SiriusXM Q3 Revenue Reaches Record $1.5 Billion
SiriusXM‘s third quarter 2018 revenue reached $1.5 billion, an increase of 6 percent versus the prior year period. The company’s net income totaled $343 million in the third quarter 2018, representing 24 percent growth over $276 million in the prior year period. Net income per diluted common share was $0.07 in the third quarter 2018, compared to $0.06 in the third quarter 2017.
Adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) grew 7 percent in the third quarter 2018 to a quarterly record $589 million. Operating cash flow and free cash flow in the third quarter 2018 decreased 32 percent and 34 percent, respectively, to $352 million and $288 million, due to the company’s previously announced one-time lump sum payment of $150 million to resolve all outstanding statutory license claims for sound recordings.
“SiriusXM’s standout third quarter saw continued strength in subscriber additions and churn performance while adjusted EBITDA reached a quarterly record-high $589 million. Our revenue growth, adjusted for the change in generally accepted accounting principles that was effective January 1st, totaled 8 percent in the quarter. In addition to our operational excellence, we were thrilled this quarter to announce an agreement to acquire Pandora Media, which we expect to close in the first quarter of 2019. With the end of the year in sight, we are increasing our full-year guidance for self-pay net additions, revenue, and adjusted EBITDA,” said SiriusXM Chief Executive Officer (CEO) Jim Meyer.