SiriusXM scored record revenue of $940 Million, up 12% from Q2 2012’s revenue of $838 million. Net income for the Q2 2013 and Q2 2012 was $126 million and $3.1 billion, respectively. The big difference was due to a $3 billion reversal of deferred income tax valuation allowances.
Income before income taxes rose 47% to $202 million in Q2, compared to $138 million in Q2 2012. Adjusted EBITDA Q2 reached a record $283 million, up 19% from $237 million in Q2 2012.
Net subscriber additions in the quarter were 715,762, up from 622,042 in the quarter, marking the largest quarterly gain since Q4 2007. Our total paid subscriber base reached a record 25.1 million, up 9% from the prior year period. Self-pay net subscriber additions were 423,076, while the self-pay subscriber base reached a record high of 20.3 million, up 9% from the prior year period. Total paid and unpaid trials grew by 528,000 from Q1 2013 to 6.7 million.
“SiriusXM’s second quarter results reflect record performance on almost every vital metric: the 25 million subscriber milestone, record revenue, adjusted EBITDA and adjusted EBITDA margin. We grew our revenue at double digit rates for the sixth consecutive quarter while being very mindful of our costs as we invest in advanced IP and telematics platforms designed to provide more services to our subscribers and automakers,” said CEO Jim Meyer.
After increasing its total net additions guidance on 7/9, SIRI increased its 2013 guidance for adjusted EBITDA and reiterated guidance for subscriber growth, revenue, and free cash flow:
–Self-pay net subscriber additions of approximately 1.6 million,
–Total net subscriber additions of approximately 1.5 million,
–Revenue of over $3.7 billion,
–Adjusted EBITDA of approximately $1.14 billion, and
–Free cash flow of approximately $915 million.
RBR-TVBR observation: These stellar numbers can be attributed to a few things: The economy improving; SiriusXM’s online subscriptions/My SXM; terrestrial radio continuing to let listeners down with the same ‘ol, same ‘ol when it comes to music (also more FMs going to spoken word than ever); and perhaps in-car audio streaming is still not gaining big numbers due to unreliable signals, data throttling, buffering, etc.