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SiriusXM Q2 Revenue Rises 4% to $2.25 Billion
RADIO ONLINE | Thursday, July 28, 2022 |
SiriusXM reported second quarter revenue grew 4% to $2.25 billion from $2.15 billion in in 2021. Adjusted EBITDA fell 3% to $679 million from $700 million. The company posted a net income of $292 million (7 cents per diluted share) as compared to $433 million (10 cents) in the year-ago period. During Q2, SiriusXM self-pay subscribers increased by 23,000 and paid promotional subscribers gained 54,000. Total subscribers were 34 million on June 30.
"We are pleased with our results in the second quarter, and while we continue to navigate an uncertain economic environment, we delivered strong financial performance and continued to make strategic investments in our business that will set us up for an exciting new era at SiriusXM," said SiriusXM CEO Jennifer Witz. "We remain committed to creating compelling experiences for our listeners by investing in innovative technologies to deliver best-in-class, curated, comprehensive audio entertainment."
"SiriusXM's churn was steady at approximately 1.5% in the quarter, underscoring the strength of our business, our products, and loyalty of our customers. In the second quarter, we delivered focused expansion in key streaming offerings and maintained a strong balance sheet," said Executive VP and CFO Sean Sullivan. "This quarter we returned over $300 million in capital to stockholders, comprising $217 million in common stock repurchases and $86 million in dividends, and ended the quarter with net debt to adjusted EBITDA of 3.6 times."
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