Sirius XM Reports Inline Q2 Revenue; Reiterates FY22 Outlook

  • Sirius XM Holdings Inc (NASDAQ: SIRI) reported second-quarter FY22 revenue growth of 4% year-on-year to $2.253 billion, beating the consensus of $2.25 billion.
  • Subscriber revenue expanded 4.8% Y/Y to $1.72 billion. Advertising revenue increased 5.4% Y/Y to $452 million.
  • SiriusXM self-pay subscribers increased by 23,000, reaching 34 million total subscribers. Self-pay monthly churn remained at 1.5%.
  • SiriusXM segment revenue grew 5% Y/Y to $1.7 billion as ARPU rose 7% to $15.62 and self-pay subscribers improved 2%. The gross margin expanded was consistent at 61%.
  • Pandora segment advertising revenue increased 5% Y/Y to $403 million, boosted by solid monetization. The gross margin contracted by 600 bps to 31% due to subscriber losses.
  • EPS of $0.07 missed the consensus of $0.08.
  • Sirius generated $435 million in free cash flow and held $134 million in cash and equivalents.
  • Outlook: Sirius XM was on track to accomplish FY22 revenue guidance of $9 billion, slightly below the consensus of $9.05 billion.
  • Price Action: SIRI shares traded higher by 0.31% at $6.46 in the premarket on the last check Thursday.
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