Sirius XM Holdings Inc. reported its financial results for the third quarter of 2024 on October 31, 2024, revealing a total revenue of $2.17 billion, marking a 4% decline from the same period in the previous year. The company faced a substantial net loss of $2.96 billion, primarily due to a non-cash impairment charge of approximately $3.36 billion associated with the Liberty Media transaction. Despite the loss, the company's adjusted EBITDA was $693 million, with a 32% margin, and free cash flow stood at $93 million. Sirius XM added 14,000 self-pay subscribers during the quarter, and reduced its full-year 2024 revenue guidance while reaffirming its adjusted EBITDA and free cash flow guidance. The company's CEO, Jennifer Witz, emphasized the progress in transforming SiriusXM and leveraging its strengths...Show More

Sirius XM Holdings Inc. reported its financial results for the third quarter of 2024 on October 31, 2024, revealing a total revenue of $2.17 billion, marking a 4% decline from the same period in the previous year. The company faced a substantial net loss of $2.96 billion, primarily due to a non-cash impairment charge of approximately $3.36 billion associated with the Liberty Media transaction. Despite the loss, the company's adjusted EBITDA was $693 million, with a 32% margin, and free cash flow stood at $93 million. Sirius XM added 14,000 self-pay subscribers during the quarter, and reduced its full-year 2024 revenue guidance while reaffirming its adjusted EBITDA and free cash flow guidance. The company's CEO, Jennifer Witz, emphasized the progress in transforming SiriusXM and leveraging its strengths for long-term growth. CFO Tom Barry highlighted the disciplined financial management and the company's focus on executing its long-term strategy. The report also detailed segment highlights, including a decrease in paid promotional subscribers and a slight decline in ARPU. The company's efforts in content innovation, technology, and pricing strategies were also outlined, along with the impact of the Liberty Media transaction on its financial guidance.