SiriusXM Q3 Net Revenues Up 4% to $2.28 Billion

RADIO ONLINE | Tuesday, November 1, 2022

SiriusXM

SiriusXM reported third quarter revenue grew 4% to $2.28 billion from $2.1 billion in 2021. Adjusted EBITDA of $720 million remained roughly flat. The company posted a net income of $247 million (6 cents per diluted share) as compared to $343 million (8 cents) in the year-ago period. Earnings per diluted common share for the quarter was 7 cents when excluding lease impairments and other restructuring costs.

"We are pleased to report third quarter results that reflect strong execution during the period while leaning into investments designed to ensure SiriusXM will thrive long-term," said CEO Jennifer Witz. "This quarter we focused on enhancing the listener experience and expanding our unparalleled stable of programming and talent to continue providing our subscribers with the best in audio, both in-car and in the SXM App. From live sports and election coverage to exclusive artist channels and live Small Stage performances, we are thrilled to offer a diverse and differentiated content slate paired with technology that makes it easier than ever to discover new favorites."

"SiriusXM delivered solid subscriber and revenue growth during the third quarter, and while we continue to closely monitor downward trends in the advertising market that add risk to our 2022 expectations, we are pleased to reiterate our full-year subscriber and financial guidance," added CFO Sean Sullivan. "During the quarter, SiriusXM returned $262 million in capital to stockholders and ended the quarter with net debt to adjusted EBITDA of 3.5 times."

SiriusXM ended Q3 with 32.2 million self-pay subscribers, an increase of 187,000, aided by trial funnel growth in the prior quarter and a growing base of streaming-only subscribers.

The company announced that its board of directors declared a quarterly cash dividend of $0.0242 per share of common stock, reflecting an increase of approximately 10% over the previous quarter dividend. This quarterly dividend is payable in cash on November 30, 2022, to stockholders of record at the close of business on November 11.