SiriusXM today announced second quarter 2021 operating and financial results, including revenue of $2.16 billion, an increase of 15 percent compared to the prior year period. The company recorded net income of $433 million in the second quarter, compared to $243 million in the prior year period. Second quarter net income included $140 million in insurance recoveries related to the company’s SXM-7 satellite. Adjusted EBITDA in the second quarter was $700 million, up 14 percent from $615 million in the prior year period.
“SiriusXM added an impressive 355,000 net new self-pay subscribers in the quarter, putting us on track to add 1.1 million self-pay subscribers this year – our best since 2018 – and we are increasing all of our financial guidance. The quarter was bolstered by record self-pay churn of just 1.5%, and we achieved strong monetization in our advertising business, with an increase in ad revenue of 82% from the prior year period and 20% from the second quarter of 2019,” said Jennifer Witz, SiriusXM CEO.
“SiriusXM’s second quarter results give us impressive momentum heading into the back half of the year. We were pleased to raise $2 billion of new, senior unsecured notes in June with a coupon of just 4%, and we will use the remaining cash proceeds in August to repay our outstanding 2022 notes. In the first half of 2021 we returned approximately $965 million of capital to stockholders, comprised of approximately $844 million in common stock repurchases and $121 million in dividends. At the end of the quarter, SiriusXM’s net debt-to-adjusted EBITDA ratio was 3.2x, and our $1.75 billion revolving credit facility was completely undrawn and fully available,” said SiriuxXM CFO Sean Sullivan.
