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Sirius XM Holdings Inc. (SIRI)

  • Mon, Jun. 22, 3:28 PM
    • A U.S. District judge handed Sirius XM (SIRI +0.3%) a victory in an ongoing battle over song royalties, ruling that under Florida law, the company doesn't have to pay royalties on pre-1972 recordings.
    • The case relates to litigation pursued by Flo & Eddie (founding members of the Turtles group, makers of the song Happy Together).
    • "If the court adopts Flo & Eddie's position, it would be creating a new property right in Florida as opposed to interpreting the law," ruled District Judge Darrin Gayles in Miami. "The court declines."
    • At issue is state-by-state pursuit of copyright relief. Gayles contrasted Florida with similar clashes between Flo & Eddie and Sirius XM in California and New York, where it makes sense that "the creative centers of the nation's art world" would have well-developed case law on the issue. "Florida is different."
    • Previously: Judge certifies potentially huge class action against Sirius XM (May. 27 2015)
    | Mon, Jun. 22, 3:28 PM | 42 Comments
  • Tue, Jun. 16, 4:48 PM
    • Sirius XM Holdings (NASDAQ:SIRI) says its radio subsidiary has amended its senior secured revolving credit facility, expanding it to $1.75B from $1.25B and its maturity to 2020.
    • The facility hasn't been drawn upon. Sirius XM will use it for working capital and corporate purposes (including dividends and financing acquisitions).
    • SiriusXM's financial strength has continued to rapidly improve," says CFO David Frear, "and we are pleased that the bank market has recognized that fact allowing us to increase the facility size by 40% while improving terms and extending the maturity.
    • Shares are down 0.3% after hours.
    | Tue, Jun. 16, 4:48 PM | 37 Comments
  • Wed, May 27, 3:56 PM
    • A U.S. District judge's certification of a class-action lawsuit expands a massive headache for Sirius XM (SIRI +0.5%) -- as an action that started with members of 1960s band the Turtles now could bring in plaintiffs from any pre-1972 sound recording played on the satellite network over the past six years.
    • The case was brought by Howard Kaylan and Mark Volman ("Flo & Eddie") of the Turtles (famous for No. 1 hit Happy Together) over public performance rights to the group's songs. Kaylan and Volman won summary judgment last fall that Sirius XM had violated California law.
    • It's complicated to sort out song ownership, but with a plaintiff class that covers most anyone who owns a pre-1972 recording, the bill could be massive: Sirius XM reported more than $4B in revenues last year, 10-15% of that attributable to pre-1972 recordings -- and that's just one of the five years in question.
    • Previously: Royalty lawsuit against Sirius XM Radio moves forward (Nov. 24 2014)
    • Previously: Sirius XM will appeal California judge's copyright ruling (Oct. 02 2014)
    • Previously: Landmark ruling in push for 'Oldies' royalties (Sep. 23 2014)
    | Wed, May 27, 3:56 PM | 51 Comments
  • Tue, Apr. 28, 9:24 AM
    • Sirius XM Holdings (NASDAQ:SIRI) is off 1.3% premarket after a Q1 miss on top and bottom lines that still saw double-digit growth in net income and strong subscriber additions.
    • Adjusted EBITDA of $399M was up 19% to an all-time high and beat an expected $392M. EBITDA margin of 37% was also a company high.
    • Net subscriber additions during Q1 were 431K, up 61% from the prior-year 267K. Self-pay net adds were 394K, up from prior year's 173K. Self-pay monthly churn was down slightly to 1.8% from 1.9%. Ending total subscribers was 27.4M.
    • Revenue breakout: Subscriber, $911.5M (up 7%); Advertising, $26.9M (up 21%); Equipment, 24.8M (up 3.6%); Other, $117.8M (up 17.7%).
    • Free cash flow of $276M, up 24%.
    • The company raised its guidance on 2015 revenue to $4.47B (vs. expectations of $4.48B) and raised its expected net subscriber adds to 1.4M, while reiterating guidance for adjusted EBITDA of $1.6B (vs. expectations of $1.639B) and free cash flow of about $1.25B.
    • Press release
    | Tue, Apr. 28, 9:24 AM | Comment!
  • Tue, Apr. 28, 7:02 AM
    • Sirius XM (NASDAQ:SIRI): Q1 EPS of $0.02 misses by $0.01.
    • Revenue of $1.08B (+8.2% Y/Y) misses by $10M.
    • Press Release
    | Tue, Apr. 28, 7:02 AM | 1 Comment
  • Thu, Apr. 2, 3:31 PM
    • Sirius XM (NASDAQ:SIRI) is up 2.2% today as Nissan rolled out new vehicles for 2016, some of which will feature a new Sirius telematics program.
    • The platform will feature vehicle security, vehicle health monitoring, remote access and more across three tiers of service. The highest tier will add to basics like emergency services with destination services including search and journey planning.
    • Sirius XM also has telematics partnerships with other major manufacturers, including Acura, BMW, Honda, Hyundai, Infiniti, and Toyota and Lexus.
    • Previously: New York Auto Show: Nissan talks capacity, unveils Maxima (Apr. 02 2015)
    | Thu, Apr. 2, 3:31 PM | 12 Comments
  • Wed, Mar. 11, 10:56 PM
    • "Using Live Nation (NYSE:LYV) to differentiate Sirius (NASDAQ:SIRI) and using Sirius to promote Live Nation is very logical," says Liberty Media (NASDAQ:LMCA) CEO Greg Maffei of the two entertainment companies in which his firm is a major shareholder: 57% of SIRI, 27% of LYV. "But I remain somewhat disappointed that more things haven't happened there." Maffei was speaking to the Deutsche Bank conference.
    • Macquarie's Amy Yong agrees: It's not that the satellite radio and concert promotion companies need a merger (which would be complicated by the ownership), but: "If both worked more closely, they can help each other cross promote or market their products/services," she says.
    • There may be opportunities for Sirius to broadcast LYV concerts, and for LYV to promote Sirius among its heavy people traffic, but as for tie-ups: "We are the consolidators," says Live Nation's chief Michael Rapino, preferring to focus on his acquisitions. "Geographically, if there was a ticketing company in the right market that we thought could accel our operation versus building, we'd look."
    | Wed, Mar. 11, 10:56 PM | 5 Comments
  • Fri, Mar. 6, 5:45 AM
    • CBS slipped 1.5% yesterday, and Viacom (VIA, VIAB) another 1.2%, as Deutsche Bank's Brian Kraft weighed in on big media in a spate of coverage updates noted at Benzinga. He expects continued profit growth in the sector, particularly with international expansion.
    • Kraft actually has a Buy on Viacom with an $83 price target (yesterday's close: $70.37). Though the company is starting layoffs (see TV Land) amid widespread ratings issues, Kraft says investor worries about contract renewals are overdone, and its discounted value is attractive.
    • Twenty-First Century Fox (NASDAQ:FOXA) is another buy at a $42 target (yesterday: $34.87), with "best in the sector" three-year prospects for profit growth, as is Time Warner at a $100 target (yesterday: $83.26).
    • He started CBS at Hold with a target of $67 (yesterday: $61.55) and Disney at Hold with a target of $105 (yesterday: $105.03), praising both stocks but suggesting they're a bit overdone.
    • Also getting a Hold was Sirius XM (NASDAQ:SIRI), and Liberty Media (NASDAQ:LMCA) -- whose holdings are now 90% Sirius XM.
    | Fri, Mar. 6, 5:45 AM | 9 Comments
  • Tue, Mar. 3, 8:33 AM
    • Sirius XM (NASDAQ:SIRI) plans an offering of $750M in senior notes due 2025.
    • Proceeds to be used for general purposes, including debt retirement/rollover or stock repurchase.
    • In its Q4 report, Sirius XM noted leverage was steady at about 3.1x EBITDA. The company had $147.7M in cash and equivalents at year's end, against $4.5B in long-term debt.
    | Tue, Mar. 3, 8:33 AM | 8 Comments
  • Wed, Feb. 25, 5:05 PM
    • In Q4 results, Liberty Media (NASDAQ:LMCA) pointed to Sirius XM's (NASDAQ:SIRI) earnings -- Liberty's stake in Sirius XM now stands at 57%, and the SIRI stake represents over 90% of Liberty's market cap -- as well as completing its spinoff of Liberty Broadband in November.
    • Net income on a GAAP basis was $143.1M vs. the prior $65.2M. Adjusted EBITDA was $381.3M, beating an expected $377M and up from the prior year's $325.6M.
    • The company rebought 489K shares of LMCK class from Nov. 1 through Jan. 31, at a cost of $17M.
    • Adjusted OIBDA for Q4 rose to $359M, up from the prior year's $319M. Removing depreciation and amortization, operating income rose to $206M from the prior year's $189M.
    • Cash on a GAAP basis stood at $681M at year's end. Debt, primarily in Sirius XM senior notes, was at $5.85B.
    • Free cash flow was $330.7M compared with the prior year's $303.2M.
    • Press release
    | Wed, Feb. 25, 5:05 PM | 22 Comments
  • Thu, Feb. 5, 9:13 AM
    • Sirius XM (NASDAQ:SIRI) reported a Q4 beat on top and bottom lines as subscribers grew to 27.3M total (up from prior year 25.6M).
    • Net subscriber adds in quarter of 576.7K. Self-pay net adds were 508K, up from prior year's 411.5K.
    • Monthly churn down slightly to 1.8%.
    • Free cash flow reached a Q4 record of $331M ($0.059/share).
    • Operating expenses up 5.6% to $797.3M, with 15% increases in cost of customer service/billing and 21% increase in sales and marketing making up much of the increase.
    • For the full year: Revenues up 10% to $4.18B; Net income was up 31% to $493M; Adjusted EBITDA up 26% to $1.47B; and free cash flow up 25% to a record $1.16B. Share buybacks reached $2.5B in 2014; leverage "remained steady at about 3.1x EBITDA."
    • Shares up 1.9% premarket.
    • Press Release
    | Thu, Feb. 5, 9:13 AM | 17 Comments
  • Thu, Feb. 5, 7:03 AM
    • Sirius XM (NASDAQ:SIRI): Q4 EPS of $0.03 beats by $0.01.
    • Revenue of $1.09B (+9.0% Y/Y) beats by $10M.
    • Press Release
    | Thu, Feb. 5, 7:03 AM | 14 Comments
  • Wed, Feb. 4, 5:30 PM
  • Wed, Jan. 7, 7:28 AM
    • Sirius XM (NASDAQ:SIRI) reports it added 1.75M subscribers in 2014 to top its target of 1.5M.
    • Total self-pay subscribers at the end of the year were 22.5M.
    • The company also expects to beat its 2014 guidance for revenue, EBITDA, and free cash flow.
    • 2015 guidance: Revenue of ~$4.4B; Subscriber growth at 1.2M net; EBITDA of $1.6B.
    | Wed, Jan. 7, 7:28 AM | 7 Comments
  • Nov. 24, 2014, 8:29 AM
    • A federal judge ruled against the request of Sirius XM Radio (NASDAQ:SIRI) in a widely-watched case involving pre-1972 rights to music recordings.
    • The company wanted an immediate appeal in the case over royalties for songs by classic rock band The Turtles.
    | Nov. 24, 2014, 8:29 AM | 16 Comments
  • Oct. 28, 2014, 7:03 AM
    • Sirius XM (NASDAQ:SIRI): Q3 EPS of $0.02 in-line.
    • Revenue of $1.06B (+10.2% Y/Y) beats by $20M.
    • Shares +3.9% PM.
    • Press Release
    | Oct. 28, 2014, 7:03 AM | 1 Comment
Company Description
Sirius XM Holdings Inc broadcasts its music, sports, news, talk, entertainment, traffic and weather channels in the United States for a subscription fee through its proprietary satellite radio systems.
Sector: Services
Country: United States