NEW YORK (CelebrityAccess) — SiriusXM reported record revenue for both the 4th quarter and full year 2017, of $1.4 billion and $5.4 billion, respectively, with each metric up by 8% versus the prior year periods.
While revenue improved for the quarter and the year, net income was still a little uneven, with the satellite broadcaster reporting a loss of $37 million for Q4, but full year profits of $648 million in 2017.
The company attributed its Q4 loss to a “revaluation of the deferred tax assets as a result of the Tax Cuts and Jobs Act” and to a $72 million downgrade in the fair value of SiriusXM’s investment in music streaming service Pandora.
Adjusted EBITDA at SiriusXM grew 14% and 13% in the fourth quarter and full-year 2017, respectively, to a record $542 million and $2.12 billion. Free cash flow and operating cash flow in the fourth quarter 2017 increased 7% and 8%, respectively, to $460 million and $542 million. Full-year 2017 free cash flow and operating cash flow grew 3% and 8%, respectively, to $1.56 billion and $1.86 billion.
“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.
For 2018, the company expects to see more than 1 million ‘self pay’ subscribers and projects revenue of $5.7 billion.
On the heels of a fairly rosy financial report, SiriusXM announced that they were launching their long-awaited video service featuring (satellite) radio shock jock Howard Stern in the second quarter of 2018. Originally slated to launch in 2015, the video service was pushed back to 2017 and now 2018. The video content will be included as a part of the broadcaster’s ‘All Access package’ which retails for $20.99 per month and $229 a year in a discounted introduction offer.