Liberty Media Reports SiriusXM Revenue Jump

Liberty Media Corporation Thursday reported first quarter 2019 results. Highlights include:
First quarter revenue increased to $1.7 billion; pro forma revenue (as if Pandora was included in both periods) increased 10% to $1.9 billion

• Net income declined 44% to $162 million on acquisition and other related charges of $76 million; diluted EPS of $0.03 reported
• Adjusted EBITDA(2) climbed 27% to $567 million, pro forma for the Pandora acquisition
• SiriusXM capital returns approached $900 million year-to-date as of April 22nd
• SiriusXM completed acquisition of Pandora media; issued combined 2019 guidance
• Liberty Media’s ownership of SiriusXM stood at 68.6% as of April 22nd

“SiriusXM produced another strong quarter and the integration with Pandora is well underway,” said Greg Maffei, Liberty Media President and CEO. “Both Formula 1 and the Braves kicked off their 2019 seasons and broke ground on exciting new developments – Formula 1 on the racetrack in Hanoi and the Braves on the second phase of the Battery Atlanta.”

The following table provides the financial results attributed to Liberty SiriusXM Group for the first quarter of 2019. In the first quarter, approximately $9 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to the Liberty SiriusXM Group.

SiriusXM’s financial results above include the results of Pandora beginning February 1, 2019, the date Pandora was acquired by SiriusXM. Pro forma results for SiriusXM including Pandora for the full three months ended March 31, 2019, excluding acquisition accounting adjustments, can be found in Liberty Media’s Form 10-Q for the quarter ended March 31, 2019.