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Sirius XM (SIRI) Q4 Earnings Beat Estimates, Revenues Miss
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Sirius XM Holdings (SIRI - Free Report) reported fourth-quarter 2023 earnings of 9 cents per share, which beat the Zacks Consensus Estimate by 28.57% and remained flat year over year.
Total revenues on a reported basis gained 0.2% year over year to $2.28 billion but missed the consensus mark by 0.42%.
Subscriber revenues (75.2% of total revenues) declined 0.3% from the year-ago quarter to $1.72 billion. The figure missed the Zacks Consensus Estimate by 0.64%.
Meanwhile, advertisement revenues (20.9%) declined 0.2% year over year to $479 million. The figure missed the Zacks Consensus Estimate by 0.58%.
Equipment revenues (2.2% of total revenues) jumped 24.4% year over year to $51 million. The figure beat the Zacks Consensus Estimate by 20.45%.
Other revenues (1.6% of total revenues) increased 2.8% from the year-ago quarter to $37 million and missed the Zacks Consensus Estimate by 5.67%.
Sirius XM Holdings Inc. Price, Consensus and EPS Surprise
The Sirius XM Standalone segment’s revenues (75% of total revenues) were $1.716 billion, down 0.4% year over year.
Total subscriber base declined 1.3% year over year to 33.87 million, missing the Zacks Consensus Estimate by 0.65%.
Revenues witnessed a decline due to a 0.1% drop in average revenue per user, which amounted to $15.63. The figure missed the Zacks Consensus Estimate by 0.48%.
Subscriber revenues decreased 0.7% year over year to $1.58 billion. Advertising revenues were $43 million, down 14% year over year. Equipment revenues increased 24.4% year over year to $51 million. Other revenues rose 2.8% year over year to $37 million.
Self-pay subscribers increased 3% year over year to 31.9 million. Net subscriber loss in the reported quarter was 94K against net additions of 134K in the year-ago period.
Pandora & OFF Platform Details
Pandora and OFF platform’s revenues (25% of total revenues) gained 2% year over year to $571 million, owing to a 1.4% increase in advertising revenues, which totaled $436 million, and subscriber revenues improved 3.8% year over year to $135 million.
Self-pay subscribers of the Pandora Plus and Pandora Premium services decreased 3% in the fourth quarter of 2023 to end the period at 6 million.
Total subscribers decreased 3.3% year over year, ending the third quarter at 6.008 million. The figure missed the Zacks Consensus Estimate by 1.34%.
Total ad-supported listener hours were 2.53 billion in the fourth quarter, down 2.7% year over year. Advertising revenue per thousand listener hours was $111.27, down 0.9% year over year.
Operating Details
In the fourth quarter, total operating expenses increased 4.4% year over year to $1.79 billion.
Adjusted EBITDA decreased 3.6% year over year to $715 million.
Balance Sheet & Cash Flow
As of Dec 31, 2023, cash and cash equivalents were $216 million compared with $53 million as of Sep 30, 2023.
The long-term debt, as of Dec 31, 2023, was $8.69 billion compared with $8.82 billion as of Sep 30, 2023.
For the fourth quarter, cash flow from operations was $571 million compared with $676 million in the year-ago quarter.
Free cash flow was $445 million for the fourth quarter of 2023, down from $529 million in the prior-year period. The decrease in free cash flow was primarily attributed to higher capital expenditures due to satellite construction and investments in the company’s products and technology platform, as well as higher cash taxes paid.
2024 Guidance
Revenues are expected to be $8.75 billion. Adjusted EBITDA is expected to be $2.7 billion. Free cash flow is expected to be $1.2 billion.
Zacks Rank & Stocks to Consider
Currently, Sirius XM carries a Zacks Rank #4 (Sell).
Universal Technical Institute is set to report its quarterly results on Feb 7. Flexsteel Industries and Sphere Entertainment Co. are slated to report each of their quarterly results on Feb 5.
The Zacks Consensus Estimate for UTI’s fourth-quarter 2023 earnings per share is pegged at 6 cents, which remained unchanged over the past 30 days.
The Zacks Consensus Estimate for SPHR’s fourth-quarter 2023 loss per share is pegged at 73 cents, which remained unchanged over the past 30 days.
The Zacks Consensus Estimate for FLXS’ fourth-quarter 2023 earnings is pegged at 57 cents per share, up 111.1% over the past 30 days.
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Sirius XM (SIRI) Q4 Earnings Beat Estimates, Revenues Miss
Sirius XM Holdings (SIRI - Free Report) reported fourth-quarter 2023 earnings of 9 cents per share, which beat the Zacks Consensus Estimate by 28.57% and remained flat year over year.
Total revenues on a reported basis gained 0.2% year over year to $2.28 billion but missed the consensus mark by 0.42%.
Subscriber revenues (75.2% of total revenues) declined 0.3% from the year-ago quarter to $1.72 billion. The figure missed the Zacks Consensus Estimate by 0.64%.
Meanwhile, advertisement revenues (20.9%) declined 0.2% year over year to $479 million. The figure missed the Zacks Consensus Estimate by 0.58%.
Equipment revenues (2.2% of total revenues) jumped 24.4% year over year to $51 million. The figure beat the Zacks Consensus Estimate by 20.45%.
Other revenues (1.6% of total revenues) increased 2.8% from the year-ago quarter to $37 million and missed the Zacks Consensus Estimate by 5.67%.
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
The Sirius XM Standalone segment’s revenues (75% of total revenues) were $1.716 billion, down 0.4% year over year.
Total subscriber base declined 1.3% year over year to 33.87 million, missing the Zacks Consensus Estimate by 0.65%.
Revenues witnessed a decline due to a 0.1% drop in average revenue per user, which amounted to $15.63. The figure missed the Zacks Consensus Estimate by 0.48%.
Subscriber revenues decreased 0.7% year over year to $1.58 billion. Advertising revenues were $43 million, down 14% year over year. Equipment revenues increased 24.4% year over year to $51 million. Other revenues rose 2.8% year over year to $37 million.
Self-pay subscribers increased 3% year over year to 31.9 million. Net subscriber loss in the reported quarter was 94K against net additions of 134K in the year-ago period.
Pandora & OFF Platform Details
Pandora and OFF platform’s revenues (25% of total revenues) gained 2% year over year to $571 million, owing to a 1.4% increase in advertising revenues, which totaled $436 million, and subscriber revenues improved 3.8% year over year to $135 million.
Self-pay subscribers of the Pandora Plus and Pandora Premium services decreased 3% in the fourth quarter of 2023 to end the period at 6 million.
Total subscribers decreased 3.3% year over year, ending the third quarter at 6.008 million. The figure missed the Zacks Consensus Estimate by 1.34%.
Total ad-supported listener hours were 2.53 billion in the fourth quarter, down 2.7% year over year. Advertising revenue per thousand listener hours was $111.27, down 0.9% year over year.
Operating Details
In the fourth quarter, total operating expenses increased 4.4% year over year to $1.79 billion.
Adjusted EBITDA decreased 3.6% year over year to $715 million.
Balance Sheet & Cash Flow
As of Dec 31, 2023, cash and cash equivalents were $216 million compared with $53 million as of Sep 30, 2023.
The long-term debt, as of Dec 31, 2023, was $8.69 billion compared with $8.82 billion as of Sep 30, 2023.
For the fourth quarter, cash flow from operations was $571 million compared with $676 million in the year-ago quarter.
Free cash flow was $445 million for the fourth quarter of 2023, down from $529 million in the prior-year period. The decrease in free cash flow was primarily attributed to higher capital expenditures due to satellite construction and investments in the company’s products and technology platform, as well as higher cash taxes paid.
2024 Guidance
Revenues are expected to be $8.75 billion. Adjusted EBITDA is expected to be $2.7 billion. Free cash flow is expected to be $1.2 billion.
Zacks Rank & Stocks to Consider
Currently, Sirius XM carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Consumer Discretionary sector are Universal Technical Institute (UTI - Free Report) , Sphere Entertainment Co. (SPHR - Free Report) and Flexsteel Industries (FLXS - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Technical Institute is set to report its quarterly results on Feb 7. Flexsteel Industries and Sphere Entertainment Co. are slated to report each of their quarterly results on Feb 5.
The Zacks Consensus Estimate for UTI’s fourth-quarter 2023 earnings per share is pegged at 6 cents, which remained unchanged over the past 30 days.
The Zacks Consensus Estimate for SPHR’s fourth-quarter 2023 loss per share is pegged at 73 cents, which remained unchanged over the past 30 days.
The Zacks Consensus Estimate for FLXS’ fourth-quarter 2023 earnings is pegged at 57 cents per share, up 111.1% over the past 30 days.