Sirius XM Clocks Flat Revenue Growth In Q4, Remains Cautious Amid Macro Uncertainties And Auto Sales Softness

Zinger Key Points
  • Pandora segment advertising revenue decreased 3% Y/Y to $430 million.
  • Sirius generated $529 million in free cash flow and held $57 million in cash and equivalents.
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  • Sirius XM Holdings Inc SIRI reported flat fourth-quarter FY22 revenue growth to $2.28 billion, missing the consensus of $2.32 billion.
  • Subscriber revenue expanded 2% Y/Y to $1.596 billion. Advertising revenue decreased by 3% Y/Y to $480 million.
  • SiriusXM self-pay subscribers increased by 107,000, reaching 162 million total subscribers. Self-pay monthly churn remained at 1.5%.
  • SiriusXM segment revenue grew 1% Y/Y to $1.72 billion as ARPU rose 2% to $15.64 and self-pay subscribers improved by 195%. The gross margin expanded by 200 bps to 62%.
  • Pandora segment advertising revenue decreased 3% Y/Y to $430 million. The gross margin contracted by 600 bps to 32% due to y investments in podcast content.
  • Adjusted EPS of $0.09 beat the consensus of $0.08.
  • Sirius generated $529 million in free cash flow and held $57 million in cash and equivalents.
  • "While we are not issuing subscriber guidance today, we anticipate modestly negative self-pay net adds for the year as economic and demand uncertainty persists, auto sales remain soft, and we reduce marketing ahead of our planned launch of a new streaming experience later this year,” CFO Sean Sullivan said.
  • FY23 Outlook: Sirius XM sees revenue of $9.0 billion.
  • Price Action: SIRI shares traded lower by 1.88% at $5.75 premarket on the last check Thursday.

 

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