Revenue Flat, Income Up For SiriusXM In Second Quarter 2023

Q2 Results

Second quarter 2023 revenue was flat year-over-year at $2.25 billion but net income rose 6% to $310 million (8 cents/diluted share) for SIRIUSXM. Adjusted EBITDA grew 3% to $702 million. Subscriber revenue rose 1% to $1.7 billion, while advertising revenue fell slightly from $452 million to $445 million. The SIRIUSXM division also saw revenue remaining flat at $1.7 billion, while the PANDORA and off-platform division revenue fell 1% to $528 million.

As for subscriber counts, self-pay SIRIUSXM subscribers were flat at 34 million, with paid promotional subscribers up 7% to 2.1 million. PANDORA monthly users fell 6% to 47.4 million, while self-pay subscribers dipped 1% to 6.2 million. SIRIUS average revenue per user remained flat at $15.66.

"We are pleased to report continued progress towards reaching our financial and operating goals for the year," said CEO JENNIFER WITZ. "Our focus remains on reinforcing SIRIUSXM's distinct and leading position in the audio entertainment industry with new curated live content and by enhancing control and discovery across our platforms. We made significant advancements this quarter in building our next generation platform and are excited to announce a preview event to come this fall."

CFO THOMAS BARRY added, "Our solid second quarter performance and greater visibility into full-year cash taxes and working capital leads us to increase our 2023 free cash flow outlook to $1.15 billion. We also expect to continue to see improving financial and operating performance in the second half of the year. Our team continues to focus on cost levers and operational efficiencies while reinvesting savings in enhanced technology, including our consumer app set to launch in the fall and an all-new commerce and identity platform.

“In the second quarter, SIRIUSXM returned approximately $229 million in capital to stockholders via $94 million in recurring dividends and $135 million in common stock repurchases. We finished the quarter with a net debt to adjusted EBITDA ratio of 3.4 times and continue to maintain a high degree of balance sheet flexibility."

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