SiriusXM today announced its fourth quarter and full-year 2024 operating and financial results, including revenue of $2.19 billion and $8.70 billion, respectively, representing declines of 4% and 3%, respectively, compared to the same periods in 2023. The company reported net income of $287 million for the fourth quarter and a net loss of $2.08 billion for the full year 2024, compared to net income of $228 million and $988 million in the prior year, respectively. Earnings per diluted common share were $0.83 and $(6.14) for the fourth quarter and full-year 2024, respectively, compared to $0.67 and $2.77, respectively, in the same periods in 2023.
In the fourth quarter of 2024, adjusted EBITDA totaled $688 million, a 4% decline from $715 million in the same 2023 period. For the full year 2024, adjusted EBITDA was $2.73 billion, reflecting a 2% decline compared to $2.79billion in the prior year. The decrease was driven by declines in subscriber revenue, partially offset by lower costs of services, personnel-related costs, sales and marketing, product and technology and general and administrative expenses. The company maintained a stable adjusted EBITDA margin of 31%. "At the end of 2024, we took significant steps to refocus on SiriusXM’s core strengths and enhance operational efficiency," said Jennifer Witz, Chief Executive Officer.
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Jennifer Witz |
SEGMENT HIGHLIGHTS
Sirius XM Holdings operates two complementary audio entertainment businesses — one of which is referred to as “SiriusXM” and the second of which is referred to as “Pandora and Off-platform.” Further information regarding these two segments will be contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2024. The financial highlights below exclude the impact of share-based payment expense.
SiriusXM Fourth Quarter and Full-Year 2024 Segment Highlights
SiriusXM Total Subscribers of 33 Million
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In 2024, SiriusXM's total revenue was $6.6 billion, a 4% decrease from 2023. This decrease was primarily driven by a 4% reduction in subscriber revenue, attributed to a smaller average base of self-pay subscribers; a 6% decline in equipment revenue; and a 6% decline in other revenue. Additionally, for the full-year 2024, Average Revenue Per User (ARPU) decreased by $0.35 to $15.21, reflecting the impact of a growing number of self-pay streaming-only and promotional subscriptions, lower rates from automakers offering paid promotional plans, and a 1% decline in advertising revenue.
Full-Year Gross Profit of $3.9 Billion
Total cost of services at SiriusXM was $2.6 billion for 2024, a 2% decrease compared to the prior year. Gross profit at SiriusXM totaled $3.9 billion, a decrease of 6% compared to the $4.2 billion recorded in 2023, producing a gross margin of 60%, one percentage point lower than the prior year.
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