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Sirius XM tops 33M subscribers, grows profits 40%

Published 04/25/2018, 09:47 AM
© Reuters.  Sirius XM tops 33M subscribers, grows profits 40%
SIRI
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  • Sirius XM's (SIRI -0.5%) Q1 earnings beat reflected healthy net subscriber gains and profits that grew 40%.
  • Net income was up to $289M from $207M, and EBITDA grew 6% to a Q1-record $532M.
  • Revenue gains of 6% would have been 8% without a change in GAAP effective Jan. 1, the company notes, "and we are pleased with our 6% growth in adjusted EBITDA given the sharp increase in our music royalties also beginning January 1," says CEO Jim Meyer.
  • Subscribers were up a net 330,000 to top 33M for the first time. The company added 206,000 net new self-pay subscribers to bring that total to 27.7M.
  • Free cash flow rose 31% to $326M; operating cash flow was up 34% to $415M.
  • It's reiterated its guidance on financials and subscribers for the full year: self-pay net adds of about 1M; revenue of $5.7B; EBITDA of $2.15B; and free cash flow of about $1.5B.
  • Press release
  • Now read: Insiders Tuned Into Entercom


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