Summary
Company reported 483,000 new net subscriber additions.
Q2 revenue was $1.4 billion.
Adjusted EBITDA grows to $543 million.
Sirius XM (SIRI) reported its earnings in the morning of July 25. The company met Street expectations with earnings $292 million or $0.06 per share. Based on the quarterly results and the performance of the first half of 2018, Sirius XM has raised its guidance on subscribers, revenue, and adjusted EBITDA. The highlights of the quarter include the following:
- Sirius XM added 483,000 net new self-pay subscribers in the quarter
- Second-quarter revenue climbed 6% to $1.4 billion
- Net income grew 45% to $292 million in the quarter, with diluted EPS climbing 49% to $0.06
- Adjusted EBITDA grew 4% to $543 million
- Operating cash flow climbed 20% to $579 million; free cash flow climbed 17% to $486 million
- Sirius XM increased 2018 guidance for self-pay subscribers, revenue and adjusted EBITDA
- Self-pay subscriber churn was 1.6%
- Company bought back 3.6 million shares during Q2 and paid a dividend. These programs combined returned over $70 million to shareholders
Getting down to basics, the company turned in a strong Q2 performance and the outlook of the company remains strong. Sirius XM raised its guidance on three key metrics. New guidance is as follows:
