilities and stockholders' (deficit) equity

$

8,139,845



$

8,046,662


 

 

SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



For the Six Months Ended June 30,

(in thousands)

2016


2015

Cash flows from operating activities:




Net income

$

344,354



$

208,541


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

134,335



132,123


Non-cash interest expense, net of amortization of premium

4,230



3,868


Provision for doubtful accounts

25,707



21,919


Amortization of deferred income related to equity method investment

(1,388)



(1,388)


Gain on unconsolidated entity investments, net

(8,451)



—


Dividend received from unconsolidated entity investment

7,160



7,677


Loss on disposal of assets

12,912



—


Share-based payment expense

47,870



38,941


Deferred income taxes

205,221



177,739


Other non-cash purchase price adjustments

—



(1,394)


Changes in operating assets and liabilities:




Receivables

(16,305)



(41,665)


Inventory

(3,981)



(5,202)


Related party, net

(2,191)



(4,117)


Prepaid expenses and other current assets

(14,052)



(44,821)


Other long-term assets

15,081



(62,663)


Accounts payable and accrued expenses

(12,869)



199,532


Accrued interest

5,448



16,803


Deferred revenue

49,288



66,179


Other long-term liabilities

1,919



269


Net cash provided by operating activities

794,288



712,341


Cash flows from investing activities:




Additions to property and equipment

(67,172)



(61,229)


Purchases of restricted and other investments

(3,953)



(3,966)


Net cash used in investing activities

(71,125)



(65,195)


Cash flows from financing activities:




Taxes paid in lieu of shares issued for stock-based compensation

(5,379)



(15,420)


Proceeds from long-term borrowings and revolving credit facility, net of costs

1,387,294



1,259,346


Repayment of long-term borrowings and revolving credit facility

(744,831)



(660,549)


Common stock repurchased and retired

(995,632)



(1,084,194)


Net cash used in financing activities

(358,548)



(500,817)


Net increase in cash and cash equivalents

364,615



146,329


Cash and cash equivalents at beginning of period

111,838



147,724


Cash and cash equivalents at end of period

$

476,453



$

294,053


Key Financial and Operating Performance Metrics

The following table contains our Non-GAAP financial and operating performance measures which are based on our adjusted results of operations for the three and six months ended June 30, 2016 and 2015.  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


Unaudited


For the Three Months Ended June 30,


For the Six Months Ended June 30,

(in thousands, except per subscriber
and per installation amounts)

2016


2015


2016


2015

Self-pay subscribers

25,143



23,436



25,143



23,436


Paid promotional subscribers

5,503



4,999



5,503



4,999


Ending subscribers (a)

30,646



28,434



30,646



28,434


Self-pay subscribers

507



519



855



913


Paid promotional subscribers

80



173



197



210


Net additions

587



692



1,052



1,123


Daily weighted average number of subscribers

30,329



28,031



30,044



27,720


Average self-pay monthly churn

1.8

%


1.6

%


1.8

%


1.7

%

New vehicle consumer conversion rate

40

%


41

%


39

%


41

%









ARPU

$

12.78



$

12.42



$

12.72



$

12.34


SAC, per installation

$

32



$

32



$

33



$

33


Customer service and billing expenses, per average subscriber

$

0.97



$

0.99



$

0.99



$

1.00


Adjusted EBITDA

$

467,766



$

414,962



$

909,133



$

814,189


Free cash flow

$

394,946



$

370,914



$

723,163



$

647,146


Diluted weighted average common shares outstanding (GAAP)

4,988,247



5,507,601



5,049,571



5,570,445


(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. Adjusted EBITDA is one of the primary Non-GAAP financial measures we use to (i) evaluate the performance of our on-going core operating results period over period, (ii) base our internal budgets and (iii) compensate management. Adjusted EBITDA is a Non-GAAP financial measure that excludes (if applicable):  (i) certain adjustments as a result of the purchase price accounting for the merger of Sirius and XM, (ii) share-based payment expense and (iii) other significant operating expense (income) that do not relate to the on-going performance of our business.  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 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 adjusted EBITDA to estimate our current enterprise value and to make investment decisions. Because of large capital investments in our satellite radio system our results of operations reflect significant charges for depreciation expense. We believe the exclusion of share-based payment expense is useful as it is not directly related to the operational conditions of our business.  We also believe the exclusion of settlements related only to the historical use of pre-1972 sound recordings and loss on disposal of assets is useful as it does not represent an expense incurred as part of our normal operations for the period.

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 of Sirius and XM. 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


Unaudited


For the Three Months Ended June 30,


For the Six Months Ended June 30,

(in thousands)

2016


2015


2016


2015

Net income:

$

173,015



$

102,849



$

344,354



$

208,541


Add back items excluded from Adjusted EBITDA:








Purchase price accounting adjustments:








Revenues

1,813



1,813



3,626



3,626


Operating expenses

—



(558)



—



(1,394)


Pre-1972 sounds recordings legal settlements

—



107,658



—



107,658


Loss on disposal of assets

12,912



—



12,912



—


Share-based payment expense (1)

24,177



19,524



47,870



38,941


Depreciation and amortization

66,708



67,096



134,335



132,123


Interest expense

83,396



75,380



161,796



145,288


Other income

(2,515)



(4,221)



(13,363)



(4,944)


Income tax expense

108,260



45,421



217,603



184,350


Adjusted EBITDA

$

467,766



$

414,962



$

909,133



$

814,189


 (1) Allocation of share-based payment expense

 


Unaudited


Unaudited


For the Three Months Ended June 30,


For the Six Months Ended June 30,

(in thousands)

2016


2015


2016


2015

Programming and content

$

4,057



$

2,119



$

8,551



$

4,346


Customer service and billing

819



676



1,625



1,371


Satellite and transmission

1,059



975



2,075



1,912


Sales and marketing

4,747



4,024



9,559



7,768


Engineering, design and development

2,688



2,128



5,556



4,262


General and administrative

10,807



9,602



20,504



19,282


Total share-based payment expense

$

24,177



$

19,524



$

47,870



$

38,941


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


Unaudited


For the Three Months Ended June 30,


For the Six Months Ended June 30,

(in thousands, except per subscriber amounts)

2016


2015


2016


2015

Subscriber revenue, excluding connected vehicle

$

1,011,422



$

915,311



$

1,996,406



$

1,803,692


Add: advertising revenue

33,521



28,839



65,062



55,712


Add: other subscription-related revenue

117,522



100,300



231,593



192,954



$

1,162,465



$

1,044,450



$

2,293,061



$

2,052,358


Daily weighted average number of subscribers

30,329



28,031



30,044



27,720


ARPU

$

12.78



$

12.42



$

12.72



$

12.34


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


Unaudited


For the Three Months Ended June 30,


For the Six Months Ended June 30,

(in thousands, except per subscriber amounts)

2016


2015


2016


2015

Customer service and billing expenses, excluding
connected vehicle

$

89,210



$

84,203



$

180,381



$

168,264


Less: share-based payment expense

(819)



(676)



(1,625)



(1,371)



$

88,391



$

83,527



$

178,756



$

166,893


Daily weighted average number of subscribers

30,329



28,031



30,044



27,720


Customer service and billing expenses, per average
subscriber

$

0.97



$

0.99



$

0.99



$

1.00


Free cash flow -  is derived from cash flow provided by operating activities, net of additions to property and equipment, restricted and other investment activity and the return of capital from investment in unconsolidated entity.   Free cash flow is a metric that our management and board of directors use to evaluate the cash generated by our operations, net of capital expenditures and other investment activity and significant items that do not relate to the on-going performance of our business.  In a capital intensive business, with significant investments in satellites, we look at our operating cash flow, net of these investing cash outflows, to determine cash available for future subscriber acquisition and capital expenditures, to repurchase or retire debt, to acquire other companies and to evaluate our ability to return capital to stockholders. We believe free cash flow is an indicator of the long-term financial stability of our business.  Free cash flow, which is reconciled to "Net cash provided by operating activities," is a Non-GAAP financial measure.  This measure can be calculated by deducting amounts under the captions "Additions to property and equipment" and deducting or adding Restricted and other investment activity from "Net cash provided by operating activities" from the unaudited consolidated statements of cash flows, adjusted for any significant legal settlements.  Free cash flow should be used in conjunction with other GAAP financial performance measures and may not be comparable to free cash flow measures presented by other companies.  Free cash flow should be viewed as a supplemental measure rather than an alternative measure of cash flows from operating activities, as determined in accordance with GAAP.  Free cash flow is limited and does not represent remaining cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt maturities. We believe free cash flow provides useful supplemental information to investors regarding our current cash flow, along with other GAAP measures (such as cash flows from operating and investing activities), to determine our financial condition, and to compare our operating performance to other communications, entertainment and media companies.  Free cash flow is calculated as follows:


Unaudited


Unaudited


For the Three Months Ended June 30,


For the Six Months Ended June 30,

(in thousands)

2016


2015


2016


2015

Cash Flow information








Net cash provided by operating activities

$

432,102



$

402,312



$

794,288



$

712,341


Net cash used in investing activities

$

(37,156)



$

(31,398)



$

(71,125)



$

(65,195)


Net cash used in financing activities

$

(20,445)



$

(558,904)



$

(358,548)



$

(500,817)


Free Cash Flow








Net cash provided by operating activities

$

432,102



$

402,312



$

794,288



$

712,341


Additions to property and equipment

(37,001)



(31,398)



(67,172)



(61,229)


Purchases of restricted and other investments

(155)



—



(3,953)



(3,966)


Free cash flow

$

394,946



$

370,914



$

723,163



$

647,146


 

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


Unaudited


Three Months Ended June 30,


Six Months Ended June 30,

(in thousands, except per installation amounts)

2016


2015


2016


2015

Subscriber acquisition costs

$

128,956



$

136,504



$

261,405



$

258,764


Less: margin from direct sales of radios and
accessories

(18,130)



(18,333)



(35,472)



(34,329)



$

110,826



$

118,171



$

225,933



$

224,435


Installations

3,476



3,655



6,906



6,876


SAC, per installation

$

32



$

32



$

33



$

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®, NavWeather™. SiriusXM delivers weather, data and information services to aircraft and boats through SiriusXM Aviation, SiriusXM Marine™, Sirius Marine Weather, XMWX Aviation™, XMWX Weather, and XMWX Marine™. 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. SiriusXM does not provide a non-GAAP reconciliation for Adjusted EBITDA guidance to Net income or Free cash flow guidance to Net cash provided by operating activities because it does not provide guidance for the reconciling items between adjusted EBITDA to Net income, which includes the provision for income taxes, interest expense and other income, nor does the Company provide guidance for the reconciling items between Free cash flow to Net cash provided by operating activities, which includes additions to property and equipment.  As items that impact Net income and Net cash provided by operating activities are out of the Company's control and/or cannot be reasonably predicted, the Company is unable to provide such guidance as the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.  Accordingly, a reconciliation to Net income and Net cash provided by operating activities is not available without unreasonable effort.

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

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/siriusxm-reports-second-quarter-2016-results-300303590.html

SOURCE Sirius XM Holdings Inc.

Copyright 2016 PR Newswire

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