The satcaster saw record revenue for the quarter of $962 million, up 11% from Q3 2012 revenue of $867 million. Net income for the quarter was $63 million, down from $75 million in Q3 ’12, which includes losses on extinguishment of debt of $108 million. Earnings per share was $0.01 in the quarter.
Income before income taxes was $124 million in Q3, an increase of 128% from $54 million in Q3 2012. Adjusted EBITDA for the quarter reached a record $296 million, up 21% from $245 million in the Q3 ‘12.
Net subscriber additions in the quarter were 513,000, up from 446,000 in Q3 2012. The total paid subscriber base reached a record 25.6 million, up 9% from the prior-year period. Self-pay net subscriber additions were 373,000, while the self-pay subscriber base reached a record high of 20.7 million, up 9% from the prior year period. Total paid and unpaid trials grew by 247,000 from Q2 2013 to 6.9 million.
Said Jim Meyer, SiriusXM CEO: “SiriusXM had a great quarter, with the 513,000 net subscriber additions and the 373,000 self-pay net additions setting post-merger records for the third quarter. We also saw double-digit growth in revenue for the seventh consecutive quarter, a new quarterly record for adjusted EBITDA and adjusted EBITDA margin, and significant growth in free cash flow. With continued growth in new automobile sales and an increasing number of existing self-pay subscribers selling their cars and rotating back into our trial funnel, we are increasing our guidance for net subscriber additions and reducing our guidance for self-pay subscriber additions by equal amounts. We are also pleased to increase revenue guidance for 2013 and introduce new guidance for continued growth in 2014 in both revenue and adjusted EBITDA.”
Because of the strong numbers, SIRI revised its guidance for Q4:
— Total net subscriber additions of approximately 1.6 million, up from previous guidance of 1.5 million,
–Self-pay net subscriber additions of approximately 1.5 million, down from previous guidance of approximately 1.6 million,
–Revenue of approximately $3.77 billion, up from previous guidance of over $3.7 billion,
–Adjusted EBITDA of approximately $1.14 billion, and Free cash flow of approximately $915 million.
SIRI also provided initial guidance for 2014: Revenue of over $4.0 billion, and adjusted EBITDA of $1.38 billion.