During Thursday’s Afternoon trade, Shares of Sirius XM Holdings Inc (NASDAQ:SIRI), inclined 2.43% to $4.01. The firm opened its current trade at $3.94, and as of now, it is trading at $4.01. The total volume traded for the day is 46.92M shares, as compared to its average daily volume of 25.92M shares. The stock is floating in a range of $3.89 - $4.05. The stock holda the market capitalization of $21.00B
Today, SiriusXM declared third quarter 2015 operating and financial results, counting record third quarter revenue of $1.17 billion, up 11% as compared to the third quarter of 2014.
THIRD QUARTER 2015 HIGHLIGHTS
- Strong subscriber growth continues. SiriusXM added 525,000 net new subscribers in the third quarter, a 21% improvement from the 433,000 net new subscribers added in the third quarter of 2014. Self-pay net subscriber additions were 381,000 in the third quarter of 2015, in-line with growth in the third quarter of 2014. Total paid subscribers climbed 8% to about 29.0 million, and self-pay subscribers also raised 8% to 23.8 million, both record highs.
- Third quarter adjusted EBITDA rises 17% to a new record. Adjusted EBITDA of $447 million in the third quarter of 2015 was the highest quarterly amount in the company’s history, an improvement of 17% over the $381 million stated in the third quarter of 2014. Adjusted EBITDA margin was a record high of 38%, an improvement from 36% in the third quarter of 2014.
- Free cash flow per diluted share improvements 54%. Free cash flow of $369 million was up 38% from $267 million in the third quarter of 2014. With raised cash flow and an 11% lower average diluted share count from the company’s share repurchase program, free cash flow per diluted share climbed 54% to 6.9 cents in the third quarter of 2015, up from 4.5 cents in the third quarter of 2014.
“We repurchased 144 million shares for $553 million during the third quarter, and this year through yesterday we have repurchased 456 million shares for about $1.7 billion. Cumulatively, our stock repurchase plan has now delivered more than $6 billion into the hands of our stockholders in less than three years. With leverage of just 3.3 times adjusted EBITDA and growing cash flow, we are confident of our ability to continue returning capital to stockholders while maintaining operational and planned flexibility,” remarked David Frear, Chief Financial Officer, SiriusXM.
Net income in the third quarter of 2015 was $167 million as compared to $136 million in the third quarter of 2014. Net income per diluted common share was $0.03 in the third quarter of 2015 as compared to $0.02 in the year ago period. Adjusted EBITDA was $447 million in the third quarter of 2015, a quarterly record high and up 17% from $381 million in the third quarter of 2014.
“With subscribers at an all-time high of nearly 29 million and record adjusted EBITDA and adjusted EBITDA margin, our third quarter was one of the strongest performances in our company’s history. We are confident of our continued success in the fourth quarter, and we are increasing our guidance for self-pay and total net subscriber additions, revenue, and adjusted EBITDA,” said Jim Meyer, Chief Executive Officer, SiriusXM.
“SiriusXM’s diverse bundle of valuable content is our biggest single competitive advantage. Since the start of the third quarter, we extended our long-standing relationship with the NFL for another six years. We also successfully launched an exclusive channel created with Andy Cohen; and we launched our new and exclusive 24/7 original headline news channel with FOX News. Stay tuned for more declarements as we continue our non-stop efforts to add and retain differentiated, exclusive content to our bundle,” added Meyer.
Sirius XM Holdings Inc., through its auxiliaries, provides satellite radio services in the United States. The company broadcasts music plus sports, entertainment, comedy, talk, news, traffic, and weather programs, counting various music genres ranging from rock, pop and hip-hop to country, dance, jazz, Latin, and classical; live play-by-play sports from principal leagues and colleges; multitude of talk and entertainment channels for various audiences; national, international, and financial news; and local traffic reports for 22 metropolitan markets.
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