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Tue, Feb. 2, 9:15 AM
- During the company's Q4 earnings call, Sirius XM (NASDAQ:SIRI) CFO David Frear noted the company cut back on buybacks in Q4 by about a third, "after the stock broke through resistance to the upside," but that the company took advantage of a January pullback.
- The company repurchased almost $200M of stock during the month; "Leverage is still conservative" at about 3.3 times EBITDA "and we continue to have liquidity" to deploy more cash.
- "I'm not inclined to drive our leverage to 4 times just on the stock buyback," Frear said, pointing to about $2B/year in capital return. "That's what you can expect unless we can find something cheaper to buy in the market."
- As for spectrum shakeups going on this year: "We are not a seller of spectrum," says CEO Jim Meyer. "We're in the business of using spectrum."
- "We're investing today -- today -- in chipsets that won't even go into vehicles until the end of this decade," he said. "Very clearly, we could use it for video" -- and subscribers are very interested in a deep library of Howard Stern video -- "very clearly, we could use it to have 300 channels or more of audio."
- SIRI -1.9% premarket after Q4 earnings.
- Previously: Sirius XM -1.9% after record revenues, in-line profits (Feb. 02 2016)
- Previously: Sirius XM EPS in-line, beats on revenue (Feb. 02 2016)
Tue, Feb. 2, 9:02 AM
- Sirius XM (NASDAQ:SIRI) is off 1.9% premarket after some par-for-the-course Q4 profits where in-line net income declined slightly Y/Y.
- Revenues increased 10% to a record, but EBITDA of $396.2M (up 4%) missed an expected $429.3M.
- After its best subscriber growth since before the Sirius/XM merger (2.283M in 2015, about 8% Y/Y), the company stands at 29.6M subs. Self-pay net subscriber adds were 1.765M for the year, about 23% higher than 2014, to come to 24.3M.
- Free cash flow was up 14% in the full year to $1.32B. With lower dilution from buybacks, FCF/diluted share rose 23%, to 24.2 cents.
- It reiterated 2016 guidance of net subscriber adds of about 1.4M, revenue of about $4.9B, EBITDA of $1.78B and free cash flow of about $1.4B.
- Earnings webcast
- Press Release
Tue, Feb. 2, 7:03 AM
Mon, Feb. 1, 5:30 PM
Tue, Jan. 5, 5:26 PM
- Sirius XM (NASDAQ:SIRI) is now up 0.9% after hours after noting a year where it nearly doubled its guidance on subscribers and meet or beat expectations for revenue, EBITDA and free cash flow; and issued its 2016 outlook.
- The company ended 2015 with 29.6M subscribers after adding about 2.3M net subscribers, above even increased guidance for 2M adds. Self-pay subscriptions ended the year over 24M after net adds of 1.77M (over the raised guidance for 1.6M).
- "I'm very pleased we were able to renew key content agreements during the year, especially agreements with Howard Stern and the NFL that extend through the end of the decade and beyond," added CEO Jim Meyer.
- For full 2016, the company forecasts net subscriber adds of about 1.4M; revenue of about $4.9B (vs. consensus of $4.92B); adjusted EBITDA of about $1.78B (a bit under consensus of $1.87B); and free cash flow of about $1.4B.
- Previously: Macquarie raises Sirius XM price target on sunnier auto sales (Jan. 05 2016)
Tue, Jan. 5, 4:18 PM
- Sirius XM (NASDAQ:SIRI) finished down 1.1% -- and is off 4.2% so far this year -- despite getting a price target hike from Macquarie on the belief that this week's Consumer Electronics Show is a positive catalyst.
- The firm's Amy Yong has bumped Macquarie's price target to $4.85 from $4.75. Shares closed today at $3.90, implying more than 24% upside. The firm kept the stock rated Outperform.
- Yong thinks investors are too worried over peaking SAAR levels and where Sirius' satellite platform fits in a digital world.
- She's raised assumptions on net additions for the fourth quarter of 2015 as well as 2016 and 2017, driven by that quarter's auto sales and expecting some success from connected vehicle services. With Q4 auto sales hitting record levels of about 18.1M, "inputting these assumptions takes our 4Q net adds ~5% higher to 501K and 2.1M in ’15 vs guidance of 2M."
- Yesterday, the company announced its latest radio, the Commander Touch, an aftermarket solution with a compact color display (4.1 inches wide) and a hideaway tuner.
Dec. 15, 2015, 8:25 AM
- Sirius XM Holdings (NASDAQ:SIRI) formally announces it signed Howard Stern to a new five-year contract. Stern tipped off his morning listeners earlier today.
- The company will have access to Stern's audio and video library for a period of 12 years.
- The new deal will also include some video programming initiatives.
- Financial terms weren't disclosed.
- Previously: Howard Stern re-signs with Sirius XM for another five years (Dec. 15 2015)
- SIRI +3.25% premarket to $4.13.
Dec. 15, 2015, 7:40 AM| Dec. 15, 2015, 7:40 AM | 28 Comments
Nov. 19, 2015, 4:03 PM
- Sirius XM (NASDAQ:SIRI) is launching a new weekly feature in partnership with YouTube to promote discovery of country songs.
- The "YouTube Country Spotlight" will choose a trending country song based on YouTube viewership data, and highlight it on Sirius' On The Horizon show each week. The two are launching the feature this Saturday on its new-country station "The Highway."
- The move could presage more collaboration on promoting new artists; Sirius says it has a great response to shows The YouTube 15 (on the Hits 1 channel) and The YouTube EDM 15 (on its dance music channel BPM).
Nov. 12, 2015, 2:56 PM
- Sirius XM (SIRI -0.6%) says it's hoping to get a renewal from flagship radio host Howard Stern next month when his contract expires, but at least the company knows what it comes down to: money.
- Speaking from the investor day of majority owner Liberty Media (LMCA +1.8%), Sirius chief James Meyer said he's happy with the show's quality and the two sides disagree on just "one thing," the valuation of the new deal. Stern is estimated to get about $80M/year currently.
- Buybacks (currently about $2B worth a year) are the "best use of our capital," Meyer says. "We just haven't found anything that magically fits" in the space where acquisitions are clearly strategic or clearly accretive, he says.
- Earlier, Liberty Media said it would recapitalize into three tracking stocks, one of which will be Liberty Sirius Group to track its 60.7% holding in Sirius XM.
- Previously: Liberty Media to recapitalize into three tracking stock groups (Nov. 12 2015)
Oct. 22, 2015, 9:08 AM
- Sirius XM (NASDAQ:SIRI) is up 1% premarket after a third quarter where it grew revenues 11% to a record and increased profits 23%, and increased guidance yet again.
- Subscribers hit an all-time high of almost 29M. Adjusted EBITDA of $447.2M was up 17% to a record high and beat an expected $427.8M.
- Revenue by segment: Subscriber revenue, $974.5M (up 8%); advertising revenue, $33.1M (up 31%); equipment revenue, $25.9M (up 11.9%); other revenue, $136.2M (up 28.3%).
- Added 525K net new subscribers (up 21%), and 381K self-pay net subs (flat). Total paid subscribers grew 8% to about 29M, and self-pay subs grew 8% to 23.8M.
- Free cash flow of $369M (excluding effect of settlement of pre-1972 recordings litigation) up 38%.
- It bumped full-year guidance yet again, and now expects revenues of $4.53B and adjusted EBITDA of $1.65B (slightly below a consensus of $1.68B). It's seeing full-year net subscriber adds of 2M and self-pay adds of more than 1.6M.
Oct. 22, 2015, 7:01 AM
- Sirius XM (NASDAQ:SIRI): Q3 EPS of $0.03 in-line.
- Revenue of $1.17B (+10.4% Y/Y) beats by $20M.
Oct. 21, 2015, 5:30 PM
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Oct. 7, 2015, 4:42 PM
- Sirius XM (NASDAQ:SIRI) has gotten a six-year extension on its deal with the NFL, a partnership it's had for more than 10 years.
- The company will continue broadcasting every game live through Super Bowl LVI in 2022, and keep featuring its 24/7 channel (SiriusXM NFL Radio) dedicated to the NFL.
- The deal is a broadcast and marketing partnership, and also means that its NFL Radio programs are now available on demand, giving subscribers access to the back catalog of episodes and interviews.
- Shares fell 0.5% today and have rebounded slightly in after-hours trade, +0.3%.
Oct. 5, 2015, 8:29 PM
- Sirius XM (NASDAQ:SIRI) gained 1% today to close at $3.87, its highest point in three weeks.
- Buckingham Research is recommending getting exposure to the company, which it has Buy-rated -- but instead through Liberty Media (NASDAQ:LMCA) rather than a direct purchase.
- The vast majority of Liberty's market cap has been tied up in holding a majority stake in Sirius XM (59.4% as of July 24). And while Sirius is market priced, Buckingham says, Liberty Media's at a 17% discount to net asset value.
- Analyst James Ratcliffe has a $4.50 price target on Sirius XM; that implies 16%-plus upside from today's close. He has a $48 target on Liberty Media, which closed today up 1% to $37.55, implying 28% upside.
- Previously FBR had reiterated its Outperform rating on Sirius XM in looking at strong auto sales providing a good funnel. Buckingham agrees, expecting an above-guidance 1.95M net added subscribers for 2015.
Oct. 2, 2015, 5:18 PM
- Sirius XM (SIRI +1.1%) has gotten its Outperform reiterated at FBR, as the analysts got a look at September light-vehicle sales in the U.S.
- The strength in auto sales could push subscription levels over previous estimates, FBR says.
- The firm has a $6 price target on SIRI; from today's closing price of $3.83, that implies 56.7% upside.
- Elsewhere, the company announced a pair of new shows: Train singer Pat Monahan will host a new weekly show on The Pulse, and The Bill Carter Interview -- featuring the media commentator sitting down to talk with notables in entertainment and current events -- will debut on Oct. 5 with Jimmy Kimmel, to be followed by Jimmy Fallon in week two.
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