Summary
CVS subscription breaks $30 million for the first time.
YTD subscription revenue exceeds $80 million.
Nearly matches full-year 2017.
During the Sirius XM Holdings (SIRI) conference call earlier this week, CEO Jim Meyer made the following comments regarding the Connected Vehicle Services ("CVS") revenue and opportunities:
A few years ago when SiriusXM began to invest in the connected vehicle services business, I told you it would be a marathon, not a sprint.And now, you can see us making tangible progress in ramping our CV services unit... We are now achieving strong double-digit revenue growth here and seeing positive cash flow contributions from this business.
It's true that Meyer told us that it would be a "marathon, not a sprint," and it's true that we were told that there would be double-digit revenue growth. That was five years ago, and it's also true that analysts and investors were told that the revenue would double from $100 million within three years and that it would continue to grow at double-digit rates for many years to come. Conspicuously absent was any mention about the current level of revenue.
