Home Login RADIO ONLINE
Advertisement

SiriusXM Q3 Total Revs Up 37% to $2 Billion, Earnings Down


SiriusXM
SiriusXM

SiriusXM reported third quarter 2019 total revenue increased 37% to $2 billion compared $1.46 billion in 2018, boosted by the acquisition of Pandora Media on February 1. On a pro forma basis, revenue climbed 7% from $1.9 billion, while adjusted EBITDA grew 12% to $657 million. The company posted a net income of $246 million (5 cents per diluted share) as compared to earnings of $343 million (7 cents) in the year-ago period.

The decline in net income was primarily driven by refinancing expenses associated with SiriusXM's July redemption of its 6% senior notes due 2024, in addition to non-recurring tax benefits in the prior year period. The company's effective tax rate for the third quarter 2019 was 22.2%, compared to 3.3% in the prior year period.

"SiriusXM's robust third quarter saw strong results across the board. Total net additions benefited from continuing strength in the auto sector, and our adjusted EBITDA hit an all-time quarterly record of $657 million. Things have never been more exciting at the company as we continue to invest in our brands, content, products and expanded OEM distribution. With two months left in the year, we are raising 2019 guidance for revenue, adjusted EBITDA and free cash flow and we are confident in our expectations for self-pay subscriber growth," said SiriusXM CEO Jim Meyer.

SiriusXM self-pay subscribers topped 29.6 million adding 302,000 net new self-pay subscribers in the third quarter. Total net subscriber additions in Q3 were 210,000, resulting in more than 34.6 million total SiriusXM subscribers at the end of the period. Self-pay monthly churn for the quarter was 1.7%, compared to 1.8% in Q3 2018.

Pandora ad revenue reached a record $315 million, growing 8% over the third quarter of 2018. Ad revenue was driven by strong third quarter monetization of $85 per thousand hours, growing 10% over 2018. Total revenue for Pandora grew 7% to $447 million in the quarter, aided in part by a 5% increase in subscriber revenue to $132 million.

Advertisement

Latest Radio Stories

Entravision Appoints Chris Munoz to EVP/National Sales
Chris Munoz
Chris Munoz
Entravision has appointed Chris Munoz to the executive leadership team as the Executive Vice President of National Sales. Munoz will oversee the company's national spot television, national spot radio, network radio and national digital audio More

WZZR and WRLX/West Palm Beach Swap Signals
iHeartMedia West Palm Beach announced today that Real Radio WZZR and Mia WRLX are interchanging signals. Beginning today, Real Radio will now broadcast on 92.1 and Mia will broadcast on 94.3. Real Radio 92.1 will continue to be the Palm Beach Hot More

How Are You Responding?
Tracy Johnson
Tracy Johnson
When I created the Dealing with Tragedy seminar on demand, I didn't expect emergencies on top of emergencies. But here we are. Most of my clients have asked what they should do following last week's George Floyd murder and the ensuing protests More
Advertisement

Report: No Audience Impact From COVID-19 in Markets 50-100
Westwood One
Westwood One
According to just-released Nielsen data from an April 2020 listening analysis of 44 diary markets, and cited by Westwood One's Insights team on its blog, there was no audience impact from COVID-19 in markets ranked 50-100. AM/FM radio retained 97% More

Philadelphia Pastor to Launch "Philly's Favor 100.7"
Philly’s Favor 100.7
Philly’s Favor 100.7
"Philly's Favor 100.7," a new Gospel & Inspirational outlet, will launch on W264BH and WJBR-FM-HD3/Philadelphia on June 8. It will also be available to stream online and on the app. The brain child of JAMJACKJR Enterprises President/CEO Jonathan More

Phil Zachary Exits Corporate Post at Entercom Communications
Phil Zachary
Phil Zachary
After moving into a corporate role working on special projects in November, 2019, Phil Zachary has exited Entercom. The 46-year radio vet previously served as Senior VP/Market Manager for the company's Washington, DC cluster beginning in 2018. More

Return to Menu