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SiriusXM Q3 Revs Gain 1% to $2.025B, Earnings Rise 11%


SiriusXM
SiriusXM

SiriusXM reported third quarter revenue of $2.025 billion, up 1% from $2.011 billion in 2019. Adjusted EBITDA grew 1% to $661 million from $657 million, while self-pay net subscriber additions totaled 169,000 in the third quarter. The company posted a net income increase of 11% to $272 million (6 cents per diluted share) as compared $246 million (5 cents) in the year-ago period.

"SiriusXM maintains strong momentum heading into year end, and we are increasing all of our full-year subscriber and financial guidance today. Our talented people and our powerful business model have delivered stellar results during a challenging year for our company and country," said SiriusXM CEO Jim Meyer.

"Our commitment to having the best possible audio content from top talent, as well as leading media and sports brands, has never wavered. First, we are making significant progress in extending our relationship with Howard Stern. We reached a new agreement with Kevin Hart for more content, with LeBron James and Maverick Carter we launched Uninterrupted Radio from the NBA bubble on Pandora, and we debuted our fulltime channel with the members of U2 on SiriusXM. Pat McAfee joined our sports lineup, and we returned to live sports across the MLB, NBA and NFL. And we brought our listeners special moments like the recent interview between Paul McCartney and Alec Baldwin honoring John Lennon's 80th birthday on The Beatles Channel," added Meyer.

As previously announced, Jim Meyer will retire as CEO on December 31, 2020 and become Vice Chairman of SiriusXM's Board of Directors. Jennifer Witz, the company's President, Sales, Marketing and Operations, is slated to become CEO on January 1, 2021. Sean S. Sullivan has been appointed CFO and is starting in his new position on October 26.

"This will be my last earnings period as SiriusXM's CEO, and the numbers we are reporting today reflect the incredible progress our team has made during my tenure. It has been an honor to lead SiriusXM for the past eight years, and I'm thrilled to be passing the baton at year end to a leader as capable as Jennifer Witz," Meyer continued.

"I couldn't be more pleased to assume the role of CEO in January and to welcome Sean Sullivan to our team. Our goals are clear: we will maintain our track record of consistent execution and subscriber growth, and continue to drive higher OEM penetration and invest in our 360L platform, streaming efforts, podcasting, and more to ensure our place as the leader in digital audio entertainment and enable the next phase of our growth," said Witz.

The company increased its full-year 2020 guidance for SiriusXM self-pay net subscriber additions, revenue, adjusted EBITDA and free cash flow. It expects self-pay net subscriber additions of approximately 800,000, total revenue of $7.85 billion, Adjusted EBITDA of $2.475 billion and free cash flow of $1.6 billion.

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