SiriusXM Revenue Rises To Record High In Third Quarter 2015

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SIRIUSXM third-quarter 2015 revenue jumped 11% to $1.17 billion, a record for the company, with net income up from $136 million to $167 million (2 to 3 cents per diluted common share).  Adjusted EBITDA also hit a record high, up 17% to $447 million.

CEO JIM MEYER said, "With subscribers at an all-time high of nearly 29 million and record adjusted EBITDA and adjusted EBITDA margin, our third quarter was one of the strongest performances in our company's history. We are confident of our continued success in the fourth quarter, and we are increasing our guidance for self-pay and total net subscriber additions, revenue, and adjusted EBITDA.

"SIRIUSXM's diverse bundle of valuable content is our biggest single competitive advantage.  Since the start of the third quarter, we extended our long-standing relationship with the NFL for another six years. We also successfully launched an exclusive channel created with ANDY COHEN; and we launched our new and exclusive 24/7 original headline news channel with FOX NEWS. Stay tuned for more announcements as we continue our non-stop efforts to add and retain differentiated, exclusive content to our bundle."

The service added 525,000 net new subscribers in the third quarter, a 21% year-to-year increase, resulting in total paid subscribers up 8% to about 29 million, a record high; self-pay net subscriber additions were flat at 381,000 but the overall number of self-pay subscribers increased 8% to 23.8 million, a record.

"We repurchased 144 million shares for $553 million during the third quarter, and this year through yesterday we have repurchased 456 million shares for approximately $1.7 billion. Cumulatively, our stock repurchase plan has now delivered more than $6 billion into the hands of our stockholders in less than three years. With leverage of just 3.3 times adjusted EBITDA and growing cash flow, we are confident of our ability to continue returning capital to stockholders while maintaining operational and strategic flexibility," added CFO DAVID FREAR. "With our excellent results in the first nine months of the year, we are on track to meet or beat our best year for net subscriber growth since the merger of SIRIUS and XM in 2008, and we are increasing our guidance for net subscriber growth, revenue, and adjusted EBITDA."

The new full-year 2015 guidance is for net self-pay subscriber additions of over 1.6 million, total net subscriber additions of about 2 million, revenue at about $4.53 billion, adjusted EBITDA of about $1.65 billion, and free cash flow of about $1.3 billion.

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