SiriusXM Reports Second Quarter 2014 Results
July 29. 2014

SiriusXM announced second quarter 2014 financial and operating results, including revenue of $1.035 billion, up 10% from the second quarter 2013. Net income was $120 million, or $0.02 per diluted share, in the second quarter of 2014.

Adjusted net income climbed 60% to $131 million in the second quarter of 2014 from $82 million in the second quarter of 2013. Adjusted EBITDA for the second quarter of 2014 reached a record $370 million, up 31% from $283 million in the second quarter of 2013.

"SiriusXM once again posted outstanding results in the second quarter by adding 475,000 total net new subscribers, including 380,000 net new self-pay subscribers. We set new records for trial conversions to self-pay, adjusted EBITDA and adjusted EBITDA margin in the quarter, and we are raising our 2014 guidance for revenue, adjusted EBITDA, and free cash flow," stated Jim Meyer, Chief Executive Officer, SiriusXM.

"Our extraordinary operating performance supported the buyback of over 350 million shares in the quarter, or approximately 6% of our outstanding stock. Perhaps more importantly, we improved our superior content by adding even more channels and shows created with major brands and personalities, such as Joel Osteen, NBC's TODAY Show, and YouTube, and we expanded the range and depth of our commercial-free music programming with the introduction of three new channels in the categories of country, women's pop, and dance," added Meyer. "As the leader in audio entertainment, we never rest in searching for new content that our subscribers will love."

Additional financial and operating highlights of the second quarter include:

Subscribers Exceed 26.3 Million. Net subscriber additions in the second quarter of 2014 were 475,472. The total paid subscriber base reached a record 26.3 million, up 5% from a year earlier.  Self-pay net subscriber additions were 379,711, and the self-pay subscriber base reached a record high of 21.6 million, up 7% from the second quarter of 2013. Paid and unpaid trials combined to produce a total trial funnel of 7.3 million at the end of the second quarter of 2014, the largest in our history.

Adjusted EBITDA and Adjusted EBITDA Margin Highest Ever. Adjusted EBITDA climbed 31% from the second quarter of 2013 to a record quarterly amount of $370 million.  The Company's adjusted EBITDA margin reached a record 35.7% in the second quarter of 2014, up approximately 570 basis points from the second quarter of 2013.

Free Cash Flow Per Share Climbs 47%. Free cash flow in the second quarter of 2014 was $335 million, up 42% from $237 million in the second quarter of 2013. Free cash flow per diluted share was 5.4 cents in the second quarter of 2014, up 47% from 3.7 cents in the second quarter of 2013. 

"Since we launched our capital return program in late 2012, we have returned approximately $3.75 billion to stockholders in less than two years," noted David Frear, Chief Financial Officer, SiriusXM.

"On July 15th, our Board of Directors increased our cumulative share repurchase authorization to $6 billion. Total debt-to-adjusted EBITDA at the end of the second quarter 2014 was 3.5 times, and our $1.25 billion revolving credit was undrawn, leaving us ample liquidity to return capital to shareholders and pursue strategic opportunities as they arise," added Frear.




 
Breaking News
RAB Report: Radio Shows Double-Digit Growth In Digital Revenue For Q3
The Week In Review: 11/17-11/21
Jaysson Reno Named VP, Sales For KGO-AM, KSFO-AM
Kassof Research: CHR P1's: Excited & Social
In Brief - November 21, 2014
November 20, 2014
Cumulus Promotes Jeff Davis To National Director Of Stratus Music Scheduling
Mike Fredrick Named Hubbard Radio Cincinnati VP/Market Manager
Hubbard Radio Announces New Division, 2060 Digital, LLC
Kassof Research: Christian Radio P1’s: Mission Accomplished
In Brief - November 20, 2014
November 19, 2014
Musicians On Call Raises $700,000 At 15th Anniversary Celebration
iStreamMEDIA Adds Christopher Cottrill As VP/Music Content, Programming
Jordan Blaugrund Promoted To VP, Digital Marketing, RCA Records
DeVito/Verdi Retained To Drive Awareness Of NextRadio App
Kassof Research: Rock P1’s: Too Cool to Care?
In Brief - November 19, 2014
November 18, 2014
100.3 The Beat Launches In St. Louis
MADE Music Announces Partnership With Vevo
Kassof Research: Urban P1’s: Into It!
Southern California Radio Roars Back In October
In Brief - November 18, 2014
November 17, 2014
Vevo Announces Leadership Transition
BMG Acquires Vagrant Records
Republic Records Names Delmar Powell Director of Urban A&R
Gordon Smith, NAB To Be Honored By Broadcasters Foundation Of America
Kassof Research: News/Talk P1's: It's Not About Happy
Music News
Iggy Azalea, J. Lo To Team Up on AMAs
The Week In Review: 11/17-11/21
Quick Hits: Saturday Night Live, Billboard Touring Awards, YouTube Music Awards, Arcade Fire
Quick Hits: One Direction, Taylor Swift, Young The Giant, Guns N' Roses, Jimmy Ruffin
Taylor Swift's 1989 Remains At #1
Quick Hits: U2, Katy Perry, Paramore, Lana Del Rey, The Voice
Foo Fighters Announce Major 2015 North American Tour
Ed Sheeran Launches "Thinking Out Loud"
Quick Hits: American Music Awards, New Now Next Awards / Jessie J, Smashing Pumpkins, Prince Royce, Marilyn Manson, The Decemberists, Bonnaroo, James Blunt
U2 Postpones Tonight Show Residency
Quick Hits: AC/DC, J. Cole, Giorgio Moroder, alt-J, Lollapalooza South America
Kid Rock Gearing Up For First Kiss
The Week In Review: 11/10-11/14
Quick Hits: Paramore, AC/DC, Ryan Seacrest‘s New Year’s Rockin’ Eve
Quick Hits: One Direction, Juvenile, Randy Jackson, MTV Awards shows
FMQB NOW

Jon Zellner
SVPP, iHeartMedia

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!