SiriusXM Reports Income, Subscriber Increases

SiriusXM today announced second quarter 2016 operating and financial results, including record quarterly revenue of $1.2 billion, up 10% from the second quarter of 2015.

Net income totaled $173 million in the second quarter of 2016, up 68% from $103 million in the second quarter of 2015. Net income per diluted common share was $0.03 in the second quarter of 2016 compared to $0.02 in the second quarter of 2015. Adjusted EBITDA in the second quarter of 2016 was $468 million, a record quarterly high and a 13% increase from $415 million in the prior year period.

Jim Meyer

"SiriusXM's second quarter results demonstrated continued strong demand for our content bundle and solid execution by our entire team. We grew net new subscribers by 587,000 in the second quarter, and our subscriber base, revenue, adjusted EBITDA, and free cash flow have never been higher. We are pleased to once again raise our key guidance metrics for the full year," said Jim Meyer, Chief Executive Officer, SiriusXM.

"Our programming team has been hard at work developing new and exclusive content to power our unique service. From Town Hall specials with the cast of Broadway's Hamilton to a pop-up channel dedicated to the legendary Prince to full coverage of music festivals like Coachella, SiriusXM has something for everyone. For two weeks we have been providing 'gavel to gavel' coverage of the Republican and Democratic National Conventions, and we will follow the political action all the way to November. And stay tuned, because we are always working on exciting new content initiatives to please our subscribers," added Meyer.

SECOND QUARTER 2016 HIGHLIGHTS

• SiriusXM Subscribers Surpass 30.6 Million. The company added 587,000 net new subscribers to end the second quarter of 2016 with more than 30.6 million subscribers, an increase of 8% from 28.4 million subscribers at the end of the second quarter of 2015. 
• Self-pay net additions were 507,000 during the second quarter, resulting in self-pay subscribers of 25.1 million, up 7% versus the prior year period.
• Double-Digit Revenue Growth and Record ARPU. Revenue climbed 10% to $1.2 billion, a record high for any single quarter. The increase was driven by an 8% increase in subscribers and a 3% increase in average revenue per user (ARPU) to $12.78.
• Free Cash Flow Reaches a Quarterly Record $395 Million. Free cash flow increased 6% to $395 million in the second quarter of 2016 from $371 million in the second quarter of 2015.

INCREASED 2016 GUIDANCE

• The company now expects to add 1.6 million net new self-pay subscribers and 1.7 million total net new subscribers in 2016, an increase from prior guidance of 1.4 million and 1.6 million, respectively.
• SiriusXM now expects to record revenue approaching $5 billion in 2016, an increase from prior guidance of approximately $4.9 billion.