SiriusXM Hails Subscriber Growth

Says the third financial quarter was one of its strongest ever
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SiriusXM hailed its third-quarter financial performance as one of the strongest in its history and said it is “on track to meet or beat our best year for net subscriber growth since the merger of Sirius and XM in 2008.”

It now expects to finish 2015 with overall revenue of $4.53 billion.

The satellite company reported record Q3 revenue of $1.17 billion, up 11% from a year ago. Net income results also were up, it said, and adjusted EBITDA, an accounting measure, was at a quarterly record high.

“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,” said CEO Jim Meyer in an announcement.

Among recent highlights, Meyer noted that SiriusXM extended its relationship with the NFL for 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.”

The company added 525,000 net new subscribers in the quarter. It also highlighted the effects of its stock repurchase plan. “Cumulatively, our stock repurchase plan has now delivered more than $6 billion into the hands of our stockholders in less than three years,” it quoted CFO David Frear saying.

Meyer said the company is increasing its projections for self-pay and total net subscriber additions, revenue and adjusted EBITDA for the year.

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