{"id":483084,"date":"2021-04-28T07:05:30","date_gmt":"2021-04-28T11:05:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/siriusxm-reports-first-quarter-2021-results\/"},"modified":"2021-04-28T07:05:30","modified_gmt":"2021-04-28T11:05:30","slug":"siriusxm-reports-first-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/siriusxm-reports-first-quarter-2021-results\/","title":{"rendered":"SiriusXM Reports First Quarter 2021 Results"},"content":{"rendered":"
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– First Quarter Revenue of $2.06 Billion; an Increase of 5% From Prior Year Period<\/h2>\n

– First Quarter Net Income of $219 Million; Diluted EPS of $0.05, or $0.07, Excluding One-Time Items<\/h2>\n

– Adjusted EBITDA of $682 Million in the First Quarter, Up 7% From Prior Year Period<\/h2>\n

– SiriusXM Self-Pay Net Subscriber Additions of 126,000, an Increase of 83% Year-Over-Year<\/h2>\n

– SiriusXM Reiterates 2021 Financial and Subscriber Guidance<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEW YORK<\/span>, April 28, 2021<\/span> \/PRNewswire\/ —\u00a0SiriusXM today announced first quarter 2021 operating and financial results, including revenue of $2.06 billion<\/span>, an increase of 5% compared to the prior year period.\u00a0 The company recorded net income of $219 million<\/span> in the first quarter of 2021, compared to $293 million<\/span> in the prior year period.\u00a0 First quarter 2021 net income included a $220 million<\/span> non-cash impairment charge related to the failure of the company’s SXM-7 satellite, not reflecting any potential insurance recoveries, a $25 million<\/span> charge related to the surrender of certain office space, and a $95 million<\/span> benefit associated with a state tax audit settlement.\u00a0 Net income per diluted common share was $0.05<\/span> in the first quarter 2021, compared to $0.07<\/span> in the prior year period.\u00a0 Diluted EPS was $0.07<\/span> in the first quarter excluding the impact of the two impairments and the tax audit settlement mentioned above.<\/p>\n

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Adjusted EBITDA in the first quarter was $682 million<\/span>, up 7% from $639 million<\/span> in the prior year period. <\/p>\n

“I am pleased to announce SiriusXM has started the year impressively \u2013 we added 126,000 self-pay net subscribers, an 83% increase as compared to the period a year ago, saw a first quarter record-low churn rate of 1.6%, and are reporting a new record-high quarterly adjusted EBITDA figure.\u00a0 These strong results reflect the value we bring to our listeners through the breadth and depth of our content.\u00a0 Our advertising revenue grew 24%, driven by robust monetization of both on- and off-platform opportunities, as well as the growing podcast market.\u00a0 While we are benefiting from the broader reopening of the economy and the acceleration of consumers’ digital adoption, the meaningful long-term investments we’ve been making are also paying off.\u00a0 This includes creating and delivering compelling content, strengthening our digital product experiences, and scaling a full suite of end-to-end distribution and monetization solutions for content creators and publishers.\u00a0 We are extremely focused on achieving our 2021 goals and reinforcing our long-term position as North America’s<\/span> premier audio entertainment company,” said Jennifer Witz<\/span>, Chief Executive Officer of SiriusXM.<\/p>\n

“Across SiriusXM, Pandora and Stitcher, we have added new channels, shows, hosts, and podcasts, enhancing the expertly curated audio entertainment experience across all formats from music to sports.\u00a0 Drake, one of the most streamed artists in the world, launched his exclusive full-time SiriusXM channel, Sound 42.\u00a0 All of our audio platforms were on display as rocker Tom Morello<\/span> launched a SiriusXM show, multiple new streaming music channels, and a new podcast available on SiriusXM, Pandora and Stitcher.\u00a0 We are working with highly regarded creators on new podcasts; earlier this week we announced the acquisition of 99% Invisible, the acclaimed and popular podcast from Roman Mars<\/span> and his creator team.\u00a0 This was our first year as the exclusive audio broadcaster of the Masters Tournament, and we have expanded our streaming rights with both the NBA and MLB.\u00a0 We also created special music and talk programming that honored both Black History and Women’s History months back-to-back,” added Witz.<\/p>\n

\n 2021 GUIDANCE REITERATED<\/b>\n <\/p>\n

The company reiterated its 2021 guidance for SiriusXM self-pay net subscriber additions, revenue, adjusted EBITDA and free cash flow originally issued on January 7, 2021<\/span>:<\/p>\n