US pay-radio operator SiriusXM has increased its guidance for net growth in its pay-radio operation by a net 700,000 and above the previous 500,000 expectations for the year.
“Our business continues to demonstrate strong performance and favorable trends since we resumed providing our subscriber and financial guidance in conjunction with our second quarter earnings report. Our conversion and churn performance remain excellent, and it’s clear that demand for SiriusXM remains strong – quite simply, consumers continue to find immense value in our unique audio bundle and all of the entertainment and information it provides. Additionally, improving new auto sales, combined with a rising new car penetration rate, have led to a robust trial funnel that we believe bodes well for the coming quarters,” said Jim Meyer, CEO at SiriusXM.
“Today we also reiterate our full-year financial guidance for revenue, adjusted EBITDA, and free cash flow as we continue to see steady recovery in the advertising market coupled with the financial results of a very healthy core subscription business,” added Meyer.
Meyer also reiterated SiriusXM’s full-year financial expectations, saying:
· SiriusXM self-pay net subscriber additions of approximately 700,000,
· Total revenue of approximately $7.7 billion,
· Adjusted EBITDA of approximately $2.4 billion, and
· Free cash flow approaching $1.6 billion.