Sirius XM gains as it sticks with subscriber growth forecast in Q2 report
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Sirius XM Holdings (NASDAQ:SIRI) is 2% higher after its second-quarter results, where the company's financial results were in line at best but it maintained full-year guidance on revenues and core earnings and continued to forecast positive additions to its self-pay subscriber count.
Revenue growth of just over 4% was in line with expectations, and adjusted net income was near flat. (Net income as reported was $292M vs. $433M in a year-ago period that benefited from $140M in satellite insurance recoveries.)
Earnings before interest, taxes, depreciation and amortization fell 3% to $679M.
Revenue breakout: Subscriber, $1.72B (up 4.8%); Advertising, $452M (up 5.4%); Equipment, $45M (down 11.8%); Other, $37M (down 2.6%).
Self-pay subscribers remained roughly 32M after an increase of 23,000, and paid promotion subs rose by 54,000. Total subscribers at quarter-end were 34M, and the trial funnel was about 7.3M, up from 6.9M a quarter ago.
Churn was "steady at approximately 1.5% in the quarter, underscoring the strength of our business, our products, and loyalty of our customers," Chief Financial Officer Sean Sullivan said. "In the second quarter, we delivered focused expansion in key streaming offerings and maintained a strong balance sheet," he added, pointing to over $300M in capital returns during Q2 ($217M in buybacks, $86M in dividends).
Year-to-date, capital returns to stockholders have hit $1.6B, the company said.
For more detail, dig into Seeking Alpha's transcript of the earnings conference call.