SiriusXM Reports 14% Revenue Increase
Checking in with third quarter record revenue, SiriusXM says it generated $867 million for the months of July, August and September. The company also added 446K subscribers to push its total to 23.4 million. Net income for the quarter, after a debt extinguishment charge, was $75 million and free cash flow was up 159% to $195 million. Outgoing CEO Mel Karmazin said "The Company has produced more free cash flow in the first nine months of this year than in any full year in its history, and we've used this cash to reduce our debt to its lowest level since the merger of Sirius and XM."
Karmazin added, "We're excited about the increase in subscriber guidance to 1.8 million net additions that we reported earlier this month, as we believe growth in the fourth quarter will continue. We continue to make investments across our business, particularly in R&D, customer care, infrastructure, and programming. We are also investing in new businesses, such as the telematics service we announced in the third quarter with Nissan, and we believe these investments will reward our shareholders in the years to come."
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