SiriusXM Reaches Record Revenue in Q4 2018
SiriusXM released its fourth quarter (Q4) and full-year 2018 operating and financial results, including record revenues of $1.5 billion and $5.8 billion, respectively, increasing 7 percent and 6 percent compared to the prior year periods.
The Company’s net income totaled $251 million in the fourth quarter, compared to $37 million in the prior year period, while full-year 2018 net income grew 81 percent to a record $1.2 billion. Adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) grew 6 percent to $576 million in the fourth quarter, and grew 6 percent for the full-year 2018 to a record $2.2 billion. Self-pay net subscribers reached 1.4 million in 2018, while total subscribers topped 34 million. Additionally, SiriusXM acquired Pandora Media in 2018.
“SiriusXM had a strong finish to 2018, a year that saw our ninth consecutive year of one-million-plus net subscriber adds and our lowest full-year churn rate in the past decade. We have set even more ambitious goals for the company to continue growing in 2019. In addition, we were pleased that yesterday Pandora’s stockholders voted in favor of our proposed merger, and expect to close the transaction shortly,” said SiriusXM Chief Executive Officer (CEO) Jim Meyer.