SiriusXM Revenue Rises In Second Quarter 2022

Q2 Numbers

Revenue increased 4% year-over-year to $2.25 billion for SIRIUSXM in second quarter 2022, but net income fell from $433 million to $292 million (11 to 7 cents/basic share, 10 to 7 cents/diluted share), although 2021's number included $140 million of satellite insurance receipts. Adjusted EBITDA fell 3% to $679 million.

SIRIUSXM self-pay subscribers increased by 23,000 and paid promotional subscribers increased by 54,000, with the satellite and streaming division totalling 34 million subscribers at the end of the quarter; self-pay churn was flat at 1.5%. The division's revenue rose 5% to $1.7 billion, and gross profit rose 6% to $1.1 billion.

PANDORA saw the number of monthly active users fall from 55.1 million to 50.5 million year-over-year, with ad-supported listener hours also off, from 3.03 billion to 2.84 billion. Ad revenue for PANDORA increased 5% to $403 million; "off-platform" advertising, which includes podcasts, jumped 50% to almost $119 million. The division's gross profit fell by 13% to $167 million.

"We are pleased with our results in the second quarter, and while we continue to navigate an uncertain economic environment, we delivered strong financial performance and continued to make strategic investments in our business that will set us up for an exciting new era at SIRIUSXM," said CEO JENNIFER WITZ. "We remain committed to creating compelling experiences for our listeners by investing in innovative technologies to deliver best-in-class, curated, comprehensive audio entertainment. We remain equally committed to delivering consumers the best and widest choice in premium audio content. From launching pop-up channels celebrating BLACK MUSIC APPRECIATION MONTH to acquiring CONAN O'BRIEN's TEAM COCO to produce new content for our listeners, and most recently, expanding our relationship with the NFL to deliver the most extensive sports lineup in audio entertainment, we will continue to enhance our platform to ensure broad appeal."

"SIRIUSXM's churn was steady at approximately 1.5% in the quarter, underscoring the strength of our business, our products, and loyalty of our customers. In the second quarter, we delivered focused expansion in key streaming offerings and maintained a strong balance sheet," said EVP/CFO SEAN SULLIVAN. "This quarter we returned over $300 million in capital to stockholders, comprising $217 million in common stock repurchases and $86 million in dividends, and ended the quarter with net debt to adjusted EBITDA of 3.6 times."

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