SiriusXM Reports Third-Quarter Revenues Rose 9%

Q3 Financials

SIRIUSXM today announced third quarter 2016 operating and financial results, including record quarterly revenue of $1.3 billion, up 9% from the third quarter of 2015.

Net income totaled $194 million in the third quarter of 2016, up 16% from $167 million in the third quarter of 2015. Net income per diluted common share was $0.04 in the third quarter of 2016 compared to $0.03 in the third quarter of 2015. Adjusted EBITDA grew 10% in the third quarter of 2016 to $492 million, while operating cash flow and free cash flow totaled $422 million and $357 million, respectively.

SIRIUSXM also announced today that its Board of Directors declared its first quarterly dividend in the amount of $0.01 per share of common stock payable on NOVEMBER 30, 2016 to stockholders of record as of the close of business on NOVEMBER 9th, 2016. The company also announced that the Board of Directors intends to institute a quarterly dividend on its common stock in an aggregate annual amount of $0.04 per share.

The Board also approved an additional $2 billion of share repurchases, bringing SIRIUSXM's total repurchase authorization to $10 billion. SIRIUSXM has already repurchased an aggregate of $7.6 billion of common stock under its stock repurchase program.

"SIRIUSXM's performance in the third quarter was exemplary. We grew self-pay subscribers by 385,000 and turned in record quarterly high levels of revenue and adjusted EBITDA. Additionally, we attained our highest-ever ARPU and adjusted EBITDA margin and lowest-ever SAC per installation and customer service cost per subscriber. In short, our business is operating more efficiently than ever before, and we are pleased to increase our revenue and adjusted EBITDA guidance for the second time this year," said CEO JIM MEYER.

"We remain dedicated to bringing the best audio entertainment in an easy to use bundle of programming to a nation of listeners. In recent months, we've strengthened areas where we are leaders, such as country music, added new talent in talk programming, and held special, one-of-a kind live music events for subscribers and listeners nationwide, all content you can only find at SIRIUSXM," added MEYER.

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