SiriusXM today announced Q2/2019 operating and financial results. Total revenue of $2.0 billion increased 38% compared to the prior-year period, boosted by the acquisition of Pandora Media.
Company’s revenues climbed 9% from $1.8 billion in the second quarter of 2018. The Company’s net income totaled $263 million in the second quarter, compared to $293 million in the prior-year period.
“Our company produced outstanding financial and operating results once again this quarter, and I’m pleased by the quick progress we’ve made in integrating Pandora. Revenues and adjusted EBITDA each reached records in the period. We’re thrilled with the results in the first half of the year, and we are raising 2019 guidance for revenue and adjusted EBITDA and reiterating our guidance for net subscriber additions and free cash flow,” said Jim Meyer, Chief Executive Officer, SiriusXM.
Adjusted EBITDA grew 22% to a record $618 million in the second quarter and resulted in an adjusted EBITDA margin of 31.2%, growing approximately 330 basis points from 27.9% in the second quarter 2018.
SiriusXM added 290 thousand net new self-pay subscribers in the second quarter to end with more than 29.3 million self-pay subscribers. Total net subscriber additions in the second quarter were 174 thousand, resulting in more than 34.3 million total SiriusXM subscribers at the end of the period.
Pandora Q2 results
Ad revenue at Pandora reached a second-quarter record of $306 million, growing 13% over the second quarter of 2018. Total revenue for Pandora grew 15% to $441 million in the quarter, aided in part by an 18% increase in subscriber revenue to $135 million.
“SiriusXM repurchased $898 million of its stock in the quarter. Total capital returned to stockholders, including dividends, is nearly $1.9 billion so far this year. Since the announcement of the Pandora acquisition, we have repurchased all of the common stock issued as part of that transaction. We will continue to use our strong financial position and ample liquidity to invest in our business, make strategic investments and return capital to stockholders,” noted David Frear, Chief Financial Officer, SiriusXM.
Monthly Active Users (MAUs) at Pandora were 64.9 million in the second quarter, down from 71.4 million in the prior-year period. Total ad-supported listener hours were 3.49 billion in the period, down from 3.86 billion in the second quarter of 2018.
Pandora added 64 thousand net new self-pay subscribers in the second quarter to end with over 6.2 million self-pay subscribers. Total Pandora subscribers were 7.0 million at the end of the period, an increase of 16% over the second quarter of 2018.
SiriusXM Select subscribers now have unlimited streaming access to the hundreds of SiriusXM music, sports, talk, news and entertainment channels, at no additional cost, outside the car on a phone, at home and online. With this new streaming, customers will also get access to over 100 recently launched Xtra Music Channels and an expanded preview of SiriusXM Video. With the launch of Personalized Stations Powered by Pandora, subscribers to the SiriusXM All Access and SiriusXM Premier Streaming packages will now be able to create their own customized commercial-free music stations within the SiriusXM app.
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