Net income totaled $205 million and $746 million in the fourth quarter and full-year 2016, respectively, up 52% and 46% from $135 million and $510 million in the fourth quarter and full-year 2015, respectively. Net income per diluted common share was $0.04 and $0.15 in the fourth quarter and full-year 2016, respectively, compared to $0.03 and $0.09 in the fourth quarter and full-year 2015, respectively. Adjusted EBITDA grew 20% and 13% in the fourth quarter and full-year 2016, respectively, to $475 million and $1.88 billion. Free cash flow and operating cash flow in the fourth quarter grew 44% and 47%, respectively, to $429 million and $503 million. Full-year 2016 free cash flow and operating cash flow grew 15% and 38%, respectively, to $1.51 billion and $1.72 billion.
"Last year was a phenomenal year for SiriusXM's business, and we expect continued success in 2017. We finished ahead of our guidance across the board, with record revenue, adjusted EBITDA and free cash flow. With more than 31 million subscribers, SiriusXM has never had more paying customers. We've issued guidance for continued growth in 2017, and we expect a record adjusted EBITDA of more than $2 billion," said Jim Meyer, Chief Executive Officer, SiriusXM.
SiriusXM Subscribers Exceed 31 Million. The company added over 1.75 million net new subscribers during 2016 to end the year with approximately 31.3 million subscribers. Self-pay net additions were 1.66 million during the year, resulting in self-pay subscribers of nearly 26 million at December 31, 2016.
Our full-year 2017 guidance for net subscribers, revenue, adjusted EBITDA, and free cash flow, originally issued on January 5, 2017, is as follows:
- Self-pay net subscriber additions of approximately 1.3 million,
- Revenue of approximately $5.3 billion,
- Adjusted EBITDA of approximately $2.025 billion, and
- Free cash flow of approximately $1.5 billion.