Liberty SiriusXM Group (LSXMA) Misses Q2 EPS by 53c

Liberty SiriusXM Group (NASDAQ: LSXMA) reported Q2 EPS of $0.05, $0.53 worse than the analyst estimate of $0.58. Revenue for the quarter came in at $1.98 billion versus the consensus estimate of $1.96 billion.

Attributed to Liberty SiriusXM Group

• SiriusXM reported second quarter 2020 financial results
  • Self-pay net subscriber additions of 264,000 in second quarter
  • Second quarter revenue of $1,874 million
  • Second quarter net income of $243 million; diluted eps of $0.05
  • Adjusted EBITDA(2) roughly unchanged at $615 million in the second quarter
  • Strengthened podcasting platform with acquisition of Simplecast and agreement to acquire Stitcher
  • SiriusXM offered new 2020 subscriber and financial guidance on July 30th
  • SiriusXM buyback authorization expanded by $2 billion

“Our employees and management teams have demonstrated strong leadership navigating the health and financial challenges presented by COVID-19. We saw the highly anticipated returns to racing at Formula 1 and to the field for the Atlanta Braves, while SiriusXM posted solid results and Live Nation completed a credit agreement amendment which enhanced flexibility,” said Greg Maffei, Liberty Media President and CEO.

Note on COVID-19

Liberty Media continues to monitor and assess the effects of the COVID-19 pandemic on its operations, wholly-owned businesses and various investments. The global spread of COVID-19 prompted many countries throughout the world to take aggressive actions, including imposing travel restrictions and stay-at-home orders, closing public attractions and restaurants, and mandating social distancing practices. As a result, the start of the 2020 Formula 1 (“F1”) season was delayed until the beginning of July 2020 and the Major League Baseball season was delayed until the end of July 2020. Fans were not able to attend when the seasons resumed, and their attendance at future events is currently under review. In addition, in mid-March 2020, Live Nation suspended all large-scale live entertainment events. Liberty Media and our portfolio companies will continue to comply with the recommendations of various government agencies and focus on the safety of our employees, partners and customers.

Liberty Media, SiriusXM and Formula 1 are in compliance with all debt covenants as of June 30, 2020. Braves Holdings is expected to be out of compliance with certain debt covenants as of June 30, 2020, and is in ongoing discussions with counterparties to its operating credit facilities and debt related to ballpark funding to obtain waivers and covenant modifications.

For earnings history and earnings-related data on Liberty SiriusXM Group (LSXMA) click here.

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