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US pay-radio operator SiriusXM reported record Q3 revenues of $1.17 billion (up 11 per cent) on October 22nd, and raised its guidance once again for its full-year numbers to reflect a growing appetite for its multi-channel radio services.
Subscriber numbers are up, as is revenue and EBITDA. “With subscribers at an all-time high of nearly 29 million (up 8 per cent) and record adjusted EBITDA and adjusted EBITDA margin, our third quarter was one of the strongest performances in our company’s history. We are confident of our continued success in the fourth quarter, and we are increasing our guidance for self-pay and total net subscriber additions, revenue, and adjusted EBITDA,” said Jim Meyer, CEO at SiriusXM.
The quarter saw 525,000 net new subs added, up 21 per cent.
Breaking down the guidance numbers, SiriusXM says the full year will see added net self-pay subs of more than 1.6 million, and overall subscriber growth of about 2 million. Total revenue for the year will be about $4.53 billion.
“We repurchased 144 million shares for $553 million during the third quarter, and this year through yesterday we have repurchased 456 million shares for approximately $1.7 billion. Cumulatively, our stock repurchase plan has now delivered more than $6 billion into the hands of our stockholders in less than three years. With leverage of just 3.3 times adjusted EBITDA and growing cash flow, we are confident of our ability to continue returning capital to stockholders while maintaining operational and strategic flexibility,” remarked David Frear, CFO.