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Sirius XM (SIRI) Q4 Earnings Top Estimates, Revenues Up
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Sirius XM Holdings (SIRI - Free Report) delivered fourth-quarter 2021 earnings of 8 cents per share, beating the Zacks Consensus Estimate by 14.3% and increasing the same percentage year over year.
Total revenues on a reported basis increased 4.2% year over year to $2.28 billion. The figure beat the consensus mark by 0.71%
Subscriber revenues (74.3% of total revenues) rose 5% from the year-ago quarter to $1.70 billion.
Meanwhile, advertisement revenues (21.7%) increased 4.4% year over year to $495 million. Equipment revenues (2.3% of total revenues) declined 11.7% year over year to $53 million.
Other revenues (1.7% of total revenues) decreased 5% from the year-ago quarter to $38 million.
Sirius XM Holdings Inc. Price, Consensus and EPS Surprise
Sirius XM segment revenues were $1.71 billion, up 4.5% year over year. While the subscriber base declined 2%, the company witnessed growth of 7% in ARPU that amounted to $15.34.
Self-pay subscribers increased 3.7% year over year to 32.04 million. Net self-pay subscribers declined 231K in the reported quarter.
Total subscribers were 34.03 million at the end of fourth-quarter 2021, less than 34.65 million at the end of fourth-quarter 2020.
Sirius XM traffic users stayed at 8.568 million. However, Canada subscribers fell 4% to 2.517 million.
Additionally, the average self-pay monthly churn rate was 1.7% in the fourth quarter, up 10 basis points (bps) year over year.
Subscriber revenues rose 5.3% year over year to $1.56 billion. Moreover, Equipment revenues fell 11.7% year over year to $53 million.
However, advertising revenues were $53 million, up 8.2% year over year. Other revenues declined 5% year over year to $38 million.
Pandora Details
Pandora’s revenues increased 3.6% year over year to $575 million, owing to 4% growth in advertising revenues, which totaled $442 million. Subscriber revenues climbed 2.3% year over year to $133 million.
The growth in ad revenues was due to an increase in fourth-quarter monetization to $117.36 per thousand hours, up 4.1% year over year.
However, ARPU increased 0.4% year over year to $6.70.
Monthly active users were 52.28 million at the end of the reported quarter, down from 58.88 million in the year-ago quarter. Ad-supported listener hours declined 6.4% year over year to 2.77 billion.
Pandora exited the fourth quarter with 6.393 million self-pay subscribers, up 0.8% year over year.
Operating Details
In the fourth quarter, total operating expenses fell 32.9% year over year to $1.81 billion.
Revenue share and royalty costs were up 5.4% year over year to $698 million. Programming & content costs were $152 million, up 16.9%. Cost of equipment declined 16.7% year over year to $5 million.
Customer service & billing costs increased 6.6% year over year, at $130 million. Transmission costs increased 33.3% year over year to $64 million.
Subscriber acquisition costs declined 23.8% year over year to $80 million. General and administrative costs declined 11% to $137 million.
Engineering, design and development expenses increased 1.5% from the year-ago quarter to $68 million. Sales and marketing expenses increased 12.6% to $330 million.
Adjusted EBITDA inched up 1.8% year over year to $672 million.
Balance Sheet
As of Dec 31, 2021, cash and cash equivalents were $191 million compared with $164 million as of Sep 30, 2021.
The long-term debt, as of Dec 31, 2021, was $8.83 billion compared with $8.5 billion as of Dec 30, 2020.
At the end of the fourth quarter, Sirius XM’s net debt to trailing 12-month adjusted EBITDA ratio was 3.5 times.
2022 Guidance
Revenues are expected to be $9 billion. Adjusted EBITDA is expected to be $2.8 billion.
The company anticipates adding almost 500K Sirius XM self-pay net subscribers in 2022.
Free cash flow is expected to be $1.55 billion.
Zacks Rank & Other Stocks to Consider
Currently, Sirius XM carries a Zacks Rank #4 (Sell)
Cedar Fun is set to announce fourth-quarter 2021 results on Feb 16.
FUN is up 32.8% in the past year against the Zacks Leisure and Recreation Services industry’s decline of 1.5% and the Consumer Discretionary sector’s fall of 18.6%.
Gildan Activewear is set to announce fourth-quarter 2021 results on Feb 23.
GIL is up 56.9% in the past year against the Zacks Textile – Apparel industry’s decline of 1% and the Consumer Discretionary sector’s fall of 18.6.
Fox is set to announce second-quarter fiscal 2022 results on Feb 9.
FOXA is up 26.9% in the past year against the Zacks Broadcast Radio and Television industry’s decline of 17.9% and the Consumer Discretionary sector’s fall of 18.6% in the past year.
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Sirius XM (SIRI) Q4 Earnings Top Estimates, Revenues Up
Sirius XM Holdings (SIRI - Free Report) delivered fourth-quarter 2021 earnings of 8 cents per share, beating the Zacks Consensus Estimate by 14.3% and increasing the same percentage year over year.
Total revenues on a reported basis increased 4.2% year over year to $2.28 billion. The figure beat the consensus mark by 0.71%
Subscriber revenues (74.3% of total revenues) rose 5% from the year-ago quarter to $1.70 billion.
Meanwhile, advertisement revenues (21.7%) increased 4.4% year over year to $495 million. Equipment revenues (2.3% of total revenues) declined 11.7% year over year to $53 million.
Other revenues (1.7% of total revenues) decreased 5% from the year-ago quarter to $38 million.
Sirius XM Holdings Inc. Price, Consensus and EPS Surprise
Sirius XM Holdings Inc. price-consensus-eps-surprise-chart | Sirius XM Holdings Inc. Quote
Sirius XM Standalone Details
Sirius XM segment revenues were $1.71 billion, up 4.5% year over year. While the subscriber base declined 2%, the company witnessed growth of 7% in ARPU that amounted to $15.34.
Self-pay subscribers increased 3.7% year over year to 32.04 million. Net self-pay subscribers declined 231K in the reported quarter.
Total subscribers were 34.03 million at the end of fourth-quarter 2021, less than 34.65 million at the end of fourth-quarter 2020.
Sirius XM traffic users stayed at 8.568 million. However, Canada subscribers fell 4% to 2.517 million.
Additionally, the average self-pay monthly churn rate was 1.7% in the fourth quarter, up 10 basis points (bps) year over year.
Subscriber revenues rose 5.3% year over year to $1.56 billion. Moreover, Equipment revenues fell 11.7% year over year to $53 million.
However, advertising revenues were $53 million, up 8.2% year over year. Other revenues declined 5% year over year to $38 million.
Pandora Details
Pandora’s revenues increased 3.6% year over year to $575 million, owing to 4% growth in advertising revenues, which totaled $442 million. Subscriber revenues climbed 2.3% year over year to $133 million.
The growth in ad revenues was due to an increase in fourth-quarter monetization to $117.36 per thousand hours, up 4.1% year over year.
However, ARPU increased 0.4% year over year to $6.70.
Monthly active users were 52.28 million at the end of the reported quarter, down from 58.88 million in the year-ago quarter. Ad-supported listener hours declined 6.4% year over year to 2.77 billion.
Pandora exited the fourth quarter with 6.393 million self-pay subscribers, up 0.8% year over year.
Operating Details
In the fourth quarter, total operating expenses fell 32.9% year over year to $1.81 billion.
Revenue share and royalty costs were up 5.4% year over year to $698 million. Programming & content costs were $152 million, up 16.9%. Cost of equipment declined 16.7% year over year to $5 million.
Customer service & billing costs increased 6.6% year over year, at $130 million. Transmission costs increased 33.3% year over year to $64 million.
Subscriber acquisition costs declined 23.8% year over year to $80 million. General and administrative costs declined 11% to $137 million.
Engineering, design and development expenses increased 1.5% from the year-ago quarter to $68 million. Sales and marketing expenses increased 12.6% to $330 million.
Adjusted EBITDA inched up 1.8% year over year to $672 million.
Balance Sheet
As of Dec 31, 2021, cash and cash equivalents were $191 million compared with $164 million as of Sep 30, 2021.
The long-term debt, as of Dec 31, 2021, was $8.83 billion compared with $8.5 billion as of Dec 30, 2020.
At the end of the fourth quarter, Sirius XM’s net debt to trailing 12-month adjusted EBITDA ratio was 3.5 times.
2022 Guidance
Revenues are expected to be $9 billion. Adjusted EBITDA is expected to be $2.8 billion.
The company anticipates adding almost 500K Sirius XM self-pay net subscribers in 2022.
Free cash flow is expected to be $1.55 billion.
Zacks Rank & Other Stocks to Consider
Currently, Sirius XM carries a Zacks Rank #4 (Sell)
SIRI shares are up 9.4% in the past year against the Zacks Broadcast Radio and Television industry’s decline of 17.9% and the Consumer Discretionary sector’s fall of 18.6%.
Some better-ranked stocks from the Zacks Consumer Discretionary sector are Cedar Fair (FUN - Free Report) , sporting a Zacks Rank #1 (Strong Buy) and Gildan Activewear (GIL - Free Report) and Fox (FOXA - Free Report) , each carrying a Zacks Rank #2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cedar Fun is set to announce fourth-quarter 2021 results on Feb 16.
FUN is up 32.8% in the past year against the Zacks Leisure and Recreation Services industry’s decline of 1.5% and the Consumer Discretionary sector’s fall of 18.6%.
Gildan Activewear is set to announce fourth-quarter 2021 results on Feb 23.
GIL is up 56.9% in the past year against the Zacks Textile – Apparel industry’s decline of 1% and the Consumer Discretionary sector’s fall of 18.6.
Fox is set to announce second-quarter fiscal 2022 results on Feb 9.
FOXA is up 26.9% in the past year against the Zacks Broadcast Radio and Television industry’s decline of 17.9% and the Consumer Discretionary sector’s fall of 18.6% in the past year.