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.
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? »
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
Dec. 15, 2015, 7:40 AM| Dec. 15, 2015, 7:40 AM | 28 Comments
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)
Aug. 26, 2015, 4:27 PM
- Sirius XM (NASDAQ:SIRI) is up 1.3% after hours (adding on to today's 2.5% gain) as it adds another $2B onto its stock repurchase authorization.
- That lifts the buyback authorization to a lofty $8B. An initial $2B authorization in December 2012 was supplemented with $2B additions in October 2013 and July 2014.
- The company says it's got sufficient capital capacity to return value to shareholders while making long-term investments and pursuing strategic opportunities.
- Most recently, the company reported $294M cash against total debt of $5.1B.
Jul. 28, 2015, 8:56 AM
- Sirius XM (NASDAQ:SIRI) is up 3.1% premarket after growing revenues and subscribers in Q2, and raising guidance across the board for the full year.
- Revenues that grew nearly 8% led to net income of $103M, including a pretax $108M royalty litigation settlement. Adjusted net income was $170M (up 29%). EBITDA of $415M (up 12%) was a quarterly record and beat an expected $412M.
- Revenue by segment: Subscriber revenue, $940M (up 7.1%); advertising revenue, $28.8M (up 13.1%); equipment revenue, $29.3M (up 6%); other revenue, $125M (up 20.1%).
- It added 692K net new subscribers (up 46% Y/Y); 519K self-pay net new adds were up 36.6%. Paid subscribers rose to 28.4M and self-pay subscribers to 23.4M (record highs).
- After "phenomenal on all fronts" performance in the first half, it's guiding for increases across the board for 2015: total net sub adds of 1.8M (1.6M net self-pay adds); revenue of $4.5B (in line) and EBITDA of about $1.62B (vs. an expected $1.645B), and free cash flow of about $1.3B. It's the second time the company has raised guidance this year for subscriber growth.
Apr. 2, 2015, 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)
Feb. 5, 2015, 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.
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.
Jul. 15, 2014, 5:35 PM
Jul. 15, 2014, 4:36 PM
- This addition brings the company's aggregate buyback authorization up to $6B, good for nearly 1.8B shares at today's closing price of $3.38.
- Stock may be bought back in the open market, or in privately negotiated deals, including accelerated repurchase transactions with Liberty Media and affiliates.
- SIRI +1.8% premarket to $3.44.
Apr. 24, 2014, 7:30 AM
- Sirius XM Holdings (SIRI) reports it added 266K net subscribers in Q1 including 173.5K self-pay adds.
- The company's total paid subscriber base rose 6% Y/Y to 25.8M.
- SIRI +1.6% premarket to $3.22
Jan. 6, 2014, 9:11 AM
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Jan. 6, 2014, 8:39 AM
- Shares of Sirius XM Radio (SIRI) race 7.8% higher to $3.85 in premarket trading following an offer late Friday from Liberty Media (LMCA) to take over the company in a deal which values the company at $3.68 per share.
- In a conference call with analysts, execs said if the deal is completed it would allow Liberty to start buying back shares at an increased pace.
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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