- Sirius XM Holdings Inc SIRI reported second-quarter FY21 revenue growth of 15% year-on-year to $2.16 billion, beating the analyst consensus of $2.10 billion.
- SiriusXM added 355,000 new self-pay subscribers in the quarter, putting the company on track to add 1.1 million self-pay subscribers this year.
- Record self-pay churn of just 1.5%, and strong monetization in the advertising business, with an increase in ad revenue of 82% Y/Y, bolstered the quarter.
- SiriusXM segment revenue grew 7% Y/Y to $1.64 billion as ARPU rose 4% to $14.57 and self-pay subscribers improved 3%. The gross margin contracted 100 basis points to 61%.
- Pandora segment advertising revenue increased 82% Y/Y to $383 million, boosted by solid monetization and Stitcher acquisition. The gross margin expanded 1,600 basis points to 37%.
- Subscriber revenue expanded 4% Y/Y to $1.6 billion, Advertising revenue increased 81.8% Y/Y to $429 million, and Equipment revenue improved 104% Y/Y to $51 million. Other revenue grew 8.6% Y/Y to $38 million.
- The GAAP EPS of $0.10 beat the consensus of $0.07. Adjusted EBITDA improved 14% Y/Y to $700 million.
- Sirius generated $636 million in operating cash flow and held $1.1 billion in cash and equivalents.
- Outlook: Sirius sees FY21 revenue of $8.55 billion, above the analyst consensus of $8.42 billion. It sees an adjusted EBITDA of $2.675 billion and a free cash flow of $1.7 billion.
- Price action: SIRI shares traded higher by 3.76% at $6.62 in the premarket session on the last check Tuesday.
- Photo by Rudy and Peter Skitterians from Pixabay
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