SiriusXM today announced third quarter 2018 operating and financial results, including revenue of $1.5 billion, an increase of 6% versus the prior year period.
The Company’s net income totaled $343 million in the third quarter 2018, representing 24% growth over $276 million in the prior year period. Net income per diluted common share was $0.07 in the third quarter 2018, compared to $0.06 in the third quarter 2017. Adjusted EBITDA grew 7% in the third quarter 2018 to a quarterly record $589 million. Operating cash flow and free cash flow in the third quarter 2018 decreased (32)% and (34)%, respectively, to $352 million and $288 million, due to the Company’s previously announced one-time lump sum payment of $150 million to resolve all outstanding statutory license claims for sound recordings.
“SiriusXM’s standout third quarter saw continued strength in subscriber additions and churn performance while adjusted EBITDA reached a quarterly record-high $589 million. Our revenue growth, adjusted for the change in generally accepted accounting principles that was effective January 1st, totaled 8% in the quarter. In addition to our operational excellence, we were thrilled this quarter to announce an agreement to acquire Pandora Media, which we expect to close in the first quarter of 2019. With the end of the year in sight, we are increasing our full-year guidance for self-pay net additions, revenue and adjusted EBITDA,” said Jim Meyer, Chief Executive Officer, SiriusXM.
“We have a relentless focus on creating and curating content our subscribers will love — our limited-run Dave Matthews Band Radio was a perfect example. We also presented fiery live performances just for subscribers, like our recent show by The Killers in New York. We’ve added provocative talent in talk and sports, with a daily show from CNN‘s Chris Cuomo, a new show from Hall of Famer Reggie Jackson, the return of Brett Favre‘s popular show, and a new program highlighting women in sports hosted by journalist Christine Brennan and retired tennis pro Rennae Stubbs,” added Meyer.
