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In a guidance update, Sirius XM says it added a net 909,000 self-pay subscribers to end 2020 with about 30.9M self-pay subs, beating its most recent guidance.
And it says it expects to meet or exceed its 2020 guidance for revenue, EBITDA and free cash flow.
In an early look at 2021 guidance, it now expects self-pay net adds of about 800,000 for the year, along with total revenue of $8.35B, EBITDA of $2.575B, and free cash flow of about $1.6B.
"These results highlight the resiliency of our business and the loyalty of our customer base even amid the unprecedented challenges of the past year," says new CEO Jennifer Witz.
"Last year was a milestone for SiriusXM. Not only did we achieve our tenth consecutive year of million-plus self-pay net additions, but we also completed our acquisition of Pandora Media and made significant investments in our business, all while returning more than $2 billion to our stockholders. And our new 2020 guidance points to what should be another excellent year of growth for SiriusXM," said Jim Meyer, outgoing SiriusXM's Chief Executive Officer.
"We're thrilled to start our year once again at the Consumer Electronics Show with so many new product and service launches to highlight. GM recently announced a broad rollout of our next-gen 360L hybrid satellite-IP architecture. GM anticipates it will produce about one million 360L-enabled vehicles this year. We recently announced a new creative collaboration with U2 to create an exclusive U2X RADIO Channel for SiriusXM and exclusive content for Pandora listeners. And we look forward this year to debuting exclusive content across SiriusXM and Pandora from Marvel and platinum selling recording artist Drake," added Meyer.
Meanwhile, the company expects to conclude that an impairment is necessary connected to its Pandora unit. It estimates impairment of goodwill and other intangible assets could be about $1B, due to expected performance at Pandora (particularly its royalty cost structure).
Full results are due Feb. 2.
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