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SiriusXM Q3 Revenue Grew 6% to $1.5B, Earnings Up 24%
RADIO ONLINE | Thursday, October 25, 2018 |
SiriusXM reported third quarter 2018 revenue grew 6% to $1.5 billion from $1.13 billion in 2017. Adjusted EBITDA reached a record $589 million, up 7% over Q3 2017, driven primarily by lower subscriber acquisition costs and fixed operating expenses as a percentage of revenue. The company's adjusted EBITDA margin of 40.1% is also the first time the company has topped 40%. The satellite radio broadcaster reported a net income of $343 million, up 24% from $276 million in the the year-ago period.
"SiriusXM's standout third quarter saw continued strength in subscriber additions and churn performance while adjusted EBITDA reached a quarterly record-high $589 million. Our revenue growth, adjusted for the change in generally accepted accounting principles that was effective January 1st, totaled 8% in the quarter." said SiriusXM CEO Jim Meyer. "In addition to our operational excellence, we were thrilled this quarter to announce an agreement to acquire Pandora Media, which we expect to close in the first quarter of 2019. With the end of the year in sight, we are increasing our full-year guidance for self-pay net additions, revenue and adjusted EBITDA."
He added, "Share repurchases in the third quarter were $334 million, totaling approximately 48 million shares, in addition to the nearly $50 million in dividends we paid to stockholders. At the end of the quarter, our debt to adjusted EBITDA was just 3.0 times, and we had cash on hand of approximately $46 million and undrawn revolver capacity of $1.63 billion. On October 9, 2018, we announced a 10% increase in our quarterly dividend payable in November."
On September 24, Sirius XM Holdings announced it had signed an agreement to acquire Pandora Media in an all-stock transaction. The company continues to expect the transaction to close in the first quarter of 2019.
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