SiriusXM Q3 net income up 11%
October 23, 2020
By Chris Forrester
Pay-radio operator released an impressive set of Q3 numbers, revealing that it gained a net 169,000 subscribers during the quarter and prompted the business to increase its full-year guidance.
However, the company was vague on whether star talent Howard Stern had renewed his contract with the business, saying only: “We are making significant progress in extending our relationship with Howard Stern.
The Q3 headline results showed:
– SiriusXM self-pay net subscriber additions of 169,000
– Revenue of $2,025 million, up 1 per cent YOY
– Net income of $272 Million, up 11 per cent; Diluted EPS of $0.06
– Adjusted EBITDA of $661 million, up 1 per cent YOY
– Churn 1.7 per cent
– Q3 share repurchases of $486 million
– Total subscribers of almost 30.5 million
Jim Meyer, CEO, told analysts: “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 honour 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.”
As to expectations for the full 2020 trading year, Meyer said that the company was now guiding for a net growth of about 800,000 subs, with revenues of $7.85 billion and free cash-flow of about $1.6 billion.