SiriusXM Q2 Total Revenue Climbs 38% to $2 Billion

RADIO ONLINE | Tuesday, July 30, 2019

SiriusXM

SiriusXM reported second quarter total revenue increased 38% to $2 billion compared to the prior year period, boosted by the acquisition of Pandora Media on February 1. On a pro forma basis, revenue climbed 9% from $1.8 billion over 2018. Adjusted EBITDA grew 22% to a record $618 million and resulted in an adjusted EBITDA margin of 31.2%, growing 330 basis points from 27.9% in Q2 2018. The company posted a net income of $263 million (6 cents per diluted share) as compared to $293 million (6 cents) in the year-ago period.

"Our company produced outstanding financial and operating results once again this quarter, and I'm pleased by the quick progress we've made in integrating Pandora. Revenues and adjusted EBITDA each reached records in the period. We're thrilled with the results in the first half of the year, and we are raising 2019 guidance for revenue and adjusted EBITDA and reiterating our guidance for net subscriber additions and free cash flow," said SiriusXM CEO Jim Meyer.

"We continue to offer outstanding new programming across comedy, sports, talk and music, with some of the best brands in all of media. Lady Gaga played a once-in-a-lifetime show for SiriusXM subscribers and Pandora listeners in late June at Harlem's Apollo Theater, marking the first-ever combined SiriusXM and Pandora event. We debuted "Netflix Is A Joke Radio," a full-time comedy channel with Netflix, and announced plans for a new music channel with SoulCycle. We launched a new jam band channel with Phish, and special pop-up channels with Madonna, Cher, Dave Matthews Band and the music of Pavarotti. And, last week, we were thrilled to announce a groundbreaking and unprecedented collaboration with platinum-selling recording artist Drake - our content is a true competitive advantage," added Meyer.