$SIRI SiriusXM reported Q2 2024 results
* Revenue: $2.18B, -3% YoY
* Net Income: $316M, 2% YoY
* Diluted EPS: $0.08, flat YoY
* Adjusted EBITDA: $702M, flat YoY
* Free Cash Flow: $343M, 6% YoY
CEO Jennifer Witz: "As we approach the close of our transaction with Liberty Media, I am proud to report on our continued financial success. We remain focused on delivering for our listeners and our investors, leveraging our position in audio to innovate and explore new avenues for growth."
Segment Performance:
* SiriusXM Revenue: $1.6B, -5% YoY
* Pandora and Off-Platform Revenue: $538M, 2% YoY
* SiriusXM Self-Pay Subscribers: 31.5M, -1% YoY
* Pandora Monthly Active Users: 45.1M, -5% YoY
2024 Guidance (Reiterated):
* Total Revenue: ~$8.75B
* Adjusted EBITDA: ~$2.70B
* Free Cash Flow: ~$1.20B
Key Points:
* Subscriber acquisition costs decreased to $92M
* Sales and marketing expenses increased 4% to $217M
* Engineering, design, and development costs fell 17% to $60M
* General and administrative expenses decreased 23% to $95M
* On track for $200M in cost savings for full year 2024
* Liberty Media transaction expected to close September 9, 2024
#SiriusXM #earnings #streamingaudio