43 results
10-Q
2024 Q2
Liberty Sirius XM Holdings Inc.
16 Aug 24
Quarterly report
11:36am
For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2024 | 2023 | Supplemental Disclosure of Cash and Non-Cash Flow Information | Cash paid during the period for: | Interest, net of amounts capitalized | $ | 242 | $ | 257 | Income taxes paid | $ | 106 | $ | 62 | Non-cash investing and financing activities: | Finance lease obligations incurred to acquire assets | $ | — | $ | 7 | Tax equity investments | $ | 757 | $ | — |
10-Q
2024 Q2
Liberty Sirius XM Holdings Inc.
16 Aug 24
Quarterly report
11:36am
As of June 30, 2024, we operated a fleet of five satellites. Each satellite requires an FCC license, and prior to the expiration of each license, we are required to apply for a renewal of the FCC satellite license. The renewal and extension of our licenses is reasonably certain at minimal cost, which is expensed as incurred. The chart below provides certain information on our satellites as of June 30, 2024:
Satellite Description | Year Delivered | Estimated End of Depreciable Life | FCC License Expiration Year | ||||||||
SIRIUS FM-5 | 2009 | 2024 | 2025 | ||||||||
SIRIUS FM-6 | 2013 | 2028 | 2030 | ||||||||
XM-3 | 2005 | 2020 | 2026 | ||||||||
XM-5 | 2010 | 2025 | 2026 | ||||||||
SXM-8 | 2021 | 2036 | 2029 |
10-Q
2024 Q2
Liberty Sirius XM Holdings Inc.
16 Aug 24
Quarterly report
11:36am
Adjusted EBITDA has certain limitations in that it does not take into account the impact to our combined statements of comprehensive income of certain expenses, including share-based payment expense. 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 combined 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:
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | Net income: | $ | 354 | $ | 239 | $ | 595 | $ | 469 | Add back items excluded from Adjusted EBITDA: | Legal settlements and reserves | — | 24 | — | 24 | Impairment, restructuring and acquisition costs | 21 | 18 | 53 | 50 | Share-based payment expense (1) | 48 | 46 | 96 | 94 | Depreciation and amortization | 156 | 154 | 311 | 315 | Interest expense | 126 | 136 | 255 | 270 | Other (income) expense, net | (85) | 25 | (114) | (34) | Income tax expense | 76 | 52 | 144 | 120 | Adjusted EBITDA | $ | 696 | $ | 694 | $ | 1,340 | $ | 1,308 |
10-Q
2024 Q2
Liberty Sirius XM Holdings Inc.
16 Aug 24
Quarterly report
11:36am
Our intangible assets include the following:
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Useful Lives | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded to Sirius XM Reporting Unit: | Indefinite life intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FCC licenses | Indefinite | $ | 8,600 | $ | — | $ | 8,600 | $ | 8,600 | $ | — | $ | 8,600 | Trademarks | Indefinite | 930 | — | 930 | 930 | — | 930 | Definite life intangible assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | 15 years | 570 | (437) | 133 | 570 | (418) | 152 | OEM relationships | 15 years | 220 | (156) | 64 | 220 | (149) | 71 | Licensing agreements | 15 years | 285 | (236) | 49 | 285 | (228) | 57 | Software and technology | 7 years | 28 | (23) | 5 | 28 | (22) | 6 | Due to Acquisitions recorded to Pandora and Off-platform Reporting Unit: | Indefinite life intangible assets: | Trademarks | Indefinite | 312 | — | 312 | 312 | — | 312 | Definite life intangible assets: | Customer relationships | 8 years | 442 | (305) | 137 | 442 | (279) | 163 | Software and technology | 5 years | 391 | (379) | 12 | 391 | (372) | 19 | Total intangible assets | $ | 11,778 | $ | (1,536) | $ | 10,242 | $ | 11,778 | $ | (1,468) | $ | 10,310 |
10-Q
2024 Q2
Liberty Sirius XM Holdings Inc.
16 Aug 24
Quarterly report
11:36am
Property and equipment, net, consists of the following:
June 30, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||
Satellite system | $ | 1,598 | $ | 1,598 | Capitalized software and hardware | 2,175 | 2,178 | Construction in progress | 867 | 538 | Other | 695 | 627 | Total property and equipment | 5,335 | 4,941 | Accumulated depreciation | (3,436) | (3,150) | Property and equipment, net | $ | 1,899 | $ | 1,791 |
10-Q
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Quarterly report
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