Sirius XM Radio misses by $0.06, reports revs in-line; guides FY18 revs in-line; board approves additional $2 billion to share repurchase program (5.95)
- Reports Q4 (Dec) loss of $0.01 per share, $0.06 worse than the Capital IQ Consensus of $0.05; revenues rose 7.7% year/year to $1.4 bln vs the $1.4 bln Capital IQ Consensus.
- The Company also recorded a decrease of approximately $72 million, or approximately $0.02 per diluted share, in the fair value of its investment in Pandora, reversing the prior quarter's unrealized gains.
- Self-Pay Net Subscriber Additions of 1.56 Million in 2017.
- Co issues in-line guidance for FY18, sees FY18 revs of $5.7 bln vs. $5.73 bln Capital IQ Consensus Estimate.
- Self-pay net subscriber additions of approximately 1 million.
- Adjusted EBITDA of approximately $2.15 billion, and
- Free cash flow of approximately $1.5 billion.
- Board approves additional $2 billion to share repurchase program.
- "The fourth quarter capped a strong year for SiriusXM and was our best quarter for self-pay subscriber growth in five years. We exceeded all of our 2017 subscriber and financial guidance, even after increasing these targets during the year. I am particularly pleased that we achieved this growth in an environment of slowing auto sales. Earlier this month, we outlined our goals to grow subscribers, revenue and adjusted EBITDA in 2018, and at the Detroit Auto Show, we unveiled with Fiat Chrysler the new Ram 1500, which will soon be available to consumers with our new 360L interface," commented Jim Meyer, Chief Executive Officer, SiriusXM.