US pay-radio broadcaster SiriusXM has reported its Q4 and full year numbers. It added 909,000 net new self-pay subscribers during the year and taking the total to 30.9 million.
Revenues were $8.04 billion (FY, up 3 percent) and $2.19 billion (up 6 percent) for the quarter ending December 31st. SiriusXM returned about $1.81 billion overll to shareholders in 2020 ($1.57 billion in share repurchases and $237 million in dividends).
The company recorded a net loss of $677 million in the fourth quarter of 2020 while full year net income totalled $131 million, down from $914 million for the full year in 2019. The decrease in net income was a result of a $976 million non-cash impairment charge associated with Pandora. Net income per diluted common share was $0.03 for the full year, compared to $0.20 in the prior year period.
“SiriusXM turned in strong operating and financial results in 2020: we grew SiriusXM self-pay subscribers, revenue, adjusted EBITDA, and free cash flow despite the pandemic. Our new car penetration reached approximately 80% in the fourth quarter and is set to rise above 80 per cent this year, and the incorporation of 360L, our next generation in-car entertainment platform, is accelerating,” said Jennifer Witz, CEO/SiriusXM. Ms. Witz became CEO of SiriusXM on January 1st 2021, succeeding Jim Meyer upon his retirement.
As to 2021 the broadcaster is guiding investors to expect growth of some 800,000 subs and total revenues of about $8.45 billion and generating $1.6 billion in free cashflow.
At its Pandora subsidiary, it saw 133,000 net new subscribers and ending 2021 at almost 6.3 million.