Sirius XM Holdings Inc.NASDAQ
Yesterday, 12:58 PM
- Higher in premarket, Sirius XM (NASDAQ:SIRI) has slipped 3.5% on very heavy volume after an in-line earnings report that also featured the initiation of a dividend and an increased buyback.
- Shares were up as much as 3.3% in premarket trading after the report.
- Net income rose 16%, to $194M, and EBITDA of $492M was up 10% and beat an expected $475.5M.
- It added 345,000 net subscribers to inch closer to 31M total. Self-pay net adds were 385,000, bringing that total base to 25.5M.
- Average revenue per user grew 3% to $13.04; combined with the increase in subs, revenues were up 9.4% overall to a record $1.3B.
- The company launched a quarterly dividend of a penny per share, and increased its buyback authorization by $2B. That brings total authorization to $10B, of which Sirius XM has repurchased $7.6B worth.
- And it boosted revenue guidance for 2016 to about $5B and forecast full-year EBITDA of $1.85B (both in line with expectations). It sees full year net adds of about 1.7M subscribers, about 1.6M self-pay subscribers, and free cash flow approaching $1.5B.
- Press Release
Yesterday, 7:21 AM
Yesterday, 7:02 AM
Wed, Oct. 26, 5:30 PM
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Tue, Sep. 6, 10:00 AM
- SiriusXM (NASDAQ:SIRI) will offer comprehensive coverage of the 2016 NFL season, featuring live broadcasts of every game plus in-depth NFL talk.
- The NFL kicks off its 97th season on September 8 (8:30 pm ET) when the Denver Broncos host the Carolina Panthers in a rematch of Super Bowl 50. Throughout the season all NFL games through Super Bowl LI will air nationwide on satellite radios, and are also available on the SiriusXM app.
- SiriusXM's NFL schedule will also include multiple Spanish-language broadcasts on SiriusXM channel 157 each week, including all primetime games on Sunday and Monday nights, the Thursday Night Kickoff game, Thanksgiving Day games, and select Sunday afternoon games during the regular season.
- Joining the roster this year will be newly enshrined Hall of Fame quarterback Brett Favre, who will host a series of hour-long broadcasts starting today, September 6 (11:00 am ET).
- SIRI is -0.6% to $4.15
- Source: Press Release
Fri, Sep. 2, 6:51 PM
- Sirius XM (SIRI +0.7%) is "well positioned" for the continuing growth in in-car entertainment even as dclining auto sales present a growth headwind, Wunderlich argues.
- The firm holds a Buy rating on shares with a price target of $5, implying nearly 20% upside from today's closing price.
- Auto sales have been declining as dealers dial back discounts. “We now conservatively assume that light vehicle sales even in 2020 are only 17.5mm (flat vs. 2015), while continuing to emphasize result and valuation sensitivity to overall sub additions and pricing,” writes analyst Matthew Harrigan, who believes the used market can offset the drop in new-car sales.
- He believes the stock valuation is priced for net annual adds of 1.2M through 2020, with 1.8% annual ARPU growth.
- In its last quarterly report, Sirius XM noted 587,000 net new subs (8% increase) and average revenue per user that grew 3% to $12.78.
Thu, Aug. 25, 6:47 PM
- Sirius XM (SIRI +0.2%) says its radio subsidiary is going to redeem $650M in debt.
- That amount is the total amount outstanding in the 5.875% senior notes due 2020 issued by Sirius XM Radio Inc.
- The company will use cash on hand along with its revolving credit to fund the redemption.
- At last report, Sirius XM Holdings had $476.5M in cash against $6.1B in total debt.
- After hours: SIRI +1%.
Fri, Aug. 5, 3:24 PM
- On the company's earnings call, Liberty Media (NASDAQ:LMCA) CEO Greg Maffei said that if the company went for streaming music, a purchase would be organized in the company's Sirius XM (SIRI -0.1%) rather than at the parent level, where some other music businesses are housed.
- Shares in Pandora (P -1.7%) had risen two weeks ago on reports that Maffei had previously floated the idea of buying the Internet radio company for $15/share. Pandora shares are up more than 10% since that report, to $13.59 today.
- "I don't know how I could have been more negative on streaming services," Maffei said in the Q&A. But: "I think it's highly unlikely that anything would happen at the Liberty level. Sirius is our play for the online play for music, whether it's distributed through satellite or, as Sirius already does, through the online system."
- Several big players are entering subscription streaming, "likely to further commoditize the market," he notes. "Spotify (Private:MUSIC) did something, like, for the last year, $3.54 of ARPU per month and had 82% or 84% content costs. That sounds like a very hard business to me. And that is with Apple, Amazon, Google entering more deeply and more strongly."
- Liberty Sirius XM Group (NASDAQ:LSXMA) is up 0.2% today.
Thu, Aug. 4, 3:14 PM
- Sirius XM (SIRI -0.2%) is launching a 24-hour channel tied to the Rio Olympics tomorrow.
- In partnership with Westwood One, the station will feature live play-by-play of events, and around that news, commentary and highlights.
- That includes a nightly program from 10 p.m.-midnight ET, Tonight in Rio, which a recap of the day's happenings. A morning show, Rio Report, will provide a look-ahead.
Tue, Jul. 26, 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
Tue, Jul. 26, 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 »