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Sirius XM | 8-K: SiriusXM Reports First Quarter 2024 Operating and Financial Results

SEC announcement ·  Apr 30 08:00
Summary by Moomoo AI
Sirius XM Holdings Inc. reported its first quarter financial results for 2024 on April 30, 2024, revealing a slight revenue increase to $2.16 billion, up 1% year-over-year. The company saw a net income of $265 million, with diluted earnings per share (EPS) of $0.07, compared to $233 million and $0.06 EPS in the same period of 2023. Adjusted EBITDA rose by 4% to $650 million, while free cash flow decreased by 8% to $132 million. Ad revenue grew by 7% year-over-year, which offset a 1% drop in subscription revenue from the previous year. Sirius XM Radio Inc., a subsidiary, is responsible for the information provided to comply with reporting obligations. The company's CEO, Jennifer Witz, highlighted strong first-quarter financial results, record ad revenue for the quarter, and positive early indicators...Show More
Sirius XM Holdings Inc. reported its first quarter financial results for 2024 on April 30, 2024, revealing a slight revenue increase to $2.16 billion, up 1% year-over-year. The company saw a net income of $265 million, with diluted earnings per share (EPS) of $0.07, compared to $233 million and $0.06 EPS in the same period of 2023. Adjusted EBITDA rose by 4% to $650 million, while free cash flow decreased by 8% to $132 million. Ad revenue grew by 7% year-over-year, which offset a 1% drop in subscription revenue from the previous year. Sirius XM Radio Inc., a subsidiary, is responsible for the information provided to comply with reporting obligations. The company's CEO, Jennifer Witz, highlighted strong first-quarter financial results, record ad revenue for the quarter, and positive early indicators from the newly rebuilt SiriusXM app. CFO Tom Barry reiterated the 2024 financial guidance, emphasizing the predictability of the business model and cost efficiency levers. The company expects subscriber results to improve from 2023, with better performance anticipated in the latter half of 2024. Sirius XM's total subscribers reached 33 million, despite a decrease in self-pay subscribers and paid promotional subscribers. The company's segment highlights included a 1% decline in SiriusXM revenue to $1.7 billion and a 7% increase in Pandora and Off-Platform revenue to $495 million. The company continues to invest in content and technology, including the expansion of the 360L platform and new ad technology from AdsWizz's AI Ad Tools.

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