LOS ANGELES (CelebrityAccess) — Satellite broadcaster SiriusXM revealed a sharp uptick in revenue for their third fiscal quarter, with total revenue topping $2.0 billion, up by 37% from the same period in 2018.
SiriusXM attributed the revenue growth largely to operations following its acquisition of the SiriusXM streaming platform. On a pro forma basis, revenue climbed 7% from $1.9 billion in the third quarter of 2018.
At the same time, net income slid from $343 million for Q3 2018 to $246 million for the quarter this year. SiriusXM said the drop in net income was primarily due to refinancing expenses associated with SiriusXM’s July redemption of its 6.00% senior notes due 2024, in addition to non-recurring tax benefits in the prior-year period.
Adjusted earnings before income, taxes depreciation and amortization grew 12% to $657 million in the third quarter and resulted in EBITDA margins of 32.6% for the quarter, up from 31.0% in the same period last year.
“SiriusXM’s robust third quarter saw strong results across the board. Total net additions benefited from continuing strength in the auto sector, and our adjusted EBITDA hit an all-time quarterly record of $657 million. Things have never been more exciting at the company as we continue to invest in our brands, content, products and expanded OEM distribution. With two months left in the year, we are raising 2019 guidance for revenue, adjusted EBITDA and free cash flow and we are confident in our expectations for self-pay subscriber growth,” said Jim Meyer, Chief Executive Officer, SiriusXM.
SiriusXM also revealed that during Q3, their self-pay subscribers topped 29.6 Million with a net SPS growth for the quarter of 302,000.
As well, advertising revenue at streaming service Pandora hit an all-time high, reaching a record of $315 million for the quarter, up by 8% year-over-year. Ad revenue was driven by 3rd quarter ad revenue of $85 per thousand hours, up by 10% from the previous year.
However, Pandora’s all-important Monthly Active User totals slid for the quarter, dropping to 63.1 million, down from 68.8 million in Q3 2019. Total ad-supported listener hours were 3.32 billion in the period, down from 3.59 billion in the third quarter of 2018.