Sirius XM (SIRI) Reports In-Line Q2 EPS; Lifts Outlook

Sirius XM (NASDAQ: SIRI) reported Q2 EPS of $0.03, in-line with the analyst estimate of $0.03. Revenue for the quarter came in at $1.12 billion versus the consensus estimate of $1.12 billion.

"After another quarter of exceptional execution and subscriber growth, we are increasing our subscriber guidance for the second time this year to approximately 1.8 million net additions. We are also increasing guidance for revenue, adjusted EBITDA and free cash flow. Self-pay net additions of 519,000 were the strongest second quarter result since 2007, and our quarterly self-pay churn rate of 1.6% was outstanding. The economy continues to get stronger, our execution has never been better, and demand for our differentiated content bundle remains very high," said Jim Meyer, Chief Executive Officer, SiriusXM.

"We are focused on delivering the best, most compelling and most entertaining audio content available. Listeners are attracted to our diverse and exclusive content, such as our broadcasts of the Grateful Dead's historic concerts in Chicago, our two live exclusive subscriber concerts by Pitbull and James Taylor, and broadcasts of leading music festivals including Coachella, Bonnaroo, and The Electric Daisy Carnival. This fall we will bring our subscribers an exclusive channel created with the talented Andy Cohen, and launch our new exclusive 24/7 original headline news channel with FOX News," added Meyer.

INCREASED 2015 GUIDANCE

"Our performance in the first half has been phenomenal on all fronts," Frear added. "As a result, we are increasing guidance across the board for subscribers, revenue, adjusted EBITDA, and free cash flow. Our adjusted EBITDA guidance includes approximately $19 million of incremental expense from the reported royalty litigation settlement that will be reflected in the second half of 2015. Reported free cash flow in the second half of 2015 will exclude the cash payment we expect to make this month under the settlement."

Our full year 2015 guidance is as follows:

• Net self-pay subscriber additions of approximately 1.6 million,
• Total net subscriber additions of approximately 1.8 million,
• Revenue of approximately $4.5 billion,
• Adjusted EBITDA of approximately $1.62 billion, and
• Free cash flow of approximately $1.3 billion.

For earnings history and earnings-related data on Sirius XM (SIRI) click here.

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