Yesterday, 10:02 AM
- Sirius XM (NASDAQ:SIRI) has come out of the open 3.7% higher after a Q2 report where revenues grew nearly 10% and the company raised full-year projections across the board.
- Revenues were a record $1.24B and net income grew 68% to $173M, though EPS of $0.03 came a penny short of expectations. Adjusted EBITDA of $468M (a record quarterly high) was up 13% and beat an expected $453M.
- The company raised full-year revenue guidance to just under $5B, and EBITDA guidance to about $1.8B. It expects to add 1.6M net new self-pay subscribers and 1.7M total net new subscribers, up from 1.4M and 1.6M respectively.
- For Q2, net new subscribers grew by 587,000 and the company ended Q2 with 30.6M subs (up 8% Y/Y). Self-pay net adds were 507,000 (to total of 25.1M, up 7%).
- Revenue by segment: Subscriber revenue, $1.03B (up 10%); Advertising, $33.5M (up 16.2%); Equipment, $27.9M (down 4.8%).
- Average revenue per user rose 3% to a record $12.78. Free cash flow hit a quarterly record $395M.
- Press Release
Yesterday, 7:01 AM
Mon, Jul. 25, 5:30 PM
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Thu, Jul. 21, 3:17 PM
- Ahead of its earnings after the bell, Pandora Media (NYSE:P) has given up a bump fueled by a buyout-offer story, now down 0.7%.
- It had risen as much as 10.3% (to $13.62) following a report that Liberty Media (LMCA -0.1%) had floated a $15/share offer to buy the company and combine it with Sirius XM (SIRI -0.2%).
- Combining the two radio services could benefit from "hidden synergies," says Piper Jaffray's Stan Meyers. Sirius XM could take advantage of a strong ad sales team as it thinks about an ad-supported service, and it could tap a data-rich environment at Pandora to convert some of that company's 100M-plus users into paid customers.
- Meyers has Overweight ratings on both companies and a price target of $5.25 on SIRI (implying 26% upside) and a target of $18 on Pandora (47% upside, and closer to Pandora's feelings of true value around $20/share).
- Liberty Sirius XM Group shares: LSXMA +0.4%; LSXMB +0.4%; LSXMK -0.1%.
Thu, Jul. 21, 12:40 PM
- Pandora Media (NYSE:P) has jumped 3.8% on news that Liberty Media (NASDAQ:LMCA) chief Greg Maffei discussed a $15/share offer to buy the streaming radio company in recent months, according to The Wall Street Journal.
- Pandora's board rejected that offer as too low, however, thinking last fall's value of $20/share was more accurate. Shares are up to $12.79 currently on today's news.
- Maffei's offer looked to be a "fishing expedition," one source said, rather than a formal offer.
- People at a private investor meeting in June said Maffei was talking up the benefits of tying up Pandora with Liberty-controlled Sirius XM (NASDAQ:SIRI), saying "you'd have to ask the Pandora board" why there wasn't a deal yet, the WSJ says.
Wed, May 18, 7:44 PM
- Sirius XM Holdings (NASDAQ:SIRI) has priced an upsized offering of $1B in debt, in part to fully repay its revolving credit.
- The notes are senior notes due 2026, at an annual interest rate of 5.375% priced at 100% of face value.
- The company's got $5.7B in total debt, but it's been adept at managing debt, says SA contributor Spencer Osborne, and has no maturities due in the next four years.
- "The company will have a 'liquid' $150 million that it did not have prior," Osborne wrote earlier assuming a smaller $750M offering. "This is an indication that the company can handle its portion of the SiriusXM Canada deal while still preserving the ability to maintain share buybacks that have been happening at a clip of over $500 million per quarter."
- Previously: Sirius XM in recapitalization deal for Canadian affiliate (May. 13 2016)
- Now read Sirius XM To Increase Stake In Sirius XM Canada While Company Goes Private »
Fri, May 13, 9:32 AM
- Sirius XM (NASDAQ:SIRI) has entered into a deal in order to recapitalize affiliate Sirius XM Canada (OTC:SIICF) via a go-private transaction.
- Shareholders in Sirius XM Canada will be able to choose from a combination of (for each Canadian share) C$4.50 in cash, shares of Sirius XM, or securities exchangeable for Sirius XM common stock. But no more than 35M shares of Sirius XM common stock will be issued.
- The result of the move will be a company under Canadian voting control (Slaight Communications and Obelysk Media will hold 67% of voting interest) but economic ownership by Sirius XM will rise to 70% from a previous 37%.
- That will preserve a Canadian governance structure while tying the two companies more tightly on product alignment.
- Sirius XM is contributing $275M to facilitate the transaction, and extending its licensing/service deals with Sirius XM Canada.
- Now read Market Keeps Pressure On Sirius XM Share Price »
Thu, Apr. 28, 9:50 AM
- Sirius XM (NASDAQ:SIRI) is up 1.6% after edging revenue estimates in its Q1 earnings report and grew free cash flow/share by 31%.
- The company added 465,000 net new subscribers to hit 30.1M (up 8% Y/Y). Self-pay net adds were 348,000, bringing that total to 24.6M (also up 8%).
- Revenues grew 11% to a Q1-record $1.2B. Average revenue per user was up 3% to $12.66.
- Free cash flow rose 19% to $328M; share buybacks, however, brought free cash flow per share to $0.064, a 31% boost.
- It's boosting subscriber guidance for 2016, expecting 1.6M net new subs, above earlier forecasts for 1.4M adds. Of those, 1.4M should be net adds of self-pay subs. It's maintaining guidance for revenue of $4.9B, EBITDA of $1.78B, and free cash flow of $1.4B.
- Conference call link
- Press Release
- Now read Sirius XM: If Liberty Media Makes A Move, Who Gets The Premium? »
Thu, Apr. 28, 7:05 AM
Wed, Apr. 27, 5:30 PM
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Fri, Apr. 15, 6:53 PM
- Liberty Media (LMCA +0.8%) has executed its plan to recapitalize into three new tracking stocks, reflecting its interest in the Atlanta Braves and Sirius XM (NASDAQ:SIRI).
- In accordance with its previously announced plan, the company exchanged each share of A-series common stock for: one share of Liberty Sirius XM (LSXMA); 0.1 shares of Liberty Braves (BATRA); and 0.25 shares of Liberty Media A-series common (NASDAQ:LMCA).
- All shares go to the corresponding series of stock -- so holders of series C (NASDAQ:LMCK) will get LSXMK, BATRK, and LMCK back, for example.
- All series will trade on Nasdaq Global Select, except for Liberty Media series B (NASDAQ:LMCB) and Liberty Braves series B (BATRB), which trade OTC. Trading in the new shares is expected to begin on those markets Monday.
- Now read Sirius XM: Liberty Buyout Is Coming »
Mon, Apr. 11, 11:42 AM
- In the first quarter, Sirius XM (SIRI -0.5%) added 465,000 net subscribers to climb over the 30M-subscriber mark.
- The satellite radio firm hit 30.1M subscribers, a record high, as of March 31.
- Self-pay subscribers rose 348,000 in Q1, to a total base of 24.6M subs.
- The company is set to report its full Q1 results on April 28.
- Now read Sirius XM's Lucrative E-Sports Opportunity »
Fri, Feb. 12, 2:11 PM
- Sirius XM (NASDAQ:SIRI) is up 1.2% today, following news that its affiliate Sirius XM Canada said it was approached for a potential deal.
- The Canadian unit is in early stage talks, and Sirius XM owns about 32% of it. Meanwhile, The Globe and Mail says that top shareholders were examining a go-private deal that could value it at C$750M (about $538M).
- That's about C$4.25/share; Sirius XM Canada jumped 15.8% in Toronto to C$4.26.
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
Tue, Feb. 2, 7:03 AM
- Sirius XM (NASDAQ:SIRI): Q4 EPS of $0.03 in-line.
- Revenue of $1.2B (+10.1% Y/Y) beats by $10M.
Sirius XM Holdings, Inc provides satellite radio broadcasting services. It broadcasts commercial free music, premier sports and live events, news and comedy, exclusive talk and entertainment and the most comprehensive lineup of Latin commercial-free music, sports, and talk programming in radio.... More
Industry: Broadcasting - Radio
Country: United States
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