SiriusXM Having Another Strong Year
SiriusXM today announced third quarter 2022 operating and financial results, including revenue of $2.28 billion, an increase of 4% year-over-year. The company recorded net income of $247 million in the third quarter of 2022 compared to $343 million in the prior year period, representing earnings per diluted common share of $0.06 compared to $0.08 in the prior year period. Earnings per diluted common share for the current period were $0.07 when excluding lease impairments and other restructuring costs.
Adjusted EBITDA of $720 million in the third quarter of 2022 remained roughly flat from the third quarter of 2021.
“We are pleased to report third quarter results that reflect strong execution during the period while leaning into investments designed to ensure SiriusXM will thrive long-term,” said Jennifer Witz, Chief Executive Officer. “This quarter we focused on enhancing the listener experience and expanding our unparalleled stable of programming and talent to continue providing our subscribers with the best in audio, both in-car and in the SXM App. From live sports and election coverage to exclusive artist channels and live Small Stage performances, we are thrilled to offer a diverse and differentiated content slate paired with technology that makes it easier than ever to discover new favorites.”
“SiriusXM delivered solid subscriber and revenue growth during the third quarter, and while we continue to closely monitor downward trends in the advertising market that add risk to our 2022 expectations, we are pleased to reiterate our full-year subscriber and financial guidance,” said Sean Sullivan, Chief Financial Officer. “During the quarter, SiriusXM returned $262 million in capital to stockholders and ended the quarter with net debt to adjusted EBITDA of 3.5 times. Today we are also announcing a 10% increase in our quarterly dividend, bringing that dividend to an annualized growth rate of 16% since its inception in 2016. With limited near-term maturities, significant ongoing cash generation, and approximately $1.4 billion in undrawn revolver capacity and cash, we have tremendous flexibility to continue investing in our business and evaluating strategic opportunities,” added Sullivan.