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SiriusXM Reports Q2 Revenue Up 10%, Earnings Down
RADIO ONLINE | Tuesday, July 29, 2014 |
SiriusXM announced second quarter revenue grew 10% to $1.035 billion from $940 million in 2013. Net income fell to $119.9 million (2 cents per diluted share) from $125.4 million (2 cents) in the year-ago period. Adjusted net income climbed 60% to $131 million from $82 million. Adjusted EBITDA for the second quarter of 2014 reached a record $370 million, up 31% from $283 million in 2013.
Net subscriber additions in Q2 were 475,472. The total paid subscriber base reached a record 26.3 million, up 5% from a year earlier. Self-pay net subscriber additions were 379,711, and the self-pay subscriber base reached a record high of 21.6 million, up 7% from 2013. Paid and unpaid trials combined to produce a total trial funnel of 7.3 million at the end of the second quarter of 2014, the largest in its history.
"SiriusXM once again posted outstanding results in the second quarter by adding 475,000 total net new subscribers, including 380,000 net new self-pay subscribers. We set new records for trial conversions to self-pay, adjusted EBITDA and adjusted EBITDA margin in the quarter, and we are raising our 2014 guidance for revenue, adjusted EBITDA, and free cash flow," stated CEO Jim Meyer.
"Our extraordinary operating performance supported the buyback of over 350 million shares in the quarter, or approximately 6% of our outstanding stock. Perhaps more importantly, we improved our superior content by adding even more channels and shows created with major brands and personalities, such as Joel Osteen, NBC's TODAY Show, and YouTube, and we expanded the range and depth of our commercial-free music programming with the introduction of three new channels in the categories of country, women's pop, and dance," added Meyer.
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