Home » News » Business News » SiriusXM tops 34 mn subscribers in 2018, expects to bring in $6.1 bn in 2019

SiriusXM tops 34 mn subscribers in 2018, expects to bring in $6.1 bn in 2019

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SiriusXM’s total net subscriber additions last year rose an additional 1.3 mn. The company now has approximately 34 mn subscribers. That’s a sizable mass, though SiriusXM’s gains are practically flat compared to the likes of Spotify and Apple Music.

Issuing its 2019 subscriber and financial guidance, the satellite radio company expects to add 1 million self-pay net additions. SiriusXM also expects to bring in $6.1 bn in total revenue. Adjusted EBITDA remains projected to reach $2.3 bn. The satellite radio company projects free cash flow of $1.6 bn.

During the fourth quarter, SiriusXM repurchased approximately $646 mn of its common stock, the largest amount of capital allocated to open market repurchases in a single quarter since the program began in early 2013. Including dividends, SiriusXM returned approximately $1.5 bn of capital to its stockholders during 2018.

Jim Meyer, SiriusXM’s Chief Executive Officer said,

“I’m proud to report that 2018 was not only another year of operational excellence at SiriusXM, with record high subscribers, revenue, and adjusted EBITDA. Last year also saw SiriusXM achieve important milestones, like the introduction of 360L and significant improvements in our smartphone apps and IP distribution on connected devices. We attained a record 40% adjusted EBITDA margin in the third quarter, saw our efforts in connected vehicle services bear fruit and, of course, we were extremely pleased to reach an agreement to acquire Pandora Media.”

SiriusXM announced in September 2018 that it had acquired Pandora in an all-stock transaction valued at almost $3.5bn. The buyout was then granted approval in Europe in November and is now expected to close at the end of Q1 according to the company.

“We expect to close the Pandora transaction shortly following the Pandora stockholder meeting scheduled for late this month, and we are quickly moving to implement exciting ways the two businesses can work together. We remain confident that this transformational acquisition will open exciting pathways for long-term value creation and cash flow growth for our stockholders.” Jim added

SiriusXM also announced that it plans to release full-year and fourth quarter 2018 financial and operating results on Wednesday, 30 January 2019.

 

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Abhishek Singh

Author: Abhishek Singh

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