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SiriusXM Holdings Inc. (SIRI-1.61%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The report details the company's financial performance, including a total revenue of $8.7 billion, a decrease from $9 billion in the previous year. The decline is attributed to a reduction in subscriber revenue and advertising revenue.
SiriusXM's subscriber revenue fell to $6.1 billion from $6.3 billion, primarily due to a decrease in the average number of subscribers and lower average revenue per user.
The company reported a net loss of $2.1 billion for the year, compared to a net income of $988 million in 2023. This was largely due to a goodwill impairment charge of $2.8 billion related to the SiriusXM reporting unit.
Pandora and Off-platform revenue increased slightly to $2.1 billion, driven by higher podcasting revenue and increased technology fees, despite a decline in monthly active users.
Total operating expenses rose significantly to $10.2 billion, largely due to the impairment charge, restructuring costs, and other expenses.
Adjusted EBITDA for the year was $2.7 billion, a slight decrease from $2.8 billion in 2023, reflecting lower revenue and higher operating expenses.
The company ended the year with $170 million in cash and cash equivalents, down from $315 million at the end of 2023, primarily due to capital expenditures and debt repayments.
SiriusXM Holdings Inc. continues to focus on enhancing its digital infrastructure and expanding its audio entertainment offerings to attract and retain subscribers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SiriusXM Holdings Inc. annual 10-K report dated January 30, 2025. To report an error, please email earnings@qz.com.