Sirius XM (SIRI) Tops Q2 EPS by 0.003c, Beats on Revenues; Boosts FY17 Revenue Guidance Above Consensus

July 27, 2017 7:07 AM EDT

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Sirius XM (NASDAQ: SIRI) reported Q2 EPS of $0.043, $0.00 better than the analyst estimate of $0.04. Revenue for the quarter came in at $1.34 billion versus the consensus estimate of $1.32 billion.

2017 GUIDANCE

The company increased its 2017 year-end guidance for self-pay net subscriber additions, revenue, and adjusted EBITDA. SiriusXM\'s guidance for 2017 free cash flow remains unchanged. The company\'s complete full-year 2017 guidance is as follows:

  • Self-pay net subscriber additions of approximately 1.4 million,
  • Revenue of approximately $5.375 billion,
  • Adjusted EBITDA of approximately $2.05 billion, and
  • Free cash flow of approximately $1.5 billion.

GUIDANCE:

Sirius XM sees FY2017 revenue of $5.375 billion, versus the consensus of $5.34 billion.

SECOND QUARTER 2017 HIGHLIGHTS

  • SiriusXM Reaches 32 Million Subscribers. The company added 466,000 net new self-pay subscribers in the second quarter 2017 to end with nearly 26.7 million self-pay subscribers. Total net additions in the quarter were 445,000, after giving effect to the decline of approximately 20,000 paid promotional subscribers. The company ended the quarter with approximately 32.0 million total subscribers.
  • Strong Quarterly Revenue and ARPU. Second quarter revenue climbed 9% to a record $1.3 billion. The growth was driven by a 5% increase in subscribers and a 3% increase in average revenue per user (ARPU) to $13.22, a record high.
  • Record Adjusted EBITDA. Adjusted EBITDA in the second quarter of 2017 reached a record $522 million, up 12% from $468 million in the second quarter of 2016. Adjusted EBITDA margin was 38.7% in the second quarter of 2017, a 90 basis point increase from 37.8% in the second quarter 2016.
  • Free Cash Flow of $417 Million. Free cash flow for the second quarter 2017 totaled $417 million, up 6% from $395 million in the second quarter 2016. Operating cash flow for the second quarter 2017 totaled $483 million, up 12% from the second quarter 2016.

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



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