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SIRIUS XM (SIRI) Q2 Earnings In Line, Revenues Top Estimates
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SIRIUS XM Holdings Inc. (SIRI - Free Report) reported second-quarter 2017 financial numbers, wherein the bottom line met the Zacks Consensus Estimate while the top line surpassed the same.
Earnings were in line with the Zacks Consensus Estimate of 4 cents per share and also improved 33.33% on a year-over-year basis.
Total revenue of $1,347.6 million grew 9.06% year over year and also beat the Zacks Consensus Estimate of $1,316.9 million.
Quarterly total operating expenses were $931.2 million, up 6.6% year over year. SIRIUS XM posted record second-quarter adjusted EBITDA growth of 12% year over year to $522 million. The company’s average revenue per user inched up 3% year over year to $13.22 in the second quarter.
At the end of the second quarter, SIRIUS XM had $483.2 million of cash from operations compared with $432.1 million in the prior-year quarter. Quarterly free cash flow was $416.7 million compared with $394.9 million in the year-ago quarter.
At the end of the quarter under review, SIRIUS XM had nearly $42.7 million of cash and cash equivalents and $6,453.7 million of long-term debt compared with $213.9 million and $5,842.8 million respectively, at the end of 2016. During the reported quarter, the company repurchased 94 million shares for $477 million. It shelled out approximately $280 million to complete the acquisition of Automatic Labs and the phase one of its Pandora investment.
Segment Wise Results
Quarterly subscriber revenues totaled $1,111 million compared with $1,033.3 million in the prior-year quarter. Advertising revenues were $40.2 million compared with $33.5 million a year ago. Equipment revenues were $29.7 million compared with $27.8 million in the year-earlier quarter. Other revenues grossed $166.7 million in the quarter compared with $140.9 million in second-quarter 2016.
Subscriber Statistics
In the second quarter, SIRIUS XM added 445,000 net new subscribers. As a result, the total subscriber tally was up 5% year over year to 32 million as of Jun 30, 2017, for this Zacks Rank #2 (Buy) company. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Payment category wise, Self-Pay subscriber count grew 6% year over year, while Paid Promotional customer count was down 2% year over year.
Sirius XM Holdings Inc. Price, Consensus and EPS Surprise
The company increased its full-year 2017 Self-pay net subscriber additions to 1.4 million, while revenues have been raised to approximately $5.375 billion. Adjusted EBITDA guidance has been raised to $2.05 billion, while free cash flow remains unchanged at around $1.5 billion.
Upcoming Releases
Investors interested in the broader consumer discretionary space are keenly waiting for second-quarter earnings reports from key players like Discovery Communications, Inc. and AMC Networks Inc. (AMCX - Free Report) . While Discovery will report second-quarter earnings numbers on Aug 8, AMC Networks will reveal the same on Aug 3.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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SIRIUS XM (SIRI) Q2 Earnings In Line, Revenues Top Estimates
SIRIUS XM Holdings Inc. (SIRI - Free Report) reported second-quarter 2017 financial numbers, wherein the bottom line met the Zacks Consensus Estimate while the top line surpassed the same.
Earnings were in line with the Zacks Consensus Estimate of 4 cents per share and also improved 33.33% on a year-over-year basis.
Total revenue of $1,347.6 million grew 9.06% year over year and also beat the Zacks Consensus Estimate of $1,316.9 million.
Quarterly total operating expenses were $931.2 million, up 6.6% year over year. SIRIUS XM posted record second-quarter adjusted EBITDA growth of 12% year over year to $522 million. The company’s average revenue per user inched up 3% year over year to $13.22 in the second quarter.
At the end of the second quarter, SIRIUS XM had $483.2 million of cash from operations compared with $432.1 million in the prior-year quarter. Quarterly free cash flow was $416.7 million compared with $394.9 million in the year-ago quarter.
At the end of the quarter under review, SIRIUS XM had nearly $42.7 million of cash and cash equivalents and $6,453.7 million of long-term debt compared with $213.9 million and $5,842.8 million respectively, at the end of 2016. During the reported quarter, the company repurchased 94 million shares for $477 million. It shelled out approximately $280 million to complete the acquisition of Automatic Labs and the phase one of its Pandora investment.
Segment Wise Results
Quarterly subscriber revenues totaled $1,111 million compared with $1,033.3 million in the prior-year quarter. Advertising revenues were $40.2 million compared with $33.5 million a year ago. Equipment revenues were $29.7 million compared with $27.8 million in the year-earlier quarter. Other revenues grossed $166.7 million in the quarter compared with $140.9 million in second-quarter 2016.
Subscriber Statistics
In the second quarter, SIRIUS XM added 445,000 net new subscribers. As a result, the total subscriber tally was up 5% year over year to 32 million as of Jun 30, 2017, for this Zacks Rank #2 (Buy) company. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Payment category wise, Self-Pay subscriber count grew 6% year over year, while Paid Promotional customer count was down 2% year over year.
Sirius XM Holdings Inc. Price, Consensus and EPS Surprise
Sirius XM Holdings Inc. Price, Consensus and EPS Surprise | Sirius XM Holdings Inc. Quote
Guidance
The company increased its full-year 2017 Self-pay net subscriber additions to 1.4 million, while revenues have been raised to approximately $5.375 billion. Adjusted EBITDA guidance has been raised to $2.05 billion, while free cash flow remains unchanged at around $1.5 billion.
Upcoming Releases
Investors interested in the broader consumer discretionary space are keenly waiting for second-quarter earnings reports from key players like Discovery Communications, Inc. and AMC Networks Inc. (AMCX - Free Report) . While Discovery will report second-quarter earnings numbers on Aug 8, AMC Networks will reveal the same on Aug 3.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>