SiriusXM Reports First Quarter 2019 Results

Q1 Financials

SIRIUSXM has reported Q1 2019 operating and financial results. Total revenue of $1.7 billion increased 27% compared to the prior year period, with growth driven by the acquisition of PANDORA MEDIA on FEBRUARY 1, 2019. The Company's net income totaled $162 million in the first quarter, compared to $289 million in the prior year period. Net income per diluted common share was $0.03 in the first quarter, compared to $0.06 in the prior year period.

Pro forma revenue increased 10% to $1.9 billion in the first quarter, up from $1.7 billion in the prior year period. Adjusted EBITDA grew 27% to $567 million in the first quarter and resulted in an adjusted EBITDA margin of 30.5%, growing over 400 basis points from 26.3% in the first quarter 2018. The adjusted EBITDA margin in the quarter was driven primarily by revenue growth across the combined businesses and cost efficiencies in subscriber acquisition costs and revenue share and royalties. The pro forma revenue and adjusted EBITDA figures assume the PANDORA acquisition closed on January 1, 2018.

"SIRIUSXM's first quarter of 2019 was an exciting time for the company. We're thrilled to have completed the PANDORA acquisition on February 1st and have been working quickly to integrate and coordinate the operations of the two businesses. The year is off to a strong start, and today we are issuing combined guidance for 2019 that shows continuing revenue, adjusted EBITDA and free cash flow growth," said COO JIM MEYER.

"With the addition of PANDORA to SIRIUSXM, we now have more to offer subscribers and listeners than ever before. Last month we created PANDORA's first-ever content team, and those talented professionals launched our first joint offering, PANDORA NOW, a full-time SIRIUSXM channel and PANDORA station and playlist, curated from PANDORA data of the top-trending artists. In addition, we announced an array of SIRIUSXM's top sports, comedy and talk hosts' shows are now available as podcasts on PANDORA. We also added more than 100 new music channels on the SIRIUSXM streaming platform — the largest addition ever — all of them based on our existing popular channels but perfectly crafted to fit any mood, occasion or activity," added MEYER.

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