Skip to main content

SiriusXM Reports Record Revenue For Q4, Full Year 2018

NEW YORK (CelebrityAccess) — SiriusXM announced record results for both their fourth quarter and for the full year in 2018 with revenue of $1.5 billion and $5.8 billion respectively.

The company’s fourth-quarter results were similarly solid, with net income that totaled $251 million in the fourth quarter, compared to $ a loss of 37 million in the prior year period, while full-year 2018 net income grew 81% to a record $1.2 billion.

Adjusted earnings before interest, tax, depreciation, and amortization for SiriusXM grew 6% to $576 million in the fourth quarter, and 6% for the company’s full fiscal 2018 to a record $2.2 billion.

The company’s financial filings come just a day after shareholders of the music streaming service Pandora voted to accept SiriusXM’s bid to acquire the company in an all-stock transaction.

Following the acquisition, Pandora CEO Roger Lynch announced plans to step down from his role at the streaming service, with SiriusXM CEO Jim Meyer taking over leadership of the company.

“SiriusXM had a strong finish to 2018, a year that saw our ninth consecutive year of one-million-plus net subscriber adds and our lowest full-year churn rate in the past decade. We have set even more ambitious goals for the Company to continue growing in 2019. In addition, we were pleased that yesterday Pandora’s stockholders voted in favor of our proposed merger, and expect to close the transaction shortly,” said Jim Meyer, Chief Executive Officer, SiriusXM.

“SiriusXM continued significant capital returns in 2018, distributing approximately $1.5 billion to stockholders throughout the year. We repurchased approximately 209 million shares in 2018 for $1.3 billion and, in addition, the Company paid over $200 million in dividends to stockholders. Our Board of Directors recently added an additional $2 billion to our stock repurchase authorization, bringing our total authorization to $14 billion, with $3.3 billion remaining. At year-end 2018, our debt to adjusted EBITDA was 3.1 times and we had cash on hand of $54 million with undrawn revolver capacity of approximately $1.3 billion. In 2019, we will continue to use our strong capitalization and ample liquidity to invest in our business, make strategic investments and further return capital to stockholders,” noted David Frear, Chief Financial Officer, SiriusXM.

The post SiriusXM Reports Record Revenue For Q4, Full Year 2018 appeared first on CelebrityAccess.



from CelebrityAccess http://bit.ly/2HDsKgX
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

AWAL Hires Thomas Fiss As Vice President of Strategic Marketing, North America

LOS ANGELES (CelebrityAccess) – Kobalt’s recording arm AWAL has hired Thomas Fiss as Vice President, Strategic Marketing, North America. In this new role, Fiss will oversee creative multichannel marketing, including conceptualizing and producing content offerings and partner integrations for AWAL artists, to grow relationships with brands, media outlets and other external organizations. Fiss joins AWAL with more than 10 years of music industry and partnership marketing experience. Most recently, he served as a department head at Life is Beautiful Music Festival, where he managed brand partnerships, including strategy and execution. He is also the co-founder of Partner.ly, a software platform that simplifies the artist and brand partnership process. Prior to beginning his marketing career, Fiss was a recording artist signed to Capitol Records in the US. Commenting on their latest hire, AWAL President, North America Ron Cerrito said: “We are reimagining the construct and type of serv...
Post a Comment
Read more

Roc Nation Sues Insurance Carrier Regarding Jordan Feldstein’s Death

LOS ANGELES (CelebrityAccess) Roc Nation has reportedly filed a lawsuit against its insurance carrier and is seeking $11 million regarding the death of Maroon 5 manager Jordan Feldstein. Roc Nation, a joint venture of Jay-Z and Live Nation Entertainment partnered with Feldstein’s Career Artist Management in 2016 and took out a “key man” life insurance policy with HCC International Insurance to protect its investment with the music manager, according to  Variety . Roc Nation claims that, after Feldstein died Dec. 22, 2017 because of a blood clot in his let, HCC was slow in evaluating the claim and finally determined the payout would $1.2 million; the policy carried a liability limit of $12.5 million, according to Roc Nation’s lawsuit. The suit alleges the insurer low-balled Roc Nation’s lost revenue, according to  Variety . “Plaintiff invested in CAM with the idea of recouping its investment and making a profit for years to come based on Mr. Feldstein’s skills and attribute...
Post a Comment
Read more