v3.25.1
Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Included in the accompanying unaudited consolidated statements of operations are the following amounts of share-based compensation expense:
For the Three Months Ended March 31,
20252024
Cost of services:
Programming and content$9 $9 
Customer service and billing1 1 
Transmission2 1 
Sales and marketing14 12 
Product and technology
10 12 
General and administrative14 13 
$50 $48 
Schedule of Fair Value of Options Granted
The following table summarizes the weighted-average assumptions used to compute the fair value of options granted to employees, members of our board of directors and non-employees under the Sirius XM Awards during the three months ended March 31, 2024:

 For the Three Months Ended March 31,
 2024
Risk-free interest rate4.2%
Expected life of options — years3.76
Expected stock price volatility39%
Expected dividend yield2.1%
Schedule of Stock Options Activity Under Share-based Payment Plans
The following table summarizes stock option activity under our share-based plans for the three months ended March 31, 2025:
 Options
WAEP
Weighted-Average
Remaining
Contractual Term (Years)		Aggregate
Intrinsic
Value
 Outstanding as of January 1, 2025
18 $49.69 
Granted— $— 
Exercised— $— 
Forfeited, cancelled or expired(1)$47.04 
Outstanding as of March 31, 202517 $49.86 3.99$— 
Exercisable as of March 31, 202514 $51.11 3.22$— 
Schedule of Restricted Stock Unit and Stock Award Activity
The following table summarizes the RSUs, including PRSUs, activity under our share-based plans for the three months ended March 31, 2025:
 Shares
GDFV Per Share
Nonvested as of January 1, 202512 $42.33 
Granted9 $25.75 
Vested(1)$58.89 
Forfeited(1)$34.92 
Nonvested as of March 31, 202519 $32.92