SiriusXM Reports Record Subscriptions

SiriusXM today announced third quarter 2015 operating and financial results, including record third quarter revenue of $1.17 billion, up 11% versus the third quarter of 2014.

Net income in the third quarter of 2015 was $167 million versus $136 million in the third quarter of 2014.  Net income per diluted common share was $0.03 in the third quarter of 2015 versus $0.02 in the year ago period.  Adjusted EBITDA was $447 million in the third quarter of 2015, a quarterly record high and up 17% from $381 million in the third quarter of 2014.

"With subscribers at an all-time high of nearly 29 million and record adjusted EBITDA and adjusted EBITDA margin, our third quarter was one of the strongest performances in our company's history.  We are confident of our continued success in the fourth quarter, and we are increasing our guidance for self-pay and total net subscriber additions, revenue, and adjusted EBITDA," said Jim Meyer, Chief Executive Officer, SiriusXM.

Jim Meyer

"SiriusXM's diverse bundle of valuable content is our biggest single competitive advantage.  Since the start of the third quarter, we extended our long-standing relationship with the NFL for another six years. We also successfully launched an exclusive channel created with Andy Cohen; and we launched our new and exclusive 24/7 original headline news channel with FOX News.  Stay tuned for more announcements as we continue our non-stop efforts to add and retain differentiated, exclusive content to our bundle," added Meyer.

Free cash flow and free cash flow per share for the third quarter of 2015 exclude the effect of SiriusXM's settlement of certain pre-1972 recordings litigation.

3Q 2015 Highlights:

• Strong subscriber growth continues. SiriusXM added 525,000 net new subscribers in the third quarter, a 21% increase from the 433,000 net new subscribers added in the third quarter of 2014. Self-pay net subscriber additions were 381,000 in the third quarter of 2015, in-line with growth in the third quarter of 2014. Total paid subscribers climbed 8% to approximately 29.0 million, and self-pay subscribers also increased 8% to 23.8 million, both record highs.
• Third quarter adjusted EBITDA rises 17% to a new record. Adjusted EBITDA of $447 million in the third quarter of 2015 was the highest quarterly amount in the company's history, an increase of 17% over the $381 million reported in the third quarter of 2014. Adjusted EBITDA margin was a record high of 38%, an increase from 36% in the third quarter of 2014.
• Free cash flow per diluted share increases 54%. Free cash flow of $369 million was up 38% from $267 million in the third quarter of 2014. With increased cash flow and an 11% lower average diluted share count from the company's share repurchase program, free cash flow per diluted share climbed 54% to 6.9 cents in the third quarter of 2015, up from 4.5 cents in the third quarter of 2014.